We've made good progress de-risking the logistics pathway for our Bekisopa iron ore project, and wanted to share where things stand.

Bekisopa's PFS, released in March 2025, set out a 420km pit-to-port road haulage route to export our high-grade iron ore. Since gaining the mining permit in March 2026, we've been working to firm up and optimise that logistics plan ahead of full commercialisation.

On the road side, a July 2026 survey of the RN7 national highway confirmed government-backed upgrades are underway along the route, and we've identified a possible alternate regional route that could cut travel distance by 8 to 10%, with the potential to meaningfully reduce haulage operating costs. We're also in discussions with experienced local bulk transport operators, given road haulage is the single largest cost in this project.

At the port end, site visits confirmed the existing infrastructure can handle our stage one volumes. Our plan uses mobile conveyors and low-draft barges to keep upfront capital costs down while still allowing for future scale-up. Work on transshipping partnerships and the operating approach will continue through the fourth quarter of 2026.

Separately, the environmental and social impact work and community development planning, both required parts of the approvals process, are progressing well and nearing completion.

It's worth being clear that these are studies, surveys and discussions still in progress, not finalised commitments, and the alternate route and haulage arrangements remain under investigation. We'll keep the market updated as this work advances.

If you have questions about this announcement, we'd encourage you to send them through the question box on this page.