The Norseman Iron Ore Project

(100% ownership)

Asset Overview

– Generational magnetite iron ore opportunity

– Initial JORC 2012 inferred resource of ~1.1bt

– Proximity to established infrastructure lowers project capex

– Budgeted initial production capex ~A$23M via dry-magnetic process

* Subject to merger completion with Phoenix Industrial Minerals

Norseman project located in southern Western Australia, the main hub of mining in the country.
Project is linked to the Esperance Port by existing commercial rail and road infrastructure.

Immediately available infrastructure significantly reduces capex and timeline to production

The resource and tenements where the mining and processing will be carried out are approximately 15km from the township of Norseman, which is well equipped for mining operations with an established camp and messing facility, used by Phoenix Industrial Minerals.
A Railway currently runs from Kalgoorlie to Esperance, via Norseman. 180km Norseman to Esperance.
Norseman has a separate rail siding for in-load/out-load, and 2 bypass tracks
Approximately 200km south of Norseman, Esperance operates a deep-water port with existing iron ore storage and ship loading facilities.
CIL has a MOU with the Port of Esperance with storage capacity offered at shed 1 (160kt) and shed 3 (130kt) allowing shipping capacity of almost 7mt/pa if the capacity is turned over twice per month. The short-term goal will be to turn over capacity at least once per month.

A sizeable banded iron formation

The project area is located within the Central CNGC Corporation tenements comprising 107 Mining leases.

Five targets have been identified as main deposits/geological systems for iron ore mining.

The project is a world-class scaler with more than 27km’s of strike length covered over a width of 1.8kms.
Permitting in place: 85% permitted for production; Remainder permitted for exploration.
Size of the deposit affords valuation flexibility.

The LMDP was a 20-day drilling program consisting of 27 RC holes for a total of 2,121 meters.

Maiden inferred 2012 JORC resource of 86.5mt at 28.2% Fe.
Results exceeded all expectations with an initial goal to define the first 25mt to supply 3 years of DMS production.
Magnetite identified is amenable to low-cost beneficiation to a 62%-63% Fe fines product low in impurities.
Lady Miller remains open at depth, the maximum hole depth for this program was 108 metres.

The BADP was a 20-day drilling program consisting of 27 RC holes for a total of 2,121 meters.

Initial expectations of ~75mt were blown away by the ~1 billion tonne inferred 2012 JORC resource estimate.
Geologists in the field have seen hematite from surface to a depth of 120 meters with the holes ending in ore without hitting magnetite.
Holes that have encountered the magnetite have been at depths of approximately 110 meters and remain open at depth.
A diamond drill program of 1,700 metres is currently being undertaken this will increase magnetite tonnages and JORC Results are due in December 2024.

Estimated Mining Costs on a Per Tonne FOB Basis

Estimated Total Production Costs on a Per Tonne Basis