Ore Delivery System Update

Notice to reader Mineral Reserves and Mineral Resources Mineral Reserve and Mineral Resource estimates are quoted for the end of 2018. Details of these Reserve and Resource estimates are set out in the 2018 Labrador Iron Ore Royalty Corporation Annual Information Form. IOC confirms that it is not aware of any new information or data that materially affects the Mineral Reserve or Mineral Resource information, that all material assumptions and technical parameters underpinning those estimates continue to apply and have not materially changed, and that the form and context of the Mineral Reserves and Mineral Resources has not been materially modified. Mineral Reserves are quoted on an as-mined (ie net of dilution and mining losses) basis. Mineral Resources are quoted on an in-situ basis. Both Mineral Reserves and Mineral Resources are quoted on a dry basis. Most of the assays and density determinations used in the reserve and resource estimates have been carried out by the IOC laboratory. QA/QC protocols have been in place since 2004. Assay standards are inserted after each 12th sample and duplicate assays are carried out on every 50th sample. A limited number of twinned holes have been compared to validate the assays from holes drilled before the commencement of the QA/QC program. The sampling protocol has been reviewed and the chain of custody of samples has been reviewed on an ad-hoc basis, although this is not part of the routine QA/QC process. Reconciliations of modelled ore tonnes and qualities against measured tonnes and qualities are carried out monthly, to validate the reserve models. Mineral resources exclude Mineral Reserves Mineral Reserves and Mineral Resources were prepared under the supervision of Mr Tim Leriche, who is a Qualified Person as defined in NI 43-101 and who is a Member of Professional Engineers and Geoscientists Newfoundland and Labrador. Mr. Leriche is a full-time employee of IOC and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he has undertaken to qualify as a Qualified Person as defined in NI 43-101. Mr. Leriche consents to the inclusion in the presentation of Mineral Reserve and Mineral Resource in the form and context in which it appears. 3

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