HAWSONS IRON LTD — AGM Information 2024

Nov 27, 2024

28 November 2024

==> picture [253 x 49] intentionally omitted <==

Revised AGM Presentation

Hawsons Iron Ltd (ASX:HIO) (“Company”) wishes to advise of several amendments to the AGM Presentation released to the ASX on 26 November 2024:

• Page 9: The reference to the “The Project plan is to produce approx. 10-11Mtpa of magnetite concentrate per year” has modified to “The Project plan is to produce approx. 10Mtpa of magnetite concentrate per year”.

A reference to the ASX announcements “ Hawsons a global leader after successful prefeasibility study ” release on 28 July 2017 and “ Hawsons Drilling Program and Resource Update Completed” released on 24 June 2024 has now been included.

A reference to Appendix 1 - Mineral Resources Table on page 22 has been included.

• Page 15: A reference to the ASX announcement “Hawsons Drilling Program and Resource Update Completed” released on 24 June 2024 has now been included.

• A reference to Appendix 1 - Mineral Resources Table on page 22 has been included.

• Page 22: A new slide Appendix 1 - Mineral Resources Table is now included on page 22.

This announcement is authorised by the Board .

For further information contact: Michael Harvey Company Secretary michael.harvey@hawsons.com.au +61 7 3554 1003

Head Office Level 21 12 Creek Street Brisbane Q 4000 Phone: +61 7 3554 1003 Website: www.hawsons.com.au

Share Registry Link Market Services Limited Level 12, 300 Queen Street Brisbane Q 4000 Phone: 1300 554 474

Page 1

==> picture [253 x 49] intentionally omitted <==

HAWSONS IRON LIMITED ANNUAL GENERAL MEETING

OF SHAREHOLDERS Tuesday, 26 November 2024 at 10:00am

CHAIRMANS ADDRESS:

By Non-Executive Chairman, Mr Jeremy Kirkwood

Good morning fellow Shareholders and thank you for your attendance today, both in person and online. I would like to acknowledge that we are meeting on the traditional lands of the Turrbal and Yuggera peoples and that our deposit is located on the traditional lands of the Wilyakari people. I wish to pay my respects to their elders, past and present, and welcome any Aboriginal or Torres Strait Islands people here today.

Fellow shareholders, I am pleased to report on the past year’s progress – a year which could superficially be described as ‘lacking progress’ – but one which I think will ultimately be seen as a critical one for the company.

Firstly, it should be noted that the fundamental investment theme supporting Hawsons Iron has not changed: the near -future need for high grade iron ore feedstock to facilitate an increased production of ‘green steel’ for the world to meet its decarbonisation objectives.

Our task currently, as your board, is to prepare a detailed plan of how best to extract and process our large magnetite deposit to, as commercially and financially attractive as possible, take advantage of this massive shift in the steel making process.

Inevitably, the pathway to achieving this goal has many detours caused by any number of changing macro factors, judgement calls, personnel changes etc. Any very large greenfield project experiences these challenges and Hawson’s Iron Project is certainly no exception. In particular, a large resource with a long mine life and relatively complex processing requirement and associated capex, is like a very large Rubik’s Cube – you explore a potential solution before realising you need to retrace your steps and go down a different path, maybe several times, before the optimal path is revealed. And, of course, the costs of exploring a path increases the closer you get to solving the puzzle!

I believe we are nearing the optimal path for Hawsons.

At last year’s AGM I outlined to you our intent to commence a strategic investor process to obtain funding for a Definitive Feasibility Study. (Let’s not get caught up on definitions here, but the subtle difference between and DFS and BFS is that the former becomes the latter when banks agree to fund it.) We needed to finish some key elements before we could do so including further drilling in the Fold zone and detailed BFS planning. That work was done, and we had a strong project plan to present to strategic investors.

2

We commenced the Strategic Investor process early this year with a number of parties given confidential access to detailed project information. They were also provided with an outline of how an investment would be structured from our perspective. We proposed that in return for BFS funding the successful partners would receive slightly preferential terms for the supply of concentrate and first rights to take equity in the project. This process is ongoing.

At the end of May we appointed Tom Revy as our Chief Executive. Tom came to us with a background as a metallurgist, consulting engineer with a large, respected firm and CEO of small listed entities experienced in getting projects up and running. That Tom chose to come to Hawsons was very encouraging to me. He did his due diligence and was afforded the opportunity to review the same material provided to strategic investors. He joined us with a strong belief in the project.

