Mineral Resources and Reserves

Iron Projects with NI 43-101 Mineral Resource Estimates¹
	Measured & Indicated		Inferred		Location
Project/Deposit	Tonnes millions	% Fe	Tonnes millions	% Fe	Region	Province
Joyce Lake²	24.29	58.55	0.84	62.00	Labrador Trough	Newfoundland & Labrador
Full Moon³	7,259.6	30.18	8,693.5	29.86	Labrador Trough	Québec
Duncan Lake⁶	1,050.5	24.42	563.1	24.69	James Bay	Québec
Hayot Lake⁴	—	—	1,723.0	31.25	Labrador Trough	Québec
Black Bird⁵	1.55	59.93	8.607	57.01	Labrador Trough	Québec
	8,336		10,989
Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral Resource Update, Joyce Lake DSO Iron Project, Newfoundland & Labrador, April 17, 2014 Mineral Resource Evaluation, Full Moon Taconite Iron Deposit, Rainy Lake Property, Schefferville, Québec, December 6, 2012 Mineral Resource Evaluation, Hayot Lake Taconite Iron Project, Schefferville, Québec, November 9, 2012 Mineral Resource Evaluation, Black Bird DSO Deposit, Sunny Lake Property, Schefferville, Quebec, March 2, 2015 NI 43-101 Technical Report on the Mineral Resources of the Duncan Lake Iron Project, James Bay Area, Québec – Canada, October 11, 2012

Summary of Iron Projects with NI 43-101 Mineral Reserve Estimates¹
	Total Proven (Above 52% Fe)		Total Probable (Above 52% Fe)		Total Reserve
Project/Deposit	Tonnes millions	% Fe	Tonnes millions	% Fe	Tonnes millions	% Fe
Joyce Lake	14.52	59.75	3.20	59.52	17.72	59.71
The mineral reserve estimate for Joyce Lake DSO Project was estimated in the FS and is the economically mineable part of the measured and indicated mineral resource.