Ore Delivery System Update

Summary of Key Metrics Iron Ore Price, 62% Fe, US$/tonne North China (1) LIORC Year Ended Year Ended Year Ended Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Year Ended Dec. 31, 2015 $69 $71 $58 $56 Revenue C$ millions $130.9 $158.6 $115.1 $101.7 Income before Equity C$ millions $96.4 $118.1 $84.6 $74.1 Earnings & Income Taxes Net Income C$ millions $128.5 $157.3 $78.2 $54.7 Net Income per Share C$ /Share $2.01 $2.46 $1.22 $0.85 Adjusted Cash Flow C$ millions $155.2 $163.8 $78.0 $56.2 ACF per Share C$/Share $2.42 $2.56 $1.22 $0.88 (1) Approximate average Iron Ore Prices, 62% Fe, North China. 16

View entire presentation