Lipari Mining Ltd. — Capital/Financing Update 2025

Jun 20, 2025

Blakes

Blake, Cassels & Graydon LLP
Barristers & Solicitors
Patent & Trade-mark Agents
199 Bay Street
Suite 4000, Commerce Court West
Toronto ON M5L 1A9 Canada
Tel: 416-863-2400 Fax: 416-863-2653

June 19, 2025

VIA SEDAR+

To the Securities Regulatory Authorities in each Province and Territory of Canada

RE: Royal Bank of Canada

Dear Sirs/Mesdames:

We refer you to Pricing Supplement No. 2028 dated June 19, 2025 (the "Supplement") to a short form base shelf prospectus dated March 15, 2024, relating to the offering of up to $40,000,000 of RBC Solactive Canada Blue Chip III AR Index Callable Contingent Yield 8.10% Securities (CAD), Series 2610.

We hereby consent to the reference to our name and opinions in the summary in Appendix D – "Certain Canadian Income Tax Considerations" to the Supplement.

We confirm that we have read the Supplement and that we have no reason to believe that there are any misrepresentations (as defined in the Securities Act (Ontario)) in the information contained in the Supplement that are derived from our opinions referred to above or that are within our knowledge as a result of services we performed in connection with the preparation of such opinions.

Yours very truly,

"Blake, Cassels & Graydon LLP"

TORONTO

CALGARY

VANCOUVER

MONTRÉAL

OTTAWA

NEW YORK

LONDON

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