HAWSONS IRON LTD — AGM Information 2021

Nov 18, 2021

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November 2021

Hawsons Supergrade[®] Iron Ore www.hawsons.com.au

Hawsons Iron Limited (ASX : HIO)

Note : This is a copy of the Company Update provided during the AGM of 16 November 2021. There is no additional material information included in this presentation that has not been released to the market previously.

www.hawsons.com.au

Executive Chairman - Company Update

1. FY21 Overview and Highlights

2. FY22 Q1Highlights

3. What makes the Hawsons Iron Project unique?

4. Outlook

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HAWSONS IRON

Hawsons Iron Ore Project | 2

www.hawsons.com.au

FY 21 Highlights - Restructured to Unlock Value

• • Consolidation of Hawsons Iron Project ownership

• Board Leadership restructure

• Clear Strategic Direction

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HAWSONS IRON

Hawsons Iron Ore Project | 3

www.hawsons.com.au

FY 22 Q1 Highlights

BFS Highlights

• Delivered the full financial resources for the Project’s Bankable Feasibility Study (BFS)

• NSW Resources regulator approval to commence confirmatory drilling program to further define the resource

• Appointment of consultants and contractors including specialist geological and mining consultants

• Assembly of a highly skilled and experienced Project team

• • Fully underwritten placement, private placement and an entitlements offer to shareholders
• • Raised $35,596,844 (before costs)
• • Cash at bank as of 30 September 2021 of A$33.96m

• Undertook detailed analysis and modelling of future pit optimization

• Progressed selection for preferred end users, offtakers

• Commenced Pilot plant preparation work and process review

• Began detailed analysis of the potential of new technologies to produce a low carbon concentrate and reduce operating costs

• Target date for BFS completion is 31 December 2022

HAWSONS IRON

Hawsons Iron Ore Project | 4

www.hawsons.com.au

FY 22 Q1 Highlights

+ Re-invigorated with new brand

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• Re-branded from Carpentaria Resources Limited (ASX: CAP) to Hawsons Iron Limited (ASX: HIO), August 2021 to reflect new direction

• Plan to significantly enhance profile and tell the Hawsons’ story

HAWSONS IRON

Hawsons Iron Ore Project | 5

www.hawsons.com.au

FY 22 Highlights

+ Announced JORC Mineral Resource Upgrade*

• • 9% increase in indicated resource to 132Mt + 18% increase in Inferred resources to 2,100Mt

Mineral Resource

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Current Concentrate Grades

	Category	Fe %	SiO2 %	Al2O3 %	S %	P %	LOI %
	Indicated	69.9	2.6	0.19	0.002	0.003	-3.0
	Inferred	69.7	2.8	0.20	0.003	0.004	-3.1
	Total	69.8	2.8	0.20	0.003	0.004	-3.0

Source: Hawsons Iron (ASX:HIO) ASX Announcement 19 October 2021 “Hawsons Iron: Mineral Resource Upgrade” “Updated Mineral Resource Estimates for the Hawsons Magnetite Project, Western NSW”, H&S Consultants Pty Ltd 2021

*post 30 September 2021

HAWSONS IRON

Hawsons Iron Ore Project | 6

www.hawsons.com.au

What Makes Hawsons Iron Project Unique?

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World-Leading Economically Purest, High Iron
Project Viable Product
Category ESG and Green High Grade
Creator: Soft Ore Steel Leader Demand
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HAWSONS IRON

Hawsons Iron Ore Project | 7

www.hawsons.com.au

What Makes Hawsons Iron Project Unique?

World-Leading Project

• • Highest project viability of its type (Wood Mackenzie analysis)
• • Equity NPV at PFS (price US$88/t) US$1.091b at 62% grade price – payback within 3 to 4 years
• • NPV at June 2021 iron ore prices is significantly enhanced

All projects except Hawsons at BFS stage . Hawsons at PFS stage

*Assumes that Hawsons is in production and the outcomes are as set out in the prefeasibility study announced on 28 July 2017. The Company confirms that all assumptions and technical parameters underpinning the Resource and Reserve estimates and all material assumptions underpinning the production target or the forecast financial information derived therefrom continue to apply and have not materially changed since first reported on 28 July 2017.

