GWR GROUP LIMITED — Capital/Financing Update 2021

Jun 22, 2021

23 June 2021

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ASX Announcement

GWR Ramp-Up Continues As Steady State Production Achieved

HIGHLIGHTS

• GWR confirms Steady State Production now achieved with haulage volumes above target and consistently exceeding 3,000 tonnes per day to the Port of Geraldton. GWR now aims for a new target, achieving a consistent a run rate of 4,000 tonnes per day in July.

• GWR confirms that it has secured its second shipment for the month of June, the “MV Darya Ma”. This ship is due to be loaded with high-grade lump ore at the Port of Geraldton between the 24[th] and 28[th] June 2021.

• As previously stated, GWR now expects to schedule a cargo at least twice per month following this latest shipment which will see it on track to complete the 1MT Stage 1 production target by December 2021.

• With ongoing improvements in haulage, planning and operations, GWR will continue to focus on a further increase in shipping frequency targeting a third shipment every second month.

• To facilitate the continued haulage ramp-up, GWR has secured increased storage capacity with a new 15,000 tonne transfer facility located on Edwards Road in the Narngulu industrial area (Image 2).

• GWR will update the market shortly regarding Stage 2 development progress.

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Image 1: Roadtrain being loaded with lump ore (62% Fe at C4 deposit on 22[nd] June 2021.

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Image 2: 15,000 tonne transfer station to facilitate continued ramp-up.

GWR Group Limited (ASX: GWR ) (“ GWR Group ” or “the Company ”) is pleased to advise that it has reached steady state production with road haulage rates consistently exceeding 3,000 tonnes per day for the GWR’s 100% owned flagship C4 Iron Ore deposit in Wiluna.

Having recently signed a haulage agreement with one of the largest privately owned haulage and logistics groups in Western Australia, GWR has been able to expand its haulage operations and deliver a significant increase in tonnes to the Port of Geraldton.

With these improved haulage rates, for the first time since production commenced GWR has secured its second shipment for the month of June, the “MV DARYA MA” is due to be loaded with high-grade lump ore at the Port of Geraldton between the 24th and 28th June 2021.

GWR expects to ship at least twice per month from that point on seeing it on track to complete its 1MT Stage 1 production target by the end of December 2021. With ongoing improvements in haulage, planning and operations, GWR will continue to focus on a further increase in shipping frequency targeting a third shipment every second month from October for delivery to its offtake partner, Hong Kong Trader, Pacific Minerals.

GWR Chairman Mr Gary Lyons commented, “I am extremely delighted to inform shareholders of the continued improvements in Stage 1 operations.

Having now reached steady state production on Stage 1, the team has set its sights on increasing production still further, targeting haulage of consistently 4,000 tonnes per day to the Port of Geraldton which will enable two vessels per month and allow the targeting of a third shipment every second month.

Furthermore, to facilitate the continued increase in haulage, we are pleased to have secured a 15,000 tonne capacity transfer facility."

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.