LABRADOR IRON ORE ROYALTY CORPORATION - RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2026

LABRADOR IRON ORE ROYALTY CORPORATION - RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2026 Canada NewsWire TORONTO, Nov. 4, 2026 TORONTO, Nov. 4, 2026 /CNW/ -- The Directors of Labrador Iron Ore Royalty Corporation ("LIORC" or the "Corporation") present the third quarter report for the period ended September 30, 2026. Financial Performance In the third quarter of 2026, LIORC's financial results continued to be negatively affected by low concentrate for sale ("CFS") and pellet sales volumes. In addition, net realized prices in the quarter were lower due to lower iron ore prices and increased shipping costs. Royalty revenue for the third quarter of 2026 was $40.1 million, an 8% decrease from the third quarter of 2025 and a 19% increase from the second quarter of 2026. Equity earnings (losses) from Iron Ore Company of Canada ("IOC") totaled $3.9 million in the third quarter of 2026 compared to $8.6 million in the third quarter of 2025 and ($7.6) million in the second quarter of 2026. Net income for the third quarter of 2026 was $0.38 per share, which was an 18% decrease from the same period in 2025 and a 123% increase from the second quarter of 2026. The adjusted cash flow for the third quarter of 2026 was $0.35 per share, an 8% decrease from the same period in 2025 and 21% higher than in the second quarter of 2026. While adjusted cash flow is not a measure recognized under IFRS Accounting Standards, the Directors believe it provides a useful analytical indicator of cash available for distribution to shareholders. Iron ore prices declined in the third quarter of 2026, pressured by weaker Chinese steel demand and continuing strong supply. According to data from the World Steel Association, overall global crude steel production during the third quarter of 2026 fell by 0.6% compared to the same period in 2025. In China, third-quarter steel production fell 2.5% year-over-year. This contraction was primarily driven by protracted weakness in the domestic property market, which reduced demand for construction-grade steel. China's decline was partially offset by expansion in other regions, where non-China steel production grew by 1.5% year-over-year in the third quarter. In particular, India's crude steel production expanded by 2.8% year-over-year in the third quarter. This performance was underpinned by aggressive domestic infrastructure spending and a resilient automotive manufacturing sector. On the supply side, iron ore production remained strong. Combined sales from the world's three largest seaborne producers (Rio Tinto, Vale, and BHP) rose approximately 3% in the quarter ended September 30, 2026, compared with the same quarter of 2025, ensuring that global markets remained well supplied against a backdrop of declining demand. Pellet premiums in the third quarter were supported by increased demand from global steelmakers seeking low-emission feedstocks to minimize direct carbon liabilities under the EU Carbon Border Adjustment Mechanism, now in effect. At the same time, tighter seaborne supply from Atlantic producers limited the availability of low-impurity pellets. Together, rising low-emission demand and constrained supply drove premiums higher despite weakness in the broader iron ore market. IOC sells CFS based on the Platts index for 65% Fe, CFR China ("65% Fe index"). All references to tonnes and per-tonne prices in this report refer to wet metric tonnes, other than references to Platts quoted pricing, which refer to dry metric tonnes. Historically, IOC's wet ore contains approximately 3% less ore per equivalent volume than dry ore. In the third quarter of 2026, the 65% Fe index averaged US$113 per tonne, a 7% decrease from the prior quarter and a 4% decrease from the average of US$117 per tonne in the third quarter of 2025. IOC sells blast furnace ("BF") pellets and direct reduction ("DR") pellets based on a premium to the 65% Fe index. In 2026, Platts began publishing a new Atlantic Iron Ore Blast Furnace Pellet Contract Price Premium based on the 65% Fe index (the "BF pellet premium") to reflect the higher liquidity and usage of Atlantic pellet premium contract settlements over the 65% Fe index. The