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Century Iron Corporate Presentation - May 2013

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Century Iron Corporate Presentation - May 2013

Century Iron Corporate Presentation - May 2013

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    Century Iron Corporate Presentation - May 2013 Century Iron Corporate Presentation - May 2013 Presentation Transcript

    • TSX: FERwww.centuryiron.com Corporate Presentation – May 2013 Sustainable Development Century Iron Mines Corporation One of the largest iron resource developers Targeted to be the next DSO producer in Canada
    • 2 Forward Looking Statement Except for statements of historical fact, this presentation contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “project”; “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of mineralization and resources, mining rates and recovery rates and the lack of availability of necessary capital, which may not be available to the Corporation on terms acceptable to it or at all, changes in and the effect of government policies with respect to mineral exploration and exploitation, the ability to obtain required permits, delays in exploration and development projects and the possibility of adverse developments in the financial markets generally, potential environmental issues and liabilities associated with exploration and development and mining activities. The Corporation is also subject to the specific risks inherent in the mining business as well as general economic and business conditions. The Corporation undertakes no obligation to update forward-looking information if circumstances or management’s estimates should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. More detailed information about potential factors that could affect financial results is included in the documents that may be filed from time to time with the Canadian securities regulatory authorities by the Corporation. Century Iron Mines Corporation
    • 3Century Iron Mines Corporation FER 2013 Price Chart Source: Yahoo Finance 0.95 Iron ore spot price: $140/t (Dec 31, 2012) Iron ore spot price: $128/t (May 3, 2013) Joyce Lake DSO resource (Mar 7, 2013) Joyce Lake 1st PEA: $95M NPV pretax (Mar 25, 2013) Duncan Lake PEA: $4.1B NPV pretax (Mar 22, 2013) Block Trade ~3-4Ms (Mar 28, 2013) May 9, 2013 Closing: $0.42 Average Daily Volume (3m): 140,305 52 Week Range: $0.30 - $1.98 Market cap: ~$40M (on $44M cash Dec 2012)
    • Financial Highlights & Capital Structure Financial highlights (December 31, 2012) Cash and cash equivalents $43,781,876 Exploration and evaluation assets Investment in joint venture $46,700,848 $59,348,401 Capital structure (May 9, 2013) Shares outstanding 94,474,158 Options (@$2.92) outstanding 9,870,000 Fully diluted 104,344,158 Share Price $0.42 Market capitalization (approximately) $40 million Share structure Founding shareholders and directors (excluding management) (Note 1) 31.9% Management (Note 1) 22.8% WISCO (approx. 24.5%) and Minmetals (4.9%) – Strategic Partners 29.4% Public shareholders 15.9% Total 100.00% Century Iron Mines Corporation 4(Note 1: Approx 52% subject to voluntary min. lockup of 3 yrs from May 2011 to production)
