Quarterly Activities and Cashflow Report

CuFe Ltd (ASX: CUF) (CuFe or the Company) is pleased to provide its Quarterly Activities Report and Appendix 5B for the three-month period ended 30 June 2024.

HIGHLIGHTS

• Significant decrease in JWD mining strip ratio during the quarter and significant improvement in crush and screen and haulage volumes.
• Increased sales volumes from JWD due to improved crusher and haulage performance.

• Iron Ore hedge book has provided significant protection against prices which continued to fall during the Quarter, with cash margin of $13.52 per tonne shipped inclusive of hedge impact and negative provisional pricing adjustments.
• North Dam Heritage Survey completed during the quarter and ground disturbance monitoring completed in July in preparation for maiden drilling campaign in August.
• Tennant Creek technical review commenced over the quarter with results announced post quarter end.

• West Arunta geophysical review complete leading to the acquisition of additional tenure.

• Crossroads Gold Royalty with Northern Star (2% NSR) progressing towards production.

• Completed capital raising via placement for $3.0m (before costs).

CuFe Executive Director Mark Hancock commented on the quarter: “It’s been pleasing quarter operationally at our JWD iron ore mine. Iron ore pricing has fallen over the quarter which has impacted margin but our hedge position has provided good protection so overall we achieved a positive margin on operations. Sales prices have continued to weaken post quarter end so we are monitoring the situation carefully and considering options for the way forward.

On the exploration projects we have continued to progress drilling preparation at our North Dam Project, located in close proximity to the Mt Marion Lithium mine. We have recently completed the heritage clearance of the drill lines with representatives of the Traditional Owners which now allows us to finalise arrangements with a drilling contractor with a view to commencing drilling in August. We have also continued to progress Access Agreements negotiations for our projects in the West Arunta region, an area which has continued to see exciting progress made by other players such as WA1 and Encounter.

On our evaluation stage projects we have completed a technical review of our Tennant Creek projects with the assistance of experienced geologist John Dobe. We see the Copper thematic as very positive in coming years and this review gives us a clear pathway to grow our existing copper resource.”

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