CuFe Limited

Investor Insight

CuFe Limited’s multi-commodity exposure offers a diversified investment opportunity across copper, iron ore, gold and critical minerals including bismuth, silver and niobium in established and emerging Australian mining jurisdictions.

Overview

CuFe Limited (ASX:CUF) is a multi-commodity exploration and development company with interests in a portfolio of assets across Western Australia and the Northern Territory. The company’s strategy is underpinned by its advanced project at Tennant Creek, (whose JORC resource includes copper/gold/bismuth and silver) complemented by iron ore, gold and critical mineral exploration assets.

The Tennant Creek project hosts a combined JORC 2012 Mineral Resource of 24.4 Mt at 1.80 percent copper and 0.55 grams per ton (g/t) gold, inclusive of 18,224 tonnes of bismuth and 2.03 Moz of silver across the Orlando and Gecko deposits. CuFe holds a 55 percent interest in more than 240 sq km of prospective tenure in the Tennant Creek region.

CuFe is advancing development studies at Tennant Creek while pursuing resource growth and confidence upgrades. The company is working in collaboration with Emmerson Resources and Tennant Minerals under a strategic alliance aimed at identifying processing and development synergies across the district.

In parallel, CuFe continues to evaluate development and exploration opportunities across its iron ore portfolio in the Northern Territory and Western Australia, and its emerging niobium opportunity in the West Arunta region.

Company Highlights

• CuFe Limited is an ASX-listed exploration and development company with exposure to copper, gold, bismuth, silver, iron ore and niobium,
• The company’s assets are located in mature mining regions in Western Australia and the Northern Territory, benefiting from established infrastructure and supportive regulatory frameworks.
• CuFe’s portfolio is prospective for copper (Tennant Creek, Bryah Basin), iron ore (Yarram, Camp Creek, Robertson Range), gold (Tennant Creek, North Dam, Tambourah, Nullagine), Bismuth (Tennant Creek), Silver (Tennant Creek) and niobium (West Arunta).
• Two projects host existing JORC-compliant resources: the Tennant Creek copper-gold-bismuth-silver project (55 percent CuFe) and the Yarram iron ore project (50 percent CuFe).
• The company is led by an experienced management and technical team with a track record across discovery, development, operations and capital markets.

Key Projects

Copper

Tennant Creek

CuFe’s Tennant Creek project is located in the highly prospectiThe Tennant Creek project is located within the highly prospective Gecko–Goanna copper-gold corridor of the Northern Territory. The project comprises the Orlando and Gecko deposits and hosts a combined JORC 2012 Mineral Resource of 24.4 Mt at 1.80 percent copper and 0.55 g/t gold, with potential additional by-product credits of bismuth (18,224 t) and silver (2.03 Moz).

The project has access to established infrastructure, including grid power, a gas pipeline, the Stuart Highway and rail access to Darwin.

CuFe released an Orlando open pit scoping study during the September 2025 quarter, demonstrating attractive standalone economics with a pre-tax NPV (7 percent) of $355 million on a 100 percent basis. The study highlighted potential upside from further resource growth, underground mining potential and potential regional processing solutions under the Tennant Creek alliance.

Approvals are in place to support ongoing infill, geotechnical and metallurgical drilling, as well as further exploration across the broader project area.

Bryah Basin JV Projects

Through wholly owned subsidiary Jackson Minerals, CuFe holds a 20 percent interest in approximately 800 square kilometres of prospective tenements near the former DeGrussa mine and Doolgunna project. These tenements are under joint ventures and farm-ins with several partners, notably the Morck Well and Peak Hill projects. CuFe is free-carried to a decision to mine.

Gold

North Dam

The North Dam project is located approximately 50 km south-southeast of Coolgardie, close to established gold deposits including Wattle Dam and Spargos Reward. Exploration focus has returned to gold, with the project considered prospective for high-grade mineralisation.

Tambourah

The 100 percent owned Tambourah tenure hosts historic gold workings and known gold-bearing quartz reefs. A recent review of historical data and sampling has highlighted potential for high-grade gold mineralisation, with further field work planned to refine drill targets.

