Core Viewpoint - Freehold Royalties Ltd. is transitioning to a fully dedicated executive team and will terminate its management agreement with Rife Resources Management Ltd. effective May 1, 2025, aiming to streamline operations and enhance governance [1][2][4]. Group 1: Management Transition - The management agreement with Rife will be terminated without any associated fees, and Freehold will not experience significant changes in its cost structure [2][5]. - A seasoned executive team will lead Freehold, including David Spyker as President and CEO, David Hendry as CFO, and Rob King as COO, supported by 46 full-time employees [3][5]. - The transition is expected to be seamless, ensuring continuity in leadership and operations as Freehold focuses on its North American royalty platform [3][5]. Group 2: Strategic Rationale - The decision to evolve from the management arrangement, in place since 1996, is based on Freehold's strategic growth and positioning over the past five years [4]. - The Board of Directors believes that a dedicated team will enhance operational efficiency and governance, driving sustained value for shareholders [4]. - CN Investment Division, the largest shareholder, supports this transition and will maintain a nomination right for one director under a new governance agreement expected by year-end 2025 [4][5].