BF pellet premium averaged US$33 per tonne in the third quarter of 2026, up from an average of US$31 in the prior quarter. The Platts DR pellet premium for 67.5% Fe pellets over the 65% Fe index (the "DR pellet premium") was US$50 per tonne, up from an average of US$43 per tonne in the prior quarter and up from an average of US$37 per tonne in the same quarter of 2025. Based on sales reported for the LIORC royalty, the overall average price realized by IOC for CFS and pellets (FOB Sept-Îles, net of freight charges) was approximately US$105 per tonne in the third quarter of 2026, compared to approximately US$114 per tonne in the third quarter of 2025. Lower iron ore prices and increased shipping costs were partially offset by higher pellet premiums and a more favorable product sales mix (higher proportion of pellets relative to CFS). Iron Ore Company of Canada Operations Operations IOC concentrate production in the third quarter of 2026 totaled 4.0 million tonnes, down 8% from the third quarter of 2025 and 30% higher than in the second quarter of 2026. The current performance reflects deliberate operational adjustments to address deferred waste removal, enhance long-term pit stability, and restore mining flexibility across the operations. Output was also constrained in the third quarter by AG mill availability and unplanned downtime issues at the concentrator. Total material moved in the third quarter of 2026 fell 4% year-over-year reflecting the baseline effect of external contractors utilized in the third quarter of 2025 but increased 5% compared to the first quarter of 2026. Stripping ratios and weight yields in the third quarter were consistent year-over-year. IOC saleable production (CFS plus pellets) was 3.8 million tonnes in the third quarter of 2026, 5% lower than the same quarter of 2025 and 30% higher than in the second quarter of 2026, mainly due to the changes in concentrate production referred to above. Pellet production of 2.5 million tonnes was 3% higher than in the corresponding quarter in 2025 and 14% higher than in the second quarter of 2026. Pellet production was supported by improvements in induration machine availability in the third quarter relative to prior quarters. CFS production of 1.3 million tonnes was 16% lower than the same quarter of 2025 and 79% higher than in the second quarter of 2026 mainly due to the changes in concentrate production. Sales as Reported for the LIORC Royalty Total iron ore sales tonnage (CFS plus pellets) by IOC was 3.9 million tonnes in the third quarter of 2026, 1% lower than in the same quarter of 2025 and 24% higher than in the second quarter of 2026. Sales tonnages were primarily affected by inventory availability. The third quarter of 2026 also saw a return to normal in-load rates at the port following the ore dumper replacement. Pellet sales tonnages increased 27% compared to the same quarter of 2025 and were 39% higher than in the second quarter of 2026. CFS sales tonnages were 37% lower than the same quarter of 2025 and 2% lower than the second quarter of 2026. Outlook Rio Tinto's original 2026 guidance for IOC's sales (CFS plus pellets) was 15 million to 18 million tonnes. In its third quarter production report, Rio Tinto did not comment on IOC specific guidance, however, based on the results of the first nine months, LIORC believes that 2026 sales will more likely be at or below the low end of the original guidance. This compares to IOC sales of 15.7 million tonnes in 2025. Operationally, IOC continues to execute on its multi-year strategic reset to improve pit health, access new ore, and increase profitability through cost control and asset reliability. LIORC expects these ongoing initiatives to constrain concentrate production for several years, which may limit the free cash flow available for IOC dividends to LIORC. In October, the World Steel Association forecast that global steel demand will remain essentially flat in 2026 before rebounding with 1.7% growth in 2027. This delayed global recovery is primarily driven by a persistent structural contraction in China's real estate and infrastructure sectors, compounded by regional conflicts in the Middle East. Conversely, steel demand outside of China is projected to grow by a robust 4.0% in 