"• Mine study completed by Mining Plus based on recently upgraded inferred JORC resource estimate of 690Mt at 24% Fe • Mine model: 650Mt at 24% Fe head grade (64% Fe DTC) • Base case confirms operating fundamentals, including: o Revenue based on $110 per tonne** o Low OPEX of ~$45 per tonne** o Strip ratio of 1: 1.8 (which should improve with additional geotechnical work) o Mine life potential of 8 -10 years o 53mtpa throughput for 10mtpa concentrate • Significant resource expansion potential – exploration targets* include: o Ondjou prospect and adjoining license areas: ? 1.0-1.5 Bt* magnetite Fe with multiple new targets still to be tested over 80km+ strike o Hammerhead/Thresher prospect: ? 1.0 – 1.9Bt* magnetite Fe with mineralisation open along strike and at depth • AVZ Global exploration target*: 2.0 – 3.4 Bt* @20-30% Fe on granted licenses"
