Mr. Tim Termuende reports

30,000M DRILLING PROGRAM ANNOUNCED FOR AURMAC GOLD PROJECT, YUKON

Eagle Royalties Ltd. has recently learned of the commencement of a 30,000-metre diamond drill program at Banyan Gold Corp.'s AurMac project in central Yukon (see March 27, 2025, Banyan Gold news release). Eagle Royalties holds royalty interests ranging from 0.5 per cent to 2 per cent (with no buydown provision) on numerous claims underlying the Airstrip and Powerline inferred resource areas (wholly or partially) as defined by Banyan.

According to the recent announcement, Banyan intends to focus on further expansion and definition of mineralized zones in the Airstrip and Powerline areas; defining areas of higher grade, particularly near surface (less than 100 metres); and testing proximal and distal targets identified through soil geochemical sampling and geophysical surveys.

As reported by Banyan, the company completed 118 drill holes and over 21,000 metres of drilling within the Powerline and Airstrip deposit areas, reporting significant drill results in the Airstrip area in drill hole AX-24-590, where 15.9 metres graded 9.32 gramsper tonne gold, including 3.7 metres of 33.43 grams per tonne gold and 13.8 metres of 3.81 grams per tonne gold from 77.9 metres depth. Drilling from 2024 at the Powerline deposit resulted in 16 drill holes with intersection greater than 50 gram-metres, including AX-24-540, which intersected 23.1 metres of 5.68 grams per tonne gold from 159.3 metres, including 0.2 metre of 539.3 grams per tonne gold (see March 3, 2025, news release).

The above technical information relating to drill collar location and analytical results have been taken directly from Banyan Gold news releases. 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.

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 (CIL/CIP) processes, and that work is continuing for flotation leach.

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 over 35 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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