Ann: 2021 BFS Confirms Citronen as World Class Zinc Project, page-7

Good Morning Shareholders,

Firstly I appreciate your patience in waiting for this latest piece of news from Ironbark HQ, I know it’s been quite some time since you last heard from me. I can assure you the next stretch of radio silence won’t be anywhere near as long.

Timing related mea culpa’s aside, I am genuinely happy to be sharing these latest BFS results with you and the broader market after a huge and sustained effort from all of the team. I have many people to thank in getting to today, it has very much been a collective effort from all corners of the globe.

So, what does it all mean?

This BFS release fires the starting gun on our formal project financing process aimed at the second half of 2021 and upon which I will now be devoting my full attention. Ironbark had to have a development plan, and accompanying set of financial forecasts, that were current, detailed, pragmatic and realistic. All of those objectives have been met and it gives me great confidence as we move into a banking process with US EXIM and others in the capital markets space on both debt and equity.

That is the value driver here, this study is a catalyst not the end point itself.

To close, today’s release contains a lot of information and I am sure some of you will have questions on the process, results and implications.