Executive Summary contd The Company rec entl y rec eiv ed a compliant NI 43 101 Res ourc e Estimat e 18 52 Mi ll io n To nn es of In di ca ted Re sourc es 29 59 Magn etite 15 14 Mi ll io n To nn es of In fer re d Re sourc es 30 38 Magn etite Produc tion is targeted at 4 mil lion mt y of pellets at co mbined mining and pr oc es sin g co sts below 50t onne Projec t ec onomic s ar e ro bus t IRR of 2 5 yield in g 9 80 mill io n 10 NPV bas e ca se IRR of 4 0 yield in g 2 3 b il li on 10 NPV NI 43 10 1 ca se Dec em be r 1 20 11 5