Byproduct Testwork Update

• Testwork identified a pathway to recover additional iron, mainly hematite, from the non-magnetic stream.
• The program achieved 75% iron recovery while rejecting 59.6% silica and 67.5% alumina.
• Future work aims to achieve a 55-60% Fe hematite concentrate.

Hawsons Iron Ltd. reported positive results from byproduct recovery testwork on the non-magnetic stream from the proposed Hawsons processing circuit. The testwork identified a technically credible pathway to recover additional iron, principally hematite, from the waste stream. The program successfully recovered 75% of the iron while rejecting 59.6% of silica and 67.5% of alumina. Future work will focus on achieving a 55-60% Fe hematite concentrate, separate from the planned high-grade magnetite concentrate. A follow-up program is planned to optimize magnetic separation and flotation reagents and compare alternative circuit configurations.