THIS ANNOUNCEMENT WAS DEEMED BY THE COMPANY TO CONTAIN INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR") AS THEY FORM PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

11 May 2022

Duke Royalty Limited

("Duke Royalty", "Duke" or the "Company")

Raises £20m through Placing and PrimaryBid Offer

Further to the announcement of 10 May 2022 regarding the proposed placing via accelerated bookbuild (the "Placing Announcement"), the Company is pleased to announce that it has successfully raised £18.5 million (before expenses) under the Placing at the Issue Price (35p). Cenkos and Canaccord acted as Joint Bookrunners in connection with the Placing.

In addition, the Company is also pleased to announce that it has raised the maximum amount under the PrimaryBid Offer of £1.5 million (before expenses) following the closing of the offer on 10 May 2022.

The Company's Directors and their related parties have agreed to subscribe for 1,500,000 Placing Shares at the Issue Price.

The PrimaryBid Offer and the Placing remain conditional on the passing of the Resolution by Shareholders at the Extraordinary General Meeting and the New Ordinary Shares being admitted to trading on AIM. Application will be made for 57,142,858 New Ordinary Shares (representing the 52,857,143 Placing Shares and the 4,285,715 PrimaryBid Shares) to be admitted to trading on AIM ("Admission"), which is expected to be take place at 8.00 a.m. on 26 May 2022.

Following Admission, the Company will have 415,946,218 Ordinary Shares in issue carrying voting rights admitted to trading on AIM. This figure 415,946,218 may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

A circular, containing further details of the Fundraising and notice of the Extraordinary General Meeting to be held at 11.00 a.m. on 26 May 2022 to, inter alia, approve the resolution required to implement the Fundraising, is expected to be published and despatched to Shareholders on 11 May 2022 (the "Circular").  Following its publication, the Shareholder Circular will be available on the Group's website at https://www.dukeroyalty.com/investors

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Placing Announcement.

For further information, please visit www.dukeroyalty.com or contact:

About Duke Royalty

Duke Royalty Limited provides alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad. Duke Royalty's experienced team provide financing solutions to private companies that are in need of capital but whose owners wish to maintain equity control of their business. Duke Royalty's royalty investments are intended to provide robust, stable, long term returns to its shareholders. Duke Royalty is listed on the AIM market under the ticker DUKE and is headquartered in Guernsey.