PermRock Royalty Trust

Financial Statements. The following documents are filed as part of the Trust’s financial statements for the year ended December 31, 2025:

400 W 6th St Suite 3200

Austin, TX 78701

512-609-1900

To the Unit Holders of PermRock Royalty Trust and Argent Trust Company, Trustee

Opinion on the Financial Statements

We have audited the accompanying statements of assets, liabilities, and trust corpus of PermRock Royalty Trust (“the Trust”) as of December 31, 2025, and 2024, and the related statements of distributable income and changes in trust corpus for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the assets, liabilities, and trust corpus of the Trust as of December 31, 2025 and 2024, and the distributable income and changes in trust corpus for each of the three years in the period ended December 31, 2025, in conformity with the modified cash basis of accounting, which is a comprehensive basis of accounting other accounting principles generally accepted in the United States of America.

As described in Note 2 to the financial statements, these financial statements were prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Trustee. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Weaver and Tidwell, L.L.P.

CPAs AND ADVISORS | WEAVER.COM

The Unit Holders of PermRock Royalty Trust and Argent Trust Company, Trustee

The Impact of Proved Oil and Gas Reserves on Net Profits Interests in Oil and Gas Properties, Net

The Trust’s net profits interests in oil and gas properties, net balance was $72,379,939 as of December 31, 2025, and amortization of net profits interests for the year ended December 31, 2025 was $45,784,064. As described in the financial statements, amortization of the net profits interests is calculated on a unit-of-production basis using proved reserves attributable to the Trust’s interests and is charged directly to trust corpus. As disclosed by the Trustee, proved reserves are those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain. Proved developed reserves are quantities expected to be recovered through existing wells with existing equipment and operating methods in which the cost of the required equipment is relatively minor compared with the cost of a new well. Due to the inherent uncertainties and the limited nature of reservoir data, such estimates are subject to change as additional information becomes available. The reserves actually recovered and the timing of production of these reserves may be substantially different from the original estimate. Because proved reserves must be estimated based upon average oil and gas prices during the 12-month period prior to the fiscal year-end, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements estimated reserve quantities can be significantly impacted by commodity-price volatility. Oil and gas quantities ultimately recovered, and the timing of production may be substantially different from original estimates. The proved oil and gas reserves for the underlying properties are estimated annually by independent petroleum engineers (specialists) using inputs that include, among others: (i) historical and forecasted production rates and decline curves, (ii) working interest and net revenue interest ownership, (iii) operating and development costs, (iv) commodity price assumptions (12-month average), and (v) applicable taxes and transportation differentials.

The principal considerations for our determination that performing procedures relating to the impact of proved oil and gas reserves on net profits interests in oil and gas properties, net and changes in trust corpus is a critical audit matter are: (i) the significant judgment by the Trustee, including the use of specialists when developing the estimates of proved oil and gas reserves, which in turn led to (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating the audit evidence related to the data, methods, and assumptions used by the Trustee and its specialists in developing the estimates of the reserve quantities.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included, among others, testing the completeness and accuracy of the data related to estimates of reserve quantities. The work of the Trustee’s specialists was used in performing the procedures to evaluate the reasonableness of the reserve quantities. As a basis for using this work, the specialists’ qualifications and objectivity were understood, as well as the methods used by the specialists. The procedures performed also included tests of the data used by the specialists and an evaluation of the specialists’ results, including, among others, comparison of selected reserve quantities to historical production data, evaluation of significant assumptions, and assessment of whether the estimates were consistent with SEC Regulation S-X and ASC 932, as adapted to the modified cash basis of accounting.

WEAVER AND TIDWELL, L.L.P.

We have served as the Trust’s auditor since 2018.

Austin, Texas

March 27, 2026

Weaver and Tidwell, L.L.P.

1601 South MoPac Expressway, Suite D250| Austin, Texas 78746

Main: 512.609.1900