Apitipi Anicinapek Nation

One third ofone royalty.

A conversation about the Detour royalty and a partnership with Nations Royalty
Apitipi Anicinapek Nation×Nations Royalty
Draft for discussion with Chief and Council
PLACEHOLDER PHOTO: Abitibi Lake or Apitipi land
Apitipi Anicinapek Nation
The Apitipi Anicinapek vision
“A prosperous andself‑sufficient People”
Mino Pimatisi8in, the good life. For the next seven generations.
1906Treaty No. 9
19,239acres on Abitibi Lake
234members
What Apitipi has already built
2010
Apitipi signs its Detour agreement
18.6 million oz
of gold in reserves at Detour today
Operated byAgnico Eagle
Reserves: Agnico Eagle, December 31, 2025. Agreement signed with Detour Gold, December 2010.
The challenge
A royalty is tied to one mine.Every mine has an end.
2010Agreement
Today2026
About 2054Agnico Eagle’s plan
Apitipi’s priorities come first

What Apitipi wants to build

PLACEHOLDER PHOTO: business or workers
A strong economyDiverse, sustainable businesses that protect land and water
PLACEHOLDER PHOTO: children or school
EducationTeachings and learning from the early years
PLACEHOLDER PHOTO: culture or language
Culture and languageSacred laws, knowledge and Anicinabemo8in
PLACEHOLDER PHOTO: homes or community
Homes and communityPlaceholder, to confirm with the team
Could part of one royalty help build these sooner?
The idea
One third of one royalty.
Apitipi keeps
Apitipi keeps
Partnership
Apitipi’s Detour royalty
⅔ stays with Apitipi
becomesShares+Cash
Every other agreement stays as it is.
The royalty is the orange. The cheque is the juice.

More juice from the same orange

Keep that third
A little each year, while the mine runs
or
Partner that third
Cash
today
+
Shares in a
growing company
Value now, and a share of more royalties
Independent valuation must show it is worth more.
For one third of Detour
ILLUSTRATIVE PROPOSAL, NOT A FINAL OFFER
about $100M
$50M
in Nations Royalty shares
Ownership. Value moves with the share price. No dividend today.
$50M
in cash
For priorities Apitipi decides
Illustrative only. Independent advisors compare this with the value of the third on its own. Final terms set pricing, share count, financing and restrictions. Nations Royalty would need to raise the cash.
Nations Royalty and Nisga'a leaders outside the Nisga'a Lisims Government chambers
Outside the Nisga’a Lisims Government chambers
The Nisga’a Nation went first
“To be a self‑sustaining Nation, independent of Government transfer payments, Nisga’a will require Assets under Management of over $8 Billion. We intend to grow Nations Royalty as a cornerstone Public Company and Investment.”
Charles MorvenSecretary-Treasurer,
Nisga’a Lisims Government
Two Nations. The same goal.
Nisga'a Lisims Government
“a self‑sustaining Nation”
Nisga’a Lisims Government
=
Apitipi Anicinapek Nation
“a prosperous and self‑sufficient People”
Apitipi Anicinapek Vision
The Nisga’a chose to build toward it by owning a royalty company.
The Nisga’a path

From the Land Question to a royalty company

Nisga'a chiefs, 1887Nisga’a chiefs, 1887
1887Chiefs travel to Victoria about the Land Question
1973Calder case, brought by the Nisga’a Tribal Council, recognizes Aboriginal title
1998Nisga’a Final Agreement, BC’s first modern treaty
2000 to 2022Five benefit agreements with mining companies
2024Nations Royalty lists on the TSX Venture Exchange
Nisga'a Lisims Government
Who Apitipi would partner with

Majority Indigenous managed and governed

Leadership
Derrick PattendenPresident and CEO
Kody PennerChief Development Officer
Liam MorrisonInterim CFO
Stephanie AzakCorporate Secretary
James RussellDirector of Partnerships
Trenton KwanDirector, Investor Relations
Board of directors
Robert McLeod
Alex Morrison
Saga Williams
Edward Clayton
AdvisorsFrank Giustra · Shawn Khunkhun · Ryan Weymark · Gord Keep
ApitipiDetour, Ontario
Nisga’a NationNations Royalty, BC
KSMSeabridge Gold
BrucejackNewmontProducing
PremierCambria
Red MountainCambria
KitsaultNew Moly
Stewart
Gitlaxt’aamiks
Gingolx
What Nations Royalty holds today

Five royalties.
One producing today.

