Breaking New Ground in the Labrador Trough

New Millennium Iron Corp. Investor Presentation

January 2013

Safe Harbour Statement

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New Millennium Iron Corp. shall not be liable or responsible for any claim or damage, direct or indirect, special or consequential, incurred by the user arising out of the interpretation, reliance upon or other use of the information. Users should not rely on information for any purpose other than for gaining general knowledge of New Millennium Iron Corp. Although New Millennium Iron Corp. believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Resources listed as “historical” are not currently in compliance with NI 43-101, and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Corporation is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.

NML: An Overview

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• Now producing direct shipping ore • Among the world’s largest holders of

certified iron ore resources • Not just one project, but an entire iron ore

district • Taconite holdings feasibility study now in

final stage • Highly experienced management team,

with strong ties to the Labrador Trough

• NML Office Locations

Distances Km Miles

Montreal Schefferville 1,150 715

Montreal Sept-Îles 750 466

Sept-Îles Schefferville 510 316

St. John’s Schefferville 1,270 789

Vision and Expertise

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Position at New Millennium

Years experience

Area of expertise Previous employment experience

Dean Journeaux President and CEO, Director 40+ Iron Ore Former President of Met-Chem

Former Project Manager of QCM Mont-Wright

Bish Chanda Senior VP Marketing & Strategy 35+ Iron Ore Chief engineer: IOC

Moulaye Melainine Senior VP Development

25+ Mining Manager Mining Ops & Comptroller: SNIM, Mauritania

Paul F. Wilkinson Senior VP Environmental & Social Affairs 35+ Environment & social sciences

PFW & Associates Inc., Associate Director of Northern Studies: McGill University

Mark Freedman CFO 17 Accounting Partner: Roll Harris & Associates

Ernest Dempsey VP Investor Relations & Corporate Affairs 35+ Iron ore sales & marketing VP: Mitsubishi, IOC

Cathy Dornan VP Communications 20+ Communication & public relations

Cathy Dornan Public Affairs Inc., Bristol Communications Inc.

Rock Gagnon VP Metallurgy & Plant Design 19 Iron ore Metallurgical Engineer: MetChem and COREM

Stephen Fontanals Director of Operations Research 15 Iron ore Financial Controller, Wabush Mines

B.K. Balakrishnan Chief Geologist 40+ Canadian mining geology Geologist: IOC

Robert A. Martin Chairman of the Strategic Advisory Committee of the Board of Directors 40+ Iron ore Former President and CEO

TSX : NML

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Analyst Coverage

CIBC World Markets Matthew Gibson

Credit Suisse Securities (Canada) Inc. Nathan Littlewood

Desjardins Securities Inc. Jackie Przybylowski

Haywood Securities, Inc. Colin Healey

Jennings Capital Inc. Garnet C. Salmon

MacDougall, MacDougall & MacTier Inc. Ian Nakamoto

Paradigm Capital Santo Ranieri

Raymond James Adam Low

Scotia Capital Inc. Mark Turner

Stonecap Securities Inc. Michael Goldberg

Share Ownership Management & Directors: 6.5%

Insiders (Incl. Tata) : 26.5% Institutional : 30% Retail, Unidentified Holders : 37%

TSX Symbol NML

Shares Outstanding 179,471,646

Options (avg. $1.61) 14,742,000

Shares Fully Diluted 194,213,646

Share Price (January 17, 2013) 1.30$

52 Week High/Low 3.23 / 0.97

Market Capitalization 233,313,140$

Working Capital (Est. December 31, 2012) 62,950,000$

Market Facts

Building Long-Term Growth

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Exploration

DSO

Taconite

Direct Shipping Ore In production

KéMag & LabMag deposits The Company Builder

Defining the resource base A huge iron ore district, controlled by NML

Partner with Strategic Captive Iron Ore Need

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a respected multi-national company

One of the world’s largest steel companies

Crude steel capacity of 28 mtpy with plan to increase to 40 mtpy by 2020

Committed to improving European operations, which require 20-25 mtpy of iron ore

Investing in steel making and downstream processes to become a leading player in Europe

Reducing raw material costs through captive inputs is key element of the improvement strategy for iron making

Partner in DSO and Taconite projects

Owns 26.5% of NML and has 3 Board members

DSO: Productivity and Quality

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• Life-of-mine central processing complex, housed under a weather-proof structural dome, first in the world.

