At Broadmeadow East, the only economic seams occur in the Rangal Coal Measures which overlie the Fort Cooper Coal Measures. The Rangal Coal Measures are approximately 90m thick and contain five seams in descending order: the Burton Rider seam, the Leichhardt seam, the Upper Vermont seam, the Middle Vermont seam and the Lower Vermont seam. Only the Leichhardt seam is currently determined to be commercially viable in the Broadmeadow East area. The seams all crop in an elongated strip, broadly striking north northwest. The Rangal Coal Measures comprise interbedded fine to medium grained lithic sandstone, siltstone, mudstone and coal.

The Project area lies within the Permo-Triassic Bowen Basin. Coal seams occur within the Rangal Coal Measures and underlying Fort Cooper Coal Measures which are Late Permian in age. Coal seams in the Broadmeadow East deposit dip to the North-West, West at approximately 8 - 10 degrees. The target seam is the Leichhardt seam in the Rangal Coal Measures, which are extensively mined in the area. The drill hole density (core and chip) in the deposit allow for a good level of confidence in seam splitting, seam thickness, coal quality and location of sub-crop lines.

The Broadmeadow East ML deposit area occurs within a structurally complex zone on the eastern side of the Collinsville Shelf in the north Bowen Basin. The deposit is located on the eastern upthrown side of the Burton Range Fault, a regional scale meridional midTriassic thrust fault which lies to the west of the Broadmeadow mining leases and trends in a north-northwesterly direction.

The economic coal seams in the north Bowen Basin lie within the Permian Blackwater and Back Creek Group. The Blackwater Group comprises two late Permian coal-bearing sequences; the Fort Cooper Coal Measures and the Rangal Coal Measures, while the Back Creek Group contains the Moranbah Coal Measures. The economic Burton Coal Project deposits occur within the Rangal Coal Measures.

The Rangal Coal Measures contain the only economic coal seams in the Broadmeadow East ML area of which only the Leichhardt seam (BL), with an average thickness of between 3.5 and 4.2m is considered potentially commercial.

The coal resources are in the west limited by the subcrop, otherwise resources exist over the entire ML70257. The strike length is approximately 2,800m.

Depth of the BL seam at the subcrop is approximately 20m (Base of Weathering) and increases to approximately 300m in the north-east of the ML.

The study is at concept level and therefore within a +/-30% accuracy level. A margin ranking process based on a combination of contractor truck/excavator open cut mining and auger mining methods.

Highwall (HW) & Endwall (EW) design for the maximum pit assumed all haulback roads are on the low wall side, except the one on the HW side at topography.

Mine planning was conducted on a maximum 100m depth of cover for the opencut pit shell, which identified approximately a five to seven year opencut, at an average ROM strip ratio of 7.9:1 BCM/ROMt. Mine planning has indicated annual ROM production estimates of between 0.8Mtpa to 1.1Mtpa over the LOM, subject to third party infrastructure availability. The total ROM estimate includes a total of between 0.6Mt to 0.7Mt of auger mined coal.

A contractor auger mining operation with 150m plunges, at ~30% coal recovery during the opencut operation was modelled resulting in an overall average ROM strip ratio of 7:1 BCM/ROMt for the base case.

Coal mined from Broadmeadow East project will initially be hauled to Fitzroy Australia’s Carborough Downs CHPP where it will be washed and exported to global steel producers through the Dalrymple Bay Coal Terminal under an infrastructure access agreement (announced in September 2021).

Fitzroy to provide Bowen with access up to 1Mt for calendar year 2022, to the Carborough Downs coal handling and preparation plant (“CHPP”) matched with existing port and rail capacity • Fitzroy to grant Bowen a first right of refusal to excess CHPP capacity at Carborough Downs, if available, for up to 1Mtpa from calendar year 2023 onwards.