MINERAL RESOURCES

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

Current high-grade hematite DSO Mineral Resource Estimates are in excess of 20 million tonnes including:

  • Buzzard Project – 17.8 million tonnes at 62.1% Fe

Further high-grade hematite prospects are being assessed at the Buzzard and Hawks Nest Iron Ore Projects.

Peak Iron has identified extensive magnetite mineralisation at the Hawks Nest Iron Ore Project including a significant ultra high-grade magnetite deposit. The magnetite mineralisation is shallow and preliminary pit designs support over 1.2 Bt of mining at stripping ratios of less than 0.5 to 1 (W to O).

Current Magnetite Mineral Resource Estimates and Exploration targets are in excess of 2.9 billion tonnes including:

  • Kite ultra high-grade massive magnetite prospect – 28 million tonnes at 61% Fe (DTR 52%)

  • Kite banded iron formation magnetite prospect – 1.3 billion tonnes at 32% Fe (DTR 31%)

  • Kestrel banded iron formation magnetite prospect – 624 million tonnes at 35% Fe (DTR 42%)

  • Goshawk banded iron formation magnetite prospect – 149 million tonnes at 35% Fe (DTR 47%)

  • Eagle banded iron formation magnetite prospect - 92 million tonnes at 31% Fe (DTR 40%)

  • Harrier banded iron formation magnetite prospect – 54 million tonnes at 35% Fe (DTR 48%)

Hawks Nest Iron Ore Project magnetite prospects are located adjacent to the Buzzard Project and 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 April 2025.

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