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goldroyalty.com / NYSE: GROY Corporate Presentation June 2025 Organically-Driven Free Cash Flow Inflection is Boosted by Strong Gold Prices
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goldroyalty.com / NYSE: GROY Disclaimer Cautionary Note Regarding Forward-Looking Statements T he information contained herein includes “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws (collectively, “forward-looking statements”) concerning the business, operations and financial performance of Gold Royalty Corp. (“GRC” or the “Company”) and, in some instances, the business, mining operations and performance of GRC’s counterparties and proposed counterparties. Forward-looking statements including but not limited to statements regarding the Company's 2024 outlook, including estimated Total Revenue, Land Agreement Proceeds and Interest and GEOs for 2024 and other statements regarding expected future financial performance; the expectations of the operators of the projects underlying the Company’s royalty interests and the Company’s Vares Stream, including their announced expected production timelines, milestones and schedules, expected future cash flows from the Company’s royalties, the Vares Stream and other interests; and expectations regarding the Company's growth and statements regarding the Company's plans and strategies . Such statements can be generally identified by the use of terms such as "may", "will", "expect", "intend", "believe", "plans", "anticipate" or similar terms. Forward-looking statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about GRC’s business and the industry and markets in which it ope rates . Forward-looking statements are made based upon numerous assumptions and although the assumptions made by the Company in providing forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate. Forward-looking statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of GRC to differ materially from any projections of results, performances and achievements, including, without limitation, any inability of the operators of the properties underlying the Company's royalty interests to execute proposed plans for such properties or to achieved planned development and production estimates and goals, risks related to the operators of the projects in which the Company holds interests, including the successful continuation of operations at such projects by those operators, risks related to exploration, development, permitting, infrastructure, operating or technical difficulties on any such projects, the influence of macroeconomic developments, commodities price volatility and other factors set forth in the Company's publicly filed documents with the Securities Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 available at www.s ec .gov and www.sedarplus.ca. Although t he Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended and even if events or results described in the forward-looking statements are realized or substantially realized, there can no assurance that they will have the expected consequences to, or effects on, GRC. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. Any forward looking statement speaks only as of the date on which it is made, reflects management’s current beliefs based on current information and the Company undertakes no obligation to update or reissue forward-looking statements as a result of new information or events except as required by applicable securities laws. Technical Information Alastair Still, P. Geo., the Director of Technical Services of the Company, is a qualified person as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and subpart 1300 of Regulation S-K (“SK1300”) and has reviewed and approved the scientific and technical information contained herein. Disclosure r elating to properties in which GRC holds royalty or other interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. The Company generally has limited or no ability to verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. In addition, certain information publicly reported by operators may relate to a larger property than the area covered by the Company’s interests, which often may only apply to a portion of the overall project area or applicable mineral resources or reserves. It cannot be assumed that all or any part of a measured, indicated or inferred resource will ever be upgraded to a higher category. “Inferred mineral resources” have a greater amount of uncertainty as to their existence and their economic and legal feasibility. Therefore, readers are cautioned not to assume that all or any part of the “inferred mineral resources” exist. Except w here otherwise stated, the disclosure in this press release relating to the Vares Project has been derived from the disclosures of Adriatic Metals plc ("Adriatic") identified herein and other public information disclosed by it. Such information has not been independently verified by the Company. Specifically, Gold Royalty has limited, if any, access to the property subject to the royalty. Although Gold Royalty does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared by the