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Century
IRON MINES CORPORATION
Corporate Presentation
April 2015
TSX: FER www.centuryiron.com
Forward Looking Statement
Except for statements of historical fact, this presentation contains certain “forward-looking information”
within the meaning of applicable securities law. Forward-looking information is frequently characterized by
words such as “plan”, “project”; “intend”, “believe”, “anticipate”, “estimate” and other similar words, or
statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based
on the opinions and estimates of management at the date the statements are made, and are subject to a
variety of risks and uncertainties and other factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking statements include market prices for metals, the
conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of
mineralization and resources, mining rates and recovery rates and the lack of availability of necessary
capital, which may not be available to the Corporation on terms acceptable to it or at all, changes in and
the effect of government policies with respect to mineral exploration and exploitation, the ability to obtain
required permits, delays in exploration and development projects and the possibility of adverse
developments in the financial markets generally, potential environmental issues and liabilities associated
with exploration and development and mining activities. The Corporation is also subject to the specific
risks inherent in the mining business as well as general economic and business conditions. The
Corporation undertakes no obligation to update forward-looking information if circumstances or
management’s estimates should change except as required by law. The reader is cautioned not to place
undue reliance on forward-looking statements. More detailed information about potential factors that
could affect financial results is included in the documents that may be filed from time to time with the
Canadian securities regulatory authorities by the Corporation.
Century Iron Mines Corporation
2
Financial Highlights & Capital Structure
Financial highlights (Dec. 31, 2014)
Cash and bank deposits
$28.0M
Receivables (accounts & tax)
$16.5M
Total corporate working capital . . . . . . . . . Available for M&As
$44.5M
JV (Labec) gross cash position . . . . . Iron project development
$20.3M
Exploration and evaluation assets
$26.5M
Investment in a joint venture
$60.3M
NAV
Capital structure
Shares outstanding
Fully diluted


Options/Grants: 9,527,500
Warrants: 1,000,000
Market capitalization
(@ share price closed at
$0.30, April 29, 2015)
Century Iron Mines Corporation
$132.2M
Share structure
98,794,571 Founding shareholders
109,322,071 Management
WISCO (23.5%)
Minmetals (4.7%)
$29.6M Altius Minerals Corp.
Other public shareholders
Total
35.5%
16.6%
28.2%
5.1%
14.6%
100.0%
3
Ferrous & Non-ferrous Strategy with Strong
Chinese SOE Strategic Partnerships
WISCO
International
Resources
Development
& Investment
Ltd (PRC)
23.5%
4.7%
Century
Exploration &
Development
(Luxembourg)
Limited S.à.r.l
Iron Mines
Corporation
(TSX: FER)
60%
40%
Minmetals
Non-ferrous
Downcycle
value
creation
100%
Interest
+ 60%
off-take
Strong balance sheet
for strategic M&As
Joint Venture
(in Billions or millions of tonnes)
Attikamagen
Project
NI 43-101
Resources
Joyce
Proven &
Probable
17.7
Mt
Measured
& indicated
Inferred
65%
(Note 1)
100%
100%
Sunny Lake
Project





Positive quality cash flow
Commodity cycle upside
Lower cost curve
Self-funding potential
Attraction to strategic
partners
Ferrous
Duncan Lake
Project
Full
Moon
Black
Bird
Duncan
-
-
-
-
17.7 Mt
24.3
Mt
-
7.3 Bt
1.6 Mt
1.1 Bt
8.4 Bt
0.8 Mt
1.7 Bt
8.7 Bt
8.6 Mt
0.6 Bt
10.0 Bt
Hayot
Value Acquisition in
Undervalued Markets
Total
Selffunded
project
WITH
~$10B
NPV
organic
growth
Note 1: Currently a 65% interest under an option and joint venture agreement with Augyva Mining Resources Inc.
Two-Pronged
Development of
Century’s Iron Assets
 Joyce Lake : high-grade
low capex / opex
 Full Moon taconite:
high-volume LT supply
4
Century’s Iron Ore Strategy
• Flagship project, Joyce Lake: Self-funded to pre-construction with $20
million in the JV account
• Century ranked as one of the top ten in the world in terms attributable
iron ore resources (contained iron ore)*
• WISCO joint venture partnership – with 60% off-take agreement
• Industrialization and urbanization of China (54% urbanized with a
target of 76%) and other emerging Asian countries continue to be
the engine of growth
• New Asian Infrastructure Investment Bank ($50B, of which China
committed $40B) and “One Belt, One Road” project (an estimated
$21T) will result in continued infrastructure development and
increase demand for iron ore.
