Mining Exploration and Royalties Sector Outlook — September 2026

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MATERIALS › MATERIALS › MINING EXPLORATION AND ROYALTIES

Mining Exploration and Royalties: Pricing Separates Sharply by Business Model

A read on how the market prices exploration, production and royalty exposure across this set of companies, and on what buyers paid in the recorded transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2026E)

Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   MATERIALS › MATERIALS › MINING EXPLORATION AND ROYALTIES

   Mining Exploration and Royalties: Pricing Separates Sharply by Business Model

   Cover slide introducing the sector outlook and its pricing divide.

   We open with the sector's core finding: pricing separates sharply by business model. That split is the thread running through everything we're about to walk through, so let's start there.

   Everything on this page

   MATERIALS › MATERIALS › MINING EXPLORATION AND ROYALTIES Mining Exploration and Royalties: Pricing Separates Sharply by Business Model A read on how the market prices exploration, production and royalty exposure across this set of companies, and on what buyers paid in the recorded transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2026E) Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Table of contents listing the report's five sections plus appendix.

   This page maps the five sections ahead, starting with the bottom line so a reader who stops there still leaves with the full story. From there we move into the landscape, valuation, precedent deals and strategic implications, so you can jump straight to what matters most to you.

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   CONTENTS What This Report Covers 01 The Bottom Line Two Pricing Standards Under One Sector Label 02 The Landscape Three Groups, Three Different Standards of Proof 03 Valuation & Situations Who Holds Each End of the Forward Range 04 Precedent Transactions What Buyers Paid for Whole Royalty Books 05 Strategic Implications What This Means for Your Next Capital Decision 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Mining Exploration and Royalties Splits into Two Markets: Battery Materials and Gold Producers

   Summarises the report's core finding that the sector splits into two priced markets.

   Here's the whole story in one page: this sector splits into two markets, battery materials processing and gold production with royalty books, priced on EV/Revenue for CY2026E. Six of 11 approved companies carry a rated multiple, and the top of that range rests on a single name, so the median alone won't tell you where you sit. That framing carries through everything we cover next.

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   01 · THE BOTTOM LINE Mining Exploration and Royalties Splits into Two Markets: Battery Materials and Gold Producers The full story on one page · figures on EV / Revenue (CY2026E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2026E consensus (6 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Range Sits with the Smallest Revenue Bases American Resources Corporation (AREC) is carried at 44.0x and Lithium Americas Corp. (LAC) at 23.1x on CY2026E revenue, alongside Agnico Eagle Mines Limited (AEM) at 6.1x and Electra Battery Materials Corporation (ELBM) at 1.9x. The larger revenue bases in this set sit at the lower multiples. 2 One Name Carries the Top End, so Read the Range Without It Too Six of the 11 approved companies carry a CY2026E revenue estimate, and the middle of the range sits at 9.5x; revenue rather than profit is the workable lens here, which in our reading reflects pricing set on forward growth. The top of the range rests on 1 of those 6 names, so setting it aside moves the picture materially. 3 Contracted Royalty Cash Flow Holds Its Price at Scale Royal Gold, Inc. (RGLD) is carried at 11.8x on CY2026E revenue, above the middle of the range, with 16% forward revenue growth. Royalty and stream margins are largely fixed by contract, and that kind of income reads closer to a cash-flow yield than an explorer does, so scale is not uniformly priced down here. 4 Buyers Agreed Higher Prices for Whole Royalty Books than for Single Interests Royal Gold, Inc. acquired Sandstorm Gold Ltd. at $3.9B, recorded at 19.0x revenue and 24.8x EBITDA. Other disclosed revenue multiples in the transaction record sit well below that, with the producer targets at the lower end. 9.5x Sector median EV/Revenue CY2026E consensus · EV/Revenue is the lens because only 2 of 11 names carry a meaningful forward EBITDA 33.6x Premium end EV/Revenue vs 4.0x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/Revenue — the spread the report explains 34 Transactions with disclosed terms 163 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the three business-model groups covered in this section.

