Gold Royalty Corp. · AMEX:GROY
Gold Royalty — Investor Presentation (November 2022)
37 slides from Gold Royalty's investor presentation, November 2022
Slide 1: Corporate Presentation Q4 2022
Corporate Presentation Q4 2022 goldroyalty.com / NYSE: GROY 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Information Technical Information The information contained herein includes “forward-looking statements” within the meaning of the United States Alastair Still, P.Geo., the Director of Technical Services at Gold Royalty Corp., a qualified person as such term is Private Sec
Slide 3: Growing a Precious Metals Focused Royalty Company
Growing a Precious Metals Focused Royalty Company Investment Highlights ✓ Royalty and streaming provides an attractive business model to gain exposure to gold Industry leading revenue growth over next three years of ~60% compound annual growth rate ✓ (“CAGR”) supporting a growing cash flow profile a
Slide 4: Gold Royalty Companies Protect Investors from Inflation
Gold Royalty Companies Protect Investors from Inflation Royalty companies are insulated from cost inflation Rising inflation causes real rates to decline, driving up the price of gold and proceeds from royalties Gold has historically shown strength when real rates are in negative territory. Gold Roy
Slide 5: This enables royalty companies to have high margins and outperform
This enables royalty companies to have high margins and outperform both gold and gold mining companies. goldroyalty.com / NYSE: GROY 5
Slide 6: Historical Outperformance
Historical Outperformance Basket of the three largest gold royalty companies By having lower costs, royalty companies can achieve high margins, strong cash flows, and significant scale. A basket of royalty companies outperformed gold by 5x over the past decade. Basket of the three largest gold minin
Slide 7: Gold Royalty has Significant Room to Grow in the Royalty Sector
Gold Royalty has Significant Room to Grow in the Royalty Sector 35B Market Cap (US$) Gold Royalty Market Cap. 30B $368M 25B Franco-Nevada Corporation 20B 60% CAGR forecasted Wheaton Precious over the next 15B Osisko Gold Metals Corp. three years* Sandstorm *Based on analyst Royalties Ltd. Gold Ltd.
Slide 8: Relative Trading Liquidity
Relative Trading Liquidity Gold Royalty is One of the Most Liquid Stocks in the Streaming & Royalty Sector Days to Turn Market Cap Least Liquid Most Liquid 2,319 1,967 1,867 1,055 807 754 297 268 252 183 176 135 119 103 92 Source: Bloomberg Financial Markets. goldroyalty.com / NYSE: GROY Note: Prici
Slide 9: Gold Royalty Consolidating the Sector
Gold Royalty Consolidating the Sector Building a Top Tier Royalty Portfolio Over 180 Royalties Acquired in the past 18 months March 2021: Gold Royalty IPOs on NYSE American raising US$90 million August 2021: Ely Gold Royalties Acquired November 2021: Abitibi Royalties Acquired November 2021: Golden
Slide 10: Gold Royalty Moving Forward
Gold Royalty Moving Forward Robust Sources of Growth Coming Into Production Exploration Advanced Exploration Development Production Trenton Canyon Swanson Fenelon Côté Gold Canadian Malartic White Rock Gold Bar Midway Odyssey Jerritt Canyon x 2 Tuscarora War Eagle Callahan Whistler REN Borden Ducros
Slide 11: Robust Revenue Forecast with a ~60% CAGR (2022 - 2025)
Gold Royalty Moving Forward Robust Revenue Forecast with a ~60% CAGR (2022 - 2025) Gold Royalty Revenue Profile and Growth Expected (US$ mm) (1) $60.00 $40.00 ≈ $35.00 $30.00 Future growth $25.00 driven by Odyssey, $20.00 REN, Fenelon, $15.00 Côté & Others $10.00 $5.00 $0.00 2022E 2023E 2024E 2025E
Slide 12: Portfolio Overview
Portfolio Overview Canada Gold Royalty’s portfolio of over 200 royalties is anchored in the best mining jurisdictions Quebec 64 in the world, on high-quality assets, with the best operating partners in the sector. Ontario 25 Gold Royalty has exposure to over 700,000 meters of drilling in 2022(1) Nor
