1

Compelling Near Term Low Capex DSO Iron Project in a Strong Recovering Seaborne Market

TSX:CNT ∙ www.centuryglobal.ca

Corporate PresentationFeb 2020

2

Forward Looking StatementExcept for statements of historical fact, this presentation contains certain “forward-looking information”within the meaning of applicable securities law. Forward-looking information is frequentlycharacterized by words such as “plan”, “project”; “intend”, “believe”, “anticipate”, “estimate” and othersimilar words, or statements that certain events or conditions “may” or “will” occur. Forward-lookingstatements are based on the opinions and estimates of management at the date the statements aremade, and are subject to a variety of risks and uncertainties and other factors that could cause actualevents or results to differ materially from those anticipated in the forward-looking statements. Factorsthat could cause actual results to differ materially from those in forward-looking statements includemarket prices for metals, the conclusions of detailed feasibility and technical analyses, lower thanexpected grades and quantities of mineralization and resources, mining rates and recovery rates andthe lack of availability of necessary capital, which may not be available to the Corporation on termsacceptable to it or at all, changes in and the effect of government policies with respect to mineralexploration and exploitation, the ability to obtain required permits, delays in exploration anddevelopment projects and the possibility of adverse developments in the financial markets generally,potential environmental issues and liabilities associated with exploration and development and miningactivities. The Corporation is also subject to the specific risks inherent in the mining business as wellas general economic and business conditions. The Corporation undertakes no obligation to updateforward-looking information if circumstances or management’s estimates should change except asrequired by law. The reader is cautioned not to place undue reliance on forward-looking statements.More detailed information about potential factors that could affect financial results is included in thedocuments that may be filed from time to time with the Canadian securities regulatory authorities bythe Corporation.

3

Fortune Global 500 Strategic

Partners:

Century Global at a GlanceAn iron ore company with a compelling low capital intensity permit ready high grade flagship project, Joyce Lake, and a counter-cyclical business unit built during the downturn of the iron ore market

▪ Multi-billion tonne iron ore portfolio with Global Fortune 500 partners;

▪ Flag ship low capital intensity Joyce Lake DSO Iron Ore Project is at feasibility study with environmental impact study complete, ready to permit and 18-30 months to production

▪ Century also spun out a precious metals Quebec project into a separately listed TSXV company, Century Metals (CMET)

▪ Over the last 4 years, successfully built a separate business unit with a professional marketing team distributing strong brands of food product from quality countries into Hong Kong, China as a Counter-cyclical strategy that creates the value while the iron ore cycle is recovering

Non-metals

Iron Ore

Professional teams

with successful track

records

Strong balance sheet

of C$16M (cash &

other working capital)

4

Financial HighlightsStrong balance sheet, trading below corporate working capital

Financial Highlights – December 31, 2019 C$ M

Cash 5.6

Marketable securities 0.4

Trade Receivables, Other Receivables, Prepaids, Inventories 12.1

Trade Payables, Other Payables and Accruals (2.4)

Total Net Corporate Working Capital 15.7

JV Net Cash Position (Century: 60%/Baowu: 40%) 3.0

Net Asset Value 25.4

Market Cap (@ $0.085, Jan 31, 2020) – Below Net Working Capital 8.4

5

0.18

0.3

0.10.14

0.09

120.25

$65

$75

$85

$95

$105

$115

$125

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

0.5

Iro

n O

re S

po

t P

rice

(U

S$/t

)

Shar

e P

rice

(C

$)

CNT IRON FEO BKI NML Iron Ore Spot Price

YTD gain

Capital Structure and Iron Ore vs Share Prices

Market Capitalization @ Jan 31, 2020

Shares outstanding 98,504,571

Options/grants 8,552,500

Fully diluted 107,057,071

Market Cap (@ $0.085, Jan 31, 2020) $8.373M

Share Structure

Board & management shareholdings 49.3%

(23.6%) & MinMetals (4.7%) 28.3%

Public shareholders 22.4%

Total 100%

July 1, 2019-Jan. 31, 2020 Iron Price (Fe 62% CFR China) vs CNT & Peers

+0% +22% +11% +20%+29% +2%

Iron junior share prices lagging way behind iron ore spot price

6

Century Global: A Compelling Iron Ore Story

Iron prices now trading above ~US$80/t (CFR China) in February currently (Joyce Lake BFS price US$95/t) following a spike last July, trading at over US$120/t. Price has since stabilized trading at US$80/t since November, over US$90/t during December and January.

