New Risk • Jan 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$823k free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (AU$6.14m market cap, or US$4.10m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). New Risk • Sep 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.1m free cash flow). Share price has been highly volatile over the past 3 months (41% average weekly change). Revenue is less than US$1m (AU$43k revenue, or US$28k). Market cap is less than US$10m (AU$3.89m market cap, or US$2.55m). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Annuncio • Sep 06
Pearl Gull Iron Limited, Annual General Meeting, Nov 05, 2025 Pearl Gull Iron Limited, Annual General Meeting, Nov 05, 2025. Location: at suite 23, 513 hay street, subiaco, western australia., Australia Board Change • Aug 19
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Russell St Clark was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 02
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Russell St Clark was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 22
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Russell St Clark was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 31
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Russell St Clark was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 17
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Russell St Clark was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 31
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Russell St Clark was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Sep 26
Pearl Gull Iron Limited, Annual General Meeting, Nov 21, 2024 Pearl Gull Iron Limited, Annual General Meeting, Nov 21, 2024. Location: at suite 23, 513 hay street, subiaco, western australia., Australia New Risk • Sep 20
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$901k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$901k free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 0.6% per year over the past 5 years. Revenue is less than US$1m (AU$53k revenue, or US$36k). Market cap is less than US$10m (AU$2.86m market cap, or US$1.95m). New Risk • Nov 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 24% per year over the past 5 years. Shareholders have been substantially diluted in the past year (99% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$6.55m market cap, or US$4.32m). Annuncio • Oct 02
Pearl Gull Iron Limited, Annual General Meeting, Nov 28, 2023 Pearl Gull Iron Limited, Annual General Meeting, Nov 28, 2023, at 11:00 W. Australia Standard Time. Location: Suite 23, 513 Hay Street, Subiaco Western Australia Australia Agenda: To consider election of Directors. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Russell St Clark was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Oct 04
Pearl Gull Iron Limited, Annual General Meeting, Nov 29, 2022 Pearl Gull Iron Limited, Annual General Meeting, Nov 29, 2022, at 13:30 W. Australia Standard Time. Location: Celtic Club, 48 Ord Street West Perth Western Australia Australia Annuncio • Jun 22
Pearl Gull Iron Limited Updates on Project Activities At Cockatoo Island Pearl Gull Iron Limited provided a general update on various workstreams the Company is progressing. As announced on 6th of April, Pearl Gull is progressing a number of key work streams in line with the Company's stated strategy, to develop a maiden resource for its Cockatoo Island project. These work streams include: resource modelling at Switch Pit and the Magazine Pit, ore loading (transhipping) and preliminary metallurgical test works. Resource modelling commenced with a review of historical geology, mining and metallurgical studies and the transformation of the 2021 drilling into local mine. Models are being developed for the Switch Pit area and the Magazine Pit area. Resource modelling for the North Bay area has not been progressed at this time as the thickness and grade of iron mineralisation identified in the diamond drill core was not sufficient to warrant further work. The 2021 drilling at the Switch Pit confirmed the extension of the high-grade Sea Wall haematite mineralisation onto the Company's lease M04/235 by some 220 metres. Mineralisation extends beyond the recent 2021 drilling and additional drilling would be required to confirm the strike extent of the main high grade haematite mineralisation continuing across the Company's M04/235 tenement. The narrow, mineralised bands of the southern highwall previously beneficiated to benchmark grade product in historical mining operations on the adjacent tenement have also been interpreted to extend onto the Company's tenement. Modelling at the Magazine Pit has interpreted 9 mineralised lenses, indicated by intervals of escalated Fe mineralisation in the drilling. The orientation of the lenses was modelled to generally coincide with a broad, shallow synclinal structure exposed in the adjacent outcropping ridgeline Key to the establishment of a mineral resource is the ability to develop a viable solution to access shipping and international markets. Cockatoo Island offers immediate access to shipping services, without the need for road or rail transport. As previously announced (ASX: 12 January 2022), the Company has engaged the services of Transhipment Services Australia to scope and design barge loading and transhipping facilities. TSA has identified 2 low-cost options for barge loading and transhipping to larger bulk carriers of up to 62,000t capacity. Work on the preferred options is progressing and the Company will update the market when further information is available. Metallurgical test work completed on the North Bay drilling and the Magazine Pit in 2022 has been reviewed in parallel with 2007 historical test work from the Magazine Pit. Whilst further test work is required, the Company is encouraged by the previous Wet High Intensity Magnetic Separation ("WHIMS") test work from 2022 and 2007 whereby it is reasonable to assume that improvement in concentrate grades and recovery can be achieved to produce a saleable product for the Magazine Pit. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Russell St Clark was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 06
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Russell St Clark was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Dec 23
Pearl Gull Iron Limited Announces the Third Batch of Results from Its Maiden Exploration Program on Cockatoo Island Pearl Gull Iron Limited announced the third batch of results from its maiden exploration program on Cockatoo Island. The company continues to receive encouraging results from the Switch Pit area while first pass North Bay drilling has returned lower grade mineralisation so far. The results from the Switch Pit area further contribute to data underpinning a resource estimate in 2022. The third batch of assay results have continued to return impressive high grade iron results from the Switch Pit including: Switch Pit prospect: 21SWDD03 10.9m @ 62.65% Fe from 18.4m down hole The Switch Pit diamond drilling program comprised a total of 11 holes for 1,098.8m. The latest assay results continue to display high-grade iron material from the main Seawall haematite unit and the adjacent footwall iron mineralisation. The footwall iron mineralisation ore types will be tested for beneficiation via Wet High Intensity Magnetic Separation (WHIMS) with results expected in the coming months. This type of material was previously processed on Cockatoo Island using similar beneficiation processes to produce high grade (>66% Fe) finished product. A plan view image of the Switch Pit drill hole traces is shown below along with the interpreted trend of the high-grade Seawall haematite intersected in holes 21SWDD01 and 21SWDD02. The `Cockatoo Formation' is a key target for iron mineralisation and its surface expression has been draped over the image in transparent blue. The first results from the North Bay prospect have been received. Modest iron mineralisation was intersected in 21NBDD04 within haematitic sandstones and quartzites including; 2.23m @ 32.4% Fe from 16.3m down hole; 2.85m @ 47.7% Fe from 66.1m down hole; 2.75m @ 44.1% Fe from 87.9m down hole; 1.58m @ 46.4% Fe from 102.1m down hole; 2.2m @ 43.7% Fe from 110.5m down hole; 2.2m @ 38.0% Fe from 117.3m down hole; 2.7m @ 43.2% Fe from 137.2m down hole. Assay results from the laboratory are slowly being completed with the remaining results expected to be received steadily over coming weeks. 