Mount Gibson Iron's Shipping Performance Update

Mount Gibson Iron Limited (ASX: $MGX) is on track to achieve its annual FY24 shipping guidance of 3.8-4.2 Mwmt, having shipped 0.7 million wet metric tonnes (Mwmt) of high grade iron ore fines products from Koolan Island in the March 2024 quarter. Despite wet season rainfall interruptions, the company's high grade shipments for the nine-month period to 31 March 2024 totaled 3.2 Mwmt. The company's cash and investment reserves increased to A$430 million, excluding the A$17 million value of the Company's 8.6% shareholding and optionholding in Mid-West producer Fenix Resources Ltd, compared with A$358 million at the end of December 2023.

Executive Commentary

The shipping performance for the March 2024 quarter demonstrates our commitment to meeting our annual shipping guidance despite the challenges posed by wet season rainfall interruptions. We are pleased with the premium prices received for our high grade iron ore fines products, which have contributed to the increase in our cash and investment reserves. We look forward to releasing our March 2024 quarter activities report in mid-April to provide a comprehensive overview of our performance during the period.

Summary of FY24 Shipping Performance and Outlook

Mount Gibson Iron (ASX: $MGX) remains on track to achieve its annual FY24 shipping guidance, with the shipping of 0.7 million wet metric tonnes (Mwmt) of high grade iron ore fines products from Koolan Island in the March 2024 quarter. Despite wet season rainfall interruptions, the company's high grade shipments for the nine-month period to 31 March 2024 totaled 3.2 Mwmt. The company's cash and investment reserves increased to A$430 million, excluding the A$17 million value of the Company's 8.6% shareholding and optionholding in Mid-West producer Fenix Resources Ltd, compared with A$358 million at the end of December 2023. Mount Gibson's high grade 65% Fe Koolan Island fines products are currently realizing around US$111 per dry metric tonne (dmt) for delivery in China, reflecting an attractive Australian dollar price of approximately A$170/dmt CFR and a 7% grade-adjusted premium to the 62% Fe benchmark iron ore price. The company is scheduled to release its March 2024 quarter activities report in mid-April, providing stakeholders with a comprehensive overview of its performance during the period.