Magnetite concentrate is already being produced in Pilbara, in relatively modest quantities – for example in Iron Bridge (~5-9 Mt) and Cape Preston (~14 Mt) – with Ridley Magnetite Project near Port Hedland going through regulatory approvals. Despite Pilbara’s rich resources, its green future is hampered by inadequate renewable power and shared-used transmission infrastructure, with slow approvals preventing progress (see Chapter 4.3). Geraldton, Western Australia Geraldton has the potential to produce the cheapest green iron in Australia after Eyre Peninsula – at ~AU$770 per tonne of (green HBI, flexible) without policy support, according to TSI (see Figure 5). Its renewables infrastructure is well-developed and it has access to reserves of DR-grade magnetite ore from the nearby Mid-West. Geraldton’s connection to wholesale electricity markets via the South West Interconnected System (SWIS) enables producers to shore-up the cost-effectiveness of renewable energy production by arbitraging power prices.Momentum behind green iron production is building in the region. The Mid-West Green Iron project aims to produce 7 Mtpa of green iron pellets by 2029, while Green Steel of WA plans a 2.5 Mtpa hydrogen-ready DRI plant at Oakajee. Geraldton’s existing deep-water port and the planned Oakajee Strategic Industrial Area (SIA) offer direct export routes to key Asian steelmakers seeking low-carbon feedstocks.120 Gladstone, Queensland Gladstone is a hub of heavy manufacturing, with natural and economic assets that position it well for a future in green iron. It has access to extensive renewable energy resources, with the potential to generate over 47 GW of renewable energy.121 Its industrial infrastructure includes the deepwater Port of Gladstone, with a total throughput of 120 Mt per annum.122 In addition, Gladstone has a highly skilled workforce, with 14.4% of the region’s jobs in the manufacturing sector.123 However, the city also faces pressure from local communities about the impacts of industrial development on healthcare, housing and liveability.124 The idea of Lighthouse projects to prove the commercial viability of green iron captured the imagination of participants at the Adelaide workshop. It should be possible to secure FID for one or two commercial-scale green hydrogen- based DRI plants by the end of 2027, they reasoned. These projects could act as anchors for the industry, unlocking investor confidence and catalysing the development of green iron infrastructure and corridors. Participants said the most likely risks facing the rapid roll-out of Lighthouse projects are access to sufficient quantities of affordable green power and the speed of government approvals. They suggested the following key enablers: –Common-user infrastructure for electricity transmission, iron ore beneficiation and testing (e.g. DRI + EAF or ESF), as well as for hydrogen storage and logistics. –Fast-track permitting via single-window approvals and an “overriding public interest test” to accelerate project timelines. –Public-private consortiums and location- based incentives to attract anchor tenants and build industrial clusters. –A transparent emissions measurement framework to build trust in commercial offtakes with first mover buyers. –Smaller-scale demonstration facilities to prove the viability of producing different commercial grades of green iron from a range of Australian ores, developed as common-user infrastructure to lower barriers for new entrants.Lighthouse green iron projects – critical to unlocking investor confidence We’re not short of capital — we’re short of investable projects. Unlocking that means reducing risk, ensuring transparency and giving investors confidence that offtake and infrastructure will be there. Panellist, Financing discussion Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 41

Unlocking Asia-Pacific as a First Mover 2025