Investor Presentation June 2012

Forward Looking Statements

The content of this presentation has been prepared for the purpose of providing general information about, and an

overview of Lamaune Iron Inc. (the “Company") and its operations. It is not meant to be a complete review of all

matters concerning the Company. Whilst the Company has taken all reasonable care to ensure the information and

facts contained in this presentation are accurate and up-to-date, it does not make any representation or warranty,

express or implied as to the accuracy or completeness of any information included in this presentation. The Company

does not accept liability for any loss arising directly or indirectly from the use of or reliance on this presentation or

information it contains.

This presentation does not constitute an invitation or inducement to engage in investment activity in the ordinary

shares of the Company nor does it purport to contain information that shall form the basis of, or be relied upon in

making such investment decisions. If you require any advice, please consult with a professional financial adviser.

Past performance cannot be relied on as a guide for future performance.

This presentation may contain certain forward-looking statements concerning the financial condition, results of

operations and businesses of the Company. All statements other than statements of historical fact are, or may be

deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that

are based on management’s current expectations and assumptions and involve known and unknown risks and

uncertainties that could cause actual results, performance or events to differ materially from those expressed or

implied in these statements. All forward-looking statements contained in this presentation are expressly qualified in

their entirety by the cautionary statements contained or referred to in this section. You should not place undue

reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the

presentation. The Company does not undertake any obligation to publicly update or revise any forward-looking

statement as a result of new information, future events or other information. In light of these risks, results could differ

materially from those stated, implied or inferred from the forward-looking statements contained in this presentation.

2

Investment Highlights

Low-cost 100%-owned Ontario Iron Project

Rich 25-35% Fe Grade

Deposit Outcrops on Surface - Zero Strip Ratio

Excellent Access to Rail and Port Infrastructure

Potential Offtake Partners in Great Lakes Region

Experienced and Proven Management Team & Board

3

Strong Worldwide Demand for Iron

4

0

20

40

60

80

100

120

140

160

180

Iron Ore Monthly Price ($US per metric ton)

196

Feb 2002

Feb Feb Feb Feb Feb Feb Feb Feb Feb 2003 2004 2005 2006 2007 2008 2009 2010 2011

Feb 2012

Iron Ore Largest Metal Commodity Market

5

100%-Owned Ontario Iron Project

Lamaune Iron Property

Thunder Bay

Armstrong

Lake Superior

Lake Nipigon

6

Established and Proposed Infrastructure

• Good road access

• Abundant water

• Proposed hydropower near

property

• Canadian National Rail

approx. 13kms

• Thunder Bay-port, facilities

Logistical advantages include:

7

Lamaune Property 4,096 Hectares

8

Lamaune Iron Project 300-500 M tonnes 25%-35% Fe Exploration Target

Lamaune Gold Prospect 40,000-50,000 oz. Au Exploration Target

Lamaune Iron Project

Magnetite Iron Deposit >12 km of potential strike length containing:

S i z e :

• ‘Exploration Potential’ of 300 to 500 million tonnes of mineralization grading from

25% Fe to 35% Fe (2011 NI 43-101 Technical Report)

G r a d e :

• Preliminary flotation tests indicate 68% Fe grade concentrate at 72% product weight

recovery and 83% Fe yield

9

Work to Date

• Ground and Airborne Magnetic surveys

• Drilled 2005/2010 40 diamond drill holes for 7,933 metres

• Magnetic model to produce a conceptual exploration target

• Preliminary magnetic and flotation testing upgraded to 68% Fe

• High level scoping study

• High level marketing and transportation overview

• NI 43-101 Technical Report for Exploration Potential

COMPLETED 2005/2010

10

Geophysics

2 0 0 9 :

High quality IMPULSE

airborne EM/Mag

further delineated

anomalies

Lamaune Iron-magnetic Inversion 25m Depth

2 0 0 4 :

AeroTEM airborne

EM/Mag survey

identified 8 anomalies

over 9 km

11

Low Cost Mining

• Iron deposit on or near surface • Zero strip ratio for early years

12

Lamaune Iron Section 100+00E

13

Metallurgical Testing

• DTR – Grind to 100% -45micron

– nominally 80% -32micron

• Optimum Grind

Testwork completed on 10 samples of split drill core from central 3.5km zone:

