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Labrador Iron Ore Royalty Corp

LABRADOR IRON ORE ROYALTY CORPORATION - RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2025

TORONTO , Aug. 6, 2025 /CNW/ -

To the Holders of Common Shares of Labrador Iron Ore Royalty Corporation

The Directors of Labrador Iron Ore Royalty Corporation ("LIORC" or the "Corporation") present the second quarter report for the period ended June 30, 2025.

Financial Performance

In the second quarter of 2025, LIORC's financial results were negatively affected by lower iron ore prices and lower pellet premiums, partly offset by higher concentrate for sale ("CFS") sales tonnages. Royalty revenue for the second quarter of 2025 of $46.2 million was 12% lower than the second quarter of 2024 and 30% higher than the first quarter of 2025. Equity earnings from Iron Ore Company of Canada ("IOC") were $2.3 million in the second quarter of 2025 compared to $18.5 million in the second quarter of 2024 and $3.3 million in the first quarter of 2025. Net income per share for the second quarter of 2025 was $0.42 per share, which was a 46% decrease over the same period in 2024 and a 27% increase over the first quarter of 2025. The adjusted cash flow per share for the second quarter of 2025 was $0.40 per share, which was 64% lower than in the same period in 2024 and 30% higher than the first quarter of 2025. LIORC received no dividend from IOC in the second quarter of 2025, compared to a dividend from IOC in the amount of $41.5 million in the second quarter of 2024. While adjusted cash flow is not a recognized measure under IFRS Accounting Standards, the Directors believe that it is a useful analytical measure as it better reflects cash available for dividends to shareholders.

Iron ore prices decreased during the second quarter of 2025 as a result of lower steel demand, particularly from within China due to continuing issues with China's property sector. At the same time, the supply of global seaborne iron ore remained robust. According to the World Steel Association, global crude steel production was down 1% in the second quarter of 2025 compared to the prior quarter and was down 3% in the second quarter of 2025 compared to the second quarter of 2024, with most of that decline coming from China which was down 5%. On the supply side, shipments in the quarter ended June 30, 2025 for the world's three largest iron ore producers (Rio Tinto, Vale and BHP) were relatively consistent year over year (-1%, -3% and +2%, respectively) and increased over the last quarter by 15%, 17% and 15%, respectively.

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 second quarter of 2025, the 65% Fe index averaged US$108 per tonne, a 7% decrease over the prior quarter and a 14% decrease over the average of US$126 per tonne in the second quarter of 2024. The monthly Atlantic Blast Furnace 65% Fe pellet premium index as quoted by Platts (the "pellet premium") averaged US$35 per tonne in the second quarter of 2025, down 18% from an average of US$43 per tonne in the same quarter of 2024, as lower steel margins continued to cause steel producers to substitute higher quality pellets with less expensive lower quality iron ore.

Rio Tinto has disclosed that the average realised price achieved for IOC pellets, FOB Sept Îles, in the second quarter of 2025 was US$127 per tonne, compared to US$148 per tonne in the same quarter of 2024. Based on sales as 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$107 per tonne in the second quarter of 2025, compared to approximately US$127 per tonne in the second quarter of 2024.

Iron Ore Company of Canada Operations 

Operations

IOC concentrate production in the second quarter of 2025 of 4.5 million tonnes was 16% higher than the same quarter of 2024, and 5% higher than the first quarter of 2025. In the second quarter of 2025 IOC continued to focus on improving the pit health of the mining operations. Total mine material moved increased by 24% over the same quarter last year, as a result of increased truck payloads and higher contractor movement of material. However, the higher material movement was partially offset by a higher strip ratio as a result of limited ore availability, resulting in a 13% increase over the same quarter of 2024 in ore delivered to the concentrator. While concentrate production in the second quarter of 2025 continued to be negatively impacted by a lower weight yield due to a lower spiral plant performance, there was a slight improvement relative to recent prior quarters.

