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Newsletter - issue nbr 1 - July 2011

07/01/2011

Welcoming Message from the President and CEO Robert A. Martin

On April 20, 2011, I announced that, effective July 1, 2011, Dean Journeaux will replace me as President and Chief Executive Officer. I shall continue to serve as Chairperson of the Strategic Advisory Committee, which advises the Board of Directors with respect to long-term strategies for growth and development. This first edition of NML News is, thus, my opportunity to bid you welcome and farewell. My decision to resign reflected my conviction that NML had achieved – and even surpassed – the targets that my co-founders and I had set for it and that achieving the long-term success for which it is now poised would benefit from new leadership. Through our partnership with Tata Steel in the form of Tata Steel Minerals Canada Ltd., construction of the Direct-Shipping Ore Project will start in the coming weeks, with production scheduled by the third quarter of 2012. Pursuant to a Heads of Agreement executed on March 7, 2011, NML and Tata Steel have initiated a bankable feasibility study of the Taconite Project. NML News will complement NML’s periodic news releases as a way of informing you of NML’s continuing growth and diversification.

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