Houston Flagship Deposit Development Plan

LIM Opportunity Superior Leverage to a Recovery in Iron Ore Prices Canada's newest and only independently- owned iron ore producer Current sustainable production of 2.0 million tonnes per year of iron ore Operational expertise with strong government and strategic relationships Flexible production growth: ability to double current production NI 43-101 Resource 45 MM tonnes 1 Additional historical resource 121 MM tonnes² LIM infrastructure: direct rail link, processing plants, roads, airstrip and hydro power NI 43-101 compliant resource as at March 31, 2012 2 Historical resource identified by IOC prior to 1983 were not prepared in accordance with NI 43-101 Labrador Iron Mines - TSX: LIM LIM 3 31

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