Macarthur Minerals Limited announced that it has completed a Feasibility Study for 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 March 15, 2022. The Feasibility Study NI43-101 Technical Report will be released to the market within 45 days of the maiden Mineral Reserves announcement.

The Company will now proceed with post study optimization work, project development approvals and advancing project finance.