Houston Flagship Deposit Development Plan

LIM's Enhancement Plans Opportunities to improve margins immediately 1 Process ✓ Utilize new lower cost dry classifying system 2 Lump and Sinter Produce lump and sinter exclusively 3 Rail & Port Rail and port efficiencies to support higher volumes Developments will further reduce costs over the long term¹ Current $60 - $65 per tonne² 1 Subject to detailed engineering and design 2 Includes mining, processing, transportation and site expenses Longer term ☐ $50 - $55 per tonne² Higher volumes Larger equipment Increased rail & port efficiencies Reduced tariffs Labrador Iron Mines - TSX: LIM LIM 13

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