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TORONTO — Lithium Royalty Corp. (TSX: LIRC) (“LRC”) announced today that it has acquired a 1.0% net smelter revenue (“NSR”) royalty from a third party on the Lucy group of claims at the Falcon West property in Manitoba held by Grid Metals Corp. (TSXV: GRDM) (“Grid Metals”). Grid Metals originally acquired the Lucy claims in 2022 from that third party, for consideration that included granting a royalty on the Lucy claims, a portion of which has now been purchased by LRC from the third-party holder.

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“The Lucy pegmatite NSR acquisition is an exciting complement to our industry-leading lithium royalty portfolio and the strategic position we already enjoy in the cesium, tungsten, silica quartz (feedstock to silicon metal), and borates. LRC’s industry-leading lithium exposure will benefit from the broader critical mineral exposure that the Lucy pegmatite brings. The cesium potential at the Lucy pegmatite offers the potential for low capital expenditures and an accelerated path to first production. LRC continues to have an active pipeline of lithium and critical mineral royalties and expects to remain active in the quarters ahead,” said Ernie Ortiz, President and CEO of Lithium Royalty Corp.

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About the Falcon West Property and the Lucy Claims

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Grid Metals received the drill permit for the Falcon West property in September 2025. This was followed by a strategic equity financing that raised funds to advance drilling at the property. Grid Metals is actively embarking on an approximate 70-drill hole campaign to uncover the value potential at the Lucy pegmatite. Grid Metals describes the Lucy pegmatite as zoned, flat lying, well fractionated, and similar to the Tanco pegmatite located nearby. The Falcon West pegmatite is 100% owned by Grid Metals and lies approximately 110 km east of Winnipeg, Manitoba, near the Trans-Canada Highway. The five initial drill hole results announced thus far by Grid Metals indicate a strongly fractionated core zone carrying attractive grades of cesium, lithium, and rubidium.

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Highlights announced by Grid Metals from the first five drill holes include²:

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SMM reports that cesium carbonate prices trade at US$218,000/tonne as of November 26, 2025. In March 2025, cesium carbonate prices were trading in the US$121,000/tonne range, suggesting a price increase of 80% on the back of continued demand and restrained supply.

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About Lithium Royalty Corp.

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LRC is a lithium-focused royalty company organized in Canada, which has established a globally diversified portfolio of 37 royalties on mineral properties that are related to the electrification and decarbonization of the global economy. The Company’s royalty portfolio is focused on the battery supply chain for the transportation and energy storage industries and is underpinned by mineral properties that produce or are expected to produce lithium, critical minerals, and other energy transition materials.

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Forward Looking Statements

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This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding LRC’s growth, results of operations, estimated future revenues, performance guidance, carrying value of assets and requirements for additional capital, mineral resource and mineral reserve estimates, production estimates, production costs and revenue, future demand for and prices of commodities,

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expected mining sequences, business prospects and opportunities, the performance and plans of third party operators and the expected exposure for current and future assessments and available remedies. In addition, statements relating to resources and reserves and mine life are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such resources and reserves or mine life will be realized. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of LRC to be materially different from any future results, revenue, expenses, performance or achievements expressed or implied by the forward-looking statements. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. The forward-looking statements herein are made as of the date of this press release only and LRC does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.