Gold Royalty Corp. · AMEX:GROY
Gold Royalty — Investor Presentation (June 2023)
46 slides from Gold Royalty's investor presentation, June 2023
Slide 1: Corporate Presentation
Corporate Presentation A leading growth focused precious metals royalty company in the Americas Q2 2023 goldroyalty.com / NYSE: GROY
Slide 2: Disclaimer
Disclaimer Forward-Looking Information Technical Information The information contained herein includes “forward-looking information” and “forward-looking statements” within Alastair Still, P.Geo., the Director of Technical Services of the Company, is a qualified person as such term is the meaning of
Slide 3: Investment Highlights
Gold Royalty Corp. Investment Highlights • A Better Way to Invest in Gold • Precious metals focused • Insulated from operating and capital cost inflation • Diversified asset exposure • Free exposure to exploration investment • Quality Portfolio with Tier 1 Royalties in North America • Diverse portfo
Slide 4: Gold Royalty Companies Protect Investors from Inflation
Gold Royalty Companies Protect Investors from Inflation Royalty companies are insulated from cost inflation Rising inflation causes real rates to decline, driving up the price of gold and proceeds from royalties 2000 1800 Gold has historically shown strength when real rates are in 1600 negative terr
Slide 5: Royalty Business Model
Royalty Business Model Royalty Company Revenue vs Mining Company Profit Benefits of the Royalty Model • Top line revenue exposure • Free exposure to exploration upside • Focus and scalability • Reduced single asset risk through diversification • Lean and scalable human capital requirements • This en
Slide 6: Historical Outperformance
Historical Outperformance Portfolio of the three largest By having lower costs, royalty companies can achieve 500% gold royalty companies high margins, strong cash flows, and significant scale. Royalty Companies 400% +424% 380% A portfolio of royalty companies outperformed gold by almost 6x since 20
Slide 7: Gold Royalty has Significant Potential Growth
Gold Royalty has Significant Potential Growth Undervalued on a P/NAV basis 2.5x Franco-Nevada Gold Royalty Market Cap. 2.0x Royal Gold Wheaton Precious Metals $289M 0.57x P/NAV - Street (ratio) 1.5x Triple Flag Consensus P/NAV Osisko Compared to Sector Average closer to Elemental 1.0x 1.0x NAV Sands
Slide 8: The Foundations for Future Growth
The Foundations for Future Growth High-quality assets, operators, and mining regions 222 Royalties 191 Royalties 18 Royalties March 2021 December 2021 March 2023 Initial Public Offering goldroyalty.com / NYSE: GROY 8
Slide 9: Portfolio Anchored by North America's Largest Gold Mines
Portfolio Anchored by North America’s Largest Gold Mines Canadian Malartic The Côté Gold Project Goldstrike Mine The Odyssey Project The REN Project Royalty does not cover Royalty does not cover the entire property the entire property Underground development project Development well advanced on what
Slide 10: Gold Royalty Moving Forward
Gold Royalty Moving Forward Robust Sources of Growth Coming Into Production Exploration Advanced Exploration Development Production Trenton Canyon Fenelon Tuscarora Nutmeg Mountain Côté Gold Odyssey Canadian Malartic War Eagle NSR White Rock Cheechoo REN REN NPI Jerritt Canyon NSR Midway Red Lake Pr
Slide 11: Revenue Growth Expected from Development Assets
Revenue Growth Expected from Development Assets Several projects are advancing with production expected in the near term Multiple Assets Fueling Growth Odyssey Mine – initial production Q1 2023, ramping up towards 2027/2028 Borden Mine – increasing royalty coverage at depth Côté Gold – initial produ
Slide 12: Sector Leading Organic Revenue CAGR of ~65%
Gold Royalty Moving Forward Sector Leading Organic Revenue CAGR of ~65% (2023 - 2025) Gold Royalty Revenue Profile and Growth Expected (US$ mm) (1) $60.00 $40.00 ≈ $35.00 $30.00 $25.00 Future growth driven by Côté, $20.00 REN, Odyssey, Fenelon, & $15.00 Others $10.00 $5.00 $0.00 2024E 2025E 2026E 20
Slide 13: Free Exploration Upside Exposure
Free Exploration Upside Exposure Canada Gold Royalty’s portfolio of over 200 royalties is anchored in the best mining jurisdictions Quebec 72 in the world, on high-quality assets, with the best operating partners in the sector. Ontario 31 Over 700,000 meters of drilling in 2022 on underlying propert
Slide 14: Gold Royalty Inaugural Asset Handbook
Gold Royalty Inaugural Asset Handbook goldroyalty.com / NYSE: GROY 14
Slide 15: Our Commitment to Sustainability
Our Commitment to Sustainability Gold Royalty Inaugural Gold Royalty is committed to the highest standards of sustainability, partnering with operators who are leaders in Environmental, Social and Sustainability Report Governance (ESG) practices. Our ESG goals: Measure and reduce our GHG emissions,
