LIF.TO · 2019-09-30

Labrador Iron Ore Royalty Corporation - Results for the Third Quarter Ended September 30, 2019

Financials

Labrador Iron Ore Royalty Corporation - Results for the Third Quarter Ended September 30, 2019

TORONTO, Nov. 13, 2019 /CNW/ - Labrador Iron Ore Royalty Corporation ("LIORC", TSX: LIF) announced today its operation and cash flow results for the third quarter ended September 30, 2019.

Royalty revenue for the third quarter of 2019 amounted to $45.5 million, as compared to $44.0 million for the third quarter of 2018. Equity earnings from IOC amounted to $32.0 million or $0.50 per share in the third quarter of 2019 as compared to $30.6 million or $0.48 per share in the third quarter of 2018. Net income was $57.5 million or $0.90 per share for the third quarter of 2019 compared to $58.1 million or $0.91 per share for the same period in 2018. Cash flow from operations for the third quarter was $72.6 million or $1.13 per share as compared to $59.7 million or $0.93 per share for the same period in 2018. LIORC received a dividend from Iron Ore Company of Canada ("IOC") in the third quarter of 2019 in the amount of $40.1 million or $0.63 per share, as compared to $58.6 million or $0.92 per share in the third quarter of 2018.

The royalty revenue, cash flow from operations and equity earnings for the third quarter of 2019 were marginally higher than the third quarter of 2018, as a result of lower sales tonnages offset by higher realized prices.

The average price for the Platts index for 62% Fe Iron Ore, CFR China ("62% Fe index") increased 53% to US$102 per tonne in the third quarter of 2019 compared to the average price in the third quarter of 2018 of US$67 per tonne. IOC's total sales tonnage for calculating the royalty payable to LIORC on concentrate for sale ("CFS") plus pellets of 4.5 million tonnes was 17% lower in the third quarter of 2019 compared to the same period in 2018, largely as a result of pellet tonnages being 27% lower due to lower pellet production amounts, changes in customer demand and timing of shipments. The CFS sales tonnages in the third quarter of 2019 were 7% lower than in the third quarter of 2018 mainly due to timing.

LIORC's results for the three months and nine months ended September 30 are summarized below:

3 Months 3 Months 9 Months 9 Months Ended Ended Ended Ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, (in millions except per share information) 2019 2018 2019 2018 (Unaudited)

Revenue	$46.2	$44.6	$138.7	$84.1
Cash flow from operations	$72.6	$59.7	$145.4	$95.5
Operating cash flow per share	$1.13	$0.93	$2.27	$1.49
Net income	$57.5	$58.1	$157.9	$85.1
Net income per share	$0.90	$0.91	$2.47	$1.33

Iron Ore Company of Canada Operations

Production Total concentrate production in the third quarter of 2019 was 5.4 million tonnes, as a result of better weight yield in September offsetting lower throughput in July and August. This was 7% higher than the third quarter of 2018, and 19% higher than the second quarter of 2019, which was negatively impacted by a delay in the restart after the planned annual outage in June as a result of a flooding issue. Pellet production as a percentage of total production was lower for the quarter as pellet production was negatively impacted by lower induration machine availability. As a result, pellet production in the third quarter of 2019 of 2.7 million tonnes was 11% lower than the third quarter of 2018 but 17% higher than the previous quarter. CFS production in the third quarter of 2019 of 2.4 million tonnes was 24% higher than in the third quarter of 2018 and 17% higher than the previous quarter.

Total concentrate production for the nine months of 2019 was 14.3 million tonnes. This was 34% higher than the same period in the prior year, largely as a result of the work stoppage experienced during the second quarter of 2018.

Sales as Reported for the LIORC Royalty Total iron ore tonnage sold by IOC (CFS plus pellets) of 4.5 million tonnes was 17% lower in the third quarter of 2019 compared to the same period in 2018 largely as a result of pellet sales tonnages being 27% lower than in the same period in 2018. The CFS sales tonnages in the third quarter of 2019 were 7% lower than in the third quarter of 2018. As stated above, pellet sales tonnages were lower as a result of lower pellet production and changes in customer demand. In addition, sales of pellets and CFS were also lower due to timing and breakdowns on Reclaimer 1 and Shiploader 3 at the terminal in September.

Total iron ore tonnage sold by IOC (CFS plus pellets) for the nine months of 2019 was 12.6 million tonnes. This was 28% higher than the same period in the prior year, largely as a result of the work stoppage experienced during the second quarter of 2018.

