Gold Royalty Corp. · AMEX:GROY
Gold Royalty — Investor Presentation (November 2026)
48 slides from Gold Royalty's investor presentation, November 2026
Slide 1: Building a Peer-Leading Portfolio through Disciplined, Accretive Growth
Building a Peer-Leading Portfolio through Disciplined, Accretive Growth November 2026
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements The information contained herein includes “forward-looking information” and “forward-looking statements” within the meaning of generally has limited or no ability to verify such information. Although the Company does not have any knowle
Slide 3: Why Invest in Gold Royalty?
Why Invest in Gold Royalty? THE GOLD ROYALTY • Cornerstone royalties on Tier 1, long life assets OPPORTUNITY • Unique amongst our small-cap peers in portfolio quality, margins, growth, and liquidity • Heavily weighted to low-risk jurisdictions LOW-RISK EXPOSURE TO GOLD • Limited operating cost infla
Slide 4: We Have Assembled a Broad, High Quality Portfolio
We Have Assembled a Broad, High Quality Portfolio Five years later: 260+ assets, peer-leading Focused on Growing NAV and Cash Flow on a Per Share Basis Dec 12, 2025: Jan 21, 2026: quality portfolio Borborema Dec 21, 2023: June 3, 2024: Pedra Branca royalty SOQUEM Vareš stream royalty Dec 19, 2023: p
Slide 5: Four Unique Pillars of Growth
Four Unique Pillars of Growth Driving Gold Royalty’s Acquisitions to Date 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) Royalt
Slide 6: We Have Maintained Strong Exposure to Gold
We Have Maintained Strong Exposure to Gold Over 90% of our Long-Term Value in Gold Commodity Commodity (% Book Value) (% 2025 Revenue) 8% 29% 71% 92% Gold Copper Gold Copper goldroyalty.com / NYSE: GROY Note: Based on revenue and book value as reported in GRC’s December 31, 2025 financial statements
Slide 7: We Have Maintained Strong Exposure to Tier 1 Jurisdictions
We Have Maintained Strong Exposure to Tier 1 Jurisdictions Premier Assets in World-Class, Low-Risk Jurisdictions Jurisdiction Jurisdiction (% Book Value) (% 2025 Revenue) 6% 8% 12% 14% 31% 57% 24% 18% 29% Canada USA Brazil Canada Brazil Europe Europe Other USA Other goldroyalty.com / NYSE: GROY Note
Slide 8: Peer Leading Growth
Peer Leading Growth Robust Near-Term and Long-Term Growth Relative to Peers Growth: 2026 guidance vs 2025 actual, GEO Growth: 2030 outlook vs 2025 actual, GEO VMET 119% GROY 499% GROY 62% VOXR 34% WPM 73% ELE 33% OR 58% WPM 30% RGLD 30% RGLD 52% MTA 16% TFPM 37% OR 5% FNV 4% FNV 13% TFPM (12%) (20%)
Slide 9: Five-Year Outlook
Five-Year Outlook We Expect Peer-Leading Growth Over the Next Five Years Attributable Gold Equivalent Ounces to GROY Low Risk Growth: 28,000-34,000 - 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% includ
Slide 10: Cash Flow Inflection
Cash Flow Inflection Scenario Analysis Shows Strong Revenues at a Range of Potential Gold Prices Analysts are anticipating strong production growth which translates to meaningful inflection at current gold price $180M 60,000 Scalable business model: Recurring cash operating expenses $150M 50,000 exp
Slide 11: Our Large Portfolio Provides Numerous Exciting Catalysts
