PrairieSky Royalty : Corporate Presentation – April 2026
PSK.TO
Published on 04/20/2026 at 04:21 pm EDT
CORPORATE PRESENTATION
APRIL 2026
1
PrairieSky Royalty Snapshot
TSX
Sustainable Annual Dividend
Enterprise Value(1)
Oil & Liquids
Balance Sheet
0.6x D/EBITDA(2)
Per Common Share Paid Quarterly
Acres of Royalty Lands
of Q1 2026 Royalty Production Revenue
In Royalty Oil Production, 2025
Returned to Shareholders since IPO
Canada's
Portfolio of Fee Simple
Mineral Title
Based on 232.4 million common shares and the closing share price on the TSX of $32.20 on March 31, 2026 and net debt of $257.7 million at March 31, 2026.
Trailing 12-months.
Financial data in this corporate presentation is as at March 31, 2026 unless stated otherwise.
2
Why PrairieSky?
9.9 million acres of Fee Lands
8.7 million acres of GORR Lands
Management and directors with an unparalleled understanding of the royalty business and are invested alongside shareholders
Upside from resource play development on emerging plays including the Duvernay, Clearwater and multi-zonal Mannville Stack plays
Approximately 335 lessees producing from over 30 geologic horizons
Exposure to both oil and natural gas prices
Technology, new pool discoveries, optimization of legacy production and secondary and tertiary recoveries all provide long-term option value
Fee Simple land never expires
Conservative dividend payout ratio, 65% in Q1 2026
No maintenance capital expenditures, operating costs, abandonment or environmental liabilities = low sensitivity to inflation
Strong balance sheet, 0.6x D/EBITDA (trailing 12-months)
Trading at attractive FCF yield, with momentum in oil royalty production volumes, including 2025 growth of 6%
Vast Land Base
Resource Play Upside
Diversification
Optionality
Sustainability
Growth + Yield
3
PrairieSky's Dominant Land Position
PrairieSky has more than tripled its Royalty Lands since inception, a 100% increase on a per share basis(1), including the addition of:
All Saskatchewan Fee Lands and GORR acreage
1.3 million Clearwater acres
Mannville Stack position through acquisition from Heritage in December 2021
5.2 million acres in Alberta on IPO (2014) 18.6 million acres across Western Canada today
(1) Using common shares outstanding at IPO and at March 31, 2026.
4
PrairieSky Key Growth Metrics
Production per Million Shares(1)
120
100
80
60
40
20
Share of Industry Capital(2)
$2.5
$2.0
$ billions
$1.5
$1.0
$0.5
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
-
Oil NGL Natural gas (boe)
$0.0
2020 2021 2022 2023 2024 2025
Gross Capital on PSK Land
% of Industry Capital
Avg Royalty Rate on New Spuds (%)
0.0%
(1) Using weighted average number of common shares in each quarter. (2) Conventional oil and gas reinvestment estimates from ARC energy
research institute
Oil Royalty Production CAGR of 6% per share since Q1/22 (post Heritage acquisition).
Increasing share of gross industry capital
on PrairieSky's lands.
5
Spuds on PrairieSky Lands - Q1 2026
With third-party activity across our royalty land base, PrairieSky has increased its royalty production by 4% in Q1 2026 relative to Q1/25.
Strong quarterly activity with 201 wells spud across PrairieSky's land base, including:
43 Mannville heavy and light oil wells (including 15 in the Mannville Stack)
31 Clearwater oil wells
26 Duvernay wells
Private, growth-oriented companies continue to expand their positions and be very active on our royalty lands.
~50% of revenue and over 50% of capital activity on PrairieSky's lands is from private operators.
6
Multilateral Wells - Driving Increased Productivity
Expanding multilateral drilling application across the basin has led to an increasing contribution to royalty production volumes.
In 2025, multilateral wells spud on PrairieSky lands totaled an estimated 285, representing 40% of drilling activity.
Multilateral Spuds by Year
300
250
200
60%
50%
40%
150
100
50
0
2020 2021 2022 2023 2024 2025
30%
20%
10%
0%
Multilateral drilling techniques have revolutionized heavy oil development in Western Canada. Wells are typically completed open hole, with no frack or thermal requirements, thereby significantly reducing well costs. Wells exhibit relatively high deliverability with conventional declines, contributing to top tier half cycle economics for producers in the Clearwater and Mannville Stack.