IOC sells CFS based on the Platts index for 65% Fe Iron Ore, CFR China ("65% Fe index"). The average price for the 65% Fe index was US$110 per tonne in the third quarter of 2019, a 17% increase over the average price in the third quarter of 2018 of US$94 per tonne, and 5% lower than the average price in the second quarter of 2019 of US$115 per tonne. While the average seaborne iron ore prices remained attractive from a historical perspective, significant declines in pricing occurred during the quarter, as increased supply came to market and steel producers struggling with low margins cut back on demand. Steel producers continued to substitute higher quality iron ore with cheaper lower quality iron ore. As a result, the premium for the 65% Fe index compared to the 62% Fe index, which had been expanding over the last few years decreased in the third quarter of 2019 to 7%, as compared to 41% in the third quarter of 2018 and 15% in the second quarter of 2019. Pellet premiums also decreased as high underlying benchmark prices caused buyers to reduce demand. The quarterly Atlantic Basin blast furnace pellet premium, as reported by Platts, averaged US$56 per tonne in the third quarter of 2019, a 3% decrease over the third quarter of 2018 and 17% lower than the second quarter of 2019.

A summary of IOC's sales for calculating the royalty to LIORC in millions of tonnes is as follows:

	3 Months	3 Months	9 Months	9 Months	Year
	Ended	Ended	Ended	Ended	Ended
	Sept. 30,	Sept. 30,	Sept. 30,	Sept. 30,	Dec. 31,
	2019	2018	2019	2018	2018
Pellets	2.04	2.79	7.17	5.81	8.41
Concentrates(1)	2.46	2.64	5.43	4.04	6.70
Total(2)	4.51	5.43	12.60	9.86	15.10

(1) Excludes third party ore sales

(2) Totals may not add up due to rounding

Outlook

Lower third quarter sales due to timing and breakdowns on Reclaimer 1 and Shiploader 3, resulted in an increase of inventories at the Terminal. IOC expects to reduce those inventories to more typical levels in the fourth quarter.

Despite significant price declines from peak pricing in July, benchmark prices for concentrate remain attractive relative to historical levels. The average price in October for the 62% Fe index was US$90 per tonne as compared to the average in September of US$93 per tonne and the average for the third quarter of US$102 per tonne. On November 12, 2019 the price for the 62% Fe index was US$81. Premiums for higher grade concentrate and pellets remain under pressure as steel producers reduce demand and continue to substitute lower grade product for higher quality product.

On October 25 Vale announced that Samarco is expected to restart its operations by the end of 2020, following the construction of a filtration system. Samarco expects to be able to produce approximately 7 to 8 million tonnes per annum of pellets. According to Vale, a second concentrator could be restarted in approximately 6 years to reach a range of production of approximately 14 to 16 million tonnes per annum, and the restart of the third concentrator could happen in about 10 years, when Samarco expects to reach annual production volume in a range of approximately 22 to 24 million tonnes. While the restart will bring added supply to the market, the announced restart schedule outlines a slower ramp-up of production than many industry commentators had anticipated.

The LIORC net working capital (current assets less current liabilities) as at September 30, 2019 was $29.2 million. During the third quarter net working capital increased by $1.6 million as a result of adjusted cash flow of $65.6 less declared dividends of $64.0 million.

Respectfully submitted on behalf of the Directors of Labrador Iron Ore Royalty Corporation,

John F. Tuer President and Chief Executive Officer November 13, 2019

Management's Discussion and Analysis

The following discussion and analysis should be read in conjunction with the Management's Discussion and Analysis section of the Corporation's 2018 Annual Report, and the financial statements and notes contained therein and the September 30, 2019 interim condensed consolidated financial statements. 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 closing of the St. Lawrence Seaway and 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.

Royalty revenue for the third quarter of 2019 amounted to $45.5 million, as compared to $44.0 million for the third quarter of 2018. Equity earnings from IOC amounted to $32.0 million or $0.50 per share in the third quarter of 2019 as compared to $30.6 million or $0.48 per share in the third quarter of 2018. Net income was $57.5 million or $0.90 per share for the third quarter of 2019 compared to $58.1 million or $0.91 per share for the same period in 2018. Cash flow from operations for the third quarter was $72.6 million or $1.13 per share as compared to $59.7 million or $0.93 per share for the same period in 2018. LIORC received a dividend from IOC in the third quarter of 2019 in the amount of $40.1 million or $0.63 per share, as compared to $58.6 million or $0.92 per share in the third quarter of 2018.

