Oil and Gas Royalties and Streaming Sector Outlook — September 2026

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ENERGY › ENERGY › OIL AND GAS ROYALTIES AND STREAMING

Oil and Gas Royalties: Business Models Price Apart

The report shows how duration, revenue mix and acquisition capacity shape the market’s view of listed royalty owners.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2025A)

Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   ENERGY › ENERGY › OIL AND GAS ROYALTIES AND STREAMING

   Oil and Gas Royalties: Business Models Price Apart

   This cover introduces the September 2026 outlook on how business model differences price oil and gas royalty and streaming companies apart.

   We open with the core finding: business model differences, not just commodity exposure, are driving how the market prices royalty and streaming companies. Over the pages that follow, we'll show where that pricing gap is widest and what it means for owners and acquirers.

   Everything on this page

   ENERGY › ENERGY › OIL AND GAS ROYALTIES AND STREAMING Oil and Gas Royalties: Business Models Price Apart The report shows how duration, revenue mix and acquisition capacity shape the market’s view of listed royalty owners. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2025A) Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the five numbered sections plus appendix that structure the report.

   We've built this report so the bottom line comes first: even a reader who only gets through section one leaves with the whole story. The sections that follow walk through the landscape, valuation, precedent deals and strategic implications in turn.

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   CONTENTS What This Report Covers 01 The Bottom Line Distinct Ownership Models Sit at Very Different Valuation Levels 02 The Landscape Three Models Compete for Capital on Different Terms 03 Valuation & Situations The Premium End Sits Far Above the Discount End 04 Precedent Transactions Precedent Transactions Reward Clear Asset Fit and Buyer Conviction 05 Strategic Implications Duration and Asset Mix Deserve Priority in the Operating Agenda 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Oil and Gas Royalties and Streaming Prices Surface Streams, Non-Operated Interests and Coal Royalties Apart

   This page summarizes the report's central finding that surface streams, non-operated interests and coal royalties are priced apart from one another.

   Our analysis shows ancillary streams — surface, easement and water royalties — trading at 56.1x, well above the 7.3x median for non-operated working interest participation, while the lone coal royalty name sits at 1.3x, a comparison we treat as directional given the single data point. The premium end of the public set trades at 29.2x versus 2.2x at the discount end, putting the onus on owners to explain why their cash flows deserve a more durable multiple. Duration matters too: vehicles that can keep adding net royalty acres present a different growth story than trusts that simply run off. The Sitio Royalties Corp. combination, valued at $4.1B at 6.4x revenue and 7.6x EBITDA, shows how buyers benchmark scaled platforms on both revenue and cash earnings — so the message for owners is that mix and duration, not just size, set the multiple.

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   01 · THE BOTTOM LINE Oil and Gas Royalties and Streaming Prices Surface Streams, Non-Operated Interests and Coal Royalties Apart The full story on one page · figures on EV / Revenue (CY2025A), 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 CY2025A actuals (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Ancillary Streams Sit at the Top of the Range Surface, easement and water royalty streams sit at 56.1x, versus 7.3x for non-operated working interest participation. Coal mineral leases and mining royalties are represented by one name at 1.3x, so that comparison is directional. 2 The Two Ends Carry Very Different Expectations The premium end sits at 29.2x, while the discount end sits at 2.2x. That spread puts the burden on owners to establish why their cash flows deserve a more durable market view. 3 Duration Extends Beyond Current Production Vehicles that can add net royalty acres present a different duration proposition from trusts that run off. Operator quality, line-of-sight wells and post-production costs remain central to how that duration is assessed. 4 Scaled Transactions Establish Useful Reference Points The combination involving Sitio Royalties Corp. carried a $4.1B value at 6.4x revenue and 7.6x EBITDA. It shows how buyers can benchmark a scaled royalty platform across both revenue and cash earnings. 7.7x Sector median EV/Revenue CY2025A consensus · EV/Revenue is the lens because only 4 of 10 names carry a meaningful forward EBITDA 29.2x Premium end EV/Revenue vs 2.2x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/Revenue — the spread the report explains 13 Transactions with disclosed terms 55 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces section two, which maps how three royalty business models compete for capital.

