GWR GROUP LIMITED — Capital/Financing Update 2021

Jun 23, 2021

24 June 2021

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ASX Announcement

First Blast Opens Stage 2 High-Grade Pit - C4 Iron Deposit

HIGHLIGHTS

• First blast at South End of the Stage 2 Pit occurred on 22nd June 2021 exposing high-grade DSO hematite iron ore (Figures 1 & 2).

• Finalised pit design and mine schedule for the expanded Stage 2, C4 pit highlights substantial widths of up to 120m of high-grade mineralisation that will be exposed in Stage 2 - C4 pit (Figure 3).

• Combined Stage 1 and Stage 2 pits will extract approximately 3.2 million tonnes of iron ore at a low stripping ratio of just 1.2:1.

• As previously announced GWR has executed an agreement with a large privately owned haulage and logistics group to partner with it and to enable GWR to underpin its haulage operations to the Port of Geraldton.

• GWR with its Alliance Partner Pilbara Resource Group (“PRG”) are currently finalising the terms for Stage 2 and expect to update the market on this shortly.

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Figure 1: : C4 Stage 2 – First Blast that occurred on 22[nd] June 2021 at the South End of the Stage 2 Pit

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Figure 2: High-grade DSO iron ore exposed after blast

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Figure 3: Stage 1 & 2 Pit design as of 30th May 2021.

GWR Group Limited (ASX: GWR ) (“ GWR Group ” or “the Company ”) is pleased to provide an update on Stage 2 operations at its 100% owned flagship C4 Iron Ore deposit in Wiluna.

On 22[nd] June 2021, the first blast occurred at the South End of the Stage 2 Pit, exposing highgrade DSO hematite iron ore (Figure 2) and blasting will continue to occur in accordance with the pit design that highlights substantial widths of up to 120m of high-grade mineralisation (Figure 3).

With Stage 1 operations having already mined more than 50% of its targeted 1 million tonnes, the combined Stage 1 and Stage 2 pits will extract approximately 3.2 million tonnes of iron ore at a low stripping ratio of just 1.2:1.

Other site works completed for Stage 2 has seen the pit outline cleared to its final limits and stockpiled topsoil utilised for the planned expansion to the existing waste dump.

GWR Chairman Mr Gary Lyons commented “I am delighted to report to shareholders that Stage 2 works are officially underway with the first blast opening up the southern end of the Stage 2 C4 pit, exposing high-grade mineralisation.

There is no shortage of activity on site at Wiluna and we are looking to continue to ramp-up operations. Having recently signed a haulage contract with a large privately owned haulage and logistics group we have been able to underpin our haulage operations to the Port of Geraldton.”

This ASX announcement was authorised for release by Gary Lyons, Chairman of GWR Group Limited

For further information please contact:

Gary Lyons David Utting Mark Pitts Chairman David Utting Corporate Company Secretary Ph: +61 416187462 E: garylyons@heiniger.com.au E: david@davidutting.com E: markp@endeavourcorp.com.au

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 Member of the Australian Institute of Mining and Metallurgy (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.

Table 2. Wiluna West Iron Ore Project Mineral Resources by Deposit

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Note: Differences may occur due to rounding. Refer ASX Announcements 12[th] November 2019, 8[th] July 2011 and 11 April 2013.