2027, fueled by a broad industrial turnaround in developed nations and rapid, infrastructure-led expansion in India. The Australian Government's September 2026 Resources and Energy Quarterly forecasts that lower Chinese steel production, rising port stocks, increased scrap use, and higher Electric Arc Furnace production will reduce China's iron ore imports. This declining demand, combined with modest increases in seaborne supply, including output from the Simandou project, is expected to lower iron ore prices. Since the end of the third quarter, iron ore prices have continued to soften, while pellet premiums continue to find increased support. In October 2026, the 65% Fe index averaged US$106 per tonne, while the BF and DR pellet premiums were US$37 per tonne and US$58 per tonne, respectively. LIORC remains debt-free, and as of September 30, 2026, had positive net working capital (current assets less current liabilities) of $29 million, which included the third quarter net royalty payment received from IOC on October 25, 2026, and the LIORC dividend in the amount of $0.30 per share paid to shareholders on October 28, 2026. Respectfully submitted on behalf of the Directors of the Corporation, John F. Tuer President and Chief Executive Officer November 4, 2026 Management's Discussion and Analysis The following discussion and analysis should be read in conjunction with the Management's Discussion and Analysis section of Labrador Iron Ore Royalty Corporation's ("LIORC" or the "Corporation") 2025 Annual Report, and the financial statements and notes contained therein and the September 30, 2026 interim condensed consolidated financial statements. Overview of the Business The Corporation's revenues are entirely dependent on the operations of IOC as its principal assets relate to the operations of IOC and its principal source of revenue is the 7% royalty it receives on all sales of iron ore products by IOC. In addition to the volume of iron ore sold, the Corporation's royalty revenue is affected by the price of iron ore and the Canadian - U.S. dollar exchange rate. The first quarter sales of IOC are traditionally adversely affected by the general winter operating conditions and are usually 15% - 20% of the annual volume, with the balance spread fairly evenly throughout the other three quarters. Because of the size of individual shipments, some quarters may be affected by the timing of the loading of ships that can be delayed from one quarter to the next. Financial Highlights Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025  ($ in millions except per share information)  Revenue  40.5 44.0 110.5 126.9 Equity (losses) earnings from IOC  3.9 8.6 (10.1) 14.1 Net income  24.5 30.4 49.0 78.4 Net income per share $ 0.38 $ 0.47 $ 0.77 $ 1.22 Cash flow from operations  20.4 32.7 61.2 75.2 Cash flow from operations per share(1) $ 0.32 $ 0.51 $ 0.96 $ 1.18 Adjusted cash flow(1) 22.3 24.2 60.6 69.8 Adjusted cash flow per share(1) $ 0.35 $ 0.38 $ 0.95 $ 1.09 Dividends declared per share $ 0.30 $ 0.40 $ 0.90 $ 1.20 (1) This is a non-IFRS financial measure and does not have a standard meaning under IFRS.       Please refer to Standardized Cash Flow and Adjusted Cash Flow section in the MD&A. In the third quarter of 2026, LIORC's financial results were negatively impacted by lower sales volumes. In addition, net realized prices in the quarter were lower due to lower iron ore prices and increased shipping costs, partially offset by higher pellet premiums and a more favorable product sales mix (higher proportion of pellets relative to CFS).  As a result, royalty revenue fell to $40.1 million from $43.5 million in the same period last year. Total sales tonnages were down 1% compared to the third quarter of 2025, as volumes were constrained by reduced saleable production at IOC, driven by the strategic operational reset—focused on catching up on deferred waste removal, advancing pit health, and restoring operational optionality. By product line, CFS sales tonnages decreased 37%, while pellet sales increased 27%. Net income and equity earnings from IOC decreased in the third quarter of 2026 compared to the third quarter of 2025, due to an 8% decrease in net realized price per tonne and a 2% increase in cash costs per tonne, as fixed costs