PrairieSky Receives TSX Approval for Renewed Normal Course Issuer Bid

Core Viewpoint - PrairieSky Royalty Ltd. has announced its intention to commence a normal course issuer bid (NCIB) to repurchase up to 15,355,946 common shares, representing approximately 6.5% of the outstanding shares, starting June 4, 2025, and expiring no later than June 3, 2026 [1][2]. Group 1: NCIB Details - The NCIB allows PrairieSky to purchase up to 15,355,946 common shares, which is about 6.5% of the 235,536,040 common shares outstanding as of May 21, 2025 [2]. - The daily purchase limit under the NCIB is set at 99,954 common shares, which is 25% of the average daily trading volume calculated over the six-month period ending April 30, 2025 [3]. - PrairieSky has the option to make one block purchase per calendar week that exceeds the daily repurchase limit [3]. Group 2: Rationale for NCIB - The company believes that the market price of its common shares may not always reflect their underlying value, and repurchasing shares will benefit remaining shareholders by increasing their proportionate interest [4]. - The NCIB is expected to provide increased liquidity for shareholders wishing to sell their shares [4]. Group 3: Historical Context - PrairieSky has previously purchased 3,415,900 common shares under its current NCIB, which authorized the purchase of up to 5,000,000 shares from June 4, 2024, to June 3, 2025 [6]. - Since initiating the NCIB in 2016 until March 31, 2025, PrairieSky has repurchased and canceled a total of 20.1 million common shares at a weighted average price of $16.74 per share [6]. Group 4: Automatic Share Purchase Plan - PrairieSky has established an automatic share purchase plan with CIBC Capital Markets to facilitate the repurchase of its common shares, allowing purchases even during regulatory restrictions or blackout periods [5].