Freehold Royalties Ltd.

Good day and thank you for standing by. Welcome to the Freehold Royalty's third quarter 2025 webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, David Spiker, President and CEO. Please go ahead.

Good morning, everyone, and thank you for joining us today. On the call with me is Rob King, our COO, Shana Morihera, our CFO, and Todd McBride, our Manager of Investor Relations. So before we get started, I just want to advise everyone that certain statements on this call are considered as forward-looking information. and we caution the listener to review the advisory on forward-looking statements in the news release and MD&A found on our website. So for the quarter, we achieved production of 16,054 BWI a day with a liquid weighting of 65%. This represents a production increase of 10% from Q3 2024, reflecting the contribution from our Permian Basin acquisition in late 2024 in addition to continued drilling activity across our asset base. With the acquisition work, we have shifted to a much more balanced portfolio, where 45% of our production in the first nine months of 2025 is from the US, now representing 53% of our revenue. This is a material shift from the first nine months of 2024, where 36% of our production was in the US. This balanced approach allows us to take advantage of stronger U.S. pricing with a realized oil price of $93.25 a barrel for the first nine months of the year compared to $79.03 a barrel for our Canadian oil. There's a similar story on the natural gas side where U.S. realized pricing was $2.72 at MCF over the same period, twice that of our Canadian gas price of $1.34 at MCF. So the liquids weighted

North American portfolio, we're delivering best in class operating margins.