Summit Royalties Ltd · TSXV:SUM
Summit Royalties — Investor Presentation (October 2025)
24 slides from Summit Royalties's investor presentation, October 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION October 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation (the "Presentation") contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this Presentation. Any statement that involves predictions, exp
Slide 3: Introducing Summit Royalties
Introducing Summit Royalties Newest entrant into the royalty space Experienced Cornerstone Cash-Flowing Compelling Growth Management and Board Assets Pipeline Led by veterans who have executed Exposure to producing and expanding +40 exploration royalties across Canada, billions in transactions and b
Slide 4: Summit Delivering on Promises to Investors
Summit Delivering on Promises to Investors Raise $13M in Non-Brokered Private Round Financing: Completed; May 29 Close IAMGOLD Royalty Portfolio Acquisition for $17.5M: Completed; May 30 Announce Accretive RTO with Royalty Vehicle: Announced RTO of Eagle Royalties; July 2 Maintain Focus on Productio
Slide 5: Attractive Valuation & Re-Rate Potential
Attractive Valuation & Re-Rate Potential Heavily discounted to peers based on $0.65 share price P / NAV – Consensus (x) 2.50x 2.20x 2.00x 1.49x Average: 1.29x P/NAV (x) 1.50x 1.21x 1.10x 1.08x 1.05x 1.00x 0.90x 0.53x 0.50x - EV / 2027E Revenue – Consensus (x) 40.0x EV / 2027E Revenue (x) 32.3x 30.0x
Slide 6: Substantial Re-Rate in the Junior Royalty Space
Substantial Re-Rate in the Junior Royalty Space ~65% increase in peer P/NAVs Since the signing IAMGOLD definitive Multiple 96% 25% 9% 166% 80% -14% Increase Peer P/NAV Update (October 3, 2025) 2.50x $700 2.16x $600 Market Capitalization 2.00x $500 P/NAV (x) 1.50x (US$M) Average: 1.29x $400 0.99x 1.0
Slide 7: Material Market and Portfolio Improvements
Material Market and Portfolio Improvements Summit’s Valuation has Improved from LOI Date Despite Notable Advancements and Favourable Market Dynamics 1.40x Gold Price Peer Avg P/NAV News $4,000 Price returns since initial terms discussed with IMG: 14 13 1.20x Gold Price 48% $3,700 Royalty Peers(1) 13
Slide 8: Cornerstone Assets
Cornerstone Assets Madsen Bomboré 1.0% NSR Royalty 50% Silver Stream Operator West Red Lake Gold Mines Operator Orezone Stage Production Stage Production Location Ontario, Canada Location Burkina Faso Metal Exposure Gold Metal Exposure Silver Mine Type Underground Mine Type Open Pit Coverage Area 4,
Slide 9: Gold Equivalent Ounce Profile
Gold Equivalent Ounce Profile Madsen Bombore Zancudo Pitangui 3.5 3.0 2.9 Gold Equivalent Ounces (000’s) 2.5 2.5 2.5 2.0 1.8 1.5 1.5 1.0 0.5 – 2026E 2027E 2028E 2029E 2030E GEOs expected to increase at a ~15% CAGR from 2026 – 2030 Summit Royalties | Investor Presentation | 9 Note: based on Summit ma
Slide 10: Portfolio Diversification
Portfolio Diversification 2026E Revenue Net Asset Value Asset Stage Jurisdiction 19% 12% 39% 39% 50% 52% 36% 31% 22% Producing Madsen Bombore Zancudo Canada South America Rest of World Commited Timeline to Production Development / Exploration ~60% of NAV already producing or with committed timeline
Slide 11: Capital Structure
Capital Structure Debt-free and backed by supportive shareholders Pro Forma Capital Structure Management Retail & Directors Share Price (US$) $0.65 22% 15% Pro Forma Shares Outstanding (M) 70.8 Equity Value (US$M) $46.0 IAMGOLD Cash ($M) $3.6 17% Debt ($M) -- Enterprise Value (US$M) $42.4 Ownership
Slide 12: Appendix
Appendix 12 | Summit Royalties | Investor Presentation
Slide 13: Overview of Royalties
