TORONTO, November 7, 2025 (GLOBE NEWSWIRE) — Summit Royalties Ltd. (TSXV: SUM) (“Corporation” or “Royalty at the summit“) is pleased to announce corporate updates in connection with the recently completed public reverse takeover transaction (“”RTO“).
Beginning of trading on the TSX Venture Exchange
In connection with the closure of the RTO and in addition to its press release dated November 5, 2025 (under the heading “The royalty from the summit completes the transaction of going public.”), ordinary shares of the Corporation (“Ordinary shares“) plan to begin trading on the TSX Venture Exchange (“Exchange“) at the market open on Monday, November 10, 2025, under the ticker symbol “SUMM”.
In anticipation of the commencement of trading on the Exchange, the Common Shares were delisted from the Canadian Securities Exchange at market close today.
Appointment of the Chairman of the Board
Mr. Jerrold Annett has been appointed Chairman of the Board of Directors of the Corporation (“Board“) with a full board including Drew Clarke, Blair Zaritsky, Stephen Eddy and Russell Mills.
Mr. Annett, Chairman of the Board, commented: “I am pleased to take on the role of Chairman at this important juncture for Summit Royalties. As a significant shareholder, I am fully aligned with the Corporation's goals and confident in its potential. The team has laid a strong foundation by building a profitable royalty business with 47 royalties in a short period of time. This is an exciting time to be a new entrant into the royalties market as record metals prices and consolidation create significant growth opportunities. I look forward to working with the Board of Directors and management to advance the strategy Summit and delivering long-term shareholder value.”
Jerrold Annett has more than 30 years of mining and capital markets experience, most recently serving as Senior Vice President of Strategy and Capital Markets at Capstone Copper. He has more than a decade of mining sales experience, including nine years as head of mining sales at Scotiabank, a position he left to join Arizona Mining, which was acquired for $1.6 billion in cash. A professional engineer by training, Mr. Annett began his career as a metallurgist with Teck Resources and Falconbridge.
Drew Clark, CEO and director of the corporation, commented: “We are pleased to announce the start of trading on Monday, November 10th.thalong with the appointment of Jerrold Annett as Chairman of Summit Royalties. Mr. Annett has extensive capital markets experience and leadership experience in the mining sector, and has extensive experience in launching and financing successful resource companies. His leadership and strategic perspective will further strengthen Summit’s position as we continue to expand our royalty portfolio and benefit from favorable market conditions.”
Formation of committees of the Board of Directors
The Board of Directors approved the formation of the Audit Committee, the Remuneration Committee and the Corporate Governance and Nomination Committee. The composition of each commission is as follows:
- Audit Committee: Blair Zaritsky (Chair), Stephen Eddy and Russell Mills.
- Remuneration Committee: Russell Mills (Chair), Stephen Eddy and Blair Zaritsky.
- Corporate Governance and Nominating Committee: Stephen Eddy (Chair), Jerrold Annett and Blair Zaritsky.
Incentive grants in the form of shares
In connection with the RTO and the reconstitution of the Board and management, the Corporation also announces that it has granted a total of 3,262,500 options (“Options“), 387,500 deferred shares (“DSU“) and 725,000 restricted shares (“RSU“) to certain directors, officers and consultants pursuant to the Corporation's Consolidated Incentive Plan.
The options will vest over three years at a price of C$1.00 per common share, with 50% of the shares vesting after one year and the remaining 50% vesting after two years. The DSUs and RSUs were granted pursuant to the terms of the Corporation's Omnibus Incentive Plan and will vest in accordance with the applicable award agreements and plan provisions.
About Summit Royalties Ltd.
The corporation is a company engaged in the flow of precious metals and the payment of royalties. The Corporation's current portfolio is supported by cash flows from production and additional royalties from properties under development and exploration. The Corporation intends to become the next mid-tier company in the streaming and royalty space through future impactful and incremental acquisitions to increase production and cash flow growth. The Corporation currently has no debt and has sufficient cash available for use in future acquisitions.
The registered office of the Corporation is located at One First Canadian Place, Suite 3400, Toronto, Ontario, M5X 1A4.
ON BEHALF OF THE BOARD OF DIRECTORS OF SUMMIT ROYALTIES LTD.
Drew Clark
Chief Executive Officer and Director
Summit Royalties Ltd.
For more information contact:
Connor Pugliese, Vice President of Corporate Development
[email protected]
+1 (289) 380-1960
Forward-Looking Statements
Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of applicable Canadian securities laws. These forward-looking statements by their nature require the Corporation to make certain assumptions and necessarily involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by these forward-looking statements. Forward-looking statements are not guarantees of results. Words such as “may,” “will,” “would,” “could,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “estimate,” “continue,” and the negative or comparable terminology and terms generally used in future and conditional are intended to identify forward-looking statements. Information contained in forward-looking statements, including with respect to the expected date of commencement of trading of the Common Shares on the Exchange, the Company's growth objectives and potential (including the cash flow potential of its portfolio of assets), economic and industry conditions (including metal prices), are based on certain material assumptions that were used in reaching the conclusion or making the forecast or forecast, including management's perception of historical trends, current conditions and expected future events, current information available to the management of the Corporation, and other considerations, which are believed to be appropriate in the circumstances. The Corporation believes its assumptions are reasonable based on information currently available, but cautions the reader that its assumptions regarding future events, many of which are beyond the Corporation's control, may ultimately prove incorrect because they are subject to risks and uncertainties that affect the Corporation and its business.
Additional information regarding these and other factors and assumptions underlying the forward-looking statements made in this press release regarding the Corporation can be found in its management information circular dated September 27, 2025, filed with the Canadian Securities Commission and available electronically under the Corporation's issuer profile on SEDAR+ (www.sedarplus.ca). The forward-looking statements contained herein regarding the Corporation reflect management's expectations as of the date of this press release and are subject to change after such date. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.
