• 2.3Bt Probable Ore Reserve Estimate declared
• PFS completed with positive technical and financial outcomes
• Production target of 257Mt of magnetite concentrate over 26-year mine life

Hawsons Iron Ltd has announced the declaration of a 2.3Bt Probable Ore Reserve Estimate and the results of the Pre-Feasibility Study (PFS) for its 100% owned Hawsons Iron Project in the Braemar region of New South Wales, Australia. The PFS, prepared by independent experts, has defined a robust project development strategy based on producing up to 12Mtpa of +68% Fe magnetite concentrate with a Life of Mine of 26 years, using only the Company's 2,300Mt Ore Reserve. The PFS outcomes resulted in positive technical and financial results, supporting the development potential of the Project in the current iron price environment. Key highlights include a pre-tax IRR of 10.93%, a pre-tax NPV8 of $AU 1,360M, and an approximate payback period of 13.5 years from the commencement of construction. The Company plans to advance the Project towards a full Feasibility Study and pursue a number of upside opportunities identified in the PFS to further enhance the Project's metrics.

The PFS has defined a production target of 257 million tonnes (Mt) of magnetite concentrate over a 26-year mine life, with an average concentrate grade of 68.6%.