Gold Royalty Corp. · AMEX:GROY
Gold Royalty — Investor Presentation (April 2025)
43 slides from Gold Royalty's investor presentation, April 2025
Slide 1: Corporate Presentation
Corporate Presentation Organically-Driven Free Cash Flow Inflection is Boosted by Strong Gold Prices April 2025 goldroyalty.com / NYSE: GROY
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? • 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 inc
Slide 4: Gold Royalty's Track Record
Gold Royalty’s Track Record Focused on Growing NAV and Cash Flow on a Per Share Basis Current: 240+ royalties Guidance 5,700- 7,000 GEO in 20251 June 3, 2024: Vares Stream Dec 21, 2023: SOQUEM Portfolio Dec 19, 2023: Borborema Royalty & Loan Aug 30, 2023: Cozamin Royalty Sep 8, 2022: NGM Portfolio M
Slide 5: Four Unique Pillars of Growth
Competitive Advantage: Four Unique Pillars of Growth 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) Royalty Financing Corporate
Slide 6: Portfolio Composition
Portfolio Composition Premier Assets in Top Jurisdictions with over 90% of our Value in Gold Jurisdiction (% Book Value) Commodity (% Book Value) 5% 8% 7% 27% 61% 92% Canada USA Bosnia Other Gold Copper Other goldroyalty.com / NYSE: GROY 6
Slide 7: Premier Assets in Top Jurisdictions
Premier Assets in Top Jurisdictions Higher Score = Lower Risk Geopolitical Risk Score - Fraser Institute’s Policy Perception Index1 90 Policy Perception Index - Weighted 80 Avg. Fraser Score (out of 100) 70 Royalty Sector Avg (Score: 64) 60 50 40 30 20 10 0 Osisko Gold Osisko Gold Royalty Royal Gold
Slide 8: GROY Offers Especially Attractive Gold Exposure Today
GROY Offers Especially Attractive Gold Exposure Today Gold Producer Costs Have Historically Tracked Closely with Gold Commodity Spot Prices, While Rising Gold Prices are All Upside to Gold Royalty $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 Will producer AISC go up in $500 2025? $0 1991 1994 1997 2000
Slide 9: Attractive Valuation
Attractive Valuation Significant Potential for Growth and Re-Rating Sector P/NAV Multiples 2.58x 2.43x 2.00x ~0.55x Consensus 1.52x median P/NAV 1.38x Compared to sector average 1.13x 0.97x ~1.3x P/NAV 0.88x 0.56x 0.60x 0.55x Vox EMX Elemental GROY Metalla Sandstorm Triple Flag Osisko Royal Gold Fra
Slide 10: 2025 Guidance and Five-Year Outlook
2025 Guidance and Five-Year Outlook We Expect Significant Growth from Assets Already in our Portfolio Attributable Gold Equivalent Ounces to GROY 23,000 - 28,000 5,700 - 7,000 5,462 2,703 2023 2024 2025 2026 2027 2028 2029 2025 outlook utilizes an assumed gold price $2,668/oz and copper price $4.24/
Slide 11: Peer Leading Growth
Peer Leading Growth Robust Near-, Medium-, and Long-Term Growth Relative to Peers Growth: 2025 guidance1 vs 2024 actual, GEOs Growth: long-term outlook* vs 2024 actual, GEOs ELE 38% 2029 GROY 367% VOXR 28% 2030 GROY 16% SSL 106% FNV 7% 2029 OR 46% OR 4% WPM 0% 2029 WPM 37% SSL (0%) 2029 TFPM (2%) TF
Slide 12: 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 $100M 100,000 Scalable business model: Recurring cash $90M 90,000 operating expenses exp
Slide 13: Key Upcoming Catalysts
Key Upcoming Catalysts • Borborema – Commercial production in 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 – Increased production rate and updated mineral resource estimate expected in
Slide 14: Gold Royalty Moving Forward
Gold Royalty Moving Forward High Quality Growth Pipeline Exploration Advanced Exploration Development Cash Flowing Trenton Canyon Whistler Tuscarora Nutmeg Mountain Odyssey Vareš White Rock War Eagle Cheechoo REN NPI REN NSR Côté Gold Ducros Sill Red Lake Project Gold Rock Midway Borborema Fenelon S
Slide 15: Key Growth Assets
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 expected to be completed during H2 2025 to achieve 800ktpa, potential to achieve 1.0Mtpa at minimal additional cost • F
Slide 16: Portfolio Update
Portfolio Update 2024 Fourth Quarter - Selected Asset Developments Odyssey1 Cozamin2 Ren3 • Development activities at Odyssey remain on- • Capstone copper released 2025 guidance for • Expected to achieve an annual production rate of schedule with ongoing ramp development and shaft Cozamin - 23,000 t
Slide 17: Exploration Upside
Exploration Upside Embedded zero-cost potential growth through meaningful exploration investments across the portfolio by operators 2021 2022 2023 2024 Average expected 0m meters drilled 100,000 m >550,000m 200,000 m Shareholders Benefit 300,000 m Shareholders receive exposure to exploration upside
Slide 18: Market Data
Market Data • Share ownership • Analyst coverage • Trading profile
Slide 19: Strong Institutional and Strategic Backing
Strong Institutional and Strategic Backing Driving Forward a Business Focused on Long-Term Fundamental Value Gold Royalty has attracted leading financiers in the resource Share Ownership1 (%) sector through its high-quality portfolio, experienced management team, and robust growth trajectory. 18% 6%
Slide 20: Institutional Coverage
Institutional Coverage Well-Covered Company, Strong Trade Liquidity Market Data(1,2) Institution Analyst Avg Daily Trading Value / Volume $1.45 M (3-month Avg.) 1.05M Shares Rene Cartier Share Price $1.44/sh Shares Outstanding 170.5 M Heiko Ihle Options, RSUS & Warrants 32.7 M Fully Diluted Shares 2
Slide 21: Why Invest in Gold Royalty?
