IRON HILLS project

2025

Preview

IRON HILLS PEA

1. Robust economics comparing favorably to Kami project
2. Magnetite ore process flowsheet producing DRPF iron ore concentrate
3. Phased approach accelerating time to revenue

Phase-based development strategy, allowing for accelerated deployment and revenue generation.

Payback after 5.3 years with railroad (year 8) and expansion (years 10-11) financed from free cash flow.

Production of a magnetite concentrate of very high purity, displaying an iron content greater than 67% Fe.

Proven and modern technologies delivering industry-leading energy efficient operations

WORLD CLASS MAGNETITE RESOURCE

1. North of Abitibi region providing infrastructure advantages
2. Magnetite dominated massive banded iron formation (BIF)

On Familiar Algonquin Ground

30 km N-E of Casa Berardi Mine, 30 km S-E of Selbaie Mine (closed), 85 km West of Matagami

MAGNETITE DOMINATED MASSIVE BANDED IRON FORMATION (BIF)

34km on strike, Iron Hills partially exposed at the surface, dominated by magnetite (Femag).

HIGH-PURITY MAGNETITE 67%+ Fe CONCENTRATE

1. EAF: Leading the global steelmaking industry decarbonization
2. 100Mt of high purity 67%+ Fe concentrate deficit by 2050
3. Thermal oxidation reaction of magnetite at pelletizing stage is highly exothermic
4. Critical mineral at Federal and Provincial levels

ELECTRIC ARC FURNACES (EAF)

Leading global steelmaking industry decarbonization

100M TONNES HIGH PURITY 67+% FE CONCENTRATE DEFICIT BY 2050

The macro trend of the steel industry decarbonization is forcing a transition from BF to EAF in steelmaking.

THERMAL OXIDATION REACTION OF MAGNETITE IS HIGHLY EXOTHERMIC

Generating 498kJ/kg of oxidized magnetite representing over ⅔ of total energy demand of induration process

HIGH PURITY 67+% FE CONCENTRATE PRICE PREMIUM

Significant premium on high purity 67+% Fe concentrate compared to BF fines (P62 to P65)

HIGH PURITY IRON ORE = CRITICAL MINERAL

Added in 2024 at the Federal and Provincial levels

Mineralization

Name

Tonnage (Mt)

Grade (%Fe)

Iron content (%MT)

Measured

818.80

14.98 %

21.02 %

Indicated

433.20

14.64 %

20.02 %

Total M+I

1252.00

14.86 %

20.67 %

Inferred

906.20

14.76 %

20.38 %

General Notes:

Iron Hills (43-101 April 2021)

NI 43-101 Resource Estimates

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Engineering Studies 43-101

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IRON HILLS project

Preview

IRON HILLS PEA

1. Robust economics comparing favorably to Kami project
2. Magnetite ore process flowsheet producing DRPF iron ore concentrate
3. Phased approach accelerating time to revenue

Phase-based development strategy, allowing for accelerated deployment and revenue generation.

Production of a magnetite concentrate of very high purity, displaying an iron content greater than 67% Fe.

WORLD CLASS MAGNETITE RESOURCE

1. North of Abitibi region providing infrastructure advantages
2. Magnetite dominated massive banded iron formation (BIF)

On Familiar Algonquin Ground

MAGNETITE DOMINATED MASSIVE BANDED IRON FORMATION (BIF)

HIGH-PURITY MAGNETITE 67%+ Fe CONCENTRATE

1. EAF: Leading the global steelmaking industry decarbonization
2. 100Mt of high purity 67%+ Fe concentrate deficit by 2050
3. Thermal oxidation reaction of magnetite at pelletizing stage is highly exothermic
4. Critical mineral at Federal and Provincial levels

ELECTRIC ARC FURNACES (EAF)

100M TONNES HIGH PURITY 67+% FE CONCENTRATE DEFICIT BY 2050

THERMAL OXIDATION REACTION OF MAGNETITE IS HIGHLY EXOTHERMIC

HIGH PURITY 67+% FE CONCENTRATE PRICE PREMIUM

HIGH PURITY IRON ORE = CRITICAL MINERAL

Mineralization

General Notes:

About the
project

NI 43-101 Resource Estimates

Engineering Studies 43-101

IRON HILLS project

Preview

IRON HILLS PEA

1. Robust economics comparing favorably to Kami project2. Magnetite ore process flowsheet producing DRPF iron ore concentrate3. Phased approach accelerating time to revenue

Phase-based development strategy, allowing for accelerated deployment and revenue generation.

Production of a magnetite concentrate of very high purity, displaying an iron content greater than 67% Fe.

WORLD CLASS MAGNETITE RESOURCE

1. North of Abitibi region providing infrastructure advantages2. Magnetite dominated massive banded iron formation (BIF)

On Familiar Algonquin Ground

MAGNETITE DOMINATED MASSIVE BANDED IRON FORMATION (BIF)

HIGH-PURITY MAGNETITE 67%+ Fe CONCENTRATE

1. EAF: Leading the global steelmaking industry decarbonization2. 100Mt of high purity 67%+ Fe concentrate deficit by 20503. Thermal oxidation reaction of magnetite at pelletizing stage is highly exothermic4. Critical mineral at Federal and Provincial levels

ELECTRIC ARC FURNACES (EAF)

100M TONNES HIGH PURITY 67+% FE CONCENTRATE DEFICIT BY 2050

THERMAL OXIDATION REACTION OF MAGNETITE IS HIGHLY EXOTHERMIC

HIGH PURITY 67+% FE CONCENTRATE PRICE PREMIUM

HIGH PURITY IRON ORE = CRITICAL MINERAL

Mineralization

General Notes:

About the project

NI 43-101 Resource Estimates

Engineering Studies 43-101

1. Robust economics comparing favorably to Kami project
2. Magnetite ore process flowsheet producing DRPF iron ore concentrate
3. Phased approach accelerating time to revenue

1. North of Abitibi region providing infrastructure advantages
2. Magnetite dominated massive banded iron formation (BIF)

1. EAF: Leading the global steelmaking industry decarbonization
2. 100Mt of high purity 67%+ Fe concentrate deficit by 2050
3. Thermal oxidation reaction of magnetite at pelletizing stage is highly exothermic
4. Critical mineral at Federal and Provincial levels

About the
project