Gold Royalty Corp. · AMEX:GROY
Gold Royalty — Q3 2026 Earnings Presentation
16 slides from Gold Royalty's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Results
Third Quarter 2026 Results November 5, 2026 1
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: Today’s Speakers
Today’s Speakers David Garofalo Andrew Gubbels John Griffith Jackie Przybylowski Vice President, Capital Markets & Chairman and CEO Chief Financial Officer President Sustainability goldroyalty.com / NYSE: GROY 3
Slide 4: A Supportive Environment for Gold and Royalty Companies
A Supportive Environment for Gold and Royalty Companies Gold exposure without direct mine-site operating cost exposure Macroeconomic Environment • Government spending, deficits and debt remain supportive of gold as a store of value • Money supply growth, inflation concerns and investor and central-b
Slide 5: Third Quarter and 2026 Highlights
Third Quarter and 2026 Highlights Record Quarterly Results And Continued Significant Top-Line Growth $11.5M 2,689 6,366 7,500–9,300 TOTAL REVENUE, LAND GEOs* YTD GEOs* 2026 GEO* GUIDANCE AGREEMENT PROCEEDS AND INTEREST* * Non-IFRS measure. See slide 2. goldroyalty.com / NYSE: GROY 5
Slide 6: Record Quarterly Results
Record Quarterly Results $10.2M $11.5M $8.9M $3.9M TOTAL REVENUE, LAND AGREEMENT REVENUE ADJUSTED EBITDA* NET INCOME PROCEEDS AND INTEREST* +147% YoY | +52% QoQ +151% YoY | +45% QoQ +255% YoY | +60% QoQ $0.02 per share $11.5M Total Revenue, Land Agreement Proceeds and Interest* Adjusted EBITDA* $9.4
Slide 7: Consistently growing cash operating margins…
Consistently growing cash operating margins… LTM Total Revenue, Land Agreement Proceeds and Interest and G&A LTM Revenue LTM G&A 34.0 27.2 23.6 17.8 16.4 14.4 12.8 12.2 10.3 7.6 8.2 7.8 7.9 7.7 7.3 7.6 7.8 8.0 Q324A Q424A Q125A Q225A Q325A Q425A Q126A Q226A Q326A 1) Total Revenue, Land Agreement Pro
Slide 8: …that now tops its peer group
…that now tops its peer group Last Reported Quarter Annualized Last Reported Quarter Annualized Cash Cash Operating Costs (US$M) Operating Margin (%) 19.6 79% 79% 78% 73% 66% 67% 12.6 9.1 7.5 5.5 5.7 VOXR MTA GROY VMET ECOR ELE ECOR VMET MTA VOXR ELE GROY 1) Cash Operating Margin is calculated based
Slide 9: Strong Financial Position
Strong Financial Position Debt and Cash (US$M) Gold Royalty is in a Q325 Q326 considerably stronger financial position than twelve months 21 ago... 5 0 …with flexibility to continue executing its long-term strategy (64) Debt Cash goldroyalty.com / NYSE: GROY 9
Slide 10: Continued Accretive Growth Through Recent Transactions
Continued Accretive Growth Through 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 BlackRock • Third party – acquired from Dundee World Mining Trust plc Corporation • Announ
Slide 11: Royalty Generator Model
Royalty Generator Model 60 royalties generated since the 2021 acquisition of Ely Gold Royalties 4 royalties generated in the three and nine months ended September 30, 2026 $1.1 million in land agreement proceeds generated in Q3 2026; $1.9 million in the nine months ended September 30, 2026 $0.1 mill
Slide 12: 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 13: 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 name
Slide 14: 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 15: Q&A
Q&A GoldRoyalty///
Slide 16: 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 Silver Q1 2026 MD&A, published May 14, 2026 4. IAMGOLD Q2/2026 MD&A published August 6, 2026 5. IAMGOLD press release Ja