Gold Royalty Corp. · AMEX:GROY
Gold Royalty — Investor Day (June 2025)
142 slides from Gold Royalty's investor day presentation, Jun 12, 2025
Slide 1: Capital Markets Day 2025
Capital Markets Day 2025 June 12, 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: Agenda
Agenda Introduction & Strategic Overview David Garofalo, Chairman & Chief Executive Officer Corporate Development John Griffith, Chief Development Officer Q&A Finance Update Andrew Gubbels, Chief Financial Officer Asset Updates Jackie Przybylowski, Vice President, Capital Markets Q&A Whistler Alasta
Slide 4: Introduction & Strategic Overview
Introduction & Strategic Overview Capital Markets Day 2025
Slide 5: 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 6: Portfolio Composition
Portfolio Composition Premier Assets in Top Jurisdictions with over 90% of our Value in Gold Jurisdiction Commodity Asset Stage (% Book Value) (% Book Value) (% Book Value) 5% 8% 7% 12% 7% 27% 53% 61% 28% 92% Canada USA Europe Other Gold Copper Other Cash Flowing Developing Advanced Exploration Earl
Slide 7: All-Time Gold Highs with Strong Fundamentals
All-Time Gold Highs with Strong Fundamentals Gold has historically shown strength when real rates are declining / negative $3,500 Spot Gold Price (US$/oz) $3,000 $2,500 US$/oz. $2,000 $1,500 $1,000 $500 $0 Real Interest Rates (%) 15 Real Interest Rates (%) 10 5 0 -5 -10 1970 1973 1976 1979 1982 1985
Slide 8: ETF Buying Spurring Gold to Record Highs
ETF Buying Spurring Gold to Record Highs Flows into Bullion-Based ETFs Have Surged goldroyalty.com / NYSE: GROY Source: World Gold Council 8
Slide 9: Central Bank Buying Spurring Gold to Record Highs
Central Bank Buying Spurring Gold to Record Highs Demand for Bullion is Helping Gold Commodity Prices to Outperform the Equities Global Central Bank Buying Has Remained Strong China’s Gold Reserves Remain at Elevated Levels 35,000 Central Bank Gold Reserves (tonnes) 30,000 25,000 20,000 15,000 2000
Slide 10: Gold Equities Continue to Trade at Depressed Multiples
Gold Equities Continue to Trade at Depressed Multiples Compared With Historical P/NAV and P/CF Multiples, Equities Across All Market Caps are Discounted P/NPV, 10% Discount Rate, @ SPOT 2-Year Forward P/CF Multiples - Gold Sector Averages, 4.0x $4,000 BMO Metal Price Assumptions 25x $4,000 3.5x $3,5
Slide 11: Is the Market Expecting Further Producer Cost Inflation?
Is the Market Expecting Further Producer Cost Inflation? Gold Producer Costs Have Historically Tracked Closely with Gold Commodity Spot Prices, While Rising Gold Prices are All Upside to Gold Royalty Will producer $3,500 AISC go up in $3,000 2025? $2,500 $2,000 $1,500 $1,000 $500 $0 1991 1994 1997 2
Slide 12: Growth Outlook
Growth Outlook Capital Markets Day 2025
Slide 13: 2025 Guidance and Five-Year Outlook
2025 Guidance and Five-Year Outlook We Expect Significant Growth Over the Next Five Years Attributable Gold Equivalent Ounces to GROY 23,000 - 28,000 Low Risk Growth: - Low execution risk: Over 80% of our growth to 2029 comes from assets which are already permitted and built, at least to a first pha
Slide 14: Peer Leading Growth
Peer Leading Growth Robust Near-, Medium-, and Long-Term Growth Relative to Peers Growth: 2025 guidance vs 2024 actual, GEO Growth: long-term outlook* vs 2024 actual, GEOs MTA 61% 2029 GROY 367% ELE 38% VOXR 28% SSL 106% 2030 GROY 16% FNV 7% OR 46% 2029 OR 4% WPM 0% WPM 37% 2029 SSL (0%) TFPM 24% 20
Slide 15: 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 $90M 90,000 operating expenses exp
Slide 16: Capital Allocation Strategy
Capital Allocation Strategy Capital Markets Day 2025
Slide 17: Capital Allocation Alternatives
Capital Allocation Alternatives Disciplined Approach to Allocating Future Capital Following a Period of Growth Gold Royalty’s Capital Allocation Priorities: Ideal when leverage has been used to fund growth and earnings can be Debt Repayment improved by repaying debt and reducing fixed charges. Gold
Slide 18: Gold Royalty's Track Record
Gold Royalty’s Track Record Focused on Growing NAV and Cash Flow on a Per Share Basis Today: 248+ royalties Guidance 5,700- Dec 21, 2023: June 3, 2024: 7,000 GEO in 20251 SOQUEM Vares Stream Dec 19, 2023: Portfolio Borborema Nov 5, 2021: Sep 8, 2022: Aug 30, 2023: Royalty & Loan Mar 1, 2022: Cozamin
Slide 19: Corporate Development
Corporate Development Capital Markets Day 2025
Slide 20: Four Unique Pillars of Growth
