Tombador Iron Limited advised it has been in discussions with its export marketer to manage volumes for export shipments on a shipment-by-shipment basis with immediate effect, whilst maintaining sales to the domestic Brazilian market. This decision is prompted by the dual impact of the recent declines in iron ore prices and the persistent historically high sea borne Handysize freight market reducing the Free on Board ("FOB") price paid to Tombador. The company will monitor the export market and will assess shipment opportunities on a shipment-by-shipment basis, with an objective to export where it is satisfied the company can achieve positive profit margins. Shipping rates for Capesize vessels have reduced significantly recently, with the Baltic Exchange Brazil-China "C3" Index halving from $49.99/wmt to $24.82/wmt over the last month. Tombador expects this movement to also be reflected in the Handysize shipping rates early in CY 2022, which will better support export sales margins. In the meantime, Tombador will continue to focus on building sales to existing and new Brazilian customers and any excess production in the short term will be stockpiled at the mine. Tombador's high-grade lump and high-grade sinter fines iron ore has gained a reputation as a premium ore with European and Brazilian Steel Mills. Existing customers are making repeat orders while new customers are in the process of conducting industrial scale tests. The Company's existing cash reserves provide the flexibility required to develop new customers. Tombador will therefore pursue a marketing strategy that leverages the Company's valuable resource, maximising the value of the recovered Mineral Resource for the Company in the prevailing market at all times.