Source Rock Royalties (SRR) Investor Presentation summary

Corporate structure and financial position

• 45.6 million common shares outstanding, fully diluted to 48.2 million shares, with 10%+ insider ownership and no insider sales; 20% held by a major pension fund.

• $4.8 million in working capital, no debt, and a monthly dividend of $0.0065 per share ($0.078 annually).

• Q1 2025 production averaged 232 boe/d (92% oil), generating $1.67 million in royalty revenue and $1.29 million in funds from operations, with a 69% payout ratio.

Business model and growth strategy

• Operates a pure-play oil and gas royalty model with no capital costs, liabilities, or exposure to abandonment and reclamation expenses.

• Focuses on acquiring high netback, long-life reserves in key areas with strong operators, targeting scalable, sustainable growth.

• Pursues a balanced growth and yield strategy, paying $21 million in dividends since 2014 and increasing dividends by 30% since March 2023.

• Growth achieved through strategic acquisitions, with $16.5 million in deals completed since IPO and production up 40% post-IPO.

Asset portfolio and recent acquisitions

• Holds over 150,000 gross acres of royalty lands across Saskatchewan and Alberta, diversified among multiple operators.

• Major acquisitions include $3.5M and $3.3M SE Saskatchewan deals, $1.6M Alberta waterflood, and an $8M Clearwater heavy oil asset, adding significant drilling commitments and production.

• Key assets include SE Sask light oil GORRs, Clearwater heavy oil GORR, Hamilton Lake Unit Viking light oil royalty, and various Central Alberta and Saskatchewan GORRs.