Competitive Advantage: Four Unique Pillars of Growth Flexible Growth Options Allow Gold Royalty to Pivot Growth Strategy to Suit the Environment – Today This Means Prioritizing Cash Flowing Assets (While Continuing to Generate Early-Stage Royalties Internally at Low Cost) Royalty Financing Corporate
Slide 21: Attractive Valuation
Attractive Valuation Significant Potential for Growth and Re-Rating Sector P/NAV Multiples 2.52x 2.33x 1.94x ~0.85x 1.66x 1.64x Consensus median P/NAV Compared to 1.28x sector average 1.11x ~1.5x P/NAV 1.00x 0.85x 0.71x 0.59x Vox Elemental EMX Metalla GROY Sandstorm Triple Flag OR Royal Gold Franco
Slide 22: Finance
Finance Capital Markets Day 2025
Slide 23: Cash Flow Inflection
Cash Flow Inflection The Making of a Self-Sufficient Cash Flow Generator Total Revenue & Operating Costs (US$M)1,2 Total LTM Revenue Revenue G&ACash LTM + Project Evaluation Operating Costs Expenses 14.0 12.0 10.0 8.0 (US$M) 6.0 4.0 2.0 -- Q123A Q223A Q323A Q423A Q124A Q224A Q324A Q424A Q125A OCF+ F
Slide 24: Future Margin Expansion
Future Margin Expansion Driven by Revenue Growth and Stable Operating Costs Total Revenue & Operating Costs (US$M) 1,2 70.0 60.0 50.0 Scalable business model: Recurring operating costs have trended between $7-8M per year 40.0 30.0 20.0 10.0 - 2024A 2025E 2026E 2027E 2028E 2029E 1) Source: Broker rev
Slide 25: Benchmarking Revenue Growth
Benchmarking Revenue Growth Gold Royalty is Expected to Deliver the Most Top-Line Growth Amongst its Junior Peers Broker Revenue Estimates (US$M) 1,2 60.0 ECOR (8%) 188% 45.0 EMX 10% 30.0 ELE (34%) VOXR 125% MTA 117% 15.0 -- 25E 26E 27E 1) 25E per mid-point of GEO guidance at consensus pricing; 26E
Slide 26: Benchmarking Cash Operating Expenses
Benchmarking Cash Operating Expenses Gold Royalty’s Operating Costs are In Line with the Junior Average and Well Below Intermediates(1,2,3) Operating Costs (US$M) 1,2 G&A + Project Evaluation Expenses 25.0 20.0 15.0 10.0 5.0 - VOXR MTA ELE Jnr. Avg. GROY ECOR EMX SAND TFPM Int. Avg. OR 1) LTM figure
Slide 27: Financing Our Growth
Financing Our Growth Deploying Capital to Build a Foundation From Which to Sustainably Grow Cozamin Borborema Vares Operator Post-Transaction # of Cash Flowing Royalties 4 5 7 % increase in run-rate Total Revenue(1,2) 19% 31% 75% + Operating Cash Flow -- ✓ ✓ + Free Cash Flow -- -- ✓ Acquisition Size
Slide 28: Capital Structure Summary
Capital Structure Summary Support from Strong Financing Partners Capital Structure Credit Facility & Convertible Debentures Share Structure – Q1 2025 # / $US Revolving Credit Facility Common Shares 170.7M • $30M revolving credit facility currently available Warrants @ avg. US$2.23 20.4M • $45M accor
Slide 29: Strong Trading Liquidity
Strong Trading Liquidity Robust Research Coverage and Market Participation1 Share Structure Days to Turn Float Ticker NYSE:GROY 938 Issued & Outstanding 170.5M Options & RSUs 32.7M Fully Diluted 203.2M Float 83% 3M average value traded $2.8M 3M average volume traded 1.8M Institution Analyst Rene Car
Slide 30: Asset Review
Asset Review • Granite Creek • REN • Borborema • Côté Gold Capital Markets Day 2025 • Vareš goldroyalty.com / NYSE: GROY
Slide 31: 2025 Guidance and Five-Year Outlook
2025 Guidance and Five-Year Outlook We Expect Significant Growth Over the Next Five Years Attributable Gold Equivalent Ounces to GROY 23,000 - 28,000 Low Risk Growth: - Low execution risk: Over 80% of our growth to 2029 comes from assets which are already permitted and built, at least to a first pha
Slide 32: Granite Creek Underground and Open Pit
Granite Creek Underground and Open Pit Recently recapitalized and under new management Royalty Overview Operator Location Nevada, USA Gold Royalty interest 10% NPI Commodities Gold (Au) Underground ramping up Asset stage Open pit in development Underground ~60koz Au(1) Avg. expected production Open
Slide 33: Granite Creek Key Upcoming Catalysts for GROY
Granite Creek Key Upcoming Catalysts for GROY • H2 2025 – Granite Creek underground at full steady state production level Near-term • Q4 2025 – Feasibility study (including updated mineral resource estimate) at Granite Creek (<1 year) underground • Q4 2025 – PFS / Feasibility study (including update
Slide 34: 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 Gold (Au) Asset stage Development Expected to reach full production in 2027 with average yearly Expected production(2) productio
Slide 35: 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. Images from Barrick. 35
Slide 36: REN Key Upcoming Catalysts for GROY
