LunR Royalties (LUNR) Investor presentation summary

Strategic vision and market positioning

• Aims to become a leading precious metals royalty and streaming company, leveraging the Lundin Group's long-term, scale-focused approach.

• Positioned to be the sixth-largest precious metals royalty and streaming company by market cap within a year of inception.

• Targets the intermediate royalty sector ($2B–$10B market cap) amid ongoing industry consolidation.

Leadership and capital structure

• Led by experienced management and board, including Adam Lundin (President & CEO) and Trevor D'Sa (Chief Investment Officer).

• As of April 30, 2026: 70.4M basic shares outstanding, C$1.6B market cap, C$1.9M cash, no debt.

• Major shareholders: Lundin Family Trusts (51.8%), NGEX Minerals (19%), insiders (26.2%), others (3%).

Transformational acquisition: Fruta del Norte silver stream

• Announced acquisition of a life-of-mine, uncapped silver stream on Lundin Gold's Fruta del Norte (FDN) mine.

• Adds immediate cash flow and exposure to a third Tier 1 asset, with all revenue post-closing derived from silver.

• Upfront consideration: 50.5M shares (~$670M value); first silver delivery expected after March 1, 2026.

• Stream terms: 100% of payable silver up to 12.2M oz, 50% for next 7.8M oz, then 7.5% for remaining LOM; ongoing payments escalate from 10% to 30% of spot price.

• Stream area covers all FDN reserves/resources and five early-stage porphyry discoveries.