Slides
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GoldRoyaltyill Second Quarter 2026 Results August 6 , 2026
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2 goldroyalty.com goldroyalty.com Disclaimer Cautionary Note Regarding Forward-Looking Statements The 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 outlook; other statements regarding expected future financial performance; the expectations of the operators of the projects underlying the royalty and stream interests, including their announced expected development and production timelines, milestones and schedules, expected future cash flows from the Company’s royalties, the Vareš Stream and other interests; 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 operates. 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, 2025 available at www.sec.gov and www.sedarplus.ca. Although the 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 has reviewed and approved the scientific and technical information contained herein. Disclosure relating 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. The technical and scientific disclosure referenced herein respecting certain projects has in certain cases been prepared by the owner 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 herein may not be comparable to similar information prepared by entities under NI 43-101 or SK 1300, including in respect of mineral resources or reserves disclosed by such owners and operators. 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 other 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, 2025, which is incorporated by reference herein and available under the Company's profile at www.sedarplus.ca. All dollar amounts are expressed in U.S. dollars unless otherwise noted.
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goldroyalty.com / NYSE: GROY Today’s Speakers David Garofalo Chairman and CEO Andrew Gubbels Chief Financial Officer Jackie Przybylowski Vice President, Capital Markets & Sustainability 3 John Griffith President
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goldroyalty.com / NYSE: GROY GROY Relative Performance Relative Performance from April 1st – June 30th -30% -25% -20% -15% -10% -5% 0% 5% 10% Apr-2026 May-2026 Jun-2026 Gold (US$/oz) GDXJ GDX GROY 4Source: FactSet
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goldroyalty.com / NYSE: GROY Cash Operating Margins Nearing the Top of Our Peer Group Scalable Business Model – Costs Remain Relatively Fixed as Revenue Grows 1) Cash Operating Margin is calculated based on total revenue – Cost of Sales – G&A – project evaluation or corporate development expenses / total revenue. 2) Gold Royalty figures are based on the six-month period ended June 30, 2026, while peer figures are based on the three -month period ended March 31, 2026 3) ECOR is ¼ of latest annual report since it reports every 6 -months.. 5 50% 65% 70% 71% 73% 86% MTA VMET ECOR ELE GROY VOX Cash Operating Margin (%)1,2,3
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goldroyalty.com / NYSE: GROY We Have Maintained Strong Exposure to Gold Premier Assets in Top Jurisdictions with over 90% of our Value in Gold Commodity (% 2025 Revenue) Commodity (% Book Value) 6 71% 29% Gold Copper 92% 8% Gold Copper Note: Based on revenue and book value as reported in GRC’s December 31, 2025 financial statements
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goldroyalty.com / NYSE: GROY Second Quarter 2026 Highlights 7 * Total Revenue, Land Agreement Proceeds and Interest, GEOs, and Adjusted EBITDA are non-IFRS measures and should not be considered in isolation or as a substitute for analysis of the Company's results under IFRS. See "Non-IFRS Measures” on slide 2. Strong Balance Sheet Record Half-Year Results ▪ Record $17.3 million in Total Revenue, Land Agreement Proceeds and Interest* (3,677 GEOs*) ▪ Record Adjusted EBITDA* of $12.6 million ▪ $7.9 million in Total Revenue, Land Agreement Proceeds, and Interest* (1,757 GEOs*) ▪ Adjusted EBITDA* of $5.6 million ▪ H1 result 3,677 GEOs* is on track to meet 2026 guidance 7,500 – 9,300 GEOs ▪ Production more heavily weighted towards second-half of the year ▪ $11.3 million of cash ▪ Debt free ▪ Undrawn $150 million credit facility, inclusive of $25 million accordion On Track to Meet Guidance Second Quarter Results
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goldroyalty.com / NYSE: GROY Continued Accretive Growth Through Recent Transactions 8 Pedra Branca • 25% gold NSR, 2% copper NSR • US$70M • Third party – acquired from BlackRock World Mining Trust plc • Announced December 8, 2025 Borborema - additional royalty • Additional 0.75% NSR to GROY • US$22.5M • Third party – acquired from Dundee Corporation • Announced January 14, 2026 REN - additional royalty • Additional 0.1875% NSR • US$6.25M • Third party • Announced June 15, 2026 Granite Creek 0.5% NSR over the Felix and Blue Bell pits Sterling 2.0% NSR • US$0.8M • Third party • Announced July 13, 2026