REN Key Upcoming Catalysts for GROY • Q2 2025 – Final contract negotiations advanced for the Ren ventilation shaft construction and a contract award Near-term • 2025 – Secondary drift development. The first three drill bays have been completed; remaining drill (<1 year) stations to be completed thro
Slide 37: Borborema Gold Project
Borborema Gold Project Project Delivered On Time, On Budget by 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 Gold (Au) Asset stage(2) Cash flowing First 3-y
Slide 38: 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 $21M for royalty financing 2,000 Potential convertible 0.5% NSR royalty GEO
Slide 39: Borborema Key Upcoming Catalysts for GROY
Borborema Key Upcoming Catalysts for GROY • Q2/Q3 2025 – Highway relocation permit expected Near-term • Q3 2025 – Commercial production at Borborema (<1 year) • 2025 – Expected to reach 40-48% of nominal capacity in 2025; guidance 33,000-40,000 oz gold production for the full-year 2025 Medium-term •
Slide 40: Côté Gold Project
Côté Gold Project One of Canada’s Largest Gold Mines Royalty Overview Operator(1) 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
Slide 41: 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 Resource grade: 0.3-0.7g/t 0.7-1.5 g/t > 1.5 g/t N 1) Source: IAMGOLD Technical Report on the Côté Gold Project, effective date June 30, 2022 goldroyalty.com / NYSE: GROY 2) Source:
Slide 42: Côté Key Upcoming Catalysts for GROY
Côté Key Upcoming Catalysts for GROY • Q2 2025 – Infill drilling program of 20,000m planned for the Côté zone, the northeastern extension of the Côté deposit, and the Gosselin zone • Q4 2025 – Installation of second cone crusher to provide further capacity and redundancy in the Near-term dry side of
Slide 43: Vareš Silver Mine
Vareš Silver Mine High Quality Operation with Exploration and Expansion Upside Vareš Overview Asset Overview1 Operator and 100% owned Adriatic Metals Location Bosnia & Herzegovina Ramping up - commercial production expected to be announced Production start in Q2 2025 Life of mine 18 years based on m
Slide 44: Vareš Key Upcoming Catalysts for GROY
Vareš Key Upcoming Catalysts for GROY • June 17, 2025 – Deadline for Dundee Precious Metals to announce a firm takeover of Adriatic Metals in accordance with Rule 2.6(a) of the UK Takeover Code • Q2 2025 – Commercial production expected Near-term • Q4 2025 – Paste backfill plant commissioning (<1 ye
Slide 45: Q&A
GoldRoyalty. Q&A Capital Markets Day 2025
Slide 46: Operator Updates
Operator Updates • Whistler Project – US Gold Mining • Fenelon Project – Wallbridge Mining • Borden Mine – Discovery Silver • Canadian Malartic Mine and Odyssey Project – Agnico Eagle
Slide 47: The Whistler Gold-Copper Project in Alaska
A Member of Russell 3000® USGO: NASDAQ | US.GOLDMINING.US The Whistler Gold-Copper Project in Alaska GROY Investor Day June 12, 2025 Alastair Still – Chairman of U.S. GoldMining Inc, Director of Technical Services, Gold Royalty Corp.
Slide 48: Disclaimer
Disclaimer THIS PRESENTATION IS NOT INTENDED AS, AND DOES NOT CONSTITUTE, AN OFFER TO SELL SECURITIES OF U.S. GoldMining INC. (THE “COMPANY” OR “US GoldMining”). No securities commission or other regulatory authority in Canada or any other country or jurisdiction has in any way passed on the merits
Slide 49: Rediscovering the Whistler Gold-Copper Project
A Member of Russell 3000® Rediscovering the Whistler Gold-Copper Project WHISTLER GOLD-COPPER PROJECT Red Dog Alaska Yukon Three gold-rich porphyry deposits Livengood Combined 6.5 Moz AuEq Indicated + 4.2 Moz AuEq Inferred* Fort Knox Eagle Pogo Coffee Fully permitted for exploration, drilling commen
Slide 50: Proposed Access Road
Proposed Access Road Direct Route from Whistler to Port Alaska State Initiative Port Mackenzie • State of Alaska study into the proposed West Susitna Access Road study • Dept of Transport (DOT) plan to build first 25 miles & Susitna River bridge, proposed 2025 construction start* • Alaska Infrastruc
Slide 51: Experienced Leadership Team
Experienced Leadership Team Management & Directors - Experience of Majors, with Entrepreneurial Nimbleness Board and Management Tim Smith Alastair Still Amir Adnani David Garofalo CEO Chair Co-Chair, GoldMining Co-Chair, GoldMining Professional Geoscientist CEO of GoldMining Inc and Entrepreneur and
Slide 52: U.S. GoldMining at a Glance
