Legacy Iron's Mt Bevan Magnetite Project Forward Works Program Approval

Legacy Iron Limited (ASX:LCY) and Hawthorn Resources Limited are pleased to announce the unanimous approval of a circa A$20M Forward Works Program by the Mt Bevan Iron Ore Joint Venture Committee. The program aims to further define, optimize, and de-risk the Mt Bevan Magnetite Project, a Joint Venture between Hancock Magnetite Holdings Pty Ltd, Legacy Iron, and Hawthorn Resources.

Executive Commentary on Forward Works Program Approval

The approval of the A$20M Forward Works Program marks a significant step in de-risking the Mt Bevan Magnetite Project. This program reflects our commitment to advancing the project in a prudent and strategic manner, focusing on key areas to pave the way for future development. We are confident that the staged approach will allow us to pursue opportunities and optimize the project effectively, ultimately leading to the advancement of the project to a Feasibility Study and a Financial Investment Decision, subject to Joint Venture Approval.

Summary of Mt Bevan Magnetite Project Forward Works Program

Legacy Iron (ASX:LCY) and Hawthorn Resources Limited have announced the unanimous approval of a circa A$20M Forward Works Program by the Mt Bevan Iron Ore Joint Venture Committee. The program aims to further define, optimize, and de-risk the Mt Bevan Magnetite Project. Upon successful completion, the project is envisaged to proceed to a Feasibility Study, subject to Joint Venture Approval. The Forward Works Program, expected to take approximately two years, will focus on key areas such as tenure acquisition, conversion of the Exploration Licence to a Mining Lease, groundwater exploration works, heritage and environmental surveys, optimization avenues, engagement with relevant government departments, and marketing studies related to premiums for DR Grade Iron Ore. The announcement signifies a strategic and prudent approach to project advancement, reflecting the commitment of Legacy Iron and Hawthorn Resources to the long-term success of the Mt Bevan Magnetite Project.