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goldroyalty.com / NYSE: GROY 2,703 5,462 5,173 7,500-9,300 28,000-34,000 2023 2024 2025 2026 2027 2028 2029 2030 Attributable Gold Equivalent Ounces to GROY Five-Year Outlook We Expect Significant Growth Over the Next Five Years 9 2026 guidance assumes gold price $5,150/oz and copper price $5.75/lb; 2030 outlook assumes gold price $3,500/oz and copper price $5.00/lb. 2030 outlook includes approx. 600 GEOs of contractual Land Agreement Proceeds and interest based on payments expected under existing contracts. Low Risk Growth: - Low execution risk: Over 70% of our growth to 2030 comes from assets which are already permitted and built, at least to a first phase; over 90% including satellite deposits - 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 • Borborema – Studies to expand plant capacity from 2Mtpa to 4Mtpa to be completed Q2-Q3 20261 • Côté – Technical report and updated mine plan reflecting the integration of the Côté and Gosselin zones - Q4/20262 • Granite Creek –Feasibility study for Granite Creek underground Q3 20263 • Jerritt Canyon – Prefeasibility level study on the mine restart to be completed Q4 2026; revised capital budget as part of its H2 guidance update planned for July 20264 • Odyssey – Shaft #2 technical evaluation to be completed Q4 20265 • South Railroad – Full construction is expected to begin mid-2026 following receipt of final project permits6 • Vareš – Commercial production Q3 2026; achieve 850ktpa throughput by Q4 20267 Our Large Portfolio Provides Numerous Exciting Catalysts 10 Near-term (< 1 year) Medium-term (< 2 years) Long-term (> 2 years) • Borborema – Highway realignment to be completed ~ early 20288 • Borden – Porcupine complex and Dome Mill return to nameplate capacity by 2027 or sooner9 • Côté – Installation of additional Vertimill in early 202710 • Fenelon – Prefeasibility study to be delivered late 2027 or early 202811 • Granite Creek – Open pit technical studies and permitting12 • Jerritt Canyon – Production to start H2 202713. Targeting full production 120,000-150,000+ oz Au per year at full run rate14 • Odyssey – Initial production via Shaft #1 in Q2 202715 • Ren – Expected to achieve production run rate of 140,000 ounces gold per year in 202716 • South Railroad – Commissioning H2 2027; first gold pour early 202817 • Tonopah West – Receipt of necessary permits mid-2027; construction on an exploration decline to start thereafter18 • Granite Creek – Open pit start production19 • Odyssey – Shaft #1 extension to final depth in 203120; Production from a second shaft potentially beginning 203321 • Tonopah West – First production expected ~2029-203022 See Appendix endnote for sources
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goldroyalty.com / NYSE: GROY Why Invest in Gold Royalty? 11 • Positive free cash flow first achieved in Q2/25; poised for strong growth • Strengthened balance sheet: Gold Royalty in a positive net cash position December 2025 • Over 400 years of collective experience with wide breadth of expertise and strong connectivity throughout the industry • Royalty model is scalable with existing team • Cornerstone royalties on Tier 1, long life assets operated by premier mining companies in low-risk jurisdictions • Limited capital cost inflation risk • Limited operating cost inflation risk FREE CASH FLOW INFLECTION EXPERIENCED MANAGEMENT TEAM AND BOARD LOW-RISK EXPOSURE TO GOLD • Peer-leading growth • Low project execution risk • Long-term optionality CATALYST-RICH GROWTH
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Contact Info Email: info@goldroyalty.com Telephone: +1 (833) 396-3066 Address: 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, V6E 4A2 Canada
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goldroyalty.com / NYSE: GROY Upcoming Catalysts – Source Notes 13 1. Aura Minerals Q1/2026 earnings call, May 11, 2026, transcript available on FactSet 2. IAMGOLD June 1, 2026 press release 3. i-80 Gold June 25, 2026 press release 4. First Majestic Silver press release April 2, 2026 5. Agnico Eagle Q2/2026 MD&A, published July 29, 2026 6. Gold Royalty June 18, 2026 Capital Markets Day 7. Gold Royalty June 18, 2026 Capital Markets Day 8. Aura Minerals May 19, 2026 Renmark investor roadshow, transcript available on FactSet 9. Discovery Silver Q1 2026 MD&A, published May 14, 2026 10. IAMGOLD press release January 19, 2026 11. Wallbridge press release May 20, 2026 12. i-80 Gold Q4 and 2025 MD&A, published February 19, 2026 13. First Majestic Silver conference call July 30, 2026 14. First Majestic Silver Deutsche Goldmesse Conference May 16, 2026, transcript available on FactSet 15. Agnico Eagle Q2/2026 MD&A, published July 29, 2026 16. Barrick Q1 MD&A, published May 11, 2026 17. Gold Royalty June 18, 2026 Capital Markets Day 18. Blackrock Silver press release March 3, 2026 19. i-80 Gold Q1/2026 MD&A, published May 12, 2026 noted that prefeasibility study timing is under review 20. Agnico Eagle Q2/2026 MD&A, published July 29, 2026 21. Agnico Eagle Q4 and 2025 MD&A, published February 12, 2026 22. Blackrock Silver corporate presentation February 2026