TORONTO, May 4, 2023
/CNW/ - Labrador Iron Ore Royalty Corporation ("LIORC") (TSX:
LIF) announced today its operation and cash flow results for the
first quarter ended March 31,
2023.
To the Holders of Common Shares of Labrador Iron Ore Royalty
Corporation
The Directors of Labrador Iron Ore Royalty Corporation ("LIORC"
or the "Corporation") present the first quarter report for the
period ended March 31, 2023.
Financial Performance
In the first quarter of 2023, LIORC's financial results were
negatively impacted by lower sales of pellets and lower average
realized concentrate and pellet prices. Royalty revenue for the
first quarter of 2023 of $46.5
million was 13% lower than the first quarter of 2022 due to
lower sales tonnages of pellets and lower average realized
concentrate and pellet prices and 4% lower than the fourth quarter
of 2022 due to lower pellet premiums and lower CFS sales tonnages,
partly offset by higher iron ore prices. Equity earnings from Iron
Ore Company of Canada ("IOC") were
$21.8 million in the first quarter of
2023 compared to $40.4 million in the
first quarter of 2022 and $19.7
million in the fourth quarter of 2022. Net income per share
for the first quarter of 2023 was $0.68 per share, which was a 31% decrease over
the same period in 2022 and a 3% decrease over the fourth quarter
of 2022. The adjusted cash flow per share for the first quarter of
2023 was $0.41 per share, which was
13% lower than in the same period in 2022 and 37% lower than the
fourth quarter of 2022, as LIORC received a dividend in the amount
of $15.4 million from IOC in the
fourth quarter of 2022. While adjusted cash flow is not a
recognized measure under International Financial Reporting
Standards ("IFRS"), the Directors believe that it is a useful
analytical measure as it better reflects cash available for
dividends to shareholders.
Concerns about the outlook for global steel demand continued to
negatively impact iron ore prices in the first quarter of 2023.
According to the World Steel Association, global crude steel
production was flat in the first quarter of 2023 compared to the
first quarter of 2022. Crude steel production in China was 6% higher, offset by crude steel
production outside of China, which
decreased 7%. Iron ore prices did improve from the lows experienced
in the second half of 2022, as China eased its zero COVID-19 policy of strict
lockdowns. However, ongoing concerns about China's weakened property sector and global
recessionary concerns outside of China offset some of the expected gains.
IOC sells concentrate for sale ("CFS") based on the Platts index
for 65% Fe, CFR China ("65% Fe index"). All references to tonnes
and per tonne prices in this report refer to wet metric tonnes,
other than references to Platts quoted pricing, which refer to dry
metric tonnes. Historically, IOC's wet ore contains approximately
3% less ore per equivalent volume than dry ore. In the first
quarter of 2023, the 65% Fe index averaged US$140 per tonne, a 26% increase over the prior
quarter, but an 18% decrease over the average of US$170 per tonne in the first quarter of 2022.
The monthly Atlantic Blast Furnace 65% Fe pellet premium index as
quoted by Platts (the "pellet premium") averaged US$46 per tonne in the first quarter of 2023,
down substantially from an average of US$67 in the same quarter of 2022, as steel
producers in Europe, who have been
traditional buyers of iron ore pellets, reduced production, and as
lower steel margins caused other producers to substitute higher
quality pellets with less expensive lower quality iron ore.
Overall, as a result of lower prices and a change in the product
mix (higher CFS sales and lower pellet sales), based on sales as
reported for the LIORC royalty, the average price realized by IOC
for CFS and pellets, FOB Sept-Îles, was approximately US$136 per tonne in the first quarter of 2023,
compared to approximately US$173 per
tonne in the first quarter of 2022.
