Stability Growth Performance MARCH 2026 Investor Presentation TSX: APR.UN R:255 G:144 B:22 R:101 G:101 B:101 R:138 G:140 B:143 R:212 G:212 B:212 R:209 G:210 B:212 Disclaimer FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation constitute forward-looking information within the meaning of applicable securities legislation. Forward-looking information may relate to the REIT's future outlook and anticipated events or results and may include statements regarding the financial position, bu ...

Core Insights - The company reported a significant increase in net earnings, reaching $55,629,000 in 2025 compared to $40,597,000 in 2024, attributed to the acquisition of Deer Creek [10] - Basic and diluted earnings per share rose to $2.29 in 2025 from $1.66 in 2024, reflecting improved profitability [10] Financial Performance - Operating revenue decreased by 5.8% to $227,525,000 in 2025 from $241,560,000 in 2024, primarily due to reduced real estate revenue from home sales [5] - Direct operating expenses decreased by 13.1% to $171,677,000 in 2025 from $197,504,000 in 2024, influenced by lower real estate costs [6] - Net operating income for Canadian golf club operations increased to $53,479,000 in 2025 from $44,305,000 in 2024, driven by the Deer Creek acquisition and increased golf revenue [6] Segment Analysis - The net operating income for Canadian golf club operations was $53,479,000 in 2025, up from $44,305,000 in 2024 [3] - The US golf club operations segment reported net operating income of $4,840,000 in 2025, compared to $4,198,000 in 2024 [3] Acquisition Impact - The acquisition of Deer Creek on February 3, 2025, contributed to revenue and operating expenses increases, particularly in golf, corporate events, and food and beverage [4] - The acquisition is expected to enhance the company's market position and revenue streams [4] Dividend Announcement - The company announced an eligible cash dividend of 10 cents per common share, an 11% increase from the previous dividend of 9 cents [13]

Core Viewpoint Ero Copper Corp. reported record operating and financial results for Q4 and the full year 2025, driven by strong copper and gold production, improved cash flow, and a significantly strengthened balance sheet. Production Highlights - Consolidated Q4 copper production reached a record 19,706 tonnes, with full-year production totaling 64,307 tonnes [2] - Q4 gold production was 13,837 ounces, with full-year production at 37,291 ounces [2] - The Caraíba Operations produced 10,431 tonnes of copper in Q4, while the Tucumã Operation produced 9,275 tonnes [7] - The Xavantina Operations achieved a strong Q4 with gold production increasing 52.5% compared to Q3 2025 [7] Financial Highlights - Q4 cash flow from operations was $129.1 million, with full-year cash flow increasing by $249.7 million, or 171.7%, compared to 2024 [2] - Adjusted EBITDA for Q4 was $186.7 million, with full-year adjusted EBITDA up nearly 90% year-on-year [2] - Net income attributable to owners for Q4 was $77.0 million ($0.74 per share), and for the year, it was $263.7 million ($2.53 per share) [2][10] Cost Metrics - Consolidated copper C1 cash costs were $2.03 per pound for Q4 and $2.06 per pound for the full year [2] - Q4 gold C1 cash costs were $766 per ounce, with full-year costs at $976 per ounce [2] - The company expects consolidated copper C1 cash costs for 2026 to range between $2.15 to $2.35 per pound [12] Liquidity and Debt - Available liquidity at year-end was $150.4 million, including $105.4 million in cash and cash equivalents [2] - The net debt leverage ratio improved to 1.2x from 2.6x at the end of 2024, reflecting a $50.1 million decrease in net debt [2] 2026 Guidance - Consolidated copper production is projected to be between 67,500 to 77,500 tonnes, with production weighted towards H2 2026 [11] - Gold production is expected to total 40,000 to 50,000 ounces, with the lowest production anticipated in Q1 2026 [13] - Total capital expenditures for 2026 are expected to range between $275 to $320 million [17]