U.S. GoldMining at a Glance Tight Share Structure and Funded for Growth A Member of Russell 3000® Capital Markets Overview (US$M) Share Structure(1) Institutional Support – IPO Syndicate Issued & Outstanding 12.5 M Warrants 1.7 M Options 0.3 M Fully Diluted 14.5 M Market Data(2) Shareholder Structur
Slide 53: Whistler Project Mineral Resource Estimate
Whistler Project Mineral Resource Estimate Large Gold Inventory with Significant Copper Component Million Grade* Contained Metal* Classification Tonnes Gold Silver Copper AuEq Gold Silver Copper AuEq (Mt) g/t g/t % g/t Moz Moz Mlbs Moz Indicated 294.5 0.42 2.01 0.16 0.68 3.93 18.99 1,024 6.48 Inferr
Slide 54: Whistler Project
Whistler Project Resource Sensitivity Highlights Size & Grade of High-Grade Core Whistler Project MRE at $10.50/t* Grade* Contained Metal* Million Classification Tonnes Gold Silver Copper AuEq Gold Silver Copper AuEq (Mt) g/t g/t % g/t Moz Moz Mlbs Moz Indicated 294.5 0.42 2.01 0.16 0.68 3.93 18.99
Slide 55: Whistler Deposit
Whistler Deposit Robust High-Grade Core Whistler Deposit Cross Section Additional details of the mineral resource estimate are set forth in the report titled “S-K 1300 Technical Report Summary Initial Assessment for the Whistler Project, South Central Alaska” with an effective date of September 12,
Slide 56: Whistler Deposit
Whistler Deposit Robust High-Grade Core, Option for High Grade Starter Pit Metal Cumulative Ore Tonnage AuEq PIT PHASE CLASS Contained Strip Ratio (kt) (g/t) (AuEq koz) W:O PHASE 1 Indicated 22,425 1.04 750 0.08 Indicated 42,703 0.88 1,206 PHASE 2 0.29 Inferred 910 0.49 14 Indicated 106,892 0.71 2,4
Slide 57: Exploration Potential
Exploration Potential District Scale Upside Exploration strategy to optimize growth potential & quality of existing resources Focus on flagship Whistler Deposit & the Whistler Orbit 1. Wingspan Exploration - Extensions of existing deposits o Current resources open to depth and along strike 2. Improv
Slide 58: Whistler – Raintree Mineral System
Whistler – Raintree Mineral System Porphyry Cluster – Multiple Targets Whistler Orbit Au-Cu Porphyry System 2 Proven Porphyry Deposits & Multiple Targets Island Mountain Au-Cu Porphyry System 3D Magnetic inversion modelling to highlight potential diorite porphyry intrusions 58 See the Company’s news
Slide 59: Sustainability
Sustainability Building Social License to Operate – Continuous and Active Engagement U.S. GoldMining Inc is committed to meaningful and long-term benefits for all stakeholders Inaugural Sustainability Factsheet: ww.usgoldmining.us/esg/overview/ 2022-24 Environmental Baseline Work: • Heritage and Arc
Slide 60: U.S. GoldMining Inc. Milestones
U.S. GoldMining Inc. Milestones Achievements to date • 1.2 Moz AuEq added to MRE in 2024 • + 117% increase to Indicated resources • Geologic controls on grade established and high-grade core extended by drilling in Whistler Deposit • New high-grade mineralization discovered at Raintree target Resour
Slide 61: Questions?
Questions? • Please email info@usgoldmining.us
Slide 62: Appendix
Appendix • Whistler Project 2024 Mineral Resource Estimate
Slide 63: Whistler Project Mineral Resource Estimate
Whistler Project Mineral Resource Estimate Notes: 4. The lower portion of the Raintree West deposit has been constrained by a mineable shape with “reasonable prospects 1. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty of eventual eco
Slide 64: Growing Gold Resources in Quebec's Abitibi
GROWING GOLD RESOURCES IN QUEBEC’S ABITIBI Corporate Presentation & Fenelon Gold Project 2025 PEA Results June 12, 2025 TSX: WM | OTCQB: WLBMF TSX: WM OTCQB: WLBMF wallbridgemining.com
Slide 65: Cautionary Note Regarding Forward-Looking Information
Cautionary Note Regarding Forward-Looking Information This presentation contains forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections, and interpretations as at the date
Slide 66: QP Statement
QP - Statement All scientific and technical data related to the 2025 PEA contained in this document has been reviewed and approved by Mr. Marc R. Beauvais, P.Eng, of InnovExplo, who was responsible for compiling the PEA technical report. By virtue of his education, membership in a recognized profess
Slide 67: The Abitibi Greenstone Belt
THE ABITIBI GREENSTONE BELT Comparing Northern and Southern Abitibi Abitibi Martiniere Gold Project Gold Deposits Towns 346 Koz Indicated Fenelon Gold Project Interpreted Structures 387 Koz Inferred 1.75 Moz Indicated Northern and Claim Outlines Detour Lake Mine 1.65 Moz Inferred Chibougamau Souther
Slide 68: District Scale – Detour-Fenelon Gold Trend