• First company in Schefferville area that will operate year round.

• 84% weight recovery with integrated plant (>90% Fe recovery) to maximize resource integration.

• Will yield both sinter feed and pellet feed.

• Superior chemistry to meet Tata Steel Europe’s specifications: Fe > 64.5% and Al2O3 + SiO2 < 4.5%. Moisture <2.5% in winter.

• Production started in September 2012 with initial mining of ~63% Fe grade and dry screening operation.

• Ramp-Up Schedule: - 2012: 300,000 t - 2013: 2.0 Mtpy (dry screening start-up in May) - 2014: 4.2 Mtpy (nameplate capacity) - 2015: 6.0 Mtpy (planned)

DSO: Construction Area

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Dome & Process Plant Winter 2012/2013: • Dome erection • Plant foundation and

partly structural erection Summer 2013: • Fabric installation • Structural, equipment erection and electrical

Train Loading System Winter 2012/2013: • Civil Work Summer 2013: • Mechanical completion Fall 2013 • Stockpile / Load-out conveyor –

Sept. 2013 • Train loading system – Nov. 2013

Garage • Nov. 2013

Primary & Secondary Sizer Fall/Early Winter 2012/2013: • Earth work & retaining wall Winter 2012/2013: • Mechanical completion

Fuel Storage system Fall/Early Winter 2012: • Earth work Summer 2013: Civil work and Installation

Rail Loop Fall/Early Winter 2012 • Earth work Winter 2012/2013: • Rail laying

DSO: Project Status

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• Engineering nearing completion

• Nearly all long lead items are manufactured

• Items have started arriving at site

• Construction – Earthworks nearing completion

• Precast foundation being installed

• Major construction packages to be awarded in Q1 2013

• Mechanical completion planned in September/October timeframe

• KéRail expected to be completed by end of Q2

DSO: Advancing to Full Production

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Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013

Dome

Foundations

Structural Steel

Mechanical/Electrical

Timmins Site

Commissioning

Commencement of Construction

Short-term Port Solution

Rail Construction

Site Preparation

Q2 2013 Q3 2013 Q1 2011

EPCM Appointed

Mine Development

Commencement of Production

Dry Commissioning

Q4 2013

DSO: Potential Increase in Resources

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New DSO Targets 25 Existing DSO Deposits

Anomalies being investigated Timmins Area targets around plant site prioritized in 2012

64.1 Million Tonnes 31.3 Million Tonnes 24.6 Million Tonnes Historical Resources

P+P Reserves Additional M+I+I Resources

120.0 million tonnes of combined resources In situ grades 58-60% Fe

2,400 meters drilled in 2012

Over 50 new anomalies based on the results of aerial gravity surveys

Taconite Project: Company Builder

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Binding Heads of Agreement Signed with Tata Steel in March 2011

• Feasibility Study in final stage • LabMag* and KéMag deposits being evaluated

- Budget of $50 million - Jointly managed and cost shared: Tata Steel 64%, NML 36%

• Scope under study is 22 Mtpy concentrator feeding 17 Mtpy pellet plants

• Infrastructure includes 600+ km slurry ferroduct, 270+ km transmission line and port facilities

• Tata Steel investment decision in Q2 2013 • Subject to a positive feasibility study, Tata will arrange financing up to

$4.85 Billion, excess to be shared pro-rata • Off-take interest in proportion to ownership *Naskapi Nation of Kawawachikamach owns 20% of LabMag

Taconite Project: Equity Structure

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Valued at $290 M $4.85 B CAPEX 30:70 equity-to-debt ratio

Option to

acquire up to an additional

16%

4% ROFR if Tata brings in a

third party

Cost of Financing 16% Additional Equity ~$230 M based on: $4.85 B CAPEX 30:70 equity-to-debt ratio

