COMPANY

Tacora Resources Inc.

is an innovative iron ore mining and mineral processing company focused on the acquisition, development and operation of iron ore reserves and assets which allow for the sale of high-grade iron ore products throughout the world.

With two mining and processing facilities in Scully Mine in Wabush, NL, Canada, and Sydvaranger, Kirkenes, Norway, Tacora is servicing high demand from customers throughout Europe, the Middle East, and Asia.

Our core values are the foundation of the Company and its high-performance culture with safety being the highest priority. We are passionate about innovation and excited about the future of iron ore. Empowering our people in a collaborative way to ensure achievement of performance improvement initiatives, efficient project execution and entrepreneurial thinking allow the Company and the communities which we operate in to sustainably grow and prosper.

The Company is privately owned by a collection of world class mining investors including Proterra Investment Partners, Cargill, Aequor Holdings, Orion, MagGlobal and the Tschudi group.

Scully Mine

Scully mine and concentrator are located in Wabush, Labrador, Newfoundland. The mine started operations in 1965 and eventually closed in 2014 under the re-structuring of Cliff Natural Resources.  During that period of operation, the mine had produced between 2.7 million and 6 million tons of iron ore concentrate annually which was shipped to Pointe Noire to be pelletized.

In July 2017, Tacora Resources Inc. purchased the Scully Mine, with a 6 million tonne per year iron ore concentrate capacity. During the course of the 2019 fiscal year, the Company restarted mining operations and commercial production at the Scully Mine. On May 25, 2019, ore was delivered to the crusher and the first mill was successfully started up on May 28, 2019. During June 2019, the Company successfully commissioned its concentrator and produced its first batch of wet concentrate, undertook its first mine blast and celebrated its first loaded train. On August 30, 2019, the Company announced that its first seaborne vessel shipment of iron ore concentrate produced at the Scully Mine departed the Port of Sept-Iles, Quebec, with a payload of 69,770 wmt of premium concentrate bound for a customer in Europe. Throughout the remainder of the 2019 fiscal year, the Company continued the process of ramping up commercial production (including bringing all six mills into operation).

During the 2020 fiscal year, the Company continued its focus on ramping up production at the Scully Mine.  The Company’s short-term strategy is to improve the Scully Mine and achieve name plate production capacity of six Mtpa of high-grade iron ore concentrate in the first half of 2022, on a run rate basis. Scully mine produces product with a concentrate grade as set out in the initial Feasibility Study at 65.9% Fe, a level that exceeds the specifications of both the industry’s standard 62% benchmark as well as the industry’s high grade 65% benchmark, with respect to both grade and quality.

Tacora has worked closely with various stakeholders including the Government of Newfoundland and Labrador and the United Steelworkers (USW) to bring mining jobs back to Labrador West. Today, over 325 employees are with the Tacora team.  The entrepreneurial nature of Tacora and appetite for new technology were key factors in the success of the re-start and contribute to the long-term success.

LEADERSHIP

Thierry Martel

CHIEF EXECUTIVE OFFICER

Thierry Martel has more than 25 years of experience in the areas of plant engineering, mineralogy, mining, plant optimization, project development, project and asset performance recovery programs, business transformation, mining innovation and executive management.

Mr. Martel’s prior experiences include work as Chief Operating Officer and Vice President at Rio Tinto Iron Ore Company of Canada, General Management roles in Alcan and Rio Tinto between 2005 and 2019, Engineering consulting and project delivery between 1993 and 2005. Mr. Martel has a Civil Engineering degree from UNB

JOE BROKING

CHIEF FINANCIAL OFFICER

Joe Broking has more than 23 years of combined experience in the areas of corporate finance, treasury, capital fundraising, investor relations, compliance, risk management, accounting, audit, operations management, human resources management and information technology management. As Chief Financial Officer of Magnetation LLC., Mr. Broking helped raise over $1.0 billion in capital and helped build world-class finance systems capable of meeting rigorous financial reporting requirements to support the build-out of three iron ore mines and a pellet plant. Mr. Broking’s prior experience includes work with several large multi-national corporations, international assignments, manufacturing management as well as economic development, including Chief Financial Officer of Magnetation LLC., President and CEO of Itasca Economic Development Corporation, Director of Operations at Bucyrus, Director of Finance at Terex, and Director of Financial Accounting, among other positions at Stora Enso.

HOPE WILSON

CHIEF ACCOUNTING OFFICER

Hope Wilson has more than 23 years of combined experience in the areas of certified public accounting, SEC compliant reporting, corporate finance, compliance, audit, corporate tax, information technology and financial system implementations.

Mrs. Wilson’s prior experiences include work as Accountant at Laserex Systems, Ceridian Employer Services and Boyum and Barenscheer. Mrs. Wilson has a Bachelor’s degree in Accounting and is a CPA.

Marie-Andrée Morin

VICE PRESIDENT, PROJECTS

Marie-Andrée has over 25 years of providing engineering and construction-related services to support project development in the mining and minerals industry. She has worked on projects within North America, South America, Europe, Africa, Australia, and the Middle East, and ranging in size from smaller million dollars projects to those exceeding several billion dollars in capital expenditure.

She has gained significant experience with industry leaders during her extensive career, including SNC-Lavalin and Ausenco Engineering Canada, and has overseen projects for clients such as Lundin, Royal Nickel, Sydvaranger, and many more. Her experience includes general management, business development, engineering management, process engineering, and development of standard processes.

Sylvain Lessard

VICE-PRESIDENT, MINING OPERATIONS

Sylvain Lessard has more than 30 years of experience in the mining industry, progressing through more demanding roles in all aspects of open pit and underground mining operations.

