Barlow Metal filed its NI 43-101 Technical Report titled “Technical Report – Preliminary Economic Assessment – Iron Hills Project – Western Abitibi.” The report confirms the results of the preliminary economic assessment (PEA) for Barlow’s fully owned Iron Hills project in Western Abitibi, Quebec.
Barlow Metal is a private company founded in 1987, has three 100%-owned iron properties namely Iron Hills, Adam River and Orvilliers, located 130 km NNW of the town of Amos in the Abitibi region and 75 km WSW of the town of Matagami in Northern Quebec. From 2002 to 2021, the corporation spent in excess of C$11M of private funds in exploration, metallurgical test work and development mainly on the Iron Hills project.
The report closely aligns with the findings previously disclosed in the company’s September 9, 2025, news release, with no material differences.
The preliminary economic assessment (PEA) highlights that the project is expected to achieve an after-tax internal rate of return (IRR) of 17.3%. It projects an after-tax net present value (NPV) of C$1.0 billion, discounted at 8%. The initial capital expenditure (CAPEX) is estimated at C$771.7 million. The project is expected to have an after-tax payback period of approximately 5.3 years. Over its 31-year life of mine, the project is projected to generate an undiscounted cumulative cash flow of C$6.0 billion. The mine will operate via open-pit mining, with a strip ratio of 0.14 tonnes of waste for each tonne of mineralization mined. The production will consist of direct reduction grade pellet feed (DRPF) iron ore concentrate.
The technical report supports the construction of mining and processing facilities to produce DRPF iron ore concentrate from the Iron Hills project. It presents a phased development plan that supports a 31-year open-pit mining operation with expected economic returns.
The proposed Pit d’Aragon is designed to produce an average of approximately 2.2 million dry metric tonnes (dmt) of DRPF iron ore concentrate annually from years 1 to 11, increasing to 4.3 million dmt from years 12 to 31, with grades exceeding 67% Fe. With direct railway connections, the project can ship its produced concentrate either to the Great Lakes steelmaking region in Canada and the US or through export ports in Saguenay, Montreal, and Quebec City.
The preliminary economic assessment (PEA) is, by nature, preliminary and includes mineral resources. However, mineral resources are not classified as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no guarantee that the development, production, or economic forecasts outlined in the PEA will be achieved.
More information is posted on www.BarlowMine.com.
