Opportunity to acquire a near-term development iron ore project located in the heart of the Pilbara

Argonaut PCF has been appointed by Maiden Iron Pty Ltd (Maiden Iron or the Company) to seek indicative offers for the acquisition, or other such arrangement to the satisfaction of Maiden Iron, of the Extension Iron Ore Project (Extension or the Project).

The Project is located close to existing infrastructure and operating mines in the Pilbara region of Western Australia. The Project is easily accessible via the sealed Great Northern Highway from Newman, and then via the Yandi Access Road; BHP’s and Rio Tinto’s sealed road to their Yandi and Yandicoogina Mines, respectively.

In 2014, an optimisation study investigated the feasibility of the Project and demonstrated robust economics:

• Pre-production capital of c.$20m
• Revenues of $1.1bn
• Post-tax free cashflow of $273m
• NPV of $154m using a 15% discount rate.

Indicative offers are sought by Monday, 18 April 2022.