Iron Ore Company of Canada Dividend

LABRADOR IRON ORE ROYALTY CORPORATION

P R E S S R E L E A S E

IRON ORE COMPANY OF CANADA DIVIDEND

Toronto, May 27, 2022

Labrador Iron Ore Royalty Corporation (“LIORC”) announced that Iron Ore Company of Canada (“IOC”), in which LIORC holds a 15.1% equity interest, has declared a dividend to be paid in June. LIORC’s portion of the IOC dividend is U.S. $15.1 million, or about CDN. $19.2 million. For further clarity, this announcement refers to the declaration of an IOC dividend to be received by LIORC and is NOT the declaration by LIORC of a dividend to be paid to LIORC shareholders. LIORC typically declares a second quarter dividend in June based on the total amount of cash expected to be received in the quarter, including the IOC dividend.

For further information, please contact:

John F. Tuer President & Chief Executive Officer (416) 362-0066 E-mail- [email protected]

PO Box 957, STN Adelaide, Toronto, Ontario M5C 2K3 Tel : (416) 362-0066