Macarthur’s tenements cover a portion of the Yerilgee Greenstone Belt which is over 80 km in length and up to 10 km wide and lies within the Southern Cross Province of the Yilgarn Craton. The Yilgarn Craton consists of multiple lenticular greenstone belts surrounded by variably foliated gneissic granitoids.

The greenstone belts consist of metamorphosed ultramafic, mafic and sediments, including BIF which are Archean in age and are commonly intruded by mafic, intermediate and granitic rocks.

The parts of the north-northwest trending Yerilgee greenstone belt covered by the Project tenements comprise a layered succession of Archean rocks. At the interpreted base of the succession is a sequence of high-magnesium basalt flows more than 1 km thick overlain by komatiitic ultramafic volcanic rocks with narrow interflow BIFs and in some cases, other sedimentary rocks. High-magnesium basalt lavas with occasional interflow BIFs overlain, possibly unconformably, by sedimentary rocks (cherty, silicified, pyritic and graphitic) are interpreted to form the top of this sequence. In places, gabbroic sills interpreted to be co-magmatic with the upper high-magnesium basalts, have been intruded into the lower mafic and ultramafic lavas. The elongated lens shaped Yerilgee belt is bounded by major north-northwest trending fault/shear zones. The iron ore mineralisation consists of secondary pisolite mineralization, primary magnetite mineralization associated with un-oxidized BIF and ultramafic rocks, and goethite-hematite mineralization associated with oxidized BIF.

The Moonshine and Moonshine North pits will be mined using conventional open pit mining methods based on 350-400 t class hydraulic excavators loading 180 t class rear dump trucks. The operation is proposed using experienced mining contractors with Macarthur (the Owner) maintaining orebody definition, quality control and medium to long term mine planning functions and management. The mining services include:

• Supply of personnel, equipment and mining infrastructure required for the mining services excluding diesel fuel which is to be supplied by the Owner.

• Mobilisation of buildings, equipment, and personnel.

• Clearing and stripping of suitable material from all disturbed areas into discrete stockpiles.

• Construction of haul roads and light vehicle service roads in the mine area and ongoing maintenance of haulroads.

• Construction of the Run-of-Mine (ROM) pad and skyway using bulk waste. • Grade control drilling. • Drilling and blasting of ore and waste on 10 m benches.

• Load and Haul utilising 350-400 t class excavators and 180 t class haul trucks mining on 5 m high flitches.

• Hauling waste to external waste dumps.

• Hauling ore to the ROM pad where it will be direct fed to the crusher ore placed onto a finger from skyway of stockpile adjacent to the ROM pad.

• Rehandle of ore from ROM fingers or adjacent stockpiles.

• Ongoing pit dewatering from in-pit sumps.

The design process provides a practical solution to the Whittle shells by adding an arrangement of benches,
berms, roads and ramp systems. Dual lane ramps of 29 m and 10% gradient were designed to accommodate
Caterpillar 798D trucks.

• Rehabilitation of waste dumps and roads.

In order to produce 3.0 Mtpa (dry basis) of concentrate, assuming a weight recovery of 31%, 10 Mtpa of
feed to the process would be required. Two stages of conventional crushing would crush the ore to a size
suitable for feed to a High-Pressure Grinding Rolls (HPGR) unit. The fine ore grinding section contains two
streams in parallel each containing two stages of mills, with Low Intensity Magnetic Separation (LIMS) units
after each stage. This is followed by reverse flotation and a final LIMS stage. The final concentrate moisture
is reduced by pressure filtration allowing stockpiling and transport by truck.

In order to produce 3.0 Mtpa (dry basis) of concentrate, assuming a weight recovery of 31%, 10 Mtpa of feed to the process would be required. Two stages of conventional crushing would crush the ore to a size suitable for feed to a High-Pressure Grinding Rolls (HPGR) unit. The fine ore grinding section contains two streams in parallel each containing two stages of mills, with Low Intensity Magnetic Separation (LIMS) units after each stage. This is followed by reverse flotation and a final LIMS stage. The final concentrate moisture is reduced by pressure filtration allowing stockpiling and transport by truck.