    • 5 Corporate Structure & Project Joint Venture Champion Iron Mines Ltd. (TSX: CHM) Attikamagen Project 40-44% 56-60% (Note 2) Minmetals Exploration & Development (Luxembourg) Limited S.à.r.l WISCO International Resources Development & Investment Ltd (PRC) Approx. 5% Approx. 25% 60% Sunny Lake Project Duncan Lake Project Augyva Mining Resources Inc. (TSXV: AUV) 35-49% 100% Four projects acquired from Altius Minerals Inc. (TSX: ALS) (Note 3) 100% 51-65% (Note 1) 40% James Bay Area Duncan Lake Note 1: Currently a 51% registered interest has funded to a 65% interest under an option and joint venture agreement with Augyva Mining Resources Inc. Note 2: Currently a 56% registered interest and has funded to a 60% interest under an Option/JV Agreement with Champion Iron Mines Inc. Note 3: A portion of the Astray has been spun out to Northern Star which will assume the exploration obligations while Century maintains a 20% therein Century Iron Mines Corporation (TSX: FER) 3 4  $40M to earn in 40% for each JV  60% Off-take  70% capex to fund in debt NI 43-101 Resources Hayot Joyce (DSO) Full Moon Duncan Total Measured & indicated - 10.0 Mt 7.3 Bt 1.1 Bt 8.4 Bt Inferred 1.7 Bt 5.6 Mt 8.7 Bt 0.6 Bt 11.0 Bt 132 4 2 1 (inBillionsoftonnes) Iron Ore Projects 20Bt resources under management Full Moon Hayot Joyce
    • 0 5 10 15 20 25 30 2014 2015 2016 2017 2018 DSO Taconite High Volume Project Development Roadmap  A strategy of progressive development of 18Bt well located resources  Executed by a mining team with outstanding track record starting with Joyce (DSO)  Targeting a 100Mpta strategic partner & 750Mtpa end user country 6 DSO Full Moon Joyce DSO Production Mtpa Target 1 2 3 4 Closest distance Target 2 Mtpa On capex <$100M Century Iron Mines Corporation (conceptual illustration) From closest low Capex high grade DSO projects (target 2015) to high volume & Capex taconite project along strikeTaconiteDSO Taconite DSO DSO 1.7Bt (Inferred) 1 2 3 TSH & QNSL Rail to Sept Iles 7.3 Bt (M&I) 8.7 Bt (Inferred) DSO 4 Taconite 10.0 Mt (M&I) 5.6 Mt (Inferred) Labrador Trough 18km
    • 7Century Iron Mines Corporation Joyce Lake DSO Deposit Resource Category Million Tonnes Grade Tfe% Measured 5.0 60.44 Indicated 5.0 58.44 Total M & I 10.0 59.45 Inferred 5.6 55.78 Target 2015 Production  Resource model based on 118 holes  Assay coverage contains 3,854 assay intervals totaling 11,739 metres  Covering an area of 1,100 m along strike and 600m width  The mineralization remains open to the south  Continuing exploration to expand resource * NI 43-101 Technical Report, Joyce Lake DSO Iron Project SGS Canada Inc. – Geostat , Claude Duplessis April 18, 2013 Mineral Resource Estimate Summary* (at 50% Fe cutoff – April 18, 2013) Resource Highlights
    • 8Century Iron Mines Corporation Joyce Lake DSO Deposit Preliminary Economic Assessment * Discount Rate NPV (pre-tax) (C$ Millions) Payback (pre-tax) (years) 8% $90.4 2.5  Pre-tax IRR of 37% (27.1% after-tax)  2.0 Mtpa of lump (35%) and sinter fines (65%) production at 62.2% Fe with a mine life of 4 years (first year: 1Mt) as a first stage  Total estimated capital costs (excluding sustaining capital) of C$96.6 million  Total estimated operating costs (loaded in a ship at Port of Sept-Iles) of C$62.8 per tonne of lump and sinter fines * PEA Study Report , Joyce Lake DSO Project, CIMA+, Jean-Sebastien Tremblay, May 9, 2013 Note: The PEA is preliminary in nature. It may incorporate inferred mineral resources which are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There can be no certainty that the estimates contained in the PEA will be realized. In additional, mineral resources that are not mineral reserves do not have demonstrated economic viability.