Our Large Portfolio Provides Numerous Exciting Catalysts • Borborema – Studies to expand plant capacity from 2Mtpa to 4Mtpa to be completed Q2-Q3 20261; transition to in-house mining fleet operation and maintenance targeted for January 20272 • Borden – Porcupine complex and Dome Mill return to namep
Slide 12: We Have Assembled a Tier 1 Portfolio of High-Quality Assets
We Have Assembled a Tier 1 Portfolio of High-Quality Assets Royalties on North America’s Largest Gold Mines Gold Royalty Holds Royalties on Three of North America’s Five Largest Gold Mines1 REN (1.6875% NSR and 3.5% NPI): Northern extension of Goldstrike (Carlin) – full production expected in 2027 C
Slide 13: High Quality Growth Pipeline
High Quality Growth Pipeline Diversified Exposure to Tier 1 Jurisdictions, Tier 1 Operators, and Tier 1 Assets Exploration Advanced Exploration Development Cash Flowing Bald Mountain Malartic Break Alpha Granite Creek Borborema Quartz Mountain Bald Mountain JV Borden Redlich Cheechoo Gold Rock Red L
Slide 14: Exploration Upside
Exploration Upside Embedded zero-cost potential growth through meaningful exploration investments across the portfolio by operators Significant 2022 2023 2024 2025 2026E exploration 0m spending: > 550,000m expected 100,000 m to be drilled in 2026 Shareholders benefit: 200,000 m Shareholders receive
Slide 15: Optimization Upside
Optimization Upside New Operators Prioritizing, Optimizing, and Recapitalizing Existing Operations Borden (0.5% NSR, Pedra Branca (25% NSR partial coverage): gold, 2% NSR copper): Discovery Mining acquired CoreX Holding acquired the Porcupine complex the mine from BHP on April from Newmont on April
Slide 16: Metals & Mining Royalty / Streaming Landscape
Metals & Mining Royalty / Streaming Landscape Micro Cap Small Cap (< $300M market cap) ($0.3-2.0B market cap) Gold Royalty Transactions in 2021… Avg P/NAV: 0.7x Avg P/NAV: 0.9x … Kicked Off A Wave of Sector Consolidation Avg P/NAV: 2.0x Avg P/NAV: 1.3x Mega Cap Mid Cap (> $20B market cap) ($5-10B ma
Slide 17: Attractive Valuation
Attractive Valuation Significant Potential for Growth and Re-Rating Sector P/NAV Multiples 2.1x 2.0x 1.6x 1.6x 1.4x 1.4x 1.2x 1.0x Median consensus P/NAV 1.0x 0.8x 0.8x Vox GROY Metalla Versamet Elemental LunR Triple Flag OR Royal Gold Franco Wheaton goldroyalty.com / NYSE: GROY Source: FactSet as o
Slide 18: Robust Balance Sheet
Robust Balance Sheet Strong Capacity to Finance Growth Opportunities >$200M Dry Powder: Market Data1 All USD • $150M fully undrawn revolving credit facility (including Avg daily trading value / volume $5.7 M accordion)* (3-month avg.) 1.81 M shares • $23.0M cash, equivalents, and short-term investme
Slide 19: Strong Institutional and Strategic Backing
Strong Institutional and Strategic Backing Driving Forward a Business Focused on Long-Term Fundamental Value Share Ownership (%) 14% 36% 9% 8% 3% 2% 28% Strategic Institutional Individual / Insider Public / Other Source: FactSet as at November 6, 2026, including shares issued to Dundee Corporation (
Slide 20: Strong Analyst Support
Strong Analyst Support ‘Buy’ Ratings from all Seven Covering Analysts Institution Analyst Rating Target Rene Cartier Outperform (S) $5.00 Carey MacRury Buy $4.25 Heiko Ihle Buy $7.00 Tate Sullivan Buy $4.00 Shane Nagle Overweight $5.25 Brian MacArthur Outperform $5.00 Eric Winmill Outperform $5.75 D
Slide 21: Why Invest in Gold Royalties?
Why Invest in Gold Royalties?