7
Clearwater - Sustainable Growth
PrairieSky has the largest Clearwater royalty acreage position with
~1,300,000 acres throughout the entire Clearwater trend.
Clearwater royalty oil production averaged >2,850 bbl/d in Q1/26, representing 21% y/y growth.
Clearwater Royalty Oil Production
3,000
2,500
2,000
bbl/d
1,500
1,000
500
0
*Q1/26 volumes have been estimated and may be revised when actuals are available.
Early entrant (2016/17) enabled acquisition of Clearwater lands in the best parts of the play at the lowest price per acre.
PrairieSky had an estimated 50% of its Clearwater volumes under waterflood support at YE 2025.
8
Mannville Stack - Massive Heavy Oil Resource
PrairieSky has expanded its position in the Mannville Stack over the past 2 years, adding a large GOR position to complement its extensive Fee title position in the broader Cold Lake region.
Discoveries have been made in 9 discrete intervals within the Mannville Stack, utilizing multilateral drilling techniques. This area remains very active through third-party drilling activity.
Mannville Stack royalty oil production was estimated at >1,000 bbl/d
in Q1/26, representing 16% growth from Q1/25.
Mannville Stack Royalty Oil Production
1,200
1,000
800
bbl/d
600
400
200
-
*Q1/26 volumes have been estimated and may be revised when actuals are available.
Mannville Stack defined as non-thermal heavy oil development in area bounded by T51-23W3 and T66-10W4.
9
Duvernay - West Shale Activity Accelerating
WEST SHALE OIL
PrairieSky has a meaningful Fee Land position within the Duvernay oil window in both the East and West Shale Basins.
The play boasts large resource in place, high netback light oil, depth of inventory, and access to infrastructure. Recently drilled wells in the West Shale Basin have delivered a step-change improvement in initial oil production rates.
Duvernay royalty volumes averaged an estimated 1,500 BOE/d
(79% oil and liquids) in Q1/26, representing 95% y/y growth.
Duvernay Royalty Production
1,600
1,200
BOE/d
800
400
0
*Q1/26 volumes have been estimated and may be revised when actuals are available.
10
Basal Quartz - Exposure to Emerging Tight Oil Play
Modern completion techniques have unlocked a large light/medium oil fairway in the Basal Quartz of Southern Alberta over the past few years.
Recent delineation success in the play along with acquisitions of undeveloped GOR lands in late 2025 have positioned PrairieSky for meaningful oil growth in the Basal Quartz moving forward.
Basal Quartz/Ellerslie royalty oil volumes averaged an estimated
320 bbl/d in Q1/26, plus associated NGLs and natural gas.
Basal Quartz Royalty Oil Production
600
500
400
bbl/d
300
200
100
-
*Q1/26 volumes have been estimated and may be revised when actuals are available.
11
Reserves Replacement
Third-party capital on PrairieSky lands has historically replaced produced reserves.
Reserves increased in 2025,
after annual production of 9,439 MBOE in the year. Reserves per share have increased by 32% since 2016, including
+70% for oil and liquids.
In a royalty business with undeveloped land, all funds from operations can be returned to shareholders.
2025 funds from operations of
$353.0 million primarily used for dividends declared of $243.4 million and share buybacks of $158.5 million.
Proved + Probable Reserves (2P) Share Count (1)Annual Production Funds from Operations Oil & Liquids (MBBL) Total (MBOE) (mm) (MBOE) % liquids ($ millions)
2016
19,914
47,423
228
8,531
47%
$200.2
2017
20,848
49,234
9,221
48%
$290.2
2018
21,203
47,482
8,526
49%
$229.7
2019
22,355
45,835
7,941
52%
$220.4
2020
22,135
48,189
7,215
49%
$146.8
2021
32,953
66,250
7,238
50%
$273.4
2022
32,963
66,719
9,200
57%
$507.6
2023
32,693
65,762
9,072
60%
$382.5
2024
33,078
63,653
9,218
62%
$380.5
2025
34,508
63,932
233
9,439
64%
$353.0
(1) Shares outstanding at year end.
12
Production & Revenue Generated from Royalty Properties
PrairieSky generates revenues through leasing its Fee Lands and its GORR Interests, which includes Royalty Production Revenue, Bonus Consideration and Lease Rental Income.
