Legacy Iron Ore Limited and Hawthorn Resources Limited provide an update on the progress of the Pre-feasibility Study (PFS) work at the Mt Bevan Iron Ore Joint Venture project (Project). The Project is a Joint Venture between Legacy (42%), Hawthorn (28%) and Hancock Magnetite Holdings Pty Ltd. (Hancock) (30%), a wholly-owned subsidiary of Hancock Prospecting Pty Ltd. (HPPL). Hancock has the exclusive right to earn-in a further 21% in the Project by funding the PFS.

Hancock appointed its subsidiary Atlas Iron Pty Ltd. (Atlas) as the manager of the Joint Venture. As an initial step in the PFS process, the Joint Venture parties conducted a sampling program using reverse circulation (7,224 m) and core (1,570 m) to provide information for metallurgical test work and mineral resource modelling. This work was completed on schedule and on budget.

Recent results support the mineral resource previously reported by Legacy. Furthermore, initial results from metallurgical test work of HQ composite core samples have generally confirmed a Fe % DTR grade of approximately 67%, as initially proposed by Legacy. Additional test work is planned to assess whether further liberation of magnetite is achieved at a finer grind size.

Heritage studies have progressed with the engagement of native title parties. Stage one environmental studies have been completed, including flora and vegetation, fauna, subterranean and soil. Further environmental surveys are planned for May 2023.

Product-logistics options study and port destinations studies that examine multiple routes and various modes of transport are ongoing.