    • 9Century Iron Mines Corporation Preliminary Economic Assessment* Opex and Capex FOB Operating Cost (Note) $/tonne Lump/Fines Mine 21.40 Crushing & Screening Plant 4.35 General and Administration 6.85 Product Hauling 2.82 Rail Yard Operation 0.86 Rail Transportation 22.36 Port Handling 4.16 Total Opex FOB, Sept Iles 62.80 Capital Cost $ millions Joyce Lake Mine 10.8 Crushing & Screening Plant 10.5 Railroad and Yard (1) 10.3 Rail Cars (2) 20.4 Haulage Road and Infrastructure (1) 24.3 Trucks (2) 6.7 Total Direct Cost 83.0 EPCM at 10% of Direct Cost (excluding mobile equipment) 5.6 Contingency 10% of Direct Cost 8.0 Total Project Cost 96.6 Highlights: (1) Infrastructure benefiting future operation: $35M (2) Trucks & Ore Cars: $27M Highlights: Current Ocean Freight to China $ 20/t Current Concentrate Spot Price 62% Fe CFR China $ 136/t PEA FOB price assumptions: Lump $ 108/t Sinter fines $ 93/t (Note): Opex is estimated on FOB Sept Iles basis
    • Additional DSO Targets Sunny Lake – Lac Le Fer Section Prospect #2 Prospect #3 Sample Fe % Mn % SiO2 % Sample Fe % Mn % SiO2 % 5376 48.6 0.05 31.82 5383 56.4 0.36 15.1 5377 41.1 0.06 35.92 5384 59 0.08 15.42 5378 46.9 0.11 22.28 5385 59.5 0.11 13.9 5379 46.6 0.05 31.78 5386 41.4 0.25 37.48 5380 48.5 0.69 31.68 5387 67.1 0.22 1.88 5381 59.7 0.14 2.76 5388 58.4 0.11 10.65 Prospect #4 5391 50.8 0.55 23.4 9957 66.8 0.3 2.06 5392 63.8 0.22 5.91 9958 55.8 0.06 18.54 5394 57.7 0.17 14.08 Prospect #5 5395 59.4 0.11 13.12 9759 43.3 0.21 34.9 5396 58.8 0.22 4.03 9760 43.5 0.03 35.61 5397 63.3 0.17 6.06 9761 60.2 0.06 11.52 5398 62.1 1.83 5.34 9762 58.8 0.24 13.87 5399 57.6 0.28 14.24 Prospect #6 5400 42.8 4.32 28.43 9763 44.9 2.88 34.02 9751 61.2 2.67 6.98 9764 61.5 0.12 7.93 9752 67.4 0.1 2.27 9765 23.8 0.24 59.9 9753 66.6 0.23 3.46 9766 38.3 0.12 40.51 9961 63.1 0.28 7.72 9767 61.5 0.21 2.67 Fe samples > 55%* 9768 56.7 0.09 10.09 * Assay results from 1951 exploration program (M. Tremblay) Century Iron Mines Corporation 10
    • LLF P3 DSO Target, Mag and Gravity Completed Holes Proposed Holes Completed Holes LLF-P3-004 62.3% FeT/45.0m (ended in IF) LLF P3 DSOLLF-P3-004 Assay result Sample ID From to Length (m) TFe % 502509 3 9 6 9.48 502510 9 12 3 52.5 502511 12 15 3 56.3 502513 15 18 3 58.5 502514 18 21 3 60.5 502515 21 24 3 60.8 502516 24 27 3 64.5 502517 27 30 3 64.7 502518 30 33 3 64.6 502519 33 36 3 65.3 502520 36 39 3 64.6 502521 39 42 3 64.7 502522 42 45 3 66.2 502523 45 48 3 65.5 502524 48 51 3 67.1 502526 51 54 3 58.3 Naturally enriched >62% grade & good thickness Century Iron Mines Corporation 11
    • Full Moon Taconite Deposit, Rainy Lake First Resource Estimate by SRK Century Iron Mines Corporation 12  Resource model based on 124 diamond holes on 22,900 meters (out of total 2010-12 total drilling of 30,941 meters over 148 diamond holes;  An update resource estimate to come upon complete results on all holes modeled & analyzed  11km strike length (open both to the north & south of the Deposit) & up to 4km across  Combined true thickness of iron ore units often exceeds 200m * Mineral Resource Evaluation, Full Moon Taconite Iron Deposit SRK Consulting,, Jean-Francois Couture, December 6, 2012 Mineral Resource Estimate* (at 20% Fe cutoff – December 6, 2012) Resource category Billion tonnes Grade TFe% Indicated 7.260 30.18 Inferred 8.694 29.86 Resource Highlights
