Strandline Resources Limited advised that construction of its 100% owned Coburn mineral sands project in Western Australia is now 75% complete. Coburn's construction remains in line with its timetable and capital budget, ensuring it is on track for first production of HMC later this year. The critical mineral markets for zircon, titanium, and monazite rare earths remains tight, underpinned by strong long-term demand drivers, such as global growth, urbanisation, rising living standards and an extensive array of applications, including global electrification and renewable energy.

The market trend is towards supply deficit with a lack of new quality projects on the horizon. Strandline is exceptionally well positioned to capitalise on this supply shortfall, with 100% of Coburn's production covered by binding offtake agreements with some of world's consumers across Europe, America and Asia. Importantly, these contracts enable Strandline to take advantage of rising prices.

Coburn construction continues to progress in accordance with the overall project plan, with strong progress achieved on critical path activities, including the wet concentration plant and supporting infrastructure. Key progress achieved to date includes: Zero lost time injury and medical treatment injury reported to date; Mining contractor established and construction of the temporary tailing storage facility well underway; Site assembly of the three dozer mining units is almost complete, ready for potential early commissioning; Construction of the hybrid power station is also advancing on-schedule, which includes the multi-work front installation of the 11MW solar farm, LNG storage and engine hall complexes; Construction of the processing plant structures and supporting infrastructure continues to advance rapidly, with all key fabricated materials and mechanical-electrical equipment delivered to site (or on route); Installation of sitewide overhead power lines, field piping and water bore installation are all well advanced; Construction of the site village is complete with all 272 rooms online, meeting workforce requirements; Commissioning planning, spares procurement and establishment of key operational systems, maintenance procedures, training and workforce plans is continuing to ramp up; Key focus is on local recruitment, workforce diversity and indigenous engagement. As Coburn approaches peak activity and manning on site, the Company continues to focus on managing the various risk factors associated with development of the project.

This includes, but not limited to, HSE risks, potential impacts of COVID-19, inclement weather, contractor performance and contractual claims. The capital expenditure (Capex) forecast to complete the project, including an assessment of contractual claims received to date, is regularly evaluated by the Company's technical, financial and legal experts. The project forecast remains in line with the overall Capex budget.