Climate Change Data

Environmental Metrics

ESG Focus Areas

• Reduced Risk
• Sustainability

Environmental Achievements

• Hydroelectric power source
• Near zero metallurgical waste due to internal recycling
• >50% CO2 reduction vs. conventional BOF steel

Social Achievements

• Agreement with First Nations provides support and social acceptability
• Strong local stakeholder support, including from First Nations

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change
• Sustainable Development
• Community Relations
• Responsible Sourcing

Environmental Achievements

• Utilizing hydroelectric power for the BlackRock project.
• Near-zero metallurgical waste due to internal recycling.
• Targeting low CO2 emissions in pig iron production through the use of hydrogen.

Social Achievements

• Agreements in place with local First Nations.
• Strong local and provincial support with strategic stakeholders.
• Quebec-based industry veterans on the construction/project team.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Securing a construction funding package.
• Global supply chain issues for critical metals.

Mitigation Strategies

• Working to secure debt, equity, and off-take financing.
• Developing a North American supply chain solution for vanadium, high purity pig iron, and titanium.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Development of energy-efficient products

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 9 (Industry, Innovation, and Infrastructure)
• Goal 13 (Climate Action)

The company's projects contribute to these goals through the production of sustainable materials and the use of renewable energy.

Sustainable Products & Innovation

• High purity pig iron
• Ferrovanadium
• Titanium slag

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Decarbonization
• Sustainable Steel Production
• Critical Metal Supply
• Community Relations
• Environmental Permitting

Environmental Achievements

• The Tenova Energion technology allows for the use of natural gas, hydrogen or both. Producing High Purity Pig Iron, V, TiO2 As low as ~0.6 tCO2/t using NG
• Near zero metallurgical waste due to internal recycling

Social Achievements

• Agreement with First Nations provides support and social acceptability
• Strong local stakeholder support, including from First Nations

Governance Achievements

• Full project, mine site and metallurgical facility are shovel ready
• Mine site and metallurgical facility have received all required construction permits

Climate Goals & Targets

Environmental Challenges

• Securing a construction funding package consisting of debt, equity and off-take financing
• Global supply chain disruptions and material flows across steel supply chain

Mitigation Strategies

• Strategic will work to secure a construction funding package consisting of debt, equity and off-take financing during the course of 2023
• Government of Québec significant financial sponsorship + related infrastructure + additional support from Orion towards the C$1.5B initial capital
• Applying to Strategic Innovation Fund (SIF), a Federal Government program for 10% of initial capital
• BlackRock will produce high-purity pig iron to address scarcity of prime scrap

Supply Chain Management

Responsible Procurement

• Discussions on potential offtake agreements with multiple established global traders

Climate-Related Risks & Opportunities

Opportunities

• Hydrogen use in ENERGIRON plants
• Decarbonizing industry through hydrogen feedstock

UN Sustainable Development Goals

• SDG 7 (Affordable and Clean Energy)
• SDG 9 (Industry, Innovation and Infrastructure)
• SDG 13 (Climate Action)

Sustainable Products & Innovation

• High purity pig iron
• Ferrovanadium
• Titanium slag

Environmental Metrics

ESG Focus Areas

• Climate Change
• Social Responsibility
• Governance

Environmental Achievements

• Leveraging low-cost hydroelectric power and natural gas to produce cost-effective and lower CO2 emission pellets compared to plants in the Labrador Trough.
• Collaboration agreement to study supplying the BlackRock Project’s metallurgical facility with AEM Electrolysers to produce Green Hydrogen.
• Collaboration agreement to study supplying the BlackRock Project’s metallurgical facility with Levidian's LOOP systems to produce Green Hydrogen and Graphene, a valuable byproduct.

Social Achievements

• Agreement with First Nations provides support and social acceptability.
• The Cree Nation are experienced partners, commercially advanced and a well-funded First Nations group.

Governance Achievements

• Strong project sponsors, community and provincial support.
• Major international engineering and technical partners.

