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Reporting assumptions

These choices persist and are added to shared URLs.

Ownership basis

Show the full project inventory before ownership adjustment.

Display scale

Display contained quantities in millions of ounces or tonnes.

Resource treatment

Normalise Resources to exclude Reserves: where a project is flagged inclusive, net Reserves out of Resources so the figure is additional Resources beyond Reserves. Unknown-convention rows are shown as stated.

Resource total

Total Resource includes Inferred (JORC convention). Totals are re-derived from category rows wherever the document discloses them.

Recovery basis

Show the issuer's headline recoverable figure as reported. Lithium-brine reserves already have the brine-processing recovery factor applied; everything else is shown as stated.

Commodity view

Primary view: each commodity in its own contained unit (oz / t).

Bekisopa

Madagascar · Developing · 100.0% ownedUnverified

Current R&R by category

Whole-project rollup at the latest vintage per category: printed project-level rows are preferred, and mining areas are summed (tonnes-weighted grade) only where the issuer prints no project-level row. Per-area and per-source detail in the Current R&R table below.

Category	Tonnes (Mt)	Grade (% Fe)	Contained (Mt Fe)	As at
Measured	—	—	—	—
Indicated	8.79 Mt	54.66%	4.80 Mt Fe	07 Feb 2025
Inferred	194.70 Mt	32.00%	62.30 Mt Fe	11 Apr 2022
Total Resources	194.42 Mt	32.04%	62.30 Mt Fe	07 Feb 2025
Proved	—	—	—	—
Probable	9.07 Mt	53.02%	4.81 Mt Fe	07 Feb 2025
Total Reserves	9.07 Mt	53.00%	4.81 Mt Fe	07 Feb 2025

Sub-category rows are as disclosed (no Reserves-treatment netting); the Total rows honour the Resources treatment and Inferred-policy toggles, so components may not sum to the Total.

Dotted tonnes/grade are derived under the active Resources treatment: tonnes are netted of (or grossed by) the reserve tonnage alongside contained, and grade is re-derived as netted contained ÷ netted tonnes — not the published figures.

Cut-off grade

58.0000 % Fe · 30.0000 % Fe · 35.0000 % Fe · 50.0000 % Fe · 60.0000 % Fe

Price assumption

A$110.00/t

JORC code year

2012

Peer benchmark — developing Fe projects (8 with resources)Resource size P31Resource grade P69View on grade-tonnage chart →

Percentile of this project's current total Resource among covered peers (P100 = largest / highest grade). Basis and Inferred toggles apply.

Data quality

Latest source: 30 June 2026 Quarterly Activities & Cashflow Report · 07 Feb 2025
Reporting code: JORC 2012
Convention: inclusive
Currency assumption: A$

Current R&R

Resources

Area	Category	Tonnes (Mt)	Fe		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (% Fe)	Contained (Mt Fe)	As at	Source	Provenance
Total	Inferred	194.70 Mt	32.00%	62.30 Mt Fe	11 Apr 2022	page 10Unverified Evidence record Bekisopa Inferred · Fe · as at 2022-04-11 Reported figure Area Whole project Basis 100% Ore tonnes (t) 194700000.0000 Grade 32.0000 Contained (t Fe) 62304000.0000 Classification Resource Source trail 30 June 2026 Quarterly Activities & Cashflow Report page 10 Published 2026-07-28 Verification Approved; not independently verified · Model extracted QA fix: tonnes/grade/contained are right (printed Table 1 p.10 bottom line = 194.7 MT @ 32.0 %Fe; 62,304,000 t contained is the recompute, reported NULL), but the printed row label is 'Total Inferred' and the table title is 'Bekisopa Mineral Resource Estimate (Inferred Resource)' - the document prints NO Measured or Indicated in this table, so this is the Copies a pre-filled issue record so you can send it through your normal channel.

Reserves

Area	Category	Tonnes (Mt)	Fe		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (% Fe)	Contained (Mt Fe)	As at	Source	Provenance
Total	Total Reserves	9.07 Mt	53.00%	4.81 Mt Fe	07 Feb 2025	10Unverified Evidence record Bekisopa Total Reserve · Fe · as at 2025-02-07 Reported figure Area Whole project Basis 100% Ore tonnes (t) 9068000.0000 Grade 53.0000 Contained (t Fe) 4806040.0000 Classification Reserve Source trail 30 June 2026 Quarterly Activities & Cashflow Report 10 Published 2026-07-28 Verification Approved; not independently verified · Model extracted QA WARN: whole-project total_reserve of 9,068,000 t has missing components — no proved/probable rows are stored beside it. Reserve categories are exhaustive, so the proved and probable cell(s) of the printed total line were likely dropped by extraction (live t52/t53: Boddington whole-project proved+probable Cu and Red Chris probable Au/Cu — four printed cells never emitted, found only by audit). Check the printed line for a category split; if the issuer prints none, dismiss. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: 30 June 2026 Quarterly Activities & Cashflow Report · published 28 July 2026 Ref: 10 JORC 2012 — Reporting code of record: JORC 2012 Cutoff 60.00 % Fe — Cut-off grade assumption from the source statement. @ A$ 110/t — Metal price assumption used to derive this estimate. QA notes: QA WARN: whole-project total_reserve of 9,068,000 t has missing components — no proved/probable rows are stored beside it. Reserve categories are exhaustive, so the proved and probable cell(s) of the printed total line were likely dropped by extraction (live t52/t53: Boddington whole-project proved+probable Cu and Red Chris probable Au/Cu — four printed cells never emitted, found only by audit). Check the printed line for a category split; if the issuer prints none, dismiss.
Central	Probable	1.23 Mt	45.00%	0.55 Mt Fe	07 Feb 2025	10Unverified Evidence record Bekisopa Probable · Fe · as at 2025-02-07 Reported figure Area Central Basis 100% Ore tonnes (t) 1231000.0000 Grade 45.0000 Contained (t Fe) 553950.0000 Classification Reserve Source trail 30 June 2026 Quarterly Activities & Cashflow Report 10 Published 2026-07-28 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: 30 June 2026 Quarterly Activities & Cashflow Report · published 28 July 2026 Ref: 10 JORC 2012 — Reporting code of record: JORC 2012
North	Probable	0.34 Mt	58.20%	0.20 Mt Fe	07 Feb 2025	10Unverified Evidence record Bekisopa Probable · Fe · as at 2025-02-07 Reported figure Area North Basis 100% Ore tonnes (t) 344000.0000 Grade 58.2000 Contained (t Fe) 200208.0000 Classification Reserve Source trail 30 June 2026 Quarterly Activities & Cashflow Report 10 Published 2026-07-28 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: 30 June 2026 Quarterly Activities & Cashflow Report · published 28 July 2026 Ref: 10 JORC 2012 — Reporting code of record: JORC 2012
South	Probable	7.49 Mt	54.10%	4.05 Mt Fe	07 Feb 2025	10Unverified Evidence record Bekisopa Probable · Fe · as at 2025-02-07 Reported figure Area South Basis 100% Ore tonnes (t) 7493000.0000 Grade 54.1000 Contained (t Fe) 4053713.0000 Classification Reserve Source trail 30 June 2026 Quarterly Activities & Cashflow Report 10 Published 2026-07-28 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: 30 June 2026 Quarterly Activities & Cashflow Report · published 28 July 2026 Ref: 10 JORC 2012 — Reporting code of record: JORC 2012