Iron Ore Company of Canada Operations
Operations
IOC concentrate production in the first quarter of 2023 of 4.6
million tonnes was 6% higher than the same quarter of 2022, and 3%
lower than the fourth quarter of 2022. Concentrate production in
the first quarter of 2023 was negatively affected in February by an
adverse weather event, frozen material in the mine, ore delivery
system reliability and Mill 13 feeder repairs. IOC saleable
production (CFS plus pellets) of 4.3 million tonnes in the first
quarter of 2023 was 5% higher than the same quarter of 2022. Pellet
production of 2.2 million tonnes was 11% lower than the
corresponding quarter in 2022, mainly due a lack of feed at certain
times from the concentrator (driven by the adverse weather event)
and plant reliability due to issues in the loadout/screenhouse and
filtering and balling. CFS production of 2.1 million
tonnes was 29% higher than the same quarter of 2022 mainly 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 3.7
million tonnes in the first quarter of 2023 was 2% higher than the
total sales tonnage for the same period in 2022, and 8% lower than
the fourth quarter of 2022. IOC sales tonnage was negatively
affected by inventory availability, vessel arrival delays due to
weather, maintenance overruns, and equipment reliability
issues. Pellet sales tonnages were 19% lower than the same
quarter of 2022 and 1% higher than the fourth quarter of 2022. CFS
sales tonnages were 47% higher than the same quarter of 2022 and
16% lower than the fourth quarter of 2022.
Outlook
Rio Tinto's 2023 guidance for IOC's saleable production (CFS
plus pellets) remains at 17.9 million to 19.6 million tonnes. This
compares to 17.6 million tonnes of saleable production in 2022. IOC
continues to focus on upgrading its capital assets through
increased capital expenditures. As reported in the 2022 Annual
Report, IOC's capital expenditures for 2023 are forecasted to be
$534 million, up from $460 million in 2022 and $498 million in 2021. These capital expenditure
initiatives will benefit LIORC as both an equity holder and a
royalty holder.
IOC's hourly employees are represented by three unions. At
December 31, 2022, the United
Steelworkers ("USW") represented approximately 1,576 employees at
Labrador City and 374 at
Sept-Îles, the United Transportation Union ("UTU") represented
approximately 102 employees mostly based at Sept-Îles and the
Marine Guild represented 4 employees at Sept-Îles. A five year
collective agreement with the USW came into effect as of
March 1, 2018 and was in effect until
February 28, 2023. Negotiations began
in November 2022 and in April 2023 the USW employees ratified new five
year collective bargaining agreements, avoiding any work
interruptions and providing IOC with a motivated, stable workforce.
The agreement with the UTU came into effect on March 1, 2019 and will remain in effect until
February 29, 2024. The agreement with
the Marine Guild came into effect on September 1, 2019 and will remain in effect until
August 31, 2024.
There remains some uncertainty regarding the outlook for
seaborne iron ore. The economic health of the property markets in
China remains a significant
concern, as China accounts for
over 70% of the global seaborne iron ore demand. Also, declines in
global steel production due to recessionary concerns may also
impact future iron ore prices. Since the end of the first quarter,
iron ore prices have continued to trend lower. In April 2023, the average price of the 65% Fe index
was US$131 per tonne, or 7% lower
than the average of the 65% Fe index for the first quarter of 2023.
However, current prices are still materially higher than iron ore
prices experienced in the second half of 2022, and LIORC remains
well positioned to continue to benefit from royalty revenues and
expected future dividends from IOC in the current iron ore pricing
environment.
LIORC has no debt and at March 31,
2023 had positive net working capital (current assets less
current liabilities) of $23 million,
which included the first quarter net royalty payment received from
IOC on April 25, 2023 and the LIORC
dividend in the amount of $0.50 per
share paid to shareholders on the next day.
Respectfully submitted on behalf of the Directors of the
Corporation,
John F. Tuer
President and Chief Executive Officer
May 4, 2023
Management's Discussion and Analysis
The following discussion and analysis should be read in
conjunction with the Management's Discussion and Analysis section
of Labrador Iron Ore Royalty Corporation's ("LIORC" or the
"Corporation") 2022 Annual Report, and the financial statements and
notes contained therein and the March 31,
2023 interim condensed consolidated financial
statements.
