Summit Royalty Corp. a private royalty and streaming company, is pleased to announce that it has completed the acquisition of an existing 1.0% net smelter return royalty on the producing Madsen Project from a Fund managed by Sprott Resource Lending Corp for US$9.9 million. As part of the acquisition, Summit raised over US$9.3 million at US$0.65 a share in an oversubscribed private financing. Proceeds from the financing will be used to pay for the NSR royalty on Madsen, to fund future acquisitions, and for general corporate and administrative expenses.

“In the span of just over three months, Summit has emerged from an idea to a cash-flowing royalty company with a portfolio of nine assets and plenty of runway for future growth,” said Drew Clark, Founder and President of the Company. “With the completion of this acquisition, which complements the previously acquired royalty portfolio from IAMGOLD Corporation and the anticipated reverse takeover of Eagle Royalties Ltd., Summit is well positioned to continue prudently deploying capital on accretive transactions that will enhance shareholder value. The Summit Royalty team is excited to continue growing this business into a preeminent cash flowing junior royalty and streaming company focused on precious metals as we work toward becoming a publicly traded company in the coming months.”

About Summit Royalty Corp.

Summit is a private precious metals streaming and royalty company with an aggressive growth trajectory. Summit’s current portfolio is backstopped by cash flow production with additional expansion and exploration upside. Summit intends to rapidly expand to be the next mid-tier streaming and royalty company through a series of actionable and accretive acquisitions which, given Summit’s size, can have an outsized effect on its production and cash flow growth. Summit currently has no debt and sufficient cash on-hand for use in future acquisitions. Summit intends to complete a go-public transaction before year-end 2025.