onlyIronbark Zinc: Citronen Project
useFinancing Update
March 2022 ersonal
Disclaimer
FORWARD LOOKING STATEMENTS
onlyThe following information is not intended to guide any investment decisions in Ironbark Zinc Limited.
This material contains certain forecasts and forward-looking information, including possible or assumed future performance, costs, production levels or rates, reserves and resources, prices and valuations and industry growth and other trends. Such forecasts and information are not a guarantee of future performance and involve many risks and uncertainties, as well as other factors. Actual results and developments may differ materially from those implied or expressed by these statements and are dependent on a variety of factors.
useThe Citronen Zinc project is considered to be at an early development stage and will require further r gulatory approvals and securing of finance and there is no certainty that these will occur. Nothing in this material should be construed as either an offer to seek a solicitation or as an offer to buy or ell Ironbark securities. Consideration of the technical and financial factors requires skilled analysis and understanding of their context.
JORC CODE COMPLIANCE AND COMPETENT PERSON STATEMENT & DISCLOSURE Competent Person Statement
The information included in this report relates to Exploration Targets, Exploration Results & ersonalMineral Resources based on information compiled or reviewed by Ms Elizabeth Clare Laursen (B.
ESc (Hons.), MAIG, MSEG, GradDipAppFin), an employee of Ironbark Zinc Limited. Ms Laursen has sufficient experience that is relevant to the style of mineralisation and type of deposit under
co sideration and to the activity which is being undertaken to qualify as a Competent Person as defi ed in the 2012 Edition of the Australasian Code for Reporting of Exploration Targets,
Expl ration Results, Mineral Resources. Ms Laursen consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
2
The mining-specific information in this report, which relates to Ore Reserves, is based on information compiled by Mr Andrew Gasmier CP (Mining), who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Gasmier is employed full time by Mining Plus. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Gasmier consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Competent Persons Disclosure
Ms Laursen is an employee of Ironbark Zinc Limited and currently holds securities in the company.
Cautionary Statement
Ironbark has concluded it has reasonable basis for providing the forward-looking statements included in this presentation. The detailed reasons for that conclusion are outlined throughout this presentation. This announcement has been prepared in accordance with the JORC Code (2012) and the ASX Listing Rules. The Company believes there is a reasonable basis for the production targets and the forecast financial information and income-based valuation derived from those production targets provided in this document based on the detailed reasons and material assumptions which are outlined throughout the ASX announcement dated 19 July 2021 titled 2021 Bankable Feasibility Study Confirms Citronen as World Class Zinc Project. Ironbark is not aware of any new information or data that materially affects the information included in this ASX release, including the production targets and forecast financial information, and Ironbark confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the estimates in this release continue to apply and have not materially changed.
Investment Highlights: Citronen Project
01
Tier 1 orebody in scale with substantial | |||
further exploration upside to planned | |||
20-year mine life. | |||
only | |||
use | 04 | ||
70% Offtake committed to global | |||
majors Glencore and Trafigura. | |||
3 | Corporate Update | March 2022 | ||
ersonal |
02
Technically undemanding:
Near surface underground mining, simple metallurgy, adjacent to deep water. Ample successful Arctic mining precedents in region.
05
Zinc market has fundamentally changed in favour of new projects - Supportive price environment & supply chain security a clear priority.
03
Greenland a safe and stable jurisdiction:
Supportive government and permitting largely de-risked.
06
Project financing highly advanced on debt & equity.
Recent News
IBG is carrying significant momentum into 2022
IBGs US EXIM Bank Preliminary Project Letter (PPL) offers up to US$657m in ultra low cost debt funding to cornerstone | |||
the development of the Citronen Project*. | |||
only | IBG Board & Executive recently held in person meetings with senior EXIM Bank delegation to discuss 2022 milestones | ||
and process; both parties highly committed to seeing Citronen developed. | |||
use | Formal strategic equity process underway to identify prospective equity funding partners to co-invest alongside EXIM. | ||
ersonal | World first 402(A) strategic status awarded by US EXIM Bank in November 2021, potential for already attractive PPL | ||
terms to be further enhanced. Zinc listed as critical mineral by USGS in late 2021. | |||
With major progress on funding and a supportive macro environment, window is open for Citronen in 2022. | |||
*See ASX announcement 8 December 2021 for further details | |||
4 | Corporate Update | March 2022 | ||
Corporate Overview
Capital Structure | Price/Vol (M) - Last 12 months | Register Analysis | |||||||
Shares on Issue | 1.3 Billion | $0.06 | 75 | Bennelong Resource | |||||
$0.05 | 10% | Capital Pty Ltd | |||||||
9% | Danny Segman | ||||||||
$0.04 | 50 | ||||||||
Share price (21 March) | $0.039 | Trafigura | |||||||
$0.03 | 7% | ||||||||
Glencore | |||||||||
3% | |||||||||
$0.02 | 25 | ||||||||
$AUD Mkt Cap | $51m | 2% | Board & Management | ||||||
only | $0.01 | ||||||||
use | 2% | Bacchus Capital Advisors | |||||||
67% | |||||||||
$0.00 | 0 | ||||||||
Cash Balance (Dec 31 2021) | $4.6m | ||||||||
22/03/2021 | 22/07/2021 | 22/11/2021 | Other |
Board of Directors
Dr. Fred Hess | Michael Jardine | Alexander Downer | Paul Cahill | Jonathan Whyte | |
Non-Executive Chairman | Managing Director | Non-Executive Director | Non-Executive Director | Company Secretary | |
ersonal | Mr. Jardine has a background in | 4 | Mr. Cahill has over 30 years of | Mr. Whyte is a Chartered | |
Most recently the Managing | Mr. Downer is Executive Chair of | ||||
Director of PanAust Ltd, Dr. Hess' | Corporate Finance, Strategy | the International School for | experience leading the origination, | Accountant with extensive | |
diverse background includes roles | Development & Minerals | Government at King's College | evaluation, negotiation and | corporate, company secretarial and | |
where he managed construction, | Marketing. His previous experience | London. From 2014 to 2018, Mr | execution of major complex | financial accounting experience, | |
ramp up & operation of major | includes Board & Executive roles at | Downer was Australian High | transactions as both senior adviser | predominantly for listed resource | |
mines in challenging environments. | several ASX-listed resource | Commissioner to the UK. Prior to | and principal, particularly in the | sector companies. | |
companies. | this, he was Australia's longest- | natural resources sector. | |||
serving Minister for Foreign Affairs. | |||||
5 | Corporate Update | March 2022 | ||||
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Ironbark Zinc Ltd. published this content on 21 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2022 22:09:01 UTC.