DISTRICT SCALE – DETOUR-FENELON GOLD TREND Multi-Million Ounce Gold Resources AEM: 2024 Production 671,950 oz gold MULTI-MILLION OUNCE DEPOSIT MARTINIERE GOLD Wallbridge 2025 Mineral Resource Estimate GROWTH POTENTIAL 346 Koz Indicated 387 Koz Inferred FENELON GOLD 2 SIGNIFICANT GOLD DEPOSITS Wallbr
Slide 69: Supportive Shareholders
SUPPORTIVE SHAREHOLDERS SHARE STRUCTURE – AS OF MAY 31, 2025 SHAREHOLDER DISTRIBUTION 52-Week Trading Range $0.045—$0.10 0.7 9.9% Agnico Eagle 15.0% Shares Outstanding – Basic 1,099.8M Eric Sprott William Day 69.1% Construction Shares Outstanding - Fully-diluted** 1,151.5M 5.3% Retail & Other Manage
Slide 70: Our Team
OUR TEAM Board BRIAN PENNY JANET WILKINSON BRIAN CHRISTIE DANIELLE GIOVENAZZO MICHAEL PESNER JEFFERY SNOW CEO Director, Chairperson Director Director Director Director Management BRIAN PENNY MARY MONTGOMERY MARK PETERSEN TANIA BARRETO CAROL DUFFIELD SEAN STOKES CEO CFO Geological Consultant Director
Slide 71: Environmental, Social, and Governance (ESG)
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) Continual Improvement Social Economic Health, Safety, Cultural Heritage Environment Governance Responsibility Contributions & Wellbeing & Diversity ▪ Local sourcing from ▪ Local sourcing from ▪ Local sourcing from ▪ Prioritizing EHS ▪ Developed cultural Gu
Slide 72: Major Milestones
MAJOR MILESTONES From Discovery to PEA N2022 – Nickel Divestment 2025 - PEA (Fenelon) ▪ Returned capital to ▪ 3,000 tpd Q1 2019 – Major Discovery shareholders ▪ After Tax NPV of $706 ▪ Maintained 19.9% million (5%) Area 51 ownership in ▪ 107,000 Au oz annually &Tabasco/Cayenne Archer (now ▪ 127,
Slide 73: Fenelon Gold Project PEA Results
FENELON GOLD PROJECT Preliminary Economic Assessment Results March 27, 2025 TSX: WM | OTCQB: WLBMF TSX: WM OTCQB: WLBMF wallbridgemining.com
Slide 74: PEA Highlights – 16 Year Life of Mine
PEA HIGHLIGHTS – 16 YEAR LIFE OF MINE All results reported in Canadian dollars unless otherwise indicated, assumed gold price of US$2,200/oz gold price. ANNUAL ANNUAL FREE PRODUCTION CASH FLOW INITIAL CAPITAL SUSTAINING CAPITAL3 107,000 $120 $579 $449 Ounces Million Million Million AFTER-TAX AFTER-
Slide 75: 2025 Mineral Resource Statement
2025 MINERAL RESOURCE STATEMENT Detour-Fenelon Gold Trend Property INDICATED INFERRED Tonnes Gold Grade Gold Ounces Tonnes Gold Grade Gold Ounces DEPOSIT (000’s) (Au g/t) (000’s) (000’s) (Au g/t) (000’s) FENELON OP @ > 0.45 g/t Au 3,121 2.50 251 2,313 2.53 188 UG @ > 1.45 g/t Au 11,966 3.91 1,503 12
Slide 76: Fenelon PEA Approach
FENELON PEA APPROACH First principles approach, realistic costs First Principles: new project starting with a clean slate Stope Optimization: Iterative process to develop a large UG operation according to MRE, rock mechanics and projected stope productivity Trade-Off Studies: material handling, tai
Slide 77: Fenelon PEA - Project Phases
FENELON PEA - PROJECT PHASES 2 years pre-production, 16 years production PHASE YEARS ACTIVITIES Infrastructure construction: ▪ Power line, camp expansion ▪ Mine site, mill plant, paste plant, tailing management site Pre-Production Pre-Production Year 1-2 ▪ Water treatment UG Development: ▪ Dewaterin
Slide 78: Fenelon PEA Surface Infrastructure – Powerline
FENELON PEA Surface infrastructure - Powerline Operations Mine Camp Site Site Camp Site Access Road TSX: WM | OTCQB: WLBMF 78
Slide 79: Fenelon PEA Surface Infrastructure – Mine Site and Camp
FENELON PEA Surface infrastructure – Mine site and Camp TSX: WM | OTCQB: WLBMF 79
Slide 80: Fenelon PEA Metallurgy & Processing
FENELON PEA Metallurgy & processing, a simple flowsheet METALLURGY Metallurgical Testing: ▪ Testing representative Tabasco- Cayenne & Area 51 material Gravity Gold Recoveries: ▪ up to 66.5% for Tabasco/Cayenne ▪ up to 84.1% for Area 51 Cyanidation and flotation testing Overall Gold Recovery: 96% PRO
Slide 81: Fenelon PEA Capital Allocation
FENELON PEA Capital allocation INITIAL CAPITAL EXPENDITURES SUSTAINING CAPITAL EXPENDITURES Cost Element Initial Capital ($M)1,2 Cost Element Sustaining Capital ($M)1,2 Mill 217 Mining Equipment 145 Paste Plant 43 Development 161 Tailings and Water Treatment 22 Tailings & Water Treatment 64 Capitali
Slide 82: Fenelon PEA Production Profile
FENELON PEA Average production of 107,000 oz annually (127,000 in first 5 years) Production Profile 150 4.50 Annual Ounces produced Grade 4.14 4.00 3.93 125 3.54 3.59 3.48 3.50 3.36 3.32 3.36 3.39 3.31 100 3.06 3.04 3.00 Annual production, Koz 2.98 2.91 2.67 2.59 2.50 Grade 75 141 139 134 2.00 121 1
