Brockman Mining Limited ("Brockman" or "the Company") and Mineral Resources Limited ("MRL") have on 22 April 2021 signed an Amended and Restated FJV Agreement and Deed of Amendment and Restatement ("Agreement") through their subsidiaries, Brockman Iron and Polaris. Both Brockman and MRL conclude that the Farm-In Obligations under the Agreement has been satisfied and to progress on the projects as soon as possible the parties shall form the Joint Venture immediately. As such, 50% interest in the Marillana Project (the Farm-In Interest) will be transferred to Polaris and the Joint Venture will be established according to the terms of the FJV Agreement.

To date MRL has submitted Indicative Development Proposals, which include the following: Development of Marillana Project and Ophthalmia Project into an iron ore mining hub capable of producing a minimum of 25Mtpa of final product for export. Following the establishment of the Joint Venture, MRL (or its Related Party) agrees to provide the Joint Venturers with funding by way of a project loan sufficient to allow the Joint Venturers to fund the forecast project capital costs for each development. A build own and operate arrangement between the Joint Venturers and MRL for certain non processing infrastructure at Marillana Project.

A build own and operate arrangement for the crushing plant at Ophthalmia Project . Upon the formation of the Joint Venture, MRL (or a subsidiary) will immediately commence initial development works at Marillana Project and Ophthalmia Project mine sites, as well as on the prospective transport corridor and port area. The Initial Development Works are to be funded by MRL and the cost is estimated to be around AUD 105 million.

The immediate commencement of these Initial Development Works is intended to speed up the development timeframe of both Marillana Project and Ophthalmia Project, which is currently estimated to be around 42 months from the formation of the Joint Venture.