The Iron Peak sample also exhibit the lowest average bond ball work index (at 6.8kWh/t), and the lowest abrasion index (0.05), translating to lower processing costs when compared with samples from other parts of the Project resource base. The Iron Peak Deposit represents a portion of the wider Razorback Iron Ore Project Mineral Resource Estimate and lies approximately 4kms to the east of the current proposed process plant location. The updated Mineral Resource includes an increase in the quantity of material in Indicated classification (available for potential conversion to Ore Reserves) to 286 Mt, up 14% from 247 Mt.

The combination of increased mass recovery and Indicated classification tonnage, along with superior metallurgical response, has positive implications for Project development as higher mass recovery enables more magnetite concentrate to be produced per tonne of plant feed. Given the deposit's historically smaller tonnage and distance from the plant, the deposit has previously featured late in mine scheduling. Based on this new information, MGT's mining consultants have commenced new pit optimisation modelling and plant feed sequencing to assess concentrate production from Iron Peak mineralisation in the initial years of the Project life.

Drilling at the Iron Peak deposit commenced in October 2021 and was completed in late January 2022. Sampling of core material for resource purposes followed metallurgical sampling and was completed in mid-2022 for analysis at Bureau Veritas Laboratories. The drill program consisted of two primary drill programs: This drilling program consisted of 11 PQ diameter diamond drill holes, drilled vertically and for the purpose of metallurgical sampling.

The program was designed to intersect varying lithologies across the Iron Peak deposit in both weathered and fresh domains of the resource, to represent early year plant feed. The metallurgical drill program comprised 1,393m of drilling and produced 1,326 samples for head grade (XRF and SATMAGAN) and Davis Tube Recovery (DTR - Mass Recovery) analysis. This program followed metallurgical drilling and consisted of 6 HQ diameter diamond drill holes.

The drill program was designed to intersect mineralisation at Iron Peak in areas with poor drill coverage, to improve near surface resource classification and intersect prospective stratigraphy previously inaccessible due to topography (Unit A). Drill holes were orientated to intersect mineralisation near- perpendicular to the dip-angle. The shallow infill drill program comprised 519m of drilling and produced 487 samples for head grade (XRF and SATMAGAN) and Davis Tube Recovery (DTR - Mass Recovery) analysis.

Drilling was undertaken with a KWL 1600H Multipurpose rig via drilling contractor Foraco. Drill site placement, geological logging and sampling was undertaken by MGT staff. Completed in parallel with Iron Peak, the Razorback Deposit Mineral Resource Estimate, which includes the Razorback Ridge and Razorback West prospects, has been updated to maintain consistency of resource estimation methodology across the deposits.

Accordingly, the Razorback Deposit was subjected to the same domaining assumptions as applied to the Iron Peak Deposit, for the application of eDTR regressions to the weathering profile and fresh search domains. This resulted in a minor adjustment for this deposit with the Mineral Resource Estimate updated to 2,740Mt at 15.4% mass recovery, up from 2,580Mt at 15.6% mass recovery. In combination, the Iron Peak Mineral Resource Estimate, together with the updated Razorback Mineral Resource Estimate, form the Razorback Iron Ore Project Resource Estimate.

Following this update, the Company's global Mineral Resource Estimate has increased to 5,982 Mt for a combination of Inferred and Indicated classified iron mineralisation, per JORC 2012 code and guidelines. Geological modelling and interpretation of bedding and structural geometry follows the previous Resource Estimate for the Razorback Iron Ore Project with minor wireframe updates. The initial geological interpretation was completed by independent geological consultants and updated with additional drilling data acquired during the 2021/2022 metallurgical and infill drill program.

Data included in the updated interpretation included lithological, geophysical (downhole magnetic susceptibility and density logging data) and photographic data. Geological model wireframes were updated and results of the interpretation were imported into the Micromine Resource Estimation software suite by Widenbar and Associates, for block modelling and resource estimation. All data and interpretations were verified by the Company's in-house geological team.