Adriatic under the 2012 Edition of the Australasian Code for Reporting of Exploration Results (“JORC”), which differs from the requirements under NI 43-101 and those of the U.S. Securities and Exchange Commission, including under subpart 1300 of Regulation S-K under the Securities Exchange Act of 1934 ("SK 1300"). Accordingly, the scientific and technical information contained or referenced in this news release may not be comparable to similar information prepared by entities under NI 43-101 or SK 1300. In a ddition, the disclosure herein includes information regarding resource and reserve estimates and other exploration information prepared and disclosed by Adriatic, which has been included by the Company pursuant to Item 1304 of SK1300 as such information was prepared and disclosed by Adriatic prior to the Company's acquisition of an interest in Vareš. The Company is not treating such information as a current estimate of mineral resources or mineral reserves under SK1300 and notes that a qualified person of the Company has not done sufficient work to classify the estimate as such under SK1300. Non-IFRS Measures We have included, in this presentation, certain performance measures that do not have standardized meanings prescribed under International Financial Reporting Standards ("IFRS"), including: (i) Total Revenue, Land Agreement Proceeds and Interest, which is determined by adding land agreement proceeds credited against mineral properties and interest received on the Company's gold-linked loan; and (ii) GEOs, which are determined by dividing revenue by the average gold price for the applicable period. Each of these are non-IFRS measures. The presentation of such non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company presents such measures as it believes that certain investors use this information to evaluate the Company’s performance in comparison to ot her royalty companies in the precious metals mining industry. Readers are advised that other companies may calculate such measures differently. The presentation of these non- IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For additional information, including a numerical reconciliation of such non-IFRS measures, readers should refer to the section titled "Non- IFRS Measures" in Item 5 of the Company's Annual Report on Form 20- F for the year ended December 31, 2023, which is incorporated by reference herein and available under the Company's profile at www.sedar.com.. 2
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goldroyalty.com / NYSE: GROY Why Invest in Gold Royalty? • Free Cash Flow Inflection • Growth through acquisitions have provided significant near-term revenue and cash flow • Development of projects within Gold Royalty portfolio provide near-term growth at no additional cost • Strengthening revenues and positive FCF provide increased near-term leverage to strong gold commodity prices • Attractive Valuation • Gold Royalty share price is appealing versus many precious metals and royalty peers • Acquisitions add scale and cash flow which could drive re-rating of valuation multiples • Low-cost exposure to catalyst-rich world-class assets and operators • Quality Portfolio of Tier 1 Royalties • Cornerstone royalties on Tier 1, long life assets operated by premier mining companies in the industry in low-risk jurisdictions • Embedded zero-cost growth through meaningful exploration investment across the portfolio by asset operators • Four pillars of growth allow the portfolio to continue expanding through the acquisition of high-quality assets • Experienced Management Team & Board • Over 400 years of collective experience with wide breadth of expertise and strong connectivity throughout the industry • Strategic investors Queen’s Road Capital and Taurus add to management’s access to opportunities • Royalty model is scalable with existing team 3
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goldroyalty.com / NYSE: GROY Gold Royalty’s Track Record Focused on Growing NAV and Cash Flow on a Per Share Basis Mar 11, 2021: IPO Closed, GROY Begins Trading on NYSE $0 revenue 18 royalties Aug 23, 2021: Ely Gold Nov 5, 2021: Golden Valley And Abitibi Royalties Mar 1, 2022: Côté Gold Royalty Sep 8, 2022: NGM Portfolio Aug 30, 2023: Cozamin Royalty Dec 19, 2023: Borborema Royalty & Loan Dec 21, 2023: SOQUEM Portfolio June 3, 2024: Vareš Stream Multi-pronged Approach to Growing Asset Base Value Creation Through G&A Synergies 4 Today: 248+ royalties Guidance 5,700- 7,000 GEO in 20251 1) See news releases dated March 20, 2025 and May 7, 2025 N ot to scale
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goldroyalty.com / NYSE: GROY 5 Competitive Advantage: Four Unique Pillars of Growth Royalty Financing • Providing royalty or stream financing to fund project development. • Consideration is typically cash. • Contingent or deferred payments can de-risk investments. Third Party Acquisitions • Acquiring royalties from third parties such as mining companies or prospectors. • Consideration can be a mix of cash or stock. Corporate M&A • Corporate mergers and acquisitions can benefit both sets of shareholders through increased scale, lower costs of capital, and G&A synergies. • Consideration can be a mix of cash or stock. Royalty Generation • Gold Royalty prospecting team generates royalties by vending assets to operators. • Focus on Nevada and Quebec. • Gold Royalty typically receives payments to generate these royalties rather than paying for them. Flexible Growth Options Allow Gold Royalty to Pivot Growth Strategy to Suit the Environment – Today This Means Prioritizing Cash Flowing Assets (While Continuing to Generate Early - Stage Royalties Internally at Low Cost)
