Mr. Mark Morabito reports

ALDERON WELCOMES MR. TAYFUN ELDEM BACK TO ITS BOARD OF DIRECTORS

Tayfun Eldem, PEng, has returned to Alderon Iron Ore Corp.'s board of directors, effective immediately. Mr. Eldem was Alderon's president and chief executive officer until August, 2015. His return to the board coincides with the near completion of the rescoping process that Alderon has been undertaking on the Kami iron ore project, Labrador, located in western Labrador (see news release dated Oct. 19, 2016, for additional details).

"We are thrilled that Tayfun has agreed to rejoin the board of directors at such a crucial time in the company's development," said Mark Morabito, chairman and chief executive officer of Alderon. "As we are in the final stages of the rescoping exercise for the Kami project, Tayfun's experience at the board level will be invaluable going forward."

Mr. Eldem is currently managing director of Iron Ore & Coal for Hatch Ltd., where he is responsible for global business development overseeing operations in six regions of the world and working with key clients including BHP Billiton, Vale, Rio Tinto, ArcelorMittal and Anglo American. In addition, he is also managing director of Eastern North America for Hatch Ltd., covering mining and metals, infrastructure, and energy sectors in Quebec, Atlantic Canada and Eastern United States. Mr. Eldem previously worked for the Iron Ore Company of Canada, a Rio Tinto subsidiary, for more than 20 years. During this period, Mr. Eldem held many senior roles including vice-president, expansion projects and engineering, and chief operating officer. Mr. Eldem was accountable for the development and delivery of a nearly $2.0-billion program of greenfields and brownfields expansion projects. Additional responsibilities included strategic and tactical oversight of clean air and greenhouse gas reduction programs and the execution of sustaining capital investments and mineral exploration. Mr. Eldem is a professional engineer who graduated from Dalhousie University.

With respect to the rescoping process, Alderon still expects the results of the rescoping process will be announced in the first quarter of 2017. The focus of the rescoping process has been to rescope the capital and operating costs of the Kami project in order to identify savings that have arisen from the current depressed state of the market and changes in ownership and management of assets in the Labrador Trough, the idling of the neighbouring Wabush Scully mine and evaluating strategic alternatives for the company.

Stepping aside from the board of directors at this time is John Baker. Mr. Baker has been involved with Alderon since 2010 and has made many valuable contributions to Alderon's development. The board would like to acknowledge and thank Mr. Baker for his exemplary service and contributions to the development of the company.

About Alderon

Alderon is a leading iron ore development company in Canada. The Kami project, owned 75 per cent by Alderon and 25 per cent by Hesteel Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) through The Kami Mine LP, is located within Canada's premier iron ore district and is surrounded by two producing iron ore mines.

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