Flinders comments on the many proposals put forward since Todd...

Flinders comments on the many proposals put forward

since Todd became involved: Why should they be trusted

now?

26 February 2014 Flinders Infrastructure deal with Rutila and Todd

“This is an historic moment for Flinders and marks the point in time where we can realistically

expect to develop our Pilbara Iron Ore Project with a strong path to market.”

“These arrangements break the deadlock that we have faced in having stranded high-quality

assets without access to rail and port services.”

Robert Kennedy-Flinders Executive Chairman.

“The signing of this Alliance Agreement is an innovative solution amongst junior mining companies

to unlock efficient infrastructure solutions to enable independent development of significant iron

ore mines in the Pilbara.”

Nicholas Curtis-Rutila Executive Chairman.

11 May 2015 Todd Option Agreement

“The Flinders team has worked tirelessly in examining every possible project development path

with the aim of delivering shareholders the best returns without undue dilution. Todd’s proposal

of consolidating project ownership significantly improves overall operating efficiency thus lowering

the ore price hurdle that is required to make PIOP an economic success, this in conjunction with

their very strong balance sheet, gives me great confidence that the option agreement will deliver significant benefits to our shareholders.”

Robert Kennedy-Flinders Executive Chairman

12 May 2016 Todd 2.5 cent offer

“Your directors have made significant effort in progressing all possible opportunities with respect

to third party infrastructure access and independent development of the PIOP. These discussions

have not resulted in any proposal being made to Flinders to purchase the PIOP ore or provide infrastructure access to the PIOP. Your Directors therefore believe the improved offer is compelling

and recommend acceptance.”

Flinders Board.

13 December 2018 De-list proposal

“Due to various challenges face by the company in continuing to progress the Pilbara Iron Ore

Project (PIOP), the Board of Flinders undertook a review of the available strategic options to

maximise shareholder value. Following this review, it is the Board’s unanimous view that the

De-listing is in the best interests of Flinders’ shareholders at this time.”

Flinders Board

2 September 2019 JV/Farm-in proposal

“Today marks a significant step forward for our PIOP project and we are delighted with these

outcomes. The Independent Review by PwC provides independent validation that the most

favourable option for Flinders to unlock significant value for all its shareholders is pursuing an arrangement with BBIG. The non-binding arrangements announced today provide a framework for Flinders to engage further with BBIG while the agreements with PIO Mines Pty Limited and

TIO underwrite critical funding requirements.”

Flinders Board

26 November 2019 AGM

"The negotiations are nearing completion and we think the proposed deal will present an excellent outcome to shareholders and the best opportunity to see the PIOP finally developed and delivering

value for all.”

Neil Warburton-Non-Executive Chair

4 September 2020 JV with BBIG completed

“This is an important milestone for Flinders as there is now a pathway to bring PIOP iron ore to

market and the first step of this is for BBIG to advance the necessary feasibility studies. This has

been a long time coming and we thank our shareholders for their patience. An exciting

development in our journey for our shareholders really begins here.”

Neil Warburton- Flinders Non-Executive Chair.

14 December 2020 New proposal from BBIG (NBIO)

“The Flinders Board has reviewed the NBIO and the non-executive directors, who are

independent of TIO(NZ) Limited (Independent Directors), have formed the view that the proposal

should be further investigated. As such the Independent Directors intend to hold further

discussions with BBIG on potential terms that may be in the best interests of Flinders.”

Flinders Board

5 September 2022 BBIG JV/Farm-in terminated (FIA)

“The FIA termination provides Flinders with a more certain pathway to near term cashflow as

we attempt to capitalise on current iron ore prices and pursue a less capital intensive, nearer-term mining and logistics solution.”

Cheryl Edwardes- Flinders Chair

30 September 2022 Flinders Annual Repot

“The FIA termination provides Flinders with the ability to pursue a staged development of PIOP,

which provides a faster pathway to near term cashflow. The board considers that a staged

development of PIOP is the optimal strategy for the Company”

“I look forward to reporting further progress during the 2023 financial year as Flinders

advances the development of PIOP”

Cheryl Edwardes-Flinders Chair

23 November 2022 Flinders AGM

“We will be trucking iron ore within 12 months”

Cheryl Edwardes- Flinders Chair

17 January 2023

"Recognising the difficulty and complexity of funding and developing an integrated mine, rail

and port project in a separated commercial structure the BBIG shareholders consider the

proposed transaction provides a superior potential pathway for the commercial development of

these important iron ore resource and infrastructure assets."

Nicholas (Nick) Curtis- BBIG.

17 January 2023

"The proposed Transaction will remove the corporate difficulties Flinders and BBIG have faced

in the past, with the ownership of the proposed mine and proposed infrastructure being

separated. Combining ownership makes complete sense, and I am glad we have been able to do

so in a relatively straight forward transaction."

Cheryl Edwardes- Flinders Chair

4 May 2023

"Over the coming 12 months, the primary aim for Flinders is to progress the various technical

and financial studies for PIOP to ensure the project is producing iron ore in 2025."

Steven Michael- Flinders Managing Director.

29 June 2023

"The proposed change of name to Red Hawk Mining represents the start of a new chapter in the history of our company, We are moving quickly and decisively towards production from PIOP in 2025."

Cheryl Edwardes- Flinders Chair.