TORONTO, May 5, 2022
/CNW/ - Labrador Iron Ore Royalty Corporation ("LIORC") (TSX: LIF)
announced today its operation and cash flow results for the first
quarter ended March 31, 2022.
Financial Performance
In the first quarter of 2022, LIORC's financial results were
negatively impacted by lower sales of concentrate and lower average
realized concentrate and pellet prices. Royalty revenue for the
first quarter of 2022 amounted to $53.7
million compared to $65.2
million for the first quarter of 2021. Equity earnings from
Iron Ore Company of Canada ("IOC")
were $40.4 million in the first
quarter of 2022 compared to $57.0
million in the first quarter of 2021. Net income per share
for the first quarter of 2022 was $0.99 per share, which was a 27% decrease over
the same period in 2021. The adjusted cash flow per share for the
first quarter of 2022 was $0.47 per
share, which was 46% lower than in the same period in 2021, as a
result of lower royalty revenues and the decision by IOC to not pay
a dividend in the first quarter of 2022. In the first quarter of
2021, LIORC received a dividend in the amount of $19.0 million from IOC.
Decreased demand for iron ore by steel producers, partially
offset by lower supply, led to lower iron ore prices in the first
quarter of 2022. According to the World Steel Association, global
crude steel production in the first quarter of 2022 decreased 6%
over the first quarter of 2021 and crude steel production in
China, which accounts for over 70%
of all seaborne iron ore demand, was 9% lower in the first quarter
of 2022 compared to the same quarter of 2021. Steel production in
China was lower partly as a result
of the continuation of the restrictions imposed on Chinese steel
production that were initiated in the second half of 2021. At
the same time, some of the world's largest suppliers of seaborne
iron ore reported lower production in the first quarter of 2022,
compared to the first quarter of 2021. Iron ore production by Rio
Tinto was lower by 6%, as ongoing mine depletion was not offset by
mine replacement projects and COVID-19 constraints impacted labour
supply and iron ore production by Vale was lower by 6%, due to
heavy rains in January and March, along with licensing delays at
its Northern System.
IOC sells concentrate for sale ("CFS") based on the Platts index
for 65% Fe, CFR China ("65% Fe index"). In the first quarter
of 2022, the 65% Fe index averaged US$170 per tonne, an 11% decrease over the
average of US$191 per tonne in the
first quarter of 2021. The monthly Atlantic Blast Furnace 65% Fe
pellet premium index as quoted by Platts (the "pellet premium")
averaged US$67 per tonne in the first
quarter of 2022, up substantially from an average of US$43 in the same quarter of 2021, on strong
demand for pellets from both blast furnace and direct reduction
iron markets, and supply constraints from Brazil and the Commonwealth of Independent
States. Overall, the average price realized by IOC for CFS and
pellets, FOB Sept-Îles, net of selling costs was approximately
C$219 per tonne in the first quarter
of 2022, compared to approximately C$226 per tonne in the first quarter of 2021.
Iron Ore Company of Canada Operations
Operations
IOC concentrate production in the first quarter of 2022 of 4.4
million tonnes was approximately the same as the same period of
2021, and 8% lower than the fourth quarter of 2021. Concentrate
production in the first quarter of 2022 was negatively affected by
intermittent periods of a lack of feed at the concentrator due to
the mine and ore delivery system issues. IOC saleable production
(CFS plus pellets) of 4.1 million tonnes in the first quarter of
2022 was 3% higher than the same period in 2021. Pellet production
of 2.5 million tonnes was 2% lower than the corresponding
quarter in 2021, mainly due to issues with the flux hopper and
conveyor belts in the pellet feed system, a lack of feed at certain
times from the concentrator and the idling of machines to
prioritize concentrate for sale in order to meet sales
commitments. CFS production of 1.6 million tonnes was 10%
higher than the same quarter last year due to the lower production
of pellets.
