Royalties Inc. Receives Bilbao Project Economic Update
Royalties Inc. Receives Bilbao Project
Economic Update
Toronto, Ontario--(Newsfile Corp. - March 16, 2026) -
Royalties Inc. (CSE: RI) (OTCID: ROYIF)
("the
Company
") has received an economic update on the Bilbao project from SLR Consulting (Canada) Ltd.
('SLR'). SLR prepared a new financial model using the 2014 PEA model inputs brought forward to a
December 2025 cost basis and current metal prices and also conducted a sensitivity analysis with silver
at various prices. Key economic metrics for the silver price scenarios are presented in the table below
together with the 2014 PEA economics for comparison.
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Cautionary Language
The economic sensitivity presented is based, in part, on Inferred Mineral Resources, and is
preliminary in nature. Inferred Mineral Resources are considered too geologically speculative to
have the economic considerations applied to them that would enable them to be categorized as
Mineral Reserves. There is no certainty that economic forecasts on which this PEA is based will be
realized.
SLR further cautions that the 2014 PEA production schedule has not been adjusted for changes to
cut-off grade resulting from updated economic inputs.
For the technical basis behind this economic sensitivity, see the 2014 NI43-101 report
"Preliminary Economic Assessment of the Bilbao Silver-Lead-Zinc Project, 720,000 Tonnes per
Year Processing Plant" April 28, 2014, filed on SEDAR under Royalties Inc.
Conclusions
The sensitivity analysis indicates that the Bilbao Project is very sensitive to silver prices
Given the current market environment for commodity prices, there is considerable upside potential
SLR cautions that while the updated economic model includes increased capital and operating
costs derived from escalation of the 2014 PEA costs, increases in prices for certain commodities
(e.g. structural steel) have exceeded the escalation factors applied in the model update
SLR recommends that the Project costs should be validated in a comprehensive PEA update,
including assessing the impact of changed economic inputs on Mineral Resource estimates, and
the potentially mineable quantities used in the PEA production schedule
"As expected, the breakout in the silver price has significantly improved the potential economics of the
core deposit in the Bilbao project, which can be further enhanced with a planned drill program to
increase the resource. This update confirms and totally restates the value and the optionality of Bilbao in
this new era of silver prices, which after a period of short-term volatility is expected to rise," stated Tim
Gallagher, CEO.
Qualified Person
Scientific and technical information disclosed in this press release was prepared by or under the
supervision of and approved by Gerry J. Gauthier, P. Eng., a 'qualified person' within the meaning of NI
43-101.
About SLR Consulting
SLR provides a broad range of social, environmental and engineering consulting services to the mining
sector. SLR Consulting (Canada) Ltd. and its predecessor company Roscoe Postle Associates Inc. has
completed many assignments in Mexico.
About Royalties Inc.
Royalties Inc. owns a 100% interest, subject to a 1.5% NSR owned as a separate asset, on the
Bilbao silver-zinc-lead project which has a 2014 PEA.
Royalties Inc. owns 88% of Minera Portree de Zacatecas, S.A. de C.V ("MPZ") which holds a
Zacatecas Appeals court confirmed claim to a 2% NSR established in 2002 on five mining
concessions called the 'Portree claims', a portion of which is on the Mala Noche Footwall Zone, the
main source of production at the Cozamin mine where Capstone Copper Corp. ("Capstone") has
been mining since 2010. Capstone attempted to assign this royalty to themselves without the
knowledge, consent or proper payment to MPZ, the longstanding and rightful owner since 2002. As
a final step in the Mexico legal process, Capstone filed an amparo with the Federal Collegiate
Tribunal, which the Federal Prosecutor has recommended denying.
Royalties Inc. has a 5% stake in
Music Royalties Inc
. ("MRI"), which has paid out over $15 million in
74 monthly dividends from 31 cash-flowing catalogs with 7,000 songs generating a 7.2% annual
yield.
For further information contact Royalties Inc. at
www.royaltiesinc.com
Tim Gallagher
CEO & Director
(416) 925-0090
Connor Gallagher
Investor Relations
(647) 921-2206
Andrew Robertson
Director
(416) 317-0137
Neither the CSE, nor its Regulation Services Provider accepts responsibility for the adequacy or
accuracy of this press release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities
laws. All statements contained herein that are not clearly historical in nature may constitute forward-
looking information. In some cases, forward-looking information can be identified by words or phrases
such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential",
"proposed", "estimate", "believe" or the negative of those terms, or other similar words, expressions,
and grammatical variations thereof, or statements that certain events or conditions "may" or "will"
happen, or by discussions of strategy. Where the Company expresses or implies an expectation or
belief as to future events or results, such expectation or belief is based on assumptions made in good
faith and believed to have a reasonable basis. However, forward-looking statements are subject to
risks, uncertainties, and other factors, which could cause actual results to differ materially from future
results expressed, projected or implied by such forward-looking statements. Such risks include, but
are not limited to: sufficient capital and financing required in order to fulfill the Company's business
plans and strategy may not be obtained as expected; that the Company will not be able to pay future
dividends; and other risks related to the Company as disclosed in the documents filed on the
Company's profile at SEDAR+ at
www.SEDARplus.ca
. Accordingly, readers are cautioned not to place
undue reliance on forward-looking statements contained in this press release and they are expressly
qualified in their entirety by this cautionary statement. The forward-looking statements herein are
made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of
management on such date.
The Company does not undertake any obligation to update publicly or
revise any such forward-looking statements whether as a result of new information, future events or to
explain any material difference between subsequent actual events and such forward-looking
information, except as required under applicable securities law.
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