The Mont Reed iron ore deposit, owned by ArcelorMittal, is situated approximately 140 km southwest of the Mont-Wright mine in the southern region of the Labrador Trough, Canada. Acquired by Québec Cartier Mining (QCM) in the 1960s, the Mont Reed mining property has remained unexploited due to the complex nature of the ore in the area. However, during the last years ArcelorMittal’s R&D team has been dedicated to developing a process to beneficiate the Mont Reed ore and produce high-quality pellet feed suitable for direct reduction furnaces. Extensive research revealed that achieving a good liberation degree of particles required grinding the material below 75 μm (P80 of 53 μm). To find the most effective technology for this task, a detailed comparison between ball mill and vertical stirred mill grinding was conducted. Both grinding technologies underwent detailed testing in bench-scale experiments. The ground products were comprehensively characterised, including size distribution analysis and chemical analysis per size fraction. Additionally, liberation analysis was performed using an automated scanning electron microscope (SEM). To determine the grinding specific energy, a method previously developed at Samarco (Brazil) for fine grinding of iron ores was employed. Furthermore, magnetic separation and flotation tests were conducted on the ground products. After a thorough evaluation of all the results, it was observed that both ball mill and vertical stirred mill grinding produced samples with similar physical characteristics. However, the vertical mill demonstrated higher efficiency in grinding the material. To conclude the study, an economic evaluation was conducted for both options considering various factors. Overall, ArcelorMittal’s R&D team’s dedicated efforts have brought them closer to unlocking the potential of the Mont Reed ore deposit and paving the way for its future utilisation to the production of high-quality pellet feed.