All in northwest BC, on and near Nisga’a lands. Brucejack, operated by Newmont, pays royalties today. The others are earlier stage.
Locations approximate. Map data: Natural Earth.
A proven business model

Royalty companies grow by adding royalties

Franco-NevadaRoyalties and streams across many mines
Wheaton Precious MetalsPays up front for a share of a mine’s metal
Each of the five largest royalty companies
C$8.5B+
Nations Royalty today
C$208M
Market capitalization, October 9, 2026 (companiesmarketcap.com, stockanalysis.com). Nations Royalty is earlier stage, with a different size and risk. Not a forecast.
Indigenous mining agreements in Canada
Why Nations are stronger together

Apitipi isnot alone.

Nations across Canada hold mining agreements like Apitipi’s. Together, they can own the royalty company.
A mine ends.A business can keep growing.
With shares, Apitipi would own part of the whole portfolio.
The choice

Both paths, side by side

IF THE COMMUNITY VOTES YES
IF THE COMMUNITY VOTES NO
Apitipi keeps
Two thirds of Detour
All of Detour
Today
Cash and shares at the start
Yearly payments, as now
Over time
A share of a growing royalty company
Detour income tied to one mine
Risk
Share prices rise and fall
If the mine stops, payments stop
After Detour closes
Shares and invested cash can keep working, if their value holds
Strength depends on what was saved and invested
Both paths can support the community. The question is which fits Apitipi’s vision.
So today we are asking one thing
Permission to explore.
Not approval of a final deal.
1

Members give permission

WE ARE HERE
2

Explore with advisors

Independent advice

3

Back to Apitipi

Before any final terms

Apitipi chooses its advisors, its engagement process and its approvals.
The next step belongs to Apitipi
What would this partnershipneed to deliver for Apitipito choose it with confidence?
Nations Royalty
Appendix: plain language

What owning shares means

A share is a piece of a company

Own 5 of 10 pieces, and you own half. Prices rise and fall with gold, results and markets.

ILLUSTRATIVE EXAMPLE ONLY

A dividend is cash shared with owners

$0.02 × 1,000,000 = $20,000

The board decides. Dividends can change or stop. Not a Nations Royalty forecast.

Nations Royalty does not pay a dividend today
Appendix: more questions

The transfer and our rights

Are we selling the whole royalty?
No. Only one third of the Detour payments. Apitipi keeps two thirds.
Does that third disappear?
No. The payments continue to Nations Royalty. Apitipi owns the cash and shares it received.
What happens to our agreement with the mine?
Jobs, business, environmental and other rights are meant to stay. Legal review must confirm.
Do we lose control?
Apitipi decides whether to go ahead and how to manage what it keeps and receives.
Appendix: more questions

Fair value and protection

How do we know the offer is fair?
Independent financial and legal advisors compare keeping the royalty with this proposal.
Can Nations Royalty issue more shares?
Yes. That lowers Apitipi’s percentage. A smaller piece of a more valuable company can be worth more.
Can we negotiate protections?
Yes. Board seats and other rights must be agreed and written down, never assumed.
Can we sell our shares for cash?
Subject to any hold periods in the agreement. A large holding can take time to sell.
Appendix: more questions

Dividends and risk

Will dividends replace the payments?
Not automatically. Nations Royalty does not pay a dividend today. Any future dividend is the board’s decision.
Is paying dividends the long term goal?
Nisga’a has publicly said it aims for Nations Royalty to pay dividends long term. That is a goal, not a promise.
What if the share price falls?
The share portion can lose value. More partnerships may support growth, but nothing is guaranteed.
What if Detour grows or gold rises?
Apitipi still benefits directly through its two thirds, and indirectly through its shares.
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