Investor Presentation ‖ April 2018 ‖ IRON: TSX

Disclaimer

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Special Note Regarding Forward-Looking InformationThis presentation contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and eventsthat may occur in the future. Forward looking information contained in this presentation includes, but is not limited to, statements with respect to: (i) the estimation of mineral resources; (ii) the market,demand for, and future price of iron ore and related products; (iii) estimates of future steel production; (iv) estimation of railway capacity; (v) the negotiation, conclusion and potential terms of infrastructurecontracts; (vi) potential economic benefits of the Kami Project; (vii) future freight costs, (viii) the potential advantages of iron ore concentrate produced from the Kami Project and (ix) the results of the UpdatedPreliminary Economic Assessment (“PEA”) including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and productiontimelines for the Kami Project.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends","anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "beachieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained inthis presentation is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metalprices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability ofnecessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatoryapprovals , the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considersthese assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits,including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations inmineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risksrelating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and inthe mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operationalrisks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encounteredduring the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financingnecessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest,environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filingsapplicable with Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of thispresentation. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Additional InformationFor further information on the Kami Project please refer to the Technical Reports entitled “Update to the Re-Scoped Preliminary Economic Assessment of the Kamistiatusset (Kami) Iron Ore Property, Labrador”dated effective November 7, 2017 and “An Analysis of the Economic Impacts Associated with the Kami Iron Ore Project: A 8 Mtpa, 26 Year Project” effective November 25, 2017 (the “Reports”) that areavailable on SEDAR at www.sedar.com.

NI 43-101 Qualified PersonThe technical information presented in this presentation is from the Report. The Report was prepared under the supervision of Mr. Angelo Grandillo, P.Eng, of BBA, a Qualified Person as defined by NI 43-101,with contributions from Gemtec Limited and Watts, Griffis and McOuat (“WGM”). Mr. Grandillo is a Qualified Person as defined by NI 43-101 and Mr. Grandillo is independent of Alderon. Mr. Grandillo hasreviewed and approved the technical information contained in the Report, with the exception of the mineral resource estimate. Mr. Michael Kociumbas, P.Geo. with independent firm, Watts, Griffis andMcOuat Limited, is a Qualified Persons as defined by NI 43-101 and is responsible for reviewing and approving the mineral resource estimate and the QA/QC associated with the mineral resource estimate. Mr.Kociumbas is independent of Alderon.

What Sets Us Apart

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Underpinned by 1.27 billion tonnes at 29.8% iron of Measured & Indicated resources

Measured: 536.9 Mt @ 29.9% TFe, Indicated: 737.6 Mt @ 29.5% TFe, & Inferred: 522.6 Mt @ 29.5% TFe

Partners Infrastructure ProductLocation

Labrador Trough

• Safe & stable

jurisdiction

• Long history as a

mining region

• Hydro-electric power

at competitive rates

• Access to skilled labor

Premium Iron Ore

• High Fe Content at

65.2%

• Low phosphorus

• Low alumina

• 100% of production

committed

Strategic Partnerships

• HBIS Group

• Altius Minerals

• Glencore

Ideally Located

• 14.5 km to

common-carrier

railway with +80Mtpa

capacity

• 15.5km to high

voltage grid – power

agreement signed

• Agreement in place to

ship year-round via

deep-water port

Investment Highlights

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Shovel-ready project with robust economics (USD)• $1.8B NPV8

• 25.7% IRR• C1 cost = $29.94• Capex = $999.4M

Ideal location in Canada’s premier iron ore district

with secured access to low cost utilities and transport

Premium product with high Fe content of 65.2% and

ultra-low deleterious elements

Iron ore market is improving with Chinese demand for

higher grade product expected to remain strong

Located Canada’s Premier Iron Ore District with Established Access to Global Markets

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Local Skilled Workforce

High-Grade Product, Low

Impurities

Access to Highway and Railway

Strategic Partnerships

24 Year Life of Mine

Year-round Access to Global Market

100% Product Sold

Port + Power Agreements Concluded

Location in Labrador Trough provides low cost access to utilities, transportation and skilled labor

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Power and Port Agreements Concluded, Railway Access Guaranteed

• Construction of C$220M multi-user dock at Port of Sept-Îles complete

• Secured access to the facility in return for a C$20M investment

• Multi-user platform in deep water up to 23 meters, suitable for large cape-size vessels (250,000dwt)

• Loading capacity of 50 to 60Mt per year

• Power availability confirmed by Crown Utility (Nalcor)

• Power Purchase Agreement signed

• Province’s new industrial rates policy creates a level playing field among industrial users

