LunR Royalties (LUNR) Investor presentation summary

Transformational acquisition and transaction details

• Announced acquisition of a life-of-mine uncapped silver stream on the Fruta del Norte (FDN) mine, with closing expected in Q2 2026.

• Upfront consideration of 50.5M shares (~$670M value), with Lundin Gold distributing these shares as a dividend-in-kind to its shareholders.

• Stream covers 100% of payable silver up to 12.2M oz, 50% for the next 7.8M oz, and 7.5% thereafter, with escalating payment percentages based on spot silver price.

• Stream area includes all FDN mining concessions, reserves, resources, and five early-stage porphyry discoveries.

Strategic rationale and sector positioning

• Acquisition adds immediate cash flow and exposure to a third Tier 1 asset, establishing the company as an intermediate precious metals royalty and streaming company.

• Stream benefits from long reserve life, near-term mill expansion, and higher silver grades from recent exploration.

• Strategy focuses on disciplined growth to become a leading competitor in the royalty and streaming sector.

• Sector consolidation creates opportunity in the $2B–$10B market cap range, aiming for efficient scale and senior company valuation.

Asset portfolio and exploration upside

• Holds royalties on Los Helados (1.38% NSR, Chile) and Lunahuasi (1.00% NSR, Argentina), both large copper-gold-silver projects with significant exploration upside.

• Los Helados is one of the largest undeveloped copper-gold resources globally, near major operating mines and JV developments.

• Lunahuasi features high-grade copper, gold, and silver intersections, with ongoing drilling expanding mineralization.

• Stream area at FDN includes all reserves, resources, and five porphyry discoveries, with recent drilling extending mineralization.