Gold Royalty Corp. · AMEX:GROY
Gold Royalty — Investor Day (June 2026)
104 slides from Gold Royalty's investor day presentation, Jun 18, 2026
Slide 1: Capital Markets Day
Capital Markets Day June 18, 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: Celebrating Five Years
Celebrating Five Years goldroyalty.com / NYSE: GROY 3
Slide 4: Agenda
Agenda Time (EDT) Speaker Topic 9:30am David Garofalo, Chair and CEO Welcome, introductory remarks 9:45am Jackie Przybylowski, Vice President, Growth outlook Capital Markets & Sustainability 9:55am John Griffith, President Corporate development update 10:05am Jerry Baughman, Vice President, Introduc
Slide 5: Introduction and Sector Outlook
Introduction and Sector Outlook David Garofalo, Chairman and CEO Capital Markets Day 2026
Slide 6: Gold Prices are Still at Historically High Levels
Gold Prices are Still at Historically High Levels In a Long-Term Context Gold Price 1968 - present $6,000 Spot Gold Price (US$/oz) $5,000 $4,000 $3,000 $2,000 $1,000 $0 1968 1970 1972 1973 1975 1977 1979 1981 1983 1984 1986 1988 1990 1992 1994 1995 1997 1999 2001 2003 2005 2006 2008 2010 2012 2014 2
Slide 7: Driven by Rising M2 Money Supply
… Driven by Rising M2 Money Supply… Gold Price and US M2 Money Supply Gold Price and US Treasury Rates 1968 - present 1968 - present $6,000 25,000 $6,000 20% 3 Month T-Bill Interest Rate Spot Gold Price (US$/oz) Spot Gold Price (US$/oz) $5,000 20,000 $5,000 15% M2 Money Supply $4,000 $4,000 15,000 1
Slide 8: and Central Banks' and Other Strategic Buying
… and Central Banks’ and Other Strategic Buying Gold has overtaken Treasuries as the most important reserve asset for central banks goldroyalty.com / NYSE: GROY 8
Slide 9: 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 historically Partly driven by lower mined grades followed gold price 9
Slide 10: Why Invest in Gold Royalty?
Why Invest in Gold Royalty? FREE CASH FLOW • Positive free cash flow and poised for strong growth INFLECTION • Balance sheet in a positive net cash position • Cornerstone royalties on Tier 1, long life assets operated by premier mining companies in LOW-RISK EXPOSURE low-risk jurisdictions TO GOLD •
Slide 11: We Have Assembled a Tier 1 Portfolio of High-Quality Assets
We Have Assembled a Tier 1 Portfolio of High-Quality Assets Royalties on Three of North America’s Largest Gold Mines New Operators Prioritizing, Optimizing, Gold Royalty Holds Royalties on Three of North and Recapitalizing Existing Operations America’s Five Largest Gold Mines1 Borden (0.5% NSR, REN
Slide 12: We Have Maintained Strong Exposure to Gold
We Have Maintained Strong Exposure to Gold Premier Assets in Top Jurisdictions with over 90% of our 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 Decembe
Slide 13: We Have Maintained Strong Exposure to Tier 1 Jurisdictions
We Have Maintained Strong Exposure to Tier 1 Jurisdictions Premier Assets in Top Jurisdictions with over 90% of our Value in Gold 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
Slide 14: Portfolio Growth
Portfolio Growth Jackie Przybylowski, Vice President, Capital Markets & Sustainability Capital Markets Day 2026
Slide 15: Five-Year Outlook
Five-Year Outlook We Expect Significant 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% includi
Slide 16: Sensitivity to Commodity Prices
Sensitivity to Commodity Prices 2026 Guidance (GEO) Gold Price ($/oz) $4,150 $5,150 $6,150 $4.75 7,800 – 10,300 7,400 – 9,700 7,200 – 9,300 Copper Price ($/lb) $5.75 8,200 – 10,800 7,500 – 9,300 7,400 - 9,700 $6.75 8,500 – 11,300 8,000 – 10,500 7,700 - 10,000 2026 guidance includes 684 GEOs relate
Slide 17: 2026 Performance versus Guidance YTD