Mr. Lessard prior to his appointment, held various engineering and managerial role including General Manager (Mt-Wright and Fire Lake Mine) at Arcelor Mittal, General Manager (Fabie Mine) at First Metal, Mining Superintendent (Bloom Lake Mine) at Cliffs and Project Manager (IOC’s Expansion) at Kiewit. Earlier in his career, he worked as a blasting specialist in a variety of mining operation (Gold, Copper, Zinc and Diamond). Sylvain is a mining engineer, graduated from Ecole Polytechnique of the University of Montreal.

Achille Njike

VICE PRESIDENT & CHIEF TECHNICAL OFFICER

Achille has more than 17 years of experience in the mining industry, progressing through more demanding roles in integrated Operations, Asset Management, Business transformation & Operations Excellence.

Mr. Njike’s prior experiences include Senior Leadership Role AT Rio Tinto Kennecott Utah Copper mine where he successfully led the integrated Maintenance Operations, Asset Management, Automation, Electrical & Control Systems and Operations Infrastructure across the entire value chain of Kennecott’s mining and processing operations. Achille has succeeded in other senior leadership roles within Rio Tinto Iron Ore Company of Canada, resulting in the achievement of business full potential. Prior to Rio Tinto, he worked at ArcelorMittal Mines Canada in the Asset Optimization and Operational Excellence.

Mr. Njike holds a bachelor’s degree in Mechanical Engineering, a MSc in Industrial Engineering, an Executive MBA, and PhDs in both Reliability & Maintenance Engineering and in Mineral Economics from McGill University.

LEADERSHIP

Thierry Martel

CHIEF EXECUTIVE OFFICER

Thierry Martel has more than 25 years of experience in the areas of plant engineering, mineralogy, mining, plant optimization, project development, project and asset performance recovery programs, business transformation, mining innovation and executive management.

Mr. Martel’s prior experiences include work as Chief Operating Officer and Vice President at Rio Tinto Iron Ore Company of Canada, General Management roles in Alcan and Rio Tinto between 2005 and 2019, Engineering consulting and project delivery between 1993 and 2005. Mr. Martel has a Civil Engineering degree from UNB

JOE BROKING

CHIEF FINANCIAL OFFICER

Joe Broking has more than 23 years of combined experience in the areas of corporate finance, treasury, capital fundraising, investor relations, compliance, risk management, accounting, audit, operations management, human resources management and information technology management. As Chief Financial Officer of Magnetation LLC., Mr. Broking helped raise over $1.0 billion in capital and helped build world-class finance systems capable of meeting rigorous financial reporting requirements to support the build-out of three iron ore mines and a pellet plant. Mr. Broking’s prior experience includes work with several large multi-national corporations, international assignments, manufacturing management as well as economic development, including Chief Financial Officer of Magnetation LLC., President and CEO of Itasca Economic Development Corporation, Director of Operations at Bucyrus, Director of Finance at Terex, and Director of Financial Accounting, among other positions at Stora Enso.

HOPE WILSON

CHIEF ACCOUNTING OFFICER

Hope Wilson has more than 23 years of combined experience in the areas of certified public accounting, SEC compliant reporting, corporate finance, compliance, audit, corporate tax, information technology and financial system implementations.

Mrs. Wilson’s prior experiences include work as Accountant at Laserex Systems, Ceridian Employer Services and Boyum and Barenscheer. Mrs. Wilson has a Bachelor’s degree in Accounting and is a CPA.

Marie-Andrée Morin

VICE PRESIDENT, PROJECTS

Marie-Andrée has over 25 years of providing engineering and construction-related services to support project development in the mining and minerals industry. She has worked on projects within North America, South America, Europe, Africa, Australia, and the Middle East, and ranging in size from smaller million dollars projects to those exceeding several billion dollars in capital expenditure.

She has gained significant experience with industry leaders during her extensive career, including SNC-Lavalin and Ausenco Engineering Canada, and has overseen projects for clients such as Lundin, Royal Nickel, Sydvaranger, and many more. Her experience includes general management, business development, engineering management, process engineering, and development of standard processes.

Sylvain Lessard

VICE-PRESIDENT, MINING OPERATIONS

Sylvain Lessard has more than 30 years of experience in the mining industry, progressing through more demanding roles in all aspects of open pit and underground mining operations.

Mr. Lessard prior to his appointment, held various engineering and managerial role including General Manager (Mt-Wright and Fire Lake Mine) at Arcelor Mittal, General Manager (Fabie Mine) at First Metal, Mining Superintendent (Bloom Lake Mine) at Cliffs and Project Manager (IOC’s Expansion) at Kiewit. Earlier in his career, he worked as a blasting specialist in a variety of mining operation (Gold, Copper, Zinc and Diamond). Sylvain is a mining engineer, graduated from Ecole Polytechnique of the University of Montreal.

Achille Njike

VICE PRESIDENT & CHIEF TECHNICAL OFFICER

Achille has more than 17 years of experience in the mining industry, progressing through more demanding roles in integrated Operations, Asset Management, Business transformation & Operations Excellence.

Mr. Njike’s prior experiences include Senior Leadership Role AT Rio Tinto Kennecott Utah Copper mine where he successfully led the integrated Maintenance Operations, Asset Management, Automation, Electrical & Control Systems and Operations Infrastructure across the entire value chain of Kennecott’s mining and processing operations. Achille has succeeded in other senior leadership roles within Rio Tinto Iron Ore Company of Canada, resulting in the achievement of business full potential. Prior to Rio Tinto, he worked at ArcelorMittal Mines Canada in the Asset Optimization and Operational Excellence.

Mr. Njike holds a bachelor’s degree in Mechanical Engineering, a MSc in Industrial Engineering, an Executive MBA, and PhDs in both Reliability & Maintenance Engineering and in Mineral Economics from McGill University.