IOC Restarting Operations in Labrador City

TORONTO, July 23, 2024 /CNW/ - On July 12, 2024 more than 7,000 residents of Labrador City (including more than 2,000 Iron Ore Company of Canada ("IOC") employees) were ordered by provincial authorities to evacuate the town due to the threat of nearby forest fires. That evacuation order was officially lifted on Monday July 22, 2024, and IOC has begun the process of restarting iron ore operations in Labrador City. In addition, IOC has announced that it has donated CAN$125,000 to the Canadian Red Cross to support relief efforts in connection with the recent wildfires in the Labrador West region and has committed an additional CAN$75,000 to support community organizations assisting with the recovery phase.

About Labrador Iron Ore Royalty Corporation

Labrador Iron Ore Royalty Corporation holds a 15.10% equity interest in IOC directly and through its wholly-owned subsidiary, Hollinger-Hanna Limited, and receives a 7% gross overriding royalty on all iron ore products produced, sold and shipped by IOC and a 10 cent per tonne commission on all iron ore products produced and sold by IOC.

SOURCE Labrador Iron Ore Royalty Corporation