Preferred technology pathways to prioritize for green iron-making in Australia (% workshop participants)FIGURE 1 Notes: Survey of Adelaide workshop participants, August 2025. Indicative data only . Number of participants (“n”) = 44. DRI = dir ect r educed ir on, CCS = carbon captur e & storage.Green hydr ogen- based DRINatural gas-based DRI with pr ogressive hydrogen blending over the subsequent 10-15 yearsGas-based DRI with CCS and the possibility of blending hydrogen later onElectr olysis: high temperatur eElectr olysis: low temperatur eGreen hydrogen-based DRI is by far the most preferred pathway 2%0%59% 16%23% To produce direct reduced green iron, Australia either needs to invest in beneficiation and electric smelting of Pilbara’s ubiquitous hematite; or it must ramp up mining of its DRI-preferred magnetite ore. Both pathways are valid. With countries such as Brazil, Canada and Sweden already well-advanced down the DRI pathway, the Institute for Energy Economics and Financial Analysis (IEEFA) argues that “if it wants to remain competitive, Australia must focus on developing its magnetite iron ore sector,” even though building the infrastructure to concentrate raw magnetite ore into high-grade pellets is likely to take “up to a decade”.30 Clarity on the direction of the technology – and which options are commercially viable – is critical for investors on the supply side. However, on the demand side, buyers (including those associated with FMC and RMI) are technology-agnostic. The main criterion is that the product is authentically certified as near-zero emissions. Existing magnetite iron ore facilities Australia’s magnetite iron ore sector has developed over the past two decades and currently features a handful of major facilities capable of delivering large-scale ore concentrate and pellets ready for DRI production (see Figure 2 and Table 1):31 Iron Bridge (Pilbara, WA): Fortescue’s first magnetite mining operation, which (unlike its hematite operations) produces a wet magnetite concentrate that is transported via a 135 km specialist slurry pipeline to Port Hedland. In June 2025, the company applied for permission to build a 2.1 GW wind farm and a 220 kV transmission line to support the decarbonization of this operation.32,33 Sino Iron-Cape Preston (Pilbara, WA): Commissioned in 2013, this CITIC Pacific Mining facility has a designed capacity of 24 Mtpa magnetite concentrate. The project cost a reported $12 billion – far over budget – and was thought to have delivered around 14 Mt in 2024. Karara (Mid West): This plant shipped its first magnetite concentrate in 2013 and has a current capacity of 8 Mtpa. Plans to expand to 37 Mtpa have not yet materialized. SIMEC Mining (SA): This facility in South Australia’s Middleback Ranges has been mining 2.2 Mt of magnetite to produce 1.3 Mtpa of pellets for use at Whyalla Steelworks. The company’s plan to expand production to 15 Mtpa of DR-grade concentrate rests on the future of Whyalla, currently in administration. Savage River (Tas): This is Australia’s oldest operating iron ore concentrate facility, located in Tasmania. Annual magnetite pellet capacity is 2.6 Mt.Green iron pilot projects and capacity Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 14

Unlocking Asia-Pacific as a First Mover 2025