Ironbark Zinc Limited ('Ironbark', 'the Company' or 'IBG') is pleased to update its shareholders with respect to the extinguishment of the Production Royalty at Citronen, first announced on the ASX platform on 2 February 2021.

Highlights

Formal documentation executed to extinguish the Life of Mine (LOM) 2.5% Net Smelter Return Royalty held by Pearyland Royalties Co. Limited over the Citronen Project

Completion will see Ironbark welcome a major new shareholder group onto the register

Ongoing work continues towards major 2021 goals - BFS update, EXIM loan application

IBG Managing Director Michael Jardine commented: 'In closing this deal I would like to thank my team and all involved with settling this transaction inside the agreed timeline. Both sides have worked tirelessly over the last four weeks to meet what was an aggressive deadline and I commend all involved on their efforts.

I would also like to extend a welcome to Pearyland Royalties Co. Limited who, in electing to take a large majority of their consideration in equity, have come alongside our existing shareholders as believers in the Citronen Project. The company continues to push ahead with its major goals for 2021 completing the updated BFS and moving the EXIM LOI to a more formal stage and concluding this transaction substantially improves the likelihood of achieving our ultimate ambition, to move Citronen from development into production.'

Contact:

Tel: +61 8 6146 5325

Email: admin@ironbark.gl

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