Royalty Compliance focuses on capturing mispaid royalties through forensic accounting. Almost $100 million in compliance recoveries collected since IPO.
Total Revenues
$700
$600
Revenues ($ millions)
$500
$400
$300
$200
$100
$-
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
YTD
Compliance revenue is recorded with Royalty Production Revenue from Fee Lands and GORR Interests in the financial statements.
13
Inflation Insulated, High Margin Business Model
Low risk revenue base
No maintenance capital
None of the capital requirements, operating costs, abandonment liabilities or reclamation charges associated with working interest ownership in oil and gas assets.
With no capital requirements or operating costs, PrairieSky is a strong hedge to inflation.
High margins
Equally strong revenue as upstream oil and gas producers, with vastly superior operating margins.
Royalty operating margin(1) 99%
Operating margin(1) of 85%
Unhedged royalty portfolio
provides full upside exposure to commodity prices.
(1) Royalty operating margin and operating margin are for the three months ended March 31, 2026. See Non-GAAP Measures and Ratios.
14
Returns to Shareholders
4.5
From IPO to March 31, 2026, PrairieSky has returned
$2.1 billion in dividends and
$413 million in share buybacks to shareholders (average price of
$17.81/share).
4.0
3.5
3.0
$ billions
2.5
High conversion
of revenues to funds from operations for distribution to shareholders through all commodity price cycles.
2.0
1.5
1.0
0.5
-
IPO (May 29, 2014) - March 31, 2026
PrairieSky pays a quarterly dividend of $0.265 per share.
Low payout ratio allows for low dilution acquisitions, setting up for funds from operations and dividend growth over the next 10+ years.
15
Countercyclical Capital Deployment
History of acquiring assets near low points of the commodity cycle, with major acquisitions completed between US$44-70/bbl WTI.
Share buybacks have been completed across a time period when WTI averaged US$55/bbl including ~$86 million of share repurchases in Q2/Q3 2020 when WTI averaged US$38/bbl and $158.5 million of share repurchases in 2025.
IPO
Range Royalty
$ 625MM
Lindbergh
$ 250MM
Canadian Natural
$ 1.7B
Initial Clearwater
Onion Lake
$ 109MM
Heritage
$ 728MM
Spur Marten Hills
$ 155MM
16
Oil Production Growth Decoupled from Western Canada
Oil Production Growth (from Q1/22 Baseline) 30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%
PSK WCSB
WCSB data from CER (Canada Energy Regulator)
*Q1/26 data not yet available for WCSB
Following the acquisition from Heritage Royalty in December 2021, PrairieSky has organically exceeded the growth rate of the Western Canadian Sedimentary Basin on oil volumes through:
Outsized exposure to conventional oil plays at the lowest parts of the cost curve (ie. Clearwater, Mannville Stack)
Leases and royalty agreements with a relatively high proportion of growth oriented private producers
Depth of conventional oil inventory through vast 18.6 million acre royalty position
17
10 Year Funds from Operations Generation
2025 Average Royalty Production
25,855 BOE/d(1)
With no capex requirements, Funds from Operations are fully available for shareholder returns.
A $0.50/Mcf increase in AECO increases 10-year cash flow by $0.1 billion.
(1) For the year ended December 31, 2025
18
Shareholder Alignment
Board
& Management Ownership in PSK
"Pay for performance"
long-term incentives
Shareholder Alignment
All staff are shareholders and maximize participation in Employee Stock Purchase Plan
Decisions focused on core strategy and creating long-term shareholder value
19
ESG Survey Results & Rankings
ESG Survey Results
Received a score of 64/100 in the 2025 S&P CSA, maintaining constituency of the Dow Jones Best-in-Class World Index.
Received B score for CDP Climate Change in 2025, which is the management level.
Received AAA ranking from MSCI in 2025.
Ranked #1 by Sustainalytics for Global Oil and Gas Producers with a
"negligible risk" rating of 9.5 (April 13, 2026).
Received 2026 ESG Leader Badges, awarded to top ranked companies in the Global Oil and Gas Producers industry and across the U.S. and Canada region.
20
Disclaimer
PrairieSky Royalty Ltd. published this content on April 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 20, 2026 at 20:20 UTC.