Slide 16: Investment Highlights
Gold Royalty Corp. Investment Highlights • A Better Way to Invest in Gold • Precious metals focused • Insulated from operating and capital cost inflation • Diversified asset exposure • Free exposure to exploration investment • Quality Portfolio with Tier 1 Royalties in North America • Diverse portfo
Slide 17: Appendix
Appendix • Capital Structure Overview • Management & Board • Key Asset Overview goldroyalty.com / NYSE: GROY
Slide 18: Gold Royalty at a Glance
Gold Royalty at a Glance Strong Balance Sheet and Key Shareholders Capital Markets Overview(1) Share Structure Significant Shareholders Issued & Outstanding 144.5 M GoldMining Inc. (15%) Nevada Gold Mines (7%) Warrants 13.2 M Rob McEwen (5%) Jimmy Lee (5%) Options & RSUs 9.0 M GDXJ VanEck ETF (4%) B
Slide 19: Leadership Team
Leadership Team Balance of Technical and Capital Markets Experience David Garofalo Andrew Gubbels John Griffith Chairman & CEO Chief Financial Officer Chief Development Officer Samuel Mah Jerry Baughman Alastair Still Vice President, Evaluations Vice President, Nevada Select Director of Technical Se
Slide 20: Board and Advisors
Board and Advisors Balance of Technical and Capital Markets Experience David Garofalo Warren Gilman Alan Hair Chairman & CEO Director Director Glenn Mullan Karri Howlett Ken Robertson Angela Johnson Director Director Director Director Ian Telfer Amir Adnani Trey Wasser Tim Young Co-Chair of the Co-C
Slide 21: Odyssey (Canadian Malartic Underground)
Odyssey (Canadian Malartic Underground) Cornerstone Royalty on One of Canada’s Largest Gold Mines Royalty Overview Operator Location Québec, Canada 3% NSR over northern part of the Odyssey Project and other Gold Royalty Interest surrounding royalties Commodities Au Asset Stage | Start Date Developme
Slide 22: Odyssey (Canadian Malartic Underground)
Odyssey (Canadian Malartic Underground) Increased Production & Significant Exploration Coverage Summary 3% NSR over the Odyssey North deposit, the majority of the East Malartic deposit, and a portion of the Norrie Zone. 1.5% NSR over the Midway project which lies to the east of Odyssey and just sout
Slide 23: Odyssey (Canadian Malartic Underground)
Odyssey (Canadian Malartic Underground) Development on Schedule and Continuing to Grow Recent Updates Development: • First production blast at Odyssey South in March 2023 • Development reached below Odyssey South ore body and first shaft access point. • Ramp access reached the bottom of the Odyssey
Slide 24: Odyssey (Canadian Malartic Underground)
Odyssey (Canadian Malartic Underground) Odyssey South Expected to Enter Production in 2023 Upcoming Developments(1) 2023 Q2 Internal study on Odyssey mine alone with an update on exploration activities TBC Updated Plan for the Canadian Malartic Complex to utilize excess mill capacity 2027 Initial Pr
Slide 25: Côté Gold Project
Côté Gold Project Tier 1 Generational Asset with Ongoing Development & Exploration Success Royalty Overview Operator(1) Location Ontario, Canada Gold Royalty Interest 0.75% NSR over southern portion of the Mine Commodities Au Asset Stage | Est. Start Date Development | 2024 Q1 First 6-year avg.: 495
Slide 26: Côté Gold Project
Côté Gold Project Royalty Coverage over Current Mineralization Coverage Summary (Zones 5 & 7) 1) Source: IAMGOLD Technical Report on the Côté Gold Project, effective date June 30, 2022. goldroyalty.com / NYSE: GROY 26
Slide 27: Côté Gold Project
Côté Gold Project Fully Funded Advanced Construction Project Recent Updates(1) Development: • The Project is approximately 80% complete. • ~1,500 workers on site, the project is nearing peak capacity. Capital Costs (100% basis): • Incurred $2.0 billion in costs to March 31, 2023. • Estimated attribu
Slide 28: Côté Gold Project
Côté Gold Project On-Track for First Gold Pour in 2024 Q1 Development Timeline 1) Source: IAMGOLD Press Release May 11, 2023. goldroyalty.com / NYSE: GROY 28
Slide 29: REN Project
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 Au Asset Stage Development Expected Production / Life of Mine Barrick aiming to incorporate into the mine plan in the “short ter
Slide 30: REN Project
REN Project Full Coverage Over Key Areas of Mineralization Royalty Coverage Summary Goldstrike Mine Infrastructure(1) goldroyalty.com / NYSE: GROY 1) Source: Mining.com Nevada Gold Mines. Image from Barrick. 30
Slide 31: REN Project
REN Project Resource Growth Expected in 2023 Recent Updates Exploration: • Drilling continues to grow inferred resources in significantly sheared JB Zone. • Growing confidence in the continuity of mineralization in the Corona Corridor. • Results are expected to further expand the resource footprint.