Strong working capital position ($15.7M) to advance Joyce Lake

Flagship, Joyce Lake DSO project is a high-grade (>60% Fe) low-cost (US$46.6/t FOB and $260M or $15/t capex) at BFS (EIS completed); can be brought to production in 18 to 30 months with ~$130M NPV (pre-tax 100% project basis) @ US$95/t spot price assumption (CNT owns 60% with Baowu – 40%)

Strong Iron ore

market recovery

Strong working

capital position

Hi-grade/low-cost/

quick to production

Other two large-volume projects (with billions of tonnes of resources) are at PEA stage as a second-phase strategic development beyond Joyce Lake

Multi-Bt expansion

potential

China will be the primary driver of global seaborne market for a long time and Century’s partners are China’s largest steel mill, Baowu (offtake agreement) and Minmetals, both Fortune Global 500

Strategic Partners

for China market

In the meantime, a lean core development team of geologists and engineers is pursuing other initiatives and prepared for market recovery; capital deployed for other productive uses

Core technical

team standing by

~US$95/t Spot before coronavirus

outbreak (assumed in BFS)

~$16MWorking capital

$130Mpre-tax BFS NPV

(@ US$95/t,)

A near term production Joyce Lake DSO Project at BFS (with EIS complete & permit ready), in a strong recovering iron ore market

7

Global Iron Ore Market UpdateThe new re-emergence of the oligopoly, the return of the old structural dynamics in a strong recovering market

8

Positive Pricing Outlook on a Recovering MarketOligopoly supply economics is re-emerging while massive global expansions of majors have been completed with such signs as the dam failure and adverse weather

289 Mtpa

170 Mtpa

350 Mtpa

55 Mtpa

400 Mtpa

$33$37

$62

$80

$168 $168

$129$135

$97

$56 $57$71 $69

$89

$81(HSBC)

$73 LT

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020e 2021e

Avg

Ye

arly

US$

/to

nn

e @

62

% F

e C

FR C

hin

a (F

OB

Pre

-20

09

)

Mtp

a (M

illio

n t

on

nes

per

an

nu

m)

Seaborne

China's import

Vale

Roy Hill

Rio Tinto

FMG

BHP

Iron ore price Fe62%

?

Long-term

annual output

Oligopoly re-emerging as expansions done with majors maintaining dominating market share

Oligopoly disrupted as majors expand massively

or

Source: JP Morgan, RBC, CRU, World Steel Association, Century

A strong oligopoly of major producers (~70% market share) set prices

9

Source: UNCTAD The Iron Ore Market 2012-2014, General Customs Administration of the PRC, Index Mundi, Century, World Steel, McKinsey & Company 2000-2006, Bureau of International Recycling 2007-2013, J.P. Morgan 2014-2017, Reuters

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Crude steel output (Mt) 129 152 182 222 273 356 421 490 512 577 639 702 731 822 823 801 807 871 920 996

Scrap steel consumption (Mt) 25 30 35 41 48 57 67 69 72 83 88 91 84 86 97 98 99 148 188 216

Domestic iron ore output (Mt) 98 105 126 144 155 207 245 296 266 169 270 298 299 367 215 180 117 111 117 190

Imported iron ore (Mt) 70 92 111 148 208 275 326 383 444 628 619 687 745 820 933 953 1024 1075 1064 1069

Import: % total ore consumed 42% 47% 47% 51% 57% 57% 57% 56% 63% 79% 70% 70% 71% 69% 81% 84% 90% 91% 90% 85%

