Mr. Drew Clark reports

SUMMIT ROYALTIES ANNOUNCES AGREEMENT TO ACQUIRE ROYALTY ON NEWMONT'S SADDLE NORTH DEPOSIT

Summit Royalties Ltd. has entered into an agreement to acquire a 1.0-per-cent net smelter return (NSR) royalty on the Saddle North deposit owned by Newmont Corp. for consideration of $5-million paid in shares of Summit. The acquisition is subject to conditions precedent, which are customary for a transaction of this nature. Subject to satisfaction of conditions precedent, Summit expects to complete the acquisition in the near future.

"We are excited to announce this proposed acquisition of a large, high-quality royalty on Newmont's Saddle North project," commented Drew Clark, president and chief executive officer of Summit. "The acquisition of the Saddle North royalty is highly accretive on a net-asset-value-per-share basis and provides exposure to a large gold-copper deposit under the stewardship of the world's largest gold producer. Having royalty coverage on a porphyry target that boasts nearly nine million ounces of gold and 4.8 billion pounds of copper supports our mandate of providing Summit shareholders with high-quality precious metals exposure, and we are excited to have Newmont as the operator of the underlying asset as we continue to build our company on an accretive per-share basis."

Transaction key terms:

• Royalty interest: 1-per-cent NSR royalty on the Saddle North deposit;
• Owner/operator: Saddle North is owned by Newmont;
• Consideration: $5-million, to be paid in 2,832,861 common shares at a deemed price of $1.765 per common share, being the 20-day weighted average price of the common shares as of the date of the royalty purchase agreement for the NSR royalty;
• Buyback option: Newmont may repurchase 50 per cent of the NSR royalty for $750,000 at any time during the five-year period commencing on the date Saddle North is put into commercial production;
• Mineral resource: the Saddle North technical report (as defined herein) reported indicated resources containing approximately 3.47 million ounces gold and 1.81 billion pounds copper and inferred resources containing approximately 5.46 million ounces gold and 2.98 billion pounds copper.

Saddle North is a gold-rich copper porphyry deposit located in the Golden Triangle in northwestern British Columbia, Canada. Newmont acquired Saddle North in 2021, prior to which Saddle North was owned by GT Gold Corp., which published a maiden mineral resource estimate for the project in 2020 (see Saddle North technical report (as defined herein)). The maiden mineral resource estimate in the Saddle North technical report includes 1.81 billion pounds of copper and 3.47 million ounces of gold contained in indicated mineral resource category and 2.98 billion pounds of copper and 5.46 million ounces of gold contained in the inferred mineral resource category. Mineralization at Saddle North remains open at depth and to the northwest and southeast while additional upside potential exists from near-mine exploration success. Saddle North is located in a top-tier mining jurisdiction in the Golden Triangle, with strong access to existing infrastructure, power and a capable work force. Saddle North is situated near the Red Chris mine, which is currently operated by Newmont.

About Summit Royalties Ltd.

Summit Royalties is a precious metals royalty and streaming company. Its current portfolio is anchored by cash-flowing production with additional royalties on advanced development- and exploration-stage properties. Summit's mandate is to build its portfolio on a disciplined, per-share-accretive basis through royalty and streaming acquisitions that deliver high-quality precious metals exposure and long-term cash flow growth. The corporation has no debt and has sufficient cash on hand for future acquisitions. The corporation's registered office is located at One First Canadian Place, Suite 3400, Toronto, Ont., M5X 1A4.

Technical and third party information

Information regarding Saddle North in this news release is based on information publicly disclosed by the current or former owners or operators of Saddle North and information available in the public domain as at the date hereof. Such information has not been independently verified by the corporation. Although the corporation does not have any knowledge that such information may not be accurate, there can be no assurance that such third party information is complete or accurate.

Qualified person

Scientific and technical information contained in this news release has been reviewed and approved by Richard Breger, who is independent of the corporation and a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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