Slide 32: Borden Mine
Borden Mine Increasing Coverage at Depth Royalty Overview Operator(1) Location Ontario, Canada Gold Royalty Interest 0.5% NSR over underground workings at Borden Lake Commodities Au Asset Stage Producing Expected Production(1) ~100 koz per year Life of Mine(2) Mine life to at least 2027 P&P: 950 koz
Slide 33: Borden Mine
Borden Mine Increasing Coverage at Depth Recent Updates Production: • Achieved commercial production in late 2019 projecting over 100,000 ounces of annual production. • Ore from Borden is processed at Porcupine’s mill near Timmins, Ontario, profitably extending operations at the Porcupine complex. •
Slide 34: Borden Mine
Borden Mine Increasing Coverage at Depth goldroyalty.com / NYSE: GROY 1) Source: 2018 Goldcorp Borden Mine Plan Report 34
Slide 35: Granite Creek
Granite Creek High-Grade Mine Ramping up Production Royalty Overview Operator Location Nevada, USA Gold Royalty Interest 10.0% NPI(1) Commodities Au Underground Producing, Open Pit in Asset Stage | Start Date Development Life of Mine(2) ~10+ Years Underground Mineral Resources M&I: 337 koz (1,008 kt
Slide 36: Granite Creek
Granite Creek Granite Creek Surface Plan View Updated Feasibility Study Expected in 2023 Recent Updates Exploration: • 30,000-meter drill program in 2022 discovered the South Pacific Zone. • “The continuity of high-grade mineralization makes the SPZ a priority for development and we look forward to
Slide 37: Fenelon Gold Project
Fenelon Gold Project Continued Exploration Success, PEA In-Progress Royalty Overview Operator Location Québec, Canada Gold Royalty Interest 2.0% NSR over the Fenelon Gold Project Commodities Au Asset Stage Advanced Exploration | PEA expected in 2023 Q2 15,000 meters in 2023 Drilling 445,000 meters s
Slide 38: Fenelon Gold Project
Fenelon Gold Project Granite Creek Surface Plan View Continued Exploration Success, PEA In-Progress Recent Updates Exploration: • Updated mineral resource released (2023 Q1): • 2.37 Moz indicated (84% increase in grade) • 1.72 Moz inferred (85% increase in grade) • Currently working on a Preliminary
Slide 39: Railroad-Pinion
Railroad-Pinion Permitting and Resource Expansion Underway Royalty Overview Operator Location Nevada, USA Gold Royalty Interest 0.44% NSR over Dark Star & Pinion areas Commodities Au, Ag Asset Stage Development Expected Production(1) ~124 koz per year Life of Mine ~8+ Years P&P: 1.6 Moz Au (0.77 g/t
Slide 40: Railroad-Pinion
Railroad-Pinion Granite Creek Surface Plan View Permitting and Resource Expansion Underway Recent Updates Orla closed acquisition of Gold Standard Ventures (2022 Q3): • Solidifies Orla’s strategy to become a growth-orientated, low-cost, mid-tier gold producer. • Began integrating South Railroad proj
Slide 41: Railroad-Pinion
Railroad-Pinion EIS Development & Consultation 2022-2024 Development Timeline goldroyalty.com / NYSE: GROY 1) Image Source: Orla Mining Corporate Presentation – March 2023. 41
Slide 42: Gold Rock Project
Gold Rock Project Recent Discoveries with Technical Studies Underway Royalty Overview Operator Location Nevada, USA Gold Royalty Interest 0.50% NSR Commodities Au Asset Stage Development | Feasibility expected in 2024 Drilling 35,000 meters in 2023 M&I: 0.40 Moz (19.0 Mt @ 0.66 g/t) Mineral Resource
Slide 43: Gold Rock Project
Gold Rock Project Granite Creek Surface Plan View Recent Discoveries with Technical Studies Underway Recent Updates Exploration: • Discovery of Carlin-type high-grade sulphide mineralization at depth (2022 Q4): • 5.5 g/t Au over 3.0m; 7.1 g/t Au over 2.1m • 6.6 g/t Au over 5.8m; 4.1 g/t Au over 8.1m
Slide 44: Whistler Gold Project
Whistler Gold Project Emerging Gold & Copper District with Exploration Upside Royalty Overview Operator Location Alaska, USA Gold Royalty Interest 1% NSR + Option(1) to acquire an additional 0.75% NSR Commodities Au, Ag, Cu Asset Stage Advanced Exploration | PEA expected in late 2024 Indicated: 2.99
Slide 45: Whistler Gold Project
Whistler Gold Project Granite Creek Surface Plan View Fully Permitted for Exploration Recent Updates Financing: • Successfully closed IPO for total proceeds of $20 million (2023 Q2). • Use of funds to fund exploration and development activities at Whistler. Exploration: • Focus to upgrade MRE classi
Slide 46: Contact Us
Contact Us Email: info@goldroyalty.com TF: +1 (833) 396-3066 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, V6E 2Y3 Canada goldroyalty.com / NYSE: GROY 46