Non-core

Moonlight project

Historic

2008 - 2010

  • 5,800 metres of reverse circulation drilling carried out and maiden resource estimated
  • Scoping study completed by ProMet Engineers Pty Ltd in Perth, Western Australia
  • Reverse takeover of ASX-listed Washington Resources
  • Completion of BEE acquisition
  • Admission to AIM market in London, and completion of a GBP10 million capital raising (approximately AUD16 million)
  • New development option decided for Moonlight Project

2011

  • Core storage and processing facility constructed
  • Core cutting sampling and bulk density measurement now to be conducted on site, resulting in improved sample turnaround
  • Offtake agreement with Swiss based Duferco SA signed
    • Offtake for direct reduction and/or blast furnace product from iron ore projects in South Africa
    • Anticipated 4.5 million tonnes (mt) of iron ore pellets per year export to be produced (plus 1.5mt per year to be sold domestically) initially from Moonlight project
  • 990m of diamond core drilling and 13 holes totalling 1,600m of reverse circulation (RC) drilling completed
  • Definitive feasibility study ("DFS") progressed, including work on the metallurgical testwork programme, pipeline engineering and access studies, and identification of construction contractors and processing plant suppliers.
  • Admission to JSE in South Africa
  • The Mineral Corporation Consultancy (Pty) Ltd appointed for resource expansion and associated study

2012

  • New JORC compliant resource at Moonlight Iron Ore Project of 307.8 million tonnes @ 26.9% Fe
  • Mining right covering the farms "Moonlight", "Julietta" and "Gouda Fontein" granted
  • New prospective targets identified south, east and west of the Moonlight Deposit
  • Moonlight Mining Right (granted in May 2012) executed and registered
  • 2,827 line km on 50m line airborne aeromagnetic survey completed and interpretation of the results of the high resolution survey confirms fresh exploration targets
  • Infrastructure solution analysis progressed with supplier discussions
  • Strong relationship with the local communities to be impacted by mining and with local municipalities
  • First tranche of BEE "flip" completed, resulting in transfer to Ferrum of the BEE partner's interest in the Moonlight Iron Ore Project and issue of Ferrum shares to that partner

Production profile concept

  • Contract, open-pit mining and concentrate production at Moonlight
  • Slurry concentrate pipeline to pelletising plant near railhead, with return water to Moonlight (100 - 220km), Lephalale and Thabazimbi preferred sites
  • Pelletising plant to produce iron ore pellets (68.5% Fe) for international and domestic markets
  • Planned production at 6 Mtpa DRI and BF grade pellets
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