Ann: Positive PFS Results for Razorback Iron Ore Project, page-11

Pre Feasibility Study completed and scope defined for Definitive Feasibility Study

•PFS supports declaration of a maiden ore reserve of 473mt based on a 12.8Mtpa plant throughput, backed by PFS level or AACE Class 4 capital cost estimates and/or third-party service proposals1
•Optimisation of the processing plant configuration with a nominal 15.5Mtpa feed plant utilising three grinding stages, three stage magnetic separation and flotation to generate a premium grade magnetite concentrate with 67.5 - 68.5% Fe content
•Non-process infrastructure and transport studies confirm preferred scope for operating inputs and initial route selection to load annual production of between 2 and 3 Mtpa of high grade concentrate on to Cape size vessels
•Initial capital investment of US$429-$506M (A$572-$675M) resulting in optimised case results of NPV of A$669M and 20% IRR for selected go-forward case at long run average prices (post tax, ungeared)
•Preparation for a prompt commencement of Definitive Feasibility Study is well advanced with further drilling, testwork, metallurgical investigation and engineering workplans in progress



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