• Exploration approvals granted for Phase 1 drilling program
• Pre-Feasibility Study progressing well, expected completion in Q2 2026
• Economic impact study highlights significant benefits for local economies

Iron Bear Resources Limited (ASX: IBR) provided an operational and financial update for the quarter ending 31 March 2026. The company's key highlights include the Mineral Lands Division of the Government of Newfoundland and Labrador granting exploration approvals for the Phase 1 drilling program at the flagship Iron Bear Project, a world-class large-scale iron ore project located in the Labrador Trough, Canada. The planned drilling program aims to further delineate and expand the current mineral resource, with infill drilling to improve continuity within the known mineralized zones and increase confidence in the resource. The Pre-Feasibility Study (PFS) for the Iron Bear Project, led by global engineering firm Hatch, is progressing well and is expected to be completed in Q2 2026. The PFS activities include the execution planning for all operational workstreams, such as the pellet plant, slurry pipeline, mine planning, road access, and power supply. Additionally, the company completed an independent economic impact study, which quantified the significant economic and employment benefits for the provinces of Quebec and Newfoundland and Labrador during the construction and operation phases of the Iron Bear Project. The study found that the project will create nearly 9,500 jobs annually during the first phase of construction and generate over CAD$1 billion in annual GDP once the mine is operational.

The company is focused on advancing the development of the Iron Bear Project in accordance with the Development Agreement with Vale S.A., the world's largest producer of iron ore. The key deliverable is the completion of the Pre-Feasibility Study in Q2 2026, which is expected to further de-risk the asset and enable Vale to make a decision to mine within the next 3-5 years.