70

92

11

1

14

8

20

8

27

5

32

6

38

3

44

4

62

8

61

9

68

7

74

5

82

0

93

3

95

3

1,0

24

1,0

75

10

64

10

69

98105

126144

155

207

245

296266

169270

298299

367215 180

117111 117

190

2530

3541

48

57

67

6972

83

88

9184

8697 98 99

148 188216

42%

47% 47%

51%

57%

57%

57%

56%

63%

79%

70%

70%71%

69% 81%

84%

90%

91%

90%

85%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

200

400

600

800

1000

1200

1400

1600

Mt

China produced a historic ~1Bt of steel in 2019 and importing ~1Bt of iron ore Sh

are o

f imp

orte

d iro

n as %

of to

tal iron

ore

con

sum

ptio

n

Crude steel production grew by 8.3% in 2019 in the midst of trade wars, while iron ore import stayed flat at 1Bt with the help of increased scrap supply and domestic production due to high spot price environment

10

0

50

100

150

200

250

29

/05

/09

29

/07

/09

29

/09

/09

29

/11

/09

29

/01

/10

29

/03

/10

29

/05

/10

29

/07

/10

29

/09

/10

29

/11

/10

29

/01

/11

29

/03

/11

29

/05

/11

29

/07

/11

29

/09

/11

29

/11

/11

29

/01

/12

29

/03

/12

29

/05

/12

29

/07

/12

29

/09

/12

29

/11

/12

29

/01

/13

29

/03

/13

29

/05

/13

29

/07

/13

29

/09

/13

29

/11

/13

29

/01

/14

29

/03

/14

29

/05

/14

29

/07

/14

29

/09

/14

29

/11

/14

29

/01

/15

29

/03

/15

29

/05

/15

29

/07

/15

29

/09

/15

29

/11

/15

29

/01

/16

29

/03

/16

29

/05

/16

29

/07

/16

29

/09

/16

29

/11

/16

29

/01

/17

29

/03

/17

29

/05

/17

29

/07

/17

29

/09

/17

29

/11

/17

29

/01

/18

29

/03

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29

/05

/18

29

/07

/18

29

/09

/18

29

/11

/18

29

/01

/19

29

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29

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/19

29

/07

/19

29

/09

/19

29

/11

/19

29

/01

/20

TSI Fe 62% Daily Spot Price CFR China vs Brazil Daily FOB

US $

Closing Price@Feb 21, 2020

$86.42

$78.79

$13.02

The Recovery of the Global Seaborne Iron Ore MarketSeaborne spot market emerged in 2009 after 40 years of annual benchmark pricing, reached the peak in 2011 @ US$200/t and is clearly on the path of recovery ignited by the Brazilian dam failure (with only 30mtps or 2% of market supply)

On 25 Jan 2019, a tailings dam at the Brazilian Córrego do Feijão iron mine suffered a catastrophic failure affecting 30mtpa (~2% of global seaborne supply)

Córrego do Feijão iron mine tailings dam failure

Global Seaborne Spot Iron Ore Cycles in 10 Years

Cycle Recovery

Super Cycle

11

Structural Recovery: 2019 Seaborne Market Dynamics

▪ Major structural seaborne market change

▪ The Brazilian dam failure late January 2019 – but it’s only 2% of the supply and spot price surged >60% YTD for a solid performance of half a year in more than 5 years

▪ The relatively small (2%) disruption reveals a structural dynamic of market recovery with a six-month streak of price increases by ~60% in July before retreating to mid-$80s in November and rebounding to mid-$90s at the beginning of the year prior to the outbreak of coronavirus

▪ An oligopolistic market appear to have resumed after major expansions have been completed

▪ At the current spot CIF Fe 62% price of ~US$90/t (pre-virus), project economics becomes very different for near term production low capital intensity projects such as Joyce Lake

▪ It is still very early days for high capital intensity multi-billion dollar projects such as our taconite projects.

▪ For a bite-size quick-to-production project like Joyce Lake the opportunity is real

12

Joyce Lake DSO ProjectReady to goAt BFS & EIS (@US95/t iron ore assumed) is permit-ready and 18-30 months away to production

Iron Ore

13

Joyce Lake: M&I Resources (Fe 58.6%),

24.3Mt

Joyce Lake: Inf

(Fe 62%),

0.8Mt

Black Bird: M&I (Fe 57%),

1.6Mt

Black Bird: Inf (Fe 60%),

8.6Mt

Direct Shipping Ore (DSO): Resources & Reserves

Inclusive of Reserves of

17.7Mt(Fe 59.7%)