Market Acceptable, Quality Iron Pellets Can Be Processed

DAVIS TUBE RESULTS - At 80% passing 32micron

Sample IDWt. to

Cons (%)Fe (%)

SiO2

(%)

Al2O3

(%)

CaO

(%)

MgO

(%)

P

(%)

S

(%)

TiO2

(%)

MnO

(%)

K2O

(%)

Na2O

(%)

Zn

(%)

LOI-1000

(%)

Sample 1 30.14 67.70 4.72 0.27 0.24 0.52 0.021 1.25 0.05 0.01 0.02 0.01 0.00 -2.57

Sample 2 22.53 66.80 4.98 0.21 0.26 0.45 0.025 1.42 0.06 0.02 0.01 0.00 0.00 -2.36

Sample 3 29.30 62.80 11.20 0.31 0.32 0.58 0.025 0.29 0.04 0.03 0.03 0.02 0.01 -2.67

Sample 4 22.69 66.70 6.26 0.26 0.31 0.39 0.034 0.28 0.09 0.02 0.01 0.01 0.00 -2.88

Sample 5 15.22 63.00 9.37 0.59 0.45 0.79 0.034 1.02 0.08 0.03 0.03 0.10 0.01 -2.03

Sample 6 22.69 68.60 3.22 0.20 0.41 0.50 0.020 0.27 0.05 0.03 0.02 0.00 0.01 -2.53

Sample 7 27.23 61.90 11.90 0.42 0.25 0.37 0.019 0.28 0.08 0.02 0.02 0.09 0.01 -2.71

Sample 8 23.81 68.70 3.91 0.26 0.16 0.15 0.011 1.29 0.12 0.02 0.02 0.01 0.00 -2.49

Sample 9 18.11 59.90 13.00 0.65 0.44 1.03 0.025 4.82 0.10 0.04 0.04 0.08 0.00 -0.75

Sample 10 22.90 61.10 12.30 0.59 0.36 0.91 0.031 4.40 0.08 0.04 0.03 0.09 0.01 -0.70

Average 23.46 64.87 7.99 0.36 0.31 0.55 0.024 1.42 0.07 0.02 0.02 0.04 0.01 -2.24

Sample 5 and 9 may be excluded due to low Wt Recovery - should be >20%.

• Dry Magnetic separation

• Flotation

• Grinding power – BWI, RWI, CWI and UCS

14

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.0

55 60 65 70 75 80 85 90 95 100

2

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

Metallurgical Testing

Lamaune Flotation

Grade/Yield Curve

Preliminary sighter flotation

tests indicate success at

reducing silica to acceptable

levels and iron recoveries.

68% Fe, 4.5% SiO2, 0.3% S Grade Concentrate at a 72% Product

Weight Recovery and 83% Fe Yield can be Achieved

15

Yield, % Fe

Gra

de

, %

SiO

Gra

de

, %

S

Target Silica

Rougher Yield

RD1138 RD1139 RD1136 RD1136 Sulphur

This circuit is common in the

iron ore mines of Minnesota

and Northern Michigan

Proposed Circuit

• Crush to -200mm

• Autogenous milling to below

3mm, remove 50% of the

tails using magnetic

separation

• Grind to 55micron (pebble

mills), remove 90 to 92% of

tails with magnetic separation

• Final grind to 80% -25micron

using energy efficient tower

mills, magnetically separate

• Reverse and Scavenger

Flotation

• Filter, ball and pelletize

16

Overall Capital Cost

Item Cost Millions 2.5 Mtpa

Cost Millions 5 Mtpa 7.5 Mtpa

Mining 26.4 36.8 48.2

Concentrator 261.1 395.7 504.7

Pellet Plant 229.5 347.9 443.7

Infrastructure 82.0 96.7 113.2

Contingency (15%) 90.0 131.6 166.5

Total Capital Cost 689 m 1,008 m 1,276 m

Ty p i c a l 2 . 5 M t p a C o n c e n t r a t o r – A B M Ta s m a n i a

17

($US M)

