Pluton’s current resource is 294 Mt incorporating two discrete formations:

The Yampi Member – 90 Mt @ 46% Fe using a cut-off grade of 30% Fe. The Inferred Mineral Resource for the Yampi Member includes a higher grade component of 50 Mt @ 52 % Fe using a cut-off grade of 50% Fe.

Wonganin Sandstone – 204 Mt @ 23% Fe. The sandstone, formally overburden is ideal for beneficiation and now forms a valuable part of the resource.

The Company’s exploration program is achieving better-than-expected results.  The program is less than half completed and the highest grade prospect is still to be explored. Magnetic images indicate that iron mineralization continues outside the current resource areas.

Current and targeted resources comprise both Direct Shipping Ore (DSO) and feed ore for beneficiation. Beneficiation is a process that concentrates the iron while removing impurities. Irvine ores contain low concentrations of phosphorous (P), alumina (Al) and sulphur (S), with silica being the main impurity. The silica in Irvine ores is coarse grained compared to many mainland deposits. This means the iron ore is easier and less costly to treat. CSIRO pilot scale test work has shown that magnetic separation can produce a concentrate with an iron content of 65.62% iron (Fe) and 2.49% SiO2 with an iron recovery of 83.7% from Wonganin sandstones.