Macarthur Minerals signs binding term sheet with Gold Valley Yilgarn

Macarthur Minerals Limited (ASX: $MIO) has announced the signing of a binding Term Sheet with Gold Valley Yilgarn Pty Ltd, granting Gold Valley the right to extract hematite ore from Macarthur's Lake Giles Ularring Hematite Project in Western Australia. The Agreement excludes mining of magnetite iron ore from the 1.3 billion tonne Lake Giles Moonshine Magnetite Project, the subject of the 2022 Feasibility Study.

Executive Commentary on Right to Mine Agreement

Macarthur Chairman, Cameron McCall, expressed his gratitude to all the members of the Macarthur team and extended his congratulations to Gold Valley on securing the Right to Mine Agreement. He emphasized the significance of this milestone as an initial stride in advancing the valuable iron ore assets in Western Australia into production. McCall highlighted the Agreement as a pivotal step for Macarthur, bolstering the financial sustainability of their operations throughout the mine's lifespan as they progress towards bringing the much larger, 1.3 billion tonne Moonshine Magnetite Iron Project to market. He also emphasized the hematite agreement as the first phase of a multi-stage, multi-generational green iron ore initiative.

Summary of Macarthur Minerals Announcement

Macarthur Minerals Limited (ASX: $MIO) has signed a binding Term Sheet with Gold Valley Yilgarn Pty Ltd, granting Gold Valley the right to mine hematite ore from the Lake Giles Ularring Hematite Project in Western Australia. The Agreement excludes mining of magnetite iron ore from the 1.3 billion tonne Lake Giles Moonshine Magnetite Project. The Agreement outlines key terms, including Gold Valley's responsibility for expenses, state government royalties, necessary approvals, and payments to Macarthur. Macarthur's Chairman, Cameron McCall, expressed the Agreement's significance in advancing their iron ore assets into production and highlighted it as a pivotal step towards bringing the much larger Moonshine Magnetite Iron Project to market. The hematite agreement signifies the first phase of a multi-stage, multi-generational green iron ore initiative, underpinning the financial viability of the Company for the life of the mine.