Sales as Reported for the LIORC Royalty
Total iron ore sales tonnage by IOC (CFS plus pellets) of 3.6
million tonnes in the first quarter of 2022 was 13% lower than the
total sales tonnage for the same period in 2021, and 19% lower than
the fourth quarter of 2021, predominantly due to equipment failures
(ship loader cable, conveyor drive pulley and belt tear), inventory
availability, and manpower constraints due to COVID-19. Pellet
sales tonnages were 1% lower than the same quarter last year and
16% lower than the fourth quarter of 2021. CFS sales tonnages
were 31% lower than the same quarter last year and 25% lower than
the fourth quarter of 2021.
Outlook
Rio Tinto's 2022 guidance for IOC's saleable production (CFS
plus pellets) remains at 17.0 million to 18.7 million tonnes. This
compares to 16.6 million tonnes of saleable production in 2021. As
reported in the 2021 Annual Report, IOC has ambitious capital
expenditure plans to continue renewing the asset infrastructure and
to improve the production results at IOC. These initiatives
will be of benefit to LIORC as both an equity holder and a royalty
holder.
There are a number of issues affecting the outlook for the
seaborne iron ore market. The current COVID-19 crisis in
China is negatively impacting
China's economic outlook as a
result of the widespread lock-downs being imposed as part of
China's zero COVID-19 strategy.
There also remains significant uncertainty regarding the economic
health of the property markets in China. In addition,
China recently announced that as
part of its efforts to improve the decarbonization of the steel
industry, it will ensure that crude steel production in 2022 does
not exceed 2021 levels. Finally, the war in Ukraine has resulted in the disruption of some
traditional sources of iron ore supply.
It is unclear as to the longer-term effects that these events
will have on the market. However, despite these
uncertainties, seaborne iron ore prices remain attractive from a
historical perspective. Since the end of the first quarter
iron ore prices have strengthened. In April
2022, the average price of the 65% Fe index was US$175 per tonne, or 2% higher than the average
of the 65% Fe index for the first quarter of 2022. The pellet
premium for April was US$82 per tonne
compared to the average of US$67 per
tonne in the first quarter of 2022. To put these prices in a
longer-term historical context, the average of the 65% Fe index and
the pellet premium over the five years ending December 31, 2021 were $118 and $50,
respectively. As a result, we remain positive about the
outlook for IOC and LIORC remains well positioned to continue to
benefit from the current iron ore pricing environment through
royalty revenues and expected future dividends from IOC.
The LIORC cash balance at March 31,
2022 stood at $13.5 million
before LIORC dividends payable on April 26,
2022 of $0.50 per share or
$32.0 million. The net royalty from
IOC was received by LIORC on the same date, maintaining the
Corporation's strong cash balance.
Respectfully submitted on behalf of the Directors of the
Corporation,
John F. Tuer
President and Chief Executive Officer
May 5, 2022
Management's Discussion and Analysis
The following discussion and analysis should be read in
conjunction with the Management's Discussion and Analysis section
of Labrador Iron Ore Royalty Corporation's ("LIORC" or the
"Corporation") 2021 Annual Report, and the financial statements and
notes contained therein and the March 31,
2022 interim condensed consolidated financial
statements.
Overview of the Business
The Corporation's revenues are entirely dependent on the
operations of IOC as its principal assets relate to the operations
of IOC and its principal source of revenue is the 7% royalty it
receives on all sales of iron ore products by IOC. In addition to
the volume of iron ore sold, the Corporation's royalty revenue is
affected by the price of iron ore and the Canadian – U.S. dollar
exchange rate. The first quarter sales of IOC are traditionally
adversely affected by the general winter operating conditions and
are usually 15% – 20% of the annual volume, with the balance spread
fairly evenly throughout the other three quarters. Because of the
size of individual shipments, some quarters may be affected by the
timing of the loading of ships that can be delayed from one quarter
to the next.