    • Full Moon Taconite Deposit Thicker than usual, better economics 28.4% 341m 30.2% 224m 30.4% 272m 29.1% 234m 31.3% 152m 29.0% 115m 27.9% 242m 2.75km Section Line 0 Usual taconite thickness 100m Century Iron Mines Corporation 13 IronOreUnits IronOreUnitsIronOreUnits 100m
    • Hayot Lake Iron Project Domain Volume Quantity Grade (Mm3) Mt SG TFe % Inferred Mineral Resources LC 60.8 178.8 2.94 23.92 JUIF 125.6 414.9 3.31 31.99 URC 162.6 536.3 3.3 32.89 PGC 100.2 328.8 3.28 32.10 LRGC 80.5 264.4 3.28 31.27 TOTAL 529.6 1,723 3.25 31.25 Mineral Resource Estimate * Nov. 9, 2012 Reported at a cut-off grade of 20% total iron inside a conceptual pit envelope optimized considering reasonable open pit mining, processing and selling technical parameters and costs benchmark against similar taconite iron projects and a selling price of US$110 per dry metric tonne of iron concentrate. * Mineral Resource Evaluation, Hayot Lake Taconite Iron Project, SRK Consulting (Canada) Ltd., Jean-Francoise Couture, November 9, 2012 LC JUIF URC PGC LRGC Century Iron Mines Corporation 14
    • The Altius iron ore projects have been divided into four broad groups based on the geology and iron ore target type:  Schefferville: potential for direct-shipping ore (DSO) comprised of soft red hematite-goethite typical of what was previously mined (and currently being re-opened) in the Schefferville camp; also potential for taconite.  Astray: potential for large resources of taconite as well as high-grade specularite-rich DSO similar to Sawyer Lake. A portion of the Astray has been spun out to Northern Star which will assume the exploration obligations while Century maintains a 20% therein.  Menihek: target is large tonnage magnetite-rich taconite similar in structure and geological setting to the large Labmag/Kemag deposits to the north.  Grenville: targets are polydeformed, recrystallized magnetite-specularite taconite akin to the deposits mined by IOCC at Carol Lake. Further Potential of Altius Projects Century Iron Mines Corporation 15
    • Transportation – Iron Projects in Labrador Trough Sept-Iles Pointe-Noire Port-Cartier Ross Bay Junction Mont-Wright Labrador City Schefferville Sunny Lake Attikamagen Railway Distance: Schefferville to Ross Bay Junction: 217 km Ross Bay Junction to Sept-Iles: 356 km Labrador City to Ross Bay Jct: 58 km Mont-Wright to Port Cartier: 400 km 0 50 100 km Adriana (WISCO) Altius Projects  QNS&L (Common Carrier) runs 573km from Schefferville to Sept-Iles  Attikamagen to Schefferville: 15km (from the closest point)  Joyce Lake targets 1-3Mtpa DSO • Using existing Railroad infrastructures: QNS&L & TSR  Rainy Lake (Full Moon) targets 20Mtpa+ Full Moon Lac Le Fer Joyce & Hayot Century Iron Mines Corporation 16
    • Port of Sept-Iles: 50Mtpa Expansion  Largest iron ore exporting port in Canada - 25.1Mt in 2010 compared to 19.2Mt in 2009  Port Zone consists of a 10 km sheltered port zone, with a natural ocean basin for ships up to 400,000 dwt  Main port is over 23.2 m in depth  Accommodates Capesize or larger vessels  Fully equipped, can be operated year-round  50Mtpa $220M expansion plan to be completed in 2014 with more than $100M in commitments from miners and governments, $55M from federal government Alumina Plant Multi user Berth By Port of Sept-Iles • Natural shelters, deep water for year-round access by iron ore ships • Ability to expand as required 0 500 m IOC Port Century Iron Mines Corporation 17
