Poseidon is expected to make a final investment decision on Black Swan in the first half of 2023
Parsons said the project remained well funded with $277.3 million of available liquidity.
Fabrication and supply of long lead critical path items was also ahead of schedule.
The TSF is being built on the old TSF site from material reclaimed from the proposed mine pit.
As part of the new contract production will come from Eastern Range while Western Range develops.
Site construction 38% complete at Thunderbird.
The mine has become a hive of activity with Mallee adding a night shift for 24-7 operations.
Ellison said Onslow Iron will be one of the largest iron ore developments undertaken in WA.
Poseidon is also looking at the costs of getting its own pressure oxidation plant running.