Labrador Iron Ore Royalty

Labrador Iron Ore Royalty (LIF) investor relations material

Labrador Iron Ore Royalty AGM 2026 presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

AGM 2026 presentation summary13 May, 2026

Financial performance highlights

Revenue for Q1 2026 was $35.9M, slightly down from $36.2M in Q1 2025; full-year 2025 revenue was $166.5M, down from $209.0M in 2024.
Net income for Q1 2026 was $13.2M, compared to $21.4M in Q1 2025; full-year 2025 net income was $100.6M, down from $175.0M in 2024.
Adjusted cash flow from operations for Q1 2026 was $19.7M, nearly unchanged from Q1 2025; full-year 2025 was $91.5M, down from $199.0M in 2024.
In 2025, all adjusted cash flow was generated from royalty interest as IOC did not declare a dividend.
Adjusted cash flow per share in Q1 2026 was $0.31, consistent with Q1 2025.

Operational performance and outlook

IOC saleable production in 2025 was 15.9M tonnes, below nameplate capacity, due to pit health and equipment reliability issues.
Q1 2026 production was 3.4M tonnes, down 13% year-over-year, constrained by haul truck failures and lower payloads.
2026 sales guidance is 15–18M tonnes, but actual sales are expected at the low end of this range.
Ongoing pit health improvements will increase stripping rates, likely reducing production and cash flow for dividends.
IOC is purchasing 6 new haul trucks in 2026 to address operational challenges.

Market environment and pricing

Global crude steel production declined 2% in 2025, with China down 4%; Q1 2026 saw further declines.
Platts 65% Fe Index averaged US$115/t in 2025, down from US$123/t in 2024; Q1 2026 averaged US$121/t.
IOC's average realized price for pellets and CFS was US$109/t in 2025 and US$110/t in Q1 2026.
Pellet premiums and CFS prices declined in 2025, impacting realized prices.
April 2026 saw a slight price uptick, with the 65% Fe index at US$124/t and pellet premiums rising.

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