On June 30, 2025, Summit Royalty Corp. and Eagle Royalties Ltd. (CSE: ER.CN) entered into a definitive amalgamation agreement for a reverse takeover (RTO) through a three-cornered amalgamation involving Eagle’s subsidiary. This transaction will result in Summit becoming a publicly listed entity under the name "Summit Royalty Corp." The deal implies an estimated consideration of C$0.18 per Eagle share, reflecting a 47% premium over Eagle’s June 30, 2025 closing price. Post-RTO, existing Summit shareholders will hold approximately 80% of the Resulting Issuer, with Eagle shareholders holding the remaining 20%.

Following completion, the Resulting Issuer will hold a diversified royalty and streaming portfolio including the Bomboré Silver Stream (Burkina Faso), Pitangui Royalty (Brazil), and NSR royalties on Banyan Gold’s AurMac Project (Yukon), Zancudo (Colombia), and Lavras do Sul (Brazil). The Bomboré and Pitangui assets are anticipated to be the only material projects under NI 43-101.

The new board will include Drew Clark, Jerrold Annett, Steven Eddy, Russell Mills, and Blair Zaritsky, with Clark serving as President and CEO. Completion of the RTO remains subject to shareholder and regulatory approvals and customary closing conditions. Bennett Jones LLP is legal counsel to Summit and Haywood Securities Inc. is its financial advisor. McLeod Law LLP is legal counsel to Eagle.

The RTO was negotiated at arm’s length, with support agreements in place from approximately 22% of Eagle shareholders and 78% of Summit shareholders. Eagle’s shares will remain halted pending regulatory filings.

The transaction was completed on November 5, 2025.