• *Bubble size represents annual production capacity

• *Excludes replacement or expansion projects owned by established miners RIO, BHP, CSN, FMG, Champion

• *Based on Wood Mackenzie long term price forecasts

Source: Wood Mackenzie (developed from company 's stock exchange compliant releases, modified uniformly by Wood Mackenzie by internal long term price and cost forecasts, Wood Mackenzie is not aware of any material omissions in the data) Disclaimer. The data and information provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law.

IRR and product grades for unfinanced greenfield iron ore projects - PFS stage or later

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HAWSONS IRON

Hawsons Iron Ore Project | 8

www.hawsons.com.au

What Makes Hawsons Iron Project Unique?

Economically Viable

• • Viable at all points of iron ore price cycle
• • Robust financial model withstands price volatility

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HAWSONS IRON

Hawsons Iron Ore Project | 9

www.hawsons.com.au

What Makes Hawsons Iron Project Unique?

Current Concentrate Grades

Purest, High Iron Product

• • Highest iron content iron ore
• • 70% Fe, <3% (silica + alumina)
• • Low impurities delivers high quality steel product

	Category	Fe %	SiO2 %	Al2O3 %	S %	P %	LOI %
	Indicated	69.9	2.6	0.19	0.002	0.003	-3.0
	Inferred	69.7	2.8	0.20	0.003	0.004	-3.1
	Total	69.8	2.8	0.20	0.003	0.004	-3.0

Source: “Updated Mineral Resource Estimates for the Hawsons Magnetite Project, Western NSW”, H&S Consultants Pty Ltd 2021

HAWSONS IRON

Hawsons Iron Ore Project | 10

www.hawsons.com.au

What Makes Hawsons Iron Project Unique?

Purest, High Iron Product

• • HIO Supergrade® (70%) Iron attracts price premium

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BHP/Rio
FMG
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Source: Platts 15 June 2021
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$US164/t $US222/t

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Vale
65% Fe
$US250/t
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HIO
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$US275/t
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• $US250/t65%Fe Plus 5 x $3.65 %Fe + $7.5 = $US275.75/t

HAWSONS IRON

Hawsons Iron Ore Project | 11

www.hawsons.com.au

What Makes Hawsons Iron Unique?

Category Creator: Soft Ore

• • HIO ore body deposited in a soft siltstone (a fine-grained silt in a sea) – Soft Ore
• • Unlike Pilbara ore bodies deposited in hard silica (a glass-like rock called “chert”)
• • Subjected to low grade metamorphosis (heat and pressure) which converted clays to silicate minerals
• • Breaks around the grain boundaries, rather than through the magnetite mineral grains
• • Significantly less energy used to crush and grind to extract the magnetite concentrate vs traditional ‘hard rock’ magnetite

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When HIO ore is crushed and ground to 40 microns, the magnetite is seen in its crystalline state.

It “liberates” along the grain boundaries and forms as 3-dimensional crystals.

• • Less water consumed during processing due to absence of clay in the ore body

HAWSONS IRON

Hawsons Iron Ore Project | 12

www.hawsons.com.au

What Makes Hawsons Iron Unique?

ESG & Green Steel Leader

• • Global steel-making industry drive for ‘green steel’ to curb emissions
• • Hawsons Iron Project will lead with lowest energy usage and CO2 emissions through the value chain
• • Energy-saving in crushing and grinding
• • Water-saving processing
• • Less power per tonne of concentrate produced
• • Essential in steel manufacturing using hydrogen

Hawsons Iron will secure a unique position in the carbonconscious global steel industry

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Based on McNabb et al, Iron Ore 2009, Hawsons PFS and Web based Taconite operating data.

HAWSONS IRON

Hawsons Iron Ore Project | 13

www.hawsons.com.au

What Makes Hawsons Iron Unique?

ESG & Green Steel Leader

• • Innovative mining and processing operation plan for zero emissions
• • Vision for Broken Hill renewable energy hub
• • Contribute energy storage and water sustainability
• • Run site on solar and wind generation + battery power and storage
• • Deliver a safe and supportive workplace
• • Sustainable approach to environment and society so our communities benefit from our success

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HAWSONS IRON

Hawsons Iron Ore Project | 14

www.hawsons.com.au

What Makes Hawsons Iron Project Unique?

