Mount Gibson Iron Limited provided the following update in relation to the resolution of the screening plant fire incident that occurred on 12 August 2022 at the Koolan Island iron ore operation. On 12 August 2022, a fire occurred in the product sizing screen area within the Koolan Island crushing plant during a scheduled maintenance shutdown. All personnel working in the area were evacuated and there were no injuries. The fire was subsequently extinguished through the successful efforts of the site's Emergency Response Team. Initial assessment indicates that the fire has damaged part of the product sizing screen assembly and associated feeder and conveyor equipment. Assessment of surrounding steel structures is underway. While ore processing through the plant is currently suspended, mining of high grade iron ore from the Koolan Main Pit continues as planned. The site has sufficient crushed ore stockpiles on hand to meet immediate shipping requirements, and subsequent shipping rates will depend on the outcome and
progress of the repair and recovery plan. A preliminary plan is being developed to process and ship ore at up to approximately 40% of the plant
capacity from late August for an interim period. This could be further increased through the use of available mobile crushing units while repairs are undertaken. Mount Gibson will provide a further update regarding the repair and recovery plan in the near term as damage assessments and repair options are completed. The fire within the Koolan Island process screening plant circuit will temporarily slow the site's operational and financial improvement trajectory but is recoverable. With the improvements already realised to date, the mining of high grade ore continues to increase with the waste-to-ore stripping ratio declining as scheduled, and the site will be well positioned to recover the deferred shipments once processing capacity returns to planned levels.