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goldroyalty.com / NYSE: GROY Portfolio Composition Premier Assets in Top Jurisdictions with over 90% of our Value in Gold 61% 27% 7% 5% Canada USA Europe Other 92% 8% Gold Copper Other Jurisdiction (% Book Value) Commodity (% Book Value) 6 53% 28% 7% 12% Cash Flowing Developing Advanced Exploration Early Exploration Asset Stage (% Book Value)
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goldroyalty.com / NYSE: GROY - 10 20 30 40 50 60 70 80 90 OR Gold Royalty Royal Gold EMX Sandstorm Elemental Triple Flag Metalla Geopolitical Risk Score - Fraser Institute’s Policy Perception Index1 7 Premier Assets in Top Jurisdictions Higher Score = Lower RiskPolicy Perception Index - Weighted Avg. Fraser Score (out of 100) Royalty Sector Avg (Score: 64) Gold Royalty Has the Second Lowest Jurisdictional / Geopolitical Risk, Based on Current Production 1) Average of the Fraser Institute scores weighted against revenue by jurisdiction for the year ending December 31, 2024
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goldroyalty.com / NYSE: GROY 2.55x 2.38x 2.13x 1.67x 1.50x 1.24x 0.79x 0.60x 1.02x 0.58x 1.16x WheatonFrancoRoyal GoldORTriple FlagSandstormGROYMetallaElementalEMXVox Sector P/NAV Multiples Attractive Valuation Significant Potential for Growth and Re-Rating 8Source: FactSet as of May 29, 2025; x-axis sorted by market cap ~0.79x Consensus median P/NAV Compared to sector average ~1.4x P/NAV
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goldroyalty.com / NYSE: GROY Gold Royalty Moving Forward High Quality Growth Pipeline Trenton Canyon White Rock South Malartic Bald Mountain Tuscarora Ducros Sill Frost Watershed Whistler Exploration Advanced Exploration Development Cash Flowing Gold Rock Top Tier Operators Include: Canadian Malartic Borden Isabella Pearl Côté Gold REN Tonopah West Midway Marigold Granite Creek South Railroad (+26 more) Alpha (+178 more) Castle West Eldorado War Eagle Odyssey Nutmeg Mountain Cheechoo Red Lake Project Quartz Mountain Rodeo Creek Croinor Gold Crucero La Mina Fenelon County Line Jerritt Canyon REN NSR NPI (+4 more) Cozamin Borborema Vareš 9
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goldroyalty.com / NYSE: GROY 2,703 5,462 5,700 - 7,000 23,000 - 28,000 2023 2024 2025 2026 2027 2028 2029 Attributable Gold Equivalent Ounces to GROY 2025 Guidance and Five-Year Outlook We Expect Significant Growth Over the Next Five Years 10 2025 outlook utilizes an assumed gold price $2,668/oz and copper price $4.24/lb. 2029 outlook assumes gold price $2,212/oz and copper price $4.23/lb. 2025 and 2029 outlooks each include approx. 600 GEOs of contractual Land Agreement Proceeds based on payments expected under existing contracts. Low Risk Growth: - Mature and brownfield operations represent the vast majority (over 80%) of our growth to 2029 - Fully paid in our portfolio; no capital calls or future milestone payments - Top global mining jurisdictions - Experienced and well-funded operators
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goldroyalty.com / NYSE: GROY Peer Leading Growth Robust Near-, Medium-, and Long-Term Growth Relative to Peers 11 367% 106% 46% 37% 24% 15% 0% 50% 100% 150% 200% 250% 300% 350% 400% GROY SSL OR WPM TFPM FNV Growth: long-term outlook* vs 2024 actual, GEOs 2029 2030 2029 2029 2029 2028 1) Based on company filings, 2025 vs 2024 growth based on mid-point of 2025 guidance vs 2024 actual GEOs for each company. Commodity price assumptions vary by company. * Long-term outlook guidance year as indicated by each company 61% 38% 28% 16% 7% 4% 0% (0%) (2%) (3%) (21%) -40% -20% 0% 20% 40% 60% 80% MTA ELE VOXR GROY FNV OR WPM SSL TFPM RGLD EMX Growth: 2025 guidance vs 2024 actual, GEO
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goldroyalty.com / NYSE: GROY -- 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 -- $10M $20M $30M $40M $50M $60M $70M $80M $90M $100M 2023 2024 2025 2026 2027 2028 2029 2030 Gold Equivalent Ounces (GEOs) Revenue (US$M) Revenue Sensitivity to Gold Price GROY GEO Production Analysts are anticipating strong production growth which translates to meaningful inflection at current gold price Cash Flow Inflection Scenario Analysis Shows Strong Revenues at a Range of Potential Gold Prices Scalable business model: Recurring cash operating expenses expected to be $7-8M per year 12 $3,600/oz $3,200/oz $2,800/oz 2023A and 2024A shown as Total Revenue, Land Agreement Proceeds and Interest as per Gold Royalty’s 2024 Financial Statements available under its profile on sedarplus.com, 2025 and 2029 guidance as per news release dated March 20, 2025 Source: Most recent analyst reports as of May 29, 2025 $2,400/oz Consensus median ~150% increase Guidance
