Houston Flagship Deposit Development Plan

Sharp Decline in Quarterly Iron Ore Prices ■ Iron ore spot prices decreased 33% during the quarter $140 Sharp decline in August saw prices below US$90/tonne $130 (62% Fe CFR China basis) $120 Iron Ore Spot Price 62% Fe CFR China (US$/tonne) Down 33% in the quarter $110 In August, LIM sold 3 shipments totaling ~490,000 tonnes in challenging market conditions $100 Sharp decline in $90 August to below $90/tonne ◉ Net prices of three ships sold in August below LIM's cost of $80 July-12 August-12 September-12 October-12 production Labrador Iron Mines - TSX: LIM LIM 11

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