Houston Flagship Deposit Development Plan

Growth through Exploration Proven Track Record of Resource Conversion More than doubled resources (historical to NI 43-101) Current 45 million NI 43-101 resources Historical Resource Conversion to NI 43-101 Compliant Resources million tonnes (Mt) 21 120% 45 Further Opportunity for Resource Conversion million tonnes (Mt) 121 Quebec Labrador 60.8 45 6.4 NI 43-101 compliant resource as at March 31, 2012 Historical².3 NI 43-101 Compliant 1.3 38.2 60.5 Current NI 43-1013 Additional Historical Resources 3 Includes James, Redmond, Knob Lake, Denault and Houston Deposits 2 Historical resource identified by IOC prior to 1983 were not prepared in accordance with NI 43-101 Labrador Iron Mines - TSX: LIM LIM 27

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