LABRADOR IRON ORE ROYALTY CORPORATION - RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2024

To the Holders of Common Shares of Labrador Iron Ore Royalty Corporation

The Directors of Labrador Iron Ore Royalty Corporation ("LIORC" or the "Corporation") present the first quarter report for the period ended March 31, 2024 .

Financial Performance

In the first quarter of 2024, LIORC's financial results benefited from higher sales tonnages of pellets and concentrate for sale ("CFS"), partly offset by lower iron ore prices and pellet premiums. Royalty revenue for the first quarter of 2024 of $56.0 million was 20% higher than the first quarter of 2023 and 3% higher than the fourth quarter of 2023. Equity earnings from Iron Ore Company of Canada ("IOC") were $34.3 million in the first quarter of 2024 compared to $21.8 million in the first quarter of 2023 and $26.2 million in the fourth quarter of 2023. Net income per share for the first quarter of 2024 was $0.93 per share, which was a 36% increase over the same period in 2023 and a 15% increase over the fourth quarter of 2023. The adjusted cash flow per share for the first quarter of 2024 was $0.49 per share, which was 20% higher than in the same period in 2023 and 4% higher than the fourth quarter of 2023. While adjusted cash flow is not a recognized measure under International Financial Reporting Standards ("IFRS"), the Directors believe that it is a useful analytical measure as it better reflects cash available for dividends to shareholders.

Ongoing uncertainty regarding the outlook for global steel demand and an unexpected increase in iron ore shipments from Brazil contributed to an almost 25% decrease in iron ore prices during the first quarter of 2024.  According to the World Steel Association, global crude steel production was up 1% in the first quarter of 2024 compared to the first quarter of 2023. However, concerns regarding steel demand, particularly as a result of China's troubled property sector and lower profit margins for steel producers has put pressure on the demand for higher quality iron ore and pellets. On the supply side, decreases in seaborne iron ore shipments from western Australia were offset by a 15% increase in iron ore shipments by Vale due to operational improvements during Brazil's traditionally rainy season.

IOC sells concentrate for sale ("CFS") based on the Platts index for 65% Fe, CFR China ("65% Fe index"). All references to tonnes and per tonne prices in this report refer to wet metric tonnes, other than references to Platts quoted pricing, which refer to dry metric tonnes. Historically, IOC's wet ore contains approximately 3% less ore per equivalent volume than dry ore. In the first quarter of 2024, the 65% Fe index averaged US$136 per tonne, a 2% decrease over the prior quarter and a 3% decrease over the average of US$140 per tonne in the first quarter of 2023. However, while the 65% Fe Index started the quarter at a robust US$153 per tonne, it finished the quarter at US$115 per tonne.

The monthly Atlantic Blast Furnace 65% Fe pellet premium index as quoted by Platts (the "pellet premium") averaged US$40 per tonne in the first quarter of 2024, down 12% from an average of US$46 per tonne in the same quarter of 2023, as lower steel margins continued to cause steel producers to substitute higher quality pellets with less expensive lower quality iron ore. Based on sales as reported for the LIORC royalty, the overall average price realized by IOC for CFS and pellets, FOB Sept-Îles, was approximately US$133 per tonne in the first quarter of 2024, compared to approximately US$136 per tonne in the first quarter of 2023.

Iron Ore Company of Canada Operations

Operations

IOC concentrate production in the first quarter of 2024 of 4.7 million tonnes was 3% higher than the same quarter of 2023 and 5% lower than the fourth quarter of 2023. Concentrate production in the first quarter of 2024 benefited from a lower strip ratio as a result of changes in the mining sequence, which resulted in an increase in the amount of crushed ore that was delivered to the concentrator.

IOC saleable production (CFS plus pellets) of 4.4 million tonnes in the first quarter of 2024 was 3% higher than the same quarter of 2023. Pellet production of 2.5 million tonnes was 15% higher than the corresponding quarter in 2023, due to an increase in the availability of concentrate and fewer plant reliability issues than in 2023. CFS production of 1.9 million tonnes was 9% lower than the same quarter of 2023 mainly due to the higher production of pellets.

