Freehold Canadian Royalty Portfolio — light oil & heavy oil project

Canadian royalty segment: fee mineral title owned in perpetuity over approximately 1.1 million acres plus GORR and other interests over approximately 5.0 million acres, roughly 6.0 million gross acres across five provinces. Production averaged 8,911 boe/d in 2025, 57% crude oil and NGLs, down 6% on reduced drilling as operators responded to weak AECO pricing. Development has focused on heavy oil in the Mannville and Clearwater areas, where heavy differentials to WTI narrowed after the Trans Mountain expansion, alongside Viking and southeast Saskatchewan light oil. About 52% of 2025 gross wells were drilled in Alberta and 40% in Saskatchewan, with 13 Montney and Duvernay wells drilled and 16 more licensed. Well performance improved ~35%. Remaining operated working-interest volumes, 40 boe/d of dry gas, were shut in. The segment carries potash royalty interests ($1.7M of 2025 revenue, no volumes or reserves). The AR publishes one blended crude price here ($76.49/bbl in 2025) across light/medium and heavy, so it sits in prose.