Lithium Royalty Corp.

assumptions or long-term price outlook.

Sure. So our long-term pricing outlook and expectations haven't changed all that much. And we actually also mentioned that even consensus long-term price expectations haven't changed dramatically, even throughout the last two and a half years. So since I think two years ago, consensus had around 1400, 1450 a ton for long-term spotting price. And now on our, our, tracker, it's around $1,300 a ton. Of course, near-term prices have shifted dramatically, but the long-term price expectation hasn't shifted too dramatically, either internally or externally. We think the recent volatility, it's something that is part of the course for lithium. It's a nascent market, and we think volatility, while it likely diminishes over time as the sector grows, it's still nascent, so it still needs time to mature and to develop. But I think bigger picture, what is the most important is that this is being a demand led kind of price firming in the last three to six months. The biggest story has been energy storage and that demand surpassing expectations by very big numbers. And now From our prepared remarks, we think it could be 30 percent of the market. And if that continues to grow at similar growth rates, which some expect in 2026, that alone could be around 18 percent of demand growth in 2026. So obviously we're taking it day by day. But right now, I think the bigger picture is that we are encouraged by the energy storage market. So it's being it's a demand led market. story for the time being. And it hasn't changed our views dramatically. But of course, we're always trying to maximize value for shareholders. So we're trying to get the highest returns on the lowest assumed prices possible. Thank you so much.

Your next question comes from the line of Katie LaChapelle with Canaccord Genuity. Your line is open. Please go ahead. Katie, you may need to unmute yourself on the Zoom platform.

Sorry about that. Hey, Ernie and team. Thanks for taking my question, guys. Can you just quickly discuss some your term capital allocation priorities, royalty transactions versus buybacks? I know during the quarter you highlighted that your current pipeline is very robust. So maybe some incremental detail there and when you believe that, you know, some of those transactions could be announced if it's near term or medium term, et cetera. Thank you.

Sure. So as far as capital locations, the priority is still to acquire additional royalty acquisitions. We did retire about 9% of the float this year by way of buyback. And that has been a very attractive return for our shareholders, given volatility. the return that they've seen to date. But like I said, the pipeline remains robust. We are seeing activity that is picking up, evaluating several projects. The product attributes remain relatively similar as discussed in the past. We're looking at high-grade, low-cost assets with a preference for near-term cash flow. Range is between, say, $3 million to as high as $30 to $40 million. We are hopeful that we could announce something in the next couple of quarters. But of course, it depends on two parties involved. But I would say we're seeing more robust levels of discussions recently. And that is very encouraging to see. But of course, we'll take it day by day. And to the extent that we can be opportunistic with the shares, since we do have a very strong balance sheet, I think we do have a very optimistic view of where the company can head over the next few years. So we will look to stay active where we can on the buybacks.

Awesome. That's it on my end. Thanks, guys.

At this time, we have no further questions. I'll turn the call back over to you, Yanita, for closing remarks.

Thank you to everyone who joined us today. This concludes our third quarter 2025 results call. Goodbye.

Ladies and gentlemen, this concludes your conference for today. We thank you for participating and ask that you please disconnect your lines.