Core Insights - Paladin Energy Ltd has released its December 2025 Half Year Financial Accounts, showcasing strong operational performance and financial stability during the first half of FY2026 [1][4]. Financial Performance - The company sold 1.96 million pounds of U₃O₈ at an average realised price of US$70.5 per pound, generating sales revenue of US$138.3 million [4][5]. - The cost of sales for the period was US$112.3 million, leading to a gross profit of US$26.0 million, a significant increase from US$0.9 million in the previous period [5][6]. - The net loss after tax was US$6.6 million, an improvement from a loss of US$15.1 million in the same period last year, attributed to ongoing production ramp-up and business expansion [6]. Operational Highlights - The Langer Heinrich Mine (LHM) has shown strong performance, with the mining team optimizing production processes and ramping up activities [3][4]. - The company has successfully completed a fully underwritten A$300 million equity raising and a A$100 million share purchase plan to support the development of the Patterson Lake South (PLS) Project [5][6]. Financial Position - Total unrestricted cash and investments increased by 213% to US$278.4 million, up from US$89.0 million as of June 30, 2025 [7][8]. - The company restructured its debt facility, reducing the overall debt capacity from US$150 million to US$110 million, enhancing liquidity and balance sheet flexibility [9][10]. Debt Restructuring - The restructured debt facility includes a US$40 million term loan and an undrawn revolving credit facility of US$70 million, with no additional debt drawn during the period [10][9].

Pedra Branca Royalty Acquisition - Gold Royalty Corp is set to acquire a royalty over the Pedra Branca mine in Brazil for $70 million in cash from BlackRock World Mining Trust plc[9, 39] - The royalty terms include a 25% net smelter royalty (NSR) on gold and a 2% NSR on copper[9, 39] - The royalty covers the Pedra Branca East and West deposits without step-downs or buybacks[9, 39] - The Pedra Branca East mine achieved first production in 2020 as a 1.0 million tonnes per annum (Mtpa) operation[9, 39] Financial Performance and Outlook - The royalty generated approximately $7.9 million in revenue for the 12 months ended June 30, 2025, equivalent to approximately 2,800 gold equivalent ounces (GEOs)[15, 39] - Gold Royalty is now debt-free with nearly $100 million in available cash and unused credit facilities[16] Asset Details - Pedra Branca is located in the Carajás region of Brazil's Pará state[9, 39] - Mineral resources at Pedra Branca are estimated at 26 million tonnes (Mt) at 0.41 g/t Au and 1.38% Cu[21] - The mine has proven reserves of 1.3 Mt at 0.48 g/t Au and 1.80% Cu, and probable reserves of 3 Mt at 0.49 g/t Au and 1.85% Cu[26] Ownership and Strategic Support - CoreX Holding BV agreed to acquire Pedra Branca from BHP on August 18, 2025[9, 39] - CoreX Holding is a global holding company operating across 10 industries, with a focus on metals and mining[35] - Strategic investors and insiders hold 10% of the company's shares, with institutional investors holding 10% and public and other investors holding 8%[37]

Core Insights - International Petroleum Corporation (IPC) reported strong operational performance with an average production of 45,900 barrels of oil equivalent per day (boepd) in Q3 2025, exceeding guidance [2][7] - The Blackrod Phase 1 development is ahead of schedule, with first steam expected by the end of 2025 and first oil by Q3 2026, a quarter earlier than initially planned [3][18] - Financial results for Q3 2025 showed revenue of USD 172.3 million, gross profit of USD 32.1 million, and a net result of USD 3.8 million [8][14] Financial Highlights - Q3 2025 revenue was USD 172.3 million, slightly down from USD 173.2 million in Q3 2024 [8] - Gross profit decreased to USD 32.1 million from USD 39.5 million year-over-year [8] - Operating cash flow for Q3 2025 was USD 66.1 million, compared to USD 72.6 million in Q3 2024 [8] - Free cash flow was negative at USD -23 million for Q3 2025, improving from USD -38.3 million in Q3 2024 [15] - As of September 30, 2025, IPC's net debt increased to USD 435 million from USD 375 million at the end of Q2 2025 [15] Production and Operational Highlights - Average net production for Q3 2025 was 45,900 boepd, with 53% from heavy crude oil, 14% from light and medium crude oil, and 33% from natural gas [7][50] - The Blackrod Phase 1 project has incurred capital expenditures of USD 785 million, approximately 92% of the USD 850 million budgeted for first oil [17] - Operating costs per boe were USD 17.9, slightly below guidance [14] Debt and Shareholder Returns - IPC successfully refinanced USD 450 million of unsecured bonds, extending maturity to October 2030 with a coupon of 7.5% [16] - The company completed its 2024/2025 Normal Course Issuer Bid (NCIB), repurchasing approximately 7.5 million common shares, reducing outstanding shares by 6.2% [20][22] Market Outlook - The average Brent price for Q3 2025 was approximately USD 69 per barrel, with expectations for global oil demand to reach an all-time high in 2025 [8][9] - IPC has hedged around 50% of its forecast 2025 oil production at prices of USD 76 and USD 71 per barrel for Dated Brent and WTI, respectively [10]