were spread over fewer tonnes produced. Equity earnings from IOC amounted to $3.9 million or $0.06 per share in the third quarter of 2026 compared to $8.6 million or $0.13 per share for the same period in 2025. Cash flow from operations in the third quarter of 2026 was $20.4 million, or $0.32 per share, compared to $32.7 million or 0.51 per share for the same period in 2025. LIORC received no IOC dividend in the third quarter of 2026 or in the third quarter of 2025. Operating Highlights Three Months Ended Nine Months Ended September 30, September 30, IOC Operations 2026 2025 2026 2025  (in millions of tonnes)  Sales(1) Pellets 2.78 2.19 6.89 6.81 Concentrate for sale ("CFS")(2) 1.09 1.72 3.39 5.00 Total(3) 3.87 3.91 10.27 11.80 Production  Concentrate produced 4.05 4.41 10.82 13.13 Saleable production Pellets 2.46 2.40 6.35 6.96 CFS 1.34 1.59 3.82 5.22 Total(3) 3.81 4.00 10.17 12.18 Average index prices per tonne (US$) 65% Fe index(4) $ 113 $ 117 $ 118 $ 114 BF pellet premium(5) $ 33  n/a  $ 31  n/a  DR pellet premium(6) $ 50 $ 37 $ 45 $ 43 (1) For calculating the royalty to LIORC. (2) Excludes third party ore sales. (3) Totals may not add up due to rounding. (4) The Platts index for 65% Fe, CFR China. (5) The Platts index for Atlantic Blast Furnace pellet premium (65% Fe fines basis). (6) The Platts index for Direct Reduction 67.5% Fe pellet premium (65% Fe fines basis). IOC sells CFS based on the 65% Fe index. In the third quarter of 2026, the 65% Fe index averaged US$113 per tonne, a 7% decrease over the prior quarter and a 4% decrease over the average of US$117 per tonne in the third quarter of 2025. Iron ore prices declined in the third quarter of 2026, pressured by weaker Chinese steel demand and continuing strong supply. A 2.5% year-over-year third-quarter decline in China's steel production was partially offset by expansion elsewhere in the world, including India, where steel production increased by 2.8%. On the supply side, global markets remained well supplied as the top three seaborne producers (Rio Tinto, Vale, and BHP) increased combined sales by approximately 3% year-over-year, ensuring that global markets remained well supplied against a backdrop of declining demand. Pellet premiums in the third quarter were supported by increased demand from global steelmakers seeking low-emission feedstocks to minimize direct carbon liabilities under the EU Carbon Border Adjustment Mechanism, now in effect. At the same time, tighter seaborne supply from Atlantic producers limited the availability of low-impurity pellets. Together, rising low-emission demand and constrained supply drove premiums higher despite weakness in the broader iron ore market. IOC sells BF and DR pellets based on a premium to the 65% Fe index. The BF pellet premium averaged US$33 per tonne in the third quarter of 2026, up from an average of US$31 in the prior quarter. The DR pellet premium was US$50, up from an average of US$43 per tonne in the prior quarter and an average of US$37 per tonne in the same quarter of 2025. Based on sales reported for the LIORC royalty, the overall average price realized by IOC for CFS and pellets (FOB Sept-Îles, net of freight charges) was approximately US$105 per tonne in the third quarter of 2026, compared to approximately US$114 per tonne in the third quarter of 2025. Lower iron ore prices and increased shipping costs were partially offset by higher pellet premiums and a more favorable product sales mix (higher proportion of pellets relative to CFS). The following table sets out quarterly revenue, net income, cash flow and dividend data for 2026, 2025 and 2024. Due to seasonal weather patterns the first and fourth quarters generally have lower production and sales. Royalty revenues and equity earnings in IOC track iron ore spot prices, which can be very volatile. Dividends, included in cash flow, are declared and paid by IOC irregularly according to the availability of cash. Revenue Net Income Net Income per Share Cash Flow from Operations Cash Flow from Operations per Share Adjusted Cash Flow per Share (1) Dividends Declared per Share ($ in millions except per share information) 2026 First Quarter 35.9 13.2 $0.21 23.1 $0.36 $0.31 $0.30 Second Quarter 34.1 11.2 $0.17 17.7 $0.28 $0.29 $0.30 Third