LunR Reports Q2 2026 Results Including Inaugural Cash Flow All amounts in US$ unless otherwise indicated
LunR Royalties Corp.
News Release
LunR Reports Q2 2026 Results Including Inaugural Cash Flow
All amounts in US$ unless otherwise indicated
August 6, 2026 – Vancouver, BC – LunR Royalties Corp. (“LunR”, or the “Company”) (TSX: LUNR) is pleased to
announce its operating and financial results for the three months ended June 30, 2026. During the quarter,
LunR began receiving silver deliveries under its life-of-mine silver stream on the Fruta del Norte mine ( the
“FDN Stream”), which resulted in the Company recording its first quarter ly revenue and positive cash flow
generation.
Additionally, LunR is pleased to announce that it has appointed Scott Langley to its Board of Directors, effective
August 7, 2026. Scott currently serves as Group Head, Corporate Development, at Newmont Corporation.
President, CEO & Chair, Adam Lundin, commented:
“This was a transformational quarter for LunR as we completed the acquisition of the FDN Stream and began
receiving silver deliveries that enabled us to generate positive cash flow less than one year since the
Company’s inception. Stream deliveries are expected to be fully ramped up by the fourth quarter, further
strengthening our financial position throughout the year.
Additionally, I am excited to welcome Scott to the Board of Directors of LunR Royalties. We are pleased to be
able to draw on his leadership experience at Newmont, one of our largest shareholders, as well as his
extensive capital markets and investment banking experience in the metals and mining sector as we
continue to pursue growth opportunities to compliment our existing portfolio of high-quality royalty and
streaming assets.”
Q2 2026 Operating and Financial Highlights
▪ LunR received its first silver delivery under the FDN Stream and recorded inaugural revenue of
$4.6 million from the sale of 69,959 ounces.
▪ Cash flow from operating activities of $2.9 million was generated during the second quarter.
▪ Net loss of $0.1 million was lower than the previous quarter due to inaugural revenue generated by the
FDN Stream.
Q2 2026 Corporate Highlights
▪ On May 22, 2026, the Company announced the appointments of Ms. Tara Hassan and Mr. Armando
Picciotto as independent directors to its Board of Directors.
▪ On May 28, 2026, LunR completed the acquisition of the FDN Stream. LunR paid upfront consideration
of $670.2 million by issuing 50,505,051 shares to Lundin Gold Inc., all of which were distributed to Lundin
Gold’s shareholders by way of a dividend-in-kind on June 11, 2026. Under the FDN Stream, LunR currently
purchases 100% of Fruta del Norte’s silver production at 10% of the silver spot price at the time of each
delivery.
▪ On June 8, 202 6, the Company’s common shares commenced trading on the TSX following its
graduation from the TSXV.
Appointment of Scott Langley to LunR’s Board of Directors
Prior to joining Newmont in 2022, Scott spent over 15 years working in investment banking in the metals and
mining sector, at both National Bank Financial and Bank of America, and was most recently Managing
Director, Head of North American Metals & Mining for Bank of America. During his career, Mr. Langley has
worked on many capital markets and M&A transactions. Mr. Langley holds a Masters of Business
Administration from The Richard Ivey School of Business, and a Bachelor of Commerce from Queens University.
Summary of Quarterly Results
The following table summarizes selected financial data reported by the Company for the three months ended
June 30, 2026, and the previous quarters since incorporation.
In 000s
Except per share amounts
Q2 2026
Q1 2026
Q4 2025
Revenue $ 4,607 $ - $ -
Net loss (147) (1,841) (475)
Cash flows from operating
activities
2,858
(933)
(252)
Total assets 673,369 2,160 3,104
Total long-term liabilities - - -
Please refer to the unaudited condensed interim Financial Statements and associated Management’s
Discussion and Analysis for the quarter ended June 30, 2026, available on SEDAR+ at www.sedarplus.ca, and
on the Company’s website at www.lunrroyalties.com.
Key Asset Updates and Outlook
Fruta del Norte, Ecuador (100% Silver Stream), Producing
On February 22, 2026, Lundin Gold announced silver production guidance of 500,000 to 600,000 for 2026 (see
Lundin Gold’s press release of the same date). During the three months ended June 30, 2026, the Company
purchased 69,959 ounces of silver under the F DN Stream, which represents 100% of the payable silver
production of FDN for the period from March 1 to May 31, 2026. Due to the timing of concentrate shipments,
additional production from this period was delivered in Q3 2026, and total production from thi s period is
expected to be split between Q2 and Q3 2026, respectively. Based on year -to-date production, the Company
expects payable silver of 225,000 to 275,000 ounces to be deliverable under the FDN Stream for the second
half of 2026, with production from Q4 2026 to be delivered in Q1 2027.