    • 18Century Iron Mines Corporation Duncan Lake Iron Project  10 km south of LG2 regional airport  50 km south of Radisson  Hydro Quebec’s LG1 & LG2 within 100 km  120 km (approx.) from James Bay  Highway 109 connects Matagami and Radisson through the property Mineral Resource Estimate * (at 16% Fe cutoff – updated Oct0ber 11, 2012) Resource category Million tonnes Grade % Measured 406 23.9 Indicated 645 24.7 Subtotal 1,050 24.4 Inferred 563 24.7 Well-Established Infrastructure Duncan Project * NI 43-101 Technical Report, The Duncan Lake Iron Project Met-Chem Canada Inc., Schandra Ibrango, Stephene Richard, Yves Buro, October 11, 2012
    • 19Century Iron Mines Corporation Discount Rate NPV* (pre-tax) (C$ Billions) Payback (years) 8% $4.1 4.2  Pre-tax IRR of 20.1%  12.0 Mtpa of pellet production at 66.3% Fe with a mine life of 20 years  Total estimated capital costs (excluding sustaining capital) of C$3.8 billion  Total estimated operating costs (loaded in a ship at Port of Chisasibi, James Bay) of C$59.17 per tonne of pellets * NI 43-101 Technical Report, Preliminary Economic Assessment of the Duncan Lake Iron Property , Met-Chem Canada Inc., Michel Bilodeau, Mary Jean Buchanan, Yves Buro, Charles Cauchon, Daniel Gagnon, Raymond Gaudreault, Daniel Houde, Schadrac Ibrango, and Stephane Rivard, May 6, 2013 Duncan Lake Magnetite Deposit Preliminary Economic Assessment* (May 6, 2013) Note: The PEA is preliminary in nature. It may incorporate inferred mineral resources which are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There can be no certainty that the estimates contained in the PEA will be realized. In additional, mineral resources that are not mineral reserves do not have demonstrated economic viability.
    • 20Century Iron Mines Corporation Duncan Lake Magnetite Deposit* Capex and Opex Operating Cost $/tonne pellet Mine production 24.02 Concentration and slurry transportation 16.86 Pellet production and handling 11.45 G&A and site services 4.84 Ship loading 2.00 Total $59.17 Capital Description Initial Capital $ Millions Mine 71 Crusher and ore storage 94 Concentrator 524 Mine and concentrator area infrastructure 67 Pipeline and water reclaim 311 Pellet plant and infrastructure 1,107 Pellet storage and Infrastructure 309 Port and ship loading 250 Power and communication 180 Service vehicles and equipment 14 Tailings storage and water treatment 40 Indirect costs 363 Contingency 503 Total Initial Capital $3,833
    • 21Century Iron Mines Corporation Shipping Considerations  Commercial shipping in Hudson Bay has been well established for 70+ years (e.g. Port of Churchill)  James Bay water depths permit deep-sea marine terminal for Capesize vessels, 80- 100 metres in Hudson Bay.  Up to 150 days of ice-free shipping, year- round shipping with ice class vessels  Possible future direct North-West Passage to Asia Ongoing Studies  Identified two locations for port site  Extensive shipping study is underway  Partnering with shipping and engineering companies to work out logistic options Duncan Lake Iron Project – Oceanic Shipping Kuujjuaraapik