Slide 13: Gold Royalty's Portfolio Builds on North America's Largest Gold Mines
Gold Royalty’s Portfolio Builds on North America’s Largest Gold Mines Canadian Malartic The Côté Gold Project Goldstrike Mine The Odyssey Project The REN Project Royalty does not cover Royalty does not cover the entire property the entire property Underground development project Development well adv
Slide 14: Our Commitment to Sustainability
Our Commitment to Sustainability Investing in Responsible Mining Gold Royalty is committed to the highest standards of sustainability, partnering with operators who are leaders in Environmental, Social and Governance (ESG) practices. Our ESG goals: Measure and reduce our GHG emissions, including our
Slide 15: Growing a Precious Metals Focused Royalty Company
Growing a Precious Metals Focused Royalty Company Investment Highlights ✓ Royalty and streaming provides an attractive business model to gain exposure to gold Industry leading revenue growth over next three years of ~60% compound annual growth rate ✓ (“CAGR”) supporting a growing cash flow profile a
Slide 16: Contact Us
Contact Us Email: info@goldroyalty.com TF: +1 (833) 396-3066 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, V6E 2Y3 Canada goldroyalty.com / NYSE: GROY 16
Slide 17: goldroyalty.com / NYSE: GROY
goldroyalty.com / NYSE: GROY 17
Slide 18: Gold Royalty at a Glance
Gold Royalty at a Glance Strong Balance Sheet and Key Shareholders Capital Markets Overview(1) Share Structure Significant Shareholders Issued & Outstanding 143.9 M GoldMining Inc. (15%) Nevada Gold Mines (6%) Warrants 13.7 M Rob McEwen (5%) Jimmy Lee (5%) Options 6.2 M GDXJ VanEck ETF (4%) Board &
Slide 19: Management Team
Management Team Balance of Technical and Capital Markets Experience David Garofalo Mr. Garofalo has worked in various Josephine Man Ms. Man is an experience financial Chairman & CEO leadership capacities in the natural resources Chief Financial Officer professional and acts as CFO of Uranium sector
Slide 20: Board and Advisors
Board and Advisors Balance of Technical and Capital Markets Experience David Garofalo Former President & CEO of Goldcorp until Amir Adnani Entrepreneur, Founder, President & CEO Chairman & CEO its merger with Newmont in 2019; former Director of Uranium Energy Corp, Chairman of President & CEO of Hud
Slide 21: Odyssey Project: Cornerstone Royalty on Canada's Largest Gold Mine
Odyssey Project Cornerstone Royalty on Canada’s Largest Gold Mine Odyssey Project Royalty Overview Operator(1) Location Quebec, Canada 3% NSR over northern part of the Odyssey Gold Royalty Interest project and other surrounding royalties Commodities Au Asset Stage | Est. Start Date Development | Q1
Slide 22: Odyssey Project
Odyssey Project Odyssey Shaft Royalty Coverage Coverage Summary: ▪ 3% NSR over the Odyssey North deposit, the majority of the East Malartic deposit, and a portion of the Norrie Zone. ▪ 1.5% NSR over the Midway project which lies to the east of Odyssey and just south of the Camflo Mine. GROY Royalty
Slide 23: Odyssey Project
Odyssey Project Development on Schedule and Continuing to Grow Recent Updates Development: • Construction and development activities remain on schedule Exploration: • Step-out drilling to the west of East Gouldie had strong results near the Norrie Zone near Gold Royalty’s coverage • Step-out drillin
Slide 24: Odyssey Project
Odyssey Project Odyssey South Expected to Enter Production in 2023 Upcoming Catalysts Q1 2023 Shaft sinking activities expected to commence Q1 2023 Initial production from the Odyssey South ramp expected TBC Agnico / Pan American close acquisition of Yamana TBC Updated Resource / Mine Plan incorpora
Slide 25: Côté Gold Project
