PrairieSky Royalty Ltd.

Ladies and gentlemen, thank you for standing by. Welcome to Prairie Sky Royalty Limited announces their third quarter 2025 financial results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. Instructions will be given at that time. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Andrew Phillips, President and Chief Executive Officer. Sir, please go ahead.

Thank you, and good morning, everyone, and thanks for dialing into our Q3 2025 earnings call. On the call from Prairie Sky are Pam Cazale, CFO, Dan Bertram, CCO, and Mike Murphy, VP Geosciences and Capital Markets, as well as myself, Andrew Phillips. Before we begin, there's certain forward-looking information and statements in our commentary today, so I'd ask listeners to and investors to review the forward-looking statements qualifier in our press release and MD&A, which can be found on our website. Q3 royalty volumes grew 11% from Q3 2024 to 14,127 barrels per day. This growth was achieved through duvernay drilling, with royalty production volumes more than doubling since Q3 2024, and clearwater activity with volumes reaching over 2,500 barrels per day. It was a busy quarter in the Clearwater play with a record 57 wells spud on our royalty acreage. Man-built stack royalty production volumes were down in the quarter following spring breakup, but year-to-date growth remains strong at 13%, and we expect further growth through the back half of the year. Operators were busy in this play with 20 wells spud in the quarter. Successful water and polymer floods continue to bring declines lower, allowing for further growth and higher recovery factors. Leasing activity remained robust and we entered into 44 new leases with 37 separate counterparties. On the A&D front, we successfully closed $9.9 million of acquisitions over the quarter. The largest asset included over 50,000 acres of fee mineral title in the heart of the heavy oil fairway in Saskatchewan. These lands were only 30% leased and numerous opportunities have been identified on the land. We have reduced the share count from 239 million shares to under 233 million shares over the year. We now all own a larger portion of Canada's largest mineral title portfolio. We also welcome Ian Dundas to our Board of Directors, effective January 1st, 2026. He brings broad knowledge and experience in the oil and natural gas business, as well as a North American perspective. I'll now turn the call over to Mike to discuss the activity on our lands.

Thanks, Andrew. An increasing proportion of multilateral wells being drilled on Prairie Sky land continues to have a positive impact on Royalty Oil production growth. We saw a record number of multilateral wells spot in Q3 focused in the Clearwater and Mandel stack, with multilaterals accounting for 40% of all spots year to date, which is up from 36% last year. We now estimate 40% of our Clearwater volumes to be under water flood support which is up from our estimate of 33% at our investor day in May. In the DuVernay, we've had 46 wellspot year-to-date, including 26 in the West Shale Basin. This activity has driven year-to-date DuVernay royalty production growth of 87% relative to the same period in 2024, with Q3 volumes estimated at close to 1,500 BOEs per day. Given the recent improvement in capital efficiencies in the West Shale Duvernay, we expect an increased allocation of third-party capital to the play in 2026. I'll now pass it over to Pam to discuss the financials.