Financial Results for 2024/2025 Financial Year

• High grade iron ore sales of 2.6 million wet metric tonnes at 64.5% Fe
• Profit before tax and impairments of $20.2 million
• Acquisition of 50% interest in Central Tanami Gold Project for $50 million
• Targeting FY26 iron ore sales of 3.0-3.2 million wet metric tonnes

Mount Gibson Iron Limited recorded a net loss after tax of $82.2 million in the 2024/25 financial year, after pre-tax accounting impairments totalling $90.4 million and derecognition of deferred tax assets of $32.2 million. The underlying performance for the year remained generally positive, with profit before tax and impairments totalling $20.2 million. Sales revenue for the year totalled $330.5 million on shipments of 2.61 million wet metric tonnes grading 64.5% Fe. Weaker market conditions and a lower sales grade resulted in a reduced average realised price of US$83/dry metric tonne. Operating cashflow from Koolan Island totalled $26.5 million, and the company ended the year with cash and investments of $484.6 million. Subsequent to the financial year-end, Mount Gibson announced the acquisition of a 50% interest in the Central Tanami Gold Project from Northern Star Resources for $50 million, marking its entry into the gold industry. The company is targeting total iron ore sales of 3.0-3.2 million wet metric tonnes from Koolan Island in the 2025/26 financial year, at a targeted unit cash operating cost of $80-85/wmt FOB.

Mount Gibson is targeting total iron ore sales of 3.0-3.2 million wet metric tonnes from Koolan Island in FY26, at a targeted unit cash operating cost of $80-85/wmt FOB before royalties and capital projects.

Mount Gibson considers the Central Tanami Gold Project to be an attractive near-term development project that will benefit from the company's remote-site operating strengths, development expertise and financial capacity. The company intends to work closely with Tanami Gold to actively pursue development studies and, in due course, site-based development works for the project to be placed into production, centred on the high grade Groundrush deposit.