Slide 22: Gold Prices are Still at Historically High Levels
Gold Prices are Still at Historically High Levels Gold Price 1968 - present $6,000 Spot Gold Price (US$/oz) $5,000 $4,000 $3,000 $2,000 $1,000 $0 1968 1969 1971 1973 1974 1976 1978 1979 1981 1983 1984 1986 1988 1989 1991 1993 1994 1996 1998 1999 2001 2003 2004 2006 2008 2009 2011 2013 2014 2016 2018
Slide 23: M2 Money Supply Rising is a Strong Predictor of Future High Gold Prices
M2 Money Supply Rising is a Strong Predictor of Future High Gold Prices Gold Price and US M2 Money Supply Gold Price and US Treasury Rates 1968 - present 1968 - present $6,000 25,000 $6,000 18% 3 Month T-Bill Interest Rate Spot Gold Price (US$/oz) Spot Gold Price (US$/oz) 16% $5,000 20,000 $5,000 14
Slide 24: Central Banks' Buying Confirms the Strong Gold Thesis
Central Banks’ Buying Confirms the Strong Gold Thesis Gold has overtaken Treasuries as the most important reserve asset for central banks goldroyalty.com / NYSE: GROY 24
Slide 25: Gold Equities Have Not Kept Pace with Commodity
Gold Equities Have Not Kept Pace with Commodity Poised for Future Outperformance? Or an Indicator of Margin Erosion? goldroyalty.com / NYSE: GROY Source: BMO Capital Markets 25
Slide 26: Royalty Companies are Attractive in an Inflationary Environment
Royalty Companies are Attractive in an Inflationary Environment Significantly lower exposure to rising oil prices, lower mining grades Unit operating costs have The 2026 US-Iran war has historically followed gold price Partly driven by lower mined grades accelerated cost inflation Source: Charlie Bi
Slide 27: 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 28: Historical Outperformance
Historical Outperformance By having lower costs, royalty companies can achieve high margins, strong cash flows, and significant scale. Gold Price and Equities 2006 - present Senior $6,000 250 Royalty / Streamers Index Values, Wt Avg Share Price (US$) +960% $5,000 200 Gold +621% Spot Gold Price (US$/
Slide 29: Why Invest in Gold Royalty?
Why Invest in Gold Royalty? THE GOLD ROYALTY • Cornerstone royalties on Tier 1, long life assets OPPORTUNITY • Unique amongst our small-cap peers in portfolio quality, margins, growth, and liquidity • Heavily weighted to low-risk jurisdictions LOW-RISK EXPOSURE TO GOLD • Limited operating cost infla
Slide 30: Leadership Team
Leadership Team Balance of Technical and Capital Markets Experience David Garofalo John Griffith Andrew Gubbels Chairman & CEO President Chief Financial Officer Jackie Przybylowski Samuel Mah Jerry Baughman Vice President, Capital Markets Vice President, Evaluations Vice President, Nevada Select & S
Slide 31: Board of Directors
Board of Directors Balance of Technical and Capital Markets Experience David Garofalo Warren Gilman Alan Hair Chairman & CEO Lead Director Director Former President & CEO of Founder, Chairman, & CEO of Former President, CEO, and Goldcorp until its merger Queen’s Road Capital COO of Hudbay Minerals;
Slide 32: Select Asset Overviews
Select Asset Overviews • Borborema p33 • Canadian Malartic & Odyssey p34 • Côté Gold p37 • Cozamin p41 • Pedra Branca p43 • Ren p44 • Vareš p46
Slide 33: Borborema Gold Mine
Borborema Gold Mine Near Term Production Growth With a Proven Operator in Brazil Royalty Overview Operator Location Rio Grande Do Norte State, Brazil 2.75% NSR royalty & gold-linked royalty Gold Royalty Interest1 convertible loan Commodities Gold (Au) Asset Stage2 Cash flowing First 3-year average:
Slide 34: Canadian Malartic & Odyssey
Canadian Malartic & Odyssey Cornerstone Royalty on One of Canada’s Largest Gold Mines Royalty Overview Operator Location Québec, Canada 3% NSR over the Odyssey North deposit, the majority of the East Malartic deposit, and a portion of the Odyssey South Gold Royalty Interest deposit and the Norrie Zo
Slide 35: Canadian Malartic & Odyssey
