Savage River

Integrated magnetite iron ore mining and pellet production operation located in the north-west region of Tasmania, comprising the Savage River open-cut mine (Centre Pit and North Pit) and the downstream Port Latta pellet plant and port facility. Over 58 years of mining and production history. Mining in 2025 focused on ore delivery from Centre Pit (primary ore source) and continued cutback in North Pit; ore was blended with North Pit material and stockpiles to maintain pellet quality. The North Pit Underground Development Project (NPUG) progressed toward Final Investment Decision (FID), with limited decline development, installation of ventilation and pumping infrastructure, and a completed ventilation raise; underground contract mining commencement targeted for 2026/2028 subject to debt funding. Cut-off grades: 15% DTR for opencut and 28%-30% DTR for underground. Mining leases held by Grange Resources (Tasmania) Pty Ltd include 2M/2001, 14M/2007, 11M/2008, 4M/2019 and EL30/2003. Tasmanian state royalty regime applies (Mineral Resources Development Act 1995).