MINERAL RESOURCES

Peak Iron has significant hematite and magnetite iron ore resources that are undergoing continuous exploration and assessment.

Current high-grade hematite DSO Mineral Resource Estimates are in excess of 25 million tonnes including:

  • Peculiar Knob Mine – 4 million tonnes at 64% Fe

  • Buzzard DSO Project – 15 million tonnes at 61% Fe

Further high-grade hematite prospects are being assessed at the Hawks Nest Iron Project.

Peak Iron has identified extensive magnetite mineralisation at the Hawks Nest Iron Project including a significant ultra high-grade magnetite deposit. The magnetite mineralisation is shallow and preliminary pit designs show stripping ratios of less than 0.5 to 1 (W to O).

Current Magnetite Mineral Resource Estimates and Exploration targets are in excess of 1.4 billion tonnes including:

  • Kite ultra high-grade magnetite prospect – 6 million tonnes at 58% Fe

  • Kite magnetite prospect – 200 million tonnes at 34% Fe

  • Kestrel magnetite prospect – 290 million tonnes at 35% Fe

  • Goshawk magnetite prospect – 149 million tonnes at 35% Fe

  • Harrier magnetite prospect – 54 million tonnes at 35% Fe

All the Hawks Nest Iron Project magnetite prospects are located adjacent to the Buzzard DSO Project and can share road and rail infrastructure to provide direct access to existing port facilities.

Peak Iron measures and classifies Mineral Resource Estimates in accordance with JORC guidelines.

Estimates are current at 30 May 2023.

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