Financial Highlights
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2022
|
2021
|
|
|
|
(Unaudited)
|
|
|
($ in millions
except per share information)
|
|
|
|
|
|
|
Revenue
|
54.2
|
65.7
|
|
|
Equity earnings from
IOC
|
40.4
|
57.0
|
|
|
Net
income
|
63.2
|
86.6
|
|
|
Net income per
share
|
$ 0.99
|
$ 1.35
|
|
|
Dividend from
IOC
|
-
|
19.0
|
|
|
Cash flow from
operations
|
4.1
|
42.7
|
|
|
Cash flow from
operations per share(1)
|
$ 0.06
|
$ 0.67
|
|
|
Adjusted cash
flow(1)
|
29.8
|
55.4
|
|
|
Adjusted cash flow per
share(1)
|
$ 0.47
|
$ 0.87
|
|
|
Dividends declared per
share
|
$ 0.50
|
$ 1.00
|
|
|
|
|
|
|
|
(1) This
is a non-IFRS financial measure and does not have a standard
meaning under IFRS.
|
Please refer to
Standardized Cash Flow and Adjusted Cash Flow section in the
MD&A.
|
|
The lower revenue, net income and equity earnings achieved in
the first quarter of 2022 as compared to 2021 were mainly due to
lower concentrate sales and lower iron ore prices, partly offset by
higher pellet premiums. The first quarter of 2022 sales tonnages
(CFS plus pellets) were lower by 13% predominantly due to equipment
failures (ship loader cable, conveyor drive pulley and belt tear),
inventory availability, and manpower constraints due to COVID-19.
Pellet sales were 1% lower and CFS sales were 31% lower than the
same quarter in 2021.
The lower sales tonnages and a decrease in the average realized
sales price of pellets and CFS, resulted in royalty income of
$53.7 million for the quarter as
compared to $65.2 million for the
same period in 2021. First quarter 2022 cash flow from operations
was $4.1 million or $0.06 per share compared to $42.7 million or $0.67 per share for the same period in 2021.
There was no IOC dividend received by LIORC in the first quarter of
2022 compared to $19.0 million or
$0.30 per share IOC dividend received
for the same period in 2021. Equity earnings from IOC amounted to
$40.4 million or $0.63 per share in the first quarter of 2022
compared to $57.0 million or
$0.89 per share for the same period
in 2021.
Operating Highlights
|
Three Months
Ended
|
|
|
March
31,
|
|
IOC
Operations
|
2022
|
2021
|
|
|
(in millions
of tonnes)
|
Sales(1)
|
|
|
|
Pellets
|
2.43
|
2.44
|
|
Concentrate for sale
("CFS")(2)
|
1.16
|
1.68
|
|
Total(3)
|
3.58
|
4.12
|
|
|
|
|
|
Production
|
|
|
|
Concentrate
produced
|
4.39
|
4.40
|
|
|
|
|
|
Saleable
production
|
|
|
|
Pellets
|
2.46
|
2.51
|
|
CFS
|
1.64
|
1.48
|
|
Total(3)
|
4.09
|
3.99
|
|
|
|
|
|
Average index prices
per tonne (US$)
|
|
|
|
65% Fe
index(4)
|
$ 170
|
$ 191
|
|
62% Fe
index(5)
|
$ 142
|
$ 167
|
|
Pellet
premium(6)
|
$ 67
|
$ 43
|
|
|
|
|
|
(1) For
calculating the royalty to LIORC.
|
|
|
|
(2) Excludes third party ore sales.
|
|
|
|
(3)
Totals may not add up due to
rounding.
|
|
|
|
(4) The
Platts index for 65% Fe, CFR China.
|
|
|
|
(5) The
Platts index for 62% Fe, CFR China.
|
|
|
|
(6) The
Platts Atlantic Blast Furnace 65% Fe pellet premium
index.
|
|
|
|
IOC sells CFS based on the 65% Fe index. In the first
quarter of 2022, the 65% Fe index averaged US$170 per tonne, an 11% decrease over the
average of US$191 per tonne in the
first quarter of 2021. Iron ore prices decreased party as a result
of lower steel production in China
as restrictions imposed on Chinese steel production that were
initiated in the second half of 2021 continued during the quarter.
