The Gold Report

Alderon Iron Ore Corp. TICKER: ADV:TSX; ALDFF:OTCQX Visit Company Website Alderon Iron Ore Corp. is a leading iron ore development company in Canada with a project located within an existing iron ore district. The Kami project currently hosts an NI 43-101 mineral resource estimate of 490 Mmt Indicated at 30.0% iron and an additional 598 Mmt Inferred at 30.3% iron. The company recently completed a positive preliminary economic assessment and it plans to commence commercial production in 2015.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Adam Low, Raymond James (2/2/12) "We are initiating coverage of Alderon Iron Ore Corp. with a Market Perform rating and a CA$3.75 target price. . .the company owns 100% of the Kamistiatusset iron ore project in western Labrador in the vicinity of four operating iron ore mines; the property is very close to essential infrastructure, an extremely important factor in iron ore, and it has much of the same management team that achieved success at Consolidated Thompson."

Geordie Mark, Haywood Securities (1/13/12) "Liberty Metals' strategic investment of $40M in Alderon Iron Ore Corp. means a 15% post-completion stake in Alderon with a Board of Directors appointee. . .the additional capital lowers future financing uncertainty and provides Alderon the capacity to complete the feasibility study and to potentially place orders on long lead time items to expedite the potential development timetable. . .we believe that upon completion of the financing, Alderon will be well positioned to carry out its 2012 exploration and development plans on the 100%-owned Kami (Kamistiatusset) iron ore project in the Labrador trough."

Rajiv Chail, Cormark Securities (1/12/12) "Alderon Iron Ore Corp. announced that it has entered into a private placement agreement with Liberty Metals & Mining Holdings LLC. . .Liberty will purchase 14.9M shares at a price of CA$2.67/share for total gross proceeds of CA$40M. . .we continue to view Alderon as an attractive buying opportunity, offering investors significant leverage to the iron ore market. . .backed by a strong management and operating team, Kami has all the hallmarks of developing into an economically robust mine within a relatively short time frame."

Daniel Greenspan, Macquire Research (1/12/12) "Alderon Iron Ore Corp. announced that it has entered into a subscription agreement with Liberty Metals & Mining Holdings. . .we expect that the CA$40M from Liberty will provide Alderon with enough funding to complete the 18km drill program planned over the winter and the feasibility study on Kami expected to be completed in Q312; the proceeds may also be used to secure long-lead equipment items. . .despite the stock price rallying 37% over the past month, a number of compelling catalysts are expected to continue to drive the stock this year. . .we recommend investors buy the stock on weakness today."

John Hughes, Desjardins Securities (1/12/12) "Alderon Iron Ore Corp. has announced that it has entered into a subscription agreement with Liberty Metals & Mining Holdings LLC, a subsidiary of Liberty Mutual Group, for the latter to purchase around 15M common shares of the company at a price of CA$2.67/share, generating funds of roughly CA$40M. . . Alderon intends to use the proceeds of the placement primarily to fund a drilling program and feasibility study for the Kami project. . .the shares of Alderon remain rated Buy."

• Corporate Presentation (12/1/11)
• Corporate Summary (11/21/11)

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