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 inc
Slide 22: Appendix
Appendix • Management & Board • Strategic Cooperation Agreement • Royalty/Streaming Model • Key Select Asset Overviews goldroyalty.com / NYSE: GROY
Slide 23: 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 Jackie Przybylowski Samuel Mah Jerry Baughman Alastair Still Vice President, Vice President, Vice President, Director of Te
Slide 24: Board and Advisors
Board and Advisors Balance of Technical and Capital Markets Experience David Garofalo Warren Gilman Alan Hair Chairman & CEO Director Director Karri Howlett Ken Robertson Angela Johnson Director Director Director Amir Adnani Trey Wasser Tim Young Chair of Advisory Board Advisor Advisor goldroyalty.c
Slide 25: Strategic Cooperation Agreement
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
Slide 26: Royalty Model and Streaming Model
Royalty Model and Streaming Model Royalty Model Net Smelter Return (“NSR”) Royalty Net Profit Interest (“NPI”) Royalty • GROY is paid a % of site revenue when material is mined and sold from • GROY is paid a % of site profit when material is mined and sold from our coverage area our coverage area •
Slide 27: Differences Between Royalties and Streams
Differences Between Royalties and Streams 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 Effici
Slide 28: Key Select Asset Overviews
Key Select Asset Overviews goldroyalty.com / NYSE: GROY
Slide 29: Canadian Malartic
Canadian Malartic Asset and Royalty Overview Coverage Summary 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 Mi
Slide 30: Odyssey
Odyssey 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 Production Expected Production 500-600 koz per year(1)
Slide 31: Odyssey
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 R
Slide 32: Vares Silver Project
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 Ramping up - commercial production expected to be announced Production Start in Q1 2025 Life of Mine 18 years b
Slide 33: Côté Gold Project
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 Au Asset Stage Cash Flowing First 6-year Average: 495 koz per year Expected Production LOM Average: 365 koz per year Lif
Slide 34: Côté Gold Project Royalty Coverage
Côté Gold Project Royalty Coverage Over Zones 5 and 7 - Expected to be Mined Early in Côté’s Life Final Pit Plan View N 1) Source: IAMGOLD Technical Report on the Côté Gold Project, effective date June 30, 2022 goldroyalty.com / NYSE: GROY 2) Source: VRIFY - Côté Gold 360 Site Tour Deck – September
Slide 35: Côté Gold Project
Côté Gold Project Potential Significant Near-Term Cashflow Contributor Pit Phases1 Pit Phase 1 Pit Phase 2 1) Source: VRIFY - Côté Gold 360 Site Tour Deck – September 2023 goldroyalty.com / NYSE: GROY 35
Slide 36: Côté Gold Open Pit 3D Cross Section
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 goldroyalty.com / NYSE: GROY 2) Source: VRIFY - Côté Gold 360 Site Tour Deck – September 2023 36
Slide 37: 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 to reach full production in 2027 with average yearly Expected Production / Life of Mine(2) p
Slide 38: 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. 38
Slide 39: Borborema Gold Project
Borborema Gold Project Near Term Production With a Proven Operator in Brazil Royalty Overview Operator Location Rio Grande Do Norte State, Brazil 2.0% NSR Royalty & Gold-Linked Royalty Gold Royalty Interest(1) Convertible Loan Commodities Au Asset Stage(2) Cash Flowing First 3-year Average: 83 koz p
Slide 40: Investment in Aura Minerals' Borborema Gold Project
Investment in Aura Minerals’ Borborema Gold Project Transaction Structure Overview(1) To Aura Minerals Illustrative Investment GEO Profile based on Borborema Feasibility Study(2) 3,000 Potential 2% NSR Royalty Payments 2,500 $21 million for Royalty Financing 2,000 Potential Convertible 0.5% NSR Roya
Slide 41: Cozamin Copper-Silver Mine
Cozamin Copper-Silver Mine Immediate Cashflow from a High-Quality Operation Cozamin Overview Operator Location Zacatecas, Mexico 1% NSR over the Calicanto and Vicochea Gold Royalty Interest claims Commodities Cu, Ag Asset Stage | Start Date Operating Avg. Expected Production 20kt Cu,1.3 Moz Ag per y
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: Contact Info
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 goldroyalty.com / NYSE: GROY 43