At the same time, the expected supply of seaborne iron ore by some
of the large producers was lower than expected. The monthly
pellet premium averaged US$67 per
tonne in the first quarter of 2022, up substantially from an
average of US$43 in the same quarter
of 2021, which had been negatively impacted by a reduction in
demand from European steel producers due to COVID-19.
The average price realized by IOC for CFS and pellets, FOB
Sept-Îles, net of selling costs was approximately C$219 per tonne in the first quarter of 2022
compared to C$226 per tonne in the
first quarter of 2021. The decrease in the average realized price
FOB Sept-Îles in 2022 was a result of lower CFS prices, partially
offset by higher pellet premiums.
Standardized Cash Flow and Adjusted Cash Flow
For the Corporation, standardized cash flow is the same as cash
flow from operating activities as recorded in the Corporation's
cash flow statements as the Corporation does not incur capital
expenditures or have any restrictions on dividends.
Standardized cash flow per share was $0.06 for the quarter (2021 - $0.67).
The Corporation also reports "Adjusted cash flow" which is
defined as cash flow from operating activities after adjustments
for changes in amounts receivable, accounts payable and income
taxes recoverable and payable. It is not a recognized measure
under International Financial Reporting Standards ("IFRS"). The
Directors believe that adjusted cash flow is a useful analytical
measure as it better reflects cash available for dividends to
shareholders.
The following reconciles standardized cash flow from operating
activities to adjusted cash flow.
|
3 Months
Ended
Mar. 31,
2022
|
3 Months
Ended
Mar. 31,
2021
|
|
|
(in thousands except
for per share information)
|
|
|
|
|
Standardized cash flow
from operating activities
|
$4,140
|
$42,686
|
|
Changes in amounts
receivable, accounts payable and
income taxes payable
|
25,702
|
12,724
|
|
Adjusted cash
flow
|
$29,842
|
$55,410
|
|
Adjusted cash flow per
share
|
$0.47
|
$0.87
|
|
|
|
|
|
Liquidity and Capital Resources
The Corporation
had $13.5 million in cash as at
March 31, 2022 (December 31, 2021 - $82.9
million) with total current assets of $70.3 million (December
31, 2021 - $132.6 million).
The Corporation had working capital of $27.4
million as at March 31, 2021
(December 31, 2021 - $29.6 million). The Corporation's operating cash
flow was $4.1 million and the
dividend paid during the quarter was $73.6
million, resulting in cash balances decreasing by
$69.5 million during the first
quarter of 2022.
Cash balances consist of deposits in Canadian dollars with
Canadian chartered banks. Amounts receivable primarily consist of
royalty payments from IOC. Royalty payments are received in U.S.
dollars and converted to Canadian dollars on receipt, usually 25
days after the quarter end. The Corporation does not normally
attempt to hedge this short-term foreign currency exposure.
Operating cash flow of the Corporation is sourced entirely from
IOC through the Corporation's 7% royalty, 10
cents commission per tonne and dividends from its 15.10%
equity interest in IOC. The Corporation normally pays cash
dividends from its net income to the maximum extent possible,
subject to the maintenance of appropriate levels of working
capital.
The Corporation has a $30 million
revolving credit facility with a term ending September 18, 2024 with provision for annual
one-year extensions. No amount is currently drawn under this
facility (2021 – nil) leaving $30.0
million available to provide for any capital required by IOC
or requirements of the Corporation.