Overview of the Business
The Corporation's revenues are entirely dependent on the
operations of IOC as its principal assets relate to the operations
of IOC and its principal source of revenue is the 7% royalty it
receives on all sales of iron ore products by IOC. In addition to
the volume of iron ore sold, the Corporation's royalty revenue is
affected by the price of iron ore and the Canadian – U.S. dollar
exchange rate. The first quarter sales of IOC are traditionally
adversely affected by the general winter operating conditions and
are usually 15% – 20% of the annual volume, with the balance spread
fairly evenly throughout the other three quarters. Because of the
size of individual shipments, some quarters may be affected by the
timing of the loading of ships that can be delayed from one quarter
to the next.
Financial Highlights
Financial and
Operating Highlights
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2023
|
2022
|
|
($ in millions
except per share information)
|
|
|
|
Revenue
|
47.2
|
54.2
|
Equity earnings from
IOC
|
21.8
|
40.4
|
Net
income
|
43.6
|
63.2
|
Net income per
share
|
$ 0.68
|
$ 0.99
|
Cash flow from
operations
|
19.5
|
4.1
|
Cash flow from
operations per share(1)
|
$ 0.30
|
$ 0.06
|
Adjusted cash
flow(1)
|
26.1
|
29.8
|
Adjusted cash flow per
share(1)
|
$ 0.41
|
$ 0.47
|
Dividends declared per
share
|
$ 0.50
|
$ 0.50
|
(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 from IOC achieved
in the first quarter of 2023 as compared to 2022 were mainly
due to lower iron ore prices and pellet premiums and an adverse
change in product mix of sales (less pellets and more CFS). The
first quarter of 2023 sales tonnages (CFS plus pellets) were higher
by 2%. While CFS sales tonnages were 47% higher than the same
quarter in 2022, pellet sales were 19% lower, predominantly due to
inventory availability, vessel arrival delays due to weather,
maintenance overruns, and equipment reliability issues.
The lower pellets sales tonnages and a decrease in the average
realized sales price of pellets and CFS, resulted in royalty income
of $46.5 million for the quarter as
compared to $53.7 million for the
same period in 2022. First quarter 2023 cash flow from operations
was $19.5 million or $0.30 per share compared to $4.1 million or $0.06 per share for the same period in 2022.
Equity earnings from IOC amounted to $21.8
million or $0.34 per share in
the first quarter of 2023 compared to $40.4
million or $0.63 per share for
the same period in 2022.
Operating Highlights
|
Three Months
Ended
|
|
March
31,
|
IOC
Operations
|
2023
|
2022
|
|
(in millions
of tonnes)
|
Sales(1)
|
|
|
Pellets
|
1.96
|
2.43
|
Concentrate for sale
("CFS")(2)
|
1.69
|
1.16
|
Total(3)
|
3.65
|
3.58
|
|
|
|
Production
|
|
|
Concentrate
produced
|
4.63
|
4.39
|
|
|
|
Saleable
production
|
|
|
Pellets
|
2.19
|
2.46
|
CFS
|
2.11
|
1.64
|
Total(3)
|
4.30
|
4.09
|
|
|
|
Average index prices
per tonne (US$)
|
|
|
65% Fe
index(4)
|
$ 140
|
$ 170
|
62% Fe
index(5)
|
$ 126
|
$ 142
|
Pellet
premium(6)
|
$
46
|
$
67
|
(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
2023, the 65% Fe index averaged US$140 per tonne, an 18% decrease over the
average of US$170 per tonne in the
first quarter of 2022. Iron ore prices improved from the lows
experienced in the second half of 2022, as China eased its zero COVID-19 policy of strict
lockdowns. However, ongoing concerns about the China's weakened property sector and global
recessionary concerns outside of China offset some of the expected gains. The
monthly pellet premium averaged US$46
per tonne in the first quarter of 2023, down substantially from an
average of US$67 in the same quarter
of 2022, as steel producers in Europe, who have been traditional buyers of
iron ore pellets, reduced production, and as lower steel margins
caused other producers to substitute higher quality pellets with
less expensive lower quality iron ore.
