Ore Delivery System Update

Investment Highlights - LIORC • • • 7% top line royalty is attractive Cash flow largely paid out as dividends Pure play on iron ore prices The royalty limits the operational risk to LIORC • 15.1% investment in IOC provides: ➤ Dividends to LIORC when iron ore market is strong Two seats at IOC board table Upside to royalty revenue and IOC dividends if: Strong demand for high grade concentrate and pellets keeps premiums at high levels ➤ Iron ore prices improve ➤ IOC improves production and lowers unit cost 18 19

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