Although all investor information posted to this website was accurate at the time of posting, it may be superseded by subsequent disclosures.
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  • Robust Pre-Feasibility Study Economics
    • Base case pre-tax NPV of $5.6 bn and unlevered IRR of 20.5%
    • Life of mine operating costs of approximately $30/tonne

  • Compelling Infrastructure Advantage
    • Located at tidewater, no rail infrastructure – significant capex and opex savings
    • Independence and self-reliance over development of power and port infrastructure and implementation of project schedule

  • Large Scale Deposit
    • Scale – 1.36 billion Proven and Probable Reserves*
    • Low mining costs with strip ratio of 0.57:1 in years 1 – 15

  • Straightforward Metallurgy
    • High weight and iron recoveries with simple flowsheet
    • Extensive bench scale and pilot plant testing suggest high quality product with 4.5% silica, very low other impurities and 66.5% iron grade

  • LOIs in Place with Quebec Government and Inuit Community
    • LOI received from Quebec’s Ministry of Finance and Economy in July 2013 expressing interest in participating in a minority stake investment in the Hopes Advance project
    • LOI agreed in August 2011 with Inuit in Nunavik outlining terms and conditions on which the Hopes Advance project will be developed
  • *Disclosure:
    • Open pit reserves are based on a 25% Fe cut-off grade
    • Reserves calculated based on industry standard pit optimization techniques guiding detailed pit designs including ramps and surface constraints. The mineral reserve is contained within the mineral resource. The effective date of the mineral reserve estimate is September 19, 2012
    • Excludes inferred resources of approximately 72.7 million tonnes of 32.8% Fe. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
    • There are no known legal, political, environmental or other risks that could materially affect the potential development of the mineral reserve.




Eddy Canova, P.Geo., OGQ(403), the Director of Exploration for the Company and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained on this website..