The LIM deposits are composed of iron formations of the Lake Superior type. The Lake Superior type iron formation consists of banded sedimentary rocks composed principally of bands of iron oxides, magnetite, and hematite within quartz (chert) rich rock, with variable amounts of silicate, carbonate, and sulphide lithofacies.

The earthy bedded iron deposits are a residually enriched type within the Sokoman iron formation that formed after two periods of intense folding and faulting, followed by the circulation of meteoric waters in the fractured rocks. The enrichment process was caused largely by leaching and the loss of silica, resulting in a strong increase in porosity. This produced a friable, granular, and earthy textured iron mineralization. The siderite and silica minerals were altered to hydrated oxides of goethite and limonite. The second stage of enrichment included the addition of secondary iron and manganese, which appear to have moved in solution and filled pore spaces with limonite goethite. Secondary manganese minerals, i.e., pyrolusite and manganite, form veinlets and vuggy pockets. The types of iron mineralization developed in the deposits are directly related to the original mineral facies. The predominant blue granular iron mineralization was formed from the oxide facies of the middle iron formation. The yellowish-brown iron mineralization, composed of limonite-goethite, formed from the carbonate-silicate facies, and the red painty hematite iron min ........

Conventional open pit mining methods are proposed for the Houston Project. Proposed RoM operations would begin in the Houston 1 pit in July of Year 1, followed by Houston 2 pit in Year 2. Both Houston 1 and 2 were previously permitted. In Year 6, RoM operations move north to the Malcolm pits in Québec, and in Year 8 RoM operations return to Labrador for mining of Houston 3 to the end of RoM operations in Year 12.

Mining operations will be performed by LIM using its own equipment and workforce, with the exception of blasting services, which will be provided by an explosives contractor. LIM will provide the open pit equipment, operator training, supervision, pit technical support services, mine consumables, and the pit operations and maintenance facilities. The downstream activities following mining consist of crushing and screening at the dry sizing plant, product haul to the rail siding, and loading of trains.

RoM operations target production of approximately 2.0 Mdmtpa of high-grade iron mineralization for lump and sinter fines product sales over a 12 year period. Approximately 23.4 Mdmt of high-grade iron mineralization is mined at a diluted grade of 62.2% Fe over the Life-of-Mine (LoM), along with 52.5 Mdmt of waste material. The LoM stripping ratio is approximately 2.2 units of waste to each unit of high-grade iron mineralization (2.2:1). Of note are the very low stripping ratios in Years 1 and 2, at 0.1:1 and 1.2:1 respectively.

PIT DESIG ........

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