Royal Gold, Inc.

Highlander Silver Completes Bear Creek Takeover, Settles Debt

Toronto – October 12, 2026 -- Highlander Silver Corp. (TSX: HSLV) has completed its plan of arrangement to acquire all shares of Bear Creek Mining Corporation (TSXV: BCM), issuing 36,225,457 of its own common shares and making Bear Creek a wholly owned subsidiary.

Highlander Silver pays 0.1175 of its shares for each Bear Creek share

Under the arrangement, completed under Division 5 of Part 9 of the Business Corporations Act (British Columbia), each Bear Creek share was exchanged for 0.1175 Highlander shares. Highlander acquired 308,302,938 Bear Creek shares in total. Immediately before closing it held 50,000,000 shares, or about 13.95% of the outstanding stock, and its stake now stands at 100%.