Moire Lake

Exploration-stage stand-alone iron ore deposit located approximately 6 km west of the city of Fermont, Quebec; the far extension of ArcelorMittal's Mont-Wright Mine. While ArcelorMittal's nearby ore is hematite-rich, Moire Lake is a mix of hematite and magnetite. Resource estimate based on a May 11, 2012 technical report with effective date March 28, 2012. Estimates are disclosed as historical, non-compliant with NI 43-101 or the JORC Code, and should not be relied upon. The Company is subject to limited production payments on Moire Lake.