Slide 1: Freehold Royalties
Freehold Royalties March 2026 UNIQUELY NORTH AMERICAN FREEHOLDROYALTIES.COM | TSX FRU
Slide 2: Business Overview
DEEP BASIN CLEARWATER Business Overview MANNVILLE HEAVY OIL CARDIUM VIKING ▪ North American Energy Royalty Company in SE SASKATCHEWAN business since 1996 N. DAKOTA BAKKEN ▪ Portfolio of both crude oil and natural gas assets in premier basins ▪ $2.4 billion in dividends returned to shareholders to da
Slide 3: The Freehold Advantage
The Freehold Advantage Low-Risk Differentiated Consistently Exposure to Oil & North American Strong Capital Gas Industry Portfolio Allocation Pure play royalty Growing oil TSX leading ~6% company weighted portfolio dividend yield1 No capital costs Positioned in premier $0.09 per share monthly No ope
Slide 4: Asset Overview (2025 Results)
DEEP BASIN CLEARWATER Asset Overview (2025 Results) MANNVILLE HEAVY OIL CARDIUM VIKING SE SASKATCHEWAN ▪ 16,294 boe/d production N. DAKOTA BAKKEN - up 9% from 2024 ▪ 10,730 boe/d oil and natural gas liquids - up 12% from 2024 ▪ 66% oil and natural gas liquids - contributes 90% of revenue DELAWARE MI
Slide 5: Aligned With Quality Payors
Aligned With Quality Payors Top 5 U.S. Payors Top 5 Canadian Payors Source | Company Reports 5
Slide 6: U.S. Portfolio Overview – Targeted Growth
U.S. Portfolio Overview – Targeted Growth Bakken Freehold U.S. Asset Map Summary 2025 Oil Growth in Permian Oil Weighted Plays (boe/d) (boe/d) Gas Weighted Plays Midland 3,900 3,000 Eagle Ford 2,500 220% growth Marcellus Delaware 500 since 2022 Other 500 Permian Basin Denver-Julesburg Total ~7,400 (
Slide 7: Positioned in the Permian - A World Class Basin
Positioned in the Permian - A World Class Basin Global Oil Production Size and Scale is Unmatched (million barrels per day, MMbbls/d) 12 ▪ If the Permian were a country, it would be the 4th largest oil producer and 3rd largest natural 10 gas producer in the world Key Attributes 8 6.3 MMbbls/d ▪ Domi
Slide 8: Growing The Midland Basin
Growing The Midland Basin ▪ ExxonMobil is Freehold’s largest Midland producer; applying unmatched technical capabilities and experience to develop our largest asset ▪ ~32% of drilling inventory is concentrated in undeveloped lands ▪ Ongoing advancements in technologies are driving higher oil recover
Slide 9: Canadian Portfolio Overview – Well Established
Canadian Portfolio Overview – Well Established Freehold Canadian Asset Map Summary 2025 Heavy Oil Growth in Oil Weighted Plays (boe/d) Canada Gas Weighted Plays (boe/d) SE Sask 1,200 1600 ~80% Oil Viking 1,000 28% growth Clearwater Mannville Heavy Oil Mannville H. Oil 1,000 Clearwater Cardium 1400 C
Slide 10: Industry Innovation Continues to Deepen Portfolio
Industry Innovation Continues to Deepen Portfolio Pathway to Growth Exceptional Opportunity Set in the Permian Basin ▪ Resource expansion through operator growth plans, emerging and exciting Barnett & Woodford formation development, well optimization from surfactants, frac design and enhanced oil re
Slide 11: ExxonMobil Spotlight – Our Top Permian Operator
ExxonMobil Spotlight – Our Top Permian Operator Freehold Well Positioned on ExxonMobil Acreage FRU/ExxonMobil Overlap Due to its deep technology pipeline and ExxonMobil Land Freehold Land 40% of Midland Outline efficiency gains, the company expects to double ExxonMobil’s Core production in the Permi
Slide 12: Improved Recovery Techniques in the Permian are a Catalyst
Improved Recovery Techniques in the Permian are a Catalyst in U.S. Portfolio Lightweight Proppants Surfactants Enhanced Oil Recovery Fracture Oil CO2 ExxonMobil’s lightweight Chevron has found chemical Occidental’s unconventional proppant has improved surfactant treatments that CO2 EOR pilots have r
Slide 13: Growth Led by Heavy Oil
Growth Led by Heavy Oil Sustainable Growth Supported by Enhanced Oil Recovery Established Cyclic gas injection waterflood in West and waterflood Nipisi conversion in (net heavy oil production, boe/d) Figure Lake 1,900 1,700 1,500 1,300 Waterflood Development pad conversion pilot in using line drive
Slide 14: Emerging Opportunities in the Clearwater Fairway
Emerging Opportunities in the Clearwater Fairway Bluesky Testing in Seal Wabiskaw in Pelican Lake 1 3 Headwater drilled a Bluesky test Headwater drilled a multilateral well (04/13-06-083-15W5) in well (04/04-19-079-22W4) at Peace River 2024, offsetting Freehold acreage. Pelican Lake that has produce