Côté Gold Project On track to become one of Canada’s Largest Gold Mines Côté Gold Project Royalty Overview Operator(1) Location Ontario, Canada Gold Royalty Interest 0.75% NSR over southern portion of the mine Commodities Au Asset Stage | Est. Start Date Development | Q1 2024 First 6-year avg.: 495
Slide 26: Côté Gold Project
Côté Gold Project Royalty Zones and Mineralization Côté Mineralization Côté Royalty Zones – GROY Royalty covers Zones 5 & 7 goldroyalty.com / NYSE: GROY 1) Source: IAMGOLD Technical Report on the Côté Gold Project, effective date June 30, 2022 26
Slide 27: Côté Gold Project
Côté Gold Project Construction Advanced and Project Financing Options being addressed Recent Updates Development: • The Project is approximately 64% complete • Approximately 1,500 workers on site, the project is nearing peak capacity Capital Costs: • Estimated attributable remaining project spend to
Slide 28: Côté Gold Project
Côté Gold Project First Gold Pour: Q1 2024 Development Timeline goldroyalty.com / NYSE: GROY 1) Source: IAMGOLD Press Release Nov. 8, 2022 28
Slide 29: Fenelon Gold Project
Fenelon Gold Project Continued Exploration Success Fenelon Gold Project Royalty Overview Operator Location Quebec, Canada 2.0% NSR over the entire Fenelon Gold Gold Royalty Interest Project Commodities Au Asset Stage Advanced Exploration 115,000 meters in 2022 Drilling 445,000 meters since 2017 M&I:
Slide 30: Fenelon Gold Project
Fenelon Gold Project Updated Mineral Resource Estimate and PEA coming soon Recent Updates Exploration: • Current focus on expanding and optimizing the resource for an underground (“UG”) bulk mining operations. • Potential to add and grow Ripley Zone and Area 51 respectively in updated MRE. • Focus o
Slide 31: Ren Project
Ren Project Northern Extension of the Goldstrike Mine Ren Project Royalty Overview Significant Exploration Upside(4): Operator(1) Barrick has classified Ren as a prefeasibility stage asset and outlined exploration upside of 2.0 – 3.5 million ounces at their September Location Nevada, USA Analyst Day
Slide 32: Ren Project
Ren Project Full Coverage Over Key Areas of Mineralization REN Royalty Coverage Goldstrike Mine Infrastructure goldroyalty.com / NYSE: GROY 1) Source: Mining.com Nevada Gold Mines. Image from Barrick. 32 2) Royalty Coverage Map from VEK Associates
Slide 33: Ren Project
Ren Project Resource Growth Expected in 2022 Recent Updates Exploration: • Expanding resources at the significantly sheared JB Zone • Growing confidence in the continuity of mineralization in the Corona Corridor • Results are expected to further expand the resource footprint. • Remaining drilling th
Slide 34: Granite Creek
Granite Creek High-Grade Mine Ramping up Production Granite Creek Royalty Overview Operator Location Nevada, USA Gold Royalty Interest 10.0% NPI(1) Commodities Au Underground Producing, Open Pit in Asset Stage Development Life of Mine(2) 10 Years Underground Mineral Resources M&I: 337 koz (1,008 kt
Slide 35: Granite Creek
Granite Creek Granite Creek Surface Plan View Update Feasibility Study Expected in 2022 Recent Updates Exploration: • 30,000 meter drill program in 2022 discovered the South Pacific Zone. • “The continuity of high-grade mineralization makes the SPZ a priority for development and we look forward to c
Slide 36: Jerritt Canyon
Jerritt Canyon Exploration Investment Fueling Production Ramp Up Jerritt Canyon Royalty Overview Operator Location Nevada, USA Gold Royalty Interest 0.5% NSR and per ton royalty Commodities Au Asset Stage Producing Expected Production(1) 96 – 103 koz expected in 2022 2P: 440 koz (2,529 kt @ 5.41 g/t
Slide 37: Jerritt Canyon
Jerritt Canyon Exploration Investment Fueling Production Ramp Up Recent Updates and Upcoming Catalysts Production • 16,299 ounces produced in Q3, a 13% decrease compared to the prior quarter. • The decrease was primarily due to an annual maintenance overhaul of the dual roasters in September which r