   This section breaks the universe into three groups: battery materials processing, gold production with royalty books, and two adjacent models. Each carries a different standard of proof, which is why we treat them separately before comparing them.

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   SECTION 02 02 THE LANDSCAPE Three Groups, Three Different Standards of Proof Battery materials processing, producing gold with royalty books, and two adjacent models. 02 of 06 Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Lithium and Gold Hold the Names; The Higher Carried Price Sits Outside Both

   Maps the approved companies by business segment and shows median EV/Revenue per group.

   This map groups 11 approved companies by segment and shows where each group's median EV/Revenue sits. Lithium and gold hold the most names, while the highest carried price sits outside both groups, so segment membership alone doesn't predict where a company prices.

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   02 · MARKET MAP Lithium and Gold Hold the Names; The Higher Carried Price Sits Outside Both 11 approved companies grouped by business segment · median EV / Revenue (CY2026E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ADJACENT: BATTERY MATERIALS PROCESSING AND REFINING 5 cos median 7.1x Lithium Americas (LAC) Lithium Argentina (LAR) U.S. GoldMining (USGO) Electra Battery (ELBM) Atlas Lithium (ATLX) 45% of the 11 approved companies: lithium and battery-materials names carrying processing and refining exposure alongside upstream projects. ADJACENT: PRODUCING GOLD MINERS WITH IN-HOUSE EXPLORATION PIPELINES 4 cos median 9.0x Agnico Eagle (AEM) Royal Gold (RGLD) U.S. Gold (USAU) Blue Gold Limited (BGL) 36% of the set: cash-generating gold production paired with royalty interests and in-house exploration pipelines. ADJACENT MODELS 2 cos 44.0x · 1 rated American Resources (AREC) Mesabi Trust (MSB) 18% of the set: American Resources Corporation (AREC) and Mesabi Trust (MSB), whose exposure sits outside the lithium and gold groups.

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   02 · LANDSCAPE

   The Lithium Group Holds the Most Names; The Higher Carried Price Rests on One

   Shows which segment holds the most names and where the top multiple sits.

   The lithium group holds the most names in this universe, but the highest carried multiple rests on a single company outside it. Group size and group pricing power don't move together here, which is worth testing before you benchmark against a segment average.

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   02 · LANDSCAPE The Lithium Group Holds the Most Names; The Higher Carried Price Rests on One Segment view of the approved universe · EV / Revenue (CY2026E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Adjacent: battery materials processing and refining 5 45% 7.1x Lithium Americas Corp. (LAC) · Lithium Argentina AG (LAR) · +3 more Five names, the widest group. Lithium and battery-materials processing names, 3 of them with a CY2026E revenue estimate, sit at a middle of 7.1x. Forward revenue for the priced names in this group runs negative, so positioning here rests on project stage, offtake-linked capital and funding work without punitive dilution. Adjacent: producing gold miners with in-house exploration pipelines 4 36% 9.0x Agnico Eagle Mines Limited (AEM) · Royal Gold, Inc. (RGLD) · +2 more Cash generation plus royalty interests. Four producing gold names with in-house exploration pipelines, 2 of them with a CY2026E revenue estimate, sit at a middle of 9.0x. This is the group where reported cash flow, cost-curve position and net smelter return interests over long-life assets can be tested directly. Adjacent models 2 18% 44.0x n=1 American Resources Corporation (AREC) · Mesabi Trust (MSB) Two names, one carried price. The group's 44.0x reading rests on 1 name with a CY2026E revenue estimate, American Resources Corporation (AREC), with Mesabi Trust (MSB) unrated on this lens. Read it as a single-name figure rather than a group standard.

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   03

   Divider introducing the valuation section ranked on CY2026E revenue.

   This section ranks the rated companies on CY2026E revenue, with the forward growth credit already built into each multiple. We'll show who holds each end of that range and what travels with the higher prices.

