Topaz Royalty Portfolio — light oil & heavy oil project

Canadian royalty and energy infrastructure company whose royalty segment holds gross overriding royalty, fee mineral title and gross royalty trust interests over approximately nine million gross acres across the Western Canadian Sedimentary Basin, of which over 60% is undeveloped. Core positions sit in the NEBC and Alberta Montney, the Alberta Deep Basin, the Peace River High, the Clearwater and Southeast Saskatchewan, with natural gas contributing roughly 70% of royalty production volume. Reserves were evaluated at December 31, 2025 by GLJ Ltd. and McDaniel and Associates under NI 51-101 using an equal-weighted average of the January 1, 2026 GLJ, Sproule and McDaniel price forecasts. Because Topaz holds no working interests, there is no gross production, no undeveloped reserves are booked and no future development or abandonment capital is attributed to the royalty lands. Total proved plus probable was 65,688 MBoe and 2025 average royalty production was 22,417 Boe/d. Royalty production is marketed with the operators' volumes.