Slide 15: Upside in the Montney Fairway
Upside in the Montney Fairway Montney position in Greater Dawson with Top 50 Montney Wells in 2025 (first 6-month production, MMboe) more than 1,200 boe/d of additional 1.2 productive capacity 1.0 Freehold Dawson Wells 0.8 0.6 0.4 0.2 0.0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43
Slide 16: Ground Game Positions Freehold in Front of the Drill Bit
Ground Game Positions Freehold in Front of the Drill Bit Targeting Undeveloped Acreage in Permian ▪ Targeted ground game strategy focused on acquiring undeveloped mineral title lands in the resource rich core of the play ▪ Acquisition of acreage being developed by Permian specialists like ExxonMobil
Slide 17: North American Portfolio
North American Portfolio 18,000 100.0 Expanding U.S. production base 16,000 • Zero presence in 2020 to 53% of 14,000 revenue today Production per Million Shares 95.0 U.S. Production • Most valuable barrels - 34% pricing 12,000 Production (boe/d) premium compared to Canada 10,000 90.0 Focused on high
Slide 18: High Margin Barrels – Best in the Business
High Margin Barrels – Best in the Business 2026E Cash Flow per boe1 Freehold Realized Pricing in 2025 ($/boe) $40 US US +19% premium oil Canada Cdn. $30 $0 $20 $40 $60 $80 $100 ($/bbl) $20 US US +34% premium boe $10 Cdn. Canada $0 $20 $40 $60 $80 ($/boe) $0 Peers1 FRU U.S. has delivered a ~10% incre
Slide 19: Lower Risk, High Margin Business
Lower Risk, High Margin Business $0 Capital Costs 2025 Revenue $177 Returned To Shareholders • Dividend of $0.09 per share per month $313 million million $80 Cash Costs1,2 + Taxes • Taxes, interest on debt, people & office costs million $56 Reinvestment & Debt Repayment • $38 million invested in new
Slide 20: 2026 Sensitivities and Guidance Range
2026 Sensitivities and Guidance Range Sensitivities of Annualized Funds from Operations US$1/bbl WTI $0.02/sh 2026E Range $3.9mm 15,500 – 16,300 boe/d $0.02/sh 0.01 FX $3.1mm Pricing Assumptions $0.01/sh 100 boe/d US Prod $2.1mm • US$65.00/bbl WTI $0.01/sh • C$2.00/mcf AECO 0.5% Liquids Weighting $1
Slide 21: Capital Allocation Priorities
Capital Allocation Priorities Generating Significant Funds from Operations1 Capital Allocation Priorities ($ millions) Base Dividend $300 ▪ Annual dividend of $1.08 per share fully funded at low commodity prices $250 ▪ Target 60% long term payout ratio $90 $200 $50 Strategic Acquisitions $15 ▪ Gener
Slide 22: Freehold Provides Compelling Dividend Income
Freehold Provides Compelling Dividend Income TSX Composite Index - Dividend Yields 10% ▪ ~6% dividend yield in an established, high margin business 8% ▪ Payable down to US$50/bbl WTI oil price 6% 169 dividend paying companies ▪ Backstopped by multi in the TSX Composite Index decade drilling inventor
Slide 23: The Freehold Advantage
The Freehold Advantage Low-Risk Differentiated Consistently Exposure to Oil & North American Strong Capital Gas Industry Portfolio Allocation Pure play royalty Growing oil TSX leading ~6% company weighted portfolio dividend yield1 No capital costs Positioned in premier $0.09 per share monthly No ope
Slide 24: Advisories
Advisories Non-GAAP and Other Financial Measures Within this presentation, references are made to terms commonly used as key performance indicators in the oil and gas industry. We believe that cash costs and payout ratios are useful non-GAAP financial measures or non- GAAP ratios for management and
Slide 25: Advisories
Advisories Advisory Relating to Forward-Looking Information This presentation offers and assessment of Freehold's future plans and operations as at December 31, 2025 and contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws legislati
Slide 26: Advisories
Advisories The statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Freehold holds a royalty interest by the owners or operators of such properties in a manner consis
Slide 27: Advisories
Advisories Advisory Related to Analogous Information Certain information in this presentation may constitute "analogous information" as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101") with respect to the certain drilling results, number of wel