The Fly | TPZEF

Diversified Royalty & Infrastructure Portfolio: Topaz benefits from a broad portfolio of oil and gas royalties and critical midstream infrastructure assets, reducing reliance on any single commodity, operator, or basin.

Asset-Light, High-Margin Business Model: As a royalty and infrastructure company, Topaz incurs minimal direct operating costs and capital expenditures associated with production, leading to high-profit margins and strong free cash flow generation.

Exposure to Long-Life, Conventional Assets: A significant portion of Topaz's royalties are on mature, conventional assets with predictable production profiles and long reserve lives, providing stable, long-term cash flows.

Commodity Price Volatility Risk: Topaz's revenues are highly dependent on the market prices of crude oil, natural gas, and natural gas liquids (NGLs), which are subject to significant and unpredictable fluctuations due to global supply and demand dynamics, geopolitical events, and economic conditions.

Counterparty Credit Risk: Topaz derives revenue from royalty payments and infrastructure fees from third-party producers. The financial health or insolvency of these counterparties could lead to reduced or delayed payments, impacting Topaz's cash flow and profitability.

Regulatory and Environmental Policy Risk: Changes in governmental regulations, including environmental policies, carbon pricing, emissions standards, or indigenous rights, could increase compliance costs, limit operational flexibility, or reduce the economic viability of the underlying assets from which Topaz derives its income.