Mr. Drew Clark reports

SUMMIT ROYALTIES PROVIDES CORPORATE UPDATE AND HIGHLIGHTS 2026 CATALYSTS

Summit Royalties Ltd. has provided a corporate update for 2025 and highlight upcoming 2026 catalysts. All amounts are in United States dollars unless otherwise noted.

Drew Clark, president and chief executive officer of Summit, commented: "Two thousand twenty-five was a seminal year of significant growth and execution for Summit. Over the course of the year, we assembled a diversified precious metals royalty and streaming portfolio anchored by cash-flowing assets, while also adding long-duration optionality through disciplined acquisitions. Completing our go-public transaction in November marked an important milestone and positions us for the next phase of growth. In 2026, our focus is straightforward: remain disciplined and pursue accretive opportunities that enhance per-share value, deepen relationships with shareholders and new investors, and broaden awareness of our platform. Our portfolio stands to benefit from the optionality and inherent growth that we focused on when acquiring and building Summit, and we are excited to see these catalysts materialize over the next 12 months."

2025 execution milestones

Cornerstone acquisition of cash-flowing royalties and a producing silver stream from Iamgold Corp.: On May 30, 2025, Summit acquired a portfolio of seven royalties and one stream from Iamgold and its affiliates for total consideration of $17.5-million. Key assets include:

• Bombore silver stream (Ganzourgou province, Burkina Faso) -- a 50-per-cent silver stream on the operating Bombore mine owned and operated by Orezone Gold Corp.;
• Pitangui royalty (Minas Gerais, Brazil) -- an $80/ounce production royalty on the first 250,000 ounces of gold sold and a 1.5-per-cent NSR (net smelter return) royalty thereafter on the Pitangui project currently under development by Jaguar Mining Inc.;
• Zancudo royalty (Titiribi, Colombia) -- a 0.5-per-cent NSR royalty on the operating Zancudo mine owned and operated by Denarius Metals Corp.;
• Lavras do Sul royalty (Rio Grande do Sul, Brazil) -- a 3.0-per-cent NSR royalty on the 5,000-hectare Lavras do Sul project owned by Lavras Gold Corp.

Acquisition of a 1.0-per-cent NSR royalty on West Red Lake's producing Madsen project, Ontario: On Sept. 4, 2025, the corporation completed the acquisition of an existing 1.0-per-cent net smelter return royalty on the producing Madsen mine from a fund managed by Sprott Resource Lending Corp. for $9.9-million. In connection with the acquisition, Summit raised over $9.3-million at 90 cents per share in an oversubscribed private financing.

Completion of the go-public transaction: On Nov. 4, 2025, Summit completed its reverse takeover transaction of Eagle Royalties Ltd., and the corporation's common shares commenced trading on the TSX Venture Exchange under the symbol SUM on Nov. 10, 2025.

2026 catalysts

In 2026, Summit's portfolio is expected to benefit from several catalysts that will increase attributable gold equivalent ounce production and per-share cash flow and net asset value growth. Highlights include:

• Commercial production declared at Madsen in H1 2026 as it ramps up to approximately 50 Koz per annum;
• Continued exploration work at Pitangui prior to the start of development in mid-2026 to facilitate production in 2027;
• Installation of the 1,000-tonne-per-day mill at Zancudo, resulting in markedly increased throughput and higher payabilities for metals produced;
• Phase 1 completion of the hard rock plant at Bombore, of which first production was announced in December, 2025. The hard rock expansion will increase production by 45 per cent to 170,000 to 185,000 oz of gold in 2026, with increases to silver production expected to be similar, directly benefitting the company's 50-per-cent silver stream;
• Preliminary economic assessment and updated mineral resource estimate released on AurMac, showcasing the potential economics for Summit's 1- to 2-per-cent NSR royalty on the Airstrip and Powerline deposits;
• 40-plus other assets being explored.

Debt settlement with Royal Uranium Inc.

During Q4 2025, Summit entered into a debt settlement arrangement with Royal Uranium Inc. pursuant to the terms of a secured promissory note dated June 14, 2024, in the original amount of $1.25-million, which was issued in connection with the acquisition of certain royalty interests from a predecessor of Summit. As part of the settlement, Summit agreed to settle the promissory note for the issuance of 3.5 million common shares of Royal Uranium Inc. at a deemed price of 50 cents per share to Summit. To the extent Royal Uranium Inc. does not complete a go-public event prior to Oct. 31, 2026, Royal Uranium Inc. will issue an additional 600,000 shares to Summit.

Marketing and investor engagement calendar

Management will be available for meetings at CEM AlphaNorth (Nassau, Bahamas; Jan. 16 to Jan. 18, 2026), in Vancouver (Jan. 24 to Jan. 27, 2026) in conjunction with VRIC, and at CEM Whistler (Feb. 6 to Feb. 8, 2026).

The corporation encourages investors and stakeholders interested in arranging one-on-one meetings to reach out to info@summit-royalties.com in advance.

Investor relations and communications

The corporation is pleased to announce it has strengthened its investor relations and communications function by entering into a consulting agreement with Macky Agency Corp. to provide investor relations and communications services.

The consultant operates out of Toronto, Ont., and provides investor relations and communications services to public companies. Through the consultant's engagement, the corporation hopes to increase investor engagement and create more awareness for the corporation.

The agreement is effective as of Dec. 22, 2025, and has an initial term of three months. Following the initial term, the parties may mutually agree to extend or amend the agreement. In consideration for the services, the corporation will pay the consultant a fee of $5,500 per month, plus applicable taxes. The agreement may be terminated by either party in accordance with its terms.

In connection with the engagement, the corporation granted options to the consultant to purchase an aggregate of 150,000 common shares of the corporation. The options will be exercisable prior to Dec. 22, 2027, at a price of $1.34 per common share and vesting, with 25 per cent of the options vesting in three-month intervals from Dec. 22, 2025 (being the date of grant). The options will be governed by the corporation's equity incentive plan and TSX Venture Exchange policies.

There are no performance factors in the agreement. The consultant is an unrelated and unaffiliated entity to the corporation. At the time of the agreement, except for 10,000 common shares of the corporation held by a principal of the consultant, neither the consultant nor any of its principals had an interest, directly or indirectly, in the securities of the corporation. The engagement of the consultant remains subject to TSX-V approval.

About Summit Royalties Ltd.

Summit Royalties is a precious metals royalty and streaming company. Its current portfolio is anchored by cash-flowing production, with additional royalties on advanced development- and exploration-stage properties. Summit intends to become the next mid-tier royalty and streaming company by executing actionable, accretive acquisitions that increase production and drive cash flow growth. The corporation has no debt and has sufficient cash on hand for future acquisitions. The corporation's registered office is located at One First Canadian Place, suite 3400, Toronto, Ont., M5X 1A4.

We seek Safe Harbor.