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   SECTION 03 03 VALUATION & SITUATIONS Who Holds Each End of the Forward Range Ranked on CY2026E revenue, with the forward growth credit already inside the multiple. 03 of 06 Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Holds Its Premium Even After the Growth Credit

   Ranks all six rated companies by EV/Revenue (CY2026E) against the 9.5x sector median.

   Sorted descending, this page shows the top of the range holding its premium even after the growth credit is priced in, against a sector median of 9.5x. EV/Revenue is the working lens because only 2 of 11 names carry a meaningful forward EBITDA estimate. When you size up a target or your own multiple, benchmark against this rated set, not the full universe.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Holds Its Premium Even After the Growth Credit EV / Revenue (CY2026E) · all 6 rated companies, sorted descending · sector median 9.5x · EV/Revenue is the lens because only 2 of 11 names carry a meaningful forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2026E consensus (6 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2026E) basis. Panel commentary is a NeuraCap view. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 33.6x CORE · median 9.5x DISCOUNT · median 4.0x Sector median 9.5x WHAT SEPARATES THE TWO ENDS The top end survives the growth credit. Across the 6 of 11 approved companies with a CY2026E revenue estimate, the top of the range sits at 33.6x against 4.0x at the bottom. A forward multiple already credits forecast growth, so a premium that holds at that level is a statement about durability rather than about next year alone. Forward growth does not rank them. Lithium Americas Corp. (LAC) sits at the top of the range with -9% forward revenue, while Agnico Eagle Mines Limited (AEM) at the bottom carries 3% and Royal Gold, Inc. (RGLD) carries 16%. On these names the higher multiples sit alongside metal mix and asset optionality, and not alongside faster near-term revenue. Two names hold each end. Each end of the range rests on 2 of the 6 names with a CY2026E revenue estimate, so a single-name move travels straight into the sector picture. Read your own position name by name and against net asset value, which remains this industry's own yardstick.

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   03 · VALUATION DRIVERS

   The Higher Prices Here Travel with Contracted Cash Flow, Jurisdiction and Funding Without Dilution

   Splits the rated set into growth and margin cohorts and compares their median multiples.

   We cut the rated names into faster- and slower-growth cohorts, and into higher- and lower-margin cohorts, each split at its own covered median. The higher prices in this set travel with contracted cash flow, jurisdiction and funding without dilution, an association we read in the data rather than a proven cause. That's the lens worth bringing to any name you're sizing up against this group.

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   03 · VALUATION DRIVERS The Higher Prices Here Travel with Contracted Cash Flow, Jurisdiction and Funding Without Dilution Median EV / Revenue (CY2026E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Contracted Cash Flow Is the Line Buyers Can Test Agnico Eagle Mines Limited (AEM) carries a 69% EBITDA margin, the one margin reading in the mapped set. Where a margin at that level comes from net smelter return and stream interests it reads close to a cash-flow yield; from a producer the same figure carries operating and cost-curve exposure. Negative Forward Revenue Sits with the Lithium Names Electra Battery Materials Corporation (ELBM) carries -33% forward revenue and Lithium Argentina AG (LAR) carries -10% on CY2026E. Both sit in the battery materials processing and refining group, where the revenue line moves with metal price realisation and project timing. Jurisdiction and Permitting Set the Timetable, Not Management Permitting timelines, indigenous consultation and fiscal terms vary sharply by jurisdiction, and they sit with regulators. A predictable permitting and fiscal regime is part of what a buyer underwrites alongside grade, continuity and proximity to existing processing infrastructure. Funding Without Punitive Dilution Is a Value Driver in Itself Successive equity rounds to fund drill programmes can convert financing into share count rather than into defined resource. Option and earn-in structures, vendor-retained net smelter return royalties and stream deposits are the customary ways this industry funds work while keeping that outcome in check.

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    03 · SITUATION MAP

    High-Margin Production Sits at the Bottom of the Price Range

    Plots rated companies on EV/Revenue against EBITDA margin, both cut at their covered medians.

