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ASX‐listed, integrated mining company Mineral Deposits has become aware of a gearbox failure at the TiZir Titanium and Iron ilmenite upgrading facility, resulting in the need to shut down the pre‐education kiln.

An early prognosis is that the kiln could be offline for a period of approximately six weeks.

The furnace is expected to continue to operate during this period, albeit at reduced levels.

Titanium and Iron ilmenite (TTI) management are considering various strategies to mitigate the lost production.

TiZir has comprehensive insurance in place and is working with its insurers to make a claim in this regard.

About MDL

MDL is a 50% owner of TTI via its interest in TiZir.

The TiZir joint venture comprises two integrated, operating assets the Grand Côte mineral sands operation (GCO) in Senegal, West Africa and the TiZir Titanium and Iron ilmenite upgrading facility in Tyssedal, Norway.

GCO is a large‐scale competitive mineral sands operation that is fully integrated from mine-to ship using owned or controlled infrastructure.

GCO commenced mining activities in March 2014 and over an expected mine life currently projected to 2050, will primarily produce high‐ quality zircon and ilmenite.

A majority of GCO’s ilmenite is sold to TTI.

GCO also produces small amounts of rutile and leucoxene.

The government of the Republic of Senegal is a valued project partner, holding a 10% interest in Grande Côte Operations SA.

TTI upgrades GCO ilmenite to produce high‐ quality titanium feedstocks, primarily sold to pigment producers and a high‐ purity pig iron, a valuable co-product, which is sold to ductile iron foundries.

TTI benefits from access to cheap and clean power, and excellent logistics, in particular, year‐ round shipping capacity and customer proximity.