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goldroyalty.com / NYSE: GROY Long-term (>2 years) • Borborema – Completion of highway relocation and mill expansion projects concurrently by ~2028 • Odyssey – Initial production from first shaft mid-2027; second shaft project could start production in the early 2030s • REN – Expected to achieve full production rate of 140,000 ounces gold per year in 2027 • South Railroad – Initial production expected in 2027 • Tonopah West – Construction on an exploration decline to start 2027 Medium-term (<2 years) • Borden – Exploration potential under Discovery Silver’s new ownership • County Line – Initial production pending expected permits • Odyssey – Second shaft internal study released 2026, potential project approval early 2027 • Tonopah West – Updated PEA by Q2 2026 • South Railroad - Record of Decision (final permitting decision) by mid-2026, construction to start thereafter • Vareš – Growth from 0.8Mtpa to 1.0Mtpa expected in 2026, expansion to 1.3Mtpa expected in 2027 Near-term (<1 year) • Borborema – Commercial production in Q3 2025; potential highway relocation approval driving mineral reserve growth • Côté Gold – Full nameplate capacity of 36,000 tpd by Q4 2025 • Granite Creek – Underground production at steady state H2 2025; updated mineral resource estimate expected Q4 2025 • Vareš – Commercial production in Q2 2025, full nameplate capacity of 0.8Mtpa expected in H2 2025 Key Upcoming Catalysts 13
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goldroyalty.com / NYSE: GROY Key Growth Assets Production Ramp Up Expected at Vareš, Côté, and Borborema in 2025 Vareš1 – 100% Copper Stream Operator: Adriatic Metals Location: Bosnia and Herzegovina • Ramp up to 800ktpa expected to be completed during H2 2025 • Fully funded growth from 0.8Mtpa to 1.0Mtpa expected in 2026; expansion to 1.3Mtpa expected in 2027; total throughput increase of 63% • Significant progress achieved in April; records at key metrics including volume milled, silver equivalent production, and mine development • Guidance for the Vareš mine of 625,000 – 675,000t ore milled in 2025 14 1) Source: Based on Adriatic Metal’s quarterly activities report for the three months ended March 31, 2025 2) Source: Based on IAMGOLD’s press release dated May 6, 2025 3) Source: Based on Aura Minerals’ Management Discussion and Analysis for the three months ended March 31, 2025 Côté Gold2 – 0.75% NSR Operator: IAMGOLD Location: Ontario, Canada • On track to achieve steady-state nameplate throughput rate of 36,000tpd in Q4 2025 • Côté achieved an average mill throughput rate of 90% of nameplate design capacity in March and produced 37,900 ounces gold (100%) • In April 2025 the plant continued to demonstrate good availability and utilization; throughput averaged 96% of nameplate • Installation of Vertimill could expand mill capacity to 42,000tpd (from 36,000tpd) Borborema3 – 2.0% NSR Operator: Aura Minerals Location: Rio Grande do Norte, Brazil • Initial production achieved, commercial production expected in Q3 2025 • Expected reach between 40% and 48% of designed nominal capacity in 2025 – equivalent to an annualized rate of 83,000oz Au • Guidance for the Borborema mine of 33,000 – 40,000oz gold in 2025 • Highway relocation permit expected Q2-Q3 2025 and completed ~2028; mill expansion completed concurrently
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goldroyalty.com / NYSE: GROY Odyssey1 Cozamin2 Ren3 • Development activities at Odyssey remain on- schedule with ongoing ramp development and shaft sinking; expected completion mid-2027 • Study over potential sinking of a second shaft at Odyssey is expected to be released in 2026 • Capstone copper released 2025 guidance for Cozamin - 23,000 to 26,000 tonnes of copper production at expected grades of approximately 1.87% • Expected to achieve an annual production rate of 140,000 ounces of gold by 2027 • As at March 31, 2025, project spend was $95 million of an estimated $410 - $470 million (100% basis) Granite Creek4 Tonopah West5 Borden6 • i- 80 Gold released a PEA for open pit and underground operations at Granite Creek • Underground operations to reach full production of 1,000tpd in H2 2025; open-pit is expected to produce in 2029 as a conventional CIL process • Blackrock Silver received required approvals to build an exploration decline in 2027 at Tonopah West • Expanded drilling program for 2025 to 15,000m and Blackrock Silver is expected to release an updated mineral resource estimate by Q3 2025 • Discovery Silver released a PEA over the Porcupine complex detailing a 9-year LOM for Borden, processing 5.4Mt at 5.36g/t for 867koz Au recovered • Exploration targets and future production trending at depth towards areas of higher royalty coverage Portfolio Update Selected Asset Developments 15 1) Based on Agnico Eagle’s press release dated April 24, 2025 2) Based on Capstone Copper’s press release dated January 20, 2025 3) Based on Barrick's management's discussion and analysis for the three and twelve months ended March 31, 2025 4) Based on i-80 Gold’s press releases dated March 5, 2025, March 6, 2025, May 5, 2025 5) Based on Blackrock Silver’s press releases dated February 18, 2025 6) Based on Discovery Silver’s technical report over the Porcupine complex dated January 13, 2025,