    This grid cuts the rated set on EV/Revenue against the sector's 9.5x median and on EBITDA margin against the 69% covered median. High-margin production sits at the bottom of the price range here, an observation rather than a recommendation. Where your own numbers land on this grid is a useful starting point for a conversation, not a verdict on any name.

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    03 · SITUATION MAP High-Margin Production Sits at the Bottom of the Price Range Cut on EV / Revenue vs the sector median (9.5x) (rows) and EBITDA margin vs the covered median (69%) (columns) · 5 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up with Margin Behind It Above-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Priced up Ahead of Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Margin Without the Multiple Below-median multiple · above-median EBITDA margin 1 names Agnico Eagle Mines Limited (AEM) Agnico Eagle Mines Limited (AEM) is the single name mapped on both measures, pairing a 69% EBITDA margin with a below-middle forward revenue multiple. On a base of one name, read that as a positioning question for that company rather than a pattern across the sector. Below on Both Measures Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    Exploration and Royalty Models Carry Different Multiples, and Raise and Spend Capital in Different Ways

    Frames the questions an owner or acquirer should resolve about exploration and royalty models.

    Exploration and royalty models carry different multiples and raise and spend capital in different ways, so we frame this page as questions rather than conclusions. These are observations for you to test against your own situation, not a recommendation to act on any security.

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    03 · THE AGENDA Exploration and Royalty Models Carry Different Multiples, and Raise and Spend Capital in Different Ways NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Decide Which Metal Mix You Are Asking the Market to Underwrite The battery materials processing and refining group holds the most names in this set, and the priced names in it carry negative forward revenue; the gold group carries production cash flow. Metal mix and policy alignment read as separate pricing regimes here, and the choice travels through to which buyers and capital providers are in the room. What changes the answer: A funded construction decision, or an offtake-linked cornerstone investment landing on one side of that mix. Turn Each Financing Round into Defined Resource Rather than Share Count Chronic equity issuance to fund successive drill programmes is a recognised detractor in this industry, and access to capital without punitive dilution is a recognised driver. Option and earn-in structures, vendor-retained royalties and stream deposits shift some of that funding burden onto partners. What changes the answer: Resource-to-reserve conversion at the next technical update, measured against the equity issued to pay for it. Choose Between Holding the Ground and Holding a Royalty over It Royalty and streaming interests feature across most of the nine transactions on the deal page, and the portfolio-level deals were recorded at the higher revenue multiples. For an owner that is a build-versus-buy question about where the same asset earns its return: operated, or through a retained net smelter return. What changes the answer: A third-party approach for a non-core claim block with a retained royalty available in the terms. Resolve the Permitting and Jurisdiction Pathway Before Capital Intensity Rises Permitting, consultation and fiscal terms are set outside the company and dominate development schedules. Sequencing study stages and capital commitments behind a clear pathway is what keeps capital intensity per unit of annual capacity from running ahead of the approvals. What changes the answer: A permit milestone, a fiscal or royalty change in the host jurisdiction, or a community benefit agreement concluded.

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    SECTION 04

    04

    Divider introducing the precedent transactions section on royalty book deals.

    This section turns to what buyers actually paid for whole royalty books, drawing on the recorded transaction history. Royalty and streaming interests feature across most of these deals, which sets up the comparison on the next page.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Paid for Whole Royalty Books Royalty and streaming interests feature across most of the recorded transactions. 04 of 06 Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Royalty Books Changed Hands at the Top of This Record; Producer Targets Sat Lower

    Walks through three case-study transactions with disclosed terms out of 34 disclosed deals.

    We highlight three transactions with disclosed terms, including Royal Gold, Inc.'s acquisition of Sandstorm Gold Ltd. at $3.9B, recorded at 19.0x revenue and 24.8x EBITDA. Royalty books changed hands at the top of this record, while producer targets sat lower, and these deal multiples are LTM at announcement rather than the CY2026E public basis, so no spread is claimed between them. Use these as reference points for what a full book has commanded historically, a decision input rather than a valuation of any name today.