• Century and JV Partner are confident of the long term prospect of
the global iron ore market
* Per ranking by a investment bank in 2013 & our own estimate
Century Iron Mines Corporation
5
Iron Ore Reserves and Resources
Century has world class resource
with NPV of $10 billion
DSO
NI 43-101
Joyce
Stage
BFS
Proven &
Probable
17.7 Mt
(59.7%)
Measured &
indicated
24.3 Mt
(58.6%)
Inferred
Taconite
Black
Bird
Full
Moon
Magnetite
Hayot
PEA
-
-
Duncan
Total
PEA
-
-
17.7 Mt
1.6 Mt 7.3 Bt
(59.9%) (30.2%)
-
1.1 Bt
(24.2%)
8.4 Bt
0.8 Mt
(62.5%)
8.6 Mt 8.7 Bt
(57.0%) (29.9%)
1.7 Bt
0.6 Bt
(24.7%)
11.0 Bt
IRR
18.7%
15.2%
20.1%
NPV
$130.9 M
$5.7 B
$4.1 B
Payback
4.4 yrs
5.7 yrs
4.2 yrs
Production
Mtpa
2.5
20
12
$9.9 B
James Bay Area
Duncan Lake
Note 1: Currently a 65% interest under an option and joint venture agreement with Augyva Mining Resources Inc.
6
Project Overview & Two-Pronged Strategy
Short-Term High-Grade Low Capital-Intensity DSO & Long-Term High-Volume Project
Development – production targeted for when iron ore commodity price recovers
30
Production
Mtpa Target
Taconite
Full Moon
25
4
20
15
Target 2.5 Mtpa
On Capex <$259M
10
5
Joyce DSO
0
2016
1
2
2018
3
DSO
(Conceptual illustration only –
not actual economic production )
High Volume
4
3
2
Taconite
DSO
DSO
1
DSO
2020
Labrador Trough
Century Iron Mines Corporation
DSO
TSH &
QNSL Rail
to Sept Iles
7
Joyce Lake Feasibility Study (March 2, 2015)
Pre-Tax IRR of 18.7%
NPV at 8% discount of $130.9 Million
Payback period of 4.4 years
Joyce Lake Feasibility Study
Mining
Processing
Product Hauling
Rail Load-Out
Rail Transportation, Port & Ship Loading
Site Administration
General and Administration
Total Opex FOB, Sept-Îles
C$/
tonne
13.56
2.25
3.52
1.11
32.60
4.17
1.04
$58.25
Total Opex FOB, Sept-Îles US$
$46.61
FOB Operating Cost (Note 1)
Production up to 2.5 M tonnes annually of DSO products
– 7 year mine life with first 5.6 years at average 61.4% Fe
and remaining mine life from low grade stockpiles
averaging 53.3% Fe.
Century Iron Mines Corporation
Capital Cost
Mining (Capitalized Pre-Stripping)
Mining Equipment (Owner Fleet)
Infrastructure
Railcars
Other Mobile Equipment
Indirect
Sub-Total
Contingency
Total Project Cost
C$M
15.3
23.3
110.5
42.0
25.9
28.7
245.7
13.9
259.6
Open pit mine followed by dry crushing and
screening to generate 65% as sinter fines and
35% as lump
Target – to be pre-construction ready in 1-2 years.