Slide 83: Fenelon PEA Free Cash Flow
FENELON PEA Strong free cash flow generation over 16-year mine life Average annual after-tax cash flow of $120 million Base case of US$2,200/oz gold price Annual After Tax Cashflow ($Million) 206 143 148 149 128 129 130 115 119 118 107 104 101 90 63 66 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 -1
Slide 84: PEA Sensitivity Analysis
PEA SENSITIVITY ANALYSIS Double digit IRR across gold price scenarios Gold Price FX NPV ($M) IRR Payback (Years) Post-Tax NPV 5% Sensitivity 1800 (-18%) 1.35 353 13% 5.7 $1,400 1900 (-14%) 1.35 443 15% 5.0 $1,200 2000 (-9%) 1.35 532 17% 4.6 $1,000 2100 (-5%) 1.35 619 19% 4.3 $800 2200 1.35 706 21% 4
Slide 85: PEA Project Parameters
PEA PROJECT PARAMETERS 2025 PEA compared to 2023 PEA SUMMARY OF PROJECT ECONOMICS 2023 2025 SUMMARY OF PROJECT ECONOMICS 2023 2025 Long term gold price (US$) 1750 2200 Total Capital Expenditures Exchange rate (CAD$:US$) 1.30 : 1.00 1.35 : 1.00 Initial capital 1 (CAD$M) 645 579 Mining Parameters Sust
Slide 86: Fenelon PEA Study Team
FENELON PEA-STUDY TEAM An assembly of expertise CONSULTING FIRMS AREA OF RESPONSIBILITY TEAM LEAD MB Consulting ▪ Mineral Resources Estimate ▪ Mauro Bassotti, P. Geo ▪ Mine design and scheduling, mine capital, and operating costs; G&A cost estimates and financial analysis InnovExplo Inc. / Norda Ste
Slide 87: A Platform to Grow
A Hub to Unlock District-Scale Opportunity Potential for future synergies with nearby Martiniere project, new discoveries on Wallbridge's extensive Detour-Fenelon land package. Delivering Value to Shareholders FENELON PEA After-tax NPV5% of $706 million and substantial free cash flow generation over
Slide 88: Martiniere Gold Project
MARTINIERE GOLD PROJECT 2025 EXPLORATION FOCUS 15,000 m step-out exploration drilling • Strike and down-plunge extensions to Dragonfly, Horsefly and Martiniere North • New target area reported June 2, “Martiniere Northeast” • Focused on defining broader geologic extensions to Martiniere gold system
Slide 89: Fenelon: A Platform to Grow
Fenelon: A Platform to Grow Positive PEA Published March 2025, 16 Year Mine Life WALLBRIDGE Growing Gold Resources - Fenelon 2025 PEA: After-tax NPV5% of $706 Million at US$2,200 gold - Martiniere – Mineralized footprint continues to expand, positive results A Platform for reported June 2025 Growth
Slide 90: Thank You
TSX: WM OTCQX: WLBMF THANK YOU Brian Penny, CEO @WallbridgeMining E: bpenny@wallbridgemining.com @WallbridgeWM Tania Barreto, Director, Investor Relations E: tbarreto@wallbridgemining.com wallbridgemining.com 90
Slide 91: Appendix
APPENDIX Solid team in place for future growth along the Detour-Fenelon Gold Trend TSX: WM | OTCQB: WLBMF TSX: WM OTCQB: WLBMF wallbridgemining.com
Slide 92: 2025 Mineral Resource Statement
2025 MINERAL RESOURCE STATEMENT Detour-Fenelon Gold Trend Property INDICATED INFERRED DEPOSIT Tonnes Gold Grade Gold Ounces Tonnes Gold Grade Gold Ounces (000’s) (Au g/t) (000’s) (000’s) (Au g/t) (000’s) FENELON OP @ > 0.45 g/t Au 3,121 2.50 251 2,313 2.53 188 UG @ > 1.45 g/t Au 11,966 3.91 1,503 12
Slide 93: 2025 Mineral Resource Statement – Fenelon by zone
2025 MINERAL RESOURCE STATEMENT Detour-Fenelon Gold Trend Property (Fenelon deposit by zone) INDICATED INFERRED DEPOSIT Tonnes Gold Grade Gold Ounces Tonnes Gold Grade Gold Ounces (000’s) (Au g/t) (000’s) (000’s) (Au g/t) (000’s) Open Pit @ > 0.45 g/t Au Area 51 & Contact Zone 2,946 2.40 227 2,313 2
Slide 94: 2025 Mineral Resource Statement – Martiniere by zone
2025 MINERAL RESOURCE STATEMENT Detour-Fenelon Gold Trend Property (Martiniere deposit by zone) INDICATED INFERRED DEPOSIT Tonnes Gold Grade Gold Ounces Tonnes Gold Grade Gold Ounces (000’s) (Au g/t) (000’s) (000’s) (Au g/t) (000’s) Open Pit @ > 0.49 g/t Au Bug Lake Zones 3,482 1.79 201 1,006 1.78 5
Slide 95: 2025 Mineral Resource Notes
2025 MINERAL RESOURCE NOTES Notes to accompany the Detour-Fenelon Gold Trend Property 2025 Mineral Resource Statement and Mineral Resource Estimates for the Fenelon and Martiniere deposits: 1. The effective date of the 2025 MREs is March 20, 2025. 2. The 2025 MREs follow CIM Definition Standards (20
Slide 96: A Growing North-American Precious Metals Company
TSX:DSV | OTCQX: DSVSF Gold Royalty Presentation | 12 June 2025 BORDEN A Growing North-American Precious Metals Company
Slide 97: Forward Looking Statement