2026 Performance versus Guidance YTD 10,000 9,000 2026 guidance range 7,500 – 9,300 GEOs 8,000 2026 is expected to Gold Equivalent Ounces (GEOs) 7,000 be H2 weighted at: 6,000 • Borden 5,000 • Côté 4,000 • County Line • Pedra Branca 3,000 • Vareš 2,000 Q1/2026 revenue 1,920 GEO 1,000 0 goldroyalty.c
Slide 18: Peer Leading Growth
Peer Leading Growth Robust Near-, Medium-, 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%)
Slide 19: Five-Year Outlook
Five-Year Outlook We Expect Significant 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% includi
Slide 20: 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 21: Corporate Development
Corporate Development John Griffith, President Capital Markets Day 2026
Slide 22: We Have Assembled a Broad, High Quality Portfolio
We Have Assembled a Broad, High Quality Portfolio Five years later: 250+ 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 23: Recent Transactions
Recent Transactions Pedra Branca Borborema - additional royalty • 25% gold NSR, 2% copper NSR • Additional 0.75% NSR to GROY • US$70M • US$22.5M • Third party – acquired from • Third party – acquired from BlackRock World Mining Trust plc Dundee Corporation • Announced December 8, 2025 • Announced Ja
Slide 24: Taurus: A Strong and Fruitful Relationship
Taurus: A Strong and Fruitful Relationship December 5, 2023 Gold Royalty announces acquisition of Borborema April 24, 2024 January 14, 2026 royalty, partly funded by Gold Royalty and Taurus Mining Gold Royalty and Taurus US$10M convertible Royalty Fund LP announce Mining Royalty Fund LP debenture to
Slide 25: We Have Assembled a Broad, High Quality Portfolio
We Have Assembled a Broad, High Quality Portfolio Five years later: 250+ 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 26: 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) Corpor
Slide 27: 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 Gold Rock Borden Redlich Cheechoo Red L
Slide 28: Q&A
GoldRoyalty Q&A Capital Markets Day 2026
Slide 29: Finance
Finance Andrew Gubbels, Chief Financial Officer Capital Markets Day 2026
Slide 30: Financial Position
Financial Position Considerable capital available to advance our objectives Capital Structure Approximately $200M of dry powder Share Structure (Q1 2026) • $150M fully undrawn revolving credit facility ($25M accordion feature available subject to certain conditions) Common Shares (#M) 230.8 • $14M o
Slide 31: Financial Performance
Financial Performance While operating cash flows continue to grow(1,2,3) LTM Revenue & G&A (US$M) LTM Revenue LTM G&A 23.6 17.8 16.4 14.4 12.8 12.2 10.3 9.1 Q224A Q324A Q424A Q125A Q225A Q325A Q425A Q126A 1) Revenue is reported on an adjusted basis (non-GAAP). goldroyalty.com / NYSE: GROY 2) LTM fig
Slide 32: Financial Performance
Financial Performance …resulting in margins nearing the top of our peer group Q1 2026 Cash Operating Margin (%) 86% 75% 70% 71% 65% 50% MTA VMET ECOR ELE GROY VOXR 1) Cash Operating Margin is calculated based on total revenue – Cost of Sales – G&A – project evaluation or corporate development expens
Slide 33: Leverage
Leverage Disciplined deleveraging has provided balance sheet flexibility… LTM Leverage1,2 40.3x 25.4x 15.7x 14.4x 10.8x 8.0x (1.3x) (0.9x) Q224A Q324A Q424A Q125A Q225A Q325A Q425A Q126A 1) Leverage is calculated based on net debt / EBITDA. goldroyalty.com / NYSE: GROY 2) LTM figures are per the lat
Slide 34: Leverage
Leverage …and one of the strongest financial positions amongst our peers LTM Leverage1,2 2.2x 1.3x 0.5x (0.7x) (0.9x) (2.3x) ELE GROY VOXR MTA VMET ECOR 1) Leverage is calculated based on net debt / EBITDA. goldroyalty.com / NYSE: GROY 2) LTM figures are per the latest filed FS (31-Mar-2026; 31-Dec-
Slide 35: Growth
Growth Leading organic growth with no capital commitments an no debt repayment requirements Illustrative 3-year Revenue CAGR1 VMET 73% GROY 69% MTA 55% VOXR 45% ELE 30% ECOR 7% 1) Source: Broker consensus revenue estimates per broker median (FactSet) as of 5-Jun-2026. goldroyalty.com / NYSE: GROY 2)