Cash Flow to NML: $250 - $300 M

based on 36% ownership

20% Equity

free-carry

Other partner opportunities

NML can increase Project equity to 40%

Taconite Project: Simple Geology

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• Magnetic taconite ore similar to that of Minnesota’s Mesabi Iron Range • Sedimentary ore body averaging 37 meters thick with 7 distinct stratigraphic layers • Total mineral formation strike length: 10 km long, 1.5 km wide • Shallow, near surface, slightly dipping ore body with very low stripping ratio • Minor overburden and internal waste • Open pit mineable • Average head grade: ±30% total Fe

Millennium Iron Range Taconite: Typical Cross-Section

Taconite Project: Innovative & Competitive

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• High Pressure Grinding Rolls (HPGR) replace SAG mills, resulting in substantial energy savings

• Large scale and most technologically advanced equipment will be installed

• Product range capable of servicing needs of steelmakers globally

• Silica grade will be reduced in an upgrading circuit to produce DR grade pellets

• Based on pot grate tests at respected SGA lab in Germany, pellet quality was found to be comparable or even superior to other commercial grade pellets

High quality products from ~30% Fe head grade Concentrate Fe 69.8% SiO2 2.2% BF Pellets Fe 66.4% SiO2 2.4% DR Pellets Fe 67.8% SiO2 1.8%

Taconite Project: The Ferroduct Alternative

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• Fine grained concentrate ideal for slurry transportation

• Cost-effective alternative to rail • Indicative rail tariff is

$12 - $15/t (CAPEX + OPEX)

• Ferroduct cost estimate is $5/t (CAPEX) + $2/t (OPEX)

• Low-cost solution that gives NML Taconite significant competitive advantage among North American pellet producers

• NML also participating in CN – Caisse de Dépôt railway feasibility study in order to fully assess transportation options available

Iron Ore Transportation via Ferroduct is Well Established

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• Savage River, Tasmania (built 1967) - World’s first and still operating - 85 km long

• Samarco, Brazil (first line built 1977) - Two 400 km lines in operation - Third line under construction - Leading cost performance • Essar, India (2002) - 267 km ferroduct built for Vizag plant - 253 km ferroduct built for Paradip plant [2010] • Baotou Steel, Inner Mongolia (2010) - Largest iron ore concentrate ferroduct system in China,145 km - Transports 5.5 million tonnes of iron concentrate per year - Cold weather conditions comparable to Labrador Trough • Minas Rio, Brazil (2011 – under construction) - 522 km, 24” and 26” diameter, 24.5 mtpy

Managing in Cold Weather

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Precedent • Existing ferroducts operating at very low temperatures:

Base Metals concentrates in Siberia, Norilsk (1981), Eight above ground lines, 30 Km, 11"Ø, extremely harsh climate with average temperature of -10ºC and lows of -58ºC.

Phosphate in Idaho (1982), 137 Km, 8"Ø, Ambient temperature as low as -43ºC. Iron ore in Inner Mongolia, Baotou Steel (2010), 145 Km, 14"Ø, Ambient temperature as

low as -41ºC.

Freeze Prevention • Ferroduct buried below frost line • Above ground sections at river crossings are insulated and heat-traced

• Slurry flow generates heat – In extreme cases, emergency power and stand-by pumps ensure continuous flow

• Flow can be stopped for extended maintenance periods • Ferroduct is continuously monitored for pressure, temperature, flow and leak

detection, and rigorously inspected to ensure reliability

Taconite Project: New Dock at Port of Sept-Îles

20 20 Samsung Presentation - December 11, 2012

Existing Facilities

- Artist’s Rendering of New Dock - 50 Mtpy Initial Capacity (Commissioning in 2014) - Expandable

• $220 million state-of-the-art, multi-user loading dock now under construction at Sept-Îles

• Funding: Canadian Government – 25%; Port of Sept-Îles – 25%; Mining Companies - 50%

• NML initially investing directly for 15 Mtpy annual shipping capacity and through TSMC for 5 Mtpy -- combined access to 20 Mtpy or 40% of Phase I capacity

• Pointe-Noire landside terminal facilities include 3 Mt capacity stockpile

Pointe-Noire

Taconite Project: Market Opportunities

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• Market study conducted by World Steel Dynamics paints low growth picture for global steel demand to 2016, followed by broadly based expansion of 2.5% - 3.0% once current constraints to global economic expansion are overcome - New steelmaking projects in the US - Expansion of DRI in MENA

• Aiming for diverse market base, with spread of sales across several geographical regions - Core customer relationship in place at