Forward Looking Statement This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All information, other than statements of historical facts, included in this presentation that address activities, events or developments that Discover
Slide 98: Additional Cautionary Language
Additional Cautionary Language Third Party Information: This presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independen
Slide 99: Porcupine – Quality Assets in a World Class Mining Camp
Porcupine – Quality Assets in a World Class Mining Camp Overview Path to Growth, Low Costs, Longer Mine Life Grow mining rates, lower costs, assess new sources of production Return mill throughput rates to capacity levels DRILL – Multiple near-mine and regional targets Dome: Large resource base supp
Slide 100: Porcupine – Quality Complex in a Tier 1 Gold Camp
Porcupine – Quality Complex in a Tier 1 Gold Camp Close to 70 Moz produced1 with large resource base and substantial exploration upside A Hoyle Pond: One of Canada’s highest-grade gold mines Porcupine Complex Locations • 4 Moz @ ~11 g/t since 1987 – Excellent track record of replacing reserves • 10-
Slide 101: Technical Report – Targeting higher production, lower costs
Technical Report – Targeting higher production, lower costs, mine life extensions Base Case Technical Report includes over 285 koz/year for the next 10 years, 22-year total mine life Annual Gold Production (koz Au)1,2 338 334 320 335 300 277 259 270 99 63 108 125 23 222 103 218 204 104 104 69 169 16
Slide 102: Borden
Borden1 Underground mine in highly prospective area with camp potential Resources Tonnes Grade Ounces (kt) (Au g/t) (koz Au) Measured 1,471 6.17 292 Indicated 2,274 6.15 449 Total M&I 3,745 6.16 741 Inferred 1,372 5.22 230 Technical Report 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E Materi
Slide 103: Borden Mine Property – 1,000 Km2
Borden Mine Property – 1,000 Km2 10 3
Slide 104: Borden Mine – Underground Infrastructure
Borden Mine – Underground Infrastructure 10 4
Slide 105: Borden Mine – Mining Zones
Borden Mine – Mining Zones Portal 10 105 5
Slide 106: Borden Mine – Deep Zone
Borden Mine – Deep Zone PORTAL 10 6
Slide 107: Borden Mine – Planned Drilling
Borden Mine – Planned Drilling 10 7
Slide 108: Porcupine – Quality Assets in a World Class Mining Camp
Porcupine – Quality Assets in a World Class Mining Camp Overview Path to Growth, Low Costs, Longer Mine Life Grow mining rates, lower costs, assess new sources of production Return mill throughput rates to capacity levels DRILL – Multiple near-mine and regional targets Dome: Large resource base supp
Slide 109: Gold Royalty – Investor Day
Gold Royalty – Investor Day June 12, 2025
Slide 110: Notes to Readers
Notes to Readers Forward-Looking Statements The information in this presentation has been prepared as at June 9, 2025. Certain statements contained in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 an
Slide 111: Agnico Eagle – A High-Quality Senior Gold Producer
Agnico Eagle – A High-Quality Senior Gold Producer Low-Risk Gold Producer 2025 Production and Cost Guidance1 (koz) Located in Premier Jurisdictions with Proven Geological Potential Quebec 1,030 Ontario Mexico 1,030 80 3,400 Finland 230 Australia 150 Nunavut 880 Total Cash Costs2 $915 - $965/oz AISC2
Slide 112: Focused on Five Key Organic Projects
Focused on Five Key Organic Projects Detour Lake Canadian Malartic Upper Beaver Hope Bay San Nicolás (Ontario) (Quebec) (Ontario) (Nunavut) (Mexico, 50%) Pathway to 1Moz Annual Vision to 1Moz Annual Unlocking Potential in the Potential 400koz Annual Joint Venture with Teck Producer Producer Kirkland
Slide 113: Canadian Malartic Odyssey Mine
Canadian Malartic Odyssey Mine
Slide 114: Malartic Mining Camp History
Malartic Mining Camp History 1923 2004 2011 September 2018 2021 March 2023 March 2025 First discovery Acquisition Commercial East Gouldie Odyssey Mine 100% ownership Consolidation of land by the Gouldie by Osisko production discovered construction package with O3 brothers Mining acquisition 1935 - 1
Slide 115: Transition to Canada's Largest Underground Gold Mine
Transition to Canada’s Largest Underground Gold Mine Technical update completed in June 2023* • Extended mine life to 2042 • Maintained gold production at ~550koz with total cash costs per ounce (by-product) of ~$775 • Estimated strong project returns of ~24% at gold price assumption of $1,650 per
Slide 116: Odyssey Mine Production Plan (2025-2042)
