Mr. Tim Termuende reports

RESULTS REPORTED FOR DEFINITION DRILLING AT AURMAC GOLD PROJECT, YUKON

Eagle Royalties Ltd. has provided an update on encouraging drill hole intercepts, including visible gold, at the AurMac project in central Yukon in a recent public announcement made by Banyan Gold Corp. on Nov. 4, 2024. Banyan earlier announced results for AurMac in a news release issued Sept. 5, 2024. Eagle Royalties holds royalty interests ranging from 0.5 per cent to 2.0 per cent on certain claims that comprise a portion of the AurMac project.

According to the announcements, Banyan has reported results for 13 holes that appear to be drilled in the Powerline resource area on mineral claims subject to a 1-per-cent net smelter return royalty held by Eagle Royalties. The reported results for the 13 holes are as follows.

Highlight AurMac assay results relating to Eagle Royalties:

• AX-24-519: 138.7 metres grading 0.52 gram per tonne gold from 6.1 metres; visible gold reported;
• AX-24-520: 98.1 metres grading 0.72 gram per tonne gold from 33.7 metres; visible gold reported;
• AX-24-521: 111.4 metres grading 0.52 gram per tonne gold from 45.5 metres;
• AX-24-522: 184.3 metres grading 0.60 gram per tonne gold from 24.9 metres; visible gold reported;
• AX-24-523: 62.0 metres grading 0.35 gram per tonne gold from 21.3 metres;
• AX-24-524: 197.0 metres grading 0.72 gram per tonne gold from 10.5 metres;
• AX-24-534: 48.0 metres grading 0.53 gram per tonne gold from 75.1 metres; visible gold reported;
• AX-24-537: 37.4 metres grading 0.33 gram per tonne gold from 85.1 metres;
• AX-24-540: 0.2 metre grading 539.30 grams per tonne from 166.1 metres and 56.7 metres grading 0.36 gram per tonne gold from 166.3 metres; visible gold reported;
• AX-24-542: 154.1 metres grading 0.58 gram per tonne gold from 18.3 metres; visible gold reported;
• AX-24-544: 0.3 metre grading 290.10 grams per tonne gold from 37.1 metres and 30.3 metres grading 0.37 gram per tonne gold from 146.2 metres; visible gold reported;
• AX-24-545: 78.6 metres grading 0.41 gram per tonne gold from 74.9 metres;
• AX-24-548: 79.6 metres grading 0.56 gram per tonne gold from 26.5 metres.

Note: True widths are estimated to be approximately 90 per cent of drilled intervals

The technical information relating to drill collar location and analytical results has been taken directly from the Banyan Gold news releases dated Sept. 5, 2024, and Nov. 4, 2024. More detailed drilling information, analytical procedures and results are available in the full news releases issued by Banyan. Eagle Royalties management believes that, although the reported true thickness estimates and drill collar location co-ordinates are accurate, it cautions that Eagle Royalties does not have detailed geological data or final surveyed locations of the drill hole traces in relation to the claims that are underlain by the Eagle Royalties royalty interests.

As reported by Banyan, the company initiated its 2024 exploration program on June 1, 2024, and has completed 118 drill holes and over 21,000 metres of drilling within the Powerline and Airstrip deposit areas. Drilling was completed in mid-October and core continues to be logged and processed.

On Sept. 16, 2024, Banyan reported test recoveries of 93 per cent in samples at Powerline and 90 per cent at Airstrip using multiple conventional mill processing options, including gravity recovery in combination with carbon-in-leach (CIL)/carbon-in-pulp (CIP) processes, and that work is continuing for flotation leach.

Banyan further reported on Oct. 1, 2024, that it had contracted Geotech Ltd. to conduct a helicopter-supported Z-axis tipper electromagnetic (ZTEM) geophysical survey over a 234-square-kilometre area on the AurMac project, which was to include the Powerline and Airstrip deposit areas. Results from this survey have not been publicly released.

As a royaltyholder, Eagle Royalties has limited, if any, access to the properties subject to its interests. The company generally relies on publicly available information regarding these properties and related operations and often has no ability to independently verify such information. In addition, such publicly available information may relate to a larger property area than that covered by the company's interests.

Qualified persons

Technical information in this news release has been reviewed and approved by C.C. Downie, PGeo, a director and officer of Eagle Royalties, hereby identified as the qualified person under National Instrument 43-101.

About Eagle Royalties Ltd.

Eagle Royalties benefits from maintaining a strong treasury (currently in excess of $3.5-million) and holds a diverse portfolio of 38 royalty interests in Western Canada. Target commodities subject to royalties include a broad spectrum, including critical metals, precious metals, industrial minerals and diamonds. Its flagship royalty is associated with the AurMac project, located in Yukon, operated by Banyan Gold. Eagle Royalties holds royalty interests ranging from 0.5 per cent to 2 per cent on claims that contain a significant portion of AurMac's inferred gold resource located at the Powerline and Airstrip deposit areas. Eagle Royalties also holds royalty interests on a number of historical base metal deposits located in Western Canada.

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

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