Mr. Jorge Estepa reports

EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103 IN RELATION TO CARTIER IRON CORPORATION

On Sept. 22, 2014, Thomas G. Larsen acquired 50,000 common shares of Cartier Iron Corp. via public trades on the Canadian Securities Exchange.

Prior to the acquisition, the offeror owned directly and indirectly and controlled 2,342,019 common shares of Cartier Iron, representing approximately 12.1 per cent of the issued and outstanding common shares of Cartier Iron. Immediately after the acquisition, the offeror owns or controls 2,392,019 common shares representing approximately 12.4 per cent of the issued and outstanding common shares of Cartier Iron.

The Cartier Iron common shares were acquired for investment purposes and the right has been reserved to acquire additional securities of Cartier Iron. Depending upon an evaluation of the business, prospects and financial condition of Cartier Iron, the market for Cartier Iron's securities, general economic and tax conditions and other factors, the offeror and/or joint actors may acquire more securities of Cartier Iron and/or may sell holdings of Cartier Iron securities. Further details regarding the early warning report may be obtained from an early warning report filed in respect of this transaction under Cartier Iron's profile on SEDAR.

We seek Safe Harbor.