Iron Bear Resources Limited (IBR.AX) Project 'Iron Bear' Applies to be Recognised as a Project of National Significance

Perth, June 3, 2026 AEST (ABN Newswire) - Iron Bear Resources Limited (ASX:IBR) (CMULF:OTCMKTS) (HM50:FRA) announced that it has submitted an application to the Canadian Major Projects Office (MPO) for its Iron Bear Project to be recognised as a Project of National Significance in Canada, as defined by the Building Canada Act enacted by the Canadian parliament in June 2025.

This application was lodged in the context of number of recent positive regulatory and jurisdictional developments in Canada, all of which are intended to facilitate and accelerate the development of large mineral resource and infrastructure projects.

If awarded the status of project of national significance, the following benefits are expected:

- Simplified and expedited federal approvals which will be facilitated by the Major Project Office which reports to the Prime Minister's Office. The stated objective is to reduce the timelines for federal permitting from typically five years to two years.

- Improved coordination and visibility between the provincial and federal jurisdictions with the stated objective of avoiding duplication of processes.

- Access to federal resources and active support to remove roadblocks for project development and permitting.

- Federal support for structuring and financing of the Iron Bear Project from provincial and territorial entities, and government initiatives, including the Canada Infrastructure Bank, the Canada Growth Fund, and the Indigenous Loan Guarantee Program.

- Attracting private resource funds and institutional investors to the Company.

Paul Berend, Managing Director of Iron Bear, commented: "The Iron Bear Project is a very strong candidate to be recognised as Project of National Significance in Canada, as it could position Canada as the world leader for the supply of high value and low carbon direct reduction iron ore pellets. The Project has the potential to deliver one of the most sustainable mines in the world, leveraging renewable energy and innovative technologies to minimise its environmental footprint."

OVERVIEW OF RECENT POSITIVE JURISDICTIONAL DEVELOPMENTS IN CANADA

In June 2024, the federal government of Canada added high-purity iron to its Critical Minerals list, as it is integral to the clean energy transition, and strategic for producing the valuable steel raw material products that are critical for the future national economic prosperity.

In June 2025, the Parliament of Canada passed the Building Canada Act to create the legislative framework to enable the the federal government to streamline federal approval processes for major projects (ports, railways, energy corridors, critical mineral developments, and clean energy initiatives).

On the 29th of August 2025, the Right Honourable Prime Minister of Canada Mark Carney launched the new Major Projects Office (MPO) to streamline and accelerate regulatory approval processes as well as assist in to structuring the financing of such projects as needed from the private sector, provincial and territorial partners, and government initiatives, including the Canada Infrastructure Bank, the Canada Growth Fund, and the Indigenous Loan Guarantee Program.

On the 27th April 2026, the Right Honourable Prime Minister of Canada Mark Carney announced the Canada Strong Fund - Canada's first national sovereign wealth fund with an initial federal contribution of CAD25 billion. The strategic purpose of the fund is the investment into nation-building projects - new ports, mines, and trade and energy corridors that will unlock Canadian resources, secure domestic supply chains, enabling the access to new markets across Canada and globally. This includes projects in clean and conventional energy, critical minerals, agriculture, and infrastructure.

IRON BEAR PROJECT HIGHLIGHTS

1. World class, iron ore mineral resource of 13.6 billion tonnes @ 30% total Fe (JORC 2012 compliant) including 4.5 billion tonnes @ 29.5% total Fe in the Indicated category

2. Asset located in Canada, less than 35km from an open access heavy haul railway connected to an open access iron ore export port

3. Development Agreement signed with Vale S.A to provide up to USD 138m of funding in two phases to earn 75% of the Iron Bear Project

4. Production of high-quality DR grade concentrate grading 71% Fe and 1.2% SiO2 in our pilot plant

5. Production of high value low carbon direct reduction pellets with excellent physical and metallisation properties and ultra-low deleterious elements

6. A power de-risking study demonstrates that the Project Iron Bear concentrator could use 100% low-cost renewable power

7. A scoping study outlines compelling economics: NPV= USD 9,79B @ WACC 8%, IRR = 18.6%, and pre-production CAPEX of USD 4,64B. Planned production = 25Mtpa with long term iron ore price IODEX 62% at USD 90/t

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/282RISQ0

About Iron Bear Resources Ltd

Iron Bear Resources Ltd (ASX:IBR) (OTCMKTS:CMULF) (FRA:HM50) owns and operates the Iron Bear magnetite iron ore project, formerly known as the Block 103 Project.

The Iron Bear Project consists of eleven licenses totaling 11,000 ha on 441 graticular Mineral Claims under the applicable Labrador and Newfoundland mining regulation, located near the Provincial border of Newfoundland and Labrador (NL) and Quebec (QC), approximately 30 km northwest of the town of Schefferville, QC and 1,200 km by air northeast of Montreal, QC.

 

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