The average price for 62% Fe index increased 53% to US$102 per tonne in the third quarter of 2019 compared to the average price in the third quarter of 2018 of US$67 per tonne. IOC's total sales tonnage for calculating the royalty payable to LIORC on - CFS plus pellets of 4.5 million tonnes was 17% lower in the third quarter of 2019 compared to the same period in 2018, largely as a result of pellet tonnages being 27% lower than in the same period in 2018 due to lower pellet production amounts, changes in customer demand and timing of shipments. The CFS sales tonnages in the third quarter of 2019 were 7% lower than in the third quarter of 2018 mainly due to timing.

Total concentrate production in the third quarter of 2019 was 5.4 million tonnes, as a result of better weight yield in September offsetting lower throughput in July and August. This was 7% higher than the third quarter of 2018, and 19% higher than the second quarter of 2019, which was negatively impacted by a delay in the restart after the planned annual outage in June as a result of a flooding issue. Pellet production as a percentage of total production was lower for the quarter as pellet production was negatively impacted by lower induration machine availability. As a result, pellet production in the third quarter of 2019 of 2.7 million tonnes was 11% lower than the third quarter of 2018 but 17% higher than the previous quarter. CFS production in the third quarter of 2019 of 2.4 million tonnes was 24% higher than in the third quarter of 2018 and 17% higher than the previous quarter.

Total iron ore tonnage sold by IOC (CFS plus pellets) of 4.5 million tonnes was 17% lower in the third quarter of 2019 compared to the same period in 2018 largely as a result of pellet sales tonnages being 27% lower than in the same period in 2018. The CFS sales tonnages in the third quarter of 2019 were 7% lower than in the third quarter of 2018. As stated above, pellet sales tonnages were lower as a result of lower pellet production and changes in customer demand. In addition, sales of pellets and CFS were also lower due to timing and breakdowns on Reclaimer 1 and Shiploader 3 at the terminal in September.

IOC sells CFS based on the 65% Fe index. The average price for the 65% Fe index was US$110 per tonne in the third quarter of 2019, a 17% increase over the average price in the third quarter of 2018 of US$94 per tonne, and 5% lower than the average price in the second quarter of 2019 of US$115 per tonne. While the average seaborne iron ore prices remained attractive from a historical perspective, significant declines in pricing occurred during the quarter, as increased supply came to market and steel producers struggling with low margins cut back on demand. Steel producers continued to substitute higher quality iron ore with cheaper lower quality iron ore. As a result, the premium for the 65% Fe index compared to the 62% Fe index, which had been expanding over the last few years decreased in the third quarter of 2019 to 7%, as compared to 41% in the third quarter of 2018 and 15% in the second quarter of 2019. Pellet premiums also decreased as high underlying benchmark prices caused buyers to reduce demand. The quarterly Atlantic Basin blast furnace pellet premium, as reported by Platts, averaged US$56 per tonne in the third quarter of 2019, a 3% decrease over the third quarter of 2018 and 17% lower than the second quarter of 2019.

Results for the nine months were affected by the same factors as affected the three month period. Royalty and commission interests amortization expense increased by $1.1 million for the nine months compared to the same period in 2018 due to the increase in production. The 2018 production was negatively impacted by a nine-week work stoppage.

The following table sets out quarterly revenue, net income, cash flow and dividend data for 2019, 2018 and 2017.

Cash Flow from Adjusted Dividends Cash Flow Net Net Income Cash Operations Declared per Revenue Income per Share Flow per Share per Share ⁽¹⁾ Share

(in millions except per share information)

2019

First Quarter	$39.2	$39.3	$0.61	$25.0	$0.39	$0.34	$1.05
Second Quarter	$53.3	$61.1	$0.95	$47.8(2)	$0.75(2)	$0.86(2)	$0.90
Third Quarter	$46.2	$57.5	$0.90	$72.6(3) $1.13(3)		$1.02(3)	$1.00

2018

First Quarter	$34.3	$30.3	$0.47	$20.3	$0.32	$0.29	$0.35
Second Quarter	$5.2	$(3.2)	$(0.05)	$15.5	$0.24	$0.04	$0.25
Third Quarter	$44.6	$58.1	$0.91	$59.7(4)	$0.93(4)	$1.30(4)	$0.55
Fourth Quarter	$46.8	$43.4	$0.68	$53.3(5)	$0.83(5)	$0.79(5)	$0.60

2017

First Quarter	$43.4	$42.9	$0.67	$28.2(6)	$0.44(6)	$0.53(6)	$0.50
Second Quarter	$34.2	$32.3	$0.50	$45.6(7)	$0.71(7)	$0.53(7)	$0.60
Third Quarter	$40.4	$43.8	$0.69	$53.6(8)	$0.84(8)	$0.85(8)	$1.00
Fourth Quarter	$40.6	$38.3	$0.60	$39.6(9)	$0.62(9)	$0.65(9)	$0.55

(1) "Adjusted cash flow" (see below)

(2) Includes $25.4 million IOC dividend.