   Three business models compete for capital on different terms — ownership duration, development exposure and the ability to keep acquiring set them apart. We'll map where each sits in the market before turning to valuation.

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   SECTION 02 02 THE LANDSCAPE Three Models Compete for Capital on Different Terms Ownership duration, development exposure and the ability to acquire separate the groups. 02 of 06 Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Surface and Water Streams Occupy a Distinct Valuation Position

   This page groups the approved companies by business segment and shows the median EV/Revenue for each group.

   Grouping the approved companies by business segment shows surface and water streams sitting apart at a 56.1x median EV/Revenue, well clear of the 7.3x median for non-operated working interest participation. The single coal royalty name comes in at 1.3x, a data point we flag as directional rather than a group median. This separation tells us the market is pricing business model, not just commodity exposure — so segment matters as much as scale when assessing where a name sits.

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   02 · MARKET MAP Surface and Water Streams Occupy a Distinct Valuation Position 10 approved companies grouped by business segment · median EV / Revenue (CY2025A) 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. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ADJACENT: NON-OPERATED WORKING INTEREST PARTICIPATION 7 cos median 7.3x Texas Pacific Land (TPL) Black Stone (BSM) Granite Ridge (GRNT) Vitesse Energy (VTS) San Juan Basin (SJT) North European (NRT) Permianville (PVL) This group provides production exposure through operators while retaining sensitivity to basin mix, inventory depth and development pace. SURFACE, EASEMENT AND WATER ROYALTY STREAMS 2 cos median 56.1x Viper Energy (VNOM) Permian Basin (PBT) Ancillary streams add revenue that is not directly commodity-priced and can broaden the duration case. ADJACENT: COAL MINERAL LEASES AND MINING ROYALTIES 1 cos 1.3x · 1 rated NACCO Industries (NC) The single-name group offers a different commodity, structural and duration profile from the oil and gas royalty owners.

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   02 · LANDSCAPE

   The Market Separates Ancillary Streams from Production-Linked Interests

   This page compares what each segment does and why the market values ancillary streams differently from production-linked royalty interests.

   This page lays out what each segment does and why the market treats them differently: ancillary streams carry a different duration and cash-flow profile than production-linked interests. The segment-level medians we showed on the previous page reflect that split, with full company-level detail available in the appendix. For owners, the read is that the market rewards clarity about which segment a company belongs to — so positioning and disclosure both matter for how a name gets priced.

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   02 · LANDSCAPE The Market Separates Ancillary Streams from Production-Linked Interests Segment view of the approved universe · EV / Revenue (CY2025A) 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. Oil and Gas Royalties and Streaming 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: non-operated working interest participation 7 70% 7.3x Texas Pacific Land Corporation (TPL) · Black Stone Minerals, L.P. (BSM) · +5 more Operator activity shapes duration. The group sits at 7.3x and depends on operator quality, undeveloped inventory and line-of-sight wells for future production exposure. Surface, easement and water royalty streams 2 20% 56.1x Viper Energy, Inc. (VNOM) · Permian Basin Royalty Trust (PBT) Ancillary revenue stands apart. The group sits at 56.1x. Surface, easement and water income adds a stream with different commodity sensitivity from production-linked royalties. Adjacent: coal mineral leases and mining royalties 1 10% 1.3x n=1 NACCO Industries, Inc. (NC) One name limits comparison. The group is represented by one company at 1.3x. Its commodity exposure and operating structure make the valuation read directional rather than broad-based.

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   SECTION 03

   03

   This divider introduces section three on how the premium end of the public market trades far above the discount end.

   The premium end of the public set sits far above the discount end, and nine of the ten listed owners carry a revenue multiple we can compare. The next few pages unpack what separates them.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Sits Far Above the Discount End Nine of the 10 listed owners have a revenue multiple, revealing a wide pricing range. 03 of 06 Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Carries a Much Broader Valuation Allowance

   This page sorts all rated companies by EV/Revenue and shows the sector median alongside tier groupings.