FOB price assumption Sinter fines
$95/t
Note 1: Opex is estimated on FOB Sept-Îles basis
Note 2: Based on 100% ownership of the project
8
Joyce Lake DSO Project
17.7Mt High Grade Reserves
Reserves
Tonnage
Grade
Grade
(t)
(%Fe)
(%SiO2)
High Grade Proven (above 55% Fe)
11.63 M
61.35
9.16
Low Grade Proven (52% - 55% Fe)
2.89 M
53.31
20.70
Proven Reserves (above 52% Fe)
14.52 M
59.75
11.45
High Grade Probable (above 55% Fe)
2.45 M
61.50
9.48
Low Grade Probable (52%-55% Fe)
0.75 M
53.09
21.90
Probable Reserves (above 52% Fe)
3.20 M
59.52
12.40
Total Reserves (above 52% Fe)
17.72 M
59.71
11.62
Oblique View of Joyce Lake Mineralized Envelopes for Block Modeling, Looking North
Century Iron Mines Corporation
9
Joyce Lake Development Roadmap
Q1
2014
Q2 Q3
Q4
2015
Q2 Q3
Q1
Environmental Studies
Q4
Q1
2016
Q2 Q3
Q4
2017
Q1 Q2
1
Feasibility Study
Environmental Approval,
Permitting & Impact Benefit
Agreement
Construction
Production
1
Environmental Impact Statement (EIS) submission
2015 Targets:
•
•
Joyce Lake Environmental Impact Study
Joyce Lake Bankable Feasibility Study
Century Iron Mines Corporation
10
Full Moon Taconite Deposit
PEA Summary (March 5, 2015)
Pre-Tax IRR of 15.2%
NPV at 8% of $5.7 Billion
Payback period of 5.7 years
Full Moon Preliminary Economic Assessment
FOB Operating Cost (Note 1)
Mine
Concentrator
Tailings
Rail and Port
General and Administration
Total Opex FOB, Sept-Îles
Total Opex FOB Sept-Iles US$
C$/tonne
5.60
12.98
0.73
27.88
2.66
$49.85
$39.89
Open pit with a strip ratio of 0.1:1
Mining for nominal 30 years of operation
Assumes production of 20 million tonnes per year with
66% Fe content and silica (SiO2) of 4.5%
Capital Cost
Mine pre-stripping
Mine
Concentrator
Tailings
Infrastructure
Rail
Indirect Costs & Contingencies
Total Project Cost
C$M
48.0
242.3
2,513.9
450.4
859.8
441.1
2,651.8
7,207.3
Process plant that recovers both magnetite and
hematite to concentrate
High silica weight recover of 36.2% (Magnetite of
27.0% and Hematite 9.2%)
FOB price assumption sinter fines $95/t
Note 1: Preferred option high silica content concentrate
Note 2: Based on 100% ownership of the project
Century Iron Mines Corporation
11
Full Moon Taconite Deposit, Rainy Lake
Mineral Resource Estimate*
(at 20% Fe cut-off – December 6, 2012)
Resource
category
Billion
tonnes
Grade
TFe%
Indicated
7.260
30.18
Inferred
8.694
29.86
Resource Highlights
• Large resource with at least a 30 year
mine life and production estimate of 20
million tonnes per year
• 11km strike length (open both to the
north & south of the Deposit) & up to
4km across
• Combined true thickness of iron ore
units often exceeds 200m
Century Iron Mines Corporation
12
Duncan Lake Magnetite Deposit
PEA Summary (May 6, 2013)
Pre-Tax IRR of 20.1%
NPV at 8% discount of $4.1 Billion
Payback period of 4.2 years
Duncan Lake Preliminary Economic Assessment
Operating Cost
Mine production
Concentration and slurry
transportation
Pellet production and handling
G&A and site services
Ship loading
Total
Total US$
C$/tonne
pellet
24.02
16.86
11.45
4.84
2.00
$59.17
$47.35
12.0 Mtpa of pellet production at 66.3% Fe with a mine
life of 20 years
FOB price assumption Sinter fines: $125/t
Note 1: Based on 100% ownership of the project
Century Iron Mines Corporation
Capital Description
Mine
Concentrator, crusher & ore storage
Pipeline and water reclaim
Pellet plant, storage & infrastructure
Port and ship loading
Power and communication
Service vehicles and equipment
Tailings storage and water treatment
Indirect costs
Contingency
Total Initial Capital
Initial Capital
C$ Millions
71
685
311
1,416
250
180
14
40
363
503
$3,833
Concentrate will be pumped from the concentrator 135 km by
pipeline to the pellet plant close to the town of Chisasibi on the
shore of James Bay.
13
Duncan Lake Iron Project
Well-Established Infrastructure





10 km south of LG2 regional airport
50 km south of Radisson
Hydro Quebec’s LG1 & LG2 within 100 km
120 km (approx.) from James Bay
A port was planned in the area in the
first . . . .