(3) Includes $40.1 million IOC dividend.

(4) Includes $58.6 million IOC dividend.

(5) Includes $25.3 million IOC dividend.

(6) Includes $10.0 million IOC dividend.

(7) Includes $15.2 million IOC dividend.

(8) Includes $32.2 million IOC dividend.

(9) Includes $19.3 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 $1.13 for the quarter (2018 - $0.93). Cumulative standardized cash flow from inception of the Corporation is $29.74 per share and total cash distributions since inception is $29.29 per share, for a payout ratio of 99%.

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 International Financial Reporting Standards ("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 (in '000's).

	3 Months	3 Months	9 Months	9 Months
	Ended	Ended	Ended	Ended
	Sept. 30,	Sept. 30,	Sept. 30,	Sept. 30,
	2019	2018	2019	2018
Standardized cash flow from operating activities	$72,646	$59,756	$145,446	$95,529
Changes in amounts receivable, accounts payable and income taxes payable	(7,049)	23,325	(3,557)	8,524
Adjusted cash flow	$65,597	$83,081	$141,889	$104,053
Adjusted cash flow per share	$1.02	$1.30	$2.22	$1.63

Liquidity and Capital Resources

The Corporation had $62.7 million in cash as at September 30, 2019 (December 31, 2018 - $80.5 million) with total current assets of $112.9 million (December 31, 2018 - $127.0 million). The Corporation had working capital of $29.1 million as at September 30, 2019 (December 31, 2018 - $76.3 million). The Corporation's operating cash flow for the quarter was $72.6 million and the dividend paid during the quarter was $57.6 million, resulting in cash balances increasing by $15.0 million during the third quarter of 2019.

Cash balances consist of deposits in Canadian dollars with Canadian chartered banks. 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 net income 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, 2022 with provision for annual one-year extensions. No amount is currently drawn under this facility (2018

nil) leaving $30.0 million available to provide for any capital required by IOC or requirements of the

Corporation.

Outlook

IOC's total saleable production (CFS and pellets) for the first nine months was 13.6 million tonnes. In its third quarter operations review, Rio Tinto maintained the 2019 full year guidance for IOC's saleable production (CFS and pellets) on a 100% basis at between 18.2 and 19.3 million tonnes. Lower third quarter sales due to timing and breakdowns on Reclaimer 1 and Shiploader 3, resulted in an increase of inventories at the Terminal. IOC expects to reduce those inventories to more typical levels in the fourth quarter.

Respectfully submitted on behalf of the Directors of Labrador Iron Ore Royalty Corporation,

John F. Tuer President and Chief Executive Officer November 13, 2019

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, exchange rates, the performance of IOC, market conditions in the steel industry, mining risks and insurance, the renewal of the mining leases, outcomes of existing or

future litigation, relationships with aboriginal groups, changes affecting IOC's customers, competition from other iron ore producers, estimates of reserves and resources and government regulation and taxation. A discussion of these factors is contained in LIORC's annual information form dated March 7, 2019 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.sedar.com.

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 September 30, December 31,

(Unaudited)

Assets

Current Assets

Cash and short-term investments $ 62,741 $ 80,495 Amounts receivable 50,204 46,548 Total Current Assets 112,945 127,043

Non-Current Assets Iron Ore Company of Canada ("IOC")

	royalty and commission interests	249,250	253,846
	Investment in IOC	403,908	382,704
Total Non-Current Assets		653,158	636,550
Total Assets		$ 766,103	$ 763,593

Liabilities and Shareholders' Equity

Current Liabilities

Accounts payable	$ 10,572	$ 9,969
Dividend payable	64,000	38,400
Taxes payable	9,223	2,613
Total Current Liabilities	83,795	50,982

Non-Current Liabilities Deferred income taxes 123,680 121,760 Total Liabilities 207,475 172,742

Shareholders' Equity

Share capital	317,708	317,708
Retained earnings	249,784	280,759
Accumulated other comprehensive loss	(8,864)	(7,616)

