Mr. John Tuer reports

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

Rio Tinto has released its quarterly operational report for the third quarter ended Sept. 30, 2023, which included Labrador Iron Ore Royalty Corp.'s Iron Ore Company of Canada (IOC) production and sales information. Specifically, in the third quarter of 2023, IOC had total saleable iron ore production of 4.06 million tonnes, comprising 2.12 million tonnes of pellets and 1.94 million tonnes of concentrate for sale (CFS).

IOC had total iron ore sales in the third quarter of 2023 of 3.91 million tonnes, comprising 1.82 million tonnes of pellets and 2.1 million tonnes of CFS. Rio Tinto's full-year production guidance for IOC has also been reduced to 15.8 million to 16.7 million tonnes (previously 17 million to 18.7 million tonnes). 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 its website. Please note that the IOC sales tonnages are calculated slightly differently for Labrador Iron Ore's royalty.

Labrador Iron Ore Royalty will be releasing its full third quarter report after the market close on Nov. 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.