   Across all rated companies, sorted by EV/Revenue (CY2025A), the sector median sits at 7.7x, with EV/Revenue as the primary lens because only a minority of names carry a meaningful forward EBITDA estimate. The tier zones, cut at the rated set's quartiles, show the premium end commands a much wider valuation allowance than the discount end. That gap tells owners how much room the market gives businesses it views as durable — so understanding where a name sits in these tiers is the first step in the valuation conversation.

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   03 · PUBLIC MARKET VALUATION The Premium End Carries a Much Broader Valuation Allowance EV / Revenue (CY2025A) · all 9 rated companies, sorted descending · sector median 7.7x · EV/Revenue is the lens because only 4 of 10 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 CY2025A actuals (9 of 10 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 (CY2025A) basis. Panel commentary is a NeuraCap view. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 29.2x CORE · median 7.7x DISCOUNT · median 2.2x Sector median 7.7x WHAT SEPARATES THE TWO ENDS The premium spans distinct models. The premium end sits at 29.2x and includes surface and water streams alongside non-operated participation. Owners still need to connect their specific revenue mix to the market’s view of duration. The discount demands explanation. The discount end sits at 2.2x. Its members carry different commodity, growth and margin profiles, so no single operating measure accounts for their position. Duration needs asset-level support. Perpetual ownership, acquisition capacity, operator quality and undeveloped inventory provide the practical framework for assessing the gap between the two ends.

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   03 · VALUATION DRIVERS

   Duration, Inventory and Revenue Quality Frame the Valuation Debate

   This page splits rated names into growth and margin cohorts to test what frames the valuation debate.

   We split the rated names into growth and margin cohorts around their covered medians to see whether faster growth or higher margins command a premium. The evidence here is association, not causation, and the cuts confirm that duration, inventory depth and revenue quality remain the central threads running through the valuation debate. For owners, that means the multiple conversation is about durability of cash flow, not just top-line growth.

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   03 · VALUATION DRIVERS Duration, Inventory and Revenue Quality Frame the Valuation Debate Median EV / Revenue (CY2025A) 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. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Ownership Duration Matters Mineral fee ownership in perpetuity and the ability to keep acquiring support a different duration case from a vehicle that contractually runs off. Operator Activity Defines Visibility Rigs, permitted locations and line-of-sight wells show how another party’s capital programme may translate into future royalty volumes. Revenue Mix Changes Exposure Oil and liquids weighting, basis differentials, post-production costs and ancillary surface streams alter the quality and variability of revenue. Acquisition Capacity Extends the Runway An active ground game can add net royalty acres and deepen exposure in core basins without relying solely on the existing production base.

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    03 · SITUATION MAP

    Four Names Clear Both the Growth and the Margin Bar, yet Sit Below the Set's Middle Multiple

    This page maps names against the sector median EV/Revenue and the covered median EBITDA margin to surface situations, not recommendations.

    Four names clear both our growth and margin bars, yet sit below the sector's median multiple of 7.7x, measured against a covered margin median of 68%. That combination signals cash-flow quality the market hasn't yet fully priced. Some rated names lack the second measure and are not mapped here, a reminder that this cut speaks to observations, not recommendations. For acquirers, these four names are worth a closer look at what's holding their multiple below where the fundamentals would suggest.

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    03 · SITUATION MAP Four Names Clear Both the Growth and the Margin Bar, yet Sit Below the Set's Middle Multiple Cut on EV / Revenue vs the sector median (7.7x) (rows) and EBITDA margin vs the covered median (68%) (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. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Premium Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 2 names Black Stone Minerals, L.P. (BSM) · Granite Ridge Resources, Inc (GRNT) Black Stone Minerals, L.P. (BSM) and Granite Ridge Resources, Inc (GRNT) sit here. Their margins clear the 68% benchmark, while their revenue multiples remain below 7.7x. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 2 names Vitesse Energy, Inc. (VTS) · NACCO Industries, Inc. (NC) Vitesse Energy, Inc. (VTS) and NACCO Industries, Inc. (NC) sit here. Both measures fall below their respective benchmarks in this four-name view.

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    03 · THE AGENDA

    Revenue Durability Comes Before the Question of Where to Grow Next

    This page frames revenue durability as the first question an owner or acquirer should resolve before deciding where to grow next.

