HAWSONS IRON LTD — AGM Information 2021

Nov 15, 2021

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HAWSONS IRON: COMPANY UPDATE

November 16, 2021

The Companies Officer Australian Securities Exchange Ltd 20 Bridge Street SYDNEY NSW 2000

Dear Madam or Sir

PRESENTATION – ANNUAL GENERAL MEETING 2021

Hawsons Iron Ltd (ASX: HIO) advises that Executive Chairman, Bryan Granzien is addressing shareholders at the Annual General Meeting (AGM) at 11am AEST today. The AGM will be webcast at https://agmlive.link/HIO21 and a copy of the presentation is attached.

Yours sincerely

Hawsons Iron Ltd

Investor Contact Greg Khan E: greg.khan@hawsons.com.au P: + 61 (0) 7 3220 2022

Media Contact Kerry Bailey kerry.bailey@hawsons.com.au P: +61 419 024 721

Authorised by Greg Khan Company Secretary

Released by authority of the Board Hawsons Iron Limited

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HAWSONS IRON LIMITED ANNUAL GENERAL MEETING OF SHAREHOLDERS Tuesday, 16 November 2021 at 11:00am

CHAIRMAN’S ADDRESS:

Company Update by Executive Chairman, Mr Bryan Granzien

Hawsons Iron is an emerging producer of low cost, premium quality iron ore.

Today I look forward to sharing highlights of last financial year, the achievements to date in FY 22, our unique project, and the outlook for your company.

FY21 Overview and Highlights

During FY 21, the Company’s focus was on consolidating the Hawsons Iron Project ownership structure following shareholder approval at the last AGM. Hawsons now holds approx. 94% of the Hawsons Iron Project.

Further, the Board was restructured and stabilised under my stewardship as Executive Chairman and the Board skillset and experience enhanced with highly qualified nonExecutive Director Jon Parker joining the Board.

Through these changes the path has been cleared to execute our Strategic Plan.

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HAWSONS IRON LIMITED

FY22 Highlights

Moving to Q1 22, The Hawsons Iron Project Bankable Feasibility Study (BFS) was fully funded through a fully underwritten recent capital raise of $35.6million (before costs). This has delivered the financial resources to undertake the BFS which is targeted for completion in December 2022.

We also took the opportunity to refocus and reinvigorate the company with a new brand: Hawsons Iron. Its fresh green colour palette signifies the “Green Steel” space in which we operate. We now have the platform to significantly enhance our profile and tell the Hawsons’ story.

In this financial year, post Q1, we were pleased to announce the Mineral Resource Upgrade for the project.

The upgrade included a 9% increase in the indicated resources and an 18% increase in the inferred resources.

At the same time, the Mining Study Findings confirmed the outer boundary of the total resource hasn’t yet been fully identified and that the economic pit shell is significantly larger than the one that was used in the Prefeasibility Study 2017.

The life of mine tonnages will therefore increase further with the planned resource extension drilling.

This is excellent news for the project.

What Makes the Hawsons Iron Project Unique?

During the BFS we have the opportunity to showcase the Hawsons Iron Project.

The story of the project has not been fully told, but the time is now right to shine a light on its unique attributes.

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HAWSONS IRON LIMITED

World-Leading Project

Firstly, leading research firm Wood Mackenzie in Q2 FY2019 rated the project one of the world's best high-grade iron ore development projects - excluding replacement or expansion projects owned by the established miners.

Economically Viable

Secondly, our project is economically viable, able to withstand the vagaries and volatility of the iron ore price cycle. We have modelled our project at various iron ore price points.

Purest, High Iron Product

Our product is the purest, high iron content product for quality steel-making. With 70% iron content it really is Supergrade® quality. No-one else in the world has that.

Our Hawsons Supergrade® Product will attract a premium price. While the price may fluctuate, the premium will remain.

Category Creator: Soft Ore

Importantly, not all ores are created equal. We are very fortunate to own this unique orebody. It is unique due to how it was formed and its ‘soft’ characteristics.

Thousands of years ago when the Hawsons orebody was formed, it was deposited in a soft siltstone - a fine grained silt in the sea.

The Pilbara orebodies by comparison were deposited in silica which is a glass-like rock called “chert” which is very hard.

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HAWSONS IRON LIMITED

Subjected to low grade metamorphosis – or heat and pressure - the Hawsons’ orebody has, over time, converted its clays within to silicate minerals without hardening the rock.

So technically speaking, the siltstone will break around the grain boundaries, rather than through the magnetite mineral grains.

And when it is crushed it “liberates” or “fractures” along the grain boundaries.

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

This is unusual in a processed magnetite concentrate.

There are some clear advantages that come from the softness of the orebody and these inherent characteristics.

Number 1: significantly lower energy is required to crush and grind the ore to extract the magnetite concentrate.

Number 2: A higher grade of magnetite can be achieved because the ore breaks cleanly around the grain boundaries, easily separating from impurities.

Number 3: Less water is consumed during processing due to the ‘dryer’ nature of our product. With an absence of clay in the orebody, it is easier to recover and recycle water used in processing and slurry transport.

