Prairiesky Royalty Ltd · TSX:PSK
Prairiesky Royalty — Investor Presentation (July 2026)
40 slides from Prairiesky Royalty's investor presentation, July 2026
Slide 1: Corporate Presentation July 2026
CORPORATE PRESENTATION JULY 2026 1
Slide 2: PrairieSky Royalty Snapshot
PrairieSky Royalty Snapshot TSX $7.8 Balance Sheet PSK Billion Strength Enterprise Value(1) 0.4x D/EBITDA(2) Sustainable Annual Oil & Liquids $2.6 Dividend $1.06 95% Billion of YTD 2026 Royalty Returned to Per Common Share Production Revenue Shareholders since IPO Paid Quarterly 18.6 6% Canada’s Mil
Slide 3: Why PrairieSky?
Why PrairieSky? • 9.9 million acres of Fee Lands Vast Land Base • 8.7 million acres of GORR Lands Experienced Team • Management and directors with an unparalleled understanding of the royalty business and are invested alongside shareholders Resource Play • Upside from resource play development on em
Slide 4: PrairieSky's Dominant Land Position
PrairieSky’s Dominant Land Position PrairieSky has more than tripled its Royalty Lands since inception, a 100% increase on a per share basis(1), including the addition of: • All Saskatchewan Fee Lands and GORR acreage • 1.3 million Clearwater acres • Mannville Stack position through acquisition from
Slide 5: PrairieSky Key Growth Metrics
PrairieSky Key Growth Metrics Production per Million Shares(1) Gross Industry Capital 140 $2.5 9.0% 8.0% 120 $2.0 7.0% 100 6.0% $1.5 $ billions 80 5.0% 4.0% 60 $1.0 3.0% 40 2.0% $0.5 20 1.0% $0.0 0.0% - 2020 2021 2022 2023 2024 2025 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q
Slide 6: Spuds on PrairieSky Lands – YTD 2026
Spuds on PrairieSky Lands – YTD 2026 With third-party activity across our royalty land base, PrairieSky has increased its royalty production by 4% YTD 2026 relative to the same period in Strong YTD activity with 379 wells 2025. spud across PrairieSky’s land base, including: ● 80 Clearwater oil wells
Slide 7: Multilateral Wells – Driving Increased Productivity
Multilateral Wells – Driving Increased Productivity Expanding multilateral drilling application across the basin has led to an increasing contribution to royalty production volumes. In 2025, multilateral wells spud on PrairieSky lands totaled an estimated 285, representing 40% of drilling activity.
Slide 8: Clearwater – Sustainable Growth
Clearwater – Sustainable Growth PrairieSky has the largest Clearwater royalty acreage position with ~1,300,000 acres throughout the entire Clearwater trend. Clearwater royalty oil production averaged 2,975 bbl/d YTD 2026, representing 24% y/y growth. Clearwater Royalty Oil Production 3,200 2,800 2,4
Slide 9: Mannville Stack – Massive Heavy Oil Resource
Mannville Stack – Massive Heavy Oil Resource PrairieSky has expanded its position in the Mannville Stack over the past 2 years, adding a large GOR position to complement its extensive Fee title position in the broader Cold Lake region. Discoveries have been made in 9 discrete intervals within the Ma
Slide 10: Duvernay – West Shale Activity Accelerating
Duvernay – West Shale Activity Accelerating PrairieSky has a meaningful Fee Land position within the Duvernay oil window in both the East and West Shale Basins. The play boasts large resource in place, high netback light oil, depth of inventory, and access to infrastructure. Recently drilled wells i
Slide 11: Reserves Replacement
Reserves Replacement Third-party capital on PrairieSky lands In a royalty business with undeveloped has historically replaced produced land, all funds from operations can be reserves. returned to shareholders. Reserves increased in 2025, 2025 funds from operations of after annual production of 9,439
Slide 12: Production & Revenue Generated from Royalty Properties
Production & Revenue Generated from Royalty Properties PrairieSky generates revenues through leasing its Fee Lands and its GORR Interests, which includes Royalty Production Revenue, Bonus Consideration and Lease Rental Income. Royalty Compliance focuses on capturing mispaid royalties through forensi
Slide 13: Inflation Insulated, High Margin Business Model
Inflation Insulated, High Margin Business Model Low risk High revenue base margins No maintenance capital Equally strong revenue as upstream oil and gas producers, with vastly superior None of the capital requirements, operating margins. operating costs, abandonment liabilities or Royalty operating