Mineral Resource Estimate *
(at 16% Fe cutoff – updated Oct0ber 11, 2012)
Duncan
Project
Resource
category
Million
tonnes
Grade
%
Measured
406
23.9
Indicated
645
24.7
Subtotal
1,050
24.4
Inferred
563
24.7
* NI 43-101 Technical Report, The Duncan Lake Iron Project
Met-Chem Canada Inc., Schandra Ibrango, Stephene
Richard, Yves Buro, October 11, 2012
Century Iron Mines Corporation
14
Non-ferrous Strategy
Highlights:
• Strong strategic Chinese SOE partner - Minmetals (a multi-metallic mining
and a long standing Chinese SOE commodity trading company)
• Management with track record of performance and strong capital markets
Metal Focus:
Gold, Nickel, Zinc, Copper,
experience
Lead capital of $44.5 million available for merge &
• Substantial working
Geography:
North America, South
acquisition opportunities
America (Peru, Chile,
Investment Criteria: Columbia), Africa (Botswana,
Namibia,
Zambia, & Ghana), Australia
• Positive quality cash flow
• Commodity cycle upside potential – focus – Gold and mid-cycle base metals
• Operating in reasonable part of the cost curve
• Looking at lower risk jurisdictions - North America, South America (Peru,
Chile, Columbia), Africa (Botswana, Namibia, Zambia, & Ghana), Australia
• Potential to attract a strategic partner in the future
Century Iron Mines Corporation
15
Mining Cycle Value Creation Dynamics
Raise cash on
high valuation
~US$40M
Cash + debt to
acquire positive
cash producing
assets
Acquire,
develop
exploration
assets . . .
Crystallize
maximum
enterprise
value
~US$40M + 40M
(+LPs) $100’sM
Value-add:
industrial
partners
Takeover
Dual listing
Re-rating
Mean
Cycle
Profit Margin
Asset Value Metrics
Peak
Down
Trough
Up
Peak
Maximum
Reduce
Minimal
Increase
Maximum
High
Drop
Low
Rise
High
Century Iron Mines Corporation
16
Strong Executive Team
Track record in operational excellence and global capital
markets: now creating value through bolt-on acquisitions
Sandy Chim
President & CEO
Peter Jones
Ivan Wong
Executive VP
Mine Development
SVP, Corporate Finance
& Project Development
Rebecca Ng
Chief Financial Officer
Bob Leshchyshen
VP, IR & Corporate
Development
Capital Markets
Core
competence,
expertise and
Base
Metals
Precious
Metals
Commodities
HudBay
Glencore
Xstrata
Bulk
Exploration
Development
Mining
Building
Materials
Anglo
American
Chinese
SOEs
Investment
Banking
experience
Century Iron Mines Corporation
17
Summary
Iron Ore Strategy



Joyce Lake project self-funded (with $20.3 million) all the way preproduction
Strong strategic partner and off taker – Wisco
Getting project ready for production when iron ore price recovers
Non-ferrous Strategy



Strong Strategic partner – Minmetals (market, mining expertise &
potentially capital)
Strong management with successful capital markets and mining track
records
Working capital of over $40 million for M&A transactions to create
shareholder value
Large Valuation Gap - Trading below working capital / cash in JV
Century Iron Mines Corporation
18
Recent Awards
Rt. Hon. Jean Chretien
congratulates Sandy Chim
President & CEO of Century
on receiving 2014 Gold
Business Excellence Award
for Chinese investment in
Canada from Canada China
Business Council. Dec 2014
Canadian Institute of Mining
Newfoundland Branch
George Ogilvie, President
of CIM - Newfoundland
congratulates Sandy
Chim Chairman of Labec
Century Iron Ore on
receiving 2014 Explorer
of the Year. Nov 2014
Century has been chosen as a
finalist for the “Rising Star
Award” to be announced on May
21, 2015 in London, UK.