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goldroyalty.com / NYSE: GROY $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018 2021 2024 Spot gold price (US$/oz Au) 90th percentile AISC, coproduct (US$/oz Au) GROY Offers Especially Attractive Gold Exposure Today 16 Gold Producer Costs Have Historically Tracked Closely with Gold Commodity Spot Prices, While Rising Gold Prices are All Upside to Gold Royalty Will producer AISC go up in 2025? Source: S&P Capital IQ
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goldroyalty.com / NYSE: GROY 0 m 100,000 m 200,000 m 300,000 m 400,000 m 500,000 m 600,000 m 700,000 m 2021 2022 2023 2024 Exploration Upside Embedded zero-cost potential growth through meaningful exploration investments across the portfolio by operators Source: operator disclosure Shareholders Benefit Shareholders receive exposure to exploration upside at no cost Average expected meters drilled in 2025 >350,000m Further Optionality • Limited to publicly disclose d drilling plans • Additional exploration w ork, mining and geological studies unaccounted for 17 2025E
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Market Data • Share ownership • Analyst coverage • Trading profile
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goldroyalty.com / NYSE: GROY Strong Institutional and Strategic Backing Driving Forward a Business Focused on Long-Term Fundamental Value Gold Royalty has attracted leading financiers in the resource sector through its high-quality portfolio, experienced management team, and robust growth trajectory. 19 18% 7% 16% 61% Strategic Individuals / Insiders Institutional Public and Other Share Ownership1 (%) Source: FactSet as of May 29, 2025
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goldroyalty.com / NYSE: GROY Institutional Coverage Well-Covered Company, Strong Trade Liquidity 1) Based on the Company’s most recent quarterly financial statements ending March 31, 2025 2) As of May 29, 2025, source FactSet 3) $75M is inclusive of $45M accordion Market Data(1,2) All USD Avg daily trading value / volume (3-month Avg.) $2.43 M 1.60M shares Share price $1.89/share Shares outstanding 170.5 M Options, RSUs & warrants 32.7 M Fully diluted shares 203.2 M Market cap. $322 M Cash & marketable securities(1) $3.2 M Credit facility ($75 M facility)(3) $27.3 M drawn Convertible debentures(1) $40.0 M 20 Institution Analyst Rene Cartier Heiko Ihle Shane Nagle Brian MacArthur Eric Winmill Consensus ‘Buy’ rating, US$2.50 median target price2
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goldroyalty.com / NYSE: GROY Why Invest in Gold Royalty? • Free Cash Flow Inflection • Growth through acquisitions have provided significant near-term revenue and cash flow • Development of projects within Gold Royalty portfolio provide near-term growth at no additional cost • Strengthening revenues and positive FCF provide increased near-term leverage to strong gold commodity prices • Attractive Valuation • Gold Royalty share price is appealing versus many precious metals and royalty peers • Acquisitions add scale and cash flow which could drive re-rating of valuation multiples • Low-cost exposure to catalyst-rich world-class assets and operators • Quality Portfolio of Tier 1 Royalties • Cornerstone royalties on Tier 1, long life assets operated by premier mining companies in the industry in low-risk jurisdictions • Embedded zero-cost growth through meaningful exploration investment across the portfolio by asset operators • Four pillars of growth allow the portfolio to continue expanding through the acquisition of high-quality assets • Experienced Management Team & Board • Over 400 years of collective experience with wide breadth of expertise and strong connectivity throughout the industry • Strategic investors Queen’s Road Capital and Taurus add to management’s access to opportunities • Royalty model is scalable with existing team 21
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goldroyalty.com / NYSE: GROY Appendix • Management & Board • Strategic Cooperation Agreement • Royalty/Streaming Model • Key Select Asset Overviews
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goldroyalty.com / NYSE: GROY David Garofalo Chairman & CEO Andrew Gubbels Chief Financial Officer John Griffith Chief Development Officer Peter Behncke Director, Corporate Development & Investor Relations Katherine Arblaster Vice President, Sustainability & ESG Edmund Borketey Director of Accounting Jackie Przybylowski Vice President, Capital Markets Samuel Mah Vice President, Evaluations Jerry Baughman Vice President, Nevada Select Royalty Inc. Alastair Still Director of Technical Services Leadership Team Balance of Technical and Capital Markets Experience 23