Slide 36: Market Presence
Market Presence Robust research coverage and liquidity trading market(1) Share Structure Number of Days to Turn Float Ticker NYSE:GROY Issued & Outstanding 230.8M 303 Fully Diluted 254.5M Float 75.1% 3M Average Value Traded $10.0M 3M Average Volume Traded 2.3M 218 Broker Coverage 157 142 124 120 104
Slide 37: Modelling Workshop
Modelling Workshop Jackie Przybylowski, Vice President, Capital Markets & Sustainability Capital Markets Day 2026
Slide 38: Asset Trends to Consider
Asset Trends to Consider Reiterating operator guidance on several growth assets • Borborema (2.75% NSR), operated by Aura Minerals • Ren (1.6875% NSR, 3.5% NPI), owned by Nevada Gold Mines and Granite Creek (10% NPI), operated by i-80 Gold • Tonopah West (3.0% NSR), operated by BlackRock Silver gold
Slide 39: Borborema Key Upcoming Catalysts for GROY
Borborema Key Upcoming Catalysts for GROY Near-term • Studies to expand plant capacity from 2Mtpa to 4Mtpa to be completed Q2- (<1 year) Q3 2026 Medium-term • Highway realignment to be completed ~early 2028 (<2 years) Long-term • Capacity expansion completed (>2 years) goldroyalty.com / NYSE: GROY 3
Slide 40: Ren Key Upcoming Catalysts for GROY
Ren Key Upcoming Catalysts for GROY Near-term • Production sinking of vent shaft expected to be completed by 2026 year-end (<1 year) • Initial production 2026 Medium-term • Full production run rate of 140,000 oz gold per year (100% basis) in 2027 (<2 years) • GROY to receive royalty revenue after in
Slide 41: Granite Creek Key Upcoming Catalysts for GROY
Granite Creek Key Upcoming Catalysts for GROY Near-term • Feasibility study for Granite Creek underground Q2 2026 (<1 year) Medium-term • Granite Creek open pit technical studies and permitting, 2025-2027 (<2 years) Long-term • Granite Creek open pit construction 2028-2029 (>2 years) • Granite Creek
Slide 42: Tonopah West Project Timeline
Tonopah West Project Timeline goldroyalty.com / NYSE: GROY 42
Slide 43: Q&A
GoldRoyalty Q&A Capital Markets Day 2026
Slide 44: Operator Updates
Operator Updates • Pedra Branca Mine – CoreX Holdings • Vareš Mine – DPM Metals • South Railroad Project – Orla Mining Capital Markets Day 2026
Slide 45: Pedra Branca
Pedra Branca Lucas Loureiro, Head of Strategy and Corporate Development CoreX Holdings Capital Markets Day 2026
Slide 46: Pedra Branca & the Carajás Copper-Gold Platform
Pedra Branca & the Carajás Copper-Gold Platform Gold Royalty Corp. · 2026 Capital Markets Day Toronto · June 18, 2026 Pedra Branca East
Slide 47: Important Notice
Important Notice Privately held company. CoreX is privately owned; figures shown are approximate, for context only, and not audited financial statements. Forward-looking statements. Plans and intended timing for operating optimization, growth, studies, PBE operations optimization, Santa Lúcia constr
Slide 48: CoreX: a long-term operator with the capital to grow
CoreX: a long-term operator with the capital to grow CoreX Holding (est. 2024) carries forward six decades of YILDIRIM Group operating heritage, now accelerating in mining. 25 ~10,000 US$2bn+ ~US$400m Countries Employees Revenue EBITDA • Founder Robert Yüksel Yıldırım built metals, ports and chemica
Slide 49: Four businesses give CoreX scale, cash flow and operating depth
Four businesses give CoreX scale, cash flow and operating depth Ports, shipping and chemicals underpin the group; metals & mining is the focus and fastest-growing engine. Ports & Terminals CMA CGM Chemicals • #12 container terminal operator • A 12% strategic stake in the world's #3 • American Chrome
Slide 50: Building a leading base-metals platform in the Americas