John F. Tuer
President and Chief Executive Officer
Toronto, Ontario
May 5, 2022
Forward-Looking Statements
This report may contain
"forward-looking" statements that involve risks, uncertainties and
other factors that may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Words such as "may", "will", "expect",
"believe", "plan", "intend", "should", "would", "anticipate" and
other similar terminology are intended to identify forward-looking
statements. These statements reflect current assumptions and
expectations regarding future events and operating performance as
of the date of this report. Forward-looking statements involve
significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors could cause actual results to
vary significantly, including iron ore price and volume volatility;
the performance of IOC; market conditions in the steel industry;
fluctuations in the value of the Canadian and U.S. Dollar; mining
risks that cause a disruption in operations and availability of
insurance; disruption in IOC's operations caused by natural
disasters, severe weather conditions and public health crises,
including the COVID-19 outbreak; failure of information systems or
damage from cyber security attacks; adverse changes in domestic and
global economic and political conditions; changes in government
regulation and taxation; national, provincial and international
laws, regulations regarding climate change that further limit the
emissions of greenhouse gases or increase the costs of operations
for IOC or its customers; changes affecting IOC's customers;
competition from other iron ore producers; renewal of mining
licences and leases; relationships with indigenous groups;
litigation; and uncertainty in the estimates of reserves and
resources. A discussion of these factors is contained in LIORC's
annual information form dated March 11,
2022 under the heading, "Risk Factors". Although the
forward-looking statements contained in this report are based upon
what management of LIORC believes are reasonable assumptions, LIORC
cannot assure investors that actual results will be consistent with
these forward-looking statements. These forward-looking statements
are made as of the date of this report and LIORC assumes no
obligation, except as required by law, to update any
forward-looking statements to reflect new events or circumstances.
This report should be viewed in conjunction with LIORC's other
publicly available filings, copies of which can be obtained
electronically on SEDAR at www.sedar.com.
|
|
|
|
|
LABRADOR IRON ORE
ROYALTY CORPORATION
|
|
|
|
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
|
|
|
|
|
|
|
|
As at
|
|
|
March
31,
|
|
December
31,
|
(in thousands of
Canadian dollars)
|
2022
|
|
2021
|
|
|
(Unaudited)
|
Assets
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and short-term
investments
|
$
|
13,453
|
|
$
|
82,913
|
|
Amounts
receivable
|
52,635
|
|
49,681
|
|
Income taxes
recoverable
|
4,187
|
|
-
|
Total Current
Assets
|
70,275
|
|
132,594
|
|
|
|
|
|
Non-Current
Assets
|
|
|
|
|
Iron Ore Company of
Canada ("IOC")
|
|
|
|
|
royalty
and commission interests
|
234,036
|
|
235,341
|
|
Investment in
IOC
|
461,755
|
|
421,376
|
Total Non-Current
Assets
|
695,791
|
|
656,717
|
|
|
|
|
|
Total Assets
|
$
|
766,066
|
|
$
|
789,311
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts
payable
|
$
|
10,850
|
|
$
|
10,786
|
|
Dividend
payable
|
32,000
|
|
73,600
|
|
Taxes
payable
|
-
|
|
18,625
|
Total Current
Liabilities
|
42,850
|
|
103,011
|
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
|
Deferred income
taxes
|
127,910
|
|
122,240
|
Total
Liabilities
|
170,760
|
|
225,251
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
Share
capital
|
317,708
|
|
317,708
|
|
Retained
earnings
|
289,018
|
|
257,772
|
|
Accumulated other
comprehensive loss
|
(11,420)
|
|
(11,420)
|
|
|
595,306
|
|
564,060
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
|
766,066
|
|
$
|
789,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Approved by the
Directors,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John F. Tuer
|
Patricia M.
