Mr. John Tognetti reports

John Tognetti of suite 700, 200 Burrard St., Vancouver, B.C., acquired on March 5, 2015, beneficial ownership of 560,000 common shares of Callinan Royalties Corp. The common shares acquired represent approximately 1.14 per cent of the Issuer's issued and outstanding common shares. This press release is issued pursuant to Multilateral Instrument 62-104 takeover bids and issuer bids, and National Instrument 62-103 the early warning system, and related takeover bid and insider reporting issues.

After this acquisition, Mr. Tognetti beneficially owns, and exercises control or direction over, an aggregate 5,149,900 common shares in the capital of the issuer, or approximately 10.45 per cent of the outstanding common shares of the issuer.

The common shares were acquired for investment purposes by Mr. Tognetti through the TSX Venture Exchange at an average per-share price of $2.0586. Mr. Tognetti intends to evaluate these holdings, and to increase or decrease his investment in the issuer as circumstances warrant.

A report respecting this acquisition will be electronically filed with the securities commission in each jurisdiction where the issuer is reporting, and will be available for viewing through the Internet at the Canadian System for Electronic Document Analysis and Retrieval (SEDAR).