Massive Black Horse Chromite Discovery

Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%

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Message: another comment from Cliffs CEO

responding to a comment from an analyst

Joseph A. Carrabba (CEO)

Yes, that's right, Jorge. And I would say right now, along with everything we're moving along with the engineering and everything as well and the environmental permitting, the 2 focus points really right now and hurdles to get over is our -- and to work with are one, is we're working towards MOUs, which will lead them to the impact benefit agreements with the First Nations group and our folks are working very hard to get those MOUs established in the First Nations groups up there. And the second is the focus on the ability to use the route that we've selected for the north-south corridor to put the road in as it goes through and that's going through its judicial process right now. So those are the 2 focal points that we're looking at and focusing on and Laurie and her team is saying, very early days are exploring the options along with the commercial team, including partners and/or suppliers -- or customers, potential customers, rather, to come into this. But early days, but obviously, we're putting some thought to it.

Joe

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