• Nearby common carrier railway with +80Mtpa capacity guaranteed access

Strategic Partnerships in Place

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• HBIS Group (formerly Hebei Iron & Steel) is China’s second largest steelmaker and has invested a total of C$182.2M to date & will purchase 60% of annual production • C$119.9M in project equity for 25% interest in the Kami Project• C$62.3M in corporate equity for 19.9% of Alderon common shares

• Altius Minerals owns 39% of the outstanding shares of Alderon• Exploration and project generation company with focus on Newfoundland &

Labrador• Multiple successful investments in the Labrador Trough

• Glencore will purchase 40% of annual production• One of the world’s largest global diversified natural resource companies

Partners will purchase 100% of annual production

Differentiated Product to Supply an Evolving Iron Ore Market

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• Premium Iron Ore Product• High Fe content with ultra-low impurities• Increasing demand and price support

underpinned by tougher environmental standards

• Platts Index now includes premium iron ore with significant price spread

• Recovering Iron Ore Prices Driven by Continued Demand in China and Future Demand in India• Chinese steel production remains robust• Low quality, high cost Chinese domestic supply

has been curtailed• India positioned to drive next wave of steel

intensity growth• Iron ore consumption expected to peak by mid

to late next decade, 2025-2030, with a CAGR of 0.4%

China’s drive for emissions reduction and India’s steel intensity growth will spur continued demand

65% Fe62% Fe58% Fe

*From Macquire Research

*From Accenture Strategy

Incremental scenario likely due to disruptive factors

Superior Quality Concentrate Relative to Australian and Brazilian Sinter Fines

Fe %* P %* Al2O3 %*High Fe content

Magnetite content• Lowers fuel cost for sintering

Low phosphorus • Offers potential capital

avoidance – no dephosphorization stage

• Reduces operating costs, improves BOF efficiency (lower cycle time and heat loss)

Low alumina• Improves blast furnace

operation• Lowers slag fluidity• Protects tuyeres

* Platts & Company Disclosures 9

Premium product allows end users to improve productivity, reduce costs and meet stringent environmental standards

Updated PEA Highlights

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US$1.8B NPV8

25.7% IRR

• PEA Updated November 2017

• Capital and operating costs significantly reduced from 2012 bankable feasibility study

• US$999.4 M estimated Initial Capital Cost

• Nationalization of port assets by Quebec government a significant enabler

Robust project with strong financials*

Annual Production (65.2% Fe con) 7.8Mtpa

Initial CAPEX $999.4M

Cash operating cost (FOB) $29.9/t

Capital Intensity ~$130/t

Average annual cash flow +$300M

Payback period 3.7 years

Measured and Indicated Resources

1,093.2Mt @ 29.5% TFe

Mine life 24 years

*Pre-tax, USD

Updated PEA Results: Nov. 2017

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Reduction in Capex due to Re-scoping of Project

Comparison Points 2017 Updated PEA* 2012 Feasibility Study*

Annual Production (65.2% Fe con) 7.8Mtpa 8.0Mtpa

Initial CAPEX $999.4M $1,272.9M

Cash operating cost (FOB) $29.94/t $42.17/t

Projected Payback Period 3.7 years 3.1 years

Measured and Indicated Resource of the Rose Deposit (COG=15%, 29.6% TFe)

1093.2 Mt 1093.2 Mt

Estimated Mine life 24 years 30 years

12*Pre-tax and in United States dollars. The 2012 Feasibility Study used an exchange rate of $1.00CDN = US$1.00 and was in constant Q4-2012 dollars. No escalation or inflation was applied to costs to bring them to Q1-2017 dollars.

Factors resulting in reduced Capex & Opex• Government of Quebec now owner of facilities at

Pointe-Noire area of Port of Sept Iles, cancelling need to build own stockyard

• Considerably slower project activity in the region• Lower ocean freight rates• Weaker Canadian dollar

Cash operating costs reduced by ~29%

Iron Ore Price Determination (per tonne of Fe concentrate)• $69.40 - Base price based on Platts IODEX 62% (3yr trailing avg.)• + $25.07 - Fe premium for Kami concentrate grading 65.2% Fe and

superior product quality (%SiO2, %Al2O3 and %P) • - 3.8% discount – blend of HBIS (5%) and Glencore (2%) discounts• - $14 – shipping costs from Port of Sept Iles to Chinese Port ($13.35

net considering moisture)

→ $86.23 – CFR selling price

→ $72.23 – FOB price Port of Sept Iles

Summary of Capex & Opex

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Estimated Capital Costs (M$ US)

Mine (Including Pre-Stripping) $ 135.4

Mineral Processing $ 254.1

Site Infrastructure and Utilities $ 312.8

General Services and Indirects $ 246.5

Pre-Operational Capitalized Costs $ 19.6

Owner’s Costs $ 31.0

TOTAL $ 999.4

Estimated Average LOM Operating Costs (US $/t Dry Concentrate)

