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Asia

Iron Bear Resources Receives Fourth Tranche Payment of $2 Million From Vale, Shares Up 3%

Iron Bear Resources (ASX:IBR) said Vale has paid the fourth tranche of $2 million toward its phase 1 contribution under the binding development agreement for the Iron Bear iron ore project, according to a Wednesday Australian bourse filing.The company said its subsidiary Iron Block 103 Corporation currently holds AU$3.6 million in cash to develop the Iron Bear project, with Vale having contributed $16.7 million to advance the project, and the last tranche of $1.3 million expected to be received in July.The company's shares rose 3% in recent Wednesday trade.

ASX:IBR
Asia

Iron Bear Resources Submits Application for Project of National Significance Status in Canada; Shares Up 3%

Iron Bear Resources (ASX:IBR) lodged an application for its Iron Bear project to be recognized as a Project of National Significance in Canada, according to a Wednesday filing with the Australian bourse.Projects of national significance are expected to benefit from simplified and expedited federal approvals, improved coordination and visibility between provincial and federal jurisdictions, and access to federal resources and support, the filing said.Shares rose 3% in morning trade on Wednesday.

ASX:IBR
Asia

Iron Bear Resources Says Total Mineral Resource Down 18% in Updated Canada Project MRE, Shares Up 5%

Iron Bear Resources' (ASX:IBR) updated mineral resource estimate for its Iron Bear iron ore project in Canada stood at 13.6 billion tonnes containing 30% total iron and 20.7% magnetic iron at a cut-off grade of 12.5% magnetic iron, according to a Tuesday Australian bourse filing.The company said the total mineral resource has decreased by 18% from the previous estimate dated April 11, 2024, primarily due to revised geological interpretation, updated pit optimization parameters, and application of updated modifying factors.The indicated mineral resource has increased 114% to 4.5 billion tonnes containing 29.5% total iron and 20.6% magnetic iron, up from 2.1 billion tonnes in the previous estimate, the filing added.Metallurgical test work confirmed direct reduction grade concentrate grading 71% iron with an overall magnetic iron yield of 88.8%, and blast furnace grade concentrate grading 69.1% iron with a magnetic iron yield of 97.5%, it added.The company's shares rose 5% in recent Tuesday trade.

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