Summary

Mine Type	Open Pit
Study Completed	Feasibility
Status	Inactive / Suspended
Commodities	Iron Ore
Mining Method	Truck & Shovel / Loader
Mine Life	...
Snapshot	Abaxx owns the LabMag and KeMag iron ore assets, which were owned by New Millenium Iron Corp. and continue to be held by Abaxx after the reverse take-over of New Millennium Iron Corp. The Company is not undertaking any iron ore development due to its technology-focused plan. Although the Company does not believe that the LabMag and KeMag iron ore assets have material value at present, the Company developed an understanding that the market for “green” commodities may evolve to include certain types of iron ore deposits which could increase in value of the LabMag and KeMag iron ore assets. In particular, the LabMag and KeMag iron ore assets are “taconite” iron ore assets. The processing of taconite iron ore involves the production of iron ore pellets which can be optimal feedstock for electric arc furnaces.

Deposit type

• Banded iron formation

Summary:

The LabMag Property is located in the western margin of the Labrador Trough, adjacent to Archean basement gneisses. The Labrador Trough, also known as the LabradorQuebec Fold Belt, extends for more than 1,000 km along the eastern margin of the Superior Craton, from Ungava Bay to Lac Pletipi in Quebec. The belt is about 100 km wide in its central part and narrows considerably to the north and south. The Grenville Front crosses the southern part of the Labrador Trough.

The Deposit consists of magnetite Banded Iron Formation (“BIF”) of the Lake Superior type. BIFs are sedimentary rocks composed of alternating mm- to cm-scale beds of quartz (chert or jasper) and iron oxides (predominantly magnetite and hematite).

The taconite at LabMag consists mostly of alternating small-scale (mm to cm) beds of
recrystallized chert or jasper and massive or disseminated magnetite. Magnetite is the predominant iron oxide mineral, while hematite and martite occur in subordinate amounts. Gangue minerals are represented by iron silicates (minnesotaite and stilpnomelane), iron carbonate (siderite) and manganese carbonates (rhodochrosite and kutnahorite).

This iron formation has been explored by diamond drilling over a strike length of 9.5 km (Blocks A, B and C) and it extends beyond the northwest and southeast Property boundaries.

Mining Methods

- subscription is required.

Comminution

Crushers and Mills

Processing

- subscription is required.

Commodity Production

Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Sep 25, 2025