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    04 · DEAL CASE STUDIES Royalty Books Changed Hands at the Top of This Record; Producer Targets Sat Lower 3 of 34 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 167 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 129 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Oct-2025 $3.9B Royal Gold, Inc. Royal Gold, Inc. buys Sandstorm Gold Ltd. and consolidates a diversified royalty book EV / LTM revenue 19.0x EV / LTM EBITDA 24.8x WHY THE DEAL HAPPENED A scaled royalty platform acquiring another royalty and streaming company points to portfolio breadth and counterparty diversification as the object of the deal rather than operating assets. At this size it is the kind of transaction that adds long-dated participation across many host properties at once. HOW THE TARGET WAS VALUED The transaction is recorded at $3.9B, 19.0x revenue and 24.8x EBITDA, completed in Oct-2025. Those multiples sit above where most of the 6 names with a CY2026E revenue estimate are carried, and above the other disclosed revenue multiples in this record. Apr-2026 $1.9B Uranium Royalty Corp. Uranium Royalty Corp. moves on Sweetwater Royalties LLC and extends its royalty coverage EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A royalty specialist acquiring a royalty company suggests the aim is breadth of interests over ground it does not operate, extending coverage without taking on mine-building risk. Announced in Apr-2026, it is consistent with royalty buyers competing for long-dated participation across the cycle. HOW THE TARGET WAS VALUED Recorded at $1.9B, it is the second-largest disclosed value among the nine transactions on the deal page, after the Royal Gold, Inc. transaction. No revenue or EBITDA multiple is recorded, so it benchmarks on size against the other royalty portfolio deals here. Jun-2023 $13M Hudbay Minerals Inc. acquires Rockcliff Metals Corp. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pattern across this record is royalty and streaming buyers adding interests over assets operated by others, with producers acquiring ground and development-stage assets to replace depleting reserves. Read this entry against that pattern rather than as a separate market. HOW THE TARGET WAS VALUED The disclosed revenue multiples elsewhere in this record cluster well below the top of the company range, with the portfolio-level royalty deals at the higher end. That is the benchmark band any additional transaction in the set is read against.

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    SECTION 05

    05

    Divider introducing the strategic implications section for capital decisions.

    This section turns the data into questions for your next capital decision: metal mix, funding structure and where a royalty interest earns its return. We close with what the gap between the top and bottom of this price range is telling you.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What This Means for Your Next Capital Decision Metal mix, funding structure and where a royalty interest earns its return. 05 of 06 Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    The Gap Between the Top and the Bottom of the Mining Price Range Sits with Revenue Quality and Funding

    Sets out the questions this data raises for owners, boards, and capital providers over the next twelve months.

    The gap between the top and bottom of this price range sits with revenue quality and funding structure, in our reading of the evidence shown. We frame this as questions the data puts on the table, not as recommendations, so you can weigh them against your own position. That framing is the basis for deciding where to focus your own review over the next twelve months.

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    05 · STRATEGIC IMPLICATIONS The Gap Between the Top and the Bottom of the Mining Price Range Sits with Revenue Quality and Funding NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Your Price Is Read Name by Name, Not off a Group Average With 6 of the 11 approved companies carrying a CY2026E revenue estimate and two names at each end of the range, a sector average carries little weight in a room. Grade and continuity, jurisdiction, funding structure and the quality of any royalty interests are what a buyer can test directly. FOR BOARDS Capital Allocation Is What Moves You Between the Three Groups The three groups in this set are priced on different evidence: project stage and offtake capital in battery materials, cash flow and cost-curve position in gold production, and a single carried reading in the adjacent models. Where the next tranche of capital goes decides which group you are compared against. FOR BUYERS AND CAPITAL PROVIDERS Portfolio Breadth Was Recorded at Higher Multiples than Single Interests In this record, whole royalty books changed hands at revenue and EBITDA multiples above those on individual interests and producer targets. That spread is associated with breadth of counterparties and length of coverage rather than with any single asset's economics.