Since commencing as CEO, he has identified a number of opportunities to refine or optimize our development pathway. These include a dry comminution process as opposed to the ‘thirsty’ process currently in our design circuit, production of by- products from our waste stream, such as haematite and silica sands, which could generate substantial additional revenue or reduce capex and running costs as well as other initiatives which he will outline in his presentation following this meeting. These initiatives could very materially impact the project economics favourably.

Consequently, the board is beholden to pursue these initiatives and determine the achievability and impact of them on the project before we negotiate terms with strategic investors. Therefore, the timetable for bringing the Strategic Investor process to a close has been extended. The challenge we face, frankly, is to complete this before we require further funding.

The company under Tom’s leadership is running on as little cost base as we can: our board is a minimum of three and board fees are comparably low; we have four employees – a CEO, CFO, Exploration Manager and Site Manager – they are all here today and are all essential to the project. Their knowledge of and familiarity with our assets is first rate as is their connection with the people and places that are highly relevant to them. We are carefully and frugally using consultants. All of this will help stretch our cash as long as possible and I expect well into next year.

We expect to have a clearer picture on timing for completing the work associated with the Optimisation Study by early in the new year. We will then be better positioned to assess funding alternatives if more time is required to complete then Strategic Investor process.

I know that all shareholders are keen to see progress and for the detailed feasibility study to be fully funded and commenced. Your board is too as we all have material ‘skin in the game’. But our responsibility is to make sure the optimal development pathway is the one that is studied in detail and is the one upon which any strategic partner funding is obtained. To do otherwise risks significant leakage of value for shareholders.

We will always be focussed on shareholder value.

I urge you to continue with us on this exciting journey. Thank you.

ENDS

3

POWERING THE GREEN STEEL TRANSFORMATION

Important Information & Disclaimer

Summary information

This presentation has been prepared by the management of Hawsons Iron Ltd (HIO or Company) for the benefit of customers, analysts, brokers and investors and not as specific advice to any particular party or persons. This presentation is for information purposes only and is a summary only which is current as at the date of this presentation (unless stated otherwise). The information in this presentation is of a general nature and does not purport to be complete nor does it contain all information which a prospective investor may require in evaluating a possible investment in HIO or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act. This presentation should be read in conjunction with HIO’s most recent financial report and HIO’s other periodic and continuous disclosure information lodged with the Australian Securities Exchange (ASX), which is available at www.asx.com.au.

Reliance should not be placed on information or opinions contained in this presentation and, subject only to any legal obligation to do so, HIO does not have any obligation to correct or update the content of this presentation. Certain market and industry data used in this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. None of HIO, its representatives or advisors have independently verified any such market or industry data provided by third parties or industry or general publications.

No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information in this presentation. 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 in this presentation, 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.

Not an offer

This presentation is not, and should not be considered as an offer or an invitation to acquire securities in HIO or any other financial products and neither this presentation nor any of its contents will form the basis of any such contract or commitment. The distribution of this presentation outside Australia may be restricted by law. Persons who come into possession of this presentation should observe any such restrictions as any non-compliance could contravene applicable securities laws.

HIO ore reserve and mineral resource estimates

The information in this presentation that relates to HIO’s Mineral Resources or Ore Reserves, and Production Targets are extracted from HIO’s ASX releases (refer page 9) and is available at www.asx.com.au. HIO confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed

Important information and Disclaimer (Cont.)

Forward-looking statements and forecasts

This presentation contains certain “forward-looking statements” and comments about future matters. Forward-looking statements can generally be identified by the use of forward-looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target” “outlook”, “guidance” and other similar expressions within the meaning of securities laws of applicable jurisdictions. Forwardlooking statements include, but are not limited to, statements about the future performance of HIO, statements about HIO's plans, future developments and strategy and statements about the outcome and effects of HIO’s capital raise and the use of proceeds. Indications of, and guidance or outlook on, production estimates and targets, future earnings or financial position or performance are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this presentation speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates.

