Iron Ridge Project

The Iron Ridge Project is located approximately 600 km north-northeast of Perth and approximately 67 km northeast of the township of Cue in the Murchison region of Western Australia. Access is via the Great Northern Highway to Cue, then along semi-sealed roads to Glen Station, then along approximately 10 km of unsealed tracks from Glen Station to the Project. As part of preparation of a feasibility study in relation to the Iron Ridge project, the Company will evaluate contract mining and trucking to minimise upfront capital requirements.

The Project is a greenfield development and therefore requires all infrastructure, equipment, power, water, communications and other services to be established.

The nearest port is Geraldton, located approximately 350 km to the southwest.

Timeline as indicated in Significant Upgrade to Iron Ridge Mineral Resource” Release on 19/03/2019

Milestone
Status
Expected Date
Drill Results
Completed
January 2019
Updated JORC Mineral Resource Estimate
Completed
March 2019
Trucking JV company established between FEX and Craig Mitchell
Completed
May 2019
Metallurgical Testwork
Completed
May 2019
Joint Cooperation Agreement signed with Mid West Port Authority
Completed
May 2019
Product offtake negotiation
Commenced
Ongoing
Commencement of Statutory Permitting Process
Commenced
Ongoing
Preliminary agreements on road ore haulage and port storage & handling services
Commenced
June/July 2019
Completion of feasibility studies
Commenced
October 2019
Product offtake agreement(s) and potential financing
Pending
Commencement of production and potential first shipment
Pending
Additional project acquisition(s)
Pending
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