Summit Royalties

Investor Insight

Summit Royalties (TSXV:SUM,OTCQB:SUMMF) is a precious metals streaming and royalty company building a diversified portfolio of producing and development-stage assets in key mining jurisdictions.

Overview

Streaming and royalty companies generate revenue from production and benefit from exploration success without needing to develop mines themselves, eliminating highly capital‑intensive activities and permitting, financing and construction risks.

This lower‑risk, higher‑optionality structure has historically attracted investor interest in uncertain markets and positions companies like Summit Royalties to benefit from precious metals price appreciation.

Summit Royalties is a precious metals streaming and royalty company focused on building long-term value through a disciplined acquisition strategy and a diversified portfolio of mining assets. The company’s portfolio spans leading mining jurisdictions across North and South America as well as West Africa, regions known for prolific geology, established mining districts and strong infrastructure.

With 47 assets in its portfolio and continued exploration activity across many of those properties, Summit is positioned to grow alongside the projects in which it holds royalty interests while maintaining a scalable, capital-efficient business model.

The leadership team at Summit Royalties is defined by a powerful combination of deep sector expertise, a proven track record of billion-dollar transactions, and specialized technical knowledge. Led by President and CEO Drew Clark, who has overseen over 30 royalty deals and played a pivotal role in scaling Metalla Royalty & Streaming, the team possesses an intimate understanding of the royalty business model. This experience is bolstered by CFO Robert Doyle’s four decades of financial and M&A strategy and VP of Corporate Development Connor Pugliese’s history of executing major royalty and streaming deals at Triple Flag. Supported by the technical insights of Professional Geologist Rick Breger, the team bridges the gap between capital markets and mining operations, providing Summit Royalties with the strategic foresight and execution capabilities necessary to drive significant value in the mineral royalty space.

Company Highlights

• Diversified royalty portfolio: Summit Royalties holds interests across 47 assets, with one stream and 46 royalties. This provides exposure to multiple precious metals projects at different stages of development, including Bomboré with a 50 percent silver stream and Madsen with a 1.0 percent net smelter return royalty.

• Strong cash-flow foundation: The company’s portfolio provides steady revenue while additional projects advance toward production, with the corporation being debt-free and has sufficient cash on hand for future acquisitions.

• Strategic asset growth: Summit focuses on disciplined acquisitions in established mining regions such as Canada, Brazil, Colombia and West Africa to capitalize on strong geological potential and mining infrastructure.

• Multiple development and exploration catalysts: Numerous assets are moving through production ramp-up, development and exploration, including first gold production at its Pitangui asset targeted by 2027.

• Strong leadership team: Defined by a powerful combination of deep sector expertise, the leadership team has a proven track record of billion-dollar transactions, and specialized technical knowledge.

Key Projects

Bomboré– Ganzourgou Province, Burkina Faso

The Bomboré mine is located approximately 85 kilometers east of Ouagadougou, the capital of Burkina Faso, and benefits from strong infrastructure access via paved national highways. Operated by Orezone Gold (TSX:ORE, OTCQX:ORZCF), the open-pit mine achieved commercial production in 2022 and represents one of Summit Royalties’ cornerstone producing assets.

Summit holds a 50 percent silver stream on payable silver production at Bomboré, subject to a minimum annual delivery of 37.5 Koz of silver, with no ongoing payment. Its existing oxide plant has a nameplate capacity of 6.0 metric tons per annum (Mtpa) and has the capacity to produce over 100 kilo ounces of gold per year. Expansion of the hard rock processing capacity is expected to increase production levels at the operation, providing additional silver stream exposure for Summit as the project continues to develop.

Stage 1 of the hard rock expansion is set to be commissioned by early 2026, which will be able to process 2.5 Mtpa of hard rock material and increase Orezone’s annual gold production to over 170 kilo ounces per annum.

A phase 2 hard rock expansion that will increase the hard rock plant capacity to 5.5 Mtpa has also been announced, targeting completion within the last quarter of 2026. Once complete, Bomboré is anticipated to be one of the largest mines in West Africa with a production of 220 to 250 kilo ounces per annum.

