06:45 AM EDT, 03/12/2026 (MT Newswires) -- Summit Royalties ( SUMMF ) entered Thursday into an agreement to acquire a 1.0% net smelter return royalty on the Saddle North deposit owned by Newmont Corporation for consideration of C$5 million paid in shares of Summit.

A statement noted the acquisition is subject to conditions precedent which are customary for a transaction of this nature. Subject to satisfaction of conditions precedents, Summit expects to complete the acquisition in the near future.

"We are excited to announce this proposed acquisition of a large, high-quality royalty on Newmont's Saddle North project," said Drew Clark, president and CEO. "The acquisition of the Saddle North royalty is highly accretive on a net asset value per share basis and provides exposure to a large gold-copper deposit under the stewardship of the world's largest gold producer. Having royalty coverage on a porphyry target that boasts nearly 9 Moz of gold and 4.8 Blbs of copper supports our mandate of providing Summit shareholders with high-quality precious metals exposure, and we are excited to have Newmont as the operator of the underlying asset as we continue to build our company on an accretive per-share basis."

Shares in Summit were up 1.3% in Canada yesterday.