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

On May 28, 2026, LunR Royalties closed the previously announced acquisition of a life‑of‑mine silver stream on Lundin Gold’s Fruta del Norte (FDN) mine. The consideration was 50,505,051 LunR shares issued to Lundin Gold, which will distribute them to its shareholders as a dividend‑in‑kind. The stream, effective March 1, 2026, entitles LunR to 100% of payable silver until 12.2 Moz are delivered (purchased at 10% of spot), then 50% for the next 7.8 Moz (at 20% of spot), and 7.5% thereafter (at 30% of spot). The company also received conditional approval to graduate its listing from the TSXV to the TSX, with no change in ticker or CUSIP. First silver delivery is expected by end‑Q2 2026.

The closing is a purely routine execution of the February 22 announcement, which already laid out all key terms. No new terms, no surprise. The TSX graduation is incremental – it may improve institutional visibility and liquidity, but it does not alter the company’s cash‑flow profile or risk. The share price has been drifting lower in recent weeks and barely moved on the day (closed at $22.46, up slightly from prior days). The deal itself is transformative, but the completion was fully expected. Therefore, the immediate impact is neutral to mildly positive, not material.

LunR Royalties, spun out from NGEx Minerals, holds a portfolio of royalties and streams on high‑quality copper‑gold‑silver assets. Its flagship asset is now the Fruta del Norte silver stream. FDN is a producing high‑grade underground gold‑silver mine in Ecuador (Lundin Gold operator). The stream covers ~5,566 ha and benefits from 5.9 Moz gold and 8.9 Moz silver in reserves, plus exploration upside (five early‑stage porphyry discoveries). Ancillary assets include a 1.00% NSR on Lunahuasi (Argentina) and a 1.38% NSR on Los Helados (Chile), both large undeveloped copper‑gold projects.