    • Sandy Chim President & CEO Hubert Vallee SVP, Mine Development & Logistics Ghislain Arel, Mine Development Robert Girardin, Logistics Ivan Wong, CFO Ricky Chan, VP, Planning & Operations Claude Britt, Chief Geologist Michael Skutezky, General Counsel & Corporate Secretary Bob Leshchyshen, VP, IR & Corporate Development Management For Success Mine development & logistics in place for 2015 production Century Iron Mines Corporation 22 New iron ore mine development Resource discovery & development China steel mill & iron ore trading Capital market & building materials Iron ore mining & logistic operations Corecompetence,expertise andexperience
    • 1) DSO Production target 2015  PEA Capex under C$100M – including rail cars and mining trucks (60% contribution by Century)  60% off take to WISCO  Environmental study underway  Port of Sept-Iles to be completed March 2014  Railway access in progress  Feasibility study underway 2) Presently drilling to expand and sustain DSO operations 3) Full Moon: progressing to complete PEA by Q3 4) Management increased its ownership of FER shares Summary Century Iron Mines Corporation 23
    • 24Century Iron Mines Corporation  Century is the top six largest attributable contained iron ore resource in the world  Century is trading at the lowest EV per contained Fe tonne  Century has more equity interest in DSO and taconite projects with a production target of 2015 Source: Company data, Credit Suisse estimates Credit Suisse Analysis
    • 25Century Iron Mines Corporation Century Iron Mines Corporation Bob Leshchyshen VP, Corporate Development and IR (416) 977-3188 Ext. 109 bob.leshchyshen@centuryiron.com CHF Investor Relations Robin Cook Senior Account Manager (416) 868-1079 Ext. 228 robin@chfir.com Contact Information
    • 26Century Iron Mines Corporation Appendices
    • 27Century Iron Mines Corporation Comparable Table (based on total resources) Prepared by: Bob Leshchyshen, MBA, CFA Companies in the Labrador Trough NI43-101 Resources Disclosed Stock (Mils) tonnes Proven & Measure Symbol NI43-101 Resource Estimates Probable & Indicated Inferred Total ADI Adriana Resources Inc. (1) 0 11,350 12,390 23,740 NML New Millennium Capital Corp. (2) 5,750 14,016 4,405 24,171 CEV Cap-Ex Ventures Ltd. 0 0 7,200 7,200 CHM Champion Iron Mines Ltd. (3) 0 858 5,720 6,577 FEO Oceanic Iron Ore 1,359 1,268 193 2,821 ADV Alderon Resource Corp. 669 1,275 523 2,466 LIM Labrador Iron Mines Holdings Ltd. 0 44.6 5.2 49.8 Major Iron Companies MT ArcelorMittal (including Baffinland) 2,340 4,903 1,510 8,753 CLF Cliffs Natural Resources (4) 649 1,976 711 3,336 RIO Rio Tinto plc (IOC) (5) 1,374 1,091 1,372 3,837 FER Century Iron Mines Corp. (6) Duncan Lake 0 1,051 563 1,614 Joyce Lake 0 10.0 5.6 15.6 Hayot Lake 0 0 1,723 1,723 Rainy Lake 0 7,260 8,694 15,953 Total FER 0 8,321 10,985 19,306 Total all companies 12,141 45,101 45,014 102,256 (1) Adriana: WISCO has 60% interest in the property (2) New Millennium: Tata Steel has 80% interest in all the properties except Lac Ritchie (3) Champion: Century and WISCO together have 60% interest in Hayot Lake property. (4) Cliffs: WISCO has a 25% interest in Bloom Lake (5) Rio Tinto PLC has a 58.72% interest in IOC, Mitsubishi has 26.18% interest and LIORC has a 15.10% interest. (6) Century: Champion has 40% interest in Hayot Lake, Augyva has 35% in Duncan Lake and WISCO has 40% interest in all of the properties. LIORC = Labrador Iron Ore Royalty Corp.
