Labrador Iron Ore Royalty Corporation · TSX:LIF
Labrador Iron Ore Royalty — Investor Presentation (January 2026)
12 slides from Labrador Iron Ore Royalty's investor presentation, Jan 29, 2026
Slide 1: Labrador Iron Ore Royalty Corporation Investor Presentation
LABRADOR IRON ORE ROYALTY CORPORATION INVESTOR PRESENTATION JANUARY 29, 2026
Slide 2: Notice to Reader
NOTICE TO READER All dollar figures are stated in Canadian (“CDN”) dollars unless noted otherwise. This report may contain "forward-looking" statements that involve risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from a
Slide 3: LIORC Overview
LIORC OVERVIEW • LIORC has a unique ownership interest in Iron Ore Company of Canada (IOC). • 15.1% equity in IOC • 7% top line royalty in IOC • 10¢ per tonne commission on all IOC sales • IOC is a leading producer of premium iron ore pellets and high-grade concentrate. • Large, high-quality resourc
Slide 4: IOC Saleable Production
IOC SALEABLE PRODUCTION • Total IOC saleable production for 2025 was 15.9M tonnes, compared to 16.1M tonnes in 2024. • This continues to be well short of nameplate capacity of 23M tonnes of concentrate and 12.5M tonnes of pellets. • Lower than expectation due to pit health and mine equipment reliabi
Slide 5: Focus on Improving Operations
FOCUS ON IMPROVING OPERATIONS • Rio Tinto, as operator, recognizes that IOC is currently facing substantial challenges with pit health and asset reliability. • Rio Tinto has made significant changes to improve the operating performance of IOC. • Increased integration with Rio Tinto’s global iron ore
Slide 6: Iron Ore Prices
IRON ORE PRICES • In 2025, the Platts 65% Index averaged US$115 per tonne, down from US$123 per tonne in 2024 and US$132 per tonne in 2023, as a result of lower steel demand. • In 2025, the Platts Atlantic Blast Furnace Pellet Premiums averaged US$30 per tonne, down from US$40 per tonne in 2024 and
Slide 7: Global Steel Markets
GLOBAL STEEL MARKETS • Growth in global steel production has come predominantly from China. (4.7% CAGR from 2001 to 2021). Steel production from the rest of the world has been flat to negative in recent times. • However, China steel production has declined since 2021 (-1.8% CAGR from 2021 to 2025) p
Slide 8: Iron Ore Supply Fundamentals
IRON ORE SUPPLY FUNDAMENTALS • At its Capital Markets Day in December, Rio Tinto highlighted: • Iron ore price forecasts are consistently under- estimated due to: • Disruptions • Depletions • Declining ore grades • Under- performance in scrap • Resilient Chinese demand • A steep cost curve 1. Platts
Slide 9: Iron Ore Supply Fundamentals
IRON ORE SUPPLY FUNDAMENTALS • At its Capital Markets Day in December, Rio Tinto outlined the need for new new iron ore supply. • ~650Mt uncommitted capacity required to address depletion and meet demand by 2035. • More than half of depletion occurs outside majors3. • Longer approvals timeframes. 9
Slide 10: LIORC Historical Dividends and Cash Flow
LIORC HISTORICAL DIVIDENDS AND CASH FLOW • LIORC has traditionally paid out all free cash flow it generates to its shareholders in the * form of quarterly dividends. • Average of $2.87/share per year over the last * 10 years. • In 2025, lower iron ore * * * prices and lower * * production volumes re
Slide 11: LIORC Shareholder Returns
LIORC SHAREHOLDER RETURNS • Dividend yield mitigates share price volatility, which has produced strong total returns for shareholders over the longer-term. • In 2025, LIORC declared $1.55 per share of dividends – a 5.3% yield based on the trading price at the beginning of 2025. • LIORC has performed
Slide 12: LIORC Investment Rationale
LIORC INVESTMENT RATIONALE • Attractive dividend yield. • Returns supported by IOC, which is a high-grade (>65% Fe), low-impurity, long-life asset in a stable jurisdiction. • Royalty structure limits operational and capex risk, while benefiting from any production growth. • Upside potential from fut
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