World-class Multi-Billion-Tonne Advanced Canadian Iron ProjectsRanging from BFS to PEAs (short and long-term development) ~C$100M invested

Full Moon: Indicated Fe

30.18%

7.259Bt

Full Moon: Inf Fe

29.86%

8.7Bt

Hayot: Inf Fe 31%

1.7BtDuncan: M&I Fe 24%

1.1Bt

Duncan: Inf Fe 25%

0.6Bt

Taconite / Magnetite Resources

High-volume Full Moon PEA:

IRR 15%, NPV C$5.8B (pretax)

High-volume Duncan Lake PEA:

IRR 20%, NPV C$4.1B (pretax)

Full Moon

(1) Based on 100% ownership (2) See Appendix for detai ls and assumpt ions ▪ Mt: Mi l l ion tonnes, Bt: Bi l l ion tonnes, ▪ M&I: Measured & Indicated, Inf : Inferred

Flagship high-grade Joyce Lake BFS:

IRR 18%, NPV C$140M (pretax)

14

Flagship Joyce Lake Feasibility HighlightsHigh Grade, Low Opex, Low Capex, Bite-size and Quick to Production

30

40

50

60

70

80

90

100

110

120

130

Jan/2016 Jul/2016 Jan/2017 Jul/2017 Jan/2018 Jul/2018 Jan/2019 Jul/2019 Jan/2020

Baowu has a direct 40%

interest in Joyce Lake JV

with an off-take for up to

60% of production

US$46.6/t

2.5Mtpa 62% Fe for 5

years in >7 years mine life

US$105M 18.7%

IRR (Pretax)

13.7% Post-taxOpex or C$58.25 FOB Sept-Îles

(Freight to China ~US$15/wet t)

US$12/t

Capital Intensity: Capex in

t-reserve C$15/t or C$260M

NI43-101 Feasibility Study

(April 14, 2015)

17.7Mt Reserves @ 59.71% Fe

Price peaked in

July 2019 @

US$123.2/t

2016 – 20 YTD TSI Fe 62% Daily US$ per tonne Spot Price CFR China

Note: The Feasibility Study uses a base price assumption of US$95/t CFR China for fines. Lump premium

is assumed at $1.5/t for each 1% Fe. Exchange rate of 80 US cents to a Canadian dollar is used.

BFS Fe Price = US$95/t

NPV (Pretax) = C$130.8M @8% (on total project basis)

Post-tax NPV = C$61.8M

15

Joyce Lake NI43-101 Feasibility StudyKey Performance Indicators – a Bite-sized Capex Starter Project

▪ Open pit mining

▪ Simple dry crushing and

screening (no beneficiation) to

generate 65% of products as

sinter fines and 35% as lump

target

▪ Low capital intensity of

C$14.7/t or US$12/t or total of

C$260M – bite-sized capex as

a start for a 2.5Mtpa operation

for 7 years

▪ Attractive financial metrics as

the iron ore price level is

recovering to feasibility study

level

▪ 18-30 months to production

▪ LoM: First 5.6 years at average 61.4% Fe and remaining

mine life from low grade stockpiles averaging 53.3% Fe.

▪ Based on 100% ownership of the project

▪ Base price assumption of US$95/t CFR China is for fines.

Lump premium is assumed at $15/t. Exchange rate of 80 US

cents to a Canadian dollar is used.

Mining Profile & Financial Evaluation

P+P Reserve 17.7 Mt

P+P Reserve Grade 59.7% Fe

LoM Average Production 2.5 Mt DSO/year

Strip Ratio 4.09

Life of Mine (LoM) 7 years

Freight to China US$15/wmt

Price Assumed, CFR China US$95/dmt 62% Fe

Payback period 4.4 years

NPV @8%: Pre/Post-tax C$130.8M / C$61.4 M

IRR (Pre/Post-tax) 18.7% / 13.7%

US$12/tUS$105M 18.7%

NP

V(P

reta

x)

IRR

(Pre

tax) C$15/t Capex /t-

reserve or

C$260M

$15.3

$23.3

$110.5

$42.0

$25.9

$28.7

$13.9

$-

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

Capital Cost

Contingency

Indirect

Other MobileEquipment

Railcars

Infrastructure

Equipment(Owner Fleet)