Sales as Reported for the LIORC Royalty

Total iron ore sales tonnage by IOC (CFS plus pellets) of 4.4 million tonnes in the first quarter of 2024 was 20% higher than the total sales tonnage for the same period in 2023 and 1% higher than the fourth quarter of 2023.  The increase in IOC sales tonnage was largely a result of improved availability of inventory and timing of vessels. Pellet sales tonnages were 25% higher than the same quarter of 2023 and 7% higher than the fourth quarter of 2023. CFS sales tonnages were 13% higher than the same quarter of 2023 and 6% lower than the fourth quarter of 2023.

Outlook

Rio Tinto's 2024 guidance for IOC's saleable production (CFS plus pellets) remains at 16.7 million to 19.6 million tonnes. This compares to 16.5 million tonnes of saleable production in 2023. IOC continues to focus on upgrading its capital assets through increased capital expenditures.  As reported in the 2023 Annual Report, IOC's capital expenditures for 2024 are forecasted to be US$431 million , up from US$362 million in 2023.

While lower capital investment rates, higher inflation and monetary tightening continue to negatively affect global steel demand, recently seaborne iron ore prices have shown some resiliency. Since the end of the first quarter, iron ore prices have improved. At the end of April 2024 , the 65% Fe index was US$131 per tonne or 14% higher than at the end of the first quarter of 2024.  Longer term the outlook for iron ore and high-quality iron ore in particular, is positive.  The World Steel Association forecasts that global steel demand will grow by 1.7% in 2024 and 1.2% in 2025. It expects that steel demand in China in 2024 will remain flat, as declining demand from real estate investments is offset by growth in steel demand from infrastructure investments and manufacturing sectors. However, it forecasts broad-based growth in steel demand for the world excluding China of 3.5% per annum over 2024 and 2025, with India emerging as the strongest driver with 8% growth in its steel demand over 2024 and 2025. It also forecasts steel demand in the European Union showing a meaningful pick up in 2025 and continued resilience in the US, Japan and Korea.

Lastly, significant additional demand for the type of high-quality iron ore products that IOC is capable of producing will come from the global transition to green steel.  Currently, steel production accounts for 7% – 9% of the world's greenhouse gas ("GHG") emissions.  The transition to steel production by way of the Electric Arc Furnace ("EAF") process and away from the Blast Furnace or Basic Oxygen Furnace process has the potential to substantially reduce GHG emissions.  This transition to EAF technology requires iron ore products with very low deleterious materials and a high iron content, such as those produced by IOC. According to Wood Mackenzie, just 8% of iron ore production is prime grade suitable for green steelmaking and another 15% – 20% can be processed to become such prime grade material.

On April 16, 2024 , the Federal Finance Minister tabled the Federal Budget 2024 which proposed an increase in the capital gains inclusion rate for corporations from one half to two thirds for capital gains realized on or after June 25, 2024 . If this tax change is passed into law, it will be accounted for in the period of enactment and reflected in the financial results at that time.  LIORC's deferred income taxes payable includes a capital gain equal to the carrying value of its investment in IOC less its cost. If the capital gains rate change is enacted, it would have the impact of increasing deferred income taxes by approximately $25.3 million or $0.40 per share.  This would be a non-cash entry and will only impact LIORC in the event it sells its shares in IOC.

LIORC has no debt and at March 31, 2024 had positive net working capital (current assets less current liabilities) of $30 million , which included the first quarter net royalty payment received from IOC on April 25, 2024 and the LIORC dividend in the amount of $0.45 per share paid to shareholders on the next day.

Respectfully submitted on behalf of the Directors of the Corporation,

John F. Tuer
President and Chief Executive Officer
May 8, 2024

Management's Discussion and Analysis

The following discussion and analysis should be read in conjunction with the Management's Discussion and Analysis section of Labrador Iron Ore Royalty Corporation's ("LIORC" or the "Corporation") 2023 Annual Report, and the financial statements and notes contained therein and the March 31, 2024 interim condensed consolidated financial statements.

