Name of the Project
Nowa Nowa iron project.

Location
Eastern Victoria, Australia.

Project Owner/s
Eastern Resources.

Project Description
A feasibility study has confirmed the technical and financial viability of the Nowa Nowa project, based on the magnetite-rich iron-ore deposits at the Five Mile prospect.

The project has total mineral resources of 9.05-million tonnes grading 50.8% iron.

The feasibility study envisages the production of one-million tonnes a year of magnetite direct shipping ore (DSO) over a six-year  life-of-mine (LoM), with the opportunity to expand production once existing inferred resources at Five Mile are upgraded to measured and/or indicated resources.

An opencut mine is proposed, with an average waste to ore ratio of 3.22 over the LoM, including the prestrip period.

The ore will be trucked from the mine to the Port of Eden, where it will be stockpiled before being loaded directly into Panamax ship vessels for export to customers.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value of A$61.94-million and an internal rate of return, with a payback of two years.

Capital Expenditure
A$15.71-million.

Planned Start/End Date
Mining operations are expected to start in July 2023.

Latest Developments
Eastern Resources is studying further opportunities to enhance the value of the project by:

• extending the LoM by upgrading existing inferred resources in the Five Mile deposit to measured and/or indicated resources;

• enhancing exploration upside, based on areas of the Seven Mile project where iron-ore has been identified;

• significantly increasing the production rate to 1.5-million tonnes a year;

• improving operational efficiencies and reducing operating costs; and

• establishing project partnership arrangements.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Eastern Resources, tel +61 2 9906 7551.