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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	77.09	100.58	175.04	186.31	265.45	379.77
Depreciation & Amortization	5.66	6.17	6.26	6.02	6.42	6.17
Other Adjustments	37.59	23.86	67.05	16.66	-19.12	62.98
Change in Receivables	12.8	10.69	1.03	-11.11	6.92	8.66
Changes in Accounts Payable	-2.49	-2.29	-0.34	2.26	-1.5	-1.75
Changes in Other Operating Activities	-35.27	-41.95	-47.13	-47.63	-73.98	-53.4
Operating Cash Flow	95.38	97.07	201.91	152.49	184.19	402.42
Operating Cash Flow Growth	-27.88%	-51.92%	32.41%	-17.21%	-54.23%	129.39%
Common Dividends Paid	-86.4	-124.8	-172.8	-179.2	-227.2	-425.6
Financing Cash Flow	-86.4	-124.8	-172.8	-179.2	-227.2	-425.6
Net Cash Flow	8.98	-27.73	29.11	-26.71	-43.01	-23.18
Free Cash Flow	95.38	97.07	201.91	152.49	184.19	402.42
Free Cash Flow Growth	-27.88%	-51.92%	32.41%	-17.21%	-54.23%	129.39%
FCF Margin	62.33%	58.52%	97.30%	76.18%	79.28%	144.00%
Free Cash Flow Per Share	1.48	1.52	3.15	2.38	2.88	6.29
Levered Free Cash Flow	45	62.52	133.83	146.95	196.39	330.79
Unlevered Free Cash Flow	47.19	50.69	84.2	79.54	72.49	134.45