Houston Flagship Deposit Development Plan

LIM Q2 Financial Results ☐ ($ millions, except per share data) Net income (loss) per share Depreciation and Depletion Cash and cash equivalents (unrestricted) Accounts receivable and prepaids Inventory Total assets Three months ended September 30, 2012 $ Proceeds from four shipments in Q2 (648,000 dry tonnes): $33.0 million - Net loss includes $14.4 million amortization charge ■ Working capital deficit $2.6 million Completed equity offering for gross proceeds of $30 million in November. (31.7) (0.47) (14.4) 0.9 34.5 21.4 359.4 Labrador Iron Mines - TSX: LIM LIM 38

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