FIRST QUARTER RESULTS OF FISCAL YEAR-END 2020

DISCLAIMER

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CONFERENCE CALLPARTICIPANTS

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2020 FIRSTQUARTER HIGHLIGHTS

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HEALTH & SAFETY

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ENVIRONMENT FOCUS

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INDUSTRY OVERVIEW

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BLOOM LAKE OPERATIONAL RESULTS

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OPERATIONS OVERVIEW

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FOCUS ON QUALITYCONTINUOUS IMPROVEMENT IN ORE RECOVERY

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FIRST QUARTER FINANCIAL RESULTS

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FIRST QUARTER FINANCIAL RESULTS

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HIGH-GRADE IRON OREATTRACTING HIGHER SELLING PRICE

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RECORD CASHOPERATING MARGIN

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IMPROVING BALANCE SHEET

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FIRST QUARTERCASH FLOW

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RECENT TRANSACTIONS UPDATE

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PHASE II – STATUS UPDATE

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PHASE IIRAPID TIMELINE TO PRODUCTION

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