• FMG now holds over 75% interest in Red Hawk
• Offer price increased to $1.20 per share, representing a 46-54% premium
• Red Hawk directors unanimously recommend shareholders accept the offer

Fortescue Ltd, through its subsidiary FMG Pilbara Pty Ltd, has made an increased takeover offer for Red Hawk Mining Limited. Following the acceptance of the offer by Red Hawk's two substantial shareholders, Todd and OCJ, FMG now holds a relevant interest of approximately 78% in Red Hawk. As a result, the consideration offered for each Red Hawk share has increased to $1.20 cash per share, representing a premium of 46-54% over Red Hawk's historical trading prices prior to the announcement of the offer. The Red Hawk directors continue to unanimously recommend that shareholders accept the offer, in the absence of a superior proposal and subject to the independent expert's conclusion that the offer is fair and reasonable. The directors note that accepting the offer provides certain and immediate cash consideration, and that there are ongoing risks associated with the Blacksmith Project if the offer lapses and no alternative proposal emerges. The directors also highlight the risks of remaining a minority shareholder in a company controlled by FMG, including reduced liquidity, potential delisting from the ASX, and the possibility of compulsory acquisition. Each Red Hawk director who owns or controls shares intends to accept the offer.