Core Insights - The company reported a significant decrease in net earnings for the third quarter of 2025, with net earnings of $16,929,000 compared to $42,719,000 in the same period of 2024, primarily due to unrealized losses on investments [10] - Operating revenue increased by 15.5% to $76,699,000 for the three months ended September 30, 2025, driven by the acquisition of Deer Creek, which contributed to higher revenue streams [7][6] - Direct operating expenses rose by 12.8% to $51,980,000 for the same period, also influenced by the Deer Creek acquisition [7] Financial Performance - For the three months ended September 30, 2025, basic and diluted earnings per share decreased to $0.70 from $1.75 in 2024 [10] - Net operating income for Canadian golf club operations increased to $26,031,000 for the three months ended September 30, 2025, up from $21,304,000 in 2024, attributed to the Deer Creek acquisition and increased golf revenue [8] - The company recorded an unrealized loss of $1,707,000 on its investment in marketable securities for the three months ended September 30, 2025, compared to a gain of $24,839,000 in 2024 [9] Operational Highlights - The company acquired Deer Creek, one of Canada's largest golf and event complexes, on February 3, 2025, which includes 45 holes of championship golf and has positively impacted revenue and operating expenses [6] - Championship rounds in Canada increased to 626,000 in Q3 2025 from 567,000 in Q3 2024, while U.S. championship rounds rose to 34,000 from 30,000 in the same period [2] - The number of Canadian full privilege golf members remained stable at 15,397 compared to 15,414 in the previous year [2] Revenue Breakdown - For the three months ended September 30, 2025, operating revenue components included annual dues of $18,666,000, golf revenue of $23,537,000, and food and beverage revenue of $19,831,000 [4] - For the nine months ended September 30, 2025, total operating revenue was $179,023,000, down from $193,912,000 in 2024, with notable declines in real estate revenue [4] Dividend Announcement - The company announced an eligible cash dividend of 9 cents per common share, to be paid on December 15, 2025, to shareholders of record as of December 1, 2025 [14]

Core Insights - The company reported a significant decrease in net earnings for the three months ended September 30, 2025, amounting to $16,929,000, down from $42,719,000 in the same period of 2024, primarily due to unrealized losses on investments [11] - Operating revenue increased by 15.5% to $76,699,000 for the three months ended September 30, 2025, compared to $66,383,000 in 2024, largely attributed to the acquisition of Deer Creek [7][6] - Direct operating expenses rose by 12.8% to $51,980,000 for the same period, reflecting increased costs associated with the Deer Creek acquisition [7] Financial Performance - For the three months ended September 30, 2025, basic and diluted earnings per share decreased to $0.70 from $1.75 in 2024 [11] - Net operating income for Canadian golf club operations increased to $26,031,000 for the three months ended September 30, 2025, up from $21,304,000 in 2024, driven by the Deer Creek acquisition and increased golf revenue [8] - The company recorded an unrealized loss of $1,707,000 on its investment in marketable securities for the three months ended September 30, 2025, compared to a gain of $24,839,000 in 2024 [10] Operational Highlights - The acquisition of Deer Creek, completed on February 3, 2025, contributed to increases in both revenue and operating expenses, particularly in golf, corporate events, and food and beverage [6] - Championship rounds in Canada increased to 626,000 for the three months ended September 30, 2025, compared to 567,000 in 2024, indicating strong demand [2] - The number of Canadian full privilege golf members remained relatively stable at 15,397 compared to 15,414 in the previous year [2] Revenue Breakdown - For the three months ended September 30, 2025, operating revenue components included annual dues of $18,666,000, golf revenue of $23,537,000, and food and beverage revenue of $19,831,000 [4] - For the nine months ended September 30, 2025, total operating revenue was $179,023,000, down from $193,912,000 in 2024, with notable declines in real estate revenue [4] Segment Analysis - Net operating income for the US golf club operations segment showed a loss of $199,000 for the three months ended September 30, 2025, compared to a profit of $26,000 in 2024 [3] - Corporate and other segments reported a net operating loss of $1,113,000 for the three months ended September 30, 2025, compared to a loss of $1,046,000 in 2024 [3]