Overview of the Business

The Corporation's revenues are entirely dependent on the operations of IOC as its principal assets relate to the operations of IOC and its principal source of revenue is the 7% royalty it receives on all sales of iron ore products by IOC. In addition to the volume of iron ore sold, the Corporation's royalty revenue is affected by the price of iron ore and the Canadian – U.S. dollar exchange rate. The first quarter sales of IOC are traditionally adversely affected by the general winter operating conditions and are usually 15% – 20% of the annual volume, with the balance spread fairly evenly throughout the other three quarters. Because of the size of individual shipments, some quarters may be affected by the timing of the loading of ships that can be delayed from one quarter to the next.

Financial Highlights



Three Months Ended



March 31,



2024

2023


(in millions except per share information)





Revenue


$ 56.7

$ 47.2

Equity earnings from IOC


$ 34.3

$ 21.8

Net income


$ 59.3

$ 43.6

Net income per share


$ 0.93

$ 0.68

Cash flow from operations


$ 30.0

$ 19.5

Cash flow from operations per share (1)


$ 0.47

$ 0.30

Adjusted cash flow (1)


$ 31.3

$ 26.1

Adjusted cash flow per share (1)


$ 0.49

$ 0.41

Dividends declared per share


$ 0.45

$ 0.50

(1) This is a non-IFRS financial measure and does not have a standard meaning under IFRS.

Please refer to Standardized Cash Flow and Adjusted Cash Flow section in the MD&A.

The higher revenue, net income and equity earnings from IOC achieved in the first quarter of 2024 as compared to 2023 were mainly due to higher sales tonnages of pellets and CFS, partly offset by lower iron ore prices and pellet premiums. The first quarter of 2024 sales tonnages (CFS plus pellets) were higher by 20%. While CFS sales tonnages were 13% higher than the same quarter in 2023, pellet sales were 25% higher, predominantly due to improved availability of inventory and timing of vessels.

The higher pellet and CFS sales tonnages resulted in royalty income of $56.0 million for the quarter as compared to $46.5 million for the same period in 2023. First quarter 2024 cash flow from operations was $30.0 million or $0.47 per share compared to $19.5 million or $0.30 per share for the same period in 2023. Equity earnings from IOC amounted to $34.3 million or $0.54 per share in the first quarter of 2024 compared to $21.8 million or $0.34 per share for the same period in 2023.

Operating Highlights



Three Months Ended



March 31,

IOC Operations


2024

2023


(in millions of tonnes)

Sales (1)




Pellets


2.45

1.96

Concentrate for sale ("CFS") (2)


1.92

1.69

Total (3)


4.37

3.65





Production




Concentrate produced


4.75

4.63





Saleable production




Pellets


2.53

2.19

CFS


1.92

2.11

Total (3)


4.45

4.30





Average index prices per tonne (US$)




65% Fe index (4)


$ 136

$ 140

62% Fe index (5)


$ 124

$ 126

Pellet premium (6)


$ 40

$ 46

(1) For calculating the royalty to LIORC.




(2) Excludes third party ore sales.




(3) Totals may not add up due to rounding.




(4) The Platts index for 65% Fe, CFR China.




(5) The Platts index for 62% Fe, CFR China.




(6) The Platts Atlantic Blast Furnace 65% Fe pellet premium index.

IOC sells CFS based on the 65% Fe index.  In the first quarter of 2024, the 65% Fe index averaged US$136 per tonne, a 3% decrease over the average of US$140 per tonne in the first quarter of 2023. Ongoing concerns regarding steel demand, particularly as a result of China's troubled property sector and a 15% increase in iron ore shipments by Vale due to operational improvements during Brazil's traditionally rainy season, contributed to an almost 25% decrease in iron ore prices during the first quarter of 2024. The 65% Fe Index, which started the quarter at a robust US$153 per tonne, finished the quarter at US$115 per tonne.  The monthly pellet premium averaged US$40 per tonne in the first quarter of 2024, down 12% from an average of US$46 per tonne in the same quarter of 2023, as lower steel margins continued to cause steel producers to substitute higher quality pellets with less expensive lower quality iron ore.

Based on sales as reported for the LIORC royalty, the overall average price realized by IOC for CFS and pellets, FOB Sept-Îles was approximately US$133 per tonne in the first quarter of 2024 compared to US$136 per tonne in the first quarter of 2023. The decrease in the average realized price FOB Sept-Îles in 2024 was a result of lower CFS prices and lower pellet premiums.