Cost Millions

Internal Rate of Return

18

Change of IRR with Project Scale

Price of Pellets $US/t

0.0%

2.5Mtpa

5Mtpa

7.5Mtpa

Operating Cost

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

20 40 60 80 100 120

%IR

R

140 160

5.0%

-5.0%

-10.0%

North American Iron Market

19

Lamaune Iron Property

Iron Ore Port

Iron Producer (Fe)

Major City

Railway Line

Shipping Route

Significant Iron Market

• Major market consists of 23 integrated steel mills in North America with

combined capacity of 69 million tonnes of annual steel production

• Preferred option for Lamaune iron ore pellets is direct shipping from

pellet plant to steel mill

• Potential offtake partners:

M a r k e t i n g & Tr a n s p o r t a t i o n O ve r v i e w

C o m p l e t e d 2 0 1 0

Essar Steel (Algoma)

U.S. Steel and ArcelorMittal

AK Steel and Severstal

Sault Ste. Marie, Ontario

Hamilton, Ontario

Middletown, Ohio

20

Summit Lake Iron Property 3,383 Hectares

21

Lamaune Iron Project 300-500 M tonnes 25%-35% Fe Exploration Target

Lamaune Gold Prospect 40,000-50,000 oz Au Exploration Target

Optioned Summit Lake Iron Property

Growth Potential

• 5.6 km strike length indicated by government geophysics

• Summit geophysical anomaly similar in intensity to Lamaune

Magnetite Iron Project

• Discovered in 1957, no recent exploration

• Partially delineated by historic ground geophysics and drilling

• Historic drill logs indicate Banded Iron Formation, potentially

similar to Lamaune Iron

• Located 25 km northeast of Lamaune Magnetite Iron Project

Summit Lake Magnetite Iron deposit:

22

Lamaune Gold Prospect

• Drilled 2009/2010 75 diamond NQ core drill-holes for 11,644 metres

• Conceptual Exploration target of 1,350,000 to 1,650,000 tonnes containing

between 40,000 and 50,000 ounces of gold at 0.3g/t cut-off

• Open along strike and down plunge

• Preliminary Metallurgical testing gave recovery of 94.4%. Low grade

amenable to heap leaching with the high grade to gravity separation

C o m p l e t e d

P l a n n e d

• Extension drilling carried out in conjunction with Iron infill drilling

23

Gold Prospec t Of fse ts Produc t ion Cos ts

Lamaune Gold Section 117+50E

24

Key Milestones for 2012/2013

• Drilling leading to NI 43-101 compliant resource

L a m a u n e P r o p e r t y

• Metallurgical Recovery Testwork

• Resource Estimate

• Preliminary Economic Assessment (Scoping)

25

Engineering Studies:

Marketing

Drilling

• Identifying potential offtake partners

Corporate Information

William Humphries (Chairman)

Edward Badida CA(Chief Financial Officer and Director)

Richard Prickett CA(Director)

Michele Tuomi P.Geo. (Technical Consultant)

Taheh Holdings

Quilvest Switzerland

Directors

Caldwell Associates

Investec

TD Waterhouse

Directors and

Management

Major

Shareholders

Number o f

Shareholders

20%

11%

10%

6.5%

4%

3.5%

26

850

Number o f Shares

In Issue 62,641,883

Funding Requirements 2012/2013

Total

Explorat ion

Engineer ing Studies

Corporate G&A

IPO Planned Second Hal f 2012

C$30,000,000

27

Growth Strategy

Advance

Lamaune

to Production

Exploration

to Expand

Resource Base

Growth

Through

Acquisitions

28

Identify

Offtake

Partners

Growth Potential to Define +1 Billion Tonnes of Iron Ore

Investment Highlights

Low-cost 100%-owned Ontario Iron Project

Rich 25-35% Fe Grade

Deposit Outcrops on Surface - Zero Strip Ratio

Excellent Access to Rail and Port Infrastructure

Potential Offtake Partners in Great Lakes Region

Experienced and Proven Management Team & Board

29