Pearl Gull Iron Limited provided a general update on various workstreams the Company is progressing. As announced on 6th of April, Pearl Gull is progressing a number of key work streams in line with the Company's stated strategy, to develop a maiden resource for its Cockatoo Island project. These work streams include: resource modelling at Switch Pit and the Magazine Pit, ore loading (transhipping) and preliminary metallurgical test works.

Resource modelling commenced with a review of historical geology, mining and metallurgical studies and the transformation of the 2021 drilling into local mine. Models are being developed for the Switch Pit area and the Magazine Pit area. Resource modelling for the North Bay area has not been progressed at this time as the thickness and grade of iron mineralisation identified in the diamond drill core was not sufficient to warrant further work.

The 2021 drilling at the Switch Pit confirmed the extension of the high-grade Sea Wall haematite mineralisation onto the Company's lease M04/235 by some 220 metres. Mineralisation extends beyond the recent 2021 drilling and additional drilling would be required to confirm the strike extent of the main high grade haematite mineralisation continuing across the Company's M04/235 tenement. The narrow, mineralised bands of the southern highwall previously beneficiated to benchmark grade product in historical mining operations on the adjacent tenement have also been interpreted to extend onto the Company's tenement.

Modelling at the Magazine Pit has interpreted 9 mineralised lenses, indicated by intervals of escalated Fe mineralisation in the drilling. The orientation of the lenses was modelled to generally coincide with a broad, shallow synclinal structure exposed in the adjacent outcropping ridgeline Key to the establishment of a mineral resource is the ability to develop a viable solution to access shipping and international markets. Cockatoo Island offers immediate access to shipping services, without the need for road or rail transport.

As previously announced (ASX: 12 January 2022), the Company has engaged the services of Transhipment Services Australia to scope and design barge loading and transhipping facilities. TSA has identified 2 low-cost options for barge loading and transhipping to larger bulk carriers of up to 62,000t capacity. Work on the preferred options is progressing and the Company will update the market when further information is available.

Metallurgical test work completed on the North Bay drilling and the Magazine Pit in 2022 has been reviewed in parallel with 2007 historical test work from the Magazine Pit. Whilst further test work is required, the Company is encouraged by the previous Wet High Intensity Magnetic Separation ("WHIMS") test work from 2022 and 2007 whereby it is reasonable to assume that improvement in concentrate grades and recovery can be achieved to produce a saleable product for the Magazine Pit.