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	Mar '26 Mar 31, 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	92.36	100.58	175.04	186.31	265.45	379.77
Depreciation & Amortization	6	6.17	6.26	6.02	6.42	6.17
Other Adjustments	32.15	23.86	67.05	16.66	-19.12	62.98
Change in Receivables	3.7	10.69	1.03	-11.11	6.92	8.66
Changes in Accounts Payable	-0.84	-2.29	-0.34	2.26	-1.5	-1.75
Changes in Other Operating Activities	-37.91	-41.95	-47.13	-47.63	-73.98	-53.4
Operating Cash Flow	95.45	97.07	201.91	152.49	184.19	402.42
Operating Cash Flow Growth	-51.45%	-51.92%	32.41%	-17.21%	-54.23%	129.39%
Common Dividends Paid	-99.2	-124.8	-172.8	-179.2	-227.2	-425.6
Financing Cash Flow	-99.2	-124.8	-172.8	-179.2	-227.2	-425.6
Net Cash Flow	-3.75	-27.73	29.11	-26.71	-43.01	-23.18
Free Cash Flow	95.45	97.07	201.91	152.49	184.19	402.42
Free Cash Flow Growth	-1.66%	-51.92%	32.41%	-17.21%	-54.23%	129.39%
FCF Margin	57.59%	58.52%	97.30%	76.18%	79.28%	144.00%
Free Cash Flow Per Share	1.50	1.52	3.15	2.38	2.88	6.29
Levered Free Cash Flow	59.61	62.52	133.83	146.95	196.39	330.79
Unlevered Free Cash Flow	54.9	50.69	84.2	79.54	72.49	134.45