Slide 14: Returns to Shareholders
Returns to Shareholders 4.5 4.0 From IPO to June 30, 2026, PrairieSky has returned 3.5 $2.2 billion in dividends and $413 million in share buybacks to 3.0 shareholders (average price of 2.5 $17.81/share). $ billions 2.0 High conversion of revenues to funds from 1.5 operations for distribution to sha
Slide 15: Countercyclical Capital Deployment
Countercyclical Capital Deployment History of acquiring assets near low points of the commodity cycle, with major acquisitions completed between US$44-70/bbl WTI. Share buybacks have been completed across a time period when WTI averaged US$55/bbl including ~$86 million of share repurchases in Q2/Q3
Slide 16: Oil Production Growth Decoupled from Western Canada
Oil Production Growth Decoupled from Western Canada Oil Production Growth (from Q1/22 Baseline) Following the acquisition from 30.0% Heritage Royalty in December 2021, 25.0% PrairieSky has organically exceeded 20.0% the growth rate of the Western Canadian Sedimentary Basin on oil 15.0% volumes throu
Slide 17: 10 Year Funds from Operations Generation
10 Year Funds from Operations Generation 2025 Average Royalty Production 25,855 BOE/d(1) With no capex requirements, Funds from Operations are fully available for shareholder returns. A $0.50/Mcf increase in AECO increases 10-year cash flow by $0.1 billion. (1) For the year ended December 31, 2025 1
Slide 18: Shareholder Alignment
Shareholder Alignment Board & Management Ownership in PSK Shareholder “Pay for performance” Alignment All staff are shareholders and maximize participation long-term incentives in Employee Stock Purchase Plan Decisions focused on core strategy and creating long-term shareholder value 18
Slide 19: ESG Survey Results & Rankings
ESG Survey Results & Rankings ESG Survey Results Received a score of 64/100 in Received B score for the 2025 S&P CSA, maintaining Received AAA CDP Climate Change constituency of the Dow Jones ranking from MSCI in 2025, which is the Best-in-Class World Index. in 2025. management level. Ranked #1 by S
Slide 20: ESG Policies & Practices
ESG Policies & Practices All of PrairieSky’s royalty properties are in Canada which Policies provides the following and advantages: Practices Environmental regulations are robust standards and reflect global leadership. PrairieSky’s policies and Focus on health and safety, human rights practices are
Slide 21: Q2 2026 Activity Update & Financial Information
Q2 2026 ACTIVITY UPDATE & FINANCIAL INFORMATION 21
Slide 22: Quarterly Activity on PrairieSky Lands
100 200 300 100 200 300 100 200 300 0 0 0 2019 Q1 2019 Q1 2019 Q1 2019 Q2 2019 Q2 2019 Q2 2019 Q3 2019 Q3 2019 Q3 RI: Royalty Interest. 2019 Q4 2019 Q4 2019 Q4 2020 Q1 2020 Q1 2020 Q1 2020 Q2 2020 Q2 2020 Q2 2020 Q3 2020 Q3 2020 Q3 2020 Q4 2020 Q4 2020 Q4 2021 Q1 2021 Q1 2021 Q1 2021 Q2 2021 Q2 2021
Slide 23: Financial Highlights
Financial Highlights Year Ended December 31, $millions, unless otherwise noted Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024 Production Volumes Crude Oil (bbls/d) 14,740 13,733 13,750 14,127 14,376 13,502 13,940 13,125 NGLs (bbls/d) 2,706 2,677 2,915 2,210 2,348 2,520 2,498 2,378 Natural
Slide 24: Top Royalty Payors
Top Royalty Payors Top 10 payors represent 52% Exposure to various operators with of product revenue, while the diverse expertise ranging from Top 25 payors represent 75% private companies to Majors. of product revenue. Top 25 Payors Arc Resources Artis Exploration Aspenleaf Energy Cardinal Energy H
Slide 25: Understanding Royalties
A PRAIRIESKY ROYALTY UNDERSTANDING ROYALTIES TSX | PSK A 25
Slide 26: History of Fee Lands
History of Fee Lands 1676 1887 1958 2002 2014 2021 King Charles II of Dominion of Canada CPR creates Encana created PrairieSky completes PrairieSky completes England granted stops granting Canadian Pacific through merger of acquisition of Range multiple acquisitions 948 million acres of mines and mi
Slide 27: Types of Royalties
Types of Royalties The following Crown Royalties figure outlines the Fee Simple Mineral Title - PrairieSky owns 9.9 million acres royalty hierarchy. As you move down Gross Overriding Royalties - PrairieSky owns 8.7 million acres the royalty hierarchy, Streams costs increase and duration Net Profit I
