Mineralisation within the Iron Valley deposit occurs as outcropping and buried Banded Iron Deposit (“BID”) and Detrital mineralisation (“DID”). Outcropping geology in the project is the Dales Gorge, Whaleback Shale and Joffre Members of the Brockman Iron Formation which host the BID mineralisation (predominantly in the Joffre member). Incised into this bedrock geology are deposits of DID mineralisation.

The Iron Valley deposit extends approximately 6 km along a strike of 030°. Width varies from 50m to over 600m. Thickness varies from <15m to >120m.

Current and planned mining of the resource is by use of conventional open pit methods.

Mine designs comprise detailed pit designs for the first two years of the Life-of-Mine plan with pit shells used to phase the remainder of the mine life. To mitigate the use of pit shells, 3.5Mt of Measured Mineral Resources within the optimisation shells and outside of the interim detailed designed pits have been downgraded to Probable Ore Reserve status. Operational waste dump and stockpile designs are in place with conceptual designs for the later phases of waste dump expansion and incorporation of tailings into an integrated waste landform.

The metallurgical process currently in operation at Iron Valley is a conventional dry crushing and screening process producing lump and fines as Direct Ship Ore (“DSO”).

Lump and fines products are currently transported by road train to the port and shipped to market.

The planned plant expansion with beneficiation of fines will include an additional crushing circuit, wet screening, jigging and up-flow classification. These are all proven processing methods routinely applied for upgrading of Pilbara Iron Ores.

A comprehensive metallurgical evaluation of the Iron Valley deposit has been undertaken. The samples tested are reflective of scheduled ore production that will be mined from the deposit within the first three.