Highlights:

1. IronRidge holds extensive exploration permits (>5,000 km²) over a new iron ore province in the northern Surat Basin.
2. Targeting 2 Billion tonnes iron ore.
3. Extensive deposits of sediment hosted iron ore with many assays >40% Fe and low phosphorus already identified.
4. The Cadarga Prospect east of Wandoan emerging as highest priority iron ore project.
5. Field work has led to discovery of high grade titanium at the Monogorilby Prospect (up to 31% TiO2).
6. Conceptual development proposals for 8Mtpa iron project at Cadarga and 2.5Mtpa project at Monogorilby to produce iron ore, rutile and alumina.

IronRidge holds exploration licences and other rights for iron ore and titanium over parts of the northern Surat Basin, the underlying basement and other areas where previous work has identified iron ore development with over 40% iron content in lateritised profiles. While over the past 40 years the mining industry has concentrated on the exploitation of haematite ores grading better than 55% iron, it has been overlooked that for most of the history of the iron and steel industry (many centuries), iron ore grading 35+% was the accepted standard. IronRidge’s target areas are situated adjacent to massive coal and gas reserves (owned by unrelated third parties) and given the current high prices for iron ore, IronRidge believes that iron ore in the Surat prospect area should be able to be profitably exploited even bearing costs of upgrading and processing.

Initial field work has already identified extensive deposits of sediment hosted iron ore with many assays >40% Fe. The largest and strongest iron deposit identified lies in the Johnson Creek area on the eastern edge of the Basin approximately 100km southwest of Mundubbera and 80km east of Wandoan, referred to as Cadarga. Mapping and sampling work at Cadarga has also led to the discovery of high grade Titanium Dioxides (up to 31% TiO2) around an interpreted basaltic volcanic centre near the town of Monogorilby. The deposit is flat lying within a lateritised volcanic breccia and covers about 6 square kilometres around a diatreme style of volcanic vent. IronRidge is investigating the potential for the discovery and development of a large‐scale TiO2 project in the area.