Quarter 40.5 24.5 $0.38 20.4 $0.32 $0.35 $0.30 2025 First Quarter 36.2 21.4 $0.33 24.7 $0.39 $0.31 $0.50 Second Quarter 46.8 26.5 $0.42 17.7 $0.28 $0.40 $0.30 Third Quarter 44.0 30.4 $0.47 32.7 $0.51 $0.38 $0.40 Fourth Quarter 39.5 22.3 $0.35 22.0 $0.34 $0.34 $0.35 2024  First Quarter 56.7 59.3 $0.93 30.0 $0.47 $0.49 $0.45  Second Quarter 53.1 50.2 $0.78 82.1(2) $1.28(2) $1.11(2) $1.10  Third Quarter 42.3 33.6 $0.53 43.0(3) $0.67(3) $0.68(3) $0.70   Fourth Quarter 56.9 31.9 $0.50 46.8(4) $0.73(4) $0.83(4) $0.75 (1) "Adjusted cash flow" (see below). (2) Includes $41.5 million IOC dividend. (3) Includes $20.3 million IOC dividend. (4) Includes $21.8 million IOC dividend. Standardized Cash Flow and Adjusted Cash Flow For the Corporation, standardized cash flow is the same as cash flow from operating activities as recorded in the Corporation's cash flow statements as the Corporation does not incur capital expenditures or have any restrictions on dividends.  Standardized cash flow per share was $0.32 for the quarter (2025 - $0.51). The Corporation also reports "Adjusted cash flow" which is defined as cash flow from operating activities after adjustments for changes in amounts receivable, accounts payable and income taxes recoverable and payable.  It is not a recognized measure under IFRS. The Directors believe that adjusted cash flow is a useful analytical measure as it better reflects cash available for dividends to shareholders. The following reconciles standardized cash flow from operating activities to adjusted cash flow. 3 Months Ended Sept. 30, 2026 3 Months Ended Sept. 30, 2025 9 Months Ended Sept. 30, 2026 9 Months Ended Sept. 30, 2025 ($ in millions except per share information) Standardized cash flow from operating activities  20.4 32.7 61.2 75.2 Changes in amounts receivable, accounts payable and income taxes recoverable and payable 1.9 (8.5) (0.6) (5.4) Adjusted cash flow 22.3 24.2 60.6 69.8 Adjusted cash flow per share $0.35 $0.38 $0.95 $1.09 Liquidity and Capital Resources The Corporation had $15.0 million in cash as at September 30, 2026 (December 31, 2025 - $14.6 million) with total current assets of $56.8 million (December 31, 2025 - $57.7 million). The Corporation had working capital of $29.4 million as at September 30, 2026 (December 31, 2025 - $26.4 million). The Corporation's operating cash flow was $20.4 million and the dividend paid during the quarter was $19.2 million, resulting in cash balances increasing by $1.2 million during the third quarter of 2026. Cash balances consist of deposits in Canadian dollars with a Canadian chartered bank. Amounts receivable primarily consist of royalty payments from IOC. Royalty payments are received in U.S. dollars and converted to Canadian dollars on receipt, usually 25 days after the quarter end. The Corporation does not normally attempt to hedge this short-term foreign currency exposure. Operating cash flow of the Corporation is sourced entirely from IOC through the Corporation's 7% royalty, a commission of 10 cents per tonne and dividends from its 15.10% equity interest in IOC. The Corporation normally pays cash dividends from its free cash flow generated from IOC to the maximum extent possible, subject to the maintenance of appropriate levels of working capital.  The Corporation has a $30 million revolving credit facility with a term ending September 18, 2027 with provision for annual one-year extensions.  No amount is currently drawn under this facility (2025 – nil), leaving $30.0 million available to provide for any capital required by IOC or requirements of the Corporation. Disclosure Controls and Internal Control over Financial Reporting Management is responsible for establishing and maintaining adequate disclosure controls and procedures and internal control over financial reporting as defined in National Instrument 52-109-Certification of Disclosure in Issuers' Annual and Interim Filings. Internal control, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and due to its inherent limitations, may not prevent or detect all misrepresentations. There have been no changes in the Corporation's internal controls over financial reporting during the three-month period ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Corporation's internal control over