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TSX:NGEX

LunR Royalties Completes Acquisition of the Fruta Del Norte Silver Stream and Receives Conditional Approval to Graduate to the TSX

LunR closes FDN silver stream; TSX listing expected, NGEx-linked upside in weeks

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  <section data-block="information">
    <h3>Information</h3>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>LunR Royalties has completed the Fruta del Norte silver stream by issuing 50.5 million shares to Lundin Gold and announced conditional TSX listing approval. The deal includes a dividend-in-kind to Lundin Gold shareholders and an SDR program for Euroclear Sweden, with first silver deliveries expected by end-Q2 2026. This positions LunR for enhanced cash-flow visibility and a formal TSX trading venue soon, while NGEx-related NSR context remains relevant for NGEX holders.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>LunR completes Fruta del Norte silver stream; issues 50,505,051 LunR shares.</li><li>TSX listing approval granted conditionally; final approval pending customary requirements.</li><li>Stream: 100% silver until 12.2m oz, then 50% to 7.8m oz, 7.5% thereafter.</li><li>Ongoing payments: 10% spot up to first threshold, 20% to second, 30% thereafter.</li><li>Dividend-in-kind to Lundin Gold holders; SDR program for Euroclear Sweden; TSX graduation noted.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>LunR Royalties Corp. (LUNR)</strong>: Completed FDN silver stream; issuing shares to Lundin Gold; TSX listing pending.</li><li><strong>Lundin Gold Inc. (N/A)</strong>: Seller of Fruta del Norte stream; to receive LunR consideration shares; subject to dividend-in-kind.</li><li><strong>NGEx Minerals Ltd. (NGEX)</strong>: LunR spun out from NGEx; NGEx NSR royalties remain on Lunahuasi/Los Helados.</li></ul>
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  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. The release combines an asset-stream acquisition (M&amp;A-like) with a capital-structure move (spin-out, TSX graduation), marking a strategic re-rating catalyst for LunR and potential indirect interest for NGEx holders.</p>
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  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Final TSX approval timing for LunR&#039;s listing is a near-term catalyst.</li><li>First Fruta del Norte deliveries by end-Q2 2026; revenue visibility rises.</li><li>Dividend-in-kind and SDR program may impact LunR liquidity and trading activity.</li><li>Increased LunR activity could shift investor focus toward NGEx&#039;s NSR exposure.</li></ul>
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  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Consideration Shares issued: 50,505,051 LunR shares to Lundin Gold.</li><li>Stream effective date: March 1, 2026; first delivery expected by end-Q2 2026.</li><li>Stream thresholds: 12.2m oz (First); 7.8m oz (Second); thereafter 7.5%.</li><li>Ongoing payments: 10% of spot (First), 20% (Second), 30% thereafter.</li><li>Dividend record date: June 4, 2026; dividend payment date: June 11, 2026.</li></ul>
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  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>NGEX is unlikely to move on LunR&#039;s own listing near-term, but sentiment could improve over weeks as LunR&#039;s TSX graduation and FDN cash-flow visibility materialize.</p>
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<article>
  <p><strong>VANCOUVER, BC</strong>, May 28, 2026 — LunR Royalties Corp. (TSXV:LUNR, the "Company") announced that, further to its press releases dated February 22, April 2, and May 22, 2026, it has completed the acquisition of a life-of-mine silver stream (the "Stream") on the Fruta del Norte mine (the "FDN Transaction") in exchange for the issuance of <strong>50,505,051</strong> common shares of the Company (the "Consideration Shares") to Lundin Gold Inc. ("Lundin Gold"). The Company also disclosed that it has received conditional approval to list its common shares on the Toronto Stock Exchange (the "TSX") and graduate from the TSX Venture Exchange (the "TSXV"). For market context, investors may compare LunR to other TSX-listed mining peers such as TSX:NGEX.</p>

