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LABRADOR IRON MINES REPORTS
FISCAL 2024 YEAR END RESULTS
Toronto, Ontario, Canada, August 8, 2024. Labrador Iron Mines Holdings Limited (the “Company”) (OTC Pink:
LBRMF) reports its financial results for the fiscal year ended March 31, 2024.
This News Release should be read in conjunction with the Company’s audited consolidated financial statements and
Management’s Discussion and Analysis for the year ended March 31, 2024, which are available on the Company’s
website at www.labradorironmines.ca or under the Company’s profile on SEDAR+ (www.sedarplus.ca).
All currency references in this news release are expressed in Canadian dollars, unless otherwise indicated.
OVERVIEW
The Company, through its majority owned subsidiaries Labrador Iron Mines Limited (“LIM”) and Schefferville Mines Inc.
(“SMI”), is engaged in the exploration and development of iron ore projects situated in the Menihek area of western
Newfoundland and Labrador and northeastern Quebec, near the town of Schefferville, in the central part of the Labrador
Trough region of eastern Canada, one of the major iron ore producing regions in the world.
The Company’s current focus is planning and financing activities related to advancing the Houston Project, LIM’s
flagship property. The Houston Project is an open pit direct shipping iron ore project located near the town of
Schefferville, on which an updated, independent Preliminary Economic Assessment was completed in February 2021
and demonstrated production of 2 million dmt of DSO per year, with an initial 12-year mine life, for total production of
23.4 million dmt of product at 62.2% Fe over the life of the mine.
The Company continues to explore various short term financing alternatives to secure near term working capital.
FINANCIAL RESULTS– YEAR ENDED MARCH 31, 2024
On a consolidated basis, the Company reported a loss of $666,957, or $0.00 per share during the year ended March
31, 2024, compared to a loss of $767,110, or $0.00 per share, during the previous year.
The loss of $666,957 in the current year was mainly attributable to corporate and administrative costs of $500,583 and
non-cash share based compensation of $100,000. The loss of $767,110 in the previous year was mainly attributable
to site costs of $99,659, corporate and administrative costs of $510,204 and non-cash share based compensation of
$103,722.
Share based compensation represents the expense of restricted share units recognized during the year using the
graded vesting method of expense recognition.
The Company had a working capital deficit of $1,812,389 at March 31, 2024.
IRON ORE MARKET
The iron ore market continues to be very volatile. The price fluctuated between US$105 and US$137 per tonne (62%
Fe CFR China) during the fiscal year ended March 31, 2024, averaging US$120 per tonne during the period. This
was an improvement over the previous fiscal year, during which the price fluctuated between US$93 and US$151
per tonne and averaged US$117 per tonne.
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