Australian miner Arrow Minerals has formally acquired its initial 333% beneficial interest in Amalgamated Minerals, holder of the Simandou North Iron Project in Guinea in West Africa. This represents completion of Stage 1 of the transaction on 31 December 2022. Pursuant to the terms of the binding agreement executed in October, Arrow can acquire up to a 60.5% controlling interest in the project. Arrow Minerals Managing Director Mr Hugh Bresser said “Completion of Stage 1 marks a significant step in Arrow's entry into the emerging Green Steel market. With numerous global steel producers moving rapidly to reduce their carbon footprint, the demand for high grade clean iron ore will increase. Arrow is aiming to be able to provide material into this expanding market.” Arrow's strategy is to deliver long-term value to shareholders through the discovery and development of economic mineral deposits in West Africa. The Completion of Stage 1 provides beneficial rights of 33.3% in the Simandou Iron Project, Guinea. Arrow has a clear road map to extend these rights to 60.5% within 24 months. Arrow aims to systematically advance the Simandou North Iron Project over the coming months to identify areas of high grade iron within the project area. The Simandou North Iron Project is an exceptional early-stage opportunity in the premium iron belt in West Africa .The Simandou North Iron Project consists of exploration permit 22967 which lies at the northern end of the Simandou Range and forms an extension of the stratigraphy that hosts one of the largest undeveloped high-grade iron deposits in the world, including Rio Tinto’s Simandou Project with a total measured, indicated and inferred mineral resource estimate of 2 billion tonnes grading 65.5% iron as per Rio Tinto’s Annual Report 2021.