Source Rock Royalties Ratios and Metrics

Market cap in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2019
Period Ending	Dec '25 Dec 1, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2019
Market Capitalization	39	39	38	34	-	-	Upgrade
Market Cap Growth	-0.38%	4.42%	10.03%	-	-	-	Upgrade
Enterprise Value	34	35	29	18	-	-	Upgrade
Last Close Price	0.86	0.79	0.70	0.59	-	-	Upgrade
PE Ratio	27.76	26.22	23.97	13.34	-	-	Upgrade
PS Ratio	5.97	5.10	5.65	5.26	-	-	Upgrade
PB Ratio	1.64	1.52	1.40	1.24	-	-	Upgrade
P/TBV Ratio	1.66	1.54	1.41	1.25	-	-	Upgrade
P/FCF Ratio	7.67	5.92	-	20.08	-	-	Upgrade
P/OCF Ratio	7.47	5.90	7.64	6.42	-	-	Upgrade
EV/Sales Ratio	5.25	4.60	4.38	2.75	-	-	Upgrade
EV/EBITDA Ratio	6.87	5.91	5.80	3.34	-	-	Upgrade
EV/EBIT Ratio	18.02	17.36	15.87	5.65	-	-	Upgrade
EV/FCF Ratio	6.75	5.34	-	10.50	-	-	Upgrade
Asset Turnover	0.26	0.29	0.24	0.29	0.27	0.07	Upgrade
Quick Ratio	10.61	6.57	6.82	10.33	3.56	7.51	Upgrade
Current Ratio	10.65	6.62	6.89	10.37	3.82	7.67	Upgrade
Return on Equity (ROE)	6.08%	5.69%	5.77%	12.18%	1.17%	-16.48%	Upgrade
Return on Assets (ROA)	4.68%	4.73%	4.09%	8.93%	-0.53%	-16.88%	Upgrade
Return on Capital (ROIC)	4.80%	4.84%	4.23%	9.39%	-0.56%	-18.86%	Upgrade
Return on Capital Employed (ROCE)	8.00%	7.90%	6.80%	11.50%	-0.90%	-32.10%	Upgrade
Earnings Yield	3.87%	3.81%	4.17%	7.50%	-	-	Upgrade
FCF Yield	13.03%	16.89%	-22.28%	4.98%	-	-	Upgrade
Dividend Yield	9.07%	9.66%	9.42%	10.17%	-	-	Upgrade
Payout Ratio	234.58%	230.66%	215.22%	78.98%	832.11%	-	Upgrade
Buyback Yield / Dilution	-1.12%	-2.56%	-7.78%	-38.47%	-7.62%	-5.07%	Upgrade
Total Shareholder Return	7.95%	7.10%	1.65%	-28.31%	-7.62%	-5.07%	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.