Alderon and Sprott Agree to Loan Extension

MONTRÉAL, Dec. 23, 2019 (GLOBE NEWSWIRE) -- Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that The Kami Mine Limited Partnership (“Kami LP”) has agreed with Sprott Resource Lending (“Sprott”) to extend the term of the US$14 million loan facility (“Loan Facility”). The Loan Facility had an original maturity date of December 31, 2019 (the “Original Maturity Date”) and will now be extended to February 14, 2020. Alderon and the Kami LP are currently evaluating several strategic transactions and this extension provides additional time to continue to pursue these opportunities.

Sprott and Kami LP have agreed to conclude a forbearance and extension agreement by January 10, 2020. In connection with the extension a total of US$350,000 in Common Shares shall be issued to Sprott and Altius Minerals Corporation (“Altius”) on the Original Maturity Date. The Common Shares shall be issued based on a ratio of 12/14th to Sprott and 2/14th to Altius. For additional details please refer to the Company’s press release dated July 12, 2018.

About Alderon Iron Ore Corp.

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, and is surrounded by three producing iron ore mines. The Kami product will be shipped through a newly commissioned multi-user, deep-water berth near the Port of Sept-Îles in Québec.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
President & CEO, Director

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:
1-604-681-8030 ext 285
[e-mail]

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the extension of the Loan Facility; (ii) the completion of strategic transactions and equity and debt financings; and (iii) the entry into a forbearance and extension agreement with Sprott.