Mr. Tim Termuende reports

ENCOURAGING RESULTS REPORTED BY FATHOM AT ALBERT LAKE NICKEL/PGE PROJECT

Eagle Royalties Ltd. has reviewed and is encouraged by recent news issued by Fathom Nickel on its 100-per-cent-owned Albert Lake project in Saskatchewan, a portion of which is underlain by dispositions subject to royalties held by Eagle Royalties.

The majority of holes drilled by Fathom during the winter 2024 program were located on mineral dispositions subject to a 2-per-cent net smelter royalty (NSR) held by Eagle Royalties. The royalty may be reduced to 1 per cent upon payment to Eagle Royalties of $1-million.

According to a news release issued by Fathom on April 16, 2024, six drill holes (AL24075 to AL24080), totalling 1,386 metres were completed over the winter at Albert Lake, with hole AL24077 reported to intersect elevated nickel tenor values similar to that of the historic Rottenstone Ni-Cu-PGE (nickel-copper-platinum group element) deposit located 1.2 kilometres to the north. Furthermore, bore-hole electromagnetic (BHEM) geophysical surveys completed on select holes indicated the presence of shallow, off-hole anomalies. Ian Fraser, Fathom's chief executive officer, remarked on the results of AL24077: "The elevated nickel concentration in Rottenstone-like ultramafic rock and the very-high associated nickel tenor identified in our drill hole AL24077 is a very significant development ... We think the robustness and size of the multielement soil geochemistry anomaly around AL24077 indicates chemical contributions from a large mineralized ultramafic body in the footprint of this soil geochemistry anomaly. The company plans to further evaluate this robust soil geochemical anomaly by undertaking detailed surface geochemistry and geophysics to reconcile soil geochemistry with surface and BHEM anomalies. Understanding the coincident geochemical and geophysical responses coincident with the ultramafic stratigraphy in AL24077 will help guide the next phase of drilling."

For full technical details of the program, including hole locations, analytical results, quality assurance/quality control (QA/QC) data et cetera, please refer to Fathom's news release dated April 16, 2024.

Management of Eagle Royalties is encouraged by results to date and congratulates the Fathom Nickel team on its work in advancing the Albert Lake project.

About Eagle Royalties Ltd.

Eagle Royalties was previously a wholly owned subsidiary of Eagle Plains Resources, incorporated in late 2022 to manage the diverse royalty holdings of Eagle Plains. In May, 2023, Eagle Royalties was spun out to Eagle Plains' shareholders on a 1:3 basis by means of a plan of arrangement. Eagle Royalties was listed for trading on the Canadian Securities Exchange on May 19, 2023.

Eagle Royalties benefits from having over 50 royalty interests in Western Canada, covering a broad spectrum of commodities, including critical metals, precious metals, uranium, industrial minerals and diamonds. Projects subject to royalties in favour of Eagle Royalties are controlled by companies including Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd., Hecla Mining Corp. and Banyan Gold Corp., among many others.

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