Based on sales as reported for the LIORC royalty, the overall
average price realized by IOC for CFS and pellets, FOB Sept-Îles
was approximately US$136 per tonne in
the first quarter of 2023 compared to US$173 per tonne in the first quarter of 2022.
The decrease in the average realized price FOB Sept-Îles in 2023
was a result of lower CFS prices, lower pellet premiums and a
change in the product mix (higher CFS sales and lower pellet
sales).
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 $0.30 for the
quarter (2022 - $0.06).
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
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,
2023
|
3 Months
Ended
Mar. 31,
2022
|
|
|
(in millions except
for per share information)
|
|
|
|
|
|
|
Standardized cash flow
from operating activities
|
$19.5
|
$4.1
|
|
|
Changes in amounts
receivable, accounts payable and income taxes recoverable and
payable
|
6.6
|
25.7
|
|
Adjusted cash
flow
|
$26.1
|
$29.8
|
|
Adjusted cash flow per
share
|
$0.41
|
$0.47
|
|
Liquidity and Capital Resources
The Corporation had $14.6 million
in cash as at March 31, 2023
(December 31, 2022 - $39.9 million) with total current assets of
$65.1 million (December 31, 2022 - $83.0
million). The Corporation had working capital of
$23.1 million as at March 31, 2022 (December
31, 2022 - $28.9 million). The
Corporation's operating cash flow was $19.5
million and the dividend paid during the quarter was
$44.8 million, resulting in cash
balances decreasing by $25.3 million
during the first quarter of 2023.
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 19, 2025 with provision for annual
one-year extensions. No amount is currently drawn under this
facility (2022 – 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 4, 2023
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 and policies 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 licenses 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
7, 2023 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.
Notice:
The following unaudited interim condensed
consolidated financial statements of the Corporation have been
prepared by and are the responsibility of the Corporation's
management. The Corporation's independent auditor has not reviewed
these interim financial statements.
LABRADOR IRON ORE
ROYALTY CORPORATION
|
|
|
|
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
|
|
March
31,
|
|
December
31,
|
(in thousands of
Canadian dollars)
|
2023
|
|
2022
|
|
|
(Unaudited)
|
Assets
|
|
|
|
Current
Assets
|
|
|
|
|
Cash
|
$
14,590
|
|
$
39,904
|
|
Amounts
receivable
|
47,640
|
|
42,758
|
|
Income taxes
recoverable
|
2,830
|
|
357
|
Total Current
Assets
|
65,060
|
|
83,019
|
|
|
|
|
|
Non-Current
Assets
|
|
|
|
|
Iron Ore Company of
Canada ("IOC")
|
|
|
|
|
royalty
and commission interests
|
227,336
|
|
228,918
|
|
Investment in
IOC
|
535,645
|
|
513,828
|
Total Non-Current
Assets
|
762,981
|
|
742,746
|
|
|
|
|
|
Total Assets
|
$
828,041
|
|
$
825,765
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
$
9,987
|
|
$
9,286
|
|
Dividend
payable
|
32,000
|
|
44,800
|
Total Current
Liabilities
|
41,987
|
|
54,086
|
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
|
Deferred income
taxes
|
137,030
|
|
134,220
|
Total
Liabilities
|
179,017
|
|
188,306
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
Share
capital
|
317,708
|
|
317,708
|
|
Retained
earnings
|
336,386
|
|
324,821
|
|
