Elmore Limited provided an update on the development of the Peko magnetite, copper, cobalt, gold and bismuth project in the Northern Territory. First Ore on Ship: Elmore, through the stevedoring provided by Linx at the Port of Darwin, has begun loading the first ship of Magnetite product from Peko. The product has been purchased under the previously announced Ore Sales (offtake) Agreement by Royal Advance (HK) will be shipped to China.

Elmore plans to load approximately 25,000 tonnes of product into this ship. The Company plans that future shipments will carry around 30,000 tonnes per vessel and is aiming to achieve a vessel approximately once per month once the ramp up is completed - targeted to be achieved by First Quarter CY 2023. The final steps to achieve the target are primarily ramping up of rail manning and completion of spare parts/redundancy inventory on site to stabilise production.