Mr. John Tuer reports

LABRADOR IRON ORE ROYALTY CORPORATION (TSX: LIF) - RIO TINTO RELEASES IOC PRODUCTION AND SALES INFORMATION

Rio Tinto has released its operations review for the second quarter ended June 30, 2023, which included Iron Ore Company of Canada (IOC) production and sales information. Specifically, Rio Tinto announced that in the second quarter of 2023, IOC had total saleable iron ore production of 3.51 million tonnes, comprising 1.61 million tonnes of pellets and 1.91 million tonnes of concentrate for sale (CFS). Rio Tinto also announced that IOC had total iron ore sales in the second quarter of 2023 of 4.43 million tonnes, comprising 2.30 million tonnes of pellets and 2.12 million tonnes of CFS. Comparisons with prior quarters and Rio Tinto's commentary on the changes can be found in Rio Tinto's quarterly operational report, which is posted on Rio Tinto's website. Please note that the IOC sales tonnages are calculated slightly differently for Labrador Iron Ore Royalty Corp.'s royalty.

IOC's total saleable production (CFS plus pellets) for the six months ending June 30, 2023, was 7.82 million tonnes. Rio Tinto announced that IOC lost approximately 3.5 weeks of production in June, primarily due to wildfires in Northern Quebec, together with a slightly extended shutdown. Operations at IOC have resumed; however, Rio Tinto's full-year production guidance for IOC has been reduced to 17.0 million to 18.7 million tonnes (previously 17.9 million to 19.6 million tonnes), and production remains subject to further disruption from fire conditions.

Labrador Iron Ore Royalty will be releasing its full second quarter report after the market close on Aug. 2, 2023.

About Labrador Iron Ore Royalty Corp.

The corporation holds a 15.10-per-cent equity interest in 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.

We seek Safe Harbor.