Mr. Mike Labach reports

SUMMIT ROYALTY AND EAGLE ROYALTIES PROVIDE UPDATES ON REVERSE TAKEOVER TRANSACTION

Summit Royalty Corp. and Eagle Royalties Ltd. have provided certain updates relating to their previously announced three-cornered amalgamation that will result in a reverse takeover of Eagle by Summit, further to their joint news release dated July 2, 2025, and Eagle's news release dated Sept. 30, 2025. In this news release, references to the resulting issuer are to Eagle after the closing of the RTO, to be renamed Summit Royalties Ltd.

Approval by Eagle shareholders

Yesterday, Eagle held its annual general and special meeting of shareholders. A total of 26,427,476 preconsolidation (as defined below) common shares of Eagle were present in person or represented by proxy at the Eagle meeting, representing approximately 46.31 per cent of the issued and outstanding preconsolidation Eagle shares.

The principal purpose of the Eagle meeting was to authorize and approve the RTO, which constitutes a fundamental change (under the policies of the Canadian Securities Exchange) in respect of Eagle, as well as various corporate matters relevant to the resulting issuer, including:

• The consolidation of Eagle shares on the basis of five preconsolidation Eagle shares for one postconsolidation Eagle shares;
• The change of name from Eagle Royalties Ltd. to Summit Royalties Ltd.;
• The continuance of the resulting issuer from under the laws of Province of Alberta under the Business Corporations Act (Alberta) to the laws of the Province of Ontario under the Business Corporations Act (Ontario);
• The election of each of Tim J. Termuende, Charles C. Downie, Paul Reynolds, Jesse Campbell and Stephen P. Kenwood as directors of Eagle to hold office until the closing of the RTO, and the election of each of Andrew Clark, Jerrold Annett, Stephen Eddy, Russell Mills and Blair Zaritsky as directors of the resulting issuer upon the closing of the RTO;
• The adoption of a 10-per-cent rolling omnibus equity incentive plan of the resulting issuer upon the closing of the RTO; and
• The appointment of Crowe MacKay LLP as auditor of Eagle and, following the closing of the RTO, the appointment of MNP LLP as auditor of the resulting issuer.

Each of the above matters received overwhelming approval of Eagle shareholders present in person or represented by proxy at the Eagle meeting.

Approval by Summit shareholders

Summit also held its annual general and special meeting of shareholders yesterday. At the Summit meeting, Summit shareholders approved the amalgamation of Summit with 1001280658 Ontario Inc., a wholly owned subsidiary of Eagle, in connection with the RTO and certain corporate matters.

Other transaction updates

Having received conditional approval of the TSX Venture Exchange for the listing of the resulting issuer shares and approval of the Eagle shareholders and Summit shareholders as described above, the RTO is expected to close on or about Nov. 4, 2025.

The Eagle shares are expected to be delisted from the Canadian Securities Exchange, and the resulting issuer's shares are expected to commence trading on the TSX-V under the symbol SUM on or about the week of Nov. 10, 2025.

Advisers

Bennett Jones LLP is legal counsel to Summit, and Haywood Securities Inc. is financial adviser to Summit. McLeod Law LLP is legal counsel to Eagle.

About Summit Royalty Corp.

Summit is a private precious metal streaming and royalty company with an aggressive growth trajectory. Summit's current portfolio is backstopped by cash flow production with additional expansion and exploration upside. Summit intends to rapidly expand to be the next mid-tier streaming and royalty company through a series of actionable and accretive acquisitions, which, given Summit's size, can have an outsized effect on its production and cash flow growth. Summit currently has no debt and sufficient cash on hand for use in future acquisitions.

About Eagle Royalties Ltd.

Eagle Royalties 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 and industrial minerals. Its flagship royalty is associated with the AurMac project located in Yukon, operated by Banyan Gold Corp. Eagle Royalties 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 Royalties also holds royalty interests on a number of historical base metal deposits located in Western Canada.

We seek Safe Harbor.