Labrador Iron Ore Royalty Income Fund

Labrador Iron Ore Royalty Income Fund indirectly holds a 7% gross overriding royalty on sales as well as a $0.10 per tonne fee and 15.1% equity interest in Iron Ore Company of Canada (IOC), which is the largest iron ore producer in Canada and one of the largest pellet producers worldwide. IOC has mining, concentrating and pelletizing operations at Labrador City, Newfoundland and Labrador.