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Mineral Resources and Ore Reserves update

Mineral Resources has announced updated Mineral Resources and Ore Reserves statements (100% basis) for our Mt Marion and Wodgina lithium deposits and a maiden Mineral Resources and Ore Reserves (100% basis) for our Ken’s Bore iron ore deposit as of 30 June 2023.

Mt Marion and Wodgina, located in Western Australia’s Goldfields and Pilbara regions respectively, are world-class hard rock lithium mines producing high-quality spodumene concentrate.

The Ken’s Bore iron ore deposit, located in the West Pilbara region of Western Australia, is one of several deposits underpinning development of the Onslow Iron project by MinRes, in partnership with the Red Hill Iron Ore Joint Venture.

Highlights

  • Mt Marion Ore Reserve of 35.7Mt at 1.42% Li2O, representing a significant 107% increase from June 20221
  • Mt Marion Mineral Resources of 64.8Mt at 1.42% Li2O, up 26% from June 2022
  • Wodgina Ore Reserve of 164.6Mt at 1.15% Li2O, up 12% from June 2022
  • Wodgina Mineral Resources of 217.4Mt at 1.15% Li2O, down 16% from June 2022
  • Maiden Ken’s Bore Ore Reserve of 207Mt at 58.1% Fe
  • Maiden Ken’s Bore Mineral Resources of 394Mt at 56.4% Fe

Mineral Resources and Ore Reserves estimates are in accordance with the ASX listing rules and the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012).

The Mt Marion figures are solely based on an open pit scenario. As a result, pending further deep drilling success, there is additional opportunity to incorporate underground Ore Reserves.

As of June 2023, lithium Ore Reserves were estimated at an assumed spodumene concentrate price of US$1,639 per tonne (6% Li2O concentrate). Ken’s Bore Ore Reserve was calculated using an assumed iron ore Platts 62% index price of US$80 per tonne.

MinRes Managing Director Chris Ellison said:

“This update confirms the quality of MinRes’ lithium and iron ore assets, which are some of the best in the world.

“Across Mt Marion and Wodgina, our lithium reserves now total more than 200 million tonnes, while successful drilling at Mt Marion has confirmed it has a longer life and excellent potential for underground mining.

“Our maiden Ore Reserve and Mineral Resources at Ken’s Bore underpins the transformational Onslow Iron Project currently under construction, and together with the other Joint Venture resources will see MinRes deliver low-cost, quality iron ore for decades to come.”

Full details on updated Mineral Resources and Ore Reserves statements are available in our ASX Announcement.

 

1.ASX announcement dated 7 October 2022 Lithium Mineral Resources and Reserve Update