AP23 Deposit

IndiOre Indian Iron Ore Project Locations

AP23 is a mining lease of 180 acres (72 Hectares) in size. It is located in the district of Kurnool, only 13kms from IndiOre’s existing stockyard, 5km from a national highway and 13km from rail, with significant supporting infrastructure in place.

IndiOre Indian Iron Ore Project Locations

AP23 is located in the same geological basin as the 100% owned Kuja and Mangal mining leases. It contains a significant quantity of iron ore material amenable to both indiOre’s Phase One dry beneficiation plant and Phase Two wet beneficiation plant.

Hematite and Ferruginous Chert Exposures in Trial Pits

Fe Grade Distribution for ROM and Hematite

The following table represents a summary of the Target Mineralisation for the in situ hematite and low grade material amenable to beneficiation

Table 2 Summary of Target Mineralisation

Based on the details furnished in this geological report the Company is expecting an initial Target Mineralisation ranging from 38mt – 95mt of material with grades ranging from 20-55% Fe, which will be amenable to beneficiation utilising the existing technology and process flow sheet already developed by IndiOre for the ferruginous material in the Cuddapah basin.

It should be noted that the exploration target quoted above is conceptual in nature and there has been insufficient exploration to define a Mineral Resource under the JORC Code. It is uncertain if further exploration will result in the determination of a Mineral Resource