An anonymous director reports

PRAIRIESKY RECEIVES TSX APPROVAL FOR RENEWED NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted the notice of PrairieSky Royalty Ltd.'s intention to commence a normal course issuer bid (NCIB).

On April 22, 2024, PrairieSky announced its intention to seek TSX approval to renew its NCIB for an additional one-year period. The NCIB allows the company to purchase up to five million common shares, which represents approximately 2.1 per cent of the common shares outstanding, being 238,952,008 as of May 21, 2024, and approximately 3.3 per cent of the public float of 152,809,315 common shares, which is defined as the common shares outstanding after excluding common shares beneficially owned by directors and executive officers of PrairieSky, and persons who beneficially own or exercise control or direction over more than 10 per cent of the issued and outstanding common shares of PrairieSky. The NCIB will commence on June 4, 2024, and will expire no later than June 3, 2025.

Under the NCIB, common shares may be repurchased in open market transactions on the TSX and/or other Canadian alternative trading systems. In accordance with the rules of the TSX governing normal course issuer bids, the total number of common shares the company is permitted to purchase is subject to a daily purchase limit of 78,194 common shares, representing 25 per cent of the average daily trading volume of common shares on the TSX calculated for the six-month period ended April 30, 2024, being approximately 312,776 common shares. However, the company may make one block purchase per calendar week which exceeds the daily repurchase restriction. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by PrairieSky.

PrairieSky currently intends to purchase up to a maximum of five million common shares to effect NCIB purchases over the next 12 months through its broker BMO Nesbitt Burns Inc. PrairieSky did not purchase any common shares under its current normal course issuer bid that commenced on June 1, 2023, and ran to May 31, 2024. Since instituting the normal course issuer bid in 2016 to March 31, 2024, PrairieSky has purchased and cancelled an aggregate of 16.7 million common shares at a weighted-average price per share of $14.77.

The company believes that, from time to time, the market price of the common shares may not reflect their underlying value. The purchase of common shares will increase the proportion of interest of, and be advantageous to, all remaining shareholders. In addition, any purchases by the company will afford increased liquidity to those shareholders of the company who may wish to dispose of their common shares.

About PrairieSky Royalty Ltd.

PrairieSky is a royalty-focused company, generating royalty revenues as petroleum and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating funds from operations and that represent the largest and most concentrated independently owned fee simple mineral title position in Canada. PrairieSky's common shares trade on the Toronto Stock Exchange under the symbol PSK.

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