West Pilbara Iron Ore Reserve and Resource Tables

Mineral Resources

Resource Statement released November 2016.

Project Mineral Resources (JORC) for the WPIOP and wider Pilbara tenements totals 2.69Bt (inclusive of Ore Reserves).

West Pilbara Iron Ore Project (Channel Iron Deposits) Stage 1

Joint Venture JORC Classification Mt Fe% SiO2% Al2O3% LOI% P%
WPIOP - Total Measured 510 57.24 5.84 3.25 8.38 0.101
  Indicated 693 55.95 6.77 3.62 8.91 0.070
  Inferred 130 55.09 7.06 4.01 9.43 0.063
  Total 1333 56.36 6.45 3.52 8.76 0.081

West Pilbara Iron Ore Project (Channel Iron Deposits) Stage 1 Total Comprising

Joint Venture JORC Classification Mt Fe% SiO2% Al2O3% LOI% P%
API (100%) Measured 243 57.35 5.97 2.80 8.51 0.122
  Indicated 92 56.71 7.77 2.59 7.91 0.127
  Inferred 6 55.67 9.26 2.80 7.61 0.122
  Total 341 57.15 6.51 2.74 8.34 0.123
Joint Venture JORC Classification Mt Fe% SiO2% Al2O3% LOI% P%
Red Hill JV (API 60% and earning to 81%) Measured 263 57.17 5.71 3.67 8.24 0.081
  Indicated 449 56.32 6.31 3.85 8.64 0.070
  Inferred 104 55.19 6.82 4.21 9.37 0.064
  Total 816 56.45 6.19 3.84 8.61 0.073
Joint Venture JORC Classification Mt Fe% SiO2% Al2O3% LOI% P%
Mt Stuart JV (API 100%) Measured 3 55.31 6.45 3.56 9.98 0.040
  Indicated 152 54.37 7.53 3.56 10.30 0.040
  Inferred 20 54.41 7.68 3.34 10.22 0.040
  Total 175 54.39 7.53 3.53 10.28 0.038

West Pilbara Iron Ore Project (Channel Iron Deposits) Other than Stage 1

Joint Venture JORC Classification Mt Fe% SiO2% Al2O3% LOI% P%
API - WPIOP (API 100%) Measured - - - - - -
  Indicated 48 57.3 5.27 3.71 8.56 0.058
  Inferred 989 55.3 7.22 3.69 9.46 0.060
  Total 1037 55.4 7.13 3.69 9.41 0.060

West Pilbara Iron Ore Project (Detrital Iron Deposit)

Joint Venture JORC Classification Mt Fe% SiO2% Al2O3% LOI% P%
API - Mt Elvire (API 100%) Measured - - - - - -
  Indicated - - - - - -
  Inferred 101 54.4 11.94 3.60 5.76 0.080
  Total 101 54.4 11.94 3.60 5.76 0.080

West Pilbara Iron Ore Project - Hardey Project (Bedded Iron Deposit)

Joint Venture JORC Classification Mt Fe% SiO2% Al2O3% LOI% P%
API - Hardey (API 100%) Measured 106 61.4 3.74 2.33 5.42 0.147
  Indicated 23 60.0 4.13 2.54 6.83 0.100
  Inferred 23 58.7 5.32 2.59 7.37 0.108
  Total 151 60.8 4.03 2.40 5.92 0.134

Eastern Pilbara - Innawalley Pool Project (Bedded Iron Deposit)

Joint Venture JORC Classification Mt Fe% SiO2% Al2O3% LOI% P%
API - Innawalley Pool (API 100%) Measured - - - - - -
  Indicated - - - - - -
  Inferred 63 58.8 3.91 4.55 6.43 0.160
  Total 63 58.8 3.91 4.55 6.43 0.160
JORC Classification Mt
Measured 616
Indicated 764
Inferred 1,306
Total 2,686

Competent Person Statement

The information in this statement which relates to the West Pilbara Iron Ore Project – Stage 1 Mineral Resources is based on information compiled by Mr Richard Gaze who is a full-time employee of Golder Associates Pty Ltd, and Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy. Richard Gaze has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activity for which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012.

The Competent Person responsible for the geological interpretation and the drill hole data used for the West Pilbara Iron Ore Project – Stage 1  resource estimation is Michael Wall. Mr Wall is a full-time employee of API Management Pty Ltd, is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity for which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012. Mr Wall consents to the inclusion of the matters based on his information in the form and content in which it appears.

The information above that relates to West Pilbara Iron Ore Project (other than Stage 1) and the Eastern Pilbara Mineral Resource Estimates was prepared under the supervision of Mr Stuart Tuckey. Mr Tuckey is a member of the Australasian Institute of Mining and Metallurgy and a former full-time employee of API Management Pty Ltd. Mr Tuckey 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 Persons as defined in the 2004 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Tuckey consents to the inclusion of the matters based on his information in the form and context in which it appears.

Ore Reserves

Reserve Statement released September 2015.

WPIOP Stage 1 Ore Reserve

Ore Reserve JORC Classification Mt Fe% SiO2% Al2O3% LIO% P%
Product 1 (WPF1) Proved 200 58.0 5.2 3.5 7.8 0.08
  Probable 444 57.6 5.5 3.1 8.4 0.08
  Total Ore 643 57.7 5.4 3.2 8.2 0.08
               
Product 2 (WPF2) Proved 20 54.3 7.9 4.6 9.0 0.08
  Probable 117 54.6 8.2 3.7 9.2 0.08
  Total Ore 137 54.5 8.1 3.8 9.2 0.08
               
TOTAL (WPF1 + WPF2) Proved 220 57.6 5.5 3.6 7.9 0.08
  Probable 560 57.0 6.1 3.2 8.5 0.08
  Total Ore 780 57.2 5.9 3.3 8.4 0.08
Waste (dmt)   601          
Strip Ratio1 (waste:ore)   0.75          

1Strip ratio is the ratio of mined waste to mined ore (which is slightly higher than product ore due to recovery losses).

Competent Person Statement

The Competent Person responsible for the geological interpretation and the drill hole data used for the resource estimation is Mr Stuart Tuckey who is a full-time employee of API Management Pty Ltd, and Member of the Australasian Institute of Mining and Metallurgy. Stuart Tuckey has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activity for which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012.

The information which relates to Mineral Resource is based on information complied by Mr Richard Gaze who is a full-time employee of Golder Associates Pty Ltd, and Member and Charter Professional of the Australasian Institute of Mining and Metallurgy. Richard Gaze has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activity for which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012.

The information that relates to the WPIOP Ore Reserve estimate is based on information compiled and reviewed by Ms Kate Sommerville, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Ms Sommerville is a full time employee of AMC Consultants Pty Ltd. Ms Sommerville has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012.