Onslow Iron Royalty

Red Hill Minerals holds a 0.75% FOB royalty on Mineral Resources Limited entitlement to iron ore production from ⁽¹⁾;

1. the RHIOJV tenements;
2. the Mineral Resources Limited owned Bungaroo South tenement (M47/1464); and
3. the Australian Premium Iron Joint Venture (APIJV) owned Upper Red Hill Creek tenement (M47/1504) for a period of 10 years from the date that the first commercial shipment of product from any of the RHIOJV tenements, contingent upon MRL acquiring an interest in future iron ore production from that tenement.

The RHIOJV tenements contain Mineral Resources of 820 Mt grading 56.44% iron ore (JORC Code 2012 Edition)⁽²⁾.

Payment of the 0.75% royalty from the RHIOJV tenements has commenced in May 2024⁽³⁾.