Legacy Iron Ore Ltd. and Hawthorn Resources Limited are delighted to announced that the first steps of the new Mt Bevan Iron Ore Joint Venture project have been taken. Subsequent to the execution of the Joint Venture Agreement (Agreement) announced to ASX on 7 April 2022, initial payments under the Agreement by Hancock Magnetite Holdings Pty Ltd. (Hancock) have been received, with Legacy receiving a payment of $4.8 million and Hawthorn receiving $3.2 million, with a further payment of $1 million into the Joint Venture's bank account. These payments complete the first condition of the Agreement with Hancock.

In addition to the payments, on Thursday 14th April 2022, the first Joint Venture committee meeting was held consisting of representatives of the Manager of the Joint Venture (Atlas Pty Ltd. (Atlas)), Hancock, Legacy Iron and Hawthorn, during which the key objectives of the Mt Bevan Pre-Feasibility Study (PFS) were agreed. The meeting also approved an initial budget to cover the life of the PFS and approved the commencement of work which is forecast to conclude in Quarter 1 of 2024.