Ore Delivery System Update

Investment Highlights - IOC Premium iron ore products (65% Fe) including higher margin pellets Strong demand for high grade concentrate and pellets supporting high premiums and driving revenue higher Target cash operating cost of US$30-33 per tonne of concentrate FOB Sept-Îles State of the art operations centres in Labrador City and Sept-Îles monitor processes Strong margins given current iron ore prices and premiums Large, high quality resources with a long mine life (>25 years) in politically stable country Opportunity to extend mine life by converting large resource base to reserves Valuable infrastructure in place - wholly owned railway and port 17

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