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goldroyalty.com / NYSE: GROY David Garofalo Chairman & CEO Warren Gilman Director Alan Hair Director Board and Advisors Balance of Technical and Capital Markets Experience Amir Adnani Chair of Advisory Board Trey Wasser Advisor Tim Young Advisor Karri Howlett Director Ken Robertson Director Angela Johnson Director 24
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goldroyalty.com / NYSE: GROY Strategic Cooperation Agreement Leading Resource Financier Partnering with Gold Royalty Taurus Mining Royalty Fund LP • Global resource sector financier recently expanding into royalty investments through the Taurus Mining Royalty Fund • The fund is focused on acquiring high quality and sustainable royalty assets across a range of commodities and stages of development. • Recent investments by the Taurus Mining Royalty Fund include a royalty over Taseko’s Florence Copper Project for $50 million and a portfolio of royalties acquired from Commander Resources • Examples of other Taurus Funds Management investments include: Cooperation Agreement Terms • The three-year agreement provides a framework for cooperation on potential co-investment opportunities. • The agreement grants each party the right but not the obligation to invest between 25% and 50% in select asset transactions with a value of US$30 million or more. • Future dispositions of interests acquired by a co-investment partner through the arrangement will be subject to rights of first offer to the other co-investment partner. Refer to Gold Royalty News Release dated April 24, 2024 25
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goldroyalty.com / NYSE: GROY Royalty Model and Streaming Model 26 Net Smelter Return (“NSR”) Royalty • GROY is paid a % of site revenue when material is mined and sold from our coverage area • Royalty is paid on all revenues – primary product and byproducts • Not impacted by operating cost or capital cost • Exploration upside (optionality) at no additional cost on our coverage area • Royalty adheres to land title, survives bankruptcy or asset sale • Could be acquired directly from operator (eg as part of project financing) or could have been retained by original prospector Net Profit Interest (“NPI”) Royalty • GROY is paid a % of site pr ofit when material is mined and sold from our coverage area • Royalty is paid on all profits – pr imary product and byproducts • Exploration upside • Royalty adheres to land title • Could be acquired directly from operator or could have been retained by or iginal prospector Royalty Model Streaming Model • Contract negotiated directly with operator • GROY is entitled to a portion of production per contract, can be all or a portion of byproduct production; also can be a portio n of primary production • Not impacted by operating cost or capital cost • Exploration upside (optionality) at no additional cost on our coverage area • Stream does not adhere to land title – f ewer protections in bankruptcy • Acquired directly from operator (eg as part of project financing) • May be tax-advantaged if structured through offshore subsidiary. Note that GROY does not structure transactions through this model and therefore is less exposed to potential rising tax rates
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goldroyalty.com / NYSE: GROY Differences Between Royalties and Streams 27 *Tax depends on a number of factors, including tax domicile of contracting streamer, where the stream contract is signed etc. 1) Depends on the jurisdiction. 2) May be limited for a royalty; streams usually have more disclosure requirements (LOM plans, other material information) Criteria Royalty Stream Upfront Payment by Streamer/RoyaltyCo X X Ongoing Payment by Streamer/RoyaltyCo X Taxed in Asset / Contract Location X * Contract with Contractual Risks X Title / Right to Asset / Property1 X Information from Operators2 X X Tax Efficiency for Operator X Source: Scotiabank GBM
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goldroyalty.com / NYSE: GROY Key Select Asset Overviews
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goldroyalty.com / NYSE: GROY Canadian Malartic Asset and Royalty Overview 3% NSR over the Odyssey North deposit, the majority of the East Malartic deposit, and a portion of the Odyssey South deposit and the Norrie Zone 1.5% NSR over the Midway project which lies to the east of Odyssey and south of the Camflo Mine Source: photos from Agnico Eagle website • Transitioning from the largest open-p it gold mine in Canada to the largest underground gold mine in Canada • Mill expected to have ~40,000 tp d excess capacity starting in 2028, potential to fill excess capacity through near- mine targets and regional pipeline projects • Potential for additional production from Odyssey Internal Zones 2026-2028 Coverage Summary 29
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goldroyalty.com / NYSE: GROY Odyssey Cornerstone Royalty on One of Canada’s Largest Gold Mines Operator Location Québec, Canada Gold Royalty Interest 3% NSR over northern part of the Odyssey project and other surrounding royalties Commodities Gold (Au) Asset Stage Production Expected Production 500-600 koz per year(1) Life of Mine Mine life to at least 2042 - based on approximately half of current resources(2) Mineral Resources(2) P&P: 7,497 koz (127.5 Mt @ 1.83 g/t) M&I: 3,232 koz (52.9 Mt @ 1.90 g/t) Inferred: 9,857 koz (144.3 Mt @ 2.12 g/t) Royalty Overview 1) Based on Agnico Eagle Press Release dated June 20, 2023. 2) Agnico Eagle’s Mineral Reserves & Resources statement effective December 31, 2024. 30
