GWR : Transport of High Grade Ore to Port of Geraldton Commences

24 December 2020

ASX Announcement

Transport of High-Grade Ore to Port of Geraldton Commences

- C4 Iron Deposit

HIGHLIGHTS

• GWR and Alliance Partner Pilbara Resource Group (PRG) are has executed yet another significant production milestone with the commencement of High-grade from the C4 mine site to Port of Geraldton (Figure 1)
• Haulage Contractor QEM Group Australia Pty Ltd (QEM) will continue to ramp up the number of truck required to meet complete Stage 1 within 12 months.
• High-Gradelump and fines product will be stockpiled at the Port of Geradlton Site 88 location inpreparation for the first historic shipment which is expected to take place in late January.
• Mining activites are progressing well on site (Figure 2), with crushing and screening activites on-going, the transport of this high grade material to the Port of Geraldton is imminent.
• PRG is engaged for Stage 1 of the C4 mining operations which covers the first 1 million tonnes of C4's Mineral Resource estimate of 21.6 million tonnes at 60.7% Fewith assessment and modelling currently underway to increase production tonnage on Stage 1 (Figure 3).
• GWR is currently undertaking a review of C4 to assess what portion of the remaining ~20 million tonnes1 will be optimised in Stage 2mining of the C4 deposit and begin to engage with interested parties.
• Following the execution of the sales contract ore vessel charters will commence in January through the Port of Geraldton.

GWR Group Limited (ASX:GWR) ("GWR Group" or "the Company") is very pleased to announce one of the final key production milestone that will pave the way for the historic first shipment of iron ore from GWR's 100% owned flagship C4 Iron Ore deposit in Wiluna,

1 2004 JORC Code compliant Resource is 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. (refer ASX announcement dated 12th November 2019 and 8th July 2011 and 11th April 2013).

GWR Chairman Mr Gary Lyons commented:

"I am very pleased to advise shareholders that road haulage of the High-grade ore from the mine site at the C4 deposit to our storage faciliite (Site 88) at the Port of Geraldton has commenced.

GWR remains on track to meet our target of first ore shipment in early January 2021 and exploit this strong commodity cycle."

Figure 1: Road Haulage Trucks being loaded with Stockpiled Iron Ore

Figure 2: C4 Mine Site works with Trucks lined up ready to be loaded.

Table 1: Key project Milestones to be achieved for the development of the C4 Iron Deposit

MILESTONE	PROGRESS
**The Company will keep shareholders informed of operational milestones as they progress**
Haulage contracts	Completed
Completion of service agreement with nearby mine for access to site services such as	Completed
village, workshops and water.
Finalisation of contract rates for major services; mining, crushing and screening	Completed
Northern Haul Road construction and site setup (workshops, lay down area's, internal	On schedule
access roads and services such as water, power and communication)
Works Approval (required for crushing and screening operations)	Completed
Road user agreement for the gravel sections and low standard tar sealed sections of	Progressing
the C4 turn to Meekatharra portion of the Gold Fields highway
Completion of agreements with Port of Geraldton for services and third party for shed	Completed
access
Commencement of Production Mining Operations	Commenced
Commencement of first Iron Ore Haulage	Commenced
Offtake Agreements of High-grade DSO Iron Ore	Completed
First Ore at Geraldton Port of Iron Ore Mined and Transported	Jan 2021

Alliance Partner Pilbara resource Group (PRG) is engaged for Stage 1 of the C4 mining operations which covers the first 1 million tonnes of C4's Mineral Resource estimate of 21.6 million tonnes at 60.7% Fe with assessment and modelling currently underway to increase production tonnage on Stage 1.

Under the Joint Venture with PRG, GWR is required to provide minimal capex and opex, will retain 70% share in the project profit as well as retaining the rights for ore sales, strategy and timing.

GWR is currently undertaking a review of C4 to assess what portion of the remaining ~20 million tonnes will be optimised in Stage 2 mining of the C4 deposit and begin to engage with interested parties.

Site 88 at the Port of Geraldton is now prepared and fully operational which includes a truck unloading facility, a storage shed with approximately 100,000 tonnes of capacity, and associated conveyor networks (Figure 2).

For further information please contact:

Adrian Costello	David Utting	Mark Pitts
General Manager	David Utting Corporate	Company Secretary
Ph: [phone]	Ph: [phone]
E:[e-mail]	E:[e-mail]	E:[e-mail]
Competent Person's Statement

The information in this report which relates to Exploration Targets, Exploration Results and Mineral Resources or Ore Reserves is based on information compiled by Mr Allen Maynard, who is a Member of the Australian Institute of Geosciences ("AIG") a Corporate Member of the AusIMM and independent consultant to the Company. Mr Maynard is the Director and principal geologist of Al Maynard & Associates Pty Ltd and has over 40 continuous years of exploration and mining experience in a variety of mineral deposit styles. Mr Maynard has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves" (JORC Code). Mr Maynard consents to inclusion in the report of the matters based on this information in the form and context in which it appears.

The Mineral Resource Estimate was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.