Investor Presentaiton

PROJECT POTENTIAL Project assumptions based on other operators in the area . Exploration target of 1.5 to 2.0 billion tonnes with 20-40% Fe . • • Mining operation (Stage 1) pellet feed 16mtpa at 68% Fe and low impurities over 25 years OPEX US$30/tonne CAPEX < US$2.8Billion (including 160km rail spur) MINAS NORTE MINERACAO LTDA 15

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