Positive // Negative // Expected Business or Previously Reported
·Exports slightly down due weather – Expected to catch -up next Quarter. Will have to await confirmation.
·The improved iron ore pricing over the quarter enabled us to rebuild our hedge positions, which provides valuable protection against iron ore price volatility, which has returned post the quarter end, with index prices falling sharply in the second half of April, partially offset by a lower AUD and higher lump premium.
·Maiden JORC resource estimate issued for Yarram Iron Ore Project (refer CUF announcement 28 February 2023). An overall Inferred Mineral Resource of 12.7 Mt at 55.4% Fe using a 48% Fe cut-off, including a high-grade component of 5.6 Mt at 60.4% Fe using a 55% Fe cut-off was reported.
·Updated JORC resource estimate issued post quarter end for the Orlando Copper Deposit (Orlando) (refer CUF announcement dated 3 April 2023). Orlando resource now stands at 2.88 Mt at 1.3% Cu and 1.4 g/t Au based on a 1.0 g/t Au equivalent, and the overall Tennant Creek resource now totals 7.29 Mt at 1.7% Cu and 0.6 g/t Au.
·CuFe secured a USD$2,000,000 prepayment facility with JWD offtake partner Glencore International AG (Glencore) to fund working capital for the JWD restart. A repayment of USD$400,000 was made against the facility during the Quarter.
·Binding agreement entered to increase from 60% to 100% ownership of JWD Iron Ore Rights subject to Independent Experts Report and CuFe Shareholder Approval.
·We continue to makegood progress at both of our Northern Territory projects, with the release of our initial JORC resource at the Yarram Iron Ore Project and an upgraded JORC resource at the Orlando Copper Deposit. We are using those resources to feed the mine planning process across both sites, which will in turn establish the disturbance footprint required for our environmental approvals.
·On the Corporate front, the Independent Experts report and Notice of Meeting for our acquisition of 100% of the JWD deposit are in advanced draft and I would expect to issue them to shareholders in early May for a shareholder meeting in June.”