Accumulated other
comprehensive loss
|
(5,070)
|
|
(5,070)
|
|
|
649,024
|
|
637,459
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
828,041
|
|
$
825,765
|
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)
|
2023
|
|
2022
|
|
|
(Unaudited)
|
Revenue
|
|
|
|
|
IOC
royalties
|
$
46,543
|
|
$
53,748
|
|
IOC
commissions
|
359
|
|
353
|
|
Interest and other
income
|
312
|
|
63
|
|
|
47,214
|
|
54,164
|
Expenses
|
|
|
|
|
Newfoundland royalty
taxes
|
9,309
|
|
10,750
|
|
Amortization of royalty
and commission interests
|
1,582
|
|
1,305
|
|
Administrative
expenses
|
655
|
|
884
|
|
|
11,546
|
|
12,939
|
|
|
|
|
|
Income before equity earnings and income
taxes
|
35,668
|
|
41,225
|
Equity earnings in IOC
|
21,817
|
|
40,379
|
|
|
|
|
|
Income before income
taxes
|
57,485
|
|
81,604
|
|
|
|
|
|
Provision for income
taxes
|
|
|
|
|
Current
|
11,110
|
|
12,688
|
|
Deferred
|
2,810
|
|
5,670
|
|
|
13,920
|
|
18,358
|
|
|
|
|
|
Net income for the period
|
43,565
|
|
63,246
|
|
|
|
|
|
Comprehensive income for the
period
|
$
43,565
|
|
$
63,246
|
|
|
|
|
|
Basic and diluted income per
share
|
$
0.68
|
|
$
0.99
|
LABRADOR IRON ORE
ROYALTY CORPORATION
|
|
|
|
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three months
Ended
|
|
|
|
|
March
31,
|
(in thousands of
Canadian dollars)
|
2023
|
|
2022
|
|
|
|
|
(Unaudited)
|
Net inflow (outflow)
of cash related
|
|
|
|
|
to the following
activities
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
Net income for the
period
|
$
43,565
|
|
$
63,246
|
|
Items not affecting
cash:
|
|
|
|
|
|
Equity earnings in
IOC
|
(21,817)
|
|
(40,379)
|
|
|
Current income
taxes
|
11,110
|
|
12,688
|
|
|
Deferred income
taxes
|
2,810
|
|
5,670
|
|
|
Amortization of royalty
and commission interests
|
1,582
|
|
1,305
|
|
Change in amounts
receivable
|
(4,882)
|
|
(2,954)
|
|
Change in accounts
payable
|
701
|
|
64
|
|
Income taxes
paid
|
(13,583)
|
|
(35,500)
|
|
Cash flow from
operating activities
|
19,486
|
|
4,140
|
|
|
|
|
|
|
|
Financing
|
|
|
|
|
|
Dividend paid to
shareholders
|
(44,800)
|
|
(73,600)
|
|
Cash flow used in
financing activities
|
(44,800)
|
|
(73,600)
|
|
|
|
|
|
|
|
Decrease in cash,
during the period
|
(25,314)
|
|
(69,460)
|
|
|
|
|
|
|
|
Cash, beginning of
period
|
39,904
|
|
82,913
|
|
|
|
|
|
|
|
Cash, end of
period
|
$
14,590
|
|
$
13,453
|
LABRADOR IRON ORE
ROYALTY CORPORATION
|
|
|
|
|
|
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
other
|
|
|
Common
|
Share
|
Retained
|
comprehensive
|
|
(in thousands of
Canadian dollars except share amounts)
|
shares
|
capital
|
earnings
|
loss
|
Total
|
|
(Unaudited)
|
|
|
|
|
|
|
Balance as at December
31, 2021
|
64,000,000
|
$
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
|
64,000,000
|
$
317,708
|
$
289,018
|
$
(11,420)
|
$
595,306
|
|
|
|
|
|
|
Balance as at December
31, 2022
|
64,000,000
|
$
317,708
|
$
324,821
|
$
(5,070)
|
$
637,459
|
Net income for the
period
|
-
|
-
|
43,565
|
-
|
43,565
|
Dividend declared to
shareholders
|
-
|
-
|
(32,000)
|
-
|
(32,000)
|
Share of other
comprehensive income from investment in IOC (net of
taxes)
|
-
|
-
|
-
|
-
|
-
|
Balance as at March 31,
2023
|
64,000,000
|
$
317,708
|
$
336,386
|
$
(5,070)
|
$
649,024
|
The complete consolidated financial statements for the first
quarter ended March 31, 2023,
including the notes thereto, are posted on sedar.com and
labradorironore.com.
SOURCE Labrador Iron Ore Royalty Corporation