Earnings release
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Grange Resources Limited ABN 80 009 132 405 34a Alexander Street, Burnie, Tasmania 7320 PO Box 659, Burnie, Tasmania 7320 QUARTERLY REPORT 30 September 2025 T: + 61 (3) 6430 0222 E: info@grangeresources.com.au W: www.grangeresources.com.au 28 October 2025 Q3 2025 Quarterly Report Report for the Quarter ended 30 SEPTEMBER 2025 Grange Resources Limited (ASX: GRR) (“Grange” or the “ Company”) is pleased to provide this report for the quarter ended 30 September 2025. HIGHLIGHTS • Sustained Outstanding Safety Performance: The Savage River Operations continue to demonstrate outstanding safety performance, recording no Lost Time Injuries (LTIs) this quarter with over 875 consecutive days LTI free. • Savage River Operations deliver increased production and lower unit cost: o Higher concentrate production of 583kt, as compared to 520kt for the June quarter. o Higher pellet sales of 591kt for the quarter, as compared to 573kt for the June quarter. o Lower unit cash operating costs (C1 costs) for the quarter of A$163.37/t2, as compared to A$182.32/t2 for the June quarter, mainly due to higher concentrate production and completion of the waste stripping campaign at Centre Pit. • Improved Product Pricing: The Company achieved a 23.98% increase in the average sales price (FOB Port Latta) over the quarter to A$203.72/t (US$133.44/t)1, up from A$164.32/t (US$105.30/t)1 for the June quarter. • Growth Capex: Planned expenditure of approximately A$10.1 million was spent on capital projects including power train rebuilds on 789 haul trucks and ancillary equipmen t and continuation of MCTD stabilisation berm construction and FL4 upper stove re fractory reline. • Cash Reserve: Cash and liquid investments of A$272.76 million and trade receivable of A$23.14 million1 compared with cash and liquid investments of A$239.37 million and trade receivable of A$ 17.98 million1 for the June quarter. The increase in cash and liquid investments is mainly driven by higher revenues, underpinned by increased realised product pricing achieved over the quarter. • Project financing: Financing for the North Pit Underground development continues to progress, with the Independent Technical Expert review underway. 1 Adjusted for the costs of freight and final pricing settlements on provisional settlements as per sales agreements. Pricing is typically finalised in one to three months after shipment month. For personal use only
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Page 2 of 5 FACT SHEET Registered Office: 34a Alexander Street, Burnie, Tasmania 7320 MARKET UPDATE 2 C1 costs are the cash costs associated with producing iron ore products without allowance for mine development, deferred stripping and stockpile movements, and excludes royalties, sustaining capital, depreciation and amortisation costs. Commenting on the company’s performance in the third quarter of 2025, CEO Mr. Weidong Wang said: “Mining operations were delivered to plan and in line with expectations. The Team completed the waste stripping campaign at Centre Pit early in the quarter and is now delivering higher grade ore from the ore zone. Downstream processing also delivered a strong quarter in concentrate production. We are on track to meet our full year production plan and budgeted costs. The North Pit Underground Project Financing continues to advance , with technical due diligence well underway.” OPERATIONAL PERFORMANCE September Quarter 2025 June Quarter 2025 Total BCM Mined 3,482,128 3,966,034 Total Ore BCM 602,544 315,509 Concentrate Produced (t) 583,490 519,849 Weight Recovery (%) 42.7 34.7 Pellets Produced (t) 550,460 607,497 Pellet Stockpile (t) 269,408 310,127 Concentrate Stockpile (t) - 15,153 • The company has achieved 875 consecutive Lost Time Injury free days with no LTIs recorded this quarter. • Mining production for the quarter remained in line with expectations. Ore from Centre Pit supported increased mill production rates. As planned, the mining of the West Wall cutback of Centre Pit has supported higher production rates and further delivery of high-grade ore. • Steady progress was made in North Pit, with material move d and cutback development advancing to support future ore supply. • Concentrate production exceeded forecast on stronger weight recovery. Pellet production was strong in July and August but decreased slightly in September as the team worked through planned maintenance activities. For personal use only
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Page 3 of 5 FACT SHEET Registered Office: 34a Alexander Street, Burnie, Tasmania 7320 MARKET UPDATE SHIPPING & SALES September Quarter 2025 June Quarter 2025 Iron Ore Pellet Sales (dmt) 591,179 573,401 Iron Ore Concentrate Sales (dmt) - - Iron Ore Chip Sales (dmt) 52,804 31,920 TOTAL Iron Ore Product Sales (dmt) 643,983 605,321 Average Realised Product Price (US$/t FOB Port Latta) * 133.44 105.30 Average Realised Exchange Rate (AUD:USD) 0.6550 0.6408 Average Realised Product Price (A$/t FOB Port Latta) 203.72 164.32 • An a verage sales price of A$ 203.72/t (US$ 133.44/t) was achieved during the quarter , representing an increase of 23.98% from A$164.32/t (US$105.30/t) for the June quarter. • Grange continued to deliver into secured term offtake agreements, along with an allocation of spot shipments in response to improved market conditions . Pellet sales during the quarter totalled 591kt, representing a 3.1% increase compared to the June quarter (573kt). NORTH PIT UNDERGROUND PROJECT • Site works on improvements to ventilation are continuing , with dewatering systems successfully managing the assets through the winter period. • Independent technical due diligence commenced to support the financing of the North Pit Underground Project. SOUTHDOWN MAGNETITE PROJECT • The Company continues its engagement with potential strategic partner(s) for the development of the Project. • All existing tenements, approvals and project assets continue to be maintained in good order to facilitate the development of the Project. For personal use only
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Page 4 of 5 FACT SHEET Registered Office: 34a Alexander Street, Burnie, Tasmania 7320 MARKET UPDATE CORPORATE Shareholders • As at 30 September 2025 there were approximately 9,400 shareholders. -ENDS- This announcement has been authorised by the Board of Directors of the Company Contacts: Weidong Wang, CEO Grange Resources Limited Phone: + 61 3 6430 0222 Email: Info@grangeresources.com.au Website: www.grangeresources.com.au Nicolas Turner Tel: 0418 538 865 Email: nicolas.turner@corcomms.com.au For personal use only
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Page 5 of 5 FACT SHEET Registered Office: 34a Alexander Street, Burnie, Tasmania 7320 MARKET UPDATE About Grange Resources Grange Resources Limited “Grange or the Company”, (ASX Code: GRR) is Australia’s most experienced magnetite producer with more than 5 7 years of mining and production from its Savage River mine and has a projected mine life to 2040. Grange’s operations consist principally of owning and operating the Savage River integrated iron ore mining and pellet production business located in the north-west region of Tasmania. The Savage River magnetite iron ore mine is a long-life mining asset. At Port Latta, on the north- west coast of Tasmania, Grange owns a downstream pellet plant and port facility producing more than 2.5 million tonnes of premium quality iron ore pellets annually, with plans to increase annual production. Grange has a combination of spot and term contracted sales arrangements in place to deliver its pellets to customers throughout the Asia Pacific region and beyond. In addition, Grange owns a major magnetite development project at Southdown, near Albany in Western Australia. The Southdown magnetite project, once developed, is expected to have the capacity to supply double the amount of iron ore produced at Savage Rive r, at an initial annual production rate of 5 million tonnes of premium magnetite concentrate. The Company is continuing to evaluate the strategic options in the project. For personal use only