Mining $ 10.79

Mineral Processing $ 5.40

General Site $ 0.50

General Administration $ 2.26

Environmental and Tailings Management

$ 0.39

Rail Transportation and Port Services

$ 10.60

TOTAL $ 29.94

Capex & Opex estimates show robust project economics

Conventional FlowsheetHigh quality product

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Gravity Separation

Rail

Regrind

Primary GrindingGyratory Crusher

Magnetic Separation

%Fe 29.5%Fe Rec % 100%Wt % 100%

Spiral Concentrate Mag Concentrate

Spiral Tails Final tails

%Fe 65.2%% SiO2 4.3%Fe Rec % 77.7%Wt % 35.1%%Mn 0.81%P80 267 um

Final Concentrate

% of total concentrate19%

% of total concentrate81%

Load and Haul

%Fe 66.0%Fe Rec tot % 14.9%Wt % of feed 6.5%

%Fe 65.0%Fe Rec tot % 62.8%Wt % of feed 28.6%

Drill and Blast

Our Role in Sustainability

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Alderon as a Corporate Citizen

Focus on responsible business behaviors and sustainable practices

CommunityInvolvement

Environmental Responsibility

EconomicGrowth

Be part of bettering the community

Be proactive in environmental stewardship

Be a catalyst for economic growth

Kami Represents Significant Benefits for Federal & Provincial Economies

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• Economic Impact Analysis− Performed by Dr. Wade Locke of Memorial University− Published in November 2017

• Assessment focused on employment, GDP and treasury impacts

• Covers construction and operations

• Spans project lifecycle of 26 years

Kami Will Create Jobs and Tax Revenue

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$5.5B in Total Incomes to Workers and Businesses in Newfoundland & Labrador and Quebec

$7.6BIncomes to Workers and Businesses across Canada

$5.1BFederal and Provincial Government Revenues

>100,000Direct, Indirect and Induced Jobs

$21.3BNational GDP contributions over 26-year period

Economic Impacts

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*Direct, indirect, and induced economic impacts

Economic Impacts

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*Direct, indirect, and induced economic impacts

Sustainable Development

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• Fully released from Federal and Provincial Environmental Assessment; permitted for construction start

• Completed baseline studies of geology, plants, soils, water, and wildlife

• Developed plan for progressive and closure rehabilitation and reclamation at mine site

• Concluded stakeholder agreements• Provincial benefits agreement with Newfoundland and Labrador• Municipal agreements with Labrador City and Wabush• Impact/benefit agreement with two aboriginal groups

Community Engagement

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• Committed to creating long-term, mutually beneficial relationships based on trust and respect

• Project Consultation Plan involves engaging community residents and groups, local businesses, and government regulators

• Aboriginal Relations Policy involves information sharing, engagement, and traditional land and resource use studies

• More than simply engaging, we strive to acknowledge, value, and give consideration to the diverse knowledge and needs of our stakeholders

Company Profile

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Ticker IRON: TSX

Shares Outstanding as of Mar 31, 2018 133,471,850

Options as of Mar 31, 2018 6,685,000

Warrants as of Mar 31, 2018 5,241,436

Fully Diluted as of Mar 31, 2018 155,706,567

Cash & Cash Equivalents(as of Dec 31, 2017)

CDN $15.8M

52-week Share Price Range $0.21 - $0.48

Current Share Price as of Apr 4, 2018 $0.25

Major Shareholders in Alderon Iron Ore Corp.

Altius Minerals 39%

HBIS Group 19.6%

Insiders* ~2%

*Source: SEDI

Retail, 39%Insider

Ownership & Strategic

Partners, 61%

Shareholder Distribution

Board of Directors Management

Mark Morabito –

Chairman

Tayfun Eldem

Ian Ashby

Adrian Loader

David Porter

Wang Jinhui (Jeff)

Andrew Furey

Tayfun Eldem – CEO

Kate-Lynn Genzel - CFO

Gary Norris – Executive VP

Government & Community Affairs

Xinneng (David) Li – VP Asia

Pacific Affairs

Olen Aasen – Corporate

Secretary

For more information, please contact:

Phone: 604-681-8030

Email: info@alderonironore.com

Corporate Head Office Labrador City Office St. John’s Office Montreal Office

1240 – 1140 West Pender St. Vancouver, BC V6E 4G1

PO Box 214Labrador City, NL A2V 2K5

102-1 Church Hill, Suite 201St. John’s, NL A1C 3Z7

6500 Autoroute Transcanadienne4ieme étage/4th Floor

Pointe-Claire, QC H9R 0A5

www.alderonironore.com

IRON: TSX