Century Iron Mines Corporation
19
Contact Information
Century Iron Mines Corporation
Bob Leshchyshen
VP, Corporate Development and IR
(416) 977-3188 Ext. 109
[email protected]
CHF Investor Relations
Robin Cook
Senior Account Manager
(416) 868-1079 Ext. 228
[email protected]
Century Iron Mines Corporation
20
Appendices
Century Iron Mines Corporation
21
Sandy Chim
President and Chief Executive Officer
A 30+-year successful track record of building businesses in resource,
mining & raw materials industries, and of successful capital market
transactions globally
Key Appointments
Companies
• Chairman & CEO of
listed and private
resource companies
• Director & member
of governance
boards of listed
companies in
• London
• Australia
• North America
• China
• Hong Kong
• Augyva Mining
Resources Inc.
(TSXV listed)
• Sage Gold Inc.
(TSXV listed)
• Consolidated
Thompson Iron
Mines Ltd. (Acquired
by Cliffs with
C$4.9Bn)
• Prosperity Minerals
Holdings Ltd (AIM
listed)
Century Iron Mines Corporation
Expertise
• Resource & mining
• Corporate finance &
investments
• Building materials
• Accounting &
finance
• Industrial &
manufacturing
Qualifications
& Education
• Chartered
Accountant
(Canada, current)
• Certified Public
Accountant (Fellow
member of HKICPA,
Hong Kong)
• ACIS & P. Adm
(member of Institute
of Chartered
Secretaries and
Administrators)
• MBA, York University,
Canada
• B Comm, University
of New South Wales,
Australia
22
Peter Jones
Executive Vice President
A professional engineer and mining executive with more than
40 years of experience in executive, operational, project and
consulting roles.
Key Appointments
• Chairman
• CEO
• Corporate Director
Companies
• Hudson Bay Mining
and Smelting Co., Ltd
• Anglo American plc. –
Market Cap
C$27.76Bn
• Hudbay Minerals
Inc.. – Market Cap
C$1.995Bn
• Augyva Mining
Resources – Market
Cap C$7.42M
• Mandalay
Resources – Market
Cap C$400.6M
• Victory Nickel –
Market Cap
C$10.95M
Century Iron Mines Corporation
Expertise
• Executive
Management
• Project Development
• Mining Operations
• Consulting
Qualifications
& Education
• Former Chair Mining
Association of
Canada
• Ernst and Young,
Entrepreneur of the
Year
• Banff School of
Advanced
Management
• Camborne School of
Mines
23
Ivan Wong
Senior Vice President,
Corporate Finance, Project Development and Co-Secretary
A professional with over 18 years of experience in financing,
auditing, professional accounting and corporate governance
Key Appointments
Companies
Expertise
• Supervisory Board
• Independent NonExecutive Director
and Chairman of
the Audit
Committee
• Maanshan Iron &
Steel Co. Ltd
(listed in HK &
Shanghai) –
Market Cap $5B
(A+H shares)
• China Zhongwang
Holdings Ltd (listed
in HK) – Market
Cap $2.4B
• IPO engagements
• M&A
• Capital markets in
Hong Kong and
China
Century Iron Mines Corporation
Qualifications
& Education
• Fellow Member of
the Association of
Chartered Certified
Accountants
• Fellow Member of
the Hong Kong
Institute of
Certified Public
Accountants.
24
Rebecca Ng
Chief Financial Officer
A seasoned finance executive and leader in the global mining industry
with extensive experience in finance, controllership, governance and
reporting in various multi-national mining companies.
Key Appointments
• Financial Controller
• Group Controller
• Treasurer of the
Board
Companies
• Glencore (LSE,
HKEx, JSE listed)market cap: $57B
• Xstrata (LSE and
SSE listed)- market
cap: $30B
• Noranda Inc. (TSX
listed)- market cap:
$6B
• Falconbridge Ltd
(TSX listed)- market
cap: $20B
• Falcondo Dominican
Ferronickel Limitada
Century Iron Mines Corporation
Expertise
• Finance integration
and restructuring
• Multiple large-scale
merger and
acquisitions
Qualifications
& Education
• Winner of the Top
100 Most Powerful
Women in Canada
Award 2013
• Member of the
Certified
Professional
Accountants (CPA)
Ontario Canada
25
Bob Leshchyshen
VP, Investor Relations and Corporate Development
A financial analyst with extensive research and analytical
experience.
Companies
Expertise
Qualifications
& Education
• CHF Investor
Relations
• eResearch
• Northern
Securities
• St. James
Securities
• Dominion Bond
Rating Service
• McNeil Mantha Inc.
