The Globe and Mail reports in its Wednesday, May 20, edition that Labrador Iron Royalty is a Canadian royalty and streaming company that offers asset-light exposure to rising iron prices. The Globe's guest columnist Arjun Deiva writes in the Number Cruncher column that Labrador Iron Ore is a Toronto-based royalty vehicle linked to the Iron Ore Co. of Canada (IOC). It has a price-to-net-asset-value ratio of 0.9 times. It has a decent dividend yield of 4.8 per cent. Labrador's primary revenue comes from a 7-per-cent gross overriding royalty on IOC production, meaning that it receives seven cents of every dollar of iron ore IOC sells before any operating costs are deducted, protecting its revenue from fluctuations in IOC's cost of production. Moreover, IOC's largest shareholder is Rio Tinto, one of the world's largest mining companies, providing financial and operational stability through commodity downturns. The discount to net asset value reflects Labrador's single-asset concentration, but the combination of a high yield and Rio Tinto's support offers a margin of safety for income-focused investors.