Mr. Tim Termuende reports

DRILLING COMMENCES ON ALBERT LAKE NICKEL/PGE PROJECT

Eagle Royalties Ltd. has been informed that Fathom Nickel Inc. has recently commenced diamond drilling activity on its 100-per-cent-owned Albert Lake property. According to a news release issued by Fathom on Jan. 16, 2024, Fathom intends to complete approximately 2,000 metres of drilling in six to seven holes, with the majority of the target area located on mineral dispositions subject to a 2-per-cent net smelter royalty held by Eagle Royalties. The royalty may be reduced to 1 per cent upon payment to Eagle Royalties of $1-million. The current drill program will focus on the Tremblay-Olson claims area, approximately two kilometres southwest of the historic Rottenstone mine, where Fathom has identified a very robust time-domain electromagnetic (TDEM) conductor occurring on the eastern flank of a multielement-in-soil anomaly.

Tremblay Olson claims area highlights:

• The Tremblay-Olson showing, located 2.5 km southwest of the historic Rottenstone mine, is defined by a lens-shaped ultramafic body exposed on surface through trenching. Recorded trench values range from 0.16 per cent to 3.11 per cent nickel; 0.06 per cent to 0.91 per cent copper; and 0.30 gram per tonne to 1.01 g/t palladium plus platinum.
• Drilling completed in 1987 in an area northeast of the Tremblay-Olson showing returned multiple intervals of anomalous Ni-Cu and Pd-Pt hosted in metasedimentary rock.
• A soil geochemistry program covering the Tremblay-Olson claims area was completed in Q4 2022. This program identified a very robust multielement-in-soil anomaly measuring approximately four square kilometres. The anomaly is centred two kilometres southwest of the historic Rottenstone mine.

Technical information in this news release has been reviewed and approved by C.C. Downie, PGeo, a director and officer of Eagle Royalties, hereby identified as the qualified person under National Instrument 43-101.

About Eagle Royalties Ltd.

Eagle Royalties was previously a wholly owned subsidiary of Eagle Plains Resources Ltd. (EPL), incorporated in late 2022 to manage the diverse royalty holdings of EPL. In May, 2023, Eagle Royalties was spun out to Eagle Plains' shareholders on a 1:3 basis by means of a plan of arrangement. Eagle Royalties was listed for trading on the Canadian Securities Exchange on May 19, 2023.

Eagle Royalties benefits from having over 50 royalty interests in Western Canada covering a broad spectrum of commodities, including critical metals, precious metals, uranium, industrial minerals and diamonds. Projects subject to royalties in favour of Eagle Royalties are controlled by companies including Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Banyan Gold Corp., among many others.

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