Labrador Iron Ore Royalty Corporation press release

Labrador Iron Ore Royalty Corporation - Update on COVID-19

2020-03-24

TSX - Toronto Stock Exchange · Iron · Canada

Canada NewsWire

TORONTO, March 24, 2020

TORONTO, March 24, 2020/CNW/ - Because of the threat of COVID-19, the Premier of Quebechas announced the closure of all non-essential businesses from midnight on March 24, 2020to April 13, 2020. Labrador Iron Ore Royalty Corporation understands that the Quebecgovernment has designated industrial complexes including the mining industry as essential industries, but instructed that such companies must reduce their business activity to the minimum. In addition, the Government of Newfoundlandand Labradoris requiring that all travellers self-isolate for 14 days when returning to Newfoundlandand Labradorfrom anywhere in Canadaand internationally. Iron Ore Company of Canada("IOC") has indicated that it will work with the Quebecand Newfoundlandand Labradorgovernments to comply with their directives. At present, IOC expects that the mining, processing and shipping operations will continue within each province's COVID-19 guidelines, while keeping activities to a minimum.

About Labrador Iron Ore Royalty Corporation

The 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 and a 10 centper tonne commission on all iron ore products produced, sold and shipped by IOC. (TSX: LIF)

SOURCE Labrador Iron Ore Royalty Corporation

View original content: http://www.newswire.ca/en/releases/archive/March2020/24/c3633.html

John F. Tuer, President & Chief Executive Officer, (416) 362-0066, E-mail- investor.relations@labradorironore.comCopyright CNW Group 2020