financial reporting. For the quarter ended September 30, 2026, the Chief Executive Officer and the Chief Financial Officer concluded that Labrador Iron Ore Royalty Corporation's disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance regarding the reliability of information disclosed in its filings, including its interim financial statements prepared in accordance with IFRS. John F. Tuer President and Chief Executive Officer Toronto, Ontario November 4, 2026 Forward-Looking Statements 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 any future results, performance or achievements expressed or implied by such forward-looking statements. Words such as "may", "will", "expect", "believe", "plan", "intend", "should", "would", "anticipate" and other similar terminology are intended to identify forward-looking statements. These statements reflect current assumptions and expectations regarding future events and operating performance as of the date of this report. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly, including iron ore price and volume volatility; the performance of IOC; market conditions in the steel industry; fluctuations in the value of the Canadian and U.S. dollar; mining risks that cause a disruption in operations and availability of insurance; disruption in IOC's operations caused by natural disasters, severe weather conditions and public health crises, failure of information systems or damage from cyber security attacks; adverse changes in domestic and global economic and political conditions; changes in government regulation and taxation; national, provincial and international laws, regulations and policies regarding climate change that further limit the emissions of greenhouse gases or increase the costs of operations for IOC or its customers; changes affecting IOC's customers; competition from other iron ore producers; renewal of mining licenses and leases; relationships with indigenous groups; litigation; and uncertainty in the estimates of reserves and resources. A discussion of these factors is contained in LIORC's annual information form dated March 11, 2026 under the heading, "Risk Factors". Although the forward-looking statements contained in this report are based upon what management of LIORC believes are reasonable assumptions, LIORC cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this report and LIORC assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances. This report should be viewed in conjunction with LIORC's other publicly available filings, copies of which can be obtained electronically on SEDAR+ at www.sedarplus.ca. Notice: The following unaudited interim condensed consolidated financial statements of the Corporation have been prepared by and are the responsibility of the Corporation's management. The Corporation's independent auditor has not reviewed these interim financial statements. The complete consolidated financial statements for the third quarter ended September 30, 2026, including the notes thereto, are posted on http://www.sedarplus.ca and labradorironore.com.  LABRADOR IRON ORE ROYALTY CORPORATION INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at September 30, December 31, (in thousands of Canadian dollars) 2026 2025 Assets Current Assets Cash  $                    14,982 $                      14,568 Amounts receivable  39,407 42,158 Income taxes recoverable 2,431 984 Total Current Assets 56,820 57,710 Non-Current Assets Iron Ore Company of Canada ("IOC")    royalty and commission interests 206,122 210,470 Investment in IOC  531,428 541,248 Total Non-Current Assets 737,550 751,718 Total Assets $                  794,370 $                    809,428 Liabilities and Shareholders' Equity Current Liabilities Accounts payable and accrued liabilities $                      8,211 $                        8,920 Dividend payable  19,200 22,400 Total Current Liabilities 27,411 31,320 Non-Current Liabilities Deferred income taxes  130,120 132,900 Total Liabilities 157,531 164,220 Shareholders' Equity Share capital  317,708 317,708 Retained earnings  323,714 332,350 Accumulated other comprehensive loss  (4,583) (4,850) 636,839 645,208 Total Liabilities and Shareholders' Equity $                  794,370 $                    809,428 - Approved