  <section>
    <h2>Fruta del Norte Silver Stream – Key Facts</h2>
    <ul>
      <li><strong>Streamed Metal:</strong> LunR will purchase <strong>100%</strong> of the payable silver production from Fruta del Norte until <strong>12,200,000</strong> ounces have been delivered (the '<em>First Dropdown Threshold</em>'); then <strong>50%</strong> of payable silver production until an additional <strong>7,800,000</strong> ounces have been delivered (the '<em>Second Dropdown Threshold</em>'); and thereafter, <strong>7.5%</strong> of payable silver production for the remaining life-of-mine.</li>
      <li><strong>Ongoing Payments:</strong> LunR will purchase silver at <strong>10%</strong> of the spot price at the time of each delivery for ounces delivered up to the <em>First Dropdown Threshold</em>; payments will increase to <strong>20%</strong> of the spot price for ounces delivered up to the <em>Second Dropdown Threshold</em>, and thereafter, will increase to <strong>30%</strong> of the spot price at the time of delivery for the remaining life of mine.</li>
      <li><strong>Effective Date:</strong> The Stream is effective as of <strong>March 1, 2026</strong>, with the first delivery of streamed silver expected to be made by the end of the <em>second quarter of 2026</em>.</li>
      <li><strong>Stream Area:</strong> All mining concessions related to Fruta del Norte's operations, totalling approximately <strong>5,566 ha</strong>, are subject to the Stream. The Stream Area contains all Mineral Reserves and Mineral Resources defined to date as well as the five copper-gold-silver porphyry discoveries that are in early stages of exploration.</li>
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  <section>
    <h2>Share Consideration Distribution by Lundin Gold</h2>
    <p>As detailed in its May 28, 2026 press release, and in accordance with the terms of the FDN Transaction, Lundin Gold has declared a special dividend-in-kind to distribute all of the Consideration Shares to eligible Lundin Gold shareholders (the "Dividend"). The Consideration Shares will not be distributed to Lundin Gold shareholders in the United States or in any other jurisdiction where such distribution would be restricted or prohibited by applicable law or where the distribution would require the filing of a prospectus, registration statement or similar document by either Lundin Gold or LunR (the "Ineligible Shareholders"). Instead, the Consideration Shares that would otherwise be distributed to the Ineligible Shareholders will be sold in accordance with applicable procedures, and such shareholders will receive a cash payment equal to the net proceeds of such sale, less applicable taxes.</p>
    <p>The Dividend will be payable in Consideration Shares on <strong>June 11, 2026</strong>, to Lundin Gold shareholders of record at the close of business on <strong>June 4, 2026</strong> (the "Dividend Record Date"). The cash payment in lieu of Consideration Shares to the Ineligible Shareholders will be payable as soon as reasonably practicable following the sale of such Ineligible Shareholders' Consideration Shares by intermediaries and brokers, as applicable.</p>
    <p>As part of the TSXV approval of the FDN Transaction, the Corporation is required to provide confirmation to the TSXV that (i) the Consideration Shares have been distributed to the Lundin Gold shareholders by way of the Dividend, and (ii) Lundin Gold does not hold any common shares of the Company after the twelfth trading day on the TSX and Nasdaq Stockholm following closing of the FDN Transaction.</p>
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    <h2>Important Information for Lundin Gold Shareholders Registered with Euroclear Sweden</h2>
    <p><strong>Important Information to Holders of Lundin Gold Shares Registered with Euroclear Sweden</strong>—Shareholders of Lundin Gold who hold their Lundin Gold shares through Euroclear Sweden AB ("Euroclear Sweden") on the Dividend Record Date (the "Lundin Gold Euroclear Holders") will not receive Consideration Shares directly. To facilitate distribution to this group, LunR and Lundin Gold have arranged for a Swedish depositary receipt ("SDR") program through Pareto Securities AB (the "Custodian").</p>
    <p>Under the SDR program, the Consideration Shares that would otherwise be distributable to the Lundin Gold Euroclear Holders will be deposited, net of applicable taxes, with the Custodian (the "Deposited Shares"). In lieu of receiving the Deposited Shares, Lundin Gold Euroclear Holders whose Lundin Gold shares are registered with Euroclear Sweden on the SDR Record Date (as defined below) will receive one (1) SDR for each Deposited Share on a pro rata basis under the SDR program, with each SDR entitling the holder thereof to receive one (1) Deposited Share. No fractional SDRs will be payable as part of the Dividend.</p>
    <p>SDRs may be exchanged for the Deposited Shares at no cost to the holder during the six-month period following issuance, after which any remaining SDRs will be cancelled and the Deposited Shares will be re-registered directly on the LunR share register maintained by LunR's Canadian transfer agent, Computershare Investor Services Inc., in the names of the applicable holders.</p>
    <p>The record date for the distribution of SDRs (the "SDR Record Date") is expected to be announced the week of <strong>June 15, 2026</strong>, with delivery of SDRs to Lundin Gold Euroclear Holders expected to occur in late June. More information about the SDR program, including the confirmed SDR Record Date, will be published on the LunR investor information pages.</p>
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  <section>
    <h2>Regulatory and Listing Update</h2>
    <p>The TSXV approval of the FDN Transaction requires LunR to provide confirmation that the Consideration Shares have been distributed to Lundin Gold shareholders by way of the Dividend and that Lundin Gold holds no LunR common shares after the twelfth trading day on the TSX and Nasdaq Stockholm following closing.</p>
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  <section>
    <h2>Additional Market Context</h2>
    <p>This transaction positions LunR within the growing family of Toronto-listed mining and precious metals companies. As a point of market context for investors tracking mining peers, TSX:NGEX is often cited among TSX-listed sector participants. This reference helps readers gauge broader market activity in the sector while LunR moves toward full TSX listing.</p>
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LunR Royalties has completed the Fruta del Norte silver stream by issuing 50.5 million shares to Lundin Gold and announced conditional TSX listing approval. The deal includes a dividend-in-kind to Lundin Gold shareholders and an SDR program for Euroclear Sweden, with first silver deliveries expected by end-Q2 2026. This positions LunR for enhanced cash-flow visibility and a formal TSX trading venue soon, while NGEx-related NSR context remains relevant for NGEX holders.

LunR Royalties Completes Acquisition of the Fruta Del Norte Silver Stream and Receives Conditional Approval to Graduate to the TSX

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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