Mr. Tim Termuende reports

ADDITIONAL RESULTS REPORTED FOR DRILLING AT AIRSTRIP DEPOSIT, AURMAC GOLD PROJECT, YUKON

Eagle Royalties Ltd. recently learned of encouraging drill hole intercepts from the Airstrip deposit at Banyan Gold Corp.'s AurMac project in central Yukon (see Feb. 19 BYN news release). Eagle Royalties holds a 2-per-cent royalty (with no buy-down provision) on mineral claims overlying the area of recently reported drilling. Eagle Royalties holds royalty interests ranging from 0.5 per cent to 2 per cent (with no buy-down provision) on numerous claims located within an inferred resource area as defined by Banyan.

According to the recent announcement, Banyan has reported results for 16 holes drilled in the Airstrip area. Highlighted reported results for the recently announced holes are as follows.

Highlighted assay results relating to Eagle Royalties:

• AX-24-558: 7.2 metres (m) of 2.93 grams per tonne Au from 205.7 m;
• AX-24-569: 4.5 m of 4.49 g/t Au from 240.5 m;
• AX-24-573: 34.1 m of 0.66 g/t Au from 55.7 m;
• AX-24-577: 105.8 m of 0.60 g/t Au from 39.5 m;
• AX-24-581: 43.1 m of 0.71 g/t Au from 62.4 m;
• AX-24-586: 34.9 m of 0.70 g/t Au from 6.1 m;
• AX-24-586: 29.9 m of 0.78 g/t Au from 66.1 m;
• AX-24-588 17.1 m of 1.29 g/t Au from 65.9 m;
• AX-24-590: 15.9 m of 9.32 g/t Au from 65.7 m:
  • Including: 3.7 m of 33.43 g/t Au from 77.9 m.
• AX-24-593: 13.8 m of 3.81 g/t Au from 67.6 m;
• AX-24-636: 90.0 m of 0.44 g/t Au from 68.5 m.

The above technical information relating to drill collar location and analytical results have been taken directly from the Banyan Gold news release dated Feb. 19, 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 ER 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 ER 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.

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 (see complete BYN news release).

Banyan has also recently announced plans for 2025 work at the AurMac (see Jan. 7 BYN 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 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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