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Project Benchmark<br />

Peer Group Cash Costs adjusted for Fe% (US$/t conc.)<br />

Murchison (Rocklea)<br />

Sundance (Mbalam Ph 2)<br />

Brockman (Marillana)<br />

African Minerals (Tonkolili Ph<br />

Champion Minerals (Fermont)<br />

Macarthur (Lake Giles DSO)<br />

Sphere (Askaf)<br />

Advanced Exp (Roche Bay)<br />

Sundance (Mbalam)<br />

<strong>Northland</strong> (Kaunisvaara)<br />

Australasian (Balmoral South)<br />

London Mining (Marampa Ph 2)<br />

New Millenium (DSO)<br />

Cons Thom (Bloom Lake)<br />

Northern Iron (Svardranger)<br />

Gindalbie (Karara)<br />

London Mining (Marampa Ph 1)<br />

Bellzone (Kalia Phase 1)<br />

Baffinland (Mary River)<br />

Grange (Southdow n)<br />

Labrador (Schefferville DSO)<br />

Venus Metals (Yalgoo)<br />

Bellzone (Kalia Phase 2)<br />

<strong>Northland</strong> (Hannukainen)<br />

London Mining (Isua)<br />

New Millenium (Kemag) -14,50<br />

*<br />

-5,22<br />

-8,65<br />

-12,00<br />

-0,89<br />

1,85<br />

24,11<br />

21,95<br />

20,96<br />

17,15<br />

17,10<br />

15,07<br />

15,00<br />

13,95<br />

12,62<br />

12,56<br />

11,77<br />

11,00<br />

10,15<br />

9,78<br />

8,50<br />

31,71<br />

56,00<br />

50,00<br />

47,85<br />

47,00<br />

On an Fe adjusted basis, Kaunisvaara’s cash costs sit favorably compared to their peers<br />

Source: Equity Research<br />

* Based Source: on OPEX Ocean of Equities, 52 USD / tonne and 5 USD / tonne per Fe unit<br />

Company<br />

29<br />

27

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