Building a leading base-metals platform in the Americas Operating depth and capital-allocation discipline to acquire, improve and grow large base-metals assets. What we are good at Applied to the Americas • Deep operating capability: running mines, processing facilities, and • Cerro Matoso (Colombia
Slide 51: A low-capital, two-hub district with world-class logistics
A low-capital, two-hub district with world-class logistics One central plant per hub processes many deposits and Vale rail-to-port underpins low capital intensity. Carajás district: deposits across the West and East regions Gold Royalty's royalty 25% gold & 2% NSR copper NSR over Pedra Branca East &
Slide 52: A producing core, a high-grade satellite and a growth pipeline
A producing core, a high-grade satellite and a growth pipeline Six deposits sequenced to grow output step by step, with a large exploration runway behind them. Deposit Stage Mineral Resource (MI+I) Ore Reserve Cu kt* Au koz* Pedra Branca East Operating 9.9 Mt @ 1.66% Cu, 0.45 Au 2.9 Mt @ 2.03% Cu, 0
Slide 53: Pedra Branca East: producing today, open at depth and laterally
Pedra Branca East: producing today, open at depth and laterally An established underground copper-gold mine; debottlenecking in 2026, growth in 2027, with clear resource upside. Producing today • Operating underground Cu-Au mine; first production 2020, full 2022. • Feeds Antas (~0.8 Mtpa); ~9,400 t
Slide 54: The growth pipeline: build Santa Lúcia, expand Antas, advance PBW
The growth pipeline: build Santa Lúcia, expand Antas, advance PBW Beyond the producing core: a sequenced build-out across the central hub and the next deposits. Santa Lúcia · Build next Antas Hub · Expand Pedra Branca West · Advance • Very high grade: ~6.2 Mt @ 2.42% Cu. • Central plant for the dist
Slide 55: A responsible operator in Pará
A responsible operator in Pará Established environmental and community practice carries over with the asset, backed by CoreX's group-wide ESG framework. On the ground in Carajás CoreX group ESG framework Continuing practice established under prior ownership The institutional backbone CoreX brings •
Slide 56: Why CoreX: continuity, capital and a clear plan to grow
Why CoreX: continuity, capital and a clear plan to grow Operations continue uninterrupted; we invest to grow the producing core, build the pipeline and explore the district. A committed, responsible operator Key takeaways • Operational continuity: licences, contracts, partnerships and teams continue
Slide 57: Thank you
Thank you EVOLVING INDUSTRIES · ELEVATING FUTURES www.corexholding.com CoreX Holding · 12
Slide 58: Vareš
Vareš Steve Tartaglia, Director, Corporate Development DPM Metals Capital Markets Day 2026
Slide 59: Uniquely Positioned to Deliver Superior Value
TSX:DPM ASX:DPM Uniquely Positioned to Deliver Superior Value Gold Royalty Capital Markets Day June 15, 2026
Slide 60: Forward-Looking Statements
Forward-Looking Statements Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “guidance”, “outlook”
Slide 61: Growing European Precious Metals Producer
Growing European Precious Metals Producer Peer-leading growth and margins for quality returns through the cycle Hungary $7.6B 350,000 GEO4,5 market capitalization producer and growing Croatia Romania Bosnia and Serbia Herzegovina $576M $0.16 / share Rakita Camp prospects Bulgaria Vareš silver mine c
Slide 62: Vareš Silver-Gold Mine
Vareš Silver-Gold Mine Ramping up to full production in 2026 4
Slide 63: Vareš: High-quality silver-gold mine
Vareš: High-quality silver-gold mine Embedding proven DPM practices achieve Vareš’ full potential High-quality asset • Long operating life • Attractive high-grade orebody • Production scale and margin • Supportive mining jurisdiction Excellent fit with DPM expertise • Decades of experience operating
