LunR Royalties (LUNR) investor relations material

Business launch and strategy

• Listed on Dec. 19 after a spinout, with a mandate to build a royalty and streaming platform and partner with miners on development or acquisition financing.

• Past Lundin Group financing partnerships include silver and gold streams with Wheaton Precious Metals and Franco-Nevada, plus project financing with Orion.

• Strategy centers on precious metals and cash-flow or near-term cash-flow assets; copper and other metals may be considered as the portfolio scales.

Portfolio and growth outlook

• Fruta del Norte silver stream closed in May; at a 500,000–600,000 oz annual silver run rate, it is expected to generate $25 million–$30 million in revenue.

• Fruta del Norte throughput rose from 3,500 tonnes per day toward 6,000 tonnes per day, with further expansion expected.

• Royalties include 1% NSR on Lunahuasi and 1.4% NSR on Los Helados; Lunahuasi could double revenue when online, while Los Helados could be a similar revenue generator.

• Lunahuasi and Los Helados are viewed as development projects with potential to deliver significant shareholder value; no additional Vicuña district deal was identified as currently available.

Financing and deal pipeline

• An undrawn credit facility supports portfolio growth and may be scaled; target transactions range from $50 million to $2 billion, with a US$1.5 billion shelf prospectus filed.

• More than 50 deals were reviewed this year; the market is competitive, and dealmaking will remain disciplined with a focus on shareholder value.

• Fully diluted shares total about 125 million; the family owns about 28% and may invest alongside transactions requiring additional capital.

• M&A is viewed as healthy for the sector, but engagement will depend on strategic fit; no suitable scenario had emerged yet.