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goldroyalty.com / NYSE: GROY Odyssey Significant Resource Growth and Continued Exploration Recent Updates Mineral Resource Estimate(1): • Over 1.3Moz added to the total resource of East Malartic relative to last year’s total resource, with an increase of over 2.1Moz in Indicated Resources from increased conversion of Inferred Resources Development (2): • Ramp development, shaft sinking activities and surface construction progressed on schedule • Shaft reached a depth of 1,113 metres at Q1 2025; expected completion mid-2027 • Agnico Eagle has outlined potential for a second shaft at Odyssey to aid in its “Fill the Mill” strategy Exploration (2): • Exploration at the Odyssey mine for 2025 consists of approximately $29.7 million for 176,300 meters with the aim to continue conversion of Resources from Inferred to Indicated at the East Gouldie and Odyssey deposits, expanding the footprint of East Gouldie, and delineating the new Eclipse zone. • An additional $10.4 million is expected to be spent on 40,000 metres of exploration drilling into Barnat and East Gouldie mineralized corridors on the Canadian Malartic, Rand Malartic and Midway properties 1) Based on A gnico Eagle’s Mineral Reserves & Resources statement effective December 31, 2024. 2) Based on Agnico Eagle’s news release dated April 24, 2025 31
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goldroyalty.com / NYSE: GROY Vares Silver Project High Quality Project with Exploration and Expansion Upside Vares Project Overview Asset Overview1 Operator and 100% Owned Adriatic Metals Location Bosnia & Herzegovina Production Start Ramping up - commercial production expected to be announced in Q2 2025 Life of Mine 18 years based on most recent guidance Exploration 40,000m drill program Stream Terms2 Percentage of Production 100% of copper production from the mining area Ongoing Payments 30% of the spot copper price Other Copper payability is fixed at 24.5% 1. Per Adriatic Metals ASX Announcements dated January 24, 2024, January 29, 2025, and April 30, 2025 2. Refer to Gold Royalty news release dated May 28, 2024 3. Per Adriatic R upice Mineral Resource Estimate Update, December 31, 2024 JORC - Mineral Resource Estimate3 Tonnes Zn Pb Cu Sb BaSO4 Au Ag Zn Pb Cu Sb BaSO4 Au Ag (Mt) (%) (%) (%) (%) (%) (g/t) (g/t) (kt) (kt) (kt) (kt) (kt) (koz) (Moz) Indicated 18.4 4.7 3.0 0.4 0.2 30 1.2 164 858 554 81 35 5,490 721 97 Inferred 2.5 1.7 1.3 0.2 0.1 13 0.4 67 43 32 5 3 323 32 5 32
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goldroyalty.com / NYSE: GROY Côté Gold Project Canada’s Next Major Gold Mine Royalty Overview Operator(1) Location Ontario, Canada Gold Royalty Interest 0.75% NSR over southern portion of the mine Commodities Gold (Au) Asset Stage Cash flowing Expected Production First 6-year average: 495 koz per year LOM average: 365 koz per year Life of Mine(2) Mine life to at least 2041 Mineral Reserves & Resources(2) P&P: 7.3 Moz (229.2 Mt at 1.00 g/t) M&I: 11.8 Moz (438.5 Mt at 0.84 g/t) Inferred: 1.2 Moz (60.4 Mt at 0.61 g/t) 1) Project ownership is a 70%/30% joint venture between IAMGOLD and Sumitomo Metal Mining 2) Source: IAMGOLD’s Mineral Resource Estimate dated December 31, 2024 33
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goldroyalty.com / NYSE: GROY Côté Gold Project Royalty Coverage Over Zones 5 and 7 - Expected to be Mined Early in Côté’s Life 1) Source: IAMGOLD Technical Report on the Côté Gold Project, effective date June 30, 2022 2) Source: VRIFY - Côté Gold 360 site tour deck – September 2023 Final Pit Plan View N 34
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goldroyalty.com / NYSE: GROY Côté Gold Project Potential Significant Near-Term Cashflow Contributor Pit Phases 1 1) Source: VRIFY - Côté Gold 360 site tour deck – September 2023 Pit Phase 1 Pit Phase 2 35
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goldroyalty.com / NYSE: GROY Côté Gold Project Open Pit 3D Cross Section – Looking East 1) Source: IAMGOLD Technical Report on the Côté Gold Project, effective date June 30, 2022 2) Source: VRIFY - Côté Gold 360 site tour deck – September 2023 36
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goldroyalty.com / NYSE: GROY REN Project Northern Underground Extension of the Goldstrike Mine Royalty Overview Operator(1) Location Nevada, USA Gold Royalty Interest 1.5% NSR and 3.5% NPI Commodities Gold (Au) Asset Stage Development Expected Production / Life of Mine(2) Expected to reach full production in 2027 with average yearly production of 140,000 ounces Mineral Resources(3) M&I: 60 koz (0.1 Mt @ 11.0 g/t) Inferred: 1,600 koz (7.4 Mt @ 6.6 g/t) 1) REN is operated by Nevada Gold Mines, a 61.5%/38.5% joint venture between Barrick and Newmont, respectively. 2) Based on Barrick’s management's discussion and analysis for the year ended December 31, 2024 3) Source: Barrick’s 2022 Mineral Reserves and Resources at December 31, 2022 available within Barrick’s 2022 annual report. 37