IOC saleable production (CFS plus pellets) of 4.2 million tonnes in the second quarter of 2025 was 14% higher than the same quarter of 2024. Pellet production of 2.2 million tonnes was 4% higher than the corresponding quarter in 2024, predominantly as a result of equipment reliability issues and a site wide power outage that negatively impacted operations in the second quarter of 2024. CFS production of 2.0 million tonnes was 27% higher than the same quarter of 2024 mainly due to the higher production of concentrate referred to above.

Sales as Reported for the LIORC Royalty 

Total iron ore sales tonnage by IOC (CFS plus pellets) of 4.6 million tonnes in the second quarter of 2025 was 10% higher than the total sales tonnage for the same period in 2024 and 43% higher than the first quarter of 2025.  The increase in IOC sales tonnage was largely a result of increased availability of inventory and timing of vessels. Pellet sales tonnages were 2% lower than the same quarter of 2024 and 15% higher than the first quarter of 2025. CFS sales tonnages were 28% higher than the same quarter of 2024 and 98% higher than the first quarter of 2025.

Outlook

In its second quarter production report, Rio Tinto disclosed that the 2025 guidance for IOC's saleable production (CFS plus pellets) remains at 16.5 million to 19.4 million tonnes. This compares to 16.1 million tonnes of saleable production in 2024 and 8.2 million tonnes of saleable production in the first half of 2025. IOC has updated its outlook for capital expenditures in 2025. IOC is now forecasting that its 2025 capital expenditure will be US$299 million, down from the originally budgeted US$342 million. To date, IOC's capital expenditures are on track with the updated forecast.

Since the end of the second quarter, iron ore prices have remained relatively stable, while pellet premiums have continued to decline.  In July 2025, the 65% Fe index averaged US$112 per tonne and the July pellet premium was US$27 per tonne. Longer term the outlook for iron ore prices remains challenging. According to S&P Global Commodity Insights prices for the Platts index for 62% Fe, CFR China ("62% Fe index") are projected to average $97 per tonne in 2025 gradually declining to $80 per tonne by 2029, as a result of a combination of increasing global supply and softening steel demand, especially from China, before recovering to $95 per tonne by 2035 as trade balances tighten. The expected surplus in seaborne iron ore is largely driven by the launch of the Simandou greenfield project in Guinea and increasing exports from Brazil.  The demand for steel in China is expected to remain muted as a result of the protracted slowdown in the domestic property sector, and the rising trade tensions from US-China tariffs. The recent anti-dumping measures imposed by India and Southeast Asian nations are anticipated to restrict China's steel exports.  On a more optimistic note, S&P Global Commodity Insights expects the premium for high-grade iron ore (65% Fe Index over the 62% Fe Index) to increase in the long run as the steel industry increases the use of high-grade iron ore as a means to lower carbon emissions.

LIORC has no debt and at June 30, 2025 had positive net working capital (current assets less current liabilities) of $29 million, which included the second quarter net royalty payment received from IOC on July 25, 2025 and the LIORC dividend in the amount of $0.30 per share paid to shareholders on the next day.

Respectfully submitted on behalf of the Directors of the Corporation,

John F. Tuer
President and Chief Executive Officer
August 6, 2025

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") 2024 Annual Report, and the financial statements and notes contained therein and the June 30, 2025 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  


Six Months Ended  


June 30,  


June 30,  


2025

2024


2025

2024


 ($ in millions except per share information)  







Revenue 

46.8

53.1


83.0

109.8

Equity earnings from IOC 

2.3

18.5


5.5

52.8

Net income 

26.5

50.2


47.9

109.5

Net income per share

$ 0.42

$ 0.78


$ 0.75

$ 1.71

Dividend from IOC

-

41.5


-

41.5

Cash flow from operations 

17.7

82.1


42.5

112.1

Cash flow from operations per share(1)

$ 0.28

$ 1.28


$ 0.66

$ 1.75

Adjusted cash flow(1)

25.8

70.9


45.6

102.2

Adjusted cash flow per share(1)

$ 0.40

$ 1.11


$ 0.71

$ 1.60

Dividends declared per share

$ 0.30

$ 1.10


$ 0.80

$ 1.55

(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. 