Lunahuasi, Argentina (1.00% NSR Royalty), Exploration/Development
During the three months ended June 30, 2026, NGEx continued to publish drillhole assay results from its
Phase 4 exploration program at Lunahuasi. A total of 27,318 metres were drilled during the Phase 4
exploration program, which ran during the Austral summer from October 2025 to May 2026. As of July 30,
2026, assays for all 32 holes have been released. Drill results continue to expand the known extent of
mineralization to the north, south, and at depth, while also confirming high grades and continuity within the
named and new high-grade zones. See NGEx’s press releases from March 23, April 30, May 13, June 23, July 8,
and July 30, 2026 for additional detail.
Los Helados, Chile (1.38% NSR Royalty), Exploration/Development
No exploration activities were reported by NGEx during the three months ended June 30, 2026, as all efforts
were focused on the Phase 4 drill program at Lunahuasi. On April 7, 2026, Lundin Mining Corp. (“Lundin
Mining”) announced that it acquired the 30.9% interest in Los Helados not owned by NGEx from JX Advanced
Metals Corporation, with the accompanying press release noting potential synergies between Los Helados and
Lundin Mining’s Caserones operation to the north. See Lundin Mining’s April 7, 2026 press release for additional
detail.
About LunR Royalties Corp.
LunR is an emerging royalty and streaming company based in Canada, focused on building and managing a
portfolio of high -quality mining royalty and stream interests to create meaningful and lasting value for
stakeholders.
LunR owns a producing silver stream on Lundin Gold’s Fruta del Norte mine and net smelter return royalties
on NGEx Minerals’ Vicuña District exploration projects, Lunahuasi and Los Helados.
Additional information relating to LunR may be obtained or viewed on SEDAR+ at www.sedarplus.ca.
For further information, please contact:
Connor Mackay
Chief Financial Officer
Tel: +1 (604) 689 7842
Follow us on social media:
Twitter/X: www.x.com/lunrroyalties
LinkedIn: www.linkedin.com/company/lunrroyaltiescorp
Instagram: www.instagram.com/lunrroyalties
Additional Information
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained in this news release was accurate at the time of dissemination but may be
superseded by subsequent news release(s). The Company is under no obligation, nor does it intend to update
or revise the forward-looking information, whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any
jurisdiction.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein in the news release constitutes “forward-looking information”
and “forward-looking statements” within the meaning of applicable securities legislation (collectively, “forward -looking
information”). A ll statements other than statements of historical facts included in this document constitute forward -
looking information, including but not limited to, statements regarding: the future price of silver and other commodities;
the estimation of mineral reserves and mineral resources; realization of mineral reserve and mineral reserve estimates; the
timing and amount of estimated future production from stream and royalty interests owned by the Company; exploration,
development and production activities conducted by the operators of properties in which the Company holds an interest;
the payment of consideration by the Company to counterparties under its stream and royalty arrangements; the receipt
by the Company of payments under its stream and royalty arrangements ; the ability of the Company’s counterparties
under its stream and royalty arrangements to comply with the terms of such arrangement, the costs of future production,
the estimation of produced but not yet delivered ounces, the ability to fund outstanding c ommitment and continue to
acquire accretive streaming and royalty interests, projected increases to the Company’s production and cash flow, and the
ability to sell precious metals. Generally, this forward-looking information can frequently, but not always, be identified by
use of forward -looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “p rojects”, “budgets”, “assumes”, “strategy”, “objectives”, “potential”, “possible”,
“anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain
actions, events, conditions or results “will”, “may”, “could”, “would”, “should”, “might” or “will be taken”, “will occur” or “will be
achieved” or the negative connotations thereof.
Forward-looking statements are subject to known and unknown risks and uncertainties, including risks related to the
impact of general business and economic conditions, the absence of control over the mining operations at Fruta del Norte
from which the Company will purchase silver from and at Lunahuasi and Los Helados , and risks related to those mining
operations, including risks related to international operations, government and environmental regulation, actual results of
current exploration, development and production activities, conclusions of economic evaluations and changes in project
parameters as plans continue to be refined, risks related to the uncertainty in the accuracy of mineral reserve and mineral
resource estimates, risks related to production estimates, risks in the marketability of minerals, fluctuations in the price of
silver and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, risks related
to the satisfaction of each parties oblig ation in accordance with the Company’s stream and royalty arrangement, and
those risks described in the “FDN Transaction Risk Factors” section of the Company’s information circular dated April 13,
2026 and the “Risk Factors” section of the Company’s annual information form dated March 23, 2026, each of which is
available on SEDAR+ at www.sedarplus.ca under the Company’s profile.
The forward-looking information contained in this news release is based on information available to the Company as at
the date of this news release. Except as required under applicable securities legislation, the Company does not undertake
any obligation t o publicly update and/or revise any of the forward -looking information included, whether as a result of
additional information, future events and/or otherwise. Forward -looking information is provided for the purpose of
providing information about management’s current expectations and plans and allowing investors and others to get a
better understanding of t he Company’s operating environment. Although the Company has attempted to identify
important factors that would cause actual results to differ materially from those contained in forward-looking information,
there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance
that such statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. All the forward -looking information contained in this document is qualified by these
cautionary statements. Readers are cautioned not to place undue reliance on forward -looking information due to the
inherent uncertainty thereof. forward-looking information due to the inherent uncertainty thereof.