when have been the different purchases of Labrador Iron Ore corporation and what was the justification each time?

We have made several purchases to increase our stake in Labrador Iron Ore Royalty Corporation (LIORC) over the years, though our public materials do not detail a complete transaction-by-transaction history with specific justifications for each purchase.

Known Purchases and Timing

As of March 2018, we held approximately 5% of LIORC's issued and outstanding shares. We disclose the market value of our investment in LIORC each quarter and and in the second half of 2025 we invested C$40.5 million to increase our position in LIORC to approximately 8%.

As of June 30, 2026, our shareholding in LIORC was valued at approximately $145 million at market.

Investment Rationale

Our investment in LIORC is predicated on LIORC serving as a passive flow-through vehicle for royalties and equity dividends from Iron Ore Company of Canada (IOC). LIORC holds a 7% gross sales royalty and a 15.1% equity position in IOC's operations in Labrador, Canada.

LIORC's role as a pass-through vehicle aligns with our strategy to generate revenue from long-life, high-margin operations. Iron ore revenue from LIORC dividends has been a meaningful contributor to our portfolio, for example, in Q2 2026 it represented $1.6 million of our total attributable royalty revenue.

Beyond these disclosed facts, our public materials do not elaborate on the specific strategic or financial justifications for each individual purchase decision.