Forward-looking statements are provided as a general guide only. The forward-looking statements contained in this presentation are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of HIO, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including the risk factors set out in this presentation. Investors should consider the forward-looking statements contained in this presentation in light of those risks and disclosures. The forward-looking statements are based on information available to HIO as at the date of this presentation. Except as required by law or regulation (including the ASX Listing Rules), HIO undertakes no obligation to supplement, revise or update forward-looking statements or to publish prospective financial information in the future, regardless of whether new information, future events or results or other factors affect the information contained in this presentation.

Disclaimer

To the maximum extent permitted by law, the Company, its advisors or any of their respective affiliates, related bodies corporate, directors, officers, and employees expressly exclude and disclaim:

• a) all liabilities in respect of, make no representations regarding and take no responsibility for any part of this presentation and make no representation or warranty, express or implied, as to the currency, accuracy, reliability, reasonableness, completeness or fairness of the information in any part of this presentation; and

• b) any obligation or undertaking to update or revise any information in this presentation.

Board and Senior Management

==> picture [189 x 133] intentionally omitted <==

==> picture [189 x 126] intentionally omitted <==

==> picture [186 x 126] intentionally omitted <==

Paul Cholakos Non-Executive Director

Jeremy Kirkwood Non-Executive Chairman

Tom Revy Chief Executive Officer

• BAppSc, Metallurgy

• B. Commerce

  • MBA & B. Engineering (Mining)

• 35 plus years’ experience in

• .global resources sector

• 35-plus years’ experience in

• ..finance

  • 30 plus years’ experience in

  • .resources sector

• ASX mining experience incl. CVCV

• .magnetite, base metals gold

• Former Managing Director.with

• .Credit .Suisse, Morgan .Stanley .and Austock

• Former Executive: Oil Search

• .Limited

• Corporate development and

• .strategic planning

• International experience.in Nth

• .America, Sth America.and .Asia.Pacific

• 30 years’ experience in .energy

• .and resources

• Project development .experience

• 20 plus years in senior technical

• .and commercial project roles

==> picture [44 x 81] intentionally omitted <==

==> picture [198 x 126] intentionally omitted <==

Hon Tony McGrady, AM Non-Executive Director

• 50 years’ experience in local and

• .state government roles and the not.for-profit sector

• Experience includes serving as CVCV

• .Queensland’s Minister for Mines.and .Energy, and State Development and .Innovation

• Chairman of the Queensland

• .Premier’s Ambassadors Council

• Member of the Order of Australia

Our strategy is to leverage our expertise in project development and mining, to become a leading global supplier of sustainably and responsibly produced premium magnetite products.

==> picture [44 x 81] intentionally omitted <==

Hawsons Iron Project Summary

==> picture [444 x 385] intentionally omitted <==

The HIO Project is located southwest of Broken Hill, 12 km from the South Australian border

The Project plan is to produce approx. 10Mtpa[1 ] of magnetite concentrate per year from a total Mineral Resource of 4.4Bt at 11.4% DTR[2] ; long life mine

The Project exhibits logistical advantages such as proximity to infrastructure (water, roads, rail, ports).

With its favourable metallurgical characteristics, the project is targeting specific markets with unique product specifications (e.g. high purity, low impurities) that distinguish it in the green steel market.

Byproduct work underway – Increased revenue & waste reduction

The information in this presentation that relates to HIO’s Mineral Resources and production targets is extracted from HIO’s ASX releases:

1 Refer ASX announcement - Hawsons a global leader after successful prefeasibility study

2 Refer Appendix 1 and ASX announcement - Hawsons Drilling Program and Resource Update Completed

Tier 1 Location

Low Risk Jurisdiction

• Access to all necessary infrastructure

• Awarded Major Project status by the Australian Government

• Highly supportive community – Broken Hill

• Located in an area which has had >130 continuous years of mining

• Access to highly skilled workforce

==> picture [44 x 81] intentionally omitted <==

==> picture [287 x 162] intentionally omitted <==

==> picture [350 x 338] intentionally omitted <==

==> picture [224 x 203] intentionally omitted <==

Magnetite Outcrop Hawsons Project Area

Established

Infrastructure

==> picture [227 x 146] intentionally omitted <==

• Below rail : ARTC

• Above rail : Aurizon or Pacific National

==> picture [227 x 137] intentionally omitted <==

• Adelaide: Flinders Ports

==> picture [372 x 456] intentionally omitted <==

==> picture [44 x 81] intentionally omitted <==

==> picture [198 x 226] intentionally omitted <==

Broken Hill (70km NE)