Mining (Pre-Stripping)

C$260M

C$M

16

Jan, 2

01

9; $

75

.59

Feb, 2

01

9; $

87

.33

Mar, 2

01

9; $

85

.71

Ap

r, 20

19

; $9

3.2

4

May, 2

01

9; $

98

.76

Jun

, 20

19

; $1

09

.18

Jul, 2

01

9; $

11

9.9

2

Au

g, 20

19

; $9

1.6

4

Sep, 2

01

9; $

92

.28

Oct, 2

01

9; $

88

.44

No

v, 20

19

; $8

4.7

3

Dec, 2

01

9; $

91

.88

Jan, 2

02

0; $

94

.23

$10.85

$1.80

$3.34

$2.82

$0.89

$26.08

$0.83

$20.00

CFR China Cash Cost$66.60

$-

$20

$40

$60

$80

$100

$120

C3 Freight toChina (recent)

General &Admin

Rail, Port &Loading

Rail Load-Out

Ore Hauling

Site Admin

Processing

Mining

Joyce Lake’s Feasibility Cash Opex PositiveEncouraging market recovery in 2017 with iron ore prices mostly above FS opex/tonne and almost reaching FS price target (US$95/t) early 2017

US$46.6/t

Opex = C$58.25 FOB Sept-Îles

▪ Low Opex of

US46.6/t or C$58.25/t

due to simple dry

crushing & screening

processing without

beneficiation

▪ C3 Freight rate runs

at ~US$18-9/t

(~US$12-15 in Q1)

▪ Spot iron ore prices

are trading about our

FS price assumption

of US$95/t since April

Note: For comparison purpose, the same exchange rate of 80 US cents to a Canadian dollar used in the

FS is also used to convert all actual iron ore average spot prices in this slide

2020 YTD Iron Ore Average Monthly TSI CFR China Fe 62% Prices in US$

Breakeven

cash price

Total Cash Cost Opex

=US$46.61FOB Sept-Îles

US$

Feasibility price assumption:

US$95/t (fines) $95/t

17

Joyce: Complete rail & port infrastructure with active government support

A regional provincial government has recently allocated ~C$300M to:

▪ Support an existing operating DSO mine

▪ Participate in a re-start of a closed iron ore mine

IOC Port

50Mtpa multi-user year-round

fully equipped capesize berth

~600km QNS&L + Tshiuetin

Rails Schefferville to Sept Îles

$C300M recent government support of iron ore industry

600km Railways: QNS&L +TST

50Mtpa New Multi-UserPort

C$300M RecentGovernment Support

18

A Successful Profitable Non-metals Business Built During the Downturn of the Mining Sector

19

16 Quarters of Growth on Mid-20% GPSolid growing food marketing business focusing on brand-marketing quality meat and egg products from Europe, Australia, to Hong Kong and Macau – started profit generation in 2018. July-Sep quarter sales drop was due to social unrest in Hong Kong

International &

local hotel &

restaurant chains

Store penetration by

product category in

Hong Kong

~335 Stores

International airlines

Value-added MarketingStrong Growing Business (in C$) Quality Origins Quality Products

Began in Hong

Kong, focused on

the largest, fastest-

growing middle

class in China,

the single largest

contributor to global

GDP growth

87

,16

5

13

1,2

55

34

9,2

17

41

9,3

21

52

5,6

31

64

9,4

33

72

0,4

88

84

1,6

60 1

,15

2,0

19

1,3

15

,32

0

1,3

59

,12

5

1,6

49

,61

0

1,7

59

,61

3 2,1

25

,00

5

1,8

41

,68

1

2,0

31

,90

5

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

J-M A-J J-S O-D J-M A-J J-S O-D J-M A-J J-S O-D J-M A-J J-S O-D

2016 2017 2018 2019

Food Segment 2016 – 19 Quarterly Sales (in C $) First sales began in January 2016

20

Management CompetenceAdvancing a diversified company focusing on the largest

and most important developing market in the world

21

Management▪ >35 years of international capital

market, mining & other industrial experience

▪ Successful business building and capital market transactions in London, North America, Australia & Asia