Climate Goals & Targets

Environmental Challenges

• Risks related to failure to define mineral resources, converting estimated mineral resources to reserves, the grade and recovery of ore which is mined varying from estimates, future prices of vanadium and other commodities, capital and operating costs varying significantly from estimates, political risks arising from operating in Finland and Peru, uncertainties relating to the availability and costs and availability of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, uninsured risks and other risks involved in the mineral exploration and development industry.

Mitigation Strategies

• Securing offtake agreements with Javelin Global Commodities to provide feed and sell DR pellets.
• Securing a construction funding package consisting of debt, equity and a working capital facility.
• Engaging Societe Generale to work on US$300M of project finance debt.
• Major shareholders will help to finance the remaining required capital.

Supply Chain Management

Responsible Procurement

• Open book purchase and sale strategy that will source from multiple mines.

Climate-Related Risks & Opportunities

Opportunities

• Producing cost-effective and lower CO2 emission pellets.
• Transition to Green Steel using Green Hydrogen.

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 9 (Industry, Innovation and Infrastructure)
• Goal 13 (Climate Action)

Sustainable Products & Innovation

• Green Hydrogen
• Low CO2 emission pellets

Environmental Metrics

ESG Focus Areas

• Decarbonization
• Community Relations
• Environmental Permitting

Environmental Achievements

• Secured environmental permits for the BlackRock mine site and metallurgical facility.
• Partnerships to explore green hydrogen production using AEM electrolyzers and Levidian's LOOP system for near emissions-free iron metallic products.

Social Achievements

• Agreement with First Nations for support and social acceptability of the BlackRock project.
• Community engagement and relations with local communities.

Governance Achievements

• Detailed reporting on permitting history and status, including timelines and approvals.
• Strong project sponsors, community and provincial support.

Climate Goals & Targets

Environmental Challenges

• Securing financing for project development.
• Managing risks related to commodity price fluctuations.
• Navigating regulatory processes and obtaining necessary permits.

Mitigation Strategies

• Seeking government funding and support.
• Developing a phased approach to project development.
• Engaging with regulatory bodies and stakeholders to ensure smooth permitting processes.

Supply Chain Management

Responsible Procurement

• Discussions on potential offtake agreements with multiple established global traders.

Climate-Related Risks & Opportunities

Opportunities

• Producing green steel using renewable energy sources.

UN Sustainable Development Goals

• SDG 7 (Affordable and Clean Energy)
• SDG 9 (Industry, Innovation and Infrastructure)
• SDG 13 (Climate Action)

The BlackRock project aims to produce green steel using renewable energy sources, contributing to climate action and sustainable industrial development.

Sustainable Products & Innovation

• High-purity pig iron (HPPI)
• Ferrovanadium (FeV80)
• Titanium slag

Environmental Metrics

ESG Focus Areas

• Climate Change
• Sustainable Materials
• Critical Minerals

Environmental Achievements

• Plans to create one of the lowest carbon emitting metallurgical facilities in the world
• Designed plant to be green hydrogen ready
• Substantially reduced utility needs for natural gas and electricity by prioritizing iron ore pellet plant construction

Social Achievements

• Ongoing consultation with third-party contractors to define a future environmental monitoring program
• Engaging with local authorities to extend permits for Mustavaara Project
• Participation in AVANTIS, a €5 million study on vanadium and titanium funded by the European Union

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Securing funding and iron ore concentrate feed for the pellet project
• Advancing economic studies and permitting work on Mustavaara project in Finland
• Appeals pending at the Administrative Court of Northern Finland regarding exploration permits for Mustavaara

Mitigation Strategies

• Working with Javelin Global Commodities to procure iron ore concentrate and sell iron ore pellets
• Working with Énergir L.P. to prepare a new natural gas distribution contract
• Continuing to focus on advancing local permits and environmental studies for Mustavaara

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Development of low-carbon metallurgical facilities

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Green iron ore pellets

Awards & Recognition

• Not disclosed