Labrador Iron Ore Royalty (LIF) Investor Presentation summary

Ownership and asset overview

• Holds 15.1% equity and a 7% top-line royalty in a major iron ore producer with a 21-year reserve life and significant infrastructure, operated by a world-class partner.

• Receives a commission on all sales and benefits from a stable, long-life, high-grade resource.

Operational performance and improvement

• 2024 saleable production estimated at 15.9M tonnes, below nameplate capacity due to operational challenges and forest fires.

• Nearly US$1.5 billion invested in capital expenditures over four years to address operational issues and improve output.

• Strategy focuses on stabilizing operations, optimizing the value chain, and advancing growth for green steel transition.

Decarbonization and sustainability

• Targeting a 50% reduction in Scope 1 & 2 emissions by 2030, leveraging hydro power and electrified equipment.

• Pursuing a 50% reduction in Scope 3 emissions by 2035, with R&D on biocarbon and plasma technologies.

• Positioned to benefit from growing demand for direct reduction pellets and green steel initiatives.