Summit Royalties to Combine with Star Royalties to Create a Scaled, High-Growth Royalty Platform

About this update from Summit Royalties Ltd

Summit Royalties to Combine with Star Royalties to Create a Scaled, High-Growth Royalty Platform TORONTO, March 16, 2026 (GLOBE NEWSWIRE) -- Summit Royalties Ltd. (TSXV: SUM, OTCQB: SUMMF) (the "Company" or "Summit") and Star Royalties Ltd. (TSXV: STRR, OTCQX: STRFF) ("Star") are pleased to announce that they have entered into an arrangement agreement (the "Agreement") pursuant to which, among other things, Summit has agreed to acquire all of the issued and outstanding common shares of Star by way of a court approved Plan of Arrangement under the Canada Business Corporations Act (the "Transaction"). Assuming completion of the Transaction, holders ("Star Shareholders") of common shares of Star ("Star Shares") are entitled to receive 0.360 (the "Exchange Ratio") of a common share of Summit (each a "Summit Share") in exchange for each Star Share held immediately prior to the effective time of the Transaction (the "Consideration"). Upon completion of the Transaction, existing holders of Summit Shares and Star Shareholders are expected to own approximately 72% and 28%, respectively, of the pro forma company on a fully-diluted in-the-money basis. The Consideration implies a value of C$0.60 per Star Share based on the Exchange Ratio and the closing price of the Summit Shares on the TSX Venture Exchange ("TSXV") on March 13, 2026, representing a premium of approximately 25% to the closing price of Star Shares on the TSXV on the same date. Based on the 20-day volume weighted average prices ("VWAP") of the Summit Shares and the Star Shares on the TSXV for the period ending March 13, 2026, the Consideration implies a premium of approximately 32% to Star Shareholders. The implied fully-diluted in-the-money equity value of the Transaction is approximately C$51 million. Transaction Highlights and Strategic Rationale Immediate Scale & Quality 50 royalties and streams across 3 core jurisdictions being Canada, USA, and Australia;~63% of net asset value ("NAV") from assets in production or with committed timelines to production; andDiversified revenue base with 4 assets currently in production, expected to increase to 6 by 2027. Industry-Leading GEOs Growth ~47% GEOs CAGR expected over the next 3 years, which would be the highest among junior royalty and streaming companies based on analyst consensus estimates;Visibility driven by existing development assets and growth...

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