The origins and characteristics of the Hawsons orebody really do put it in a category of its own and quite distinct from ‘hard rock’ magnetite orebodies.

ESG and Green Steel Leader

We also have the opportunity, through our unique orebody, to lead the way with lowest energy usage and CO2 emissions in the iron-making process.

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HAWSONS IRON LIMITED

Our high purity, high iron magnetite concentrate is ideally suited to Direct Reduced Iron (DRI) and Hydrogen steel manufacturers at the cutting edge of low-to-no-carbon emission steel production or “Green Steel”.

The Hawsons Supergrade® Product is one of the best iron ore products in the world within the ESG framework.

The power required to crush and grind Hawsons soft ore is less than a quarter of any other magnetite ore, based on energy per tonne of ore.

Through phased and innovative planning, we can achieve zero emissions in mining and processing at Hawsons.

We share the long-term vision for the Broken Hill area as a renewable energy hub. We are planning to contribute to energy storage and assist with water resources for bestpractice energy and water sustainability. For example, as pits are mined, additional pumped hydroelectric energy storage can be installed.

We will use a slurry pipeline for transporting the product using water supplied by desalination - removing salt from seeping into the Murray River. Solar power water supply pumps can deliver the saline water to the site. We plan to run the site on existing Broken Hill solar and wind generation, mostly during daylight and base load.

We will investigate battery-powered mine haulage truck alternatives and mass energy storage including battery storage and pumped hydroelectric storage from mined pits.

Importantly, we must deliver a safe and supportive workplace and take a sustainable approach to the environment and society so our communities benefit from our success. We believe this approach to Environmental, Social and Governance is not only good for our people, communities, and the future, but also good for shareholders.

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HAWSONS IRON LIMITED

High Grade Demand

Finally, the demand for high grade ores will continue to be strong with robust DRI growth forecast to 2040, placing us at the forefront for supply negotiations.

World crude steel production for the 64 countries reporting to the World Steel Association was 167.9 million tonnes (Mt) in June 2021, an 11.6% increase compared to June 2020.

Outlook and Timeline

We are advancing our BFS schedule with a skilled team in place.

We are extremely excited by the commencement of drilling works, the recent Mineral Resource Upgrade and the opportunities emerging in taking the project into production.

Our schedule currently targets start-up production of 10 million tonnes per annum in 2024 and we think that’s achievable.

We really have a very significant asset base, in an ideal position near Broken Hill, with access to key existing infrastructure.

And as I have outlined, our uniquely soft and high-quality product is in high demand, ideally positioning us to lead the way in ESG innovation, “Green Steel” enabling and unlocking shareholder value.

Thank you.

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16 November 2021 Annual General Meeting

Hawsons Iron Limited (ASX : HIO) Annual General Meeting

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

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

www.hawsons.com.au

Hawsons Iron Ore Project | 2

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

www.hawsons.com.au

Hawsons Iron Ore Project | 3

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

www.hawsons.com.au

Hawsons Iron Ore Project | 4

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

www.hawsons.com.au

Hawsons Iron Ore Project | 5

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

www.hawsons.com.au

Hawsons Iron Ore Project | 6

What Makes Hawsons Iron Project Unique?

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

www.hawsons.com.au

Hawsons Iron Ore Project | 7

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

www.hawsons.com.au

Hawsons Iron Ore Project | 8

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

www.hawsons.com.au

Hawsons Iron Ore Project | 9

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

www.hawsons.com.au

Hawsons Iron Ore Project | 10

What Makes Hawsons Iron Project Unique?

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Purest, High Iron Product
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+
HIO Supergrade® (70%) Iron
attracts price premium HIO
Vale
Source: Platts 15 June 2021 BHP/Rio
70%
FMG
+ Fe
65% Fe
62% Fe
58%
58% Fe
Fe
$US164/t $US222/t $US250/t $US275/t
$US250/t65%Fe Plus 5 x $3.65 %Fe + $7.5 = $US275.75/t
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HAWSONS IRON

www.hawsons.com.au

Hawsons Iron Ore Project | 11

What Makes Hawsons Iron Unique?

Category Creator: Soft Ore

• • HIO ore body deposited in a soft siltstone (a finegrained 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

Not all ores created equal

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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

www.hawsons.com.au

Hawsons Iron Ore Project | 12

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

www.hawsons.com.au

Hawsons Iron Ore Project | 13

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

www.hawsons.com.au

Hawsons Iron Ore Project | 14

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

www.hawsons.com.au

Hawsons Iron Ore Project | 15

Outlook and Timeline

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2021 2022 2023 2024
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
BFS funding secured
Approvals
Bankable Feasibility Study
Resource upgrade Advancing Schedule with senior
Demonstration plant run team now in place
Engineer and design
Procurement and Contracts
Cap Raise - Mine Build
Construction
First Production
Original PFS Schedule: Adjusted
(Market Advised)
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HAWSONS IRON

www.hawsons.com.au

Hawsons Iron Ore Project | 16

Summary

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HAWSONS IRON

www.hawsons.com.au

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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. 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.

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.

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

www.hawsons.com.au

Hawsons Iron Ore Project | 18