Pearl Gull Iron Limited announced the fourth and final batch of results from its maiden exploration program on Cockatoo Island, conducted in the latter half of 2021. Switch Pit Prospect: The final batch of assay results have continued to return impressive high grade iron results from the Switch Pit prospect including: 21SWDD09: 12.6m @ 36.7% Fe from 13.9m down hole; 50.5m @ 49.7% Fe from 30.7m down hole; 56.9m @ 68.9% Fe from 81.2m down hole. 21SWDD011: 22.7m @ 35.3% Fe from 0.0m down hole; 23.0m @ 33.9% Fe from 29.4m down hole; 34.1m @ 45.2% Fe from 58.6m down hole; 83.2m @ 50.4% Fe from 98.4m down hole; 83.2m @ 50.4% Fe from 98.4m down hole; 7.5m @ 63.7% Fe from 181.6m down hole.

21SWDD08: 5.6m @ 38.0% Fe from 0.0m down hole; 5.6m @ 48.5% Fe from 18.1m down hole; 1.1m @ 44.6% Fe from 27.3m down hole; 5.2m @ 34.4% Fe from 32.6m down hole. 21SWDD07: 3.2m @ 36.1% Fe from 45.1m down hole; 2.4m @ 33.9% Fe from 75.0m down hole; 2.5m @ 57.9% Fe from 84.0m down hole; and 5.1m @ 35.6% Fe from 92.7m down hole. 21SWDD05: 15.2m @ 31.1% Fe from 29.5m down hole; and 5.0m @ 50.0% Fe from 51.3m down hole.

The Switch Pit diamond drilling program comprised a total of 11 holes for 1,098.8m. The latest assay results continue to display high-grade iron material from the main Seawall haematite unit and the adjacent footwall iron mineralisation. The footwall iron mineralisation ore types are currently being tested for beneficiation via Wet High Intensity Magnetic Separation (WHIMS) with results expected in the coming weeks.

This type of material was previously processed on Cockatoo Island using similar beneficiation processes to produce a high grade (>66% Fe) finished product. A plan view image of the Switch Pit drill hole traces is shown below, along with the interpreted trend of the high-grade Seawall Haematite intersected in holes 21SWDD01, 21SWDD02, 21SWDD09 and 21SWDD011. The three holes 21SWDD09, 21SWDD010 (abandoned at 5.4m) and 21SWDD011 were drilled down dip to the mineralisation due to practical access reasons with the aim of confirming the continuation of the Seawall Haematite unit and the associated high iron grades.

The `Cockatoo Formation' is a key target for iron mineralisation and its surface expression has been draped over the image in transparent blue.