• LRC acquired a 1.0% pre-existing net NSR royalty on the Lucy claims at the Falcon West lithium‑cesium project in Manitoba
• Increases LRC’s portfolio to 37 royalties, enhancing exposure to lithium and other critical metals
• The Falcon West property hosts a historical non-compliant resource of 226,800 tonnes at 1.75% Li₂O on the Lucy pegmatite¹
• Grid Metals is completing approximately 70-drill holes on the Lucy pegmatite to define the potential for cesium on the property²
• Grid Metals’ recent drill results have shown Cs₂O grades of 14% within the pollucite-rich portion of the deposit²
• Cesium carbonate currently trades at US$218,000/tonne, as per Shanghai Metals Market (SMM)

Lithium Royalty Corp. (TSX: LIRC) (“LRC”) announced today that it has acquired a 1.0% net smelter revenue (“NSR”) royalty from a third party on the Lucy group of claims at the Falcon West property in Manitoba held by Grid Metals Corp. (TSXV: GRDM) (“Grid Metals”). Grid Metals originally acquired the Lucy claims in 2022 from that third party, for consideration that included granting a royalty on the Lucy claims, a portion of which has now been purchased by LRC from the third-party holder.

“The Lucy pegmatite NSR acquisition is an exciting complement to our industry-leading lithium royalty portfolio and the strategic position we already enjoy in the cesium, tungsten, silica quartz (feedstock to silicon metal), and borates. LRC’s industry-leading lithium exposure will benefit from the broader critical mineral exposure that the Lucy pegmatite brings. The cesium potential at the Lucy pegmatite offers the potential for low capital expenditures and an accelerated path to first production. LRC continues to have an active pipeline of lithium and critical mineral royalties and expects to remain active in the quarters ahead,” said Ernie Ortiz, President and CEO of Lithium Royalty Corp.

About the Falcon West Property and the Lucy Claims

Grid Metals received the drill permit for the Falcon West property in September 2025. This was followed by a strategic equity financing that raised funds to advance drilling at the property. Grid Metals is actively embarking on an approximate 70-drill hole campaign to uncover the value potential at the Lucy pegmatite. Grid Metals describes the Lucy pegmatite as zoned, flat lying, well fractionated, and similar to the Tanco pegmatite located nearby. The Falcon West pegmatite is 100% owned by Grid Metals and lies approximately 110 km east of Winnipeg, Manitoba, near the Trans-Canada Highway. The five initial drill hole results announced thus far by Grid Metals indicate a strongly fractionated core zone carrying attractive grades of cesium, lithium, and rubidium.

Highlights announced by Grid Metals from the first five drill holes include²:

• 1.73 meters with 14.0% Cs₂O, 1.71% Li₂O and 0.36% Rb₂O (LU25-01; from 27.1 meters) including 0.42 meters with 27.4% Cs₂O
• 3.01 meters with 14.0% Cs₂O and 0.50% Rb₂O (LU25-03; from 31.5 meters) including 0.61 meters with 24.2% Cs₂O and 0.50 meters with 24.7% Cs₂O
• 2.90 meters with 9.6% Cs₂O and 1.85% Li₂O (LU25-04; from 25.8 meters) including 0.85 meters with 19.6% Cs₂O

SMM reports that cesium carbonate prices trade at US$218,000/tonne as of November 26, 2025. In March 2025, cesium carbonate prices were trading in the US$121,000/tonne range, suggesting a price increase of 80% on the back of continued demand and restrained supply.

About Lithium Royalty Corp.

LRC is a lithium-focused royalty company organized in Canada, which has established a globally diversified portfolio of 37 royalties on mineral properties that are related to the electrification and decarbonization of the global economy. The Company’s royalty portfolio is focused on the battery supply chain for the transportation and energy storage industries and is underpinned by mineral properties that produce or are expected to produce lithium, critical minerals, and other energy transition materials.

Forward Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding LRC’s growth, results of operations, estimated future revenues, performance guidance, carrying value of assets and requirements for additional capital, mineral resource and mineral reserve estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators and the expected exposure for current and future assessments and available remedies. In addition, statements relating to resources and reserves and mine life are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such resources and reserves or mine life will be realized. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of LRC to be materially different from any future results, revenue, expenses, performance or achievements expressed or implied by the forward-looking statements. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. The forward-looking statements herein are made as of the date of this press release only and LRC does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty revenue (including various lithium products); fluctuations in the value of the Canadian and Australian dollar and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which LRC holds a royalty or other interest are located or through which they are held; risks related to the operators of the properties in which LRC holds a royalty or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by LRC; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which LRC holds a royalty or other interest; whether or not the Company is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which LRC holds a royalty or other interest; actual mineral content may differ from the resources and reserves contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks associated with the solvency of operators of projects that LRC has royalties over; risks and hazards associated with the business of development and mining on any of the properties in which LRC holds a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; and the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which LRC holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities (including various lithium products) that underlie the asset portfolio; the Company’s ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; no adverse development in respect of any significant property in which LRC holds a royalty or other interest; the solvency of project operators; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. LRC cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

For additional information with respect to risks, uncertainties and assumptions, please refer to LRC’s most recent Annual Information Form dated March 19, 2025 and filed with the Canadian securities regulatory authorities on www.sedarplus.com. These risks and uncertainties include, but are not limited to, those described under “Risk Factors” in the Annual Information Form, and in particular risks summarized under the “Risks Related to Mining Operations” heading.

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