Mr. Drew Clark reports

SUMMIT ROYALTIES ANNOUNCES APPOINTMENT OF JERROLD ANNETT AS CHAIRMAN; TRADING TO COMMENCE ON VENTURE EXCHANGE; OTHER CORPORATE UPDATES

Summit Royalties Ltd. has provided corporate updates in connection with the recently completed go-public transaction by way of a reverse takeover (RTO).

Commencement of trading on the TSX Venture Exchange

In connection with the closing of the RTO and further to its news release on Nov. 5, 2025 (titled "Summit Royalties Completes Go-Public Transaction"), the common shares of the corporation are scheduled to commence trading on the TSX Venture Exchange at the market open on Monday, Nov. 10, 2025, under the symbol SUM.

In anticipation of commencement of trading on the exchange, the common shares have been delisted from the Canadian Securities Exchange, effective at the market close today.

Appointment of chairman of the board

Jerrold Annett has been appointed as chairman of the board of directors of the corporation, with the full board including Drew Clark, Blair Zaritsky, Stephen Eddy and Russell Mills.

Mr. Annett commented: "I am pleased to accept the role of chairman at this important stage for Summit Royalties. As a large shareholder, I am fully aligned with the corporation's objectives and confident in its potential. The team has established a strong foundation, building a cash-flowing royalty business with 47 royalties in a short period of time. It is an exciting time to be a new entrant in the royalty space, with record metal prices and consolidation creating significant opportunities for growth. I look forward to working with the board and management to advance Summit's strategy and deliver long-term value for shareholders."

Mr. Annett has over 30 years of mining and capital markets experience, most recently serving as senior vice-president, strategy and capital markets, at Capstone Copper. He has over a decade of mining sales experience, including nine years as head of mining sales at Bank of Nova Scotia, a position he left to join Arizona Mining, which was acquired for $1.6-billion in cash. A professional engineer by background, Mr. Annett started his career working for Teck Resources and Falconbridge as a metallurgist.

Mr. Clark, chief executive officer and director of the corporation, commented: "We are pleased to announce the commencement of trading on Monday, Nov. 10, along with the appointment of Jerrold Annett as chairman of Summit Royalties. Mr. Annett brings extensive capital markets expertise and senior executive experience in the mining sector, with a strong record of building and financing successful resource companies. His leadership and strategic perspective will further strengthen Summit's position as we continue to expand our royalty portfolio and capitalize on favourable market conditions."

Formation of committees of the board

The board approved the formation of the audit committee, the compensation committee, and the corporate covernance and nominating committee. The composition of each committee is as follows.

Audit committee:  Mr. Zaritsky (chair), Mr. Eddy and Mr. Mills

Compensation committee:  Mr. Mills (chair), Mr. Eddy and Mr. Zaritsky

Corporate governance and nominating committee:  Mr. Eddy (chair), Mr. Annett and Mr. Zaritsky

Equity incentive grants

In connection with the RTO and reconstitution of the board and management, the corporation also announces that it has granted an aggregate of 3,262,500 options, 387,500 deferred share units (DSUs) and 725,000 restricted share units (RSUs) to certain directors, officers and consultants, in accordance with the corporation's omnibus incentive plan.

The options will be exercisable for a period of three years at a price of $1 per common share and will vest as to 50 per cent after one year, and the remaining 50 per cent after two years. The DSUs and RSUs were granted in accordance with the terms of the corporation's omnibus incentive plan and will vest in accordance with their respective award agreements and plan provisions.

About Summit Royalties Ltd.

The corporation is a precious metals streaming and royalty company. The corporation's current portfolio is backstopped by cash flow production with additional royalties on development and exploration stage properties. The corporation intends to become the next mid-tier streaming and royalty company through future actionable and accretive acquisitions to increase production and cash flow growth. The corporation currently has no debt and sufficient cash on hand for use in future acquisitions.

The corporation's registered office is located at One First Canadian Place, Suite 3400, Toronto, Ont., M5X 1A4.

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