Juno Minerals Limited (Juno or the Company) is progressing the Mount Mason DSO Hematite Project (the Mount Mason Project), which is a high-grade direct shipping ore (DSO) hematite, near-term project.
The Project is located 130km by road northwest of the town of Menzies, Western Australia.
Project Approvals The Native Vegetation Clearing Permit (NVCP) application for the Yunndaga rail siding area was granted by the Department of Mines, Industry Regulation and Safety (DMIRS) on 16 December 2021. The data and final supplemental report on the Spring flora survey submission for the Mount Mason NVCP was delayed until late December due to awaiting the final report on the seventy plant specimens vouchered to the WA Herbarium. All documentation was completed and submitted to DMIRS with the Mount Mason NVCP now expected to be granted by mid-February.
The Works Approval Application for the Mount Mason Project was assessed by the Department of Water and Environmental Regulation (DWER) during the quarter with the Company receiving the draft Works Approval and Decision Report late December for review and comment. The Company provided comments back to DWER on the draft mid-January 2022 and expects the approval to follow in the near term.
Logistics and Supply Chain
During the quarter, Juno progressed engagement with the necessary logistics supply chain providers. Discussions with Fremantle Ports in relation to potential capacity at the Kwinana Bulk Terminal indicated that the Port was re-positioning its focus on increasing imports over exports thus reducing capacity. Discussions continued with Southern Ports in relation to access to the Port of Esperance with capacity emerging within the first half of 2022, and this preferred pathway will be progressed. The mechanism of gaining access to this capacity is still being worked through by Southern Ports and the relevant stakeholders, including Juno. Continual discussions have also been held regarding rail track access to Esperance, which are a critical part of the logistics solution.
Existing rail infrastructure south of Menzies to load DSO onto rail is being pursued in the interim, deferring development of the Yunndaga rail siding as previously stated. Approval has been received from Main Roads WA to upgrade an existing intersection just south of Menzies onto the Goldfields Highway thus also facilitating deferral of Yunndaga in the short term. Once in production, Juno will re-assess the development of the Yunndaga rail siding.
Contractor Engagement
Juno employed a contracting strategy to minimise upfront capital costs and provide opportunity to reduce the development timeline. During the quarter, Juno and the Project team completed the evaluation and clarifications on all the major contract tenders and shortlisted contractors for the major packages. Due to the deferral of the financial investment decision, the short-listed contractors agreed to extend the validity of the tenders to 31 March 2022.
MOUNT IDA MAGNETITE PROJECT
The Mount Ida Magnetite Project (the Mount Ida Project) is a high-grade magnetite project, with the potential to become a tier one magnetite mine. Juno intends to progress the completion of the Feasibility Study on the Mount Ida Project. Preliminary reviews of past work completed and future work required has commenced to enable the planning to progress the Mount Ida Project. Juno is further encouraged by the recent investment by Hancock Prospecting Pty Ltd in the neighbouring Mount Bevan Magnetite Project, which is a major move for magnetite in the Yilgarn region. A significant amount of work totalling over $50m was undertaken on the Mount Ida Project previously, with the Definitive Feasibility Study taken to 70% completion. The Mount Ida Project is on a granted Mining Lease, has significant supporting tenure for infrastructure, and expansive water exploration licences over areas prospective for good quality water. The Mount Ida Project remains the largest magnetite resource and the most technically advanced magnetite project in the Yilgarn. With magnetite concentrate being a higher grade and consistent product, commanding a premium price over DSO iron ore, it also has the advantage of a lower environmental footprint in the smelting process and is considered as the 'green steel' which is becoming the preferred raw material in the steel making process. Juno is a member of the Western Australian Midwest Yilgarn Infrastructure Group, (WAMYIG), with a number of other junior companies with iron ore and magnetite projects within the Yilgarn. The membership also includes infrastructure groups, contractors and local and State Government authorities all with the objective to progress an infrastructure solution to develop the iron ore and other mineral resources in the Yilgarn.
CORPORATE
With the volatility in the iron ore prices emerging in the September quarter last year, the Board deferred its financial investment decision on the Mount Mason Project until stability returns to the iron ore market and freight markets and there is clarity on a logistics solution. Encouragingly, recently iron ore prices have been trending up and freight rates trending down which are very favourable, nevertheless will be monitored during the March 2022 quarter. The Mount Mason Project is well positioned to move quickly into development and production subject to iron ore price, freight market conditions and securing the rail and port logistics. In accordance with ASX Listing Rule 5.3.4, as the December quarter was in a period covered by a 'Use of Funds' statement in the Replacement Prospectus, below is a comparison of the Company's actual expenditure to 31 December 2021 against the estimated expenditure in the 'Use of Funds' statement and Statement of Commitments in the Company's Pre-Quotation Disclosure on 12 May 2021: Juno ended the December 2021 quarter with $5.4 million in cash and deposits. In accordance with ASX Listing Rule 5.3.5, $144,610 of payments were made to related parties or their associates during the quarter, comprising Executive Director salary, Non-executive Director fees and superannuation
Contact:
Greg Durack
Tel: + 61(0)8 9346 5599
Email: investorrelations@junominerals.com.au
FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE
This announcement may contain some references to forecasts, estimates, assumptions and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars ($) and cents in this announcement are to Australian currency, unless otherwise stated.
JUNO MINERALS LIMITED 