Volker
|
Director
|
Director
|
LABRADOR IRON ORE ROYALTY
CORPORATION
|
|
|
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
March 31,
|
(in thousands of
Canadian dollars except for per share information)
|
2022
|
|
2021
|
|
|
(Unaudited)
|
Revenue
|
|
|
|
|
IOC
royalties
|
$
|
53,748
|
|
$
|
65,248
|
|
IOC
commissions
|
353
|
|
406
|
|
Interest and other
income
|
63
|
|
65
|
|
|
54,164
|
|
65,719
|
Expenses
|
|
|
|
|
Newfoundland royalty
taxes
|
10,750
|
|
13,050
|
|
Amortization of royalty
and commission interests
|
1,305
|
|
1,466
|
|
Administrative
expenses
|
884
|
|
771
|
|
|
12,939
|
|
15,287
|
|
|
|
|
|
Income before equity
earnings and income taxes
|
41,225
|
|
50,432
|
Equity earnings in
IOC
|
40,379
|
|
56,977
|
|
|
|
|
|
Income before income
taxes
|
81,604
|
|
107,409
|
|
|
|
|
|
Provision for income
taxes
|
|
|
|
|
Current
|
12,688
|
|
15,501
|
|
Deferred
|
5,670
|
|
5,260
|
|
|
18,358
|
|
20,761
|
|
|
|
|
|
Net income for the
period
|
63,246
|
|
86,648
|
|
|
|
|
|
Comprehensive income
for the period
|
$
|
63,246
|
|
$
|
86,648
|
|
|
|
|
|
Net income per
share
|
$
|
0.99
|
|
$
|
1.35
|
|
|
|
|
|
LABRADOR IRON ORE
ROYALTY CORPORATION
|
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
|
March
31,
|
(in thousands of
Canadian dollars)
|
2022
|
|
2021
|
|
|
|
|
(Unaudited)
|
Net inflow (outflow)
of cash related
|
|
|
|
|
to the following
activities
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
Net income for the
period
|
$
|
63,246
|
|
$
|
86,648
|
|
Items not affecting
cash:
|
|
|
|
|
|
Equity earnings in
IOC
|
(40,379)
|
|
(56,977)
|
|
|
Current income
taxes
|
12,688
|
|
15,501
|
|
|
Deferred income
taxes
|
5,670
|
|
5,260
|
|
|
Amortization of royalty
and commission interests
|
1,305
|
|
1,466
|
|
Common share dividend
from IOC
|
-
|
|
19,013
|
|
Change in amounts
receivable
|
(2,954)
|
|
(12,858)
|
|
Change in accounts
payable
|
64
|
|
2,034
|
|
Income taxes
paid
|
(35,500)
|
|
(17,401)
|
|
Cash flow from
operating activities
|
4,140
|
|
42,686
|
|
|
|
|
|
|
|
Financing
|
|
|
|
|
|
Dividend paid to
shareholders
|
(73,600)
|
|
(115,200)
|
|
Cash flow used in
financing activities
|
(73,600)
|
|
(115,200)
|
|
|
|
|
|
|
|
Decrease in cash,
during the period
|
(69,460)
|
|
(72,514)
|
|
|
|
|
|
|
|
Cash, beginning of
period
|
82,913
|
|
106,091
|
|
|
|
|
|
|
|
Cash, end of
period
|
$
|
13,453
|
|
$
|
33,577
|
|
|
|
|
|
|
|
LABRADOR IRON ORE
ROYALTY CORPORATION
|
|
|
|
|
|
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
other
|
|
|
|
|
Share
|
|
Retained
|
comprehensive
|
|
|
(in thousands of
Canadian dollars)
|
|
capital
|
|
earnings
|
loss
|
|
Total
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at December
31, 2020
|
|
$
|
317,708
|
|
$
|
262,000
|
$
|
(13,340)
|
|
$
|
566,368
|
Net income for the
period
|
|
-
|
|
86,648
|
-
|
|
86,648
|
Dividend declared to
shareholders
|
|
-
|
|
(64,000)
|
-
|
|
(64,000)
|
Balance as at March 31,
2021
|
|
$
|
317,708
|
|
$
|
284,648
|
$
|
(13,340)
|
|
$
|
589,016
|
|
|
|
|
|
|
|
|
Balance as at December
31, 2021
|
|
$
|
317,708
|
|
$
|
257,772
|
$
|
(11,420)
|
|
$
|
564,060
|
Net income for the
period
|
|
-
|
|
63,246
|
-
|
|
63,246
|
Dividend declared to
shareholders
|
|
-
|
|
(32,000)
|
-
|
|
(32,000)
|
Balance as at March 31,
2022
|
|
$
|
317,708
|
|
$
|
289,018
|
$
|
(11,420)
|
|
$
|
595,306
|
|
|
|
|
|
|
|
|
The complete consolidated financial statements for the first
quarter ended March 31, 2022,
including the notes thereto, are posted on sedar.com and
labradorironore.com.
SOURCE Labrador Iron Ore Royalty Corporation