Standardized Cash Flow and Adjusted Cash Flow

For the Corporation, standardized cash flow is the same as cash flow from operating activities as recorded in the Corporation's cash flow statements as the Corporation does not incur capital expenditures or have any restrictions on dividends.  Standardized cash flow per share was $0.47 for the quarter (2023 - $0.30 ).

The Corporation also reports "Adjusted cash flow" which is defined as cash flow from operating activities after adjustments for changes in amounts receivable, accounts payable and income taxes recoverable and payable.  It is not a recognized measure under IFRS. The Directors believe that adjusted cash flow is a useful analytical measure as it better reflects cash available for dividends to shareholders.

The following reconciles standardized cash flow from operating activities to adjusted cash flow.


3 Months Ended

Mar. 31, 2024

3 Months Ended

Mar. 31, 2023



(in millions except for per share information)







Standardized cash flow from operating activities

$30.0

$19.5



Changes in amounts receivable, accounts payable and income taxes recoverable and payable

1.3

6.6


Adjusted cash flow

$31.3

$26.1


Adjusted cash flow per share

$0.49

$0.41


Liquidity and Capital Resources

The Corporation had $14.4 million in cash as at March 31, 2024 ( December 31, 2023 - $13.2 million ) with total current assets of $71.9 million ( December 31, 2023 - $67.5 million ). The Corporation had working capital of $29.7 million as at March 31, 2023 ( December 31, 2023 - $27.2 million ). The Corporation's operating cash flow was $30.0 million and the dividend paid during the quarter was $28.8 million , resulting in cash balances increasing by $1.2 million during the first quarter of 2024.

Cash balances consist of deposits in Canadian dollars with a Canadian chartered bank. Amounts receivable primarily consist of royalty payments from IOC. Royalty payments are received in U.S. dollars and converted to Canadian dollars on receipt, usually 25 days after the quarter end. The Corporation does not normally attempt to hedge this short-term foreign currency exposure.

Operating cash flow of the Corporation is sourced entirely from IOC through the Corporation's 7% royalty, 10 cents commission per tonne and dividends from its 15.10% equity interest in IOC. The Corporation normally pays cash dividends from its free cash flow generated from IOC to the maximum extent possible, subject to the maintenance of appropriate levels of working capital.

The Corporation has a $30 million revolving credit facility with a term ending September 18, 2026 with provision for annual one-year extensions.  No amount is currently drawn under this facility (2023 – nil) leaving $30.0 million available to provide for any capital required by IOC or requirements of the Corporation.

John F. Tuer
President and Chief Executive Officer
Toronto, Ontario
May 8, 2024

Forward-Looking Statements
This report may contain "forward-looking" statements that involve risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Words such as "may", "will", "expect", "believe", "plan", "intend", "should", "would", "anticipate" and other similar terminology are intended to identify forward-looking statements. These statements reflect current assumptions and expectations regarding future events and operating performance as of the date of this report. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly, including iron ore price and volume volatility; the performance of IOC; market conditions in the steel industry; fluctuations in the value of the Canadian and U.S. dollar; mining risks that cause a disruption in operations and availability of insurance; disruption in IOC's operations caused by natural disasters, severe weather conditions and public health crises, including the COVID-19 outbreak; failure of information systems or damage from cyber security attacks; adverse changes in domestic and global economic and political conditions; changes in government regulation and taxation; national, provincial and international laws, regulations and policies regarding climate change that further limit the emissions of greenhouse gases or increase the costs of operations for IOC or its customers; changes affecting IOC's customers; competition from other iron ore producers; renewal of mining licenses and leases; relationships with indigenous groups; litigation; and uncertainty in the estimates of reserves and resources. A discussion of these factors is contained in LIORC's annual information form dated March 12, 2024 under the heading, "Risk Factors". Although the forward-looking statements contained in this report are based upon what management of LIORC believes are reasonable assumptions, LIORC cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this report and LIORC assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances. This report should be viewed in conjunction with LIORC's other publicly available filings, copies of which can be obtained electronically on SEDAR+ at www.sedarplus.ca .

