Gold Royalty Corp. · AMEX:GROY
Gold Royalty — Investor Presentation (March 2026)
35 slides from Gold Royalty's investor presentation, March 2026
Slide 1: Building a Peer-Leading Portfolio through Disciplined, Accretive Growth
Building a Peer-Leading Portfolio in our Short History through Disciplined, Accretive Growth March 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: 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: Gold Royalty in a positive net cash position December 2025 • Cornerstone royalties on Tier 1, long life assets operated by premier mining co
Slide 4: 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 5: 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) Royalt
Slide 6: 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 7: 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 Jurisdiction (% Book Value) (% Book Value) 8% 6% 12% 57% 24% 92% Canada USA Brazil Gold Copper Europe Other Note: Based on book value set out in GRC’s unaudited financial state
Slide 8: Five-Year Outlook
Five-Year Outlook We Expect Significant Growth Over the Next Five Years Attributable Gold Equivalent Ounces to GROY Low Risk Growth: 23,000 - 28,0001 - Low execution risk: Over 80% of our growth to 2029 comes from assets which are already permitted and built, at least to a first phase; over 95% incl
Slide 9: 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, GEO MTA 61% GROY 367% 2029 ELE 38% VOXR 38% OR 46% 2029 GROY 16% FNV WPM 37% 2029 7% OR 4% TFPM 24% 2029 WPM 0% TFPM (2%) FNV 15% 202
Slide 10: 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 11: 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 2026 1 • Granite Creek –Feasibility study for Granite Creek underground Q2 20262 • Jerritt Canyon – Update news release on potential restart in early 20263;
Slide 12: High Quality Growth Pipeline
High Quality Growth Pipeline Diversified Exposure to Tier 1 Jurisdictions, Tier 1 Operators, and Tier 1 Assets Exploration Advanced Development Cash Flowing Exploration Bald Mountain Alpha Borborema Castle West County Line Red Lake