The lower revenue, net income and equity earnings from IOC achieved in the second quarter of 2025 as compared to 2024 were mainly due to lower iron ore prices and lower pellet premiums, partly offset by higher sales tonnages. The second quarter of 2025 sales tonnages (CFS plus pellets) were higher by 10%, predominantly due to an increase in the availability of inventory as a result of increased production levels. While CFS sales tonnages were 28% higher than the same quarter in 2024, pellet sales tonnages were 2% lower.

The lower iron ore prices and pellet premiums, partly offset by higher sales tonnages, resulted in royalty revenue of $46.2 million for the quarter as compared to $52.3 million for the same period in 2024. Second quarter 2025 cash flow from operations was $17.7 million or $0.28 per share compared to $82.1 million or $1.28 per share for the same period in 2024. LIORC received no IOC dividend in the second quarter of 2025 compared to $41.5 million or $0.65 per share for the same period in 2024. Equity earnings from IOC amounted to $2.3 million or $0.04 per share in the second quarter of 2025 compared to $18.5 million or $0.29 per share for the same period in 2024.

Operating Highlights


 Three Months Ended

June 30,  


Six Months Ended 

June 30,  

IOC Operations

2025

2024


2025

2024


 (in millions of tonnes)  

Sales (1)






Pellets

2.47

2.54


4.62

4.98

Concentrate for sale ("CFS")(2)

2.17

1.70


3.27

3.61

Total(3)

4.65

4.23


7.89

8.60







 Production






Concentrate produced

4.47

3.87


8.72

8.61







 Saleable production






Pellets

2.23

2.14


4.56

4.66

CFS

2.01

1.58


3.62

3.51

Total(3)

4.24

3.72


8.18

8.17







 Average index prices per tonne (US$)






65% Fe index(4)

$ 108

$ 126


$ 113

$ 131

62% Fe index(5)

$ 98

$ 112


$ 101

$ 118

Pellet premium(6)

$ 35

$ 43


$ 35

$ 42

 (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 62% Fe, CFR China.

 (6) The Platts Atlantic Blast Furnace 65% Fe pellet premium index.

IOC sells CFS based on the 65% Fe index.  In the second quarter of 2025, the 65% Fe index averaged US$108 per tonne, a 14% decrease over the average of US$126 per tonne in the second quarter of 2024, as a result of lower steel demand, particularly from within China due to continuing issues with China's property sector.  At the same time, the supply of global seaborne iron ore remained robust. The monthly pellet premium averaged US$35 per tonne in the second quarter of 2025, down 18% from an average of US$43 per tonne in the same quarter of 2024, as lower steel margins continued to cause steel producers to substitute higher quality pellets with less expensive lower quality iron ore.

Based on sales as 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$107 per tonne in the second quarter of 2025 compared to approximately US$127 per tonne in the second quarter of 2024. The decrease in the average realized price FOB Sept-Îles in 2025 was a result of lower CFS prices and lower pellet premiums, as well as a lower percentage of pellet sales.

The following table sets out quarterly revenue, net income, cash flow and dividend data for 2025, 2024 and 2023. 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)

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









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

















2023
















First Quarter

47.2

43.6

$0.68

19.5

$0.30

$0.41

$0.50









Second Quarter

51.5

41.9

$0.65

40.9(5)

$0.64 (5)

$0.75 (5)

$0.65









Third Quarter

47.7

49.4

$0.77

65.7(6)

$1.03 (6)

$0.89 (6)

$0.95









Fourth Quarter

54.9

51.4

$0.80

26.4

$0.41

$0.47

$0.45

(1)

"Adjusted cash flow" (see below).

