Magnetite Mines Limited launched foresight, the Company's sustainability platform driving ESG-related actions through the project study, design, delivery and operational stages. As the existing iron ore sector seeks to transition to a new future centered on sustainable practices, Magnetite Mines intends to emerge as a new producer of premium-grade iron ore to meet the demand of the decarbonizing steel industry, with a collaborative and focused sustainability culture embedded from the outset. By bringing focus to Magnetite Mines' leading ESG profile, the company can design and showcase a sustainable mining future with the objective of becoming an iron ore supplier of choice.

project delivery must demonstrate pathways to net zero carbon operations, nature-positive outcomes, actions that support the building of resilient, inclusive communities and adaptive governance. adoption of, and alignment with, global standards, such as the Initiative for Responsible Mining Assurance (IRMA), will demonstrate credibility as responsible operators and support attractiveness to customers. foresight is intended to become a key identifier and differentiator for Magnetite Mines, and an essential component of the Company's strategy for engaging with project partners, financiers, regulators and other stakeholders.

MGT recognizes that embedding sustainability within its business provides a significant competitive advantage and opens opportunities for new value creation. A meaningful commitment to responsible resource development across environment, social and governance (ESG) aspects can commonly deliver: reduced cost of capital, insurance, etc.; market opportunities, particularly for supply chains where product assurance is critical (i.e., ResponsibleSteel); cost efficiencies associated with sustainable practices and collaboration; efficient attraction and retention of labor; improved environmental performance and compliance outcomes; and engaged and supportive communities and stakeholders.