    • 28Century Iron Mines Corporation Comparable Table (based on attributable resources) Prepared by: Bob Leshchyshen, MBA, CFA Companies in the Labrador Trough Attributable Tonnes Contained FE tonnes Fe% Fe% Fe% Stock (Mils) tonnes Proven & Measure Total Proven & Measure Total Proven & Measure Total Symbol NI43-101 Resource Estimates Probable & Indicated Inferred Probable & Indicated Inferred Probable & Indicated Inferred Total ADI Adriana Resources Inc. (1) 0 3,285 3,767 0 28.94% 30.40% 0 1,314 1,507 2,821 NML New Millennium Capital Corp. (2) 1,757 4,121 1,303 30.55% 29.63% 30.31% 351 2,493 813 3,657 CEV Cap-Ex Ventures Ltd. 0 0 2,102 0 0 29.20% 0 0 2,102 2,102 CHM Champion Iron Mines Ltd. (3) 0 172 1,670 0 30.58% 28.49% 0 277 1,320 1,597 FEO Oceanic Iron Ore 438 410 64 32.21% 32.36% 32.90% 438 410 64 912 ADV Alderon Resource Corp. 197 378 154 29.52% 29.68% 29.45% 197 378 154 730 LIM Labrador Iron Mines Holdings Ltd. 0.0 25.2 2.9 0 56.45% 55.42% 0.0 25.2 2.9 28.0 Major Iron Companies MT ArcelorMittal (including Baffinland) 809 1,471 603 34.56% 30.00% 39.94% 809 1,471 603 2,883 CLF Cliffs Natural Resources (4) 198 595 20 30.55% 30.11% 28.60% 155 534 20 709 RIO Rio Tinto plc (IOC) (5) 522 417 521 38.00% 38.21% 38.00% 307 245 306 858 FER Century Iron Mines Corp. (6) Duncan Lake 0 256 139 0 24.39% 24.70% 0 100 54 154 Joyce Lake 5.9 3.1 0 59.45% 55.78% 0.0 2.1 1.1 3.3 Hayot Lake 0 0 538 0 0 31.25% 0 0 194 194 Rainy Lake 0 2,191 2,596 0 30.18% 29.86% 0 1,315 1,558 2,872 Total FER 0 2,453 3,277 0 29.45% 29.81% 0 1,417 1,807 3,223 Total all companies 3,921 13,329 13,484 32.30% 29.55% 29.95% 2,257 8,564 8,699 19,52 0
    • 29Century Iron Mines Corporation Comparable Table (based on attributable resources) Prepared by: Bob Leshchyshen, MBA, CFA Iron Ore Industry in Labrador Trough FE EV P&P FE With NI43-101 Resources Close Market Enterprise M&I EV/ Total* EV/ Stock 9-May 52 week Shares Cap Cash Value mils FE mils FE symbol Name 2013 Low High O/S (mils) $mils ($mils) ($mils) tonnes tonne tonnes tonne NML New Millennium Capital Corp. (2) $0.95 $0.77 $1.95 180.2 $153.2 $67.8 $90.1 2,844.0 $0.032 3,657.2 $0.025 ADI Adriana Resources Inc. (1) $0.24 $0.22 $0.85 157.6 $37.8 $51.6 ($13.8) 1,314.0 ($0.010) 2,820.6 ($0.005) CEV Cap-Ex Ventures Ltd. $0.095 $0.07 $0.60 75.8 $7.2 $2.3 $5.1 0.0 n/a 2,102.4 $0.002 CHM Champion Iron Mines Ltd. (3) $0.22 $0.19 $1.35 119.9 $26.4 $6.6 $19.8 276.7 $0.072 1,597.1 $0.012 FEO Oceanic Iron Ore Corp. $0.10 $0.095 $0.30 196.6 $19.7 $3.4 $19.4 848.2 $0.023 911.9 $0.021 ADV Alderon Resource Corp. $1.07 $1.00 $2.82 130.1 $139.3 $44.5 $94.7 575.7 $0.165 729.6 $0.130 $383.5 $176.3 $215.4 5,858.6 $0.037 11,818.8 $0.018 FER Century Iron Mines Corp. (4) $0.42 $0.30 $1.98 94.5 $39.7 $43.8 ($4.1) 1,416.7 ($0.003) 3,223.4 ($0.001) * Total includes Proven and Probable, Measure and Indicated and Inferred Resources. (1) Adriana: Wisco has 60% interest in the property (2) New Millennium: Tata Steel has 80% interest in all the properties except Lac Ritchie (3) Champion: Century and WISCO together have 60% interest in Hayot Lake property. (4) Century: Champion Iron Mines has 40% interest in Hayot Lake, Augyva Mining Resources has 35% in Duncan Lake and WISCO has 40% interest in all of the properties.
