Iron Bear Resources Limited has received the final notice from Vale S.A. in relation to their development agreement, confirming the completion of Phase 1 and leaving Iron Bear with 100% ownership of the Iron Bear project.

The received final notice is substantially consistent with the draft notice previously communicated to shareholders in the company's announcement on September 15, 2026. Over the course of Phase 1, Vale contributed a total of US$18 million in funding to advance the project before electing not to proceed to Phase 2, effectively terminating the development agreement and unencumbering the asset.

The project itself is underpinned by a pre-feasibility study released in July 2026, which outlined an unleveraged post-tax net present value of US$9.0 billion and an internal rate of return of 15.2%. These figures are based on a maiden probable ore reserve of 3.3 billion tonnes at 29.1% iron, supporting the long-term scale of the operation in Newfoundland and Labrador, Canada.

With the conclusion of Phase 1 and the departure of Vale, operational timelines are adjusting. The Phase 1 drilling campaign for the project is deferred by up to two years until additional funding can be secured.

At the regulatory level, a decision remains pending from the Canadian Major Projects Office regarding the application for the Iron Bear project to be recognised as a Project of National Significance, which could influence future permitting timelines for the development.

Read the full announcement: Receipt of final development agreement notice