onlyIronbark Zinc: Citronen Project

useFinancing Update

March 2022 ersonal

Corporate Update | March 2022

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.