Significant 108.5Mt 58.0% Fe DSO Resource Defined at Hamersley Iron Ore Project

Equinox Resources Limited (ASX: EQN) (“Equinox Resources” or the “Company”) is pleased to announce a Mineral Resources Estimate (“MRE”) for Direct Shipping Ore (“DSO”) for the 100% owned Hamersley Iron Ore (“Hamersley” or “Project”) of 108.5Mt at 58% Fe¹.

• Equinox has defined a large-scale, high-grade Direct Shipping Ore (DSO) component of its wider Iron Ore Resource, totaling 108.5Mt at 58% Fe.
• Equinox’s DSO Inferred Mineral Resource Estimate (MRE) is very similar in grade to the Pilbara fines product from the region sold to Asian markets.
• The resource is strategically located in the infrastructure-rich Pilbara region of Western Australia, approximately 30 km south of Fortescue Metals Group's Solomon Mining Hub (ASX: FMG) currently producing ~65 to 70Mtpa at 56.9% Fe.
• The DSO mineralisation starts ~20 meters below surface and is likely to be easily mineable given the uniform nature of the deposit with no deleterious material present.
• There is significant exploration upside potential to grow the DSO material, as evidenced by drill hole PLRC0167 which ended in mineralisation of 61.6% Fe.
• An infill Phase 1 drilling program of approximately 3,300 meters is planned for H2 CY2024 in the high-grade region of the orebody.
• Metallurgical testwork shows that post-screening and scrubbing, the iron grades can upgrade to approximately 60% to 62% Fe.
• Importantly, this JORC compliant MRE, sits on a mining lease with a native title agreement in place and could be rapidly developed against the backdrop of a high iron ore price environment.
• The initial DSO MRE is one of the largest undeveloped hematite detrital resources in the Pilbara, wholly owned by an ASX-listed junior company.

Equinox Resources Managing Director and CEO, Zac Komur, commented:

“At Equinox Resources, we're committed to advancing the Hamersley Iron Ore Project with a clear focus on accelerating its exploration and development. The reinterpretation of the Mineral Resource Estimate confirms an initial Direct Shipping Ore of 108.5 Mt at a grade of 58.0% Fe targeting the Platts 58% Fe Index and highlighting significant hematite mineralisation. By reassessing the resource and collaborating closely with our geological team, we've unlocked a clearer understanding of its true economic potential, whilst revealing unprecedented exploration upside.

This MRE update lays the groundwork for targeting the higher-grade region of the ore body. Our Phase 1 drilling program for the second half of CY2024 is set to unlock this higher-grade region, further enhancing the resource volume and grade.

These strategic efforts will pave the way for a comprehensive scoping study. This study will thoroughly evaluate alternative valuation scenarios, considering both the MRE for 58% Fe and a +60% Fe market index, with our decisions driven by a commitment to maximising value for shareholders.”

Figure 1: Location map showing Hamersley Iron Ore Mining Lease in the Pilbara Region of Western Australia

Significant Undeveloped Pilbara Hematite Detrital Project

Equinox Resources has released a DSO MRE as part of the development of the Hamersley Iron Ore Project. This MRE incorporates the results of a recent geological re-interpretation of the deposit conducted by ERM Australia Consultants Pty Ltd, trading as CSA Global, the Company's geological consultant.

The Hamersley Iron Ore Project is supported by a comprehensive knowledge base, including 22,621 meters of historical drilling, assays, geological modelling, metallurgical testwork, and geophysical data. This data has been re-interpreted to enhance the geological characterization and lithological domaining of the deposit.

The initial DSO MRE for the project represents one of the largest undeveloped hematite detrital resources in the Pilbara, wholly owned by an ASX-listed junior iron ore company. With a target grade of 58% Fe, the project can produce a DSO iron ore product that is saleable in the current market.

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