Mr. Peter Leighton reports

RE ROYALTIES ANNOUNCES THIRD INVESTMENT IN SOLARIS ENERGY'S PORTFOLIO AND LETTER OF INTENT FOR EXPANDED ROYALTY PARTNERSHIP FOR A FURTHER US$62.7 MILLION

RE Royalties Ltd. has made a further investment of $1-million toward the purchase of royalties on a portfolio of Solaris Energy Inc.'s distributed generation (DG) solar projects located throughout the United States. The company also announced that it has entered into a non-binding letter of intent (LOI) of up to $67.5-million with Solaris to pursue an expanded royalty funding partnership across Solaris's current and future project pipeline. All amounts are in United States dollars unless otherwise stated.

This third tranche payment brings RE Royalties' total investment in royalties over Solaris's portfolio to $4.8-million. The company previously financed $3-million, as announced on Jan. 7, 2026, followed by $800,000 as announced on Feb. 9, 2026.

Solaris's portfolio consists of 16 distributed generation solar projects totalling approximately 15.24 MWDC (megawatts direct current) across California, Maine, Colorado, Delaware, New Hampshire and Massachusetts. The royalty rate payable to RE Royalties is adjusted with each funding advance to achieve a preagreed minimum return over an initial 25-year period. Following this period, RE Royalties will continue to receive royalty payments for the remaining operating life of the projects.

The LOI acknowledges the successful funding relationship established between RE Royalties and Solaris under the existing royalty agreement, confirms the aggregate royalty funding committed for the portfolio, and outlines the parties' mutual intention to pursue a broader royalty funding partnership across Solaris's operating, contracted, awarded and development-stage project pipeline.

Based on the projects currently identified by Solaris, the parties have a royalty funding opportunity of approximately $67.5-million that includes:

• The $4.8-million already financed;
• Another $13.7-million to finance 13 contracted and awarded distributed generation solar projects across the United States totalling approximately 48 MWDC;
• An additional $49.0-million to finance 83 distributed generation solar projects currently under development across the United States totaling approximately 142 MWDC.

Any future royalty investments contemplated under the non-binding LOI remain subject to the satisfactory completion of due diligence, approval by RE Royalties' investment committee, negotiation of definitive agreements, satisfaction of customary closing conditions and other applicable approvals.

"Our continued investment in Solaris Energy reflects RE Royalties' strategy of partnering with high-quality developers to secure long-term royalties on contracted clean energy assets," said Peter Leighton, chief operating officer of RE Royalties. "We are pleased to work alongside Solaris Energy and trusted sector advisers such as CG/CRC-IB to support portfolio expansion while advancing the transition to a low-carbon energy system. We value Solaris as an important long-term partner and believe its portfolio of operating, contracted, awarded and development-stage projects represents a significant opportunity to expand our royalty funding relationship."

"With this additional capital, we're accelerating deployment across our expanding portfolio and advancing projects from development through construction more efficiently. RE Royalties' investment supports the debt and tax equity financing currently in process for our first portfolio as an independent power producer (IPP), while their commitment to our broader asset pipeline further strengthens our long-term growth strategy. We're excited to enter into this letter of intent as we explore opportunities to expand our partnership with RE Royalties across our growing project pipeline," said Nick Perugini, chief executive officer of Solaris Energy.

Update on strategic review

As announced on March 27, 2026, RE Royalties initiated a formal review of strategic alternatives to identify opportunities to maximize value for shareholders and to seek options to finance its significant deal flow of opportunities.

The company's expanding relationship with Solaris highlights the scale of platform opportunities available to RE Royalties. The strategic review is intended to evaluate alternatives that could enhance the company's ability to capitalize on similar long-term royalty investment opportunities while maximizing value for shareholders.

As part of this process, the board of directors has engaged PricewaterhouseCoopers Corporate Finance Inc. as financial adviser to evaluate a broad range of strategic alternatives, including, but not limited to, a potential sale of the company, strategic or co-investment partnerships, and capital structure optimization through equity or debt financings. The company has met and continued discussions with different interested parties as part of this strategic review. However, the company cautions that there can be no assurance that the strategic review will result in any transaction or other strategic outcome, nor as to the timing, terms or completion of any such outcome.

Repayment of the Revolve loan

As part of its continuing portfolio management activities, RE Royalties has received full repayment of $2.4-million (Canadian) from Revolve Renewable Power Corp. for the loan portion under its loan and royalty agreement with Revolve. The loan repayment represents the full and final settlement of the loans for the Centrica, Krystal and Colima projects. The royalties on those projects will continue under existing royalty agreements. The loan repayment further strengthens the company's capital position as it continues to pursue new royalty investment opportunities.

About Solaris Energy Inc.

Solaris Energy is a U.S.-based solar developer and asset manager headquartered in Fort Collins, Colo. Founded in 2008, Solaris initially operated as a non-profit organization, The Atmosphere Conservancy, aimed at helping non-profits adopt solar energy solutions. In 2010 Solaris Energy was established and operates as a certified B corporation and public benefit corporation providing experienced, value-driven commercial and community solar and storage development, finance, and long-term asset management services across the United States.

About CG/CRC-IB

CG/CRC-IB is a full-service investment bank providing industry-leading financial services across the energy transition. In January, 2026, CRC-IB was acquired by Canaccord Genuity Group to deliver M&A (merger and acquisition), project finance, capital raising, and strategic advisory services to public and private companies and financial sponsors across the renewable energy, commercial and industrial sectors, leveraging Canaccord Genuity's globally integrated M&A advisory and ECM-driven capital markets capabilities. Canaccord Genuity Capital Markets is the global capital markets division of Canaccord Genuity Group Inc. (Toronto Stock Exchange: CF), offering institutional and corporate client's idea-driven investment banking, mergers and acquisitions (M&A), research, sales, and trading services with capabilities in North America, the United Kingdom and Europe, Asia, and Australia.

About RE Royalties Ltd.

RE Royalties acquires revenue-based royalties over renewable energy facilities and technologies by providing non-dilutive financing solutions to privately held and publicly traded companies in the renewable energy sector. RE Royalties is the first to apply this proven business model to the renewable energy sector. The company currently owns over 100 royalties on solar, wind, hydro, battery storage, energy efficiency and renewable natural gas projects in North America, South America and Asia. The company's business objectives are to provide shareholders with a strong growing yield, robust capital protection, high rate of growth through reinvestment and a sustainable investment focus.

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