Iron Road Limited announced the technical review undertaken by Metalytics, a highly regarded specialist consulting firm to the iron ore and steel industries, has benchmarked projected iron and mass recoveries from the Company's Central Eyre Iron Project (CEIP) with comparable Australian and Canadian high-grade iron ore concentrate projects. It has also assessed key characteristics of CEIP concentrate in the context of high-grade iron ore products in international trade. The CEIP hosts Australia's large magnetite Ore Reserve with a Definitive Feasibility Study (DFS) and post DFS optimisation studies complete. A key finding of the Metalytics report is that the coarse grain size and moderate hardness of the CEIP ore make it possible to reject 60% of the run-of-mine (ROM) mass early in the processing stage at the Rougher Magnetic Separation (RMS) step. Consequently, only the remaining 40% mass flow is subject to further beneficiation. This 40% stream is estimated by Metalytics to have an average iron grade of around 27.5% Fe, which is well within the usual range for magnetite mining operations. The resultant material is then beneficiated to the finished concentrate product (66.63% Fe per Metalytics analysis and modelling) at a mass recovery of 37% and an iron recovery of 90%. In Figure 1 below, Metalytics shows that these recoveries are favorable relative to appropriate comparative projects ­ the existing or under-construction magnetite producers in Australia and high-grade coarse hematite concentrate producers in Canada. The 12Mtpa (dry) CEIP processing flow sheet is included in this release. Metalytics notes from the point that CEIP ore exits the RMS stage, its recovery parameters align with project peers. Further, because of the coarse-grained nature of the CEIP ore, its processing from that point is simpler, less energy-intensive and therefore potentially has lower operating cost than comparative projects from their respective ROM ore stages. Front end processing rejection of 60% material mass also has important and advantageous implications for unit capital intensity since this ore pre-concentration step substantially reduces the capacity that would otherwise be required for downstream processing. Bulk sample tests have shown that post RMS grades as high as 32.5% Fe are possible, depending on ROM ore quality and comminution specifics. In respect of ore hardness, uniaxial compressive strength (UCS) is a key physical parameter relevant to rock geomechanics for iron ore mining and crusher design. CEIP ore reports an average UCS of 110 MPa compared with approximately 450-600 MPa for markedly finer grained, significantly harder and more abrasive banded iron formation (BIF) magnetite projects in Western Australia. For reference, Clout & Manuel (2015) quote the following UCS ranges for Australian iron ores: friable 20-35 MPa, medium hardness 110-200 MPa (CEIP ore = lower end of range), hard 200-500 MPa. An additional notable feature of the CEIP ore according to Metalytics is its low annual chemical variability (aligned with the Thiess Mine Plan), which complements the consistency of its mineralogy and bulk physical properties. The relevance of this is the confidence it provides for efficient operation of the entire beneficiation line in producing high-grade iron concentrate of consistent quality. Crushing, grinding and mineral separation processes can all be optimised, which Metalytics observes is far preferable to a situation where continuous adjustments to operational settings and flow rates are necessary to accommodate changes in feed characteristics. Based on a well-defined Thiess Mine Plan and the results of laboratory test work and process simulation studies, Metalytics' estimates of the average chemical composition of the ore feed and particle size distribution of the iron concentrate product during the 20-year steady state production period. According to Metalytics, the product sizing distribution allows for a degree of flexibility in offtake agreements for CEIP concentrate given it could substitute in either sinter or pellet feed blends, subject to value-in-use assessments.