Northland Resources S.A. provided operational update for the period from January 24, 2013 to March 22, 2013. The company has on March 22, 2013 in total produced more than 123,000 tonnes of iron ore concentrate. The company currently producing approximately 2,500 tonnes of iron ore concentrate per day. The logistics chain is operating as planned. Approximately 81,000 tonnes of iron ore concentrate have been transported to Narvik· The rented box cars will be used until the arrival of the specially designed railcars from Kiruna Wagon. To date 26 railcars have been manufactured according to Northland specification. 55,000 tonnes of iron ore concentrate has been shipped out of the Port of Narvik. About 55,000 tonnes of concentrate was loaded onboard the first vessel and shipped to Northland's off-take partner Tata Steel on February 25, 2013. The vessel arrived at IJmuiden, the Netherlands, on March 2, 2013. The second ship is expected to load 55,000 tonnes of iron ore concentrate and to arrive in Narvik at the end of March, 2013.

For the year 2013, the company plans to produce 1.5 dmt and to reach the production capacity of 4.0 dmtpa at the beginning of third quarter of 2014. Construction of the permanent Fagernes Terminal remains on schedule and is expected to be completed in August, 2013. Ship-loader is expected to be erected in June, 2013 and operational by August, 2013.