Mr. Ernie Ortiz reports

LITHIUM ROYALTY CORP. CONGRATULATES LI-FT ON ITS AGREEMENT TO ACQUIRE WINSOME RESOURCES; SOLIDIFIES THE ADINA PROJECT AS MAJOR CANADIAN LITHIUM ASSET

Lithium Royalty Corp. has congratulated Li-FT and Winsome Resources Ltd. on their proposed combination to consolidate an important lithium project in Quebec and Canada. Lithium Royalty expects that the combination of Li-FT Power and Winsome Resources will accelerate and fast track the Adina project and the neighbouring Galinee property in Quebec. Lithium Royalty Corp. owns a 4.0-per-cent GOR (gross overriding royalty) on the Adina project.

"LRC extends a sincere congratulations to both Li-FT and Winsome Resources on their agreement to consolidate into a larger organization and fast-track the Adina project to production. Avenir's support to the combined entity is expected to be transformative, accelerating the project's development and unlocking meaningful royalty cash flows for LRC investors. The operating success, Quebec experience and balance sheet capabilities of Avenir should prove very fruitful for the future of Adina and the value of our royalty on the project," said Ernie Ortiz, president and chief executive officer of Lithium Royalty.

Li-FT commented that a rationale for the transaction is to unlock value at the Adina and neighboring Galinee project, with the potential to significantly enhance Adina's scale and project economics by integrating Galinee and potentially expanding the mineral resource and increasing open-pittable resources.

On Oct. 29, 2025, Agnico Eagle announced that it had established a wholly owned subsidiary, Avenir Minerals, which is dedicated to evaluating and advancing critical mineral opportunities in the regions that Agnico Eagle operates in, with an initial geographic focus on Canada. Li-FT disclosed that the transaction has the support of Avenir and that Avenir intends to participate in the concurrent $40-million equity financing by Li-FT.

On Sept. 17, 2024, Winsome Resources released a scoping study on the Adina project, which outlined compelling economics for the project. The study highlighted an active production period of 17 years, with annual production of 282,000 tonnes of 5.5 per cent spodumene concentrate (SC5.5) with average lithium oxide grade processed of 1.33 per cent and average lithia recoveries of 68.6 per cent. The scoping study assumed commodity prices of $1,375 (U.S.)/tonne at SC5.5. Winsome estimated all-in sustaining costs (AISC) of $693 (U.S.)/tonne FOB, supporting attractive economics at current commodity prices. The scoping study estimated $296-million (U.S.) in undiscounted royalty cash flows to Lithium Royalty from the Adina project throughout its 21-year life of mine.

The scoping study assumed a production target of 35.8 Mt (million tonnes), compared with the global mineral resource estimate (MRE) of 61.4 Mt at 1.14 per cent Li2O in the indicated category and 16.5 Mt at 1.19 per cent Li2O in the inferred category, reported at a 0.40-per-cent Li2O cut-off grade. The existing MRE remains open at depth and along strike and excludes known pegmatite bodies along strike that could contribute to further MRE upgrades.

The attached table provides a sensitivity of expected royalty cash flows to Lithium Royalty on an annual basis at various spodumene prices based on the projected 282,000 tpa (tonnes per annum) of production disclosed in the scoping study.

Qualified person

The technical and scientific information contained in this news release was reviewed and approved in accordance with National Instrument 43-101 by Don Hains, PGeo, of the Hains Engineering Company Ltd., a qualified person as defined in NI 43-101.

About Lithium Royalty Corp.

Lithium Royalty is a lithium-focused royalty company organized in Canada, which has established a globally diversified portfolio of 37 royalties on mineral properties that are related to the electrification and decarbonization of the global economy. The company's royalty portfolio is focused on the battery supply chain for the transportation and energy storage industries and is underpinned by mineral properties that produce or are expected to produce lithium, critical minerals and other energy transition materials.

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