Pilbara Project Highlights

Global Inferred and Indicated Mineral Resource increased from 511Mt to 550Mt

Delta Indicated Mineral Resource at plus 50% iron cut-off of 157Mt at 56.5% iron – first “Indicated” estimate for Delta and total project

Total Delta Indicated and Inferred Mineral Resource increased by 26% to 187 Mt at 56.5% iron

At plus 57% iron cut-off, Delta contains an Indicated and Inferred Resource of 85 Mt at 59.3% iron – potentially convertible to Direct Shipping Ore (DSO)

New resource and metallurgical results keep Prefeasibility study on track – with funds available if fast-track options arise

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