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Labrador Iron Ore Royalty (LIF) investor relations material
Labrador Iron Ore Royalty Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Third quarter 2025 results were impacted by lower concentrate for sale (CFS) sales and declining pellet premiums, partially offset by higher iron ore prices and increased pellet sales volumes.
Royalty revenue rose 5% year-over-year to $43.4 million, but net income per share fell 11% to $0.47.
Adjusted cash flow per share dropped 44% year-over-year, mainly due to the absence of an IOC dividend this quarter.
Financial highlights
Revenue for Q3 2025 was $44.0 million, up from $42.3 million in Q3 2024.
Net income for Q3 2025 was $30.4 million ($0.47 per share), down from $33.6 million ($0.53 per share) in Q3 2024.
Adjusted cash flow per share was $0.38, down from $0.68 in Q3 2024.
No IOC dividend was received in Q3 2025, compared to $20.3 million in Q3 2024.
Cash flow from operations was $32.7 million, down from $43.0 million in Q3 2024.
Outlook and guidance
IOC's 2025 saleable production is expected at the low end of the 16.5–19.4 million tonne guidance.
IOC revised 2025 capital expenditure forecast to US$288 million, down from US$342 million.
Iron ore prices remain stable post-quarter, but pellet premiums continue to decline; long-term iron ore price outlook remains challenging.
World Steel Association projects flat global steel demand in 2025 and moderate growth in 2026, contingent on European and Chinese market recovery.
How will IOC's stripping impact future dividends?
IOC operational efficiency improvements
How will IOC optimize product mix in weak market?
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Next Labrador Iron Ore Royalty earnings date
Q4 202510 Mar, 2026
Next Labrador Iron Ore Royalty earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
Labrador Iron Ore Royalty Corporation (LIORC) is a Canadian company primarily involved in the business of equity investments and the management of a royalty stream derived from iron ore mining operations. LIORC earns its revenues through a direct equity interest in Iron Ore Company of Canada (IOC), which is a leading North American producer and exporter of premium iron ore pellets and high-grade concentrate. The corporation benefits from commissioning revenues based on the sales of iron ore products produced by IOC. The company is headquartered in Toronto, Ontario, and its shares are listed on the Toronto Stock Exchange.
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