Slide 28: Introduction to PrairieSky Royalty
Introduction to PrairieSky Royalty 9.9 million acres Business model Low risk Experienced team of Fee Lands(1) aligned with supports dividend revenue base 8.7 million acres payments shareholder interests of GORR Lands(1) Lands located throughout Royalty operating margin(2) No maintenance capital Mana
Slide 29: A Unique and Diversified Approach to Investing in Oil & Gas
A Unique and Diversified Approach to Investing in Oil & Gas Third Party Operators • Approximately 325 lessees paying royalties on PrairieSky Royalty lands • Operators on PrairieSky Royalty Fee Lands include Majors, Independents, Mid Cap and Small Cap producers Commodity Geology • 95% of product reve
Slide 30: Royalty Advantage
Royalty Advantage Ownership in PrairieSky provides a long duration cash flow stream, no capital expenditure requirements or maintenance capital and the optionality associated with perpetual land title ownership. Exposure to: No exposure to: High margin cash flow streams Capital costs New discovery/e
Slide 31: Higher Margin, Lower Risk, Low Impact of Cost Inflation
Higher Margin, Lower Risk, Low Impact of Cost Inflation Margin Summary ($/BOE) Revenue (63% Liquids Production)(1) $58.70/boe PrairieSky Illustrative Working Royalty offers Interest Operator PrairieSky Royalty higher margins than conventional Production & Mineral Tax Royalties ($0.37/BOE) working in
Slide 32: Active Management of Land Base
Active Management of Land Base License to ~20,200 km2 of 3D PrairieSky actively seismic(1) over 5.0 million acres manages its Fee & ~54,600 km of 2D seismic Lands: Meeting with PrairieSky’s Seismic Coverage operators and providing updates on available lands Providing seismic to lessors and generatin
Slide 33: Recycling the Land Base
Recycling the Land Base The perpetual nature of Fee Lands allows PrairieSky Royalty to continually recycle lands and grow its revenue base. PrairieSky leases At the end of the primary lease lands by zone – same term, any lands/rights not held aerial acreage can be by production revert back to leased
Slide 34: Long-term Optionality
Long-term Optionality PrairieSky’s basket of call options includes: SAGD Lindbergh and Onion Lake projects have multiple phase expansion potential New leasing of Fee Lands to integrated and independent SAGD specialists Emerging Clearwater, Duvernay and Mannville Stack oil plays; stacked Montney and
Slide 35: Future Optionality
Future Optionality Optionality Beyond Current Valuation Expansion of productive trends Material new pool discoveries Improvements in drilling and completions technologies: incremental recovery via optimized completions, tighter inter-wells spacing, and additional application of multi-leg horiz
Slide 36: Leadership Team
Leadership Team Board of Directors Executive Team Margaret A. McKenzie, Chair of the Board Andrew M. Phillips, President & CEO / Director Corporate Director, Former VP, Finance and Chief Financial Officer of Range Royalty Previously, President, CEO & Director of Home Quarter Resources (acquired by a
Slide 37: Disclaimer & Cautionary Statements
Disclaimer & Cautionary Statements Cautionary Statement on Forward Looking Information This presentation contains “forward looking information” and “forward looking statements” (collectively referred to as "forward-looking statements") within the meaning of applicable securities laws, which may incl
Slide 38: Non-GAAP Measures and Ratios
Non-GAAP Measures and Ratios Certain measures and ratios in this presentation do not have any standardized meaning as prescribed by IFRS and therefore, are considered non-GAAP measures and ratios. These measures and ratios may not be comparable to those presented by other issuers. These measures and
Slide 39: Other Disclosure
Other Disclosure CONVERSIONS OF NATURAL GAS TO BOE To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet
Slide 40: Contact Information
CONTACT INFORMATION PRAIRIESKY ROYALTY LTD. 1700, 350 – 7 Avenue SW Calgary, AB T2P 3N9 T 587.293.4000 E Investor.relations@prairiesky.com PRAIRIESKY.COM 40
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