    Before chasing the next acquisition, we'd urge owners to settle the durability question first: how resilient is the existing revenue base, and where are the compositional risks? That answer shapes which growth lever — core-basin depth, ancillary streams, or broader diversification — actually makes sense next. This is a directional view grounded in the cohort data we've shown, not a specific recommendation. So the agenda starts with defending what you have before adding to it.

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    03 · THE AGENDA Revenue Durability Comes Before the Question of Where to Grow Next 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. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Core-Basin Exposure Adding net royalty acres around existing operators can reinforce asset knowledge and expand line-of-sight inventory. What changes the answer: The answer changes when operator quality, title certainty or development visibility falls below the existing portfolio. Broaden the Revenue Mix Surface, easement and water streams can reduce reliance on commodity-priced production revenue and add a different duration profile. What changes the answer: The answer changes when ancillary streams require unfamiliar operating capabilities or carry weaker contractual protection. Extend the Acquisition Runway A repeatable ground game can support continued asset additions beyond the current production base. What changes the answer: The answer changes when available opportunities no longer meet return, title or basin-concentration requirements. Defend Cash-Flow Quality Operator mix, post-production costs and net revenue interest deserve attention before additional volume alone. What changes the answer: The answer changes when higher production comes with weaker realised pricing, heavier deductions or greater concentration.

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    SECTION 04

    04

    This divider introduces section four on precedent transactions across platform combinations, targeted acquisitions and asset transfers.

    Precedent transactions reward clear asset fit and buyer conviction, spanning platform combinations, targeted acquisitions and asset transfers. The next pages walk through the record in detail.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Reward Clear Asset Fit and Buyer Conviction The transaction record spans platform combinations, targeted acquisitions and asset transfers. 04 of 06 Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Transactions Span Platform Consolidation and Targeted Asset Exposure

    This page presents a handful of precedent transactions as case studies with disclosed deal terms.

    We highlight a few of the disclosed-terms transactions as case studies, including the Sitio Royalties Corp. combination, valued at $4.1B and priced at 6.4x revenue and 7.6x EBITDA on LTM financials at announcement. These deal multiples sit on a different basis than the CY2025A public comparables, so we don't draw a direct spread between the two. The broader record, with the complete list in the appendix, spans platform consolidation and targeted asset acquisitions. For buyers, Sitio shows what a credible benchmark looks like when both revenue and cash earnings are in view.

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    04 · DEAL CASE STUDIES Transactions Span Platform Consolidation and Targeted Asset Exposure 3 of 13 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. 64 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 42 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 CY2025A public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jun-2023 $5.7B third party acquires CNX Resources Corporation EV / LTM revenue 3.0x EV / LTM EBITDA 4.8x WHY THE DEAL HAPPENED The transaction suggests that alignment between a buyer’s mandate and the target’s asset exposure can carry weight in the decision. The fit should be assessed through ownership duration, operator mix and inventory depth. HOW THE TARGET WAS VALUED The transaction serves as a strategic-fit reference point. Its relevance rests on comparing asset structure and buyer mandate with other precedent transactions. Jun-2025 $4.1B Viper Energy, Inc. acquires Sitio Royalties Corp. EV / LTM revenue 6.4x EV / LTM EBITDA 7.6x WHY THE DEAL HAPPENED The pairing of a scaled royalty platform with another royalty owner suggests a consolidation case built around broader asset exposure. Basin overlap, operator alignment and inventory depth are the relevant strategic tests. HOW THE TARGET WAS VALUED The transaction carried a $4.1B value at 6.4x revenue and 7.6x EBITDA. Those measures benchmark both the revenue base and its conversion into cash earnings. Aug-2023 $1.1B Grey Rock GP III acquires Granite Ridge Resources, Inc. EV / LTM revenue 2.5x EV / LTM EBITDA 3.4x WHY THE DEAL HAPPENED The buyer’s move into Granite Ridge Resources, Inc. (GRNT) suggests interest in production exposure without direct operating control. The strategic read rests on asset mix, operator quality and development visibility. HOW THE TARGET WAS VALUED The transaction carried a $1.1B value at 2.5x revenue and 3.4x EBITDA. It benchmarks non-operated exposure below the listed market’s middle valuation level.

