Prairiesky Royalty (PSK) Corporate Presentation summary

Financial performance and shareholder returns

• Enterprise value of $6.4 billion, with $2.4 billion returned to shareholders since IPO through dividends and buybacks.

• Sustainable annual dividend of $1.04 per share, paid quarterly, and a low payout ratio supporting future growth.

• Funds from operations in 2024 totaled $380.5 million, with 62% of royalty production revenue from fee lands.

• Net debt at $281.7 million as of September 30, 2025, with a strong balance sheet at 0.6x D/EBITDA.

• High operating margin of 89% and royalty operating margin of 99% for the nine months ended September 30, 2025.

Asset base and production growth

• Largest portfolio of fee simple mineral title in Canada, with 18.5 million acres of royalty lands.

• Oil and liquids accounted for 94% of YTD 2025 royalty production revenue.

• Royalty oil production grew 7% YTD 2025, with significant activity in Clearwater, Mannville Stack, and Duvernay plays.

• Multilateral drilling accounted for 40% of drilling activity YTD 2025, driving productivity and cost efficiency.

• Clearwater, Mannville Stack, and Duvernay royalty production grew 27%, 13%, and 87% YTD, respectively, over 2024.

Business model and risk profile

• No maintenance capital, operating costs, or environmental liabilities, resulting in low sensitivity to inflation.

• Revenue base is low risk, with no exposure to capital costs or abandonment liabilities.

• High margin business model, with royalty barrels realizing significantly higher margins than working interest models.

• All funds from operations can be returned to shareholders due to the royalty business model.