Macarthur Minerals (ASX:MIO) Announcement

Macarthur Minerals Limited (ASX:MIO) has received the second payment of A$250,000 from Gold Valley Yilgarn Pty Ltd as part of the staged consideration under the binding Agreement signed on 13 June 2024. This Agreement grants Gold Valley the right to mine hematite ore from Macarthur's Lake Giles Ularring Hematite Project in Western Australia. The final A$250,000 payment is due on 31 December 2024, and milestone payments of A$5,000,000 are included upon the extraction and sale of specified dry metric tonnes (DMT) of direct shipping ore (DSO) from the Lake Giles Project.

Executive Commentary

Receiving this second payment from Gold Valley is a testament to our partnership and commitment to advancing our valuable iron ore assets in Western Australia. This milestone is not only a significant step towards production but also strengthens our financial position as we work towards bringing our much larger, 1.3 billion tonne Moonshine Magnetite Iron Project to market. We look forward to the ongoing progress of our initiatives in the green iron ore sector.

Summary of Announcement

Macarthur Minerals (ASX:MIO) has received the second payment from Gold Valley Yilgarn Pty Ltd as part of the Agreement granting Gold Valley the right to mine hematite ore from Macarthur's Lake Giles Ularring Hematite Project. The Agreement includes milestone payments of A$5,000,000 upon the extraction and sale of specified dry metric tonnes (DMT) of direct shipping ore (DSO) from the Lake Giles Project. Macarthur will also receive a royalty of A$1 per tonne for all additional tonnes mined for the life of the mine. This milestone strengthens Macarthur's financial position and marks a significant step towards production. The company is also focused on bringing the much larger, 1.3 billion tonne Moonshine Magnetite Iron Project to market, demonstrating its commitment to advancing valuable iron ore assets in Western Australia.