(2)

Includes $41.5 millionIOC dividend.

(3)

Includes $20.3 millionIOC dividend.

(4)

Includes $21.8 millionIOC dividend.

(5)

Includes $19.9 millionIOC dividend.

(6)

Includes $30.5 millionIOC 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 $0.28 for the quarter (2024 - $1.28).

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 the cash available for dividends to shareholders.

The following reconciles standardized cash flow from operating activities to adjusted cash flow.

3 Months Ended

Jun. 30, 2025

3 Months Ended

Jun. 30, 2024

6 Months Ended

Jun. 30, 2025

6 Months Ended

Jun. 30, 2024


($ in millions except per share information)



Standardized cash flow from operating activities

17.7

82.1

42.5

112.1

Changes in amounts receivable, accounts payable and income taxes recoverable and payable

 

8.06

 

(11.1)

 

3.1

 

(9.9)

Adjusted cash flow

25.8

70.9

45.6

102.2

Adjusted cash flow per share

$0.40

$1.11

$0.71

$1.60

Liquidity and Capital Resources

The Corporation had $4.8 million in cash as at June 30, 2025 (December 31, 2024 - $42.3 million) with total current assets of $57.5 million (December 31, 2024 - $95.1 million). The Corporation had working capital of $28.5 million as at June 30, 2025 (December 31, 2024 - $34.1 million). The Corporation's operating cash flow was $17.7 million and the dividend paid during the quarter was $32.0 million, resulting in cash balances decreasing by $14.3 million during the second quarter of 2025.

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, 10 cents commission 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, 2026 with provision for annual one-year extensions.  No amount is currently drawn under this facility (2024 – 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 June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Corporation's internal control over financial reporting. For the quarter ended June 30, 2025, 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
August 6, 2025

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, including the COVID-19 outbreak; 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, 2025 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.

 

LABRADOR IRON ORE ROYALTY CORPORATION

 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION








As at  

 (in thousands of Canadian dollars)

June 30,    

2025  


December 31, 

2024  



(Unaudited)

 Assets




Current Assets





Cash 

$                                4,760


$                               42,300


Amounts receivable 

47,781


52,843


Income taxes recoverable

4,982


-

Total Current Assets

57,523


95,143






Non-Current Assets





Iron Ore Company of Canada ("IOC")





   royalty and commission interests 

213,318


216,644


Investment in IOC 

530,224


524,340

Total Non-Current Assets

743,542


740,984






Total Assets

$                          801,065


$                            836,127






 

Liabilities and Shareholders' Equity


Current Liabilities





Accounts payable and accrued liabilities

$                                9,816


$                               11,205


Dividend payable 

19,200


48,000


Income taxes payable

-


1,800

Total Current Liabilities

29,016


61,005






Non-Current Liabilities





Deferred income taxes 

132,080


132,190

Total Liabilities

161,096


193,195






Shareholders' Equity





Share capital 

317,708


317,708


Retained earnings 

327,707


330,966


Accumulated other comprehensive loss 

(5,446)


(5,742)



639,969


642,932






Total Liabilities and Shareholders' Equity

$                          801,065


$                            836,127

 

Approved by the Directors,





John F. Tuer

Patricia M. Volker

Director

Director

 

 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME








For the Three Months Ended 

June 30,  

 (in thousands of Canadian dollars except for per share information)

2025


2024



(Unaudited)  

 

 Revenue



IOC royalties

$                 46,222


$                       52,286


IOC commissions

457


416


Interest and other income 

111


423



46,790


53,125

 Expenses





Newfoundland royalty taxes

9,244


10,457


Amortization of royalty and commission interests

1,670


1,647


Administrative expenses 

742


684



11,656


12,788






 Income before equity earnings and income taxes

35,134


40,337

 Equity earnings in IOC 

2,273


18,495






 Income before income taxes 

37,407


58,832





 Provision for income taxes 





Current 

11,029


12,597


Deferred

(142)


