Hawsons Iron Ltd has released an extensive update on its iron ore project in the Braemar region of New South Wales, detailing the successful completion of its dry comminution test program and mineral resource variability study. The independent Project Report prepared by Stantec supports the technical and economic viability of a 100% dry processing circuit—a key enhancement that simplifies processing by lowering energy consumption, reducing capital and operating costs, and minimizing environmental impacts compared to traditional hydrometallurgical approaches. Technical indicators in the report underline the project’s significant resource potential. The published Mineral Resource estimate, compiled in June 2024, totals over 4,400 million tonnes with an average Davis Tube Recovery grade of approximately 11.4% and a high-grade magnetite concentrate averaging around 68.4% Fe. Extensive metallurgical tests, which included both Bond ball and high-pressure grinding roll (HPGR) trials, revealed that Hawsons’ ore exhibits some of the softest characteristics within comparable deposits. Test work indicates that a dry grinding process can yield up to a 17% reduction in energy usage relative to conventional wet processing routes, which could translate into substantial cost savings over mine life. The update outlines clear plans to advance the project. Engineering and cost data are currently being consolidated for an updated Prefeasibility Study and the forthcoming determination of Maiden Ore Reserves. Future work includes piloting material at an overseas test facility to fine-tune process design criteria, as well as optimizing mine design, processing logistics, and waste management. With infrastructure arrangements already in place—including access to rail networks and power supply—the project is poised to become a significant contributor to the global green steel supply chain. Environmental and operational benefits are also emphasized. The proposed dry processing circuit reduces water consumption and permits the co-disposal of mine waste and processing waste in an above-ground, zoned arrangement. Extensive quality assurance, adherence to JORC Code guidelines, and rigorous sampling and testing protocols provide further confidence in the project’s technical underpinnings and its potential long-term economic viability. From a market perspective, bullish sentiment is driven by the promising test results that suggest a lower energy and cost profile, robust resource numbers, and an environmentally friendly operational approach. These features, combined with a clear timeline for releasing updated project studies and reserves data, position Hawsons Iron Ltd as a forward-thinking player in the iron ore market. Conversely, bearish sentiment may arise from typical early-stage mining uncertainties, such as the challenges of finalizing process design parameters through overseas pilot testing, potential execution risks in updating the PFS, and broader market risks that could impact project economics.