    • 108 112 127 128 137 162 181 185 197 210 21915 34 44 54 70 82 93 103 113 200 296 288 229 285 312 310 323 336 344 353 167 177 191 217 239 248 269 283 300 308 317 326 384 444 628 619 687 761 845 933 1,008 1,079 781 852 837 930 1,032 1,094 1,119 1,241 1,356 1,442 1,530 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2006 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F 2016F Rio Tinto Vale FMG BHP China Demand World Seaborne Big 3 produced more than China bought China is expected to buy more from the big 4 than they can produce The big 4 have dominated the supply side, but even they can’t keep up with China’s growing reliance on seaborne ore. This creates room for new suppliers. Source: CRU Mtpa 30Century Iron Mines Corporation
    • 92 111 148 208 275 326 383 444 628 619 687 745 148 176 210 232 299 353 406 382 303 409 415 398 0 20 40 60 80 100 120 140 160 180 200 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 0 200 400 600 800 1000 1200 1400 Import Iron Implied Domestic Concentrate Spot Price 31 US$ /tMtpa China’s iron ore sources vs spot prices China’s growing reliance on imports Buying 70% of seaborne iron ore Source: Index Mundi, CenturyCentury Iron Mines Corporation
    • 693 110 726 255 981 182 527 709 449 1,158 29 48 77 87 164 0 500 1000 1500 2000 2500 2002 2002-2012 Growth 2012 2012-2021 Growth (CRU) 2021 (CRU) ROW China India 904 685 1,512 813 Developing Countries Driving Future Steel Growth 2303 Mtpa Other developing economies 183 Developed economies 72 Over the next 10 years:  Developing economies drive growth  Ex-China developing countries contribute 1/3 of global growth and > 1/2 of China’s growth for the same period  China, though slowing down, still contributes 58% of tonnage growth Source: World Steel Association, CRU, CenturyCentury Iron Mines Corporation 32
    • 95 101 109 115 124 129 152 182 222 273 356 421 490 512 577 637 683 709 749 770 806 838 22 24 24 23 24 27 27 29 32 33 46 49 53 58 64 68 72 77 80 86 92 98 635 625 666 639 641 694 672 693 716 756 745 779 804 771 595 723 735 726 741 801 825 848 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 World Ex- China/India India World production went from 100Mtpa in 1927 to 700Mtpa+ in 1974: 47 years, a world war & baby boom China’s growth from 101Mtpa in 1996 to 709Mtpa in 2012: Just 16 years in peace time Source: World Steel Association, CRU, CISA, Century Global Crude Steel Production Trend Mtpa A matter of Size & Speed Century Iron Mines Corporation 33
    • Profile raising $600M  BFS  70% debt financing  60-70% product presold  Lead order of $900M from partner (top up)  FER valuation supported by BFS & very substantial resources/reserves Production Capex: $5B Shared pro-rata JV financing with SOE Financing Strategy Illustration A User-Banker Model With Strategic Partner 34 inmillionsof$ FER financing Total project development & production cost 70% 18% 12% 50 100 3500 900 600 5150 0 1000 2000 3000 4000 5000 6000 Fund source from SOE strategic partnership Century Iron Mines Corporation
    • Iron Ore Spot Price Trend 35Century Iron Mines Corporation Closing price @ May 3rd, 2013 $128.10 $17.65 $110.45 Spot Freight Rate (Brazil-China)
    • 36Century Iron Mines Corporation Schefferville Projects: Location & Geology MI&I 3.46 Bt @ 31.24% Fe (average) MI&I 5.13 Bt @ 29.4% Fe (average) Proven classic iron formation in a mining camp * Information regarding reserves, resources and production capacity are from management and publicly available sources including press releases and NI 43-101 technical reports filed on www.sedar.com. Century has not confirmed the resource and reserve data and it cannot be relied upon. 10.0 Mt @ 59.45% Fe (M&I) 5.6 Mt @ 55.78% Fe (Inf) 11.35 Bt @ 28.94% Fe (M&I) 12.39 Bt @ 30.40% Fe (Inf) Hayot Taconite Deposit 1.72 Bt (Inf) @ 31.25% Fe Central Section, Labrador Trough Knob Lake Group Sokoman Iron Formation, equivalent to Wabush Iron Formation at South Adriana (WorldLink & WISCO) New Millennium (Tata Steel) Schefferville Otelnuk Deposit* Labrador Trough Lac Le Fer DSO target Joyce Lake DSO Projects: Tata/MNL – Capex: C$560m Century’s Projects LabMag* KéMag* Joyce Lake DSO Full Moon Taconite Deposit 7.3 Bt @ 33.18% Fe (M&I) 8.7 Bt @ 29.86% Fe (Inf)