Iron Bear Resources Ltd · ASX:IBR
Iron Bear Resources — Investor Presentation (May 2026)
24 slides from Iron Bear Resources's investor presentation, May 6, 2026
Slide 1: Project Highlights and Development Strategy
For personal use only PROJECT HIGHLIGHTS AND DEVELOPMENT STRATEGY A World Class Iron Ore Development In Canada ASX: IBR • I R O N B E A R R E S O U R C E S L T D PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA 1
Slide 2: Disclaimer
Disclaimer ASX: IBR This presentation may contain forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance and may involve unknown risks and uncertainties. Actual results and developments will almost certainly differ For persona
Slide 3: Iron Bear Project Highlights & Recent Developments
Iron Bear is a world class iron ore project, being jointly developed with Vale, which is positioned to dominate the high value and high growth Direct Reduction iron ore market ASX: IBR IRON BEAR PROJECT HIGHLIGHTS & RECENT DEVELOPMENTS 1 Iron Ore Magnetite project located in Canada, less than 35km f
Slide 4: Joint Venture with Vale to Develop Iron Bear
Iron Bear and Vale executed a Development Agreement to bring the Iron Bear Project to Decision to Mine and provides a clear pathway to production ASX: IBR JOINT VENTURE WITH VALE TO DEVELOP IRON BEAR1 Under the terms of the agreement, Vale has the right to provide up to USD138 million of funding to
Slide 5: Iron Bear JV Strategic Plan
The Iron Bear Project underpinned by a clear operational plan to rapidly de-risk the asset and enable Vale to achieve decision to mine in 3 to 4 years ASX: IBR IRON BEAR JV STRATEGIC PLAN Operational Op. milestone X X X Op. milestone X Op. milestone As of May 2026 milestone achieved started delayed
Slide 6: 2025 Transformational Year of Operational Progress
2025 was a transformational year of rapid operational progress and the year in which Vale committed to the Iron Bear project ASX: IBR May 2025 Februray 2025 Oct 2025 Nov 2025 Pellet Plant July 2025 For personal use only Agreement with August 2025 Rail Study Process Plant operational design Slurry pi
Slide 7: Tenements Location and Infrastructure
Iron Bear has privileged access to infrastructure and 1 hydropower, in proximity to major iron producers ASX: IBR TENEMENTS LOCATION • The tenements are located in Newfoundland Labrador, approximately 35 km northwest from the town of Schefferville For personal use only • The Property consists of 14
Slide 8: Iron Ore Resource
For personal use only IRON ORE RESOURCE World class 100% owned Iron ore mineral resource of 16.6 billion tonnes @ 29.3 Fe% (inferred and indicated JORC 2012 compliant) Refer to ASX announcement 11th April 2024 ASX: IBR • I R O N B E A R R E S O U R C E S L T D PROJECT IRON BEAR | A WORLD CLASS IRON
Slide 9: Mineral Resource Estimate
2 Iron Bear has a world class JORC1 compliant mineral resource of 16.7 billion tonnes including 2.15 Bt in the indicated category ASX: IBR MINERAL RESOURCE ESTIMATE2 Cut-off 12.5% Magnetic Fe • An upgraded mineral resource statement is For personal use only CATEGORY Tonnes (Billion) Total Fe% Mag Fe
Slide 10: Iron Bear Drilling Locations
2 115 diamond drill holes have been completed totalling 28,021m of core. There is an excellent correlation between the drilling and the magnetic inversion models2 ASX: IBR IRON BEAR DRILLING LOCATIONS • Two major drilling campaigns were completed in 2011 and 2012 and over 100t of drilling were colle
Slide 11: Premium Quality Product
For personal use only PREMIUM QUALITY PRODUCT Production of high-quality DR* grade concentrate grading 71% Fe and 1.2% SiO2 due to an exceptional low impurity ore body Refer to ASX announcement 23rd April 2024 DR* = Direct Reduction refers to the production of high purity magnetite concentrates nece
Slide 12: Magnetite Concentrate Specifications
