Labrador Iron Ore Royalty Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2016 - 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2016 - 2020
Net Income	113.48	175.04	186.31	265.45	379.77	227.2	Upgrade
Other Amortization	6.31	6.26	6.02	6.42	6.17	6.19	Upgrade
Loss (Gain) on Equity Investments	-13.36	-60.64	-84.68	-154.1	-229.59	-126.02	Upgrade
Other Operating Activities	24.79	80.56	53.71	61	239.16	85.66	Upgrade
Change in Accounts Receivable	1.32	1.03	-11.11	6.92	8.66	-22.18	Upgrade
Change in Accounts Payable	-0.28	-0.34	2.26	-1.5	-1.75	4.59	Upgrade
Operating Cash Flow	132.26	201.91	152.49	184.19	402.42	175.43	Upgrade
Operating Cash Flow Growth	-35.22%	32.41%	-17.21%	-54.23%	129.39%	-21.88%	Upgrade
Common Dividends Paid	-195.2	-172.8	-179.2	-227.2	-425.6	-147.2	Upgrade
Financing Cash Flow	-195.2	-172.8	-179.2	-227.2	-425.6	-147.2	Upgrade
Net Cash Flow	-62.94	29.11	-26.71	-43.01	-23.18	28.23	Upgrade
Cash Income Tax Paid	54.04	47.13	47.63	73.98	53.4	52.69	Upgrade
Levered Free Cash Flow	29.97	126.68	75.84	74.78	119.07	127.38	Upgrade
Unlevered Free Cash Flow	29.97	126.68	75.84	74.78	119.07	127.38	Upgrade
Change in Working Capital	1.03	0.69	-8.86	5.42	6.91	-17.59	Upgrade

Updated Mar 11, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.