Odyssey Mine Production Plan (2025-2042) ODYSSEY SOUTH 2023 to 2027 3 500 TPD 2.10 g/t EAST MALARTIC (0-900) 2030 to 2041 3 150 TPD 2.14 g/t ODYSSEY NORTH 2028 to 2038 3 150 TPD EAST MALARTIC (1130-1690) 2.18 g/t 2037 to 2042 3 300 TPD 2.40 g/t EAST GOULDIE 2027 to 2042 12 600 TPD 3.06 g/t Mine prod
Slide 117: Construction Progressing Well and On Schedule
Construction Progressing Well and On Schedule Development • Main ramp reached bottom of 1st mining horizon at East Gouldie • Shaft reached a depth of 1,113m as at March 1, 2025 Equipment Automation • Tele-operated scoop continue to support good development performances • Mechanised drilling flee
Slide 118: Exploration
Exploration N AGNICO EAGLE
Slide 119: Evolution of Odyssey Gold Mineral Resources and Reserves
Evolution of Odyssey Gold Mineral Resources and Mineral Reserves Exploration Focus Conversion Focus Exploration Focus 0.2 5.6 Ounces of Gold 0.9 2.4 5.5 6.2 3.2 0.8 0.2 1.1 0.4 13.6 13.2 4.8 0.02 0.9 9.6 9.2 9.3 9.7 6.9 4.1 4.4 4.0 Dec 2017 Dec 2018 Dec 2019 Dec 2020 2020 Study Dec 2021 Dec 2022 202
Slide 120: Odyssey – Potential to Expand a World-Class Asset
Odyssey – Potential to Expand a World-Class Asset Highlight Intercepts: East Gouldie deposit – Conversion drilling of upper eastern extension and East Gouldie – 3.7 g/t gold over 28.3m at 766m depth expansion drilling of lower eastern extension yielded positive results East Gouldie – 5.3 g/t gol
Slide 121: A Prolific Mining Region With Further Upside Potential
A Prolific Mining Region With Further Upside Potential Vision to 1Moz annual gold production at Marban Canadian Malartic Barnat Canadian • 2nd shaft – Internal technical Malartic Pit East Gouldie evaluation ongoing • Marban – Acquisition of O3 Mining completed in Q1 2025; potential to become satel
Slide 122: Appendix
Appendix
Slide 123: 2024 Mineral Reserves and Mineral Resources
2024 Mineral Reserves and Mineral Resources* Mineral Reserves as at December 31, 2024 Operation / Project Proven Probable Proven & Probable Metallurgical Metallurgical Metallurgical Gold Mining Method AEM Share 000 Tonnes g/t 000 Oz Au Recovery (%) 000 Tonnes g/t 000 Oz Au Recovery (%) 000 Tonnes g/
Slide 124: Notes to Readers Regarding the Use of Mineral Resources
Notes to Readers Regarding the Use of Mineral Resources The mineral reserve and mineral resource estimates contained in this presentation have been prepared in accordance with the Canadian securities administrators' (the "CSA") National Instrument 43-101 – Standards of Disclosure for Mineral Project
Slide 125: Notes to Readers Regarding the Use of Mineral Resources (continued)
Notes to Readers Regarding the Use of Mineral Resources (continued) NI 43-101 requires mining companies to disclose mineral reserves and mineral resources using the subcategories of "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" an
Slide 126: Notes to Readers Regarding Certain Measures of Performance
Notes to Readers Regarding Certain Measures of Performance This presentation discloses certain financial performance measures and ratios, including "total cash costs per ounce“ that are not standardized measures under IFRS. These measures may not be comparable to similar measures reported by other g
Slide 127: agnicoeagle.com
Trading Symbol: AEM on TSX & NYSE Investor Relations: 416-947-1212 info@agnicoeagle.com agnicoeagle.com
Slide 128: Q&A Capital Markets Day 2025
Q&A Capital Markets Day 2025 goldroyalty.com / NYSE: GROY
Slide 129: 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 130: 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 130
Slide 131: Appendix
Appendix goldroyalty.com / NYSE: GROY
Slide 132: 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 133: 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 134: 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 135: 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 136: 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 137: Odyssey: Cornerstone Royalty on One of Canada's Largest Gold Mines
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 Gold (Au) Asset Stage Production Expected Production 500-600 koz per
Slide 138: 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 139: 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 139
Slide 140: Côté Gold Project 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 140
Slide 141: 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 Copper (Cu), Silver (Ag) Asset Stage | Start Date Operating Avg. Expected Production 20kt c
Slide 142: 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