Labrador Iron Ore Royalty Corporation · TSX:LIF
Labrador Iron Ore Royalty — Shareholder Meeting (May 2026)
12 slides from Labrador Iron Ore Royalty's shareholder meeting presentation, May 13, 2026
Slide 1: Labrador Iron Ore Royalty Corporation Annual General Meeting
LABRADOR IRON ORE ROYALTY CORPORATION ANNUAL GENERAL MEETING MAY 13, 2026
Slide 2: Notice to Reader
NOTICE TO READER All dollar figures are stated in Canadian (“CDN”) dollars unless noted otherwise. The information contained in this presentation is derived from publicly available sources, such as annual and quarterly financial reports and the annual information form filed by Labrador Iron Ore Roya
Slide 3: LIORC Financial Highlights
LIORC FINANCIAL HIGHLIGHTS First Quarter Fiscal Year 2026 2025 2025 2024 ($ in millions except per share information) Revenue 35.9 36.2 166.5 209.0 Net Income 13.2 21.4 100.6 175.0 Adjusted Cash Flow from Operations(1) 19.7 19.8 91.5 199.0(2) Net Income per Share $0.21 $0.33 $1.57 $2.73 Adjusted Cas
Slide 4: IOC Production
IOC 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. • Below expectation due to pit health and mine equipment reliability challenge
Slide 5: Global Steel Markets
GLOBAL STEEL MARKETS • Historically, 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. • However, more recently China steel production has declined (-2.0% CAGR from 2021 to 2025)
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 the Platts Atlantic Blast Furnace Pellet Premium averaged US$30 per tonne, down from US$40 per tonne in 2024. • In 2025, IOC achieved an average realized price for pellets and CFS of US$
Slide 7: LIORC Cash Flow
LIORC CASH FLOW • LIORC has traditionally paid out all free cash flow it generates to its shareholders in the form of quarterly dividends. * • LIORC generates cash flow from its royalty interest and the dividends it receives from IOC. • In 2025, lower iron ore prices and * lower production volumes r
Slide 8: Operational Outlook
OPERATIONAL OUTLOOK • IOC’s sales guidance for 2026 is 15 to 18 million tonnes of pellets and CFS. This compares to 2025 sales volumes of 15.7 million tonnes. Based on the results of the first quarter, LIORC believes that 2026 sales will more likely be at the low end of this range. • IOC continues t
Slide 9: Iron Ore Price Outlook
IRON ORE PRICE OUTLOOK • In April 2026, the 65% Fe index averaged US$124 per tonne or 2% higher than the average in first quarter of 2026. BF and DR pellet premiums in April 2026 were also slightly higher, at US$32 and US$43 per tonne, respectively. • Despite the 2.3% drop in global crude steel prod
Slide 10: Iron Ore Price Outlook
IRON ORE PRICE OUTLOOK • Iron ore prices are consistently under- estimated due to: • Disruptions • Depletions • Declining ore grades • Under-performance in scrap • Resilient Chinese demand • A steep cost curve indicates a structurally tight market Source: Rio Tinto Economics Conviction Scenario and
Slide 11: Iron Ore Price Outlook
IRON ORE PRICE OUTLOOK 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 of the majors.3 • Longer approvals timeframes. Source: Rio Tinto Economics Conviction Scenario, as presented at R
Slide 12: Questions
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