LIF.TO · 2022-12-01 12:00:00

Iron ORE Company of Canada Dividend

Corporate Actions

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, December 1, 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

December. LIORC's portion of the IOC dividend is U.S. $11.3 million, or about CDN. $15.2 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 fourth quarter dividend later in December 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