Slide 64: Vareš Ramping up to Full Production in 2026
Vareš Ramping up to Full Production in 2026 On track to achieve 850,000 tonnes by year-end 2026 a transitional year for Vareš % of 2026 gold equivalent production by quarter4,5 • Strong Q1 production of 29koz. Au eq. Achieve • Development rates advancing according to plan 850ktpa • Accelerating gold
Slide 65: Progressing Priority Projects at Vareš
Progressing Priority Projects at Vareš On track to achieve 850,000 tonne per annum rate by year-end Installation of the water treatment plant Construction of paste backfill plant advancing well 7
Slide 66: Prospective Vareš Land Package
Prospective Vareš Land Package 22-kilometre corridor in proximity to Vareš infrastructure and mill Large land package Well-understood permitting regime Progressing engagement with local communities Exploration activities planned for 2026 Additional geophysics (MT) 20,000 metres of brownf
Slide 67: Stakeholder Engagement
Stakeholder Engagement Building the foundation for long-term success • Focus on engaging with stakeholders to build trust and introduce DPM • Building relationships with communities and creating local employment • Opened information center in Kakanj, to help facilitate transparent two-way engagement
Slide 68: Appendix
Appendix
Slide 69: Corporate Snapshot
Corporate Snapshot Share Price (C$/sh) and Volume (M) Top Shareholders 60 18 Helikon Investments Merloni Holding SpA 16 50 14 Blackrock Victory Capital Volume (Millions) 40 12 Share Price (C$) First Eagle Acadian 10 30 Van Eck LSV Asset Management 8 20 6 Dimensional Funds Sprott Inc 4 10 2 Market St
Slide 70: Experienced DPM Leadership Team
Experienced DPM Leadership Team Board of Directors Juanita Montalvo Jaimie Donovan Chair Independent Director David Rae Martin Horgan President & CEO Independent Director Dr. Nicole Adshead-Bell Kalidas Madhavpeddi Independent Director Independent Director Robert M. Bosshard Marie-Anne Tawil Indepen
Slide 71: Three-Year Outlook Underpins Future Growth
Three-Year Outlook Underpins Future Growth Growing production and investing in high-quality growth and exploration prospects 2025 Results 2026 2027 2028 Over 80% of 2026E revenue from (excluding Vares) Guidance5 Outlook5 Outlook5 gold and silver GEO production5 Koz 288 305 - 365 355 - 400 320 - 365
Slide 72: DPM Mineral Resource and Mineral Reserve Base
DPM Mineral Resource and Mineral Reserve Base Million Au Cu Million Au Cu Mineral Reserves Au (g/t) Cu (%) Mineral Resources Au (g/t) Cu (%) Tonnes (Moz) (Mlbs) Tonnes (Moz) (Mlbs) Chelopech Chelopech Proven 7.0 0.479 95 2.14 0.61 M&I 15.3 1.072 216 2.18 0.64 Probable 16.2 1.149 214 2.20 0.60 Inferr
Slide 73: Vares Mineral Resource and Mineral Reserves
Vares Mineral Resource and Mineral Reserves13 Mineral Resources Estimate Mineral Reserve Estimate 1 April 2025 1 April 2025 Tonnage Ag Zn Pb Au Cu Sb Tonnage Ag Zn Pb Au Cu Sb (Mt) (g/t) (%) (%) (g/t) (%) (%) (Mt) (g/t) (%) (%) (g/t) (%) (%) Indicated 10.7 264 7.4 4.8 1.9 0.65 0.22 Proved - - - - -
Slide 74: Endnotes
Endnotes 1) Cost of sales per ounce of gold sold represents cost of sales for Chelopech and Ada Tepe, divided by payable gold in concentrate sold. This measure is before by-product credits. All-in sustaining cost per ounce of gold, or GEO where applicable, is a non-GAAP ratio which represents cost o
Slide 75: Corporate Head Office / Investor Relations
Corporate Head Office 150 King Street West, Suite 902 Toronto, Ontario M5H 1J9 T: 416 365-5191 Investor Relations jcameron@dpmmetals.com T: 416 219-6177 www.dpmmetals.com ARBN 689 370 894
Slide 76: South Railroad
South Railroad Jason Simpson, CEO Orla Mining Capital Markets Day 2026
Slide 77: Ready to go
SOUTH RAILROAD, NEVADA Ready to go TSX:OLA NYSE:ORLA | Gold Royalty Capital Markets Day June 2026
