ABOUT NATHAN RIVER RESOURCES

PROJECT BACKGROUND

  • The NRR mine site is located 50km inland from the Gulf of Carpentaria and approximately 760km from Darwin, covering more than 1,861km2

  • In excess of A$250m has been invested in developing the Resource and constructing the fully integrated ‘pit-to-port’
    logistics solution

  • NRR acquired the mineral titles associated with the Roper Bar iron ore mine from the Receivers and Managers of WDR in November 2017

  • NRR has invested c.A$22m of new equity into infrastructure, PP&E, obtaining and updating access agreements and permits and updating mine plans and engaging with local communities

RESERVES AND RESOURCES

  • A large JORC compliant Resource and Reserve base to support a long term mine life

  • Reserve – 5.6Mt at 60% Fe, plus an expected further 3.7Mt of mining inventory following the completion of metallurgical test work

  • Resource – 446Mt at 40% Fe

  • Bing Bong iron ore has a very high lump proportion (~65%) and is extremely low in phosphorous, making it an ideal blending ore

DEVELOPMENT PLAN

NRR has developed a 2 Stage development plan for the Project. Stage 1 is the initial focus with low capex and immediate production, while Stage 2 offers further upside via exploiting the full extent of the Resource, pending additional study work

  • 1.5Mtpa of DSO production with addition of 1.5Mtpa DMS plant expected to produce 1.5-2.0Mtpa at 60% Fe for 5 years

  • DSO component involves simple mining, crushing, dry screening, road haulage, with installation of a DMS plant to ensure product quality 

  • Mining and first iron ore shipments planned to commence in October 2020

  • BFO stockpiled during Stage 1

  • Addition of a silica flotation plant to develop the large Resource of 446Mt at 40% Fe in addition to DSO and DMS production, for a combined annual production rate of 5Mtpa at 62% Fe

  • DMS and beneficiation feed of c.73Mt identified at a low 3.8 strip ratio

  • 33Mt of concentrate at 61.9% Fe, 7.5% SiO2

  • Further opportunity for mine life extension

  • The further study work necessary to define the Stage 2 is currently in progress

STAGE 1

STAGE 2

  • NRR recently updated its Resource and Reserve statements, incorporating the latest drilling, mine designs and metallurgical testwork for DMS processing

  • A large JORC compliant Resource and Reserve base to support a long term mine life

    • Reserve –  5.6Mt at 60% Fe

    • Resource – 446Mt at 40% Fe

  • Additional 3.7Mt of mining inventory (Expansion case) that requires metallurgical test work for conversion from Resource to Reserve

  • Significant waste stripping already completed by WDR, 

  • Large stockpile and in-pit broken stock inventory

    • DSO stockpile – 46.5kt at 59% Fe

    • Low Grade / DMS stockpile – 147.8kt at 51.2% Fe

    • Blasted stocks – 1.7Mt, including 151kt DSO at 61% Fe and 103kt DMS at 51% Fe

  • Roper Bar iron ore has a very high lump proportion (~65%) and is extremely low in phosphorous, making it an ideal blending ore

  • Installation of beneficiation capacity to develop the large Resource of 446Mt at 40% Fe (“BFO Resource”), in addition to DSO and DMS production

  • The expansion is underpinned by a Tenova Mining and Minerals Concept Study (September 2014) that evaluated the viability of beneficiating the BFO Resource

  • BFO deposits demonstrates reverse silica flotation is a cost-effective means of processing, upgrading and monetising BFO

  • Column flotation test work was performed on Roper Bar iron ore samples from varying deposits to develop flowsheet parameters

  • LoM production of 33.3Mt concentrate at 61% Fe at 4Mtpa

  • Operations will target shallow, flat lying BFO Resources with a low strip ratio in deposits E, F and D, and stockpiled BFO from Stage 1 operations

  • Product upgrade will use silica flotation, a commonly used beneficiation processes for iron ore

  • Further opportunity for mine life extension from deposits A, B and C 

  • NRR plans to complete further study work necessary to define the Stage 2 project post commissioning Stage 1

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Area D Conceptual Pit Design