Madsen—Ontario, Canada

The Madsen Mine is located in the Red Lake mining district of northwestern Ontario, one of Canada’s most historic and highest-grade gold-producing regions. The West Red Lake Gold Mines (TSXV:WRLG, OTCQB:WRLGF)-owned project sits within the Red Lake Municipality, approximately 565 kilometers northwest of Thunder Bay and has direct road access to regional infrastructure.

The Red Lake district has produced 29 million ounces of gold at an average recovered grade of 15.6 grams per ton gold since 1927. Approximately 89 percent of this gold was produced from two mine complexes: Red Lake Mine and Madsen.

Summit Royalties has a 1.0 percent net smelter return royalty on the mine. Commercial production was declared at Madsen as of January 2026, with production ramping up to approximately 50 kilo ounces per annum.

Pitangui— Minas Gerais, Brazil

The Onças de Pitangui project forms part of Jaguar Mining’s Turmalina mining complex in Brazil’s Minas Gerais state, a region with a long history of gold production and well-established mining infrastructure. The project is located approximately 120 kilometers northwest of state capital Belo Horizonte.

Pitangui is being advanced as an underground mining operation using cut-and-fill mining methods. It has a royalty rate of US$80 per ounce until 250 kilo ounces produced, with a 1.5 percent NSR royalty thereafter. Ore from the project will be transported to the nearby Turmalina processing facility, providing significant infrastructure advantages and reducing development complexity.

Historical work at Pitangui included nearly 88,000 metres of drilling completed between 2011 and 2019.

Summit has identified continued exploration work at Pitangui ahead of development as one of its 2026 catalysts.

Zancudo—Titiribi, Colombia

Located in Colombia’s Cauca Belt, the Zancudo mine is approximately 30 kilometers southwest of Medellín. Summit holds a 0.5 percent NSR royalty on the project. The property is 100 percent owned by Denarius Metals (Cboe Canada: DMET, OTCQX: DNRSF) and covers 1,054 hectares, including multiple mining concessions and exploration licenses within a district known for historic precious metals production.

AurMac—Yukon, Canada

The AurMac project is located in the Yukon Territory, one of Canada’s most prospective gold exploration regions and home to several large-scale gold deposits. Operated by Banyan Gold (TSXV:BYN, OTCQB: BYAGF), the project hosts multiple gold deposits, including the Airstrip and Powerline zones, which form part of a growing gold district.

Summit holds a 1 to 2 percent NSR royalty over parts of the Airstrip and Powerline deposits.

Management Team

Drew Clark—President and CEO

Clark has a record of over $300 million of royalty deals completed through over 30 transactions within the last 12 years. His previous employment includes VP of Corporate Development and first employee hired at Metalla Royalty & Streaming, where he played a role in growing the company's portfolio from 18 to over 100 royalties and streams.

He was previously VP Corporate Finance at a boutique investment bank and held other senior corporate development roles at Carlisle Goldfields and Premier Royalty, acquired by Alamos Gold and Sandstorm Gold, respectively.

Robert Doyle—Chief Financial Officer

A chartered accountant since 1983, Doyle has completed more than US$1.0B in mergers, acquisitions representing both buyers and sellers. He holds more than 40 years of experience in the strategy of emerging companies, operations, finance, and mergers and acquisitions in the US and Canada. Currently, he is the president of a K-7 education software company and the president of a hearing research charity.

Connor Pugliese—Vice President for Corporate Development

A finance professional with over a decade of experience in the mining sector, Pugliese spent over 4 years at Triple Flag Precious Metals, where he helped execute over US$1B in royalty and streaming deals.

Before joining Summit, he worked at Redwood Materials in Reno, Nevada, supporting the company’s growth in the sustainable battery materials and energy space.

Rick Breger—Technical Advisor

A professional geologist with over 20 years of diverse industry experience, Breger is currently CEO at Harfang Exploration. He previously held senior roles at IAMGOLD and Coeur Mining, where he executed strategic royalty sales and significant transactions.