Ironbark Zinc Limited announced the results of the 2021 Bankable Feasibility Study for the Citronen Zinc-Lead Project. 2021 Bankable Feasibility Study Highlights; Robust economics, with the 3.3Mtpa operation to deliver a post-tax free cash flow of $1.46 billion; Post-tax NPV(8%) of $363 million; IRR 15.2%; CAPEX $654 million; Significant leverage to future zinc (Zn) price growth; 2.5 million tonnes (Mt) Zn metal produced life of mine (LOM) averaging approximately 130ktpa; Competitive C1+sustaining capital costs per pound payable zinc; Year's 1 to 5 $0.68/lb; LOM $0.76/lb; 50% increase in mine life to 20 years in a low-risk jurisdiction and emerging mining frontier; Environmental, Social and Governance (ESG) approvals and management plans are well advanced; Process underway to ensure full compliance with Equator Principles and relevant IFC Performance Standards; Binding offtake agreements remain in place with major Ironbark shareholders Trafigura (35% of LOM production) and Glencore 35% (10 years Zn, LOM Pb); IBG to now commence formal project financing process with United States EXIM Bank; Significantly expanded Ore Reserve: Mineral Resource of 85Mt @ 4.7% Zn and 0.5% Pb; Ore Reserve of 48.8Mt @ 4.8% Zn and 0.5% Pb; Substantial exploration upside. The 2021 BFS represents the first ground-up evaluation of the Project in a decade and supersedes the feasibility study published on 12 September 2017. The drivers of the preparation of this BFS were threefold: To update the development plan; To increase the level of confidence in the study parameters; and to apply a more conservative risk filter to key economic assumptions to demonstrate the robustness of cash flows over the extended mine life. In updating the BFS, IBG has drawn on the services of a range of leading consultants to provide a much broader assessment of the project opportunities and risks. Some key assumptions adopted in the 2017 study were adjusted to incorporate the results of additional study work and deliver a realistic assessment of the Project in line with the prevailing outlook.