West Pilbara Iron Ore Reserve and Resource Tables

Mineral Resources

Resource Statement released December 2017.

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

West Pilbara Iron Ore Project  Stage 1 Deposits (Total)

Joint Venture JORC Classification    Mt Fe% SiO2% Al2O3% LOI%  P%
WPIOP - Total Measured   616 58.0   5.48    3.09  7.87 0.109
  Indicated   716 56.1   6.69    3.59  8.84 0.072
  Inferred   152 55.6   6.80    3.80  9.12 0.070
  Total 1,485 56.8   6.20    3.40  8.47 0.087

In-situ resource estimates for each CID deposit used a 52% Fe cut. The Hardey BID deposit used a 55% and 57% Fe cut. Mineral Densities range from 2.65 to 2.99.

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

Joint Venture JORC Classification    Mt Fe% SiO2% Al2O3% LOI%  P%
WPIOP - Total Measured   510 57.2   5.84    3.25  8.38 0.101
  Indicated   693 56.0   6.77    3.62  8.91 0.071
  Inferred   130 55.1   7.05    4.01  9.43 0.063
  Total 1,333 56.4   6.44    3.52  8.76 0.082

West Pilbara Iron Ore Project (Bedded Iron Deposit) Stage 1

Joint Venture JORC Classification    Mt Fe% SiO2% Al2O3% LOI%  P%
API - Hardey (API 100%) Measured   106 61.5   3.74    2.33  5.42 0.148
  Indicated     23 60.0   4.12    2.54  6.84 0.099
  Inferred     23 58.7   5.32    2.59  7.38 0.108
  Total   151 60.8   4.03    2.40  5.92 0.134

West Pilbara Iron Ore Project Stage 1 by JV

Joint Venture JORC Classification    Mt Fe% SiO2% Al2O3% LOI%  P%
Red Hill JV (API 60% and earning to 81%) Measured   264 57.2   5.71    3.67  8.24 0.081
  Indicated   448 56.3   6.32    3.85  8.64 0.069
  Inferred   104 55.2   6.82    4.21  9.37 0.065
  Total   815 56.5   6.18    3.84  8.61 0.073
Joint Venture JORC Classification    Mt Fe% SiO2% Al2O3% LOI%  P%
API 100% Measured   353 58.6   5.30    2.67  7.60 0.129
  Indicated   267 55.7   7.32    3.14  9.18 0.074
  Inferred     49 56.6   6.77    2.93  8.60 0.081
  Total   668 57.3   6.22    2.87  8.30 0.104

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

Joint Venture JORC Classification    Mt Fe% SiO2% Al2O3% LOI%  P%
API 100% Measured     -    -      -      -    -    -
  Indicated   119 56.3   6.31    4.00  8.54 0.062
  Inferred   986 55.2   7.33    3.71  9.48 0.060
  Total 1,105 55.3   7.22    3.74  9.38 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 0.08
  Total   101 54.4  11.94    3.60  5.76 0.08

 

 

JORC Classification    Mt
Measured   616
Indicated   835
Inferred 1,240
Total 2,691

Competent Person Statement

The Competent Person responsible for the geological interpretation and the drill hole data used for the West Pilbara Iron Ore Project - Stage 1 and the Kumina Creek and Robe Exit Mineral Resources estimation is Mr 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 consent in which it appears.

The information in this statement which relates to the West Pilbara Iron Ore Project - Stage 1 and the Kumina Creek and Robe Exit Mineral Resources is based on information compiled by Mr Richard Gaze who is a full-time employee of Golder Associates Pty Ltd, and is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy. Mr 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 above that relates to West Pilbara Iron Ore Project (other than Stage 1) 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.