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	2015 - 2019
Period Ending	Sep '25 Sep 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	2015 - 2019
Net Income	110.32	175.04	186.31	265.45	379.77	227.2	Upgrade
Other Amortization	6.38	6.26	6.02	6.42	6.17	6.19	Upgrade
Loss (Gain) on Equity Investments	-12.21	-60.64	-84.68	-154.1	-229.59	-126.02	Upgrade
Other Operating Activities	17.58	80.56	53.71	61	239.16	85.66	Upgrade
Change in Accounts Receivable	-0.1	1.03	-11.11	6.92	8.66	-22.18	Upgrade
Change in Accounts Payable	0.06	-0.34	2.26	-1.5	-1.75	4.59	Upgrade
Operating Cash Flow	122.03	201.91	152.49	184.19	402.42	175.43	Upgrade
Operating Cash Flow Growth	-32.75%	32.41%	-17.21%	-54.23%	129.39%	-21.88%	Upgrade
Common Dividends Paid	-144	-172.8	-179.2	-227.2	-425.6	-147.2	Upgrade
Financing Cash Flow	-144	-172.8	-179.2	-227.2	-425.6	-147.2	Upgrade
Net Cash Flow	-21.98	29.11	-26.71	-43.01	-23.18	28.23	Upgrade
Cash Income Tax Paid	44.19	47.13	47.63	73.98	53.4	52.69	Upgrade
Levered Free Cash Flow	72.12	126.68	75.84	74.78	119.07	127.38	Upgrade
Unlevered Free Cash Flow	72.12	126.68	75.84	74.78	119.07	127.38	Upgrade
Change in Working Capital	-0.04	0.69	-8.86	5.42	6.91	-17.59	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.