Scully Royalty Ltd. Board of Directors Announces that Tacora Resources Inc. has Commenced an Interpleader Action with respect to the January Royalty Payment

Stuart, Florida, Feb. 12, 2026 (GLOBE NEWSWIRE) -- MILFAM LLC (“MILFAM”), on behalf of the Board of Directors (the “Board”) of Scully Royalty Ltd. (NYSE:SRL) (“Scully”), announced that on February 11, 2026, Tacora Resources Inc. (“Tacora”) commenced an interpleader action in the Ontario Superior Court of Justice (“Court”), naming as respondents Scully, 1128349 B.C. Ltd. (“112”), MILFAM and the individual members of the Board to pay the January 2026 royalty payment into the Court. The application was commenced after the former Scully board of directors and management demanded payment from Tacora of a royalty owing under a mining lease to which 112 and Tacora are parties. The Board believes that the demand was made by individuals who lacked lawful authority to do so. The Board had previously sought to safeguard the payment.

In the application, Tacora seeks to pay the disputed funds into Court pending the resolution of disputes between the proper Board of Scully and certain of the former Scully board members and management. The payment will not be paid until there is a resolution of the dispute.

Contact Information for the Board

Email: info@scullyboard.com

Forward-Looking Statements

All statements in this press release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements—based on certain assumptions and describing our future plans, strategies, and expectations—can generally be identified by the use of terms such as “approximate,” “anticipate,” “attempt,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “hope,” “intend,” “may,” “plan,” “possible,” “potential,” “project,” “seek,” “should,” “will,” “would,” or other comparable terms (including the negative of any of the foregoing), although some forward-looking statements are express differently.  Each forward-looking statement contained in this release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement.  Applicable risks and uncertainties include, among others, the demand for payment from Tacora by the former Scully board of directors and management and the application to the Court by Tacora regarding such demand.

You should not rely on forward-looking statements as predictions of future events.  Forward-looking statements in this press release speak only as of the date of issuance, and the Board assumes no obligation to update such statements to reflect actual results or changes in expectations, except as required by law.

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