Global Direct Reduction Iron Forecast Production (Mtpa)

High Grade Demand

• • World Steel world crude steel production up 11.6% compared to June 2020
• • Forecast strong DRI growth to 2040
• • Trend to high grade ores

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Source: World Steel
Source: World Steel
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Source: Wood Mackenzie

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• • Market highly resilient
• • Requires an extra 60-70Mtpa high grade iron ore by 2040

Source: World Steel

HAWSONS IRON

Hawsons Iron Ore Project | 15

www.hawsons.com.au

Outlook and Timeline

	2021	2021	2021	2021	2022	2022	2022	2022	2023	2023	2023	2023	2024	2024				Advancing Schedule with senior team now in place
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
BFS fundingsecured
Approvals
Bankable FeasibilityStudy
Resource upgrade
Demonstrationplant run
Engineer and design
Procurement and Contracts
CapRaise - Mine Build
Construction
First Production

Original PFS Schedule: Adjusted (Market Advised)

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HAWSONS IRON

Hawsons Iron Ore Project | 16

www.hawsons.com.au

Pre-feasibility Results

PFS FINANCIALS
Annual profit margin	US$401m
Equity IRR	29.9%
Equity NPV	US$1,091m
tonne of supergrade (70%Fe)	201m
Mine life / pay back period	20 / 3-4 years
62%,65% Feprice assumption	US$63,75/t

Equity IRR Equity NPV tonne of supergrade (70%Fe) Mine life / pay back period 62%,65% Feprice assumption	29.9% US$1,091m 201m 20 / 3-4 years US$63,75/t
PFS COST ESTIMATES	PFS Price Assumption
Operating costs - C1 FOB	US$33.08
Operating costs - All in	US$39.74
Operating costs - CFR China	US$48.03
Supergrade price premium over 62% Fe	US$25.00
Revenue per dry metric tonne	US$88.00
Equivalent 62%Fe CFR cost	US$23.03
Capital cost inclusive of contingency	US$1.40Bn

• ＋ World leading metrics

• ＋ US$48/t opex. CFR China ＋ US$1.4 Bn capital cost pay back in <1 year today

• ＋ Production 10Mtpa for 20 years, potential to expand and extend

• ＋ Production targeted in 3-3.5 years

The Company confirms that all assumptions and technical parameters underpinning the Resource and Reserve estimates and all material assumptions underpinning the production target or the forecast financial information derived therefrom continue to apply and have not materially changed since first reported on 28 July 2017.

HAWSONS IRON

Hawsons Iron Ore Project | 17

www.hawsons.com.au

Summary

1. World-Leading Project 2. Purest, High Grade Iron Product 3. ESG and Green Steel Leader 4. Soft Ore 5. Economically Strong 6. High Grade Ore – High Demand

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HAWSONS IRON

Hawsons Iron Ore Project | 18

www.hawsons.com.au

Cautionary Statement

This presentation has been prepared by the management of Hawsons Iron Ltd (HIO) for the benefit of customers, analysts, brokers and investors and not as specific advice to any particular party or persons. The information is based on publicly available information, internally developed data and other sources. Where an opinion is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an expression of present opinion only.

No warranties or representations can be made as to origin, validity, accuracy, completeness, currency or reliability of the information. HIO disclaims and excludes all liability (to the extent permitted by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its accuracy, completeness or by reason of reliance by any person on any of it.

Such risks include, but are not limited to, exploration success, metal price volatility, changes to current mineral resource estimates or targets, changes to assumptions for capital and operating costs as well as political and operational risks and governmental regulation outcomes.

HIO does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forecast or to update such forecast. The Company confirms that all assumptions and technical parameters underpinning the Resource and Reserve estimates and all material assumptions underpinning the production target or the forecast financial information derived therefrom continue to apply and have not materially changed since first reported on 28 July 2017.

Disclaimer.

Where HIO expresses or implies an expectation or belief as to the success of future exploration and the economic viability of future project evaluations, such expectation or belief is expressed in good faith and is believed to have a reasonable basis. However, such expected outcomes are subject to risks, uncertainties and other factors which could cause actual results to differ materially from expected future results.

The data and information provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law.

HAWSONS IRON

Hawsons Iron Ore Project | 19

www.hawsons.com.au