Freehold Consolidated Royalty Portfolio — light oil & heavy oil project

North American oil and gas royalty company managing one of the largest non-government portfolios of crude oil and natural gas royalties in Canada alongside an expanding U.S. portfolio. Land holdings total approximately 6.0 million gross acres in Canada and 1.2 million gross drilling acres in the U.S., with royalty interests in more than 21,000 producing wells and almost 500 units spanning five provinces and eight states, and income from over 380 operators. 2025 was a record year at 16,294 boe/d, 66% liquids weighted, with U.S. volumes up 33% on the late-2024 Permian acquisition. Reserves are evaluated by RSC Group and GLJ; the detailed NI 51-101 tables sit in the AIF rather than this report, so only the headline 2P total is carried. Crude was 83% of 2025 royalty revenue, but the AR publishes one blended crude price and revenue across light/medium and heavy, so those sit in prose rather than tagged to a physical stream. Potash royalties ($1.7M) and bonus and lease rentals ($8.0M) are revenue-only, no volumes or reserves.