LunR Royalties (LUNR) investor relations material

Executive summary

• The FDN silver Stream began generating revenue after the first silver delivery on June 18, 2026; 9M sales revenue reached $6.855 million.

• FDN generated all revenue, cost of sales and depletion; the portfolio also includes Los Helados and Lunahuasi NSR royalties.

Financial highlights

• Q3 revenue was $2.248 million, versus $4.607 million in Q2; 9M revenue was $6.855 million, versus nil in 2025.

• Gross profit was $554,000 in Q3 and $1.916 million in 9M; net loss was $236,000 and $2.224 million, respectively.

• Depletion was $1.485 million in Q3 and $4.242 million in 9M; administrative expenses were $646,000 and $2.448 million, respectively.

• Operating cash flow was $0.8 million in Q3 and $2.758 million in 9M 2026, compared with nil in 2025.

• 9M net loss included FDN acquisition expenses and a one-time severance payment; administrative and corporate development costs totaled $4.0 million.

Outlook and guidance

• The FDN Stream was expected to deliver 225,000–275,000 payable silver ounces in H2 2026; silver accrued in Q4 was expected to be delivered in Q1 2027.

• Lundin Gold's 2026 silver production guidance was 500,000–600,000 ounces.

• NGEx planned an eight-rig Phase 5 drill program and exploration adit at Lunahuasi after quarter-end.