558,628 590,851

Total Liabilities and Shareholders' Equity $ 766,103 $ 763,593

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 except for per share information) 2019 2018 (Unaudited)

Revenue

IOC royalties	$ 45,484	$ 43,979
IOC commissions	443	534
Interest and other income	259	43

46,186 44,556

Expenses

Newfoundland royalty taxes	9,097	8,796
Amortization of royalty and commission interests	1,663	1,733
Administrative expenses	787	842

11,547 11,371

Income before equity earnings and income taxes	34,639	33,185
Equity earnings in IOC	32,002	30,600
Income before income taxes	66,641	63,785

Provision for income taxes

Current 10,874 10,429 Deferred (1,704) (4,705) 9,170 5,724

Net income for the period 57,471 58,061

Other comprehensive (loss) income

Share of other comprehensive (loss) income of IOC that will not be reclassified subsequently to profit or loss (net of income taxes

of 2019 - $36; 2018 - $205)		(206)		1,274
Comprehensive income for the period	$	57,265	$	59,335
	$	0.90	$	0.91

Net income per share

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 except for per share information) 2019 2018 (Unaudited)

Revenue

IOC royalties	$ 136,590	$ 82,871
IOC commissions	1,240	970
Interest and other income	870	256

138,700 84,097

Expenses

Newfoundland royalty taxes	27,318	16,574
Amortization of royalty and commission interests	4,596	3,523
Administrative expenses	2,346	2,512

34,260 22,609

Income before equity earnings and income taxes	104,440	61,488
Equity earnings in IOC	88,346	39,189
Income before income taxes	192,786	100,677

Provision for income taxes

Current 32,712 19,550 Deferred 2,156 (3,985) 34,868 15,565

Net income for the period 157,918 85,112

Other comprehensive (loss) income

Share of other comprehensive (loss) income of IOC that will not be reclassified subsequently to profit or loss (net of income taxes

of 2019 - $220; 2018 - $215)		(1,248)		1,219
Comprehensive income for the period	$	156,670	$	86,331
Net income per share	$	2.47	$	1.33

LABRADOR IRON ORE ROYALTY CORPORATION INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30,

(Unaudited)

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

Operating

Net income for the period $ 157,918 $ 85,112

Items not affecting cash:

Equity earnings in IOC	(88,346)	(39,189)
Current income taxes	32,712	19,550
Deferred income taxes	2,156	(3,985)
Amortization of royalty and commission interests	4,596	3,523
Common share dividend from IOC	65,565	58,592
Change in amounts receivable	(3,656)	(2,088)
Change in accounts payable	603	567
Income taxes paid	(26,102)	(26,553)
Cash flow from operating activities	145,446	95,529

Financing

Dividends paid to shareholders	(163,200)	(73,600)
Cash flow used in financing activities	(163,200)	(73,600)
(Decrease) increase in cash, during the period	(17,754)	21,929
Cash, beginning of period	80,495	40,498
Cash, end of period	$ 62,741	$ 62,427

LABRADOR IRON ORE ROYALTY CORPORATION INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Accumulated other Share Retained comprehensive

(in thousands of Canadian dollars) capital earnings loss Total (Unaudited)

Balance as at December 31, 2017	$	317,708	$	264,272	$	(8,391) $		573,589
Net income for the period			-	85,112			-	85,112
Dividends declared to shareholders			-	(73,600)			-	(73,600)
Share of other comprehensive income from investment in IOC (net of taxes)			-		-	1,219		1,219
Balance as at September 30, 2018	$	317,708	$	275,784	$	(7,172) $		586,320
Balance as at December 31, 2018	$	317,708	$	280,759	$	(7,616) $		590,851
Adjustment on initial application of IFRS 16				(93)				(93)
Net income for the period			-	157,918			-	157,918
Dividends declared to shareholders			-	(188,800)			-	(188,800)
Share of other comprehensive loss from investment in IOC (net of taxes)			-		-	(1,248)		(1,248)
Balance as at September 30, 2019	$	317,708	$	249,784	$	(8,864) $		558,628

The complete consolidated financial statements for the third quarter ended September 30, 2019, including the notes thereto, are posted on sedar.com and labradorironore.com.

SOURCE Labrador Iron Ore Royalty Corporation

View original content: http://www.newswire.ca/en/releases/archive/November2019/13/c9373.html

%SEDAR: 00030172E

For further information: John F. Tuer, President & Chief Executive Officer, (416) 863-7133

CO: Labrador Iron Ore Royalty Corporation

CNW 18:10e 13-NOV-19

← Back to feed