Mount Gibson Iron's Mineral Resources and Ore Reserves as at 30 June 2024

Mount Gibson Iron Limited (ASX:MGX) has released its Mineral Resources and Ore Reserves estimates as at 30 June 2024. The company's Koolan Island high grade iron ore operation reports total Mineral Resources of 19.1 dry metric tonnes (Mt) grading 62.8% Fe and total Ore Reserves of 7.2 Mt at 65.1% Fe. These estimates reflect mining depletion, stockpile drawdowns, declassification of resource material, and modelling adjustments.

Executive Commentary on Mineral Resources and Ore Reserves

The changes in Mineral Resources and Ore Reserves estimates are a result of various factors including mining depletion, stockpile drawdowns, declassification of resource material, and modelling adjustments. The reduction in Mineral Resources and Ore Reserves reflects the impact of iron ore pricing and geotechnical considerations associated with potential extensions and cutbacks to the Main Pit. Mount Gibson Iron has maintained consistency in its estimation methodology and results, with depletion from mining being in balance with production outputs.

Summary of Mineral Resources and Ore Reserves Statement

Mount Gibson Iron's Mineral Resources and Ore Reserves estimates as at 30 June 2024 show a reduction in both categories, primarily within the Main Deposit at Koolan Island. The company's focus remains on high grade production over the remaining 2-3 year mine life. Mount Gibson Iron has confirmed that all other material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The company's Mineral Resources and Ore Reserves estimates are reported in compliance with the JORC Code (2012 Edition) and the ASX Listing Rules.