CuFe Ltd. reported a significant maiden JORC 2012 Inferred Mineral Resource for its 50% owned Yarram Iron Ore Project in the Batchelor region of the Northern Territory, of 12.7 Million tonnes at 55.4 % Fe, 7.26 % SiO2, 5.16% Al2O3 and 0.2% P. This resource comprises two deposits, Kraken a high grade replacement style deposit and Captain Morgan, a shallow low grade lateritic deposit. The Kraken deposit includes a high grade core (>55%) that contains 5.6 Mt at 60.4% Fe, 5.44 % SiO2, 4.05 % Al2O3 and0.15% P. The Inferred Mineral Resource estimate is based upon data derived from four drilling campaigns, Territory Iron 2005 and 2014, CuFe 2021 and the more recent drilling CuFe 2022, comprising a total of 6,008m of reverse circulation (RC), 1,338m of aircore (AC) and 1,340m of rotary airblast (RAB) for a total of 8,686 metres drilled. The Yarram Deposits sit across three tenements, a Mining Lease (MLN1163) and two Exploration Leases (ELR125 and ELR146) located approximately 110km south of Darwin and immediately north of the township of Batchelor.

The underlying tenure is owned by Northern Territories Resources Pty Ltd. (NTR, who also own the neighboring Browns Polymetallic Deposit.) Cufe owns a 50% share and management rights of Gold Valley Iron and Manganese Pty Ltd, which has the exclusive rights to iron ore on the tenements under a Heads of Agreement established in 2004. ELR125 and MLN1163 are located on freehold land and were granted pre native title. ELR146 is on the Finnis River Land Trust and any future development on that tenure will require consent from the Land Trust, with preliminary discussions underway.

The resource within the granted mining lease, MLN1163, represents approximately 66% of the total resource.