Scully Royalty Ltd 2025年年度报告和过渡报告

There were14,822,251Common Shares of US$0.001 par value each issued and outstanding as at December 31, 2024. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.☐YES☒NO If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d)of the Securities ExchangeAct of 1934.☐YES☒NO Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.☒YES☐NO Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).☒YES☐NO Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of“large accelerated filer, “accelerated filer,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Non-accelerated filer☒Emerging growth company☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use theextended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐ †The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codificationafter April5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.◻Item17◻Item18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).☐YES☒NO April 30, 2025 DEAR FELLOW SHAREHOLDERS: We are pleased to present the financial results of Scully Royalty Ltd. for the year ended December 31, 2024 and provideyou with an update on recent corporate developments. All dollar amounts are in Canadian dollars unless otherwiseprovided. Overview The Company owns a royalty interest in the Scully iron ore mine located in the Province of Newfoundland andLabrador, Canada. This royalty rate entitles the Company to 7.0% of the revenue from iron ore shipped from the mineand 4.2% from shipments derived from tailings and other disposed material, with minimum payments of $3.25 millionper annum. Iron ore is a key raw material in steel production, making it essential for global economic development. Its demand andpricing are closely tied to the material needs of integrated steel producers. As steel produced via blast furnaces is subjectto cyclical demand patterns, the iron ore market inherently experiences similar fluctuations. Key Ingredient for Green Steel The Scully iron ore mine produces premium-grade ore with over 65% iron content and favorable characteristics,including low levels of contaminants such as silica, alumina, and phosphorous.Such high-grade iron ore withminimal impurities is highly valued by steelmakers worldwide, as it enhances both environmental and financialperformance through more efficient raw material utilization, higher plant yields, and lower emissions. As a result, theScully Mine’s high-quality concentrate plays a vital role in supporting the global shift toward “green” steel production.The mine is well-situated to address this growing demand because of, among other things: Iron ore with 65% Fe content, such as the product from the Scully Iron Ore Mine, typical