Mr. John Tuer reports

LABRADOR IRON ORE ROYALTY CORPORATION ANNOUNCES RESULTS OF ELECTION OF DIRECTORS

Labrador Iron Ore Royalty Corp. has released the results of the election of directors at its annual meeting of holders of common shares held today by way of a hybrid meeting conducted virtually and in person.

The nominee directors listed in the corporation's management information circular dated April 10, 2023, were elected as directors of the corporation. The vote was conducted by ballot on-line and in person. The number of common shares voted for or against the election of each director is as indicated in the attached table.

Final results on all matters voted at the annual meeting will be filed shortly with the Canadian securities regulators.

About Labrador Iron Ore Royalty Corp.

The corporation holds a 15.10-per-cent equity interest in Iron Ore Company of Canada (IOC) directly and through its wholly owned subsidiary, Hollinger-Hanna Ltd., and receives a 7-per-cent gross overriding royalty and a 10-cent-per-tonne commission on all iron ore products produced, sold and shipped by IOC.