by the Directors, John F. Tuer Patricia M. Volker Director Director LABRADOR IRON ORE ROYALTY CORPORATION INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended September 30, (in thousands of Canadian dollars) 2026 2025 Revenue IOC royalties $             40,068 $                43,454 IOC commissions 381 399 Interest and other income  120 133 40,569 43,986 Expenses Newfoundland royalty taxes 8,013 8,691 Amortization of royalty and commission interests 1,537 1,519 Administrative expenses  651 697 10,201 10,907 Income before equity earnings and income taxes 30,368 33,079 Equity earnings in IOC   3,852 8,604 Income before income taxes  34,220 41,683 Provision for income taxes  Current  9,583 10,388 Deferred 120 850 9,703 11,238 Net income for the period $             24,517 $                30,445 Comprehensive income for the period $             24,517 $                30,445 Basic and diluted income per share  $                 0.38 $                    0.47 LABRADOR IRON ORE ROYALTY CORPORATION INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, (in thousands of Canadian dollars) 2026 2025 Revenue IOC royalties $           109,151 $                 125,244 IOC commissions 1,011 1,176 Interest and other income  371 524 110,533 126,944 Expenses Newfoundland royalty taxes 21,830 25,049 Amortization of royalty and commission interests 4,348 4,845 Administrative expenses  2,021 2,233 28,199 32,127 Income before equity earnings and income taxes 82,334 94,817 Equity (losses) earnings in IOC  (10,134) 14,140 Income before income taxes  72,200 108,957 Provision for income taxes  Current  26,063 29,883 Deferred (2,827) 688 23,236 30,571 Net income for the period 48,964 78,386 Other comprehensive income  Share of other comprehensive  income of IOC that will not be  reclassified subsequently to profit or loss (net of income  taxes of 2026 - $47; 2025 - $52) 267 296 Comprehensive income for the period $             49,231 $                   78,682 Basic and diluted income per share  $                 0.77 $                       1.22 LABRADOR IRON ORE ROYALTY CORPORATION INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, (in thousands of Canadian dollars) 2026 2025 Net inflow (outflow) of cash related to the following activities Operating Net income for the period $          48,964 $       78,386 Items not affecting cash: Equity losses (earnings) in IOC 10,134 (14,140) Current income taxes 26,063 29,883 Deferred income taxes (2,827) 688 Amortization of royalty and commission interests 4,348 4,845 Change in amounts receivable 2,751 10,093 Change in accounts payable (709) (2,271) Income taxes paid  (27,510) (32,277) Cash flow from operating activities 61,214 75,207 Financing Dividends paid to shareholders (60,800) (99,200) Cash flow used in financing activities (60,800) (99,200) Increase (decrease) in cash, during the period 414 (23,993) Cash, beginning of period 14,568 42,300 Cash, end of period $          14,982 $       18,307 LABRADOR IRON ORE ROYALTY CORPORATION INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Accumulated other  Common  Share Retained comprehensive  (in thousands of Canadian dollars except share amounts) shares capital earnings loss Total Balance as at December 31, 2024 64,000,000 $     317,708 $      330,966 $               (5,742) $   642,932 Net income for the period - - 78,386 - 78,386 Dividends declared to shareholders  - - (76,800) - (76,800) Share of other comprehensive income from investment in IOC (net of taxes) - - - 296 296 Balance as at September 30, 2025 64,000,000 $     317,708 $      332,552 $               (5,446) $   644,814 Balance as at December 31, 2025 64,000,000 $     317,708 $      332,350 $               (4,850) $   645,208 Net income for the period - - 48,964 - 48,964 Dividends declared to shareholders  - - (57,600) - (57,600) Share of other comprehensive income from investment in IOC (net of taxes) - - - 267 267 Balance as at September 30, 2026 64,000,000 $     317,708 $      323,714 $               (4,583) $   636,839 SOURCE Labrador Iron Ore Royalty Corporation View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2026/04/c0221.html Contact: For further information, please contact: John F. Tuer, President & Chief Executive Officer, (416) 362-0066