WPIOP STAGE 1 DEPOSITS (TOTAL)

JORC
Classification
Mt Fe% SiO2% AI203% P% S% LOI%
Measured 616 57.97 5.48 3.09 0.109 0.012 7.87
Indicated 716 56.11 6.69 3.59 0.072 0.017 8.83
Inferred 153 55.64 6.80 3.80 0.070 0.017 9.12
TOTAL 1,485 56.84 6.20 3.40 0.087 0.015 8.46

In-situ resource estimates for each CID deposit used a 52% Fe cut. The Hardey BID deposit used a 55% and 57% Fe cut.

Mineralisation Densities range from 2.65 to 2.99

West Pilbara Iron Ore Project (Mt)    
  JORC Classification Stage 1 Stage2 Total
Measured 616 616
Indicated 716 119 835
Inferred 153 1,087 1,240
Total 1,485 1,206 2,691

Competent Person Statements

Mineral Resource

The information in this statement which relates to the West Pilbara Iron Ore Project – Stage 1 and the Kumina Creek and Robe Exit Mineral Resources is based on information compiled by Mr Richard Gaze who is a full-time employee of Golder Associates Pty Ltd, and Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy. Richard Gaze has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activity for which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012.

The Competent Person responsible for the geological interpretation and the drill hole data used for the West Pilbara Iron Ore Project – Stage 1 and the Kumina Creek and Robe Exit resource estimation is Michael Wall. Mr Wall is a full-time employee of API Management Pty Ltd, is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity for which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012. Mr Wall consents to the inclusion of the matters based on his information in the form and content in which it appears.

The information above that relates to West Pilbara Iron Ore Project (other than Stage 1) Mineral Resource Estimates was prepared under the supervision of Mr Stuart Tuckey. Mr Tuckey is a member of the Australasian Institute of Mining and Metallurgy and a former full-time employee of API Management Pty Ltd. Mr Tuckey has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Persons as defined in the 2004 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Tuckey consents to the inclusion of the matters based on his information in the form and context in which it appears.