Overview of Royalties Simple, diversified exposure to precious metals Initial Deposit or Purchase Price Summit purchases the royalty contract from a mining company or pre-existing owner Mining Partner / Third Party Royalty Owner % of Revenue Summit receives dollars from a Net Smelter Revenue Royalty
Slide 14: Royalties vs. Mining Companies & Bullion
Royalties vs. Mining Companies & Bullion Upside exposure, downside protection Mining Gold Companies Bullion Exposure to: Metal Prices ✓ ✓ ✗ Earnings and Dividends ✓ ✓ ✗ Reserve Replacement ✓ ✓ ✗ Project Expansions ✓ ✓ ✗ Limited Exposure to: Margin Compression and Cost Inflation ✓ ✗ ✓ Capital and Ope
Slide 15: Leadership Team
Leadership Team Drew Clark, CFA Connor Pugliese Rick Breger, PGeo President, CEO & Director Vice President, Corporate Technical Advisor Development Completed over $300M of royalty Before joining Summit, worked at Professional geologist with over 20 deals through more than 30 Redwood Materials
Slide 16: Experienced Board of Company Builders
Experienced Board of Company Builders Jerrold Annett, P.Eng. Russell Mills, CFA, MFin 30 years of mining and capital markets Nearly 20 years of experience advising mining experience, most recently as Senior Vice corporates, recently Managing Director, President, Strategy & Capital Markets at Inv
Slide 17: Asset Highlights – Madsen
Asset Highlights – Madsen Asset Overview Analyst Consensus Production Profile1 • 100% owned by West Red Lake Ownership 120 • +$200M market capitalization Location • Red Lake, Ontario, ~440 km northwest of Thunder Bay 101 100 100 92 92 92 Land Package • 4,700 ha land package 91 91 Royalty • 1% NSR Ro
Slide 18: Asset Highlights – Bomboré
Asset Highlights – Bomboré Asset Overview Location • 90% Orezone Ownership • 10% government Orezone • +$500M market capitalization • 50% stream on silver production with minimum guaranteed Royalty delivery of 37.5 Koz annually • Ganzourgou Province, Burkina Faso Location • ~85 km east of the capital
Slide 19: Asset Highlights – Pitangui
Asset Highlights – Pitangui Asset Overview Location Ownership • 100% Jaguar Jaguar • +$290M market capitalization Royalty • $80/oz for first 250 Koz of gold sold, 1.5% NSR thereafter Pitangui is a sub-property of the broader Turmalina Complex – Summit’s • Sao Sebastiao deposit - ~20 km east of the T
Slide 20: Asset Highlights – AurMac
Asset Highlights – AurMac Asset Overview Location Ownership • 100% Banyan Gold Banyan Gold • ~$175M market capitalization • Airstrip deposit: 2% NSR over 66% of the deposit, and 1% Royalty NSR over 34% of the deposit • Powerline deposit: 1% NSR over 16.92% of the deposit • Mayo mining district in Ma
Slide 21: Asset Highlights – Zancudo
Asset Highlights – Zancudo Asset Overview Location Ownership • 100% Denarius Metals Denarius • +$45M market capitalization Royalty • 0.5% NSR Location • Cauca Belt, Titiribi, Colombia • 1,054 ha Asset Background • Gold / silver development property with an underground resource • Property includes th
Slide 22: Royalty Portfolio Summary (1/2)
Royalty Portfolio Summary (1/2) Property Size Property Owner Location Status Royalty Details Buy-Back (Ha) Madsen West Red Lake Gold Canada 4,700 Operating / Ramp Up 1.0% No Ag stream on 50% of $7.15M for 50% Bomboré Orezone Burkina Faso 12,534 Operating / Expansion Ag production over LOM of Ag stre
Slide 23: Royalty Portfolio Summary (2/2)
Royalty Portfolio Summary (2/2) Property Size Property Owner Location Status Royalty Details (Ha) Knife Lake Rockridge Saskatchewan 33,560 Advanced Exploration 1.5-2.5% George Lake Eagle Plains Saskatchewan 3,694 Advanced Exploration 1.0-2.0% Brownell Lake Eagle Plains Saskatchewan 1,863 Advanced Ex
Slide 24: Contact Info
CONTACT INFO Connor Pugliese; Vice President, Corporate Development connor@summit-royalties.com summit-royalties.com SummitRoyalties.com
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