Iron Ore Scoping Study Update

• SIMEC Mining’s internal scoping study and due diligence work is nearing completion with positive results reported.
• Exploration drilling has greatly expanded the known area of iron ore mineralisation, justifying infill drilling to define a JORC resource.
• Results from testing of Maldorky samples show that targeted product grade of 65% Fe and 40% product yield for an overall 85% Fe recovery can be achieved with conventional processing methods.
• Potential opportunity to reduce comminution capital costs and process water requirements using alternative grinding technology.

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