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 first quarter ending March 31, 2024, which included Labrador Iron Ore Royalty Corp. production and sales information. Specifically, Rio Tinto announced that in the first quarter of 2024, IOC had total saleable iron ore production of 4.45 million tonnes, comprised of 2.53 million tonnes of pellets and 1.92 million tonnes of concentrate for sale (CFS). Rio Tinto also announced that IOC had total iron ore sales in the first quarter of 2024 of 4.52 million tonnes, comprised of 2.54 million tonnes of pellets and 1.98 million tonnes of CFS. Comparisons to 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 Royalty Corporation's (LIORC) royalty. Rio Tinto also announced that IOC's 2023 production guidance (pellets and CFS) of 16.7 to 19.6 million tonnes remains unchanged.

LIORC will be releasing its first quarter 2024 results of operations after the market close on May 8, 2024.

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 on all iron ore products produced, sold and shipped by IOC and a 10 cent per tonne commission on all iron ore products produced and sold by IOC.

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