Mr. Tim Termuende reports

ADDITIONAL RESULTS REPORTED FOR DEFINITION DRILLING AT AURMAC GOLD PROJECT, YUKON

Eagle Royalties Ltd. has recently learned of encouraging drill hole intercepts, including visible gold, at Banyan Gold Corp.'s AurMac project in central Yukon (see Banyan's Jan. 16, 2025, news release). 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 recent announcement, Banyan has reported results for 19 holes, which 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 highlighted reported results for the recent holes are as follows.

Highlighted AurMac assay results relating to Eagle Royalties:

• AX-24-551 -- 75.0 metres of 0.31 gram per tonne gold from 102.6 metres;
• AX-24-561 -- 23.5 metres of 1.06 grams per tonne gold from 106.0 metres;
• AX-24-564 -- 45.7 metres of 0.47 gram per tonne gold from 96.2 metres;
• AX-24-575 -- 100.9 metres of 0.31 gram per tonne gold from 125.0 metres;
• AX-24-610 -- 23.9 metres of 0.84 gram per tonne gold from 116.8 metres;
• AX-24-610 -- 18.6 metres of 1.15 grams per tonne gold from 158.9 metres;
• AX-24-618 -- 209.0 metres of 0.63 gram per tonne gold from 35.1 metres.

Notes: Complete analytical results can be found within the original Banyan news release. True widths are estimated to be approximately 90 per cent of drilled intervals.

The above technical information relating to drill collar location and analytical results have been taken directly from the Banyan Gold news release dated Jan. 16, 2025. More detailed drilling information, analytical procedures and results are available in the full news release 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, it 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 reportedly completed in mid-October, and, to date, Banyan has released results for 76 of the drill holes.

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 has also recently announced plans for 2025 work at the AurMac (see Banyan's Jan. 7, 2025, news release), which include a resource update in Q2 and a preliminary economic assessment (PEA) in Q4.

As a royalty holder, 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 person

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.

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