• Iron Bear is a world-class iron ore project in Canada with a mineral resource of 13.6 billion tonnes.
• Joint venture with Vale S.A to develop the project with up to USD 138 million in funding.
• High-quality DR pellets with 71% Fe and ultra-low deleterious elements produced.
• Scoping Study delivers NPV@8%: USD 9.8 billion, IRR: 18.6%.
• Project expected to meet growing demand for DR pellets.

IBR.ASX's Iron Bear project in Canada is a world-class iron ore development with a mineral resource of 13.6 billion tonnes. The project is being jointly developed with Vale S.A, which has committed up to USD 138 million in funding. The project has produced high-quality Direct Reduction (DR) pellets with 71% Fe and ultra-low deleterious elements. The Scoping Study completed in August 2025 delivered a Net Present Value (NPV) at 8% of USD 9.8 billion and an Internal Rate of Return (IRR) of 18.6%. The project is expected to meet the growing demand for DR pellets, driven by the availability of cheap natural gas in the GCC and global decarbonization initiatives for steelmaking.

NPV@8%: USD 9.8 billion, IRR: 18.6%, Production: 25 Mta

The ultra-high premium DR pellet market is expected to grow by 86 million tons by 2035 due to the availability of cheap natural gas in the GCC and global decarbonization initiatives for steelmaking.