Grangex (GRANGEX) Investor Update summary

Project Overview and Feasibility Study Highlights

• Definitive Feasibility Study (DFS) confirms strong economic and technical viability, with a pre-tax NPV of US$1,522m, IRR of 37.7%, and compliance with NI 43-101 standards.

• Mine life extended to 25 years, concentrate production increased to 63.3 million tons, and first commercial shipment targeted for end-2026.

• Phase one capital expenditure is US$193.6 million, with phase two at US$223.8 million; project execution accelerated to enable early operational cash flow.

• Life-of-mine operating cost reduced to US$56.1 per ton, with significant cost optimizations in mining and processing.

• Project finance activities are intensifying, with a final investment decision expected by end-2025 and procurement processes underway.

Technical and Operational Advancements

• Upgrades include mill improvements, new crusher station, cobbing facilities, and silica reduction technology for ultra-high-grade DR magnetite concentrate.

• Early drilling campaigns upgraded resource classification, adding 21.9 million tons of reserves and increasing measured resources in key pits.

• Conventional open-pit mining from nine pits, with strategic mine scheduling and centralized crushing; production ramps to 2.3mtpa in 2027, increasing to 3.3mtpa by 2030.

• Conversion from resources to reserves currently at 35%, with further drilling expected to extend mine life beyond 25 years.

• Several optimization opportunities identified for implementation during commissioning and operation.

Mineral Resources and Reserves

• 2025 resource estimate: 511.5mt at 32.6% Fe (total), with upgrades in classification due to recent drilling.

• Proven and probable reserves total 161.2mt at 31.7% Fe (total), a 15.7% increase in ore tonnes and 17.6% increase in concentrate over the PEA.

• Additional measured resources added for key pits, supporting model upgrades.