UPDATE 2.15pm: Shares in Cazaly Resources jumped after the company announced major steps forward for its Parker Range iron ore project in the Yilgarn region, 400km east of Perth.
The company said it had signed a capacity reservation deed with the Esperance Port Authority to ship five million tonnes per annum through the port and had appointed project delivery company Engenium to review shipping options ahead of the port's proposed expansion.
Cazaly said it expected the Engenium review of infrastructure options to be completed this quarter.
Managing director Nathan McMahon said the company was now set for government and non-government stakeholder consultation and the completion of financing discussions for Parker Range.
The company is hoping to develop Parker Range into a direct shipping ore project, transporting ore via rail to the Esperance port for export.
Cazaly shares closed up two cents, or 9.09 per cent, at 24 cents after hitting an intraday peak of 25 cents.