Mr. Todd McBride reports

FREEHOLD ROYALTIES RECEIVES TSX APPROVAL FOR RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Freehold Royalties Ltd.'s notice of intention to renew its normal course issuer bid (NCIB).

Under the renewed NCIB, Freehold may purchase up to 13,699,485 common shares (representing approximately 10 per cent of the company's 163,960,334 issued and outstanding shares as of May 14, 2026, less shares held by directors, executive officers and principal securityholders (holders holding greater than 10 per cent of the issued and outstanding shares) of the company). Any shares that are purchased under the renewed NCIB will be cancelled upon their purchase by Freehold. The total number of shares that Freehold is permitted to purchase is subject to a daily purchase limit of 179,831 shares, representing 25 per cent of the average daily trading volume of 719,326 shares on the TSX calculated for the six-month period ended April 30, 2026; however, Freehold may make one block purchase per calendar week that exceeds the daily repurchase restrictions.

The renewed NCIB is expected to commence on May 27, 2026, and will terminate on the earlier of: (i) the date on which the company has acquired all shares sought pursuant to the renewed NCIB; or (ii) to May 26, 2027, unless earlier terminated at the option of the company, upon prior notice being given to the TSX. The shares will be purchased on behalf of Freehold by a registered broker through the facilities of the TSX and through other alternative Canadian trading platforms at the prevailing market price at the time of such transaction.

Under its current normal course issuer bid that commenced on May 27, 2025, and is expiring May 26, 2026, the company sought and obtained approval from the TSX to purchase up to 13,699,733 shares. Freehold did not purchase any shares under the expiring normal course issuer bid.

The actual number of shares that may be purchased under the renewed NCIB and the timing of any such purchases will be determined by Freehold. The company believes that, at times, the prevailing share price does not reflect the underlying value of the shares and the repurchase of shares for cancellation represents an attractive opportunity to enhance the company's per-share metrics and thereby increase the underlying value of the shares for shareholders.

Freehold has established an automatic securities purchase plan with a designated broker whereby shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackout periods. Under the automatic securities purchase plan and before entering into a self-imposed blackout period, the company may, but is not required to, request that the designated broker make purchases under the renewed NCIB. Such purchases will be made at the discretion of the designated broker, within parameters established by Freehold prior to the blackout periods. Outside of the blackout periods, purchases are made at the discretion of the company's management. The automatic securities purchase plan constitutes an automatic plan for purposes of applicable Canadian securities legislation and has been precleared by the TSX.

A copy of the Form 12, Notice of Intention to Make a Normal Course Issuer Bid, filed by Freehold with the TSX can be obtained from the company upon request without charge.

We seek Safe Harbor.