December 2020 Quarter Highlights

  • Iron Ore production underway from the C4 deposit at Wiluna West Iron Project.
  • Historic first shipment of iron ore of scheduled to leave Port of Geraldton at end of January 2021.

Wiluna West - C4 Iron Ore Project Activities December 2020 Quarter

  • The Company entered into an Alliance Mining Contract with Pilbara Resource Group ("PRG") for Development of the C4 Iron Deposit, which covers all aspects of the operations from pit to port including mining crushing and transport services on a cost-plus basis for Stage 1 of the C4 Iron Deposit.
  • The PRG Alliance Contract covers just 1 million tonnes and GWR is not required to provide any upfront Capex or Opex and will retain a 70% share of profit.
  • Other key operational contracts executed during the Quarter included:
  1. Secured access to Rosslyn Hill Mining Camp for accommodation located 22km north of C4
  1. Signed binding Port Access and Services Agreement with Midwest Ports Authority which includes access to Shed 88 which has capacity to hold

100,000 tonnes of iron ore

  1. Executed Offtake Agreement with Pacific Minerals Ltd for 1,000,000 tonnes of iron ore from C4
    1. Appointed Shipping Agent and associated logistics services providers.
  • Works Approval, for crushing and screening operations was granted by Department of Water and Environmental Regulation on 2 December 2020.
  • Completed pit optimisation mine planning and final mine design.
  • Conditional approval gained from the MRD (Main Roads Department) for the construction of an intersection located on the Wiluna to Meekatharra Road section of the Goldfields Highway and establishment of a road user agreement with the MRD for the haulage on the Goldfields Highway (Wiluna - Meekatharra road).
  • Strategic planning commenced for Stage 2 production expanding from the initial 1 M tonne C4 Stage 1.

Wiluna West - JWD Iron Ore Project

  • Work progressed on the development and final approvals for the JWD Joint Venture by FEL with completion of mine planning work and logistics study's, also lodgement of Works Approval (final approval required)
  • FEL completed the December take or pay payment of $125,000.

Wiluna West - Gold Project

  • A comprehensive review has recently been completed and subsequent to the end of the December Quarter a POW will be lodged with DMIRS for additional drill targets.
  • A review of JORC 2004 Resources has been initiated with a view of updating to JORC 2012

Corporate Activities

  • During the Quarter, the Company successfully raised $3.3 million (before costs) through the issue of 18,333,333 fully paid ordinary shares at an issue price of $0.18 per Share from qualified, institutional, and professional investors. GTT Ventures Pty Ltd acted as lead manager.
  • A total of 26.75 Million Options were exercised in December 2020 raising a total of $1.44 Million.

About GWR Group

GWR Group Limited ("GWR") is an independent, Australian resource house, focused on creating shareholder wealth through the development of high-quality mineral exploration and development projects.

GWR Group has a portfolio of mineral commodity projects that includes projects held in its own right, in joint ventures and indirectly through investment in other listed entities. We aim to create value through operational excellence and innovation in exploration and project development. We will collaborate with our stakeholders to build a sustainable mining business and the respect of our peers.

Corporate Summary

ASX code:

GWR

Issued Capital:

301.7 million

Issued Options

Quoted:

12.8 million

Unquoted:

1.0 million

Cash on hand:

$4.4 million

Listed Securities:

$9.6 million

Board & Management

Gary Lyons

Non-executive Chairman

Mick Wilson

Executive Director

Tan Sri Dato' Tien Seng Law

Non-executive Director

Kong Leng (Jimmy) Lee

Non-executive Director

Datuk Chin An (CA) Lau

Non-executive Director

Adrian Costello

General Manager

Mark Pitts

Company Secretary

Page 1 of 15

2012

QUARTERLY REPORT | December 2020

Overview

SEPTEMBER 2012

ABN 54 102 622 051

This Quarter, GWR progressed the development of its Wiluna West Iron Ore Project at the C4 and JWD deposits and the Wiluna West Gold Project. With mining operations commencing at the C4 deposit and first shipment of iron ore targeted for the end of January 2021.

The Group has a portfolio of resources projects that includes projects held directly, in its own right, or indirectly through investment in other listed entities. These include:

  • Wiluna West Iron Ore - ~131 Million tonne resource at 60% Fe of high-grade hematite
  • Wiluna West Gold - ~289k ounce resource with a large exploration potential
  • Tungsten - Investments in Tungsten Mining NL (TGN:ASX) & Hatches Creek JV
  • Cornerstone and Equity Investments - eMetals Ltd (EMT:ASX)

Figure 1: GWR Project Locations

2

2012

QUARTERLY REPORT | December 2020

Wiluna West Projects - Overview

SEPTEMBER 2012

ABN 54 102 622 051

The Wiluna West Iron Ore and Gold Projects are co-located approximately 45 km south west of the township of Wiluna (Figure 2) in the Northern Goldfields region of Western Australia. The site is approximately 183 km West of Meekatharra and 750 km North East of Perth, Western Australia. Access to the site is via the partly sealed Wiluna - Meekatharra road (Goldfields Highway), approximately 28 km west from the township of Wiluna, which has a sealed airstrip to transport mine personnel by commercial or flight charter services.

Figure 2: Wiluna West Gold and Iron Ore Project Location

3

2012

QUARTERLY REPORT | December 2020

Wiluna West Iron Ore Project

SEPTEMBER 2012

ABN 54 102 622 051

The Wiluna West Iron Ore Project (WWIOP) is an exceptional DSO iron ore resource, which metallurgical tests have demonstrated will produce a high-grade, low impurity iron ore. The project has a combined JORC 2004 Mineral Resource estimate of 131.1 Mt at 60.0% Fe, comprising of 10.1 Mt at 62.5% Fe Measured, 72.0 Mt at 59.9% Fe Indicated and 48.8 Mt @ 59.4% Fe Inferred.

This includes the high-grade C4 and JWD deposits which GWR is actively progressing towards production. Mining approvals are in place for the JWD deposit of 1 Mtpa and large-scale mining operations of up to 7 Mtpa both over an initial mine life of 3 and 10 years respectively.

Figure 3: Wiluna West Iron Deposit Locations

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GWR Group Limited published this content on 29 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2021 03:35:03 UTC.