Tata Steel Europe - High quality and wide product range

opens doors elsewhere

World Steel Dynamics' Crude Steel Forecast (million metric tonnes)

2008 2012 2013e 2014e 2015e 2025e 2013/2012 y/y 2014/2013

y/y CAGR

2008-2014 CAGR

2014-2025 Advanced Countries 491 464 469 482 492 598 1.2% 2.7% -0.3% 2.0% Japan 118.7 107.2 109.0 112.0 113.8 133.4 1.6% 2.8% -1.0% 1.6% Western Europe 163.7 140.9 138.0 142.0 144.3 169.1 -2.0% 2.9% -2.3% 1.6% United States 91.9 88.6 92.8 95.0 97.4 123.4 4.8% 2.4% 0.6% 2.4% Small Cap. Adv. 117.1 127.3 129.7 133.0 136.3 171.8 1.9% 2.6% 2.1% 2.4%

China 500 719 765 785 801 976 6.5% 2.6% 7.8% 2.0%

Developing World ex-China 335 368 381 398 415 632 3.4% 4.6% 2.9% 4.3% Africa 8.5 7.3 7.2 8.0 8.4 13.7 -1.4% 10.7% -1.0% 5.0% Brazil 33.7 34.7 36.7 38.5 40.3 62.5 5.8% 5.0% 2.2% 4.5% CIS 114.8 111.8 115.8 119.0 123.0 170.1 3.6% 2.8% 0.6% 3.3% Eastern Europe 18.5 14.2 14.8 15.5 16.2 24.6 4.2% 4.5% -2.9% 4.3% Developing Asia 20.7 21.4 21.7 23.0 23.8 36.3 1.6% 5.8% 1.8% 4.2% India 55.1 76.7 79.8 85.0 90.2 163.0 3.9% 6.6% 7.5% 6.1% Latin America 32.0 32.1 32.4 34.0 35.4 52.4 0.9% 5.1% 1.0% 4.0% Turkey 26.8 35.9 38.3 40.0 41.4 59.0 6.7% 4.5% 6.9% 3.6% MENA 25.3 34.1 33.9 34.9 36.1 49.9 -0.6% 3.0% 5.5% 3.3%

World Total 1,327 1,551 1,615 1,665 1,707 2,205 4.1% 3.1% 3.9% 2.6%

World Ex-China 826.8 832.2 850.0 879.9 906.4 1229.3 2.1% 3.5% 1.0% 3.1% Source: WSD estimates

Taconite Project: Status of Feasibility Study

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• Interim Feasibility Study report submitted.

• Completion is delayed as Study Manager requires more time for its internal review, which has been accepted by NML and Tata Steel.

• Upon receipt of final draft, NML and Tata Steel will carry out

a rigorous review to ensure a study of high quality before releasing the results.

• Optimization of the CAPEX and OPEX to achieve an attractive return.

• Further guidance within Q1 regarding the completion

schedule.

Robust Project with a World Class Partner

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• Market trends suggest new growth in the demand for pellets.

• The Taconite Project has positive cost and market framework.

• Natural advantages such as simple geology and magnetite ore, coupled with a favourable power rate, modern equipment and use of natural gas, would place the Project in lowest cost quartile among global pellet producers.

• NML and Tata Steel now together in discussions with other parties regarding potential Project investment and/or long-term offtake.

• Steps include:

- NDA’s / CA’s

- Technical exchanges and sharing of test data

- Samples for evaluation

- Establish product and volume requirements via letter of intent

Millennium Iron Range: A Huge Iron Ore District

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NML’s Certified Taconite Resources Category (M tonnes) KéMag LabMag lac Ritchie

Proven + Probable 2,141 3,545

Measured + Indicated 307 1,045 3,330

Inferred 1,014 1,151 1,437

Fe Grade (average) 31.3% 29.5% 30.5%

• 210 km long Millennium Iron Range is comparable to Minnesota’s Mesabi Iron Range in the US

• Resources large enough to potentially produce for over 100 years

• Drilling in 2013 to complete identification of other major resources

• NI 43-101 resource estimates of Perault Lake and Sheps Lake in Q1

Thank you

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TSX : NML

www.NMLiron.com