(3,939)



10,887


8,658






 

Net income for the period

26,520


50,174






 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 2025 - $52; 2024 - $139) 

296


785






 

Comprehensive income for the period

$                 26,816


$                      50,959






 

Basic and diluted income per share 

$                     0.42


$                          0.78

 

 

LABRADOR IRON ORE ROYALTY CORPORATION



 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME



For the Six Months Ended 

June 30,  


 (in thousands of Canadian dollars except for per share information)

2025


2024




 

(Unaudited) 
 

Revenue




IOC royalties

$                  81,790


$                        108,269



IOC commissions

777


846



Interest and other income 

391


669




82,958


109,784


 

Expenses




Newfoundland royalty taxes

16,358


21,654



Amortization of royalty and commission interests

3,326


3,269



Administrative expenses 

1,536


1,515




21,220


26,438








 Income before equity earnings and income taxes

61,738


83,346


 Equity earnings in IOC 

5,536


52,819


 Income before income taxes 

67,274


136,165


Provision for income taxes






Current 

19,495


25,933



Deferred

(162)


731




19,333


26,664


 

Net income for the period

47,941


109,501


 

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 2025 - $52; 2024 - $139)

296


785


 Comprehensive income for the period

$                 48,237


$                        110,286


 

Basic and diluted income per share 

$                     0.75


$                              1.71


 

 

LABRADOR IRON ORE ROYALTY CORPORATION


 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



















For the Six Months Ended 

June 30,  

 

(in thousands of Canadian dollars)

  

2025
 

2024




 

(Unaudited) 
 

Net inflow (outflow) of cash related
  to the following activities


 

Operating




Net income for the period

$               47,941


$        109,501


Items not affecting cash:






Equity earnings in IOC

(5,536)


(52,819)



Current income taxes

19,495


25,933



Deferred income taxes

(162)


731



Amortization of royalty and commission interests

3,326


3,269


Common share dividends received from IOC

-


41,529


Change in amounts receivable

5,062


4,776


Change in accounts payable

(1,389)


(1,445)


Income taxes paid 

(26,277)


(19,369)


Cash flow from operating activities

42,460


112,106








 

Financing




Dividend paid to shareholders

(80,000)


(57,600)


Cash flow used in financing activities

(80,000)


(57,600)








 

(Decrease) increase in cash, during the period

(37,540)


54,506

 

Cash, beginning of period

42,300


13,192

 

Cash, end of period

$                  4,760


$          67,698

 

 

LABRADOR IRON ORE ROYALTY CORPORATION

 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY







 

(in thousands of Canadian dollars except share amounts)

  Common 

shares  

Share

capital  

Retained
earnings

Accumulated 

other

comprehensive 

loss  

 

Total 

 

(Unaudited) 






Balance as at December 31, 2023

64,000,000

$  317,708

$  347,927

$                    (6,303)

$     659,332

Net income for the period

-

-

109,501

-

109,501

Dividends declared to shareholders 

-

-

(99,200)

-

(99,200)

Share of other comprehensive loss from investment in IOC (net of taxes)

-

-

-

785

785

Balance as at June 30, 2024

64,000,000

$  317,708

$  358,228

$                    (5,518)

$     670,418







Balance as at December 31, 2024

64,000,000

$  317,708

$  330,966

$                    (5,742)

$     642,932

Net income for the period

-

-

47,941

-

47,941

Dividends declared to shareholders 

-

-

(51,200)

-

(51,200)

Share of other comprehensive income from investment in IOC (net of taxes)

-

-

-

296

296

Balance as at June 30, 2025

64,000,000

$  317,708

$  327,707

$                    (5,446)

$     639,969

The complete consolidated financial statements for the second quarter ended June 30, 2025, including the notes thereto, are posted on http://www.sedarplus.ca and labradorironore.com. 

SOURCE Labrador Iron Ore Royalty Corporation