Canadian Malartic & Odyssey Asset and Royalty Overview Coverage Summary • Transitioning from the largest open-pit gold mine in Canada to the largest underground gold mine in Canada • Mill expected to have ~40,000 tpd excess capacity starting in 2028, potential to fill excess capacity through near-mi
Slide 36: Canadian Malartic & Odyssey
Canadian Malartic & Odyssey Significant Resource Growth and Continued Exploration Recent Updates Mineral Resource Estimate1: • 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 conver
Slide 37: Côté Gold Mine
Côté Gold Mine Canada’s Newest Major Gold Mine Royalty Overview Operator1 Location Ontario, Canada Gold Royalty Interest 0.75% NSR over southern portion of the mine Commodities Gold (Au) Asset Stage Cash flowing First 6-year average: 495 koz per year Expected Production LOM average: 365 koz per year
Slide 38: Côté Gold Project
Côté Gold Project Royalty Coverage Over Zones 5 and 7 - Expected to be Mined Early in Côté’s Life Final Pit Plan View Source: IAMGOLD Technical Report on the Côté Gold Project, effective date June 30, 2022; goldroyalty.com / NYSE: GROY VRIFY - Côté Gold 360 site tour deck – September 2023 38
Slide 39: Côté Gold Project
Côté Gold Project Potential Significant Near-Term Cashflow Contributor Pit Phases Pit Phase 1 Pit Phase 2 Source:: VRIFY - Côté Gold 360 site tour deck – September 2023 goldroyalty.com / NYSE: GROY 39
Slide 40: Côté Gold Project
Côté Gold Project Open Pit 3D Cross Section – Looking East Source: VRIFY - Côté Gold 360 site tour deck – September 2023 goldroyalty.com / NYSE: GROY 40
Slide 41: Cozamin Copper-Silver Mine
Cozamin Copper-Silver Mine Immediate Cashflow from a High-Quality Operation Royalty Overview Operator Location Zacatecas, Mexico 1% NSR over the Calicanto and Vicochea Gold Royalty Interest claims Commodities Copper (Cu), Silver (Ag) Asset Stage | Start Date Operating Avg. Expected Production 20kt c
Slide 42: Cozamin Copper-Silver Mine
Cozamin Copper-Silver Mine First Quartile Cash Cost Mine with a Track Record of Exploration Success Cozamin Overview1 Endeavour Silver Concessions – Royalty Area Vicochea & Calicanto Combination of longhole stoping & cut- Mining Method and-fill 2023-2030: 20kt Cu ; 1.3Moz Ag Expected Avg. Production
Slide 43: Pedra Branca Gold-Copper Mine
Pedra Branca Gold-Copper Mine Established Cashflowing Mine in Brazil Asset Overview BHP Carajás Assets – Including Pedra Branca: Operator Location Southeastern Pará State, Brazil 25% NSR royalty on gold Gold Royalty Interest 2% NSR royalty on copper Commodities Gold (Au) and copper (Cu) Cash flowing
Slide 44: Ren Project
Ren Project Northern Underground Extension of the Goldstrike Mine Royalty Overview Operator1 Location Nevada, USA Gold Royalty Interest 1.6875% NSR and 3.5% NPI Commodities Gold (Au) Asset Stage Development Expected to reach full production in 2027 with average annual gold Expected Production / Life
Slide 45: Ren Project
Ren Project Full Coverage Over Key Areas of Mineralization Royalty Coverage Summary1 REN Expected to Contribute to the Carlin Complex in Late 20262 goldroyalty.com / NYSE: GROY 1 Mining.com 2 Barrick February 26, 2026 presentation materials 45
Slide 46: Vareš Silver Mine
Vareš Silver Mine High Quality Project with Exploration and Expansion Upside Stream Overview Asset Overview1 Operator and 100% Owned DPM Metals Location Bosnia & Herzegovina Production Targeting an 850,000 tpa operating rate by September 2026 Life of Mine 18 years based on most recent guidance Explo
Slide 47: Upcoming Catalysts – Source Notes
Upcoming Catalysts – Source Notes 1. Aura Minerals Q1/2026 earnings call, May 11, 2026, transcript available on FactSet 2. Aura Minerals press release October 2, 2026 3. Discovery Mining Q1 2026 MD&A, published May 14, 2026 4. IAMGOLD Q2/2026 MD&A published August 6, 2026 5. IAMGOLD press release Ja
Slide 48: Contact Info
Contact Info Email: info@goldroyalty.com Telephone: +1 (833) 396-3066 Address: 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, V6E 4A2 Canada