Ann: Quarterly Activities & Cashflow Report, page-2

MARCH QUARTER HIGHLIGHTS IRON ORE ➢ During the quarter the transition from commissioning to optimisation and production ramp commenced, with the plant producing first product through full plant process and achieving a safety milestone of 250,000 hours LTI free. ➢ 4,000 tonne Commercial Purchase Order received for premium 63% Fe with A$65 sales price, representing higher grade and prices than indicated previously to the market, with the Company confident of further improving sales price for equivalent product. ➢ 20,000 tonne Purchase Order received for premium 63% Fe from new customer, with A$65 ex gate sales price as the customer base expands, with further additional customers having conducted site visits in past month. ➢ Government of Andhra Pradesh formally allots 250.00 acres of land for pellet plant and 750 acres of land for an integrated steel plant. ➢ Multiple proposals from large scale EPC contractors received, with technical reviews and discussions ongoing. ➢ Current Indian industry norms indicate a possible A$44-$52 per pellet tonne operating profit for a NSL owned pellet plant