EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103 - DISPOSITION OF SECURITIES OF SIR ROYALTY INCOME FUND.

TORONTO, Dec. 8, 2025 /CNW/ - This news release is related to the Units of SIR Royalty Income Fund (the "Fund"). Mr. Lembit Janes (the "Acquiror") announces that he disposed of a net 395,188 units (the "Units") of the Fund at prices varying from C$11.48 to C$15.92 for a total consideration price of C$1,307,794 since the filing of his last report under the early warning regime of applicable Canadian securities laws.

Prior to such dispositions, the Aquiror owned and/or had control over an aggregate of 1,646,388 Units, representing approximately 19.66% of the then issued and outstanding Units. As a result, the Units over which the Acquiror beneficially owns and exercises control or direction has decreased by approximately 4.72% of the issued and outstanding of the Fund.

Following such dispositions, the Acquiror owns and/or has control over an aggregate of 1,251,200 Units, representing approximately 14.94% of the issued and outstanding Units as reported by the Fund's Management's Discussion and Analysis dated November 10, 2025.

The Acquiror may, depending on market conditions and other factors, the Acquiror or his affiliates may in the future increase or decrease their control or direction over securities of the Fund through open market transactions, private agreements and other available investment and business opportunities.

SOURCE Lembit Janes