Sembehun Project Feasibility and Market Dynamics
Appendix G: Competent Persons' Statement
Sierra Rutile Limited
Ore Reserve and Mineral Resource estimates and Production Target
The information in this presentation that relates to Mineral Resource estimates for Area 1 is based on information compiled by Mr Brett Gibson, who is a member of the Australian
Institute of Geoscientists. The information in this report that relates to Ore Reserve estimates for Area 1 is based on information compiled by Mr Andrew Walkenhorst who is a
member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Gibson and Mr Walkenhorst are full time employees of Iluka Resources Limited. Mr Gibson and Mr
Walkenhorst have sufficient experience that is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which is being undertaken to
qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr
Gibson and Mr Walkenhorst consent to the inclusion in this Demerger Booklet of the matters based on their information in the form and context in which it appears.
The Ore Reserve and Mineral Resource estimates for Sembehun were presented in an announcement released by Iluka on the ASX on 24 February 2022 "Sembehun Ore Reserve
and Mineral Resource Update, Sierra Leone" and is available to view at www.iluka.com/investors-media/asx-disclosures. Iluka confirms that it is not aware of any new information or
data that materially affects the information included in the original market announcement for Sembehun and that all material assumptions and technical parameters underpinning
the estimates in the relevant market announcement for Sembehun continue to apply and have not materially changed.
The Production Target and forecast financial information derived from the Production Target for Sembehun referred to in this presentation are based on 36% Probable Ore Reserves
and 64% Proved Ore Reserves. The material assumptions used in the estimation of the Production Target and associated forecast financial information are set out in Section 3.12 of
the Demerger Booklet. The Ore Reserve estimates underpinning the Production Target for Sembehun were prepared by Competent Persons in accordance with the JORC Code.
The Mineral Resource estimates for the Gambia, Jagbahun, Nyandahun and Taninahun Boka deposits separate to Area 1 and Sembehun were presented in an announcement
released by lluka on the ASX on 20 February 2017 "Updated Mineral Resource and Ore Reserve Statement" and is available to view at www.iluka.com/investors-media/asx-
disclosures. Iluka confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement for Gambia,
Jagbahun, Nyandahun and Taninahun Boka and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement for
Gambia, Jagbahun, Nyandahun and Taninahun Boka continue to apply and have not materially changed.
For further information please see the Demerger Booklet dated 20 June 2022 relating to the proposed demerger of Sierra Rutile from Iluka, available at www.iluka.com.
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