Macarthur Minerals Limited announced that it has filed the NI43-101 Technical Report for the Feasibility Study of the Company's high grade magnetite Lake Giles Iron Project. The results confirm that the project is economically viable under long-term iron ore price forecasts. The Feasibility Study confirms an economically viable project producing 3 million tonnes per annum (dry basis) of high-grade magnetite concentrate over a 25-year mine life. The project will leverage off access to existing regional rail and port infrastructure and deliver a premium concentrate (66% Fe) product with low impurities. The Feasibility Study underpins a maiden Mineral Reserve of 237 million tonnes as reported to the market on 15 March 2022.

The independent technical report, entitled "NI 43-101 Technical Report and Feasibility Study, Lake Giles Iron Project, Menzies, Western Australia" with an issue date of April 4, 2022 was prepared in accordance with the requirements of National Instrument 43-101 ("NI 43-101"). The Company will now proceed with post study optimization work, project development approvals and advancing project finance. Feasibility Study completed for a 3 Mtpa (dry basis) magnetite mining and processing operation.

Feasibility Study supports a maiden Mineral Reserve of 237Mt for a 25-year mine life. Production of high-grade magnetite concentrate targeting 66.1% Fe with minimal impurities suitable for pellet feedstock. Initial capital investment of USD 569 million with mine pre-production capital of USD 43.8 million.

C1 operating costs of USD 71.74 /dmt. Positive project economics with Pre-tax NPV of USD 579 million a 13% IRR and Post-tax NPV of USD 315 million. The Feasibility Study was completed by independent engineering, mining and geological consultants, Engenium now Stantec, CSA Global and Orelogy Consulting.

Engenium now Stantec was engaged to complete the non-process and process infrastructure inclusive of capital and operating cost development for the Project. Engenium now Stantec are experts in taking projects from conceptualisation through to operation and handover. This experience includes greenfield development, brownfield enhancement and fully integrated mine-rail-rort project solutions.

Engenium's scope of services cover feasibility study management, construction management, commissioning, engineering management and design, procurement and contract management, and metallurgical test work supervision. Since its inception in 2003, Engenium has undertaken numerous projects across the iron ore sector in materials handling and non-process infrastructure for clients including BHP, Rio Tinto, ArcelorMittal, Atlas Iron and Amex Resources. Orelogy was engaged to undertake the mine design from pit to ROM and responsible for establishing the mineral reserve for the Project.

Orelogy is a specialist mining engineering consulting company with strong experience in open cut mine design across a range of commodities including iron ore. Orelogy have a proven track record in applying world class technical solutions to mining projects at both the feasibility and operational phase. Orelogy has a proven track record in innovative application to open pit scheduling and optimisation.

In 2008, Orelogy began development of a proprietary open pit scheduling tool called Evolution. In 2014 Maptek, a world leading mining software provider, acquired Evolution.  Orelogy remain the power user of the software tool globally and have an unrivalled experience in its practical application. Orelogy has significant experience in the iron ore sector in Australia and internationally for clients including Asia Iron, Magnetite Mines, Polaris Metals, Crosslands Resources, Atlas Iron, FMG, API JV, Australasian Resources.