Financial Performance - Gold Fields reported headline earnings of US$1,027 million, a 220% year-over-year increase, equating to US$1.15 per share[71] - Normalised earnings reached US$998 million, up 181% year-over-year, or US$1.12 per share[71] - Adjusted free cash flow was US$952 million, compared to a US$58 million outflow in H1 2024[71] - An interim dividend of 700 South African cents per share was declared, a 133% year-over-year increase[16, 71] - Net debt decreased to US$1,487 million, down from US$2,086 million at the end of December 2024[79] Production and Costs - Attributable gold production was 1,136 koz[7] - All-in Cost (AIC) was US$1,957/oz[7, 24] - Adjusted free cash flow from operations was US$1,143 million[7] - The company is on track to meet its 2025 production guidance of 2.25Moz – 2.45Moz and AIC guidance of US$1,780/oz – US$1,930/oz[24] Asset Performance - South Deep's attributable production increased by 31% to 148 koz, with AIC decreasing by 7% to US$1,770/oz[36] - Salares Norte produced 124 koz eq, with an AIC of US$2,345/oz eq and a free cash flow margin of 32%[7, 52]

Overall Performance and Results of Operations - For Q2 2025, revenue was $6,485,914, a decrease of 16% from $7,707,282 in Q2 2024 [2] - Gross margin for Q2 2025 was $1,645,511, down from $3,318,336 in Q2 2024, reflecting a decrease of $1,672,825 [2] - Adjusted EBITDA for Q2 2025 was $799,425, a decline of $1,852,269 from $2,651,694 in Q2 2024 [2] - For the first half of 2025, revenue totaled $16,813,999, down 16% from $20,033,570 in the same period of 2024 [2] - Gross margin for the first half of 2025 was $6,820,853, a decrease of $3,393,828 from $10,214,681 in the prior period [2] - Adjusted EBITDA for the first half of 2025 was $5,215,280, down from $8,989,547 in the same period of 2024, a decrease of $3,774,267 [2] Industry Activity and Strategic Positioning - Activity in the energy industry has been increasing since the end of Q2 2025, with expectations for continued growth in the second half of the year [2] - The company has acquired Flex Leasing Power and Service ULC for $20 million, becoming the exclusive supplier for FlexEnergy turbines in Canada [2][3] - The acquisition includes 17 turbines with a capacity of 333 kW each, allowing for future growth with the addition of 2.0 MW units [2][3] - Long-term rental and maintenance contracts from the acquisition will create a recurring revenue stream, helping to offset seasonal fluctuations [3] Financial Management and Capital Expenditures - The company finalized a new lending facility with The Bank of Montreal to support acquisitions, capital expenditures, and working capital [7] - The new facility replaces the previous one, consolidating debt and resulting in lower interest rates and borrowing costs [7] - For the first half of 2025, cash flow from operations was $10,126,135, slightly down from $10,635,184 in the prior period [7] - The company invested $9,010,352 in capital assets to upgrade equipment and meet customer demands during the first half of 2025 [7]