YARRAM IRON ORE PROJECT

Mature iron ore development opportunity in the Northern Territory with potential for low-cost production

Ownership	CuFe Ltd operate and hold a 50% interest in Gold Valley Iron and Manganese Pty Ltd, the owner of the iron ore rights over the Yarram Iron Ore Project.
Overview	Yarram has been the subject of significant historical exploration including a 2014 drilling campaign that confirmed the presence of high grade iron ore mineralisation, which was followed up by further drilling by CuFe in 2021 and more recently in 2022. CuFe announced the Maiden JORC Inferred Mineral Resource in February 2023.
Location/ Infrastructure	~110km from Darwin Port in the Northern Territory and adjacent to existing underutilized mining infrastructure. Yarram is partially located on an existing mining lease on freehold land.
Maiden Inferred Mineral Resource	Yarram has a high-grade DSO resource of 5.6MT @ +60% Fe using a 55% Fe cut-off and also contains low grade component of 7.1Mt that has the potential for upgrading/beneficiation. Overall Inferred Mineral Resource of 12.7 Mt at 55.4% Fe using a 48% Fe cut-off. Two distinct types of iron ore enrichment are observed at the Kraken and Captain Morgan deposits. Surface enriched lower grade lateritic duricrust overlying the higher grade mineralised brecciated siltstone. The deeper higher grade hematite replacement style enrichment hosted within the highly weathered brecciated siltstone is the most dominant style of mineralisation at the Kraken and Captain Morgan deposits. Refer CUF Announcement dated 28th February 2023 – Maiden Yarram JORC Mineral Resource
Significant Recent Results	36m @ 58.2% Fe from 15m in hole YARC2113 incl 11m @ 62.2% Fe from 23m, 7m @ 61.8% Fe from 37m and 6m @ 63.8% Fe from 45m. 9m @ 59.8% Fe from 22m in hole YARC2118. 3m @ 58.7% Fe from 41m in hole YARC2126 5m @ 59.3% Fe from 66m in hole YARC 2130 Refer CUF Announcement dated 27 April 2022 – Yarram Exploration Update