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    06

    Divider introducing the appendix covering the full comparable universe and methodology.

    This closing section carries the full universe behind every figure in the body, the valuation basis and where each disclosure lives. Use it to trace any number in this deck back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2026E), Grouped by Valuation Tier

    Lists all rated and unrated public comparables grouped by valuation tier on EV/Revenue (CY2026E).

    This page lists all 6 rated companies plus the 5 without an eligible multiple, shaded above and below the 9.5x sector median. Every row here links back to its underlying source, so you can verify any multiple quoted earlier in this deck yourself.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (9.5x); amber marks below · 6 rated companies; 5 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2026E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥20.3x · median 33.6x · 2 companies American Resources Corporation AREC Coal exploration and carbon-mineral royalty interests $396M 44.0x n/a n/a n/a Lithium Americas Corp. LAC Adjacent: battery materials processing and refining $1.6B 23.1x -9% n/a n/a CORE — 6.4x–20.3x · median 9.5x · 2 companies Royal Gold, Inc. RGLD Adjacent: producing gold miners with in-house… $21.8B 11.8x 16% n/a n/a Lithium Argentina AG LAR Adjacent: battery materials processing and refining $1.1B 7.1x -10% n/a n/a DISCOUNT — <6.4x · median 4.0x · 2 companies Agnico Eagle Mines Limited AEM Adjacent: producing gold miners with in-house… $94.4B 6.1x 3% 69% 68 Electra Battery Materials Corporation ELBM Adjacent: battery materials processing and refining $59M 1.9x -33% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, part one of two.

    This page opens the list of 34 transactions with disclosed terms out of 163 recorded, newest first, with deal values linked to the underlying filing. These multiples are LTM at announcement, so they sit on a different basis than the CY2026E public comparables, a distinction worth keeping in mind when you reference either set.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 34 transactions with disclosed terms in this tier (163 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 167 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 129 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. 18 of 34 transactions shown; the rest are in the companion workbook. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 Uranium Royalty Corp. → Sweetwater Royalties LLC $1.9B n/a n/a Uranium Royalty Corp. announced the acquisition of Sweetwater Royalties LLC in Apr-2026, recorded at $1.9B. A royalty buyer acquiring a royalty portfolio is the shape that recurs across most of the nine transactions on this page. Dec-2025 Streamex Corp. → Empress Royalty Corp. $12M n/a n/a Streamex Corp. announced the acquisition of Empress Royalty Corp. in Dec-2025 at $12M. Size aside, the structure matches the larger deals here: a buyer adding long-dated participation in production it does not operate. Oct-2025 Royal Gold, Inc. → Sandstorm Gold Ltd. $3.9B 19.0x 24.8x Royal Gold, Inc. completed its acquisition of Sandstorm Gold Ltd. in Oct-2025, the largest disclosed value among the nine transactions here. The combination adds a diversified book of net smelter return and stream interests over assets operated by third parties. Jul-2025 Undisclosed buyer → Wheaton Precious Metals Corp. n/a 2.5x n/a A Jul-2025 transaction involving Wheaton Precious Metals Corp. is recorded at 2.5x revenue, with the buyer undisclosed. It sits well below the revenue multiple recorded in the Royal Gold, Inc. transaction, which suggests portfolio-level deals and single interests are… Jul-2025 n/a → OR Royalties Inc. n/a 0.7x 8.8x A Jul-2025 transaction involving OR Royalties Inc. is recorded at 0.7x revenue and 8.8x EBITDA. On a royalty book, an EBITDA multiple at that level reads close to a cash-flow yield on the interests held. May-2025 Franco Nevada Corporation → Cote Gold (Third-party) n/a 1.7x n/a Franco Nevada Corporation's pending transaction over Cote Gold (Third-party), recorded May-2025 at 1.7x revenue, follows the royalty-buyer route: capital into an operating asset in exchange for long-dated participation. It is priced off the asset rather than off the… Mar-2025 Soleus Capital Management L.P. → royalty portfolio (unit of Royalty Portfolio from Victoria Gold Corp.) $34M n/a n/a Soleus Capital Management L.P. completed the purchase of a royalty portfolio (unit of Royalty Portfolio from Victoria Gold Corp.) in Mar-2025 at $34M. Specialist funds sit alongside the royalty companies as buyers of interests that come to market on their own rather… Oct-2024 Hochschild Mining PLC → SilverCrest Metals Inc. n/a 0.7x 8.8x Hochschild Mining PLC's proposed acquisition of SilverCrest Metals Inc., dated Oct-2024, is recorded as terminated. The producer targets in this record are recorded at the lower end of the revenue multiples shown here. Apr-2024 Westgold Resources → Karora Resources n/a 0.7x n/a Westgold Resources announced its acquisition of Karora Resources in Apr-2024. Share-for-share consolidation is the customary route to scale when the equity financing window is narrow, and this record includes it.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the list of precedent transactions with disclosed terms, newest first.