Slide 78: Cautionary disclaimers
F OR WA RD L O OK IN G STATE M E N TS AR E M A D E IN T HI S P RE SE N TAT IO N Cautionary disclaimers This presentation contains forward-looking statements and information within the meaning of Canadian securities law and United States securities laws, rules and legislation, including the provision
Slide 79: Cautionary disclaimers
A DD IT I ON AL NO T ES Cautionary disclaimers Reliance. This pr ese nta tion is for informationa l pu rposes on ly and must not be used or relied upon for any oth er purposes. This p resentation is n ot and do es not co nstitute a n o ffer or solicitation of a ny offer to subscr ibe for or pu rch a
Slide 80: Cautionary disclaimers
A DD IT I ON AL NO T ES Cautionary disclaimers CAUTIO NARY NO TE TO U.S. READERS This do cumen t and shall not constitu te an offer to sell or a solicitatio n o f an offe r to buy any securities in the Un ited Sta tes or in any oth er jurisdiction, and no secu ritie s may be offered or sold withou t
Slide 81: Equinox Gold & Orla Mining: North America's New Senior Gold Producer
Equinox Gold & Orla Mining North America’s New Senior Gold Producer 1.1 Moz +1.9 Moz VALENTINE Path to Achieve 2026 COMBINED GOLD PRODUCTION1 >800 Koz4 POTENTIAL ANNUAL GOLD PRODUCTION MUSSELWHITE ORGANIC GROWTH GREENSTONE IN NORTH AMERICA 6 4 4 SOUTH CARLIN COMPLEX CASTLE MOUNTAIN MESQUITE OPERATIN
Slide 82: Substantial Excess Free Cash Flow to Fund Shareholder Returns
Substantial Excess Free Cash Flow to Fund Shareholder Returns Growing annual production to more than 1.9 million ounces while generating excess cash flow Production Growth Organic Growth Pipeline Capex Requirements >1.9 Moz vs. FCF Generation >800 koz1 $9.9 B Valentine Phase 2 South Railroad Castle
Slide 83: Clear Near-Term, Low-Risk Path to +1.9 Moz of Production
Clear Near-Term, Low-Risk Path to +1.9 Moz of Production More than 800 koz of organic growth potential in North America VALENTINE1 Newfoundland, Canada • Phase 2 construction anticipated to begin in Q3 2026 to double throughput to ~5.0 Mtpa ~48 koz 2.7 Moz Reserves • Phase 2 ramp-up targeted for H2
Slide 84: South Railroad
South Railroad R E A D Y TO G O : L E S S T H A N 2 4 M O N T H S T O F I R S T P O U R Solid execution Line of sight Upside opportunities plan to construction for additional growth
Slide 85: South Railroad
South Railroad SOUTH CARLIN COMPLEX 10 yrs 130 koz $1,485 /oz Tangible growth MINE LIFE ANNUAL PRODUCTION YR 1-5 AVG AISC YR 1-51 via exploration 1. AISC is a non-GAAP measure. See Notes in Appendices regarding non-GAAP measures.
Slide 86: Turning opportunity into reality
S OU T H CA RL I N CO M P LE X - O PP OR TU NI T IE S Turning opportunity into reality Mineralization Nearby oxide Outside Pits discoveries PINION & DARK STAR SPIKE & FIREBOX TARGETS District-wide exploration potential 2nd LARGEST LAND PACKAGE ON THE CARLIN TREND 10
Slide 87: Robust project fundamentals
FE A SI BI L ITY S U MM A RY Robust project fundamentals
Slide 88: Feasibility study highlights
F E AS IB I LI T Y SU M M A RY Feasibility study highlights 2,459 koz Au M&I 104,000 1,012 koz 10 Years oz/yr Q4 2027 Au Inferred 1,072 koz (Active Mining Period) (LOM Avg.) Contingent on permitting RESOURCES1 TOTAL AU RECOVERED MINE LIFE PRODUCTION FIRST PRODUCTION $1,207 $1,505 /oz Au /oz Au $783
Slide 89: Robust economics
F E AS IB I LI T Y SU M M A RY Robust economics Broker consensus forecasts & forward curve (US$/oz) Gold Price - Dec. 2025 Consensus Gold Price - Dec. 2024 Consensus Forward Price (Dec. 2025) $1.7B 95% $4,500 $4,970 $5,000 $4,753 $4,603 $4,271 $4,397 $4,500 $3,912 NPV5% IRR GOLD PRICE $4,000 $3,651
Slide 90: Strong production profile