▪ CPA qualifications in Canada, Hong Kong

▪ >20 years of public capital market & accounting with strong business start-up experience

▪ Directorships with multi-billion dollar public metals companies in China

▪ CPA qualification in Hong Kong

▪ >20 years of food and beverage and other industrial product marketing with MNCs

▪ Successful track record of start-up marketing and distribution operation in Hong Kong, China for a multi-billion-euro Nordic meat company

▪ >45 years of mining operation and development experience including mining majors and as chief executive of multi-billion-dollar public mining companies

▪ Professional engineer qualifications in Canada, UK

▪ >20 years of Risk management, internal control, finance and accounting experience with multinational corporations, including as finance director of greater China region.

▪ CPA qualifications in Australia

▪ >30 years of bulk, base and precious metals exploration and development experience

▪ Professional earth science education and Professional Geoscientist qualifications in Canada, Australia and China

Sandy Chim, CPA, CA, MBA

President & CEO

Ivan Wong, CPA

Senior VP

Alan Sin, MBA

VP, Food Distribution

Peter Jones, P. Eng.

Chair, Advisory Committee

Alex Tsang, CPA

CFO

Allan Gan,P. Geo, MSc.

(Hons)

Director of Exploration

22

An Award-Winning Team

Rt. Hon. Jean Chrétien

congratulates Sandy Chim,

President & CEO of Century on

receiving the Canada China

Business Council’s 2014 Gold

Business Excellence Award for

Chinese investment in Canada.

Canadian Institute of Mining

Newfoundland Branch

George Ogilvie, President of CIM - Newfoundland congratulates Sandy Chim Chairman of Labec Century Iron Ore on receiving 2014 Explorer of the Year

Explorer of the YearGold Business Excellence Award

Silver Award in Professional, Scientific and Technical Services

EVP Peter Jones receiving

the Award from Mr. Wang

Wentian, Chargé d'affaires

a.i. of the Chinese Embassy

in Canada, and Peter Kruyt,

Chairman of the Board of the

CCBC

2014 2014 2016

23

Value Fundamentals of Century

Land and real properties bought for business operations in Schefferville, Canada and Wuhan, China ($0.9M after accounting depreciation)

Real estate properties $1.4M

JV has $3.0M net cash – 40%-owned by partner Baowu (China’s largest steel mill, a Global Fortune Global 500 SOE) + offtake up to 60% of production

Strategic Partnership for

China market$1.8M

Strong cash position to support business development and advancement of project when market returns

Cash & other working capital $15.7M

60% interest of NPV at 8% in feasibility study with a price assumption for iron ore fines that the mini-cycle almost reached at a peak early 2017

Joyce Lake DSO project at BFS

High-grade / low cost$61.4M

Full Moon Taconite (post-tax NPV at 8% of $3B) and Duncan Lake Magnetite (post-tax NPV at 8% of $2.2B) projects for further development

Advanced large scale projects

at PEA of multi-Bt resources

8.4Bt

11BtBegan sales in Jan 2016 with16 consecutive Qs of sales growth delivering a steady mid-20% gross margin & profitable since H2 FY18-19

Fast-growing food business 16xQs

~23%

Hard

cash,

working

capital

and real

estate

asset

value

Project

and

business

operation

value

at original cost

output off-take

post-taxNPV (100%)

inferred resources

continuous growth

60% of net cashin JV (2)

measured & indicated

gross profit

(1)

60%

(1) At Dec 31, 2019

24

Appendix

25

Century’s world-class multi-billion tonne iron ore reserves and resources

Item DSO Taconite Magnetite Total

Joyce Black Bird Full Moon1 Hayot Duncan1 Total

Project ownership 60% 81.1% 81.1% 60% 68%

Most Recent Report BFS Resource PEA Resource PEA

P&P2 reserves (Fe %) 17.7 Mt (59.7%) - - - - 17.7 Mt

M&I2 resources (Fe %) 24.3 Mt3 (58.6%) 1.6 Mt (59.9%) 7.3 Bt (30.2%) - 1.1 Bt (24.2%) 8.4 Bt

