HAWSONS IRON LTD — Capital/Financing Update 2022

Jan 5, 2022

Media Release

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January 6 , 2022

Hawsons Iron Appoints Leading Consultants

Highlights

• JukesTodd (JT) and SLR Consulting (SLR) appointed by HIO to progress BFS works for the development of its Hawsons Iron Project

• Highly experienced professionals bring specialist expertise and resources for the successful and timely completion of the BFS, due December 2022.

Hawsons Iron Limited (ASX: HIO), an emerging producer of low-cost, high-quality iron ore, today announced the appointment of two specialist consultants to support and progress key aspects of the Bankable Feasibility Study (BFS) for its Hawsons Iron Project near Broken Hill, rated one of the world's best new high-grade iron ore projects.

JukesTodd (JT) and SLR Consulting (SLR) have been appointed to provide key inputs to the BFS to support the development of the Hawsons Iron Project, with JT appointed Integrated Delivery Partner to deliver commercial and technical advisory while SLR will lead environmental studies as Environmental Impact Statement (EIS) Consultant.

JT and SLR were selected, via a tender process, based on their experience, capabilities, capacity to add value and alignment with HIO’s Vision.

HIO’s Executive Chairman, Mr Bryan Granzien, said the Company was delighted to appoint both highly regarded companies which each bring specialist technical expertise and resources to aid the successful and timely completion of the BFS.

"JT is an independent project manager and advisory group, recognised both nationally and globally as a leader in large-scale resource projects and we are delighted to have them working alongside our internal team," said Mr Granzien.

Mr Granzien said SLR’s experience in obtaining State Significant Development project approvals in NSW and across the Asia Pacific Region would be valuable to completing the Hawsons Iron Project’s Environmental Impact Statement (EIS).

“JT and SLR bring additional expertise to help us progress and accelerate BFS works, moving us closer to taking the mine into production,” Mr Granzien said.

Mr Steve Jukes, Managing Director of JT said his company was excited to be selected as Integrated Delivery Partner.

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“JukesTodd has demonstrated study and project delivery experience, complementary team capability and shared values,” Mr Jukes said. “We are confident in achieving shared success with Hawsons and key stakeholders during our partnership,” he said.

While SLR Technical Director, Mr Peter Smith said SLR was proud to partner with HIO. “We are confident our skills and the alignment of our companies’ values will result in a productive long-term partnership,” Mr Smith said. “We are particularly excited by Hawsons’ commitment to delivering a Net Zero project and we at SLR are dedicated to helping in the delivery of this goal,” he said.

The Bankable Feasibility Study (BFS) for the Hawsons Iron Project is underway, fully funded via the recent A$35.6million capital raising before costs and is due for completion in December 2022. Leading research firm, Wood Mackenzie, has rated the Hawsons Iron Project one of the world's best high-grade iron ore development projects - excluding replacement or expansion projects owned by established miners.

About Jukes Todd

JT is an independent project manager and advisory group with a team of industry professionals providing the critical link between the commercial and technical aspects for asset owners during project feasibility, execution and operational phases. JT has clients in Australia, Asia, New Zealand, Africa, Europe and the Americas and a demonstrated capability for adding value in the development of large-scale resource projects, most recently as the Study Management Consultant for significant projects such as Agrimin's Mackay SOP Project, Rio Tinto's Winu Copper-Gold Project and the South32/Aquila JV's Eagle Downs Metallurgical Coal Project.

About SLR

SLR is a global leader in environmental and advisory services, with a team of 1,300 professionals delivering advice and support from a network of offices in Europe, North America, Asia-Pacific and Africa. Specialising in the oil and gas, mining and minerals, infrastructure, built environment, industry, financial services and power sectors and operating across 30 technical disciplines, SLR staff deliver on a wide range of both strategic and project-specific issues to a growing base of business, regulatory and government clients.

For further information:

Investor Contact: Media contact: Greg Khan, Company Secretary Kerry Bailey, Corporate Communications Lead E: greg.khan@hawsons.com.au E: kerry.bailey@hawsons.com.au P: +61 (0)474 550 720 P: +61 (0)419 024 721

About Hawsons Iron Limited

Hawsons Iron Limited (ASX: HIO) is an iron ore developer and producer listed on the Australian Stock Exchange. The company is focused on developing its flagship Hawsons Iron Project near Broken Hill into a premium provider of high-quality iron ore products for the global steel industry. The Hawsons Iron Project is situated 60km southwest of Broken Hill, New South Wales, Australia in the emerging Braemar Iron Province. Prefeasibility Study (PFS) results for its Hawsons Iron Project completed in 2017 showed it capable of producing the world’s purest, high-grade iron product (70% Fe), making it the world’s leading undeveloped high-quality iron ore concentrate and pellet feed project.