Nullagine

The company has a series of 100 percent owned prospecting licences located in the East Pilbara, near the Warrawoona gold mine which have been the subject of small scale surface mining but limited modern exploration work.

Niobium

West Arunta

CuFe’s 100 percent owned West Arunta project comprises four granted exploration tenements in a highly prospective region for carbonatite-hosted niobium and rare earth element mineralisation.

The company has secured land access agreements and received entry permits for all four tenements. A work program has been issued, with on-ground mapping and rock chip sampling planned following the wet season to refine drill targets.

Iron

Yarram

The Yarram iron ore project is located approximately 110 km from the Port of Darwin. It hosts a JORC-compliant resource comprising 5.6 Mt of high-grade direct shipping ore grading above 60 percent iron, plus an additional 7.1 Mt of lower-grade material with beneficiation potential.

Technical studies completed to date and the project’s proximity to infrastructure support its potential as a development opportunity. CuFe is assessing potential development pathways within the existing mining lease, including options centred on the Captain Morgan area.

Camp Creek

Camp Creek is located approximately 5 km southwest of Yarram and shares similar infrastructure advantages to the Yarram project. Initial rock chip sampling has returned assays of up to 67.91 percent iron with low deleterious elements, supporting further mapping, sampling and drill targeting.

Robertson Range

Located within the Bryah Basin region, this project is undergoing staged field exploration. Initial rock chip samples showed over 60 percent Fe, and the next phase includes drilling to test continuity at depth.

Management Team

Tony Sage - Executive Chairman

Tony Sage is an entrepreneur with over 36 years of experience in corporate advisory services, funds management and capital raising, predominantly within the resource sector. He is based in Western Australia and has continued to be involved in managing and financing listed mining and exploration companies with a diverse commodity base. Sage has developed global operational experience within Europe, North and South America, Africa, Oceania, Asia and the Middle East. He is currently executive chairman of European Lithium (ASX:EUR) and NASDAQ-listed Critical Metals (NAS:CRML).

Mark Hancock - Executive Director

Mark Hancock has over 30 years’ experience in key financial, commercial and marketing roles across a variety of industries with a strong focus on natural resources. During his 13 years at Atlas Iron Ltd, Hancock served in numerous roles including CCO, CFO, executive director and company secretary. He has also served as a director on a number of ASX listed entities and is currently a director of Centaurus Metals.

David Palmer - Non-executive Director

David Palmer is a geologist and company director with more than 38 years’ experience in the global exploration industry, the majority of his career has been with Rio Tinto Exploration, focused on copper/gold, base metals, industrial minerals, uranium, iron ore,and diamonds throughout Australia and the Asia/Pacific. Amongst other senior positions, Palmer led the business development, mineral title and Indigenous engagement functions and was part of the management team that discovered the world-class Winu copper-gold deposit.

Scott Meacock - Non-executive Director

Scott Meacock has a wealth of experience as external counsel acting in, and advising on, complex corporate and commercial law transactions and disputes for clients in a wide range of industry sectors including natural resources and financial services. Meacock currently serves as the chief executive officer and general counsel of the Gold Valley Group.

Matthew Ramsden - GM Development

Matthew Ramsden is an experienced geologist and project developer commencing his career in Tasmania before stints in the Pilbara with Rio Tinto and Atlas Iron, where he played a key role in the development and ramp-up of six iron ore mines. He joined CuFe in 2021 to commence the JWD iron ore mine and now has oversight over the company’s exploration and development projects. Ramsden is a member of the Australasian Institute of Geoscientists.

Siobhán Sweeney - Geology Manager

Siobhán Sweeney brings over 13 years’ geology experience to the CuFe team, from greenfields exploration to resource development with a strong focus on target generation and development of iron ore projects. During her eight years at Atlas Iron, Sweeney was instrumental in developing critical iron ore projects in the Pilbara such as Miralga Creek and Corunna Downs. Since joining CuFe in July 2021, Sweeney has been tasked with developing and implementing mine geology processes during the start-up phase of the JWD mine. She has delivered a successful exploration drill campaign to further define the Yarram iron ore deposit.