Taconite Project – Proposed Concentrator

Building From Strength

New Millennium Iron Corp. Special Information Session

September 17, 2015 Montréal, QC

TSX:NML OTCQX:NWLNF

www.NMLiron.com

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Forward Looking Statements and Other Legal Matters

• This Presentation contains certain forward looking statements and forward looking information (collectively referred to herein as “forward looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward looking statements. Forward looking information is often, but not always, identified by the use of words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may”, “projected”, “sustain”, “continues”, “strategy”, “potential”, “projects”, “grow”, “take advantage”, “estimate”, “well positioned” or similar words suggesting future outcomes. In particular, this Presentation contains forward looking statements relating to future opportunities, business strategies, mineral exploration, development and production plans and competitive advantages.

• The forward looking statements regarding the Company are based on certain key expectations and assumptions of the Company concerning anticipated financial performance, business prospects, strategies, regulatory developments, exchange rates, tax laws, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of labour and services and the ability to obtain financing on acceptable terms, the actual results of exploration and development projects being equivalent to or better than estimated results in technical reports or prior activities, and future costs and expenses being based on historical costs and expenses, adjusted for inflation, all of which are subject to change based on market conditions and potential timing delays. Although management of the Company consider these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect.

• By their very nature, forward looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward looking statements will not be achieved. Undue reliance should not be placed on forward looking statements, as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in the forward looking statements, including among other things:

• Inability of the Company to continue meet the listing requirements of stock exchanges and other regulatory requirements, general economic and market factors, including business competition, changes in government regulations or in tax laws;

• general political and social uncertainties; • commodity prices; • the actual results of exploration, development or operational activities; • changes in project parameters as plans continue to be refined; • accidents and other risks inherent in the mining industry; • lack of insurance; • delay or failure to receive board or regulatory approvals; • changes in legislation, including environmental legislation, affecting the Company; • timing and availability of external financing on acceptable terms; • conclusions of, or estimates contained in, feasibility studies, pre-feasibility studies or other economic evaluations; • and lack of qualified, skilled labour or loss of key individuals.

• Readers are cautioned that the foregoing list is not exhaustive.

• The forward looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward looking statements included in this Presentation are

made as of the date of this Presentation and the Company does not undertake and is not obligated to publicly update such forward looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.

• With respect to the disclosure of historical resources in this Presentation that are not currently in compliance with National Instrument 43-101, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Company is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.

• Dean Journeaux, Eng., is the Qualified Person as defined in National Instrument 43-101 who has reviewed and verified the scientific and technical mining disclosure contained in this Presentation.

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A Track Record of Results

Not without challenges or lessons learned

2003 • Company

Founding

2015 • DSO Project

Operational and Shipping Ramp-up

2005 2007 2009 2011 2013

• LabMag and KéMag Prefeasibility Studies

• Tata Steel Partnership

• Start of TSMC’s DSO Project • Taconite Project HOA & FS • Completion of Taconite Exploration

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Our Assets

1. Mineral resource

2. Mining-friendly jurisdictions

3. Market

4. Majors

5. Management

6. Money

+ Infrastructure

MI6 Drive our strategic focus

Combination provides competitive advantage

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Mineral Resource

• 7 high grade deposits of significant size

• Low contaminants

• Naturally suited for premium pellets

• Upside development potential

Provides flexibility and option for development

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Mining-Friendly Jurisdictions

NML Project Areas

• Ranked in top 10*: – Quebec #6 – Newfoundland & Labrador #8

• The Trough has been

producing iron ore since 1954

• Strong support from government, local stakeholders and First Nations

• Has attracted international investment

*Fraser Institute

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Market

• Industry is not a single commodity product

• Steel production is still growing globally

• BF and DR pellets provide growth opportunities

• Pellets are premium priced products

Source: CRU

NML well positioned for global market reach

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Majors

• The Trough has attracted investment from: – Global steel producers – Traders – Miners

• Interest driven by: – Quality of ore – Supply chain considerations – Low risk environment – Dependable ROI

$1B Tata’s investment to date serves as a testament

NML’s mining expertise provides a differentiator

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Management

• Experienced in all facets in iron ore industry

• Committed to development

• Directors, Management and Insiders own ̴ 4%

• Tata Steel owns 26%

Management aligned and focused for success

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Money

1. Strong balance sheet at end of Q2

– $23.5 million in total working capital – $19.9 million in cash and short-term investments

2. Fiscal prudence: year-over-year reduction in cash burn

3. Caveats:

– Port obligations – Tax credit settlement

Project development is necessary given window of opportunity

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Infrastructure

• Cheap and plentiful hydropower • Railway from site to port • Access to deep-water port secured • Local skilled labor • Market downturn is resulting in cost

saving and rail capacity opportunities

Mine to port platform is well established

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Near-Term Focus - DSO

• Capacity increased 50% to 6 Mtpa

• Construction and commissioning near completion

• Production ramp-up is ongoing

• The result of a strong partner

• Spirit of cooperation with Tata Steel

Operations are advancing steadily

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Longer-Term Focus: Monetization of Assets

• Market conditions demand flexibility

• Opportunity to:

– Optimize development plans – Reduce CAPEX requirements – Leverage investment and work completed to-date – Use lower cost internal project team

Position of strength supports strategic re-assessment

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The NuTac Opportunity

• Develop a smaller scale project

• Focused on high-quality pellet production

• Criteria for project location: – Opportunity for strategic partner/investor – CAPEX requirements – Permitting timeline – Stakeholder support – Distance from port/railway

• Next step: preparation of PFS study

Ability to apply lessons learned and previous investments

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Summary

1. NML’s MI6 assets provide competitive advantage

2. Near-term focus is on prudent fiscal management

3. Active project investment in DSO

4. NuTac opportunity and production of high-quality pellets position NML for market recovery

Building from a position of strength

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Q&A Session