Highlights ------------------------------------------------------------------------------------------------------ *Pre-Feasibility Study (PFS) outcomes generate positive results for large scale magnetite project at Hawsons to ultimately produce 20 million tonnes p.a. of high grade iron ore concentrate (69.9%) to mine gate *Planned start-up mine of 5-6 Mtpa of iron concentrate using existing transport and port facilities *Mine life of at least 20 years after an initial ramp up *Initial Inferred Resource of 1.4 billion tonnes underpins the PFS outcomes with further significant tonnage potential *Additional pits or deeper single pit to have a 50 year plus total mine life *Project development capex estimated at A$2.8 bn *Forecast site cash operating cost at mine gate of A$35.75 per tonne of concentrate *Positive NPV after tax of A$2.8 bn and IRR of 21.3% forecast *Well located to existing key project infrastructure. *The life of project strip ratio of 0.26 : 1 *The ore has a very low bond work index of 6.3 kwh/t *The positive result from the Pre-Feasibility Study provides confidence to proceed with the Definitive Feasibility Study for the Hawsons Iron Ore Project (All currency in Australian $ unless otherwise defined.)