Scully Royalty Says Has 'taken the first step by approving a policy for future cash dividends.'; No Dividends Declared Or Determined To Date

As a result of the positive developments at the Scully iron ore mine, going forward, the Company has determined to focus its efforts on enhancing shareholder value and maximizing earnings and dividends to its shareholders based upon its iron ore royalty interest. Aligned with this focus, the Company is pleased to announce that its board of directors has taken the first step by approving a policy for future cash dividends.

While no dividends have been declared or determined to date,the dividend policy is intended to maximize potential future dividends payable to holders of common shares after consideration of the Company's financial position, operating results, ongoing working capital requirements and other factors.

Any cash dividend payment will be made in accordance with regulatory requirements after the approval of our Board of Directors.  Subject to board approval and dependent on the Company's results, financial position and other factors the Company currently expects that the first dividend payment under its Cash Dividend Policy to be made in the second half of 2021.