Ann: Relinquishment of Greenland Exploration Licences, page-2

New board seems to be serious!

From today's announcement:

Ironbark Managing Director Mr. Michael Jardine:
“These relinquishments further confirm the new Board’s focus on the development of the Company’s flagship
Citronen Zinc-Lead Project, in terms of both directing overall Project expenditure toward areas that will be most
effective in rebuilding value and aligning management time with that goal.
The Company has also materially reduced its annual cash commitments, which will give Ironbark more time to enact
the current turnaround plan.”
Other Updates
In its November 2019 Corporate Update, IBG flagged several work streams that would be ongoing over the
December to February period, including:
1. HeliSam survey results – Captains Flat, NSW (Dec 2019)
2. Mining Optimisation – Citronen, Greenland (Dec 2019)
3. Exploration Assessments – Captains Flat, Mestersvig (Jan 2019)
4. 1Mtpa Scoping Study – Citronen, Greenland (Feb 2019)
The HeliSam survey data at Captains Flat has been received but reporting remains incomplete; a full assessment of
this asset remains on track for January 2020. In accordance with Table 1 above, the Mestersvig Project has now
been relinquished by the Company and all work has ceased.
With respect to the work streams pertaining to the Citronen Project (Mining Optimisation, 1Mtpa Scoping Study), in
response to work completed to date by IBG’s development partners, the Board is considering a further revision of
scope to these items that will likely change both the timing and intended deliverables. The Company will further
update the market on these matters when in a position to do so.

Finally, the Company continues to work closely with the Government of Greenland in having the final pre-FID
approvals granted for Citronen, and it is anticipated that this work will remain ongoing in the first 6 months of 2020.