Iron Road Limited advised that following an extensive review, assisted by leading open pit mine experts, the CEIP mine plan has been changed. The primary aims of significantly reducing total mine capital requirements and reducing reliance on electrical power have been satisfied, without forgoing competitive mining costs, iron concentrate quality or project optionality. Key to the new plan is reducing the former ambitious mine production target, and cutting substantially both pre-strip volumes and life of mine strip ratio. This outcome has been achieved without compromising future mine expansion options and leverages efficiencies available through the application of a hybrid conventional truck and excavator method, accompanied by conveyor mining systems. Of the 1,701 million tonnes of magnetite mineralisation contained within the Rob Roy pit shell; 92% reports to the Measured, 6% to the Indicated and 2% to the Inferred Mineral Resource categories. The Rob Roy pit shell is derived entirely within the Murphy South /Boo Loo Mineral Resource (detailed in Table 1). There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. The CEIP Definitive Feasibility Study and subsequent optimisation studies1 established that the CEIP could credibly deliver premium quality iron concentrate at high annual production rates up to 24Mtpa (dry). Former mine plans were specifically designed to achieve highly efficient movement of very large volumes of ore and waste to underpin high annual concentrate production targets with competitive life of mine cost profiles. The scale of former mining and beneficiation proposals, together with the supporting infrastructure required, indicated previous total upfront capital hurdles of approximately USD 4 billion (including pre-strip). Flagged funding tasks of this magnitude have proven prohibitive for potential CEIP partners and many greenfield development proposals globally have experienced difficulty maintaining momentum. Volatile commodity markets and a sustained environment where corporate strategies remain heavily skewed towards capital management, in preference to growth, have been other key inhibiting factors. Although having eased from peak percentage levels over recent months, price premiums for high quality iron concentrate and pellet feed remain strong as highlighted by the 65% Fe Fines Index currently trading around USD 90/dmt. There is growing industry and market analyst consensus that strong demand and tight markets for high iron grade products is likely to continue. In the absence of timely Chinese backed equity funding materialising for the CEIP and following constructive feedback from other potential investors, the Company initiated work assessing the viability of a smaller start-up mine with a production target of approximately 12Mtpa iron concentrate (dry). It was anticipated that reducing the immense scale of material movements would result in much lower development capital options for the CEIP2 and a team of open pit mine experts were engaged to assist with the work. This work as highlighted is complete and entails: Focussing on a single open pit which substantially reduces pre-strip and waste mining requirements over life of mine; Utilising a conventional truck and shovel and EPCC/IPCC hybrid mining solution, which evolves with progression of the mine over time, reducing mine electrical power demand by approximately 80%; A mine design which provides optionality, allowing for a later cut-back of the southern wall and extraction of additional mineralisation within the global Mineral Resource. The above changes are represented in Figure 1, below. The new mine design is referred to as `Rob Roy' and is wholly contained within the previously defined Murphy South pit. The tables on page 2 illustrate key changes between the new scenario (Rob Roy) to the previous mine plan (Murphy South and Boo Loo). The restructure of the mine plan has numerous downstream implications, including reduced process plant requirements, a further lowering of electrical power demand and transmission capacity, lower water usage and reduced costs associated with other mine site and off site facilities. At the lower targeted rate of iron concentrate output, an alternative low capital option (versus heavy haulage rail) is now viable for the 148km transportation of producttotheproposed port at Cape Hardy for export. The impact of these changes is currently being evaluated. Principal aims of targeting further large scale capital efficiencieswhilema in t aining a competitive Free on Board (FOB) unit cost profile remain a priority to renew investment interest in the CEIP. Results of this work together with afresh appra isal of pr oject economic metrics are expected to be released to the market later in first quarter 2019.