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    SECTION 05

    05

    This divider introduces section five on the strategic priorities duration and asset mix create for owners.

    Duration and asset mix deserve priority in the operating agenda ahead. We turn next to what that means in practice for owners over the next twelve months.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Duration and Asset Mix Deserve Priority in the Operating Agenda Owners can strengthen their standing through inventory depth, revenue quality and selective expansion. 05 of 06 Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Owners Can Strengthen Their Standing Through Duration, Mix and Selective Scale

    This page sets out how owners, operators and boards can each strengthen their standing through duration, mix and selective scale.

    For owners, the central question is whether the asset base can sustain and extend cash flow through perpetual ownership, inventory depth and the capacity to keep acquiring. For operators, distinguishing near-term, line-of-sight development from acreage with a longer path to production matters just as much as headline growth. Boards should weigh core-basin additions against ancillary streams and diversification, keeping title risk, concentration and post-production costs in the frame. These are directional views grounded in the data shown earlier — so the practical takeaway is to treat duration and mix as the first lens, not an afterthought.

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    05 · STRATEGIC IMPLICATIONS Owners Can Strengthen Their Standing Through Duration, Mix and Selective Scale 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. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Define the Duration Advantage The central operating question is whether the asset base can sustain and extend cash flow through perpetual ownership, inventory depth and acquisition capacity. FOR OPERATORS Prioritise Visible Development Exposure Operator quality, rigs and line-of-sight wells help distinguish near-term activity from acreage with a longer or less certain path to production. FOR BOARDS Choose Expansion Lanes Deliberately Capital allocation should weigh core-basin additions, ancillary streams and broader diversification against title risk, concentration and post-production costs.

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    SECTION 06

    06

    This divider introduces the appendix covering the full comparable universe, methodology and sources.

    The appendix carries the full universe, the methodology and the sources behind every figure in this report. We include it so any figure here can be traced back to its underlying disclosure.

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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 Oil and Gas Royalties and Streaming 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 (CY2025A), Grouped by Valuation Tier

    This appendix lists the rated public comparables on EV/Revenue, grouped by valuation tier.

    This appendix lists the rated companies on EV/Revenue (CY2025A), shaded against the sector median of 7.7x, plus the name without an eligible multiple. Every ticker links back to its underlying source, so the full comparable set is available for further diligence. This is the reference table behind every valuation claim made earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2025A), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (7.7x); amber marks below · 9 rated companies; 1 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 9 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. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2025A) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥15.4x · median 29.2x · 3 companies Permian Basin Royalty Trust PBT Surface, easement and water royalty streams $1.6B 96.8x n/a n/a n/a Texas Pacific Land Corporation TPL Adjacent: non-operated working interest participation $23.3B 29.2x 12% n/a n/a Viper Energy, Inc. VNOM Surface, easement and water royalty streams $21.5B 15.4x -3% n/a n/a CORE — 3.1x–15.4x · median 7.7x · 3 companies Permianville Royalty Trust PVL Adjacent: non-operated working interest participation $57M 11.9x n/a n/a n/a North European Oil Royalty Trust NRT Adjacent: non-operated working interest participation $75M 7.7x n/a n/a n/a Black Stone Minerals, L.P. BSM Adjacent: non-operated working interest participation $3.2B 6.9x 5% 72% 74 DISCOUNT — <3.1x · median 2.2x · 3 companies Vitesse Energy, Inc. VTS Adjacent: non-operated working interest participation $840M 3.1x -12% 65% 52 Granite Ridge Resources, Inc GRNT Adjacent: non-operated working interest participation $982M 2.2x 3% 70% 77 NACCO Industries, Inc. NC Adjacent: coal mineral leases and mining royalties $365M 1.3x n/a 18% n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix lists precedent transactions with disclosed terms, newest first.

