Houston Flagship Deposit Development Plan

LIM Portfolio: 20 DSO Deposits (100% owned) 45 Mt 57 Fe% NI 43-101 M&I Resources1 121 Mt 57 Fe% Historic Resources² Québec Murdoch Eclipse Kivivic 0 50 Current production Stage 1: James + Kilometres surrounding deposits: 21.7 Mt Resource¹ Future production Stage 2: Houston 22.9 Mt Resource¹ (future production) Quebec Howse Labrador Iron Mines James Schefferville Schefferville Newfoundland & Labrador Redmond Houston Central/South Central Zone + (Stage 1 & 2) 1 NI 43-101 compliant resource as at March 31, 2012 2 Historical resource identified by IOC prior to 1983 were not prepared in accordance with NI 43-101 Sawyer Lake Astray Lake Newfoundland & Labrador Labrador Iron Mines - TSX: LIM LIM 6

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