Overview

Mine Type	Open Pit
Stage	Pre-Feasibility
Commodities	Iron Ore
Mining Method	Truck & Shovel / Loader
Mine Life	...
Snapshot	Mt Bevan is one of the largest, high grade magnetite projects in Australia. Following completion of the PFS on 16 July 2024, the Joint Venture partners committed to undertake a Forward Works Plan to further define, optimise and de-risk the project. On 22 August 2024, Legacy Iron Ore Ltd. (JV partner) issued a retraction of certain production statements related to the Mt Bevan Iron Ore Project's PFS. Following discussions with ASX Limited (ASX), the Company has concluded it does not have a reasonable basis for the production target disclosures in relation to years 11 to 25 of the mine plan. The Company retracts: - references to the 25 year mine plan; - production target disclosures related to years 11-25 inclusive of the mine plan; and - any associated financial forecast information related to years 11-25 of the mine plan. The Company warns investors that due to the absence of a reasonable basis for the statements, they should not rely on the 16 July 2024 announcement.

Deposit type

• Banded iron formation

Summary:

The Mt Bevan magnetite mineralisation is a stratiform, syngenetic deposit hosted within BIF units of the northern part of the Archaean Mt Ida Greenstone Belt.

The project area is dominated by a series of variable thickness magnetite (Fe3O4) bearing Banded Iron Formations [BIFs] lying within a sequence of mixed mafic, felsic and sedimentary rocks. The Main BIF sequences are comprised of the Western BIF and Eastern BIF.

The mineralisation is hosted in three sub-parallel BIF units, which exhibit an NNW strike and dip shallowly to the east. The three units have been intersected in most drill holes. They have an identified strike length of approximately 8.5 km, a down-dip length of approximately 500 m, and a combined thickness of approximately 100 m. The deepest mineralisation in the defined resource is approximately 300 m below the surface.

A few deep holes also intersected a fourth mineralised BIF unit below the lower BIF. However, the continuity of this fourth BIF unit cannot be fully determined due to the limited number of deep drill holes beneath the known lower BIF.

A stratigraphic model of the lithology and structure was first constructed to provide a geological framework in which to interpret the mineralisation. The mineralisation was interpreted into an upper zone of complete oxidation (depleted zone) and underlying transitional and fresh mineralised zones.

The stratigraphic sequence consists of numerous thin BIF units intercalated with mafic lenses. Many of these mafic lenses are very thin and show limited persistence, making it challenging to trace them between drill intersections. Since selectively mining these thin lenses as waste is unlikely, some of them have been considered as internal dilution within broader BIF packages. More consistent and thicker mafic lenses have been modelled as internal waste lenses, while the thicker and more persistent mafic units have been modelled as layers of mafic units separating the primary BIF units. This approach has led to the delineation of three BIF lodes known as the Upper BIF, Central BIF, and Lower BIF. As for the mafic lenses or internal waste, two semi-continuous mafic lenses have been modelled within the Central BIF, along with another two within the Lower BIF.

The oxidation stages of the Mt Bevan area need to be defined in order to identify the fresh zone, as the magnetite mineralization is confined to the fresh BIF units. The updated interpretation of the oxidation stages was based on geological logging, satmagan (Fe3O4), MgO, CaO, and mass recovery (DTR).

Lithologies surfaces and solids were generated using Leapfrog using Geological Models Stratigraphic Sequence feature. The Oxidation surfaces were generated using Leapfrog surface tools. To create internal waste lenses the vein system features within Leapfrog were utilised.

Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

Operational metrics

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Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Jan 28, 2025
.......................	.......................		Jan 28, 2025