Prairiesky Royalty Ltd · TSX:PSK
Prairiesky Royalty — Q1 2026 Earnings Presentation
41 slides from Prairiesky Royalty's earnings presentation, Apr 21, 2026
Slide 1: Corporate Presentation April 2026
CORPORATE PRESENTATION APRIL 2026 1
Slide 2: PrairieSky Royalty Snapshot
PrairieSky Royalty Snapshot TSX $7.7 Balance Sheet PSK Billion Strength Enterprise Value(1) 0.6x D/EBITDA(2) Sustainable Annual Oil & Liquids $2.5 Dividend $1.06 92% Billion of Q1 2026 Royalty Returned to Per Common Share Production Revenue Shareholders since IPO Paid Quarterly 18.6 6% Canada’s Mill
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) Share of Industry Capital(2) 120 $2.5 9.0% 8.0% 100 $2.0 7.0% 80 6.0% $1.5 $ billions 5.0% 60 4.0% $1.0 40 3.0% 2.0% $0.5 20 1.0% $0.0 0.0% - 2020 2021 2022 2023 2024 2025 Gross Capital on PSK Land % of Industry Capital Oil NGL Natural g
Slide 6: Spuds on PrairieSky Lands – Q1 2026
Spuds on PrairieSky Lands – Q1 2026 With third-party activity across our royalty land base, PrairieSky has increased its royalty production by 4% in Q1 2026 relative to Q1/25. Strong quarterly activity with 201 wells spud across PrairieSky’s land base, including: ● 43 Mannville heavy and light oil w
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 >2,850 bbl/d in Q1/26, representing 21% y/y growth. Clearwater Royalty Oil Production 3,000 2,500 2,
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: Basal Quartz – Exposure to Emerging Tight Oil Play
Basal Quartz – Exposure to Emerging Tight Oil Play Modern completion techniques have unlocked a large light/medium oil fairway in the Basal Quartz of Southern Alberta over the past few years. Recent delineation success in the play along with acquisitions of undeveloped GOR lands in late 2025 have po
Slide 12: 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 13: 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 14: 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 15: Returns to Shareholders
Returns to Shareholders 4.5 4.0 From IPO to March 31, 2026, PrairieSky has returned 3.5 $2.1 billion in dividends and $413 million in share buybacks to 3.0 shareholders (average price of 2.5 $ billions $17.81/share). 2.0 High conversion of revenues to funds from 1.5 operations for distribution to sh
Slide 16: 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 17: 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 18: 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 19: 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 19
Slide 20: 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 21: 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 best-in-class standards and reflect global leadership. PrairieSky’s policies and Focus on health and safety, human rights practi
Slide 22: Q1 2026 Activity Update & Financial Information
Q1 2026 ACTIVITY UPDATE & FINANCIAL INFORMATION 22
Slide 23: 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 24: Financial Highlights
Financial Highlights Year Ended December 31, $millions, unless otherwise noted Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 Production Volumes Crude Oil (bbls/d) 13,733 13,750 14,127 14,376 13,502 13,317 13,940 13,125 NGLs (bbls/d) 2,677 2,915 2,210 2,348 2,520 2,482 2,498 2,378 Natural
Slide 25: Top Royalty Payors
Top Royalty Payors Top 10 payors represent 51% Exposure to various operators with of product revenue, while the diverse expertise ranging from Top 25 payors represent 74% private companies to Majors. of product revenue. Top 25 Payors Artis Exploration Aspenleaf Energy Cardinal Energy HWN Energy Jour
Slide 26: Understanding Royalties
A PRAIRIESKY ROYALTY UNDERSTANDING ROYALTIES TSX | PSK A 26
Slide 27: 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 28: 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 29: 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 30: A Unique and Diversified Approach to Investing in Oil & Gas
A Unique and Diversified Approach to Investing in Oil & Gas Third Party Operators • Approximately 335 lessees paying royalties on PrairieSky Royalty lands • Operators on PrairieSky Royalty Fee Lands include Majors, Independents, Mid Cap and Small Cap producers Commodity Geology • 92% of product reve
Slide 31: 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 32: Higher Margin, Lower Risk, Low Impact of Cost Inflation
Higher Margin, Lower Risk, Low Impact of Cost Inflation Margin Summary ($/BOE) Revenue (62% Liquids Production)(1) $50.08/boe PrairieSky Illustrative Working Royalty offers Interest Operator PrairieSky Royalty higher margins than conventional Production & Mineral Tax Royalties ($0.46/BOE) working in
Slide 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 41