    This page completes the disclosed-terms list shown here, with the remaining transactions held in the companion workbook. As before, treat these LTM-at-announcement multiples as a separate reference point from the CY2026E public multiples discussed earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 34 transactions with disclosed terms in this tier (163 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 167 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 129 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. 18 of 34 transactions shown; the rest are in the companion workbook. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2023 Metalla Royalty & Streaming Ltd. → Nova Royalty Corp. n/a 0.7x 8.8x Jun-2023 Hudbay Minerals Inc. → Rockcliff Metals Corp. $13M n/a n/a Apr-2023 Colt CZ Group SE → Snip Gold Project n/a n/a 8.5x Value shown as recorded in the filing; deal value unit unresolved. Nov-2022 Triple Flag Precious Metals Corp. → Maverix Metals Inc. n/a 1.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Jul-2022 Royal Gold → Great Bear Royalties Corp. n/a 0.7x 8.8x May-2022 Sandstorm Gold Ltd. → Portfolio of Royalties and Stream (BaseCore Metals LP) n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved. May-2022 Sandstorm Gold Ltd. → Nomad Royalty n/a 1.1x n/a Value shown as recorded in the filing; deal value unit unresolved. Sep-2021 Teranga Gold Corporation → Barrick Gold Corporation’s and its joint venture partner’s interest in Massawa project n/a 0.7x 8.8x Value shown as recorded in the filing; status defaulted announced. Sep-2021 Endeavour Mining Corporation → Avnel Gold Mining Limited n/a 0.7x 8.8x Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, valuation basis and data-quality exclusions.

    This page sets out how the report was built: the sources, the valuation basis, and what was excluded and why. Every figure in this report links to the record it came from, so you can check our work at whatever level of detail your own decision requires.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2026E consensus (6 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2026E is the lead convention: it is the sector-appropriate prior for Mining Exploration and Royalties and it clears the coverage gate with 9 of 11 companies (82%). EV / EBITDA, P / E are carried as a cross-check. A revenue lens is used rather than a profit multiple because the cohort's median forward revenue growth is 30%, and a set priced on growth is read on revenue. DATA QUALITY & EXCLUSIONS 32 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 366 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (365) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    Across This Set, the Top of the Price Range and the Largest Revenue Bases Sat Apart.

    Closing statement that the top of the price range and the largest revenue bases sat apart in this set.

    Across this set, the top of the price range and the largest revenue bases sat apart. The companion tables carry the full universe and source index for any figure you want to trace further as you weigh your own next step.

    Everything on this page

    Across This Set, the Top of the Price Range and the Largest Revenue Bases Sat Apart. NeuraCap AI — Mining Exploration and Royalties Coverage September 2026 · Prepared by NeuraCap AI · Confidential Mining Exploration and Royalties Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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