Source Rock Royalties Ltd. — Audit Report / Information 2025

Apr 17, 2026

FORM 51-101F2
REPORT ON RESERVES DATA
BY
INDEPENDENT QUALIFIED RESERVES EVALUATOR

To the board of directors of Source Rock Royalties Ltd. (the "Company"):

1. We have evaluated the Company’s reserves data as at December 31, 2025. The reserves data are estimates of proved reserves and probable reserves and related future net revenue as at December 31, 2025, estimated using forecast prices and costs.

2. The reserves data are the responsibility of the Company’s management. Our responsibility is to express an opinion on the reserves data based on our evaluation.

3. We carried out our evaluation in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook as amended from time to time (the "COGE Handbook") maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter).

4. Those standards require that we plan and perform an evaluation to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An evaluation also includes assessing whether the reserves data are in accordance with principles and definitions presented in the COGE Handbook.

5. The following table shows the net present value of future net revenue (before deduction of income taxes) attributed to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent, included in the reserves data of the Company evaluated by us for the year ended December 31, 2025, and identifies the respective portions thereof that we have evaluated and reported on to the Company's management:

| Independent
Qualified
Reserves
Evaluator or
Auditor | Effective
Date of
Evaluation
Report | Location of
Reserves
(Country or
Foreign
Geographic
Area) | Net Present Value of Future Net Revenue
(before income taxes, 10% discount rate) | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | | | Audited | Evaluated | Reviewed | Total |
| Trimble
Engineering
Associates Ltd. | Reserve and
Present Worth
Appraisal
Effective December 31, 2025
Prepared April 2, 2026 | Canada | nil | $25,013,500 | nil | $25,013,500 |

1. In our opinion, the reserves data respectively evaluated by us have, in all material respects, been determined and are in accordance with the COGE Handbook, consistently applied. We express no opinion on the reserves data that we reviewed but did not audit or evaluate.

2. We have no responsibility to update our reports referred to in paragraph 5 for events and circumstances occurring after their respective preparation dates.

3. Because the reserves data are based on judgments regarding future events, actual results will vary and the variations may be material.

Executed as to our report referred to above:

Calgary, Alberta / Canada, April 7, 2026
Trimble Engineering Associates Ltd.

"Stephen C. Trimble"
Stephen C. Trimble, P.Eng.