Mr. Tim Termuende reports

EAGLE ROYALTIES FILES MANAGEMENT INFORMATION CIRCULAR FOR REVERSE TAKEOVER TRANSACTION WITH SUMMIT ROYALTY AND ENCOURAGES SHAREHOLDERS TO ACCESS MEETING MATERIALS ELECTRONICALLY

Eagle Royalties Ltd. has filed its management information circular and related materials for its annual and special meeting of shareholders of Eagle, scheduled to be held on Oct. 30, 2025, at 10 a.m. Calgary time, at Suite 200, 44 12th Ave. South, Cranbrook, B.C., V1C 2R7.

Annual and special meeting on Oct. 30, 2025

At the meeting, Eagle shareholders will be asked, among other things, to consider and, if considered advisable, approve an ordinary resolution authorizing the fundamental change (as defined under the policies of the Canadian Securities Exchange) of Eagle, as more particularly described in the circular. If the transaction resolution is approved, Eagle will implement a three-cornered amalgamation with Summit Royalty Corp. and 1001280658 Ontario Inc. (Newco), a wholly owned subsidiary of the corporation, pursuant to an amalgamation agreement dated June 30, 2025, among the corporation, Summit and Newco, which will result in a reverse takeover of the corporation by Summit. The resulting issuer of the transaction is expected to be named Summit Royalties Ltd.

Eagle shareholders will also be asked to consider and, if considered advisable, approve various other corporate actions in connection with the transaction, including, but not limited to, a one-for-five consolidation, a name change to Summit Royalties Ltd., a board reorganization, the adoption of a new omnibus incentive plan and an auditor change, as well as various annual business matters, as more particularly described in the circular.

The board of directors of Eagle unanimously recommends that Eagle shareholders vote for the resolutions.

Mailing of meeting materials and general advisory on Canada Post strike and related disruption

Mailing of the meeting materials has commenced, and Eagle shareholders should receive them in due course. All of the meeting materials can be accessed on Eagle's corporate website and on SEDAR+ under Eagle's issuer profile.

Registered Eagle shareholders

Registered Eagle shareholders will receive the meeting materials by courier. Registered Eagle shareholders are encouraged to vote their Eagle common shares on the Internet, e-mail proxy@olympiatrust.com or fax 403-668-8307.

Registered Eagle shareholders who wish to exercise their dissent rights in connection with the corporation's continuance into Ontario are also cautioned to deliver their written objection to Eagle by mail using a method other than Canada Post in accordance with the instructions set forth in the circular to ensure that they are received in a timely manner.

Beneficial Eagle shareholders

Due to the continuing Canada Post labour strike, it is possible that beneficial Eagle shareholders may experience a delay in receiving the meeting materials and are encouraged to access the meeting materials electronically as noted above. Beneficial Eagle shareholders experiencing a delay in receiving the meeting materials should contact their broker or other intermediary for assistance in obtaining their individual control numbers to vote their Eagle common shares. Beneficial Eagle shareholders are encouraged to vote their Eagle common shares through the Internet. The company recommended that any physical forms of proxy or voting instruction forms be delivered by courier to ensure that they are received in a timely manner. The deadline for the receipt of proxies or voting instruction forms for the meeting is 10 a.m. Calgary time on Oct. 28, 2025.

Anticipated listing on the TSX Venture Exchange

Assuming the conditions to the transaction, including the approval of the Eagle shareholders, are satisfied or waived (as applicable), Eagle expects the transaction to close in November, 2025. Eagle's common shares are currently halted for trading on the Canadian Securities Exchange and will remain halted until the expected delisting of Eagle shares from the Canadian Securities Exchange in connection with the closing of the transaction. Following the closing of the transaction, the shares of the resulting issuer are expected to be listed and commence trading on the TSX Venture Exchange under the symbol SUM, subject to the receipt of all required approvals of the TSX-V.

About Eagle Royalties Ltd.

Eagle benefits from maintaining a strong treasury and holds a diverse portfolio of over 35 royalty interests in Western Canada. Target commodities subject to royalties include a broad spectrum including critical metals, precious metals, industrial minerals and diamonds. Its flagship royalty is associated with the AurMac project located in Yukon, operated by Banyan Gold Corp. Eagle holds royalty interests ranging from 0.5 per cent to 2 per cent on claims that contain a significant portion of AurMac's inferred gold resource located at the Powerline and Airstrip deposit areas. Eagle also holds royalty interests on a number of historical base metal deposits located in Western Canada.

We seek Safe Harbor.