• Hospital & RFDS Facilities

• Rail hub

• Aggregate quarry

• Established HIO yard

• Power line from Mildura

• Engaged Community

The World is Chasing Hawsons Grade (68.5%+ Fe)

==> picture [44 x 81] intentionally omitted <==

==> picture [848 x 349] intentionally omitted <==

----- Start of picture text -----

Current Pricing
12 Nov 2024
68.5% Fe Premium Qingdao Port, CFR Equiv.
Range Estimate
•
58% Fe US$90/dmt
65% Fe Premium
Discount 12%
62% Fe
58% Fe Discount • 65% Fe
US$121/dmt
Premium 17%
• 68.5% Fe
Est. Premium 25-35%
2023 2024
Iron Ore 58% Premium 65%
Data sourced from ASX:MGX Presentation 20 Source : Shanghai Metals
March 2024 ……………Market
----- End of picture text -----

==> picture [799 x 22] intentionally omitted <==

Superior Metallurgical Properties

==> picture [44 x 81] intentionally omitted <==

The benefits of Hawsons Material

• HIO material deposited in a soft siltstone (a fine-grained silt in a sea)

• Significantly less energy used to crush and grind to extract the magnetite concentrate vs traditional ‘hard rock’ magnetite

• Subjected to low grade metamorphosis (heat and pressure) which converted clays to silicate minerals - Less water consumed during processing due to absence of clay

• Breaks around the grain boundaries, rather than through the magnetite mineral grains

• Proven benefits in pellet production

==> picture [222 x 178] intentionally omitted <==

When HIO material 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.

HAWSONS IRON

Hawsons Iron Ore Project | 10

www.hawsons.com.au

Enhancing Value

==> picture [44 x 81] intentionally omitted <==

Corporate (last 6 months)

Updated Company activities and importance of Hawson Project to key Government stakeholders including:

• NSW Premier, Chris Minns

• Minister for Natural Resources, Courtney Houssos

• Project Director, Steel Task Force at Department of Energy and Mining Sth Australia, Joe Mastrangelo

• Member for Barwon, Roy Butler

• Mayor of Broken Hill, Tom Kennedy

A reduction in overhead costs by more than 30% with other areas being reviewed

Clean-up of legacy issues including the Settlement of the Pure Metals legal claim

==> picture [403 x 314] intentionally omitted <==

Photo Source: CourtneyHoussos Instagram 8 November 2024

Hawsons recently participated in a community forum in Broken Hill attended by the NSW Premier and Cabinet Ministers

Enhancing Value

Hawsons Iron Project (last 6 months)

34% increase in Measured Mineral Resources to 528Mt and 19% increase in Indicated Mineral Resources to 1,882Mt[1]

The Fold Zone confirmed as a shallow, high-grade resource, still open to the south; priority target

Optimisation works (ongoing):

• Dry Comminution circuit potentially reducing CAPEX, operating costs, power and water usage - High level review of an alternative primary crushing circuit, demonstrates strong potential for major capital (~30%) and operating cost (25-30%) savings.

• 100% dry circuit to be investigated as a priority given the scope for significant cost, environmental, scheduling and permitting benefits

• Byproducts from tailings stream: reviewing the potential production of high-grade Si-sands and non-magnetic iron

• Further work will be required in a bridging phase on these areas identified as work on the DFS progresses.

==> picture [292 x 360] intentionally omitted <==

==> picture [292 x 34] intentionally omitted <==

==> picture [44 x 81] intentionally omitted <==

1 Refer Appendix 1 and ASX announcement - Hawsons Drilling Program and Resource Update Completed

Strategic Investors

Stage	1	Identify suitable strategic Investors, complete high-level presentations / discussions (under mutual NDA) & short list
		Complete detailed due diligence, discuss updates including
Stage	2	current optimisation program benefits, undertake site visits &
		commence high-level negotiations - ongoing
Stage	3	Complete binding & detailed negotiations

==> picture [46 x 49] intentionally omitted <==

==> picture [46 x 49] intentionally omitted <==

==> picture [46 x 49] intentionally omitted <==

==> picture [44 x 81] intentionally omitted <==

The ongoing positive results from the optimisation program are an integral part of discussions with potential Strategic Investors. The Strategic Investor process timeline will be extended as necessary to ensure that Hawsons’ shareholders realise the full benefits of the project’s optimisation program in any future funding arrangements.