3 Metallurgical test work delivered high quality magnetite concentrates with high Fe yields, low silica and very low deleterious elements including manganese* ASX: IBR MAGNETITE CONCENTRATE SPECIFICATIONS % by weight Fe SiO2 Al2O3 CaO MgO MnO P2O5 Stotal TiO2 For personal use only DR concentrate 71
Slide 13: Iron Bear DR Pellets Specifications
3 Iron Bear has produced 300 kg of Direct Reduction (DR) pellets which have world class properties physical and metallisation properties, and ultra-low deleterious elements ASX: IBR IRON BEAR DR PELLETS SPECIFICATIONS For personal use only Only three companies in the world can supply similar DR pell
Slide 14: Iron Ore Market
For personal use only IRON ORE MARKET Iron Bear is targeting the high value Direct Reduction Pellet Market anticipated to grow by 32% from 180 Mtpa to 266 Mtpa by 2035* Refer to Wood Mackenzie, Global iron ore investment horizon outlook – Q3 2025 ASX: IBR • I R O N B E A R R E S O U R C E S L T D 14
Slide 15: Transition in Iron Ore and Steelmaking 2024 to 2035
4 Transition in Iron Ore and Steelmaking – 2024 to 2035 ASX: IBR Global Steel Production by Process, 2024* Iron Ore Consumption by Product Type Total = 1,854 Mta, 2024 DR Pellet consumption is set to increase by For personal use only 86Mt to 2035 387 2024 2035 21% Total = 2,290 Mta Total = 2,290 Mta
Slide 16: MENA Driving Pellet Demand Increase
4 MENA will drive a large increase in pellet demand, as GCC countries seek to take full advantage of their natural gas resources ASX: IBR Pellet Demand (in Mt) For personal use only GCC countries are aggressively buildind DR steel mills and Vale is prioritising this region for its steel hubs PROJECT
Slide 17: Iron Bear DR Concentrate on Value-Adjusted Cost Curve
4 With adjustments based on product quality, the Iron Bear DR concentrate sits in the first quartile on the value-adjusted cost curve ASX: IBR Value in use adjustment factors product properties versus the For personal use only 62% benchmark and applies the resulting premium or discount to the CFR ca
Slide 18: Scoping Study
For personal use only SCOPING STUDY Iron Bear scoping study delivers robust economics with conservative long term price assumptions of USD 90/t for the IODEX 62% benchmark* *Refer to ASX announcement 11th August 2025 ASX: IBR • I R O N B E A R R E S O U R C E S L T D 18 18 PROJECT IRON BEAR | A WORL
Slide 19: Scoping Study Financial Evaluation of Base Case
Iron Bear Resources completed a scoping study in August 2025 which outlines compelling 5 economics with conservative price assumptions (long term iron ore price USD 90/t CFR*) ASX: IBR FINANCIAL EVALUATION OF BASE CASE SCENARIO 25 Mta PRODUCTION1 Nominal Life of Mine Cash Flows Post-tax NPV8% For pe
Slide 20: Schedule to Pre-Feasibility Study
5 Schedule to Pre- Feasibility Study ASX: IBR For personal use only Notes PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA 20
Slide 21: Leadership Team and Board of Directors
IBR has a strong leadership team and committed Board with the right Corporate Snapshot set of skills, to bring the Iron Bear project to Decision to Mine Iron Bear Resources |ASX:IBR ASX: IBR Board of Directors David Sanders Paul Berend Chairman Managing Director and CEO 54.0 0.018/0.081 For personal
Slide 22: Senior Leadership
Highly credible leadership team with experience in developing Corporate Snapshot large scale mining projects Iron Bear Resources |ASX:IBR ASX: IBR Senior Leadership Paul Vermeulen Floriane Desmergers VP Technical and Engineering GM Sustainability and Public Affairs 54.0 0.018/0.081 For personal use
Slide 23: Compliance Statements
Compliance Statements ASX: IBR Mineral Resource Competent Person The information in this report that relates to Mineral Resources is based on information compiled by Elizabeth Haren, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy and a member of the Austral
Slide 24: Thank You
For personal use only THANK YOU! Project Highlights and IRON BEAR RESOURCES LTD ASX: IBR Development Strategy CONTACT: IR@IRONBEAR.ORG WEB:WWW.IRONBEARRESOURCES.COM
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