Eagle Royalties Ltd. has learned of a significant increase in an inferred resource at the AurMac Project in central Yukon from public announcements made recently by Banyan Gold Corp. Eagle Royalties owns royalty interests ranging from 0.5% to 2.0% on certain claims which comprise a portion of the AurMac Project. As announced in a news release dated May 24th, 2023, Banyan reported - an updated Mineral Resource Estimate (the "MRE" or the "Mineral Resource") prepared in accordance with National Instrument 43- 101, Standards for Mineral Projects ("NI 43-101") for the Aurex and McQuesten properties (together, the "AurMac Property") located in the Mayo Mining District, approximately 56 kilometres ("km") northeast from the village of Mayo, Yukon, and 356 km north of Whitehorse, Yukon.

The updated MRE comprises a total Inferred Mineral Resource (as defined in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources & Mineral Reserves incorporated by reference into NI 43-101) of 6.2 million ounces of gold on the near-surface, road accessible AurMac Property". Additional information is expected to be included in a NI 43-101 Technical Report to be filed on SEDAR with 45 days of the May 24th announcement. The effective date for the Mineral Resource is May 18, 2023.

Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, geopolitical geopolitical, marketing, changes in global gold markets or other relevant issues.