MIN's Quarterly Report - 16th April

BCI related only.

Q3 Key Points
* Iron ore shipments totalled 4.1 million wet metric tonnes (wmt), consistent with Q2 FY21 and up over 51% on pcp.During the past six months MRL has produced 10.1m wmt but have shipped 8.5m wmt. MRL has experienced haulageconstraints caused by a shortage of truck drivers resulting from the unplanned sudden state border closures,implemented following COVID-19 outbreaks around the country. This shortage has meant that, on average, haulingcapacity of approximately 10,000 wmt per day otherwise available to MRL was sitting idle. FY21 guidance of 19.5mwmt to 20.5m wmt was based on an expected increase in shipments aligning with production. It is not clear when thesehaulage issues will be resolved and, therefore, iron ore shipment guidance for FY21 is now expected to be in the17.4m to 18.0m wmt range. (wow, is that a potential production delay for MIN.....???)

* The average realised iron ore price was US$144.8 per dry metric tonne (dmt), which is 5% higher than the previousquarter. (across all MIN mines)

* The IronValley crushing plant performed well, with a healthy stockyard inventory.

* MIN no longer provide figures per mine. (Mac)

* MIN's 'Utah Point Hub', which includes Iron Valley, shipped similar tonnage to last quarter, although actual volume from IV was not shown.

* MRL continues to progress project development activities at Kumina and Bungaroo South. A total of 6,486 metres of RCand 525 metres of diamond core was drilled at Kumina during the quarter. Drilling and on-ground project developmentactivities will continue into Q4 FY21. A programme of 11,000 metres of RC and 3,000 metres of diamond core is scheduledto commence at Bungaroo South in Q1 FY22.

Fingers crossed for a good result from IV for BCI on Friday.

GLTAH.