Notice:
The following unaudited interim condensed consolidated financial statements of the Corporation have been prepared by and are the responsibility of the Corporation's management. The Corporation's independent auditor has not reviewed these interim financial statements.






LABRADOR IRON ORE ROYALTY CORPORATION




INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION















As at



March 31,


December 31,

(in thousands of Canadian dollars)

2024


2023



(Unaudited)



Assets




Current Assets





Cash

$                    14,437


$                      13,192


Amounts receivable

57,413


53,872


Income taxes recoverable

-


465

Total Current Assets

71,850


67,529






Non-Current Assets





Iron Ore Company of Canada ("IOC")





royalty and commission interests

221,279


222,901


Investment in IOC

580,938


546,614

Total Non-Current Assets

802,217


769,515






Total Assets

$                  874,067


$                    837,044











Liabilities and Shareholders' Equity




Current Liabilities





Accounts payable and accrued liabilities

$                    11,942


$                      11,542


Dividend payable

28,800


28,800


Taxes payable

1,426


-

Total Current Liabilities

42,168


40,342






Non-Current Liabilities





Deferred income taxes

142,040


137,370

Total Liabilities

184,208


177,712






Shareholders' Equity





Share capital

317,708


317,708


Retained earnings

378,454


347,927


Accumulated other comprehensive loss

(6,303)


(6,303)



689,859


659,332






Total Liabilities and Shareholders' Equity

$                  874,067


$                    837,044










-






Approved by the Directors,














John F. Tuer

Patricia M. Volker



Director

Director



LABRADOR IRON ORE ROYALTY CORPORATION





INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME















For the Three months Ended




March 31,


(in thousands of Canadian dollars except for per share information)

2024


2023




(Unaudited)


Revenue






IOC royalties

$             55,983


$                   46,543



IOC commissions

430


359



Interest and other income

246


312




56,659


47,214


Expenses






Newfoundland royalty taxes

11,197


9,309



Amortization of royalty and commission interests

1,622


1,582



Administrative expenses

831


655




13,650


11,546








Income before equity earnings and income taxes

43,009


35,668


Equity earnings in IOC

34,324


21,817








Income before income taxes

77,333


57,485








Provision for income taxes






Current

13,336


11,110



Deferred

4,670


2,810




18,006


13,920








Net income for the period

59,327


43,565








Comprehensive income for the period

$             59,327


$                   43,565








Basic and diluted income per share

$                 0.93


$                       0.68








LABRADOR IRON ORE ROYALTY CORPORATION




INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS































For the Three months Ended





March 31,

(in thousands of Canadian dollars)

2024


2023





(Unaudited)

Net inflow (outflow) of cash related





to the following activities











Operating






Net income for the period

$          59,327


$       43,565


Items not affecting cash:






Equity earnings in IOC

(34,324)


(21,817)



Current income taxes

13,336


11,110



Deferred income taxes

4,670


2,810



Amortization of royalty and commission interests

1,622


1,582


Change in amounts receivable

(3,541)


(4,882)


Change in accounts payable

400


701


Income taxes paid

(11,445)


(13,583)


Cash flow from operating activities

30,045


19,486








Financing






Dividend paid to shareholders

(28,800)


(44,800)


Cash flow used in financing activities

(28,800)


(44,800)








Increase (decrease) in cash, during the period

1,245


(25,314)








Cash, beginning of period

13,192


39,904








Cash, end of period

$          14,437


$       14,590

LABRADOR IRON ORE ROYALTY CORPORATION






INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY














Accumulated






other



Common

Share

Retained

comprehensive


(in thousands of Canadian dollars except share amounts)

shares

capital

earnings

loss

Total


(Unaudited)







Balance as at December 31, 2022

64,000,000

$    317,708

$   324,821

$               (5,070)

$   637,459

Net income for the period

-

-

43,565

-

43,565

Dividends declared to shareholders

-

-

(32,000)

-

(32,000)

Balance as at March 31, 2023

64,000,000

$    317,708

$   336,386

$               (5,070)

$   649,024







Balance as at December 31, 2023

64,000,000

$    317,708

$   347,927

$               (6,303)

$   659,332

Net income for the period

-

-

59,327

-

59,327

Dividend declared to shareholders

-

-

(28,800)

-

(28,800)

Balance as at March 31, 2024

64,000,000

$    317,708

$   378,454

$               (6,303)

$   689,859

The complete consolidated financial statements for the first quarter ended March 31, 2024 , including the notes thereto, are posted on http://www.sedarplus.ca and labradorironore.com .

