Mr. Tim Termuende reports

RESULTS REPORTED FOR DEFINITION DRILLING AT AIRSTRIP AREA, AURMAC GOLD PROJECT, YUKON

Eagle Royalties Ltd. has recently learned of encouraging drill hole intercepts in the Airstrip inferred resource area of Banyan Gold Corp.'s AurMac project in central Yukon (see the Jan. 29 Banyan news release). Eagle Royalties holds royalty interests of 2 per cent or 1 per cent (with no buydown provision) on the entirety of the claims overlying the Airstrip resource area.

According to the recent announcement, Banyan has reported results for nine of 25 holes, which appear to be drilled within the Airstrip resource area, with seven of the holes falling within the 2-per-cent net smelter return area, and two within the 1-per-cent NSR area. Highlighted reported results for the recently announced holes are as follows*.

Highlighted Airstrip assay results relating to Eagle Royalties**:

• AX-24-597: 36.2 metres of 1.14 grams per tonne gold from 20.8 metres;
• AX-24-598: 21.7 m of 1.35 g/t Au from 51.3 m;
• AX-24-600: 23.4 m of 1.35 g/t Au from 36.7 m;
• AX-24-602: 65.5 m of 0.53 g/t Au from surface (3.2 m);
• AX-24-604: 46.4 m of 1.31 g/t Au from 55.8 m;
• AX-24-609: 68.1 m of 0.37 g/t Au from 38.9 m;
• AX-24-612: 64.5 m of 0.36 g/t Au from 149.5 m;
• AX-24-615: 62.5 m of 0.44 g/t Au from 133.4 m.

* 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 analytical results has been taken directly from the Banyan Gold news release dated Jan. 29, 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 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 m of drilling within the Powerline and Airstrip deposit areas. Drilling was reportedly completed in mid-October, and, to date, Banyan has released results for 85 of the drill holes. Results are pending for an additional 16 drill holes within the boundaries of the Eagle Royalties 2-per-cent NSR at the Airstrip resource area.

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/carbon-in-pulp processes, and work is continuing for flotation leach.

Banyan has also recently announced plans for 2025 work at AurMac (see Jan. 7 Banyan news release), which include a resource update in second quarter and a preliminary economic assessment in fourth quarter.

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 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. 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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