• Extensive research
and analytical
experience with
several prominent
equity research
and credit-rating
organizations
• CFA (Chartered
Financial Analyst)
designation (1990)
• MBA degree from
the University of
Toronto (1975)
Key Appointments
• Director of
Corporate
Development
Century Iron Mines Corporation
26
The trajectory of iron ore economics:
A capital-intensive industry with a long development cycle
250



Global
financial
crisis

China’s US$600B stimulus
Stronger
Chinese
realTrend
estate sector
Iron Ore
Price
China prioritizes quality to advance
economic reform
Start of major expansions
Major
expansions
start to ship
200
US$/t
Century Iron Mines Corporation
150
100
50
2008-01-01
0
6 – 7 years
2009-01-01
2010-01-01
2011-01-01
2012-01-01
Iron Ore Spot Price (TSI (CFR China) Fe62% spot since ~2009)
Century Iron Mines Corporation
2013-01-01
2014-01-01
2015-01-01
Iron Ore Spot Price Trend
Source: TSI, World Bank, Century
27
Oversupply responsible for market cycle correction
(~100Mtpa) will be fully absorbed in a few years
Mpta
Previous expansion decisions: Big Four ~500Mpta, >60% in ~5-6 years;
market share growing from ~68% (2012) to 76% (2018)
1,900
1605
1,700
1373
1260
1154
1,100
1144
900
779
700
66
303
1342
1236
968
856
151
100
306
100
(100)
177
224
206
233
244
283
2012
2013
2014
China Import
BHP (Aust)
Total Seaborne Demand
1438
1070
1510
1152
156
156
376
1573
1202
156
411
1659
1259
156
453
336
310
500
300
1690
1497
1,500
1,300
1673
245
260
275
290
333
360
360
360
2015
2016
2017
2018
ROW (seaborne)
Vale
Total Seaborne Supply
Century Iron Mines Corporation
China Domestic
FMG (Aust)
Rio (Aust)
Big Four
Source: Crédit Suisse, World Steel Association, Century
28
China aims for 65-70% urbanization, sweet spot for
peak per-capita steel consumption (US data)
The Silk Road Economic Belt & 21st Century Maritime Silk Road initiatives will generate huge
infrastructure building & urbanization in less accessible parts of the Eurasian continent
Per capita
consumption
kg/head
800
2013: China’s urbanization is
at ~50%, apparent steel
consumption = 515kg/head
2013: South Korea
1,057kg/head
700
600
500
400
300
2013: India
58kg/head
200
2013: Japan
516kg/head
100
0
30%
40%
50%
60%
70%
80%
90%
Urbanization
Century Iron Mines Corporation
Source : CRU
29
Transportation – Iron Projects in Labrador Trough
 TSH & QNS&L (Common Carrier) run
Full Moon
Blackbird / St.
Martin Lake
Adriana
(WISCO)
Sunny Lake
Attikamagen
Schefferville
573km from Schefferville to Sept-Îles
 Attikamagen to Schefferville: 15km
(from the closest point)
Joyce & Hayot
Altius
Projects
 Joyce Lake targets 2 Mtpa DSO
• Using existing railroad
Ross Bay
Junction
infrastructures: QNS&L & TSR
Labrador City
Mont-Wright
Sept-Îles
Pointe-Noire
Port-Cartier
Railway Distance:
Schefferville to Ross Bay Junction: 217 km
Ross Bay Junction to Sept-Îles: 356 km
0
50
100 km
Labrador City to Ross Bay Jct: 58 km
Mont-Wright to Port Cartier: 400 km
Century Iron Mines Corporation
30
Port of Sept-Îles: 50Mtpa Expansion
December
2014
May 2014
IOC Port
October 2013
 Main port is over 23.2 m in depth
Multi-user Berth
By Port of Sept-ÎIes
0
500 m
Alumina
Plant
• Natural shelters, deep water for
year-round access by iron ore ships
• Ability to further expand as required
Century Iron Mines Corporation
 Accommodates Capesize vessels
 Fully equipped, can be operated yearround
 50Mtpa $220M expansion plan to be
completed in 2015 with more than
$100M in commitments from miners
and governments, $55M from federal
government, remainder in bank debt
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