Freehold U.S. Royalty Portfolio — light oil & natural gas project

U.S. royalty segment: approximately 1.2 million gross drilling acres across eight states, almost 80% of which is mineral title owned in perpetuity, with interests primarily in the Permian, Eagle Ford, Haynesville and Bakken basins in Texas, New Mexico, Louisiana and North Dakota. Production averaged 7,383 boe/d in 2025, up 33% on the late-2024 Permian acquisition and continued third-party drilling and completion activity, and represented 45% of corporate volumes, up from 37% in 2024. The portfolio is 77% crude oil and NGLs. U.S. volumes attract a pricing premium to Canadian volumes of 35% for the year because U.S. crude realizes closer to WTI. 819 gross wells were drilled in 2025, 87% in the Permian and 9% in the Eagle Ford, and productivity rose about 10% as operators pursued longer laterals. Two royalty payors each accounted for more than 10% of consolidated revenue, with combined revenue of $90.1 million attributable to this segment.