Southdown Magnetite Project

Advanced open-cut magnetite development project located 90 km from Albany in Western Australia's Great Southern region, owned 100% by Grange Resources. Resource extends over 11 km of strike, with depths ranging from 50 m below surface in the west to 555 m in the east. The project is proposed as a pit-to-port operation comprising an open-cut mine and concentrator at the mine site near Wellstead, a 110 km underground slurry pipeline to the Port of Albany, dewatering and storage at the Port, and either transhipping from Berth 5 to Cape-size vessels in King George Sound (FS2024 base case) or direct loading from Berth 7 (FS2012 option). April 2025 Feasibility Study (FS2024) reduced the nominal concentrate production rate to 5 Mtpa with an initial mine life of 28 years; potential to expand to 10 Mtpa with further future capital investment. Installed load 79.3 MW; targeted concentrate at around 70% Fe. Tenements (held 100% by Grange Resources Ltd): M70/1309, G70/217, R70/61, L70/185, L70/186, L70/188, L70/201, L70/225. Search for joint venture / equity partners underway; bridging study to follow partner selection.