The Mary River Property (“The Project”) is a proposed iron ore mine located on North Baffin Island in the Qikqtani Region of Nunavut. It is one of the largest and richest undeveloped iron ore projects in the world and involves the construction, operation, closure and reclamation of an open pit mine. Based on the current defined mineral reserve at Deposit No. 1., the total annual designed output will be optimized to between 18 and 30 million tonnes per year of ore. The Project is expected to operate 12 months of the year.