    This appendix lists the transactions with disclosed terms, newest first, out of the full recorded set in this tier. Deal multiples are LTM at announcement and sit on a different basis than the CY2025A public comparables, so no spread is claimed between the two. Deal values link directly to the underlying filing for further diligence.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (55 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. 64 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 42 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 CY2025A public basis and no spread is claimed. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Kimbell Royalty Partners, LP → Drop Down $221M n/a n/a The $221M transaction shows that targeted transfers can sit alongside larger corporate combinations in the transaction record. May-2026 Blackbeard Holdings, LLC → Permian Basin Royalty Trust $2.0B n/a n/a The $2.0B announced transaction points to meaningful buyer interest in a concentrated royalty trust position. Jun-2025 Viper Energy, Inc. → Sitio Royalties Corp. $4.1B 6.4x 7.6x This combination provides both revenue and EBITDA reference points for a scaled royalty platform. May-2025 Long Range Acquisition LLC → Phoenix Global Resources n/a n/a 5.7x The transaction was benchmarked at 5.7x EBITDA, offering a profit-based reference where revenue pricing was not the central measure. Jan-2025 Viper Energy, Inc. → Freehold Royalties Ltd. n/a n/a 8.8x The transaction was valued at 8.8x EBITDA and adds another reference for combinations among royalty owners. Jan-2025 Viper Energy, Inc. → Black Stone Minerals, L.P. n/a n/a 11.8x The transaction involving Black Stone Minerals, L.P. (BSM) was valued at 11.8x EBITDA, providing a benchmark for an established mineral platform. Aug-2024 SilverBow Resources, Inc. → OCM Denali Holdings, LLC n/a n/a 2.3x The announced transaction was valued at 2.3x EBITDA, highlighting the range of benchmarks across asset profiles. Jun-2024 Diversified Energy Company PLC → OCM Denali Holdings, LLC $353M n/a n/a The $353M completed transaction shows buyer interest in adding a defined asset position. Aug-2023 Grey Rock GP III → Granite Ridge Resources, Inc. $1.1B 2.5x 3.4x The transaction involving Granite Ridge Resources, Inc. (GRNT) provides a disclosed reference for non-operated working interest participation.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix continues the list of precedent transactions with disclosed terms, newest first.

    This appendix continues the list of transactions with disclosed terms, newest first, completing the record referenced on the previous page. As before, deal multiples are LTM at announcement and are not directly comparable to the CY2025A public basis. Each deal value links to its underlying filing, giving readers a full audit trail for the precedent record.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (55 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. 64 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 42 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 CY2025A public basis and no spread is claimed. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2023 third party → CNX Resources Corporation $5.7B 3.0x 4.8x Value shown as recorded in the filing; deal value unit unresolved. Jan-2020 Kimbell Royalty Partners, LP → Springbok Assets $175M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. May-2018 Ipsen Pharma SAS → Enduro Resource Partners LLC n/a 2.5x n/a n/a n/a → Black Stone Minerals LP n/a n/a 9.2x Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the sources, assumptions and data-quality treatment behind the report.

    Every figure in this report links to the record it was drawn from, and where a link isn't available, the appendix names the source and basis instead. This section documents what was included, what was excluded, and why — so readers can trust the figures without having to take our word for it.

    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. Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2025A actuals (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2025A is the lead convention: it is the sector-appropriate prior for Oil and Gas Royalties and Streaming and it clears the coverage gate with 10 of 10 companies (100%). EV / EBITDA is carried as a cross-check. A revenue lens is used rather than a profit multiple because forward EBITDA is reported for 4 of 10 companies. DATA QUALITY & EXCLUSIONS 12 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 341 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 (340) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, Premium Pricing Sits with Duration, Distinct Streams and Scale.

    This closing slide restates that premium pricing in this sector sits with duration, distinct streams and scale.

    In this set, premium pricing sits with duration, distinct streams and scale. The companion tables alongside this deck carry the full universe and source index for any figure a client wants to trace.

    Everything on this page

    In This Set, Premium Pricing Sits with Duration, Distinct Streams and Scale. NeuraCap AI — Oil and Gas Royalties and Streaming Coverage September 2026 · Prepared by NeuraCap AI · Confidential Oil and Gas Royalties and Streaming Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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