F E AS IB I LI T Y SU M M A RY Strong production profile 200 130,000 oz / yr 1,250 Cumulative Production (Au koz) Annual Production (Au koz) 180 (First 5-Year Avg.) 160 1,000 140 120 750 100 80 500 60 40 250 20 0 0 Prod Y01 Y02 Y03 Y04 Y05 Y06 Y07 Y08 Y09 Y10 Y11 Y12 Y13 Gold Production (k oz) First
Slide 91: Execution phase
P R OJ EC T U PD ATE Execution phase
Slide 92: Pathway to production
T IM EL I NE Pathway to production Commissioning Operations (H2 2027) (2028) Supplemental Acquisition of Environmental CONSTRUCTION Gold Standard Ventures Reports (2026-2027) August 2022 2024 DETAILED ENGINEERING & PROCURMENT PLAN OF OPERATIONS PERMITTING EIS development and consultation Submitted a
Slide 93: Responsible project development
E NV IR ON M E NTA L & SO CI AL Responsible project development Clear permitting pathway Environmental risks addressed in design Fast-41 Covered Other permits in process Including enhanced water management systems, lined heap NEPA Status State level air permits secured and other permits, including l
Slide 94: From study to delivery
A DVAN CI NG I NT O E XE CU T IO N From study to delivery THE PROJECT IS NOW POSITIONED TO TRANSITION INTO EXECUTION, WITH KEY FOUNDATIONAL WORK ALIGNED AND READY TO SUPPORT DELIVERY. Advance Engineering Finalize Project Team Critical-Path Maintain and Execution Ramp-up Activities Construction Procu
Slide 95: Upside & growth to come
S OU TH C AR L I N C OM P L EX Upside & growth to come
Slide 96: Significant resource growth opportunities
S OU T H CA RL I N CO M P LE X Significant resource growth opportunities Second largest contiguous land package on the Carlin Trend – 25,000 hectares Target rich environment • 30-km strike length Multiple zones and styles of mineralization 2025 Highlights: 18,184 m drilled Projected Open Pits Remain
Slide 97: 2026 exploration outlook
S OU T H CA RL I N CO M P LE X – P RO SP E CT I VE L A ND PAC K AG E 2026 exploration outlook 2026 Exploration Program 18,000 m drilling planned to start in Q2 • Focus on potential pit extensions at Pinion, Dark Star and Jasperoid Wash • Support R&R growth • Assess opportunities to extend mine life
Slide 98: Advancing through focused exploration
K EY TAK E AWAYS & PATH F O RW AR D Advancing through focused exploration Pinion, Dark Star 2P Exploration Priorities for Continued Growth Reserves Pinion, Dark Star, Jasperoid Wash, North • Expand R&R at Pinion and Dark Star to extend mine Bullion M&I Resources life Pinion, Dark Star, Jasperoid Was
Slide 99: Ready to go
Ready to go L E S S T H A N 2 4 M O N T H S TO FI R S T P O U R Solid feasibility and Line of sight to Upside opportunities execution plan construction for additional growth
Slide 100: Mineral Reserves and Resources
S OU T H CA RL I N CO M P LE X Mineral Reserves and Resources Mineral Reserve Estimate Mineral Resource Estimate TONNE S GO LD SILVER GO LD SILVER TONNE S GO LD SILVER GO LD SILVER (000 ’S) (G /T) (G /T) (KOZ) (KOZ) (000 ’S) (G /T) (G /T) (KOZ) (KOZ) Proven 10,585 1.04 6.6 354 445 Measured 13,609 0.
Slide 101: Non-GAAP Measures
N OT E S Non-GAAP Measures The Company has included herein certain performance measures (“non-GAAP measures”) which are not specified, defined, or determined under generally accepted accounting principles (“GAAP”). These non-GAAP measures are common performance measures in the gold mining industry,
Slide 102: Conclusion
Conclusion David Garofalo, Chairman and CEO Capital Markets Day 2026
Slide 103: Why Invest in Gold Royalty?
Why Invest in Gold Royalty? FREE CASH FLOW • Positive free cash flow first achieved in Q2/25; poised for strong growth INFLECTION • Strengthened balance sheet; net debt free as at December 31, 20251 • Cornerstone royalties on Tier 1 assets operated by premier mining companies in low-risk jurisdictio
Slide 104: 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