Mindax Ltd. provided an operational update regarding exploration activities at the Mt Forrest Iron Project. A total of 6,451m of RC and 1,189m of diamond drilling has been completed since 1 July 2022 to complete the planned exploration programme with a grand total of 38,044m of RC and 3,393m of diamond drilling being completed since exploration work on the project resumed in September 2021. Drilling completed focussed on testing the MF6 prospect with infill drilling on existing drill lines to provide additional sample and drill definition information to assist in the generation of a new resource estimate for the project.

Assays returned were from MF1 and MF2 where infill drilling was conducted in the first half of 2022. MF1 Definition Drilling: A small amount of infill drilling was completed at MF1 with two RC holes for 472m and three diamond holes for 1,189m being completed. The holes were designed to confirm the BIF unit contact positions to assist in geological interpretation prior to the resource estimation being completed.

Several encouraging iron assays were returned including a best DTR result in hole MFC0664 of 88m at 68.6% iron, 3.6% silica and 36.1% weight recovery from 280m. The new assays have confirmed strong continuity for the interpreted high-grade magnetite between 100m spaced drill holes both along strike and down dip. MF2 Definition Drilling: No drilling was completed on the prospect, however numerous assay results from previously drilled holes were returned.

The results are very encouraging as they confirmed that the BIF units at MF2 have consistent high-grade mineralisation of widths up to 100m thick over a strike length of 3km. Best results returned were MFC0646 with 199m (downhole width) at 68.9% iron, 4.3% silica and 49.6% weight recovery from 91m(refer to figure 8) and MFC18701 with 224m (downhole width) at 68.1% iron, 4.9% silica and 44.1% weight recovery from 81m . These results have extended the strike length of the existing mineralisation to the north and south and also have delineated a new high grade BIF unit to the east of the main ridge and they show the potential for the prospect to contain a significant amount of high-grade mineralisation.

MF6 Definition Drilling: The bulk of the drilling focussed on this area with 18 RC holes for 5,979m being completed. The holes were designed to infill the historic drill lines to 100m along strike and 100m along downdip and provide additional sampling information to allow for the generation of an updated mineral resource estimate to be included. Geological logging and magnetic susceptibility observations indicate that multiple BIF bands ranging in widths from 50m to 75m have been intersected by the drilling over an area 200m wide by 1.2km in strike.

Composite samples from these holes were submitted to the laboratory and these DTR assays are anticipated to be returned during fourth quarter 2022.