Iron ORE Company of Canada Dividend

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

LABRADOR IRON ORE ROYALTY CORPORATION

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

IRON ORE COMPANY OF CANADA DIVIDEND

Toronto, September 1, 2023

Labrador Iron Ore Royalty Corporation ("LIORC") announced that Iron Ore Company of Canada

("IOC"), in which LIORC holds a 15.1% equity in terest, has declared a dividend to be paid in

September. LIORC's portion of the IOC dividend is U.S. $22.6 million, or about CDN. $30.6 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 third quarter dividend later in September based on the total amount of cash

expected to be received in the quarter, including the IOC dividend.

About Labrador Iron Ore Royalty Corporation

The Corporation holds a 15.10% equity interest in IOC directly and through its wholly-owned subsidiary,

Hollinger-Hanna Limited, and receives a 7% gross overriding royalty and a 10 cent per tonne

commission on all iron ore products produced, sold and shipped by IOC.

For further information, please contact:

John F. Tuer

President & Chief Executive Officer

(416) 362-0066

E-mail- [email protected]

Forward-Looking Statements

This press release 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 futu re 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 o perating performance as of the date of this press release.

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

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

operations for IOC or its customers; changes affecting IOC’s customers; competition from other iron ore producers; renewal of mining

licences 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 7, 2023 under the heading, "Risk Factors".

Although the forward-looking statements contained in this press release 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 press release and LIORC assumes no obligation, except as required

by law, to update any forward-looking statements to reflect new events or circumstances. This press release 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.