The JWD Deposit is an exceptional, DSO iron ore project, producing a high grade, low impurity iron ore lump.

JWD Deposit is part of the wider Wiluna West project owned by GWR Group.

Ownership •In Sep-20, FEL acquired a 51% interest (including operatorship) in the Gold Valley Iron Ore Mining Rights Agreement over the Wiluna West JWD deposit (JWD Project)

•JWD Project is part of the wider Wiluna West project owned by GWR Group

Project Overview •Low capex, direct-shipping iron ore development project which will produce a high-grade (resource average ~63.7%), low impurity iron ore, with approximately 65% of the material presenting as high-value lump ore
Location / Infrastructure •Located in Western Australia, ~700km from Geraldton Port with multiple road / rail transport combinations being evaluated

•Multiple third party camps located nearby with available capacity to reduce upfront capex

Resource •10.7Mt @ 63.7% Fe using a 55% Fe cut off

•All exploration and resource definition completed along with metallurgical test work program

First Production •Mining and transport of first 300Kt required under iron rights agreement to occur by Sep-2021