Inferred2 resource (Fe %) 0.8 Mt (62.0%) 8.6 Mt (57.0%) 8.7 Bt (29.9%) 1.7 Bt (31.3%) 0.6 Bt (24.7%) 11.0 Bt

Resource Cut-off grade 50% Fe 50% Fe 20% Fe 20% Fe 16% Fe

Capex (C$)2 $259.6M $7.2B $3.9B

IRR2 (pre-tax) 18.7% 15.2% 20.1%

IRR2 (post-tax) 13.7% 12.4% 15.9%

NPV (C$)2 (pre-tax) @ 8% $130.8M $5.8B $4.1B $10B

NPV (C$)2 (post-tax) @ 8% $61.4M $3.0B $2.2B $5.3B

Payback2 (pre-tax) 4.4 yrs 5.7 yrs 4.2 yrs

Payback2 (post-tax) 4.9 yrs 6.3 yrs 5.2 yrs

Production Mtpa2 2.5 20 12

Price Used4 $95 $95 $125

Exchange Rate Used2 0.80 0.80 0.95

Report Effective Date 2015/03/02 2015/03/02 2015/03/02 2012/09/25 2013/03/22

▪For Joyce Lake there is a US$15/t lump premium that is applied for portions of both the high-grade (62% Fe) and low-grade (58% Fe) products.

▪ For Full Moon, there is a US$22-23 pellet (66% Fe) product premium over the concentrate (66% Fe) product.

▪ For Duncan, there is a US$35 pellet (66.3% Fe) product premium over the concentrate (62% Fe) product.

1.Preliminary Economic Analysis includes inferred

resources

2.On 100% project equity basis, as per technical

reports filed on SEDAR

3.Inclusive of Proven & Probable reserves

4.US$/dmt 62% Fe CFR China

26

128.1

121.3

111.8

114.6

100.7

92.7

96.0

92.6

82.3

80.1

73.1

69.3

67.0

62.7

56.9

51.6

60.6

62.3

51.5

55.3

56.5

52.7

46.2

39.1

41.1

746.1

855.5

459.5

854.7

051.3

256.6

260.1

956.7

958.0

72.3

80.0

80.3

88.1

87.3

70.6

61.3

56.0

66.4

75.1

69.4

59.8

62.8

70.5

75.9

77.1

69.3

65.4

65.9

64.9

64.4

67.2

65.2

72.8

75.0

67.6

74.6

82.7

79.4

87.2

93.3

104.1

111.9

85.3

90.0

91.3

82.9

91.0

0

20

40

60

80

100

120

140

0

20

40

60

80

100

120

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4M

ay-1

4Ju

n-1

4Ju

l-1

4A

ug-

14

Sep

-14

Oct

-14

No

v-1

4D

ec-1

4

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5M

ay-1

5Ju

n-1

5Ju

l-1

5A

ug-

15

Sep

-15

Oct

-15

No

v-1

5D

ec-1

5

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6M

ay-1

6Ju

n-1

6Ju

l-1

6A

ug-

16

Sep

-16

Oct

-16

No

v-1

6D

ec-1

6

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7M

ay-1

7Ju

n-1

7Ju

l-1

7A

ug-

17

Sep

-17

Oct

-17

No

v-1

7D

ec-1

7

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8M

ay-1

8Ju

n-1

8Ju

l-1

8A

ug-

18

Sep

-18

Oct

-18

No

v-1

8D

ec-1

8

Jan

-19

Feb

-19

Mar

-19

Ap

r-1

9M

ay-1

9Ju

n-1

9Ju

l-1

9A

ug-

19

Sep

-19

Oct

-19

No

v-1

9D

ec-1

9

USD/tonne

Million Tonnes

Chinese domestic iron ore production adjusted to 62% Fe (in Mt) Imported iron ore (in Mt) TSI (CFR) spot price of 62% Fe

Iron ore spot price vs Chinese domestic & Imported Iron Ore Demand January 2014 to December 2019

Source: UNCTAD The Iron Ore Market 2012-2014, General Customs Administration of the PRC, GFI Iron Ore and Steel Derivatives, Index Mundi, Century, World Steel Association, J.P. Morgan

High cost of marginal producers drives spot price levelReduction of domestic iron ore production due to environmental issues, low grade and high cost