* Planned Development Pathway

==> picture [44 x 81] intentionally omitted <==

Adding Value and De-risking the Hawsons Project

1. Fold identified mid-2024 as a priority “start-up” area

Forms the basis of the whole development process

Ongoing with completion est. Q1 2025

1. Complete dry circuit test work – small scale & pilot scale to DFS level

Complete potential byproduct test work & pricing to DFS level

Ongoing with completion est. 2H 2025

1. Drilling required to increase Measured & Indicated Mineral Resources in the Fold

Drill data, process results & cost information => mine schedule

==> picture [359 x 324] intentionally omitted <==

1. Inputs required:

2. Project development schedule

3. Production schedule

4. Process data

Completion est. 2026

5. Complete DFS

Formal binding offtake arrangements in place

Full Project Finance

Final Investment Decision (FID)

Completion est. 2026/7

Completion est. 2026

*Subject to availability of funds

What Could This Mean?

Completed Optimisation Review

Technical Outcome

Financial Target

==> picture [44 x 80] intentionally omitted <==

Variability & metallurgical test Critical input into final flow sheet Higher financial certainty work program (Fold Area) Total iron used in mine planning Decrease in overall future Decreased drill hole density drilling costs Simplified crushing circuit 30% capital savings Dry crushing circuit (Phase 1) * Lower water & power needs 25-30% opex savings Lower carbon footprint Simplified process circuit Full dry comminution circuit Lowest water & power needs >30% capital savings (Phase 1 & 2) Product handling benefits >25-30% opex savings Significant environ. benefits Positive changes/increases Resources By-product production – Si Lower start-up capital Downsize start-up scale sands and non-magnetic iron Increased revenue / tonne Downsize tailings dam Improved NPV, IRR Diversifies product range

* ASX Release 19 Nov 2024 - Optimisation Works Identifies Cost-Effective Dry Milling Processing

* Planned Development Pathway

==> picture [44 x 81] intentionally omitted <==

Adding Value and De-risking the Hawsons Project

==> picture [418 x 374] intentionally omitted <==

==> picture [35 x 41] intentionally omitted <==

Ongoing engagement with :

• Shareholders / investors

• Government / regulators

• Broken Hill Indigenous Community

• Broader Broken Hill Community

• Local pastoralists

Plans to follow ICMM principles

Actions: Social media, website, conferences, etc. - review

*Subject to availability of funds

All Stakeholders Win

==> picture [44 x 81] intentionally omitted <==

Collective Opportunity

• Hawsons Shareholders

• Return on investment

• Support for local Indigenous population

Planned Traineeships, employment / contracting and community sponsorship

• Community of Broken Hill

Ongoing Company support for local goods & services – benefit of 6x multiplier

• Employment potential

• 1000 during construction 400+ during operations

==> picture [280 x 265] intentionally omitted <==

• State Government of NSW Significant State royalties

• Federal Government Substantial direct income tax

• Off-Takers

Availability of unique high-grade feed for downstream processing from low-risk jurisdiction

• Multi-generational benefits

• Long mine life benefitting all stakeholders

Bullock team in street at Broken Hill, N.S.W. - very early 1900s

• Significant contributor to Global Decarbonisation

Why Hawsons?

==> picture [44 x 81] intentionally omitted <==

Compelling Opportunity

Long life mine with significant exploration upside Simple, low energy & chemical-free processing

Available infrastructure – water, rail, roads

Located near Broken Hill providing social, cost and established infrastructure benefits

Support at all Government levels – Regional, State and Federal Premium high-demand green product with positive long-term outlook

Experienced team with future recruitment plans in place A strong safety & ESG commitment to Corporate & Project development

Strong Project upside potential with value-adding and derisking activities well underway

==> picture [345 x 383] intentionally omitted <==

Hawsons Knob – Fold Area

Appendix 1 Mineral Resources

==> picture [44 x 81] intentionally omitted <==

==> picture [847 x 153] intentionally omitted <==

ASX Release 24 June 2024 - Hawsons Drilling Program and Resource Update Completed

CONTACT US

OFFICE

TELEPHONE

POWERING THE GREEN STEEL TRANSFORMATION

==> picture [406 x 540] intentionally omitted <==