Name of the Project
Lake Giles iron project.

Location
North-west of Kalgoorlie, in Western Australia.

Project Owner/s
MacArthur Minerals subsidiary Macarthur Iron Ore.

Project Description
A feasibility study has confirmed Lake Giles as an economically viable project producing three-million tonnes a year (dry basis) of high-grade magnetite concentrate over a 25-year mine life. The study underpins a maiden mineral reserve of 237-million tonnes as reported on
March 15, 2022.

The Moonshine and Moonshine North pits will be mined using conventional openpit mining methods at 9.68-million tonnes a year, based on 350 t- to 400-t-class hydraulic excavators loading 180 t class rear dump trucks. The project aims to use experienced mining contractors, with Macarthur maintaining orebody definition, quality control and medium- to long-term mine planning functions and management.

To produce the concentrate, assuming a weight recovery of 31%, ten-million tonnes a year of feed to the process plant will be required. Two stages of conventional crushing will crush the ore to a size suitable for feed to a high-pressure grinding rolls unit.

The fine-ore grinding section will contain two streams in parallel, each containing two stages of mills, with low-intensity magnetic separation (LIMS) units after each stage. This will be followed by reverse flotation and a final LIMS stage. The final concentrate moisture will be reduced by pressure filtration allowing for stockpiling and transport by truck.

The project will leverage off access to existing regional rail and port infrastructure and deliver a premium concentrate (66% iron) product with low impurities.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated pretax net present value of $579-million and an internal rate of return of 13%.

Capital Expenditure
The project will require an estimated capital investment of $569-million.

Planned Start/End Date
Not stated.

Latest Developments
The company plans to proceed with post-study optimisation work and project development approvals, in to advancing project financing.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
MacArthur Minerals, tel +61 7 3221 1796 or email communications@macarthurminerals.com.