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goldroyalty.com / NYSE: GROY REN Project Full Coverage Over Key Areas of Mineralization Royalty Coverage Summary 1) Source: Mining.com Nevada Gold Mines. Images from Barrick. Goldstrike Mine Infrastructure (1) 38
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goldroyalty.com / NYSE: GROY Borborema Gold Project Near Term Production With a Proven Operator in Brazil Royalty Overview Operator Location Rio Grande Do Norte State, Brazil Gold Royalty Interest(1) 2.0% NSR royalty & gold-linked royalty convertible loan Commodities Gold (Au) Asset Stage(2) Cash flowing Expected Production(3) First 3-year average: 83 koz gold per year LOM total: 748 koz gold Life of Mine(3) 11.3 years Mineral Resources(3) Indicated: 2,077 koz gold (63.7 Mt at 1.01 g/t) Inferred: 393 koz gold (10.9 Mt at 1.13 g/t) Resource Conversion Potential(2) Potential to convert 1,265 koz Indicated Resources into Probable Reserves after road relocation (expected in 2025) 1)The Royalty will decrease to a 0.5% NSR royalty after 725,000 ounces of payable gol d are produced from the Borborema Project. 2)Based on Aura Mineral’s press releases dated August 5, 2024, and December 2024 corporate presentation 3)Refer to NI 43-101 Technical Report title “Feasibility Study Technical Report (NI 43- 101) for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil” with an effective date of July 12, 2023 39
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goldroyalty.com / NYSE: GROY -- 500 1,000 1,500 2,000 2,500 3,000 2024 2025 2026 2027 2028 2029 2030-2050 GEOs To Aura Minerals Illustrative Investment GEO Profile based on Borborema Feasibility Study (2) 1) Refer to Gold Royalty Annual Information Form for the year ended December 31, 2023 2) The GEO profile chart represents an illustrative scenario that applies the 2% royalty rate to the base case production estimates of Aura Minerals as set out in the feasibility study for the Borborema project. The scenario is provided for informative purposes and that actual forecasts and result will differ. Refer to technical report for further information. The Royalty will decrease to a 0.5% NSR royalty after 725,000 ounces of payable gold are produced from the Borborema Project. 3) Borborema expected commercial production as disclosed by Aura Minerals in a news release dated February 15, 2024. $21M for Royalty Financing $10M for Gold Linked Convertible Loan Gold-Linked Convertible Loan Coupon Payments Pre Production Payments Potential 2% NSR Royalty Payments Borborema expected commercial production(3) Potential Convertible 0.5% NSR Royalty Gold Linked Convertible Loan Matures Investment in Aura Minerals’ Borborema Gold Project Transaction Structure Overview(1) 40
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goldroyalty.com / NYSE: GROY Cozamin Copper-Silver Mine Immediate Cashflow from a High-Quality Operation C ozamin Overview Operator Location Zacatecas, Mexico Gold Royalty Interest 1% NSR over the Calicanto and Vicochea claims Commodities Copper (Cu), Silver (Ag) Asset Stage | Start Date Operating Avg. Expected Production 20kt copper,1.3 Moz silver per year(1) Life of Mine Mine life to 2030 based on Reserves only Mineral Reserves and Resources(1,2) P&P: 123 kt Cu (8.1 Mt at 1.52% Cu) M&I: 273 kt Cu (19.6 Mt at 1.39% Cu) Inferred: 98 kt Cu (13.6 Mt at 0.72% Cu) 1) Based on the NI 43-101 Technical Report titled “NI 43-101 Technical Report on the C ozamin Mine, Zacatecas, Mexico” prepared for Capstone Copper Corp. with an effective date of January 1, 2023. A copy of this report is available under Capstone’s profile on SEDAR+ at www.sedarplus.ca. 2) Mineral Resource inclusive of Mineral Reserves at at December 31, 2024 41
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goldroyalty.com / NYSE: GROY Cozamin Copper-Silver Mine First Quartile Cash Cost Mine with a Track Record of Exploration Success Royalty Area Endeavour Silver Concessions – Vicochea & Calicanto Mining Method Combination of longhole stoping & cut- and-fill Expected Avg. Production 2023-2030: 20kt Cu ; 1.3Moz Ag 2023-2027: 24kt Cu ; 1.7Moz Ag 1st Quartile Cash Costs 2023-2030: $1.51/lb Cu 2023-2027: $1.46/lb Cu Resource Inclusion Upside Only reserves scheduled in mine plan Key Targets Mineralization remains open along strike to the east and west, and down dip of the main vein systems: the Mala Noche Vein and the Mala Noche Footwall Zone Near-Term Exploration Focus Targeting resource growth at Mala Noche Cozamin Overview 1 Exploration 2 1) Based on the NI 43-101 T echnical Report titled “NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico” prepared for Capstone Copper Corp. with an effective date of January 1, 2023. A copy of this report is available under Capstone’s profile on SEDAR+ at www.sedarplus.ca. 2) Refer to Capstone news release dated August 2, 2023 42
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goldroyalty.com / NYSE: GROY Contact Info Contact Info: Email: info@goldroyalty.com TF: +1 (833) 396-3066 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, V6E 4A2 Canada 43