PermRock Royalty Trust

Certain information included in this Annual Report on Form 10-K (“Annual Report”) contains, and other materials filed or to be filed by the PermRock Royalty Trust (the “Trust”) with the Securities and Exchange Commission (the “SEC”) (as well as information included in oral statements or other written statements made or to be made by the Trust) may contain or include, forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”). Such forward-looking statements may be or may concern, among other things, T2S Permian Acquisition II LLC'S ("T2S's") and Argent Trust Company’s (as the Trustee (as hereinafter defined) of the Trust) expectations, beliefs and plans regarding:(i) T2S’s capital expenditure budget and anticipated expenditures; (ii) T2S’s 2026 outlook; (iii) estimated capital required for 2026 operations; (iv) amount and timing of cash reserves by the Trustee; (v) drilling activity; (vi) estimated present value of future cash flows; (vii) characteristics of the Underlying Properties, including estimates regarding oil and gas reserves; (viii) the impact of a loss of any major customers; (ix) reliance on third parties for facilities and services; (x) the ability of T2S’s insurance coverage to cover certain claims; (xi) burdens and obligations affecting the Underlying Properties and their impact on the Underlying Properties and Net Profits Interest; (xii) the quality of T2S’s title to the Underlying Properties; (xiii) the impact of litigation on the Trust and regulatory matters; (xiv) the tax treatment of the Net Profits Interest; (xv) the treatment of the Net Profits Interest in the event of T2S’s bankruptcy; (xvi) distributions to Trust unitholders, including in the event of contingencies; (xvii) T2S's sale of its Trust units and interest in the Underlying Properties; (xiii) the actions, priorities or budget of any successor operator of the Underlying Properties or any third-party operator; and (xix) future cash retentions from distributions. Such forward-looking statements generally are accompanied by words such as “may,” “will,” “estimate,” “expect,” “predict,” “project,” “anticipate,” “goal,” “should,” “assume,” “believe,” “plan,” “intend,” or other words that convey the uncertainty of future events or outcomes. Such statements are based on certain assumptions of the Trustee, and certain assumptions of information provided to the Trust by T2S, the owner of the Underlying Properties; are based on an assessment of, and are subject to, a variety of factors deemed relevant by the Trustee and T2S; and involve risks and uncertainties. The following important factors, in addition to those discussed elsewhere in this Annual Report, could affect the future results of the energy industry in general, and T2S, and the Trust in particular, and could cause actual results to differ materially from those projected in such forward-looking statements:

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the effect of changes in commodity prices or alternative fuel prices;

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the effects of armed conflict throughout the world on global oil and gas producing regions, countries, thoroughfares and the oil and gas markets;

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political and economic conditions in or affecting other oil and natural gas producing regions or countries;

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uncertainties in estimating production and oil and natural gas reserves of the Underlying Properties;

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risks associated with the drilling and operation of oil and natural gas wells;

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the cost of developing the Underlying Properties;

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the ability to maintain anticipated production levels;

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the amount of future direct operating expenses, development expenses and other capital expenditures;

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availability and terms of capital to fund capital expenditures;

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risks associated with T2S and its ability to transfer operation of the Underlying Properties to third parties without the approval of Trust unitholders,

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risks associated with the transfer of operations from Boaz Energy II, LLC ("Boaz Energy") to T2S pursuant to the Purchase and Sale Agreement between Boaz Energy and its affiliates, and T2S;

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the performance of such third parties contracted by T2S and their ability or willingness to provide sufficient facilities and services to T2S on commercially reasonable terms;

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the effect of existing and future laws and regulatory actions;

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The actions of the Organizations of Petroleum Exporting Countries (“OPEC”);

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conditions in the capital markets;

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competition from others in the energy industry;

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uncertainty in whether development projects will be pursued;

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severe or unseasonable weather that may adversely affect production;

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adequacy of T2S's insurance coverage;

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costs to comply with current and future governmental regulation of the oil and natural gas industry, including environmental, health and safety laws and regulations, and regulations with respect to hydraulic fracturing and the disposal of produced water;

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the effect of existing and future laws and regulatory actions, including real estate, bankruptcy and tax legislation and the ability to accurately interpret the impact of such laws;

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general economic conditions affecting the Permian Basin;

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risks associated with title deficiencies that may arise with respect to the Underlying Properties and T2S’s ability to cure any such defects;

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actions by T2S, including such that result in conflicts of interest, that adversely affect the Trust;

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the ability to successfully estimate the impact of litigation matters, and certain accounting and tax matters;

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the cost of inflation; and

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the risk factors discussed in Item 1A of Part I of this Annual Report.

However, whether actual results and developments will conform with such expectations and predictions is subject to a number of risks and uncertainties, including the risk factors discussed in Item 1A of Part I of this Annual Report, which could affect the future results of the energy industry in general, and the Trust and T2S in particular, and could cause those results to differ materially from those expressed in such forward-looking statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on T2S’s business and the Trust. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in such forward-looking statements. The Trust undertakes no obligation to publicly update or revise any forward-looking statements, except as required by applicable law.

T2S Information

As a holder of a Net Profits Interest, the Trust relies on T2S for information regarding T2S and its affiliates; the Underlying Properties, including the operations, acreage, well and completion count, working interests, production volumes, sales revenues, capital expenditures, operating expenses, reserves, drilling plans, drilling results and leasehold terms related to the Underlying Properties; and factors and circumstances that have or may affect the foregoing. See Part II, Item 9A Controls and Procedures.

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