Project M odel Assumptions Dec em be r 1 20 11 20 Eco no mic mod el ge ne rate d from the NI 43 10 1 Re sou rce Estimate Mi n in g 5 0 mi ll io n mt p re strip 4 2 2 6 mi ll io n mt o re 40 8 3 mi ll io n mt w a ste Prod uctio n 4 mil li on mt o f 68 Fe pe ll ets pe r y ea r 2 y ea rs con structio n 29 y ea rs op era tion s y ea r 1 o pe rate s at 66 ramp up Ope ratin g co sts via NI 43 10 1 w ith no be ne fit from dry cob bi ng in clu de d Ca pi tal co sts via Bech tel Be hre Dol be ar Krech Ojard Ele ctrothe rm an d oth ers ad ju sted to curre nt do ll ars total s 9 90 mil li on Re pl ace men t cap ital via Ben di ng La ke t ota ls 3 20 mil li on ove r 29 y ea rs Price s 2 ca ses Base Ca se via Co mmod itie s Re sea rch Un it rep ort CRU an d NI 43 10 1 case via NI 43 10 1 assu mptio ns Ope ra tin g bu d g e t for Be n d in g L a ke Iron Grou p in clu d in g w o rki n g ca p ita l rese rve for t he pe rio d en di ng Q4 20 12 is C 20 Mil li on