SOURCE Labrador Iron Ore Royalty Corporation

Cision View original content: http://www.newswire.ca/en/releases/archive/May2024/08/c4418.html

News Provided by Canada Newswire via QuoteMedia

LIF:CA,LIFZF
The Conversation (0)

LABRADOR IRON ORE ROYALTY CORPORATION - CASH DIVIDEND FOR THE SECOND QUARTER OF 2024 - $1.10 PER COMMON SHARE

The Directors of Labrador Iron Ore Royalty Corporation (the "Corporation") (TSX: LIF) declared today a quarterly cash dividend of $1.10 per Common Share. The dividend is payable to holders of record at the close of business on June 28, 2024 and is to be paid on July 26, 2024 .

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 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.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Equinox Resources Limited

Significant 108.5Mt 58.0% Fe DSO Resource Defined at Hamersley Iron Ore Project

Equinox Resources Limited (ASX: EQN) (“Equinox Resources” or the “Company”) is pleased to announce a Mineral Resources Estimate (“MRE”) for Direct Shipping Ore (“DSO”) for the 100% owned Hamersley Iron Ore (“Hamersley” or “Project”) of 108.5Mt at 58% Fe1.

Keep reading...Show less

IRON ORE COMPANY OF CANADA DIVIDEND

Labrador Iron Ore Royalty Corporation ("LIORC") announced that Iron Ore Company of Canada ("IOC"), in which LIORC holds a 15.1% equity interest, has declared a dividend to be paid in June.  LIORC's portion of the IOC dividend is U.S. $30.2 million or about CDN. $41.2 million . For further clarity, this announcement refers to the declaration of an IOC dividend to be received by LIORC and is NOT the declaration by LIORC of a dividend to be paid to LIORC shareholders.  LIORC typically declares a second quarter dividend in June based on the total amount of cash expected to be received in the quarter, including the IOC dividend.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Caterpillar's battery-electric haul truck.

BHP and Rio Tinto Join Forces to Test Battery-Electric Haul Trucks in Pilbara Area

Mining giants BHP (ASX:BHP,LSE:BHP,NYSE:BHP) and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) are teaming up to trial battery-electric haul trucks in Western Australia’s Pilbara region as part of their broader ESG strategies.

The collaboration aims to reduce greenhouse gas (GHG) emissions and drive sustainability in the mining sector.

The partnership will see the trial of two Caterpillar (NYSE:CAT) CAT 793 haul trucks starting in the second half of 2024, and two Komatsu (TSE:6301) 930 haul trucks beginning in 2026. BHP will use the Caterpillar haul trucks, while Rio Tinto will focus on the Komatsu models, with the trial outcomes shared between the two companies.

Keep reading...Show less

Labrador Iron Ore Royalty Corporation Announces Results of Election of Directors

Labrador Iron Ore Royalty Corporation (the " Corporation ") (TSX: LIF) announced the results of the election of directors at its annual and special meeting of holders of common shares held today by way of a hybrid meeting conducted virtually and in person.

The following nominee directors listed in the Corporation's management information circular dated April 8, 2024 were elected as directors of the Corporation. The vote was conducted by ballot online and in person. The number of common shares voted for or against the election of each director was as indicated below:

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Cyclone Metals

Quarterly Activities Report and Appendix 5B

Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) is focused on developing Iron Bear, its 100% owned Iron Ore Project, located in the Labrador Trough region of Canada. The Company also has investments in several exploration and mining projects, providing exposure to lithium, iron ore, copper, and gold (refer to Annexure 2) which include shares in listed ASX entities valued at $5.4m as of 29th April 2024.

Keep reading...Show less

Latest Press Releases

Related News

×