GWR Group Limited provided an update on operations at its 100% owned high-grade C4 Iron Ore mine in Wiluna, Western Australia, which achieved a record production monthly in February having moved 330,000 tonnes Sales Contracts and Shipments: Operations are back in full swing following the restart of mining in January, GWR has now recorded its 15th successful Iron Ore Cargo despatched from the C4 project. GWR now has a steady sales book in place with fixed price contracts of one vessel per month through to and including October 2022 and is well placed to increase volumes in future months should long term contracts be secured or should iron ore prices rise further. These FOB sales contracts remove the element of shipping cost being incurred by GWR, providing certainty with the net price received per shipment.

With an additional 20 million tonnes available at the C4 project, GWR has the opportunity to tap into alternative Asian markets and whilst the Company has pursued fixed priced contracts if there is capacity in the supply chain GWR will look to take advantage of iron ore price rises. Fixed price FOB sales contracts are now in place up to and including October 2022 and are as follows: March lump shipment at a fixed price of $110, April, May and June lump shipments at a fixed price of $111, July lump shipment at a fixed price of $114 with additional, The August shipment has been fixed at $129/t, September has been secured at $121/t and October has been secured at $131/t. Operations: A strong focus is being placed on rebuilding the haulage fleet delivering ore to the GWR storage shed in Geraldton for shipping, haulage volumes from site to Port are now ramping up again to 2,500 tonnes per day with further increases planned in order to introduce a second vessel per alternative month. The strong production performance achieved in February together with fixed price forward sales contracts provide the opportunity to pursue long term haulage options with contractors.

February achieved a record ~330,000 tonnes of material moved, with Stage 2 of the C4 project now well advanced with waste material being stripped from the upper benches and high grade ore now presenting for blending with the remainder of Stage 1 stockpiled ore. The Stage 2 cutback of the C4 ore body is taking shape with drill and blast being successfully completed on the Stage 2 ramp at the south end of the pit to uncover further high grade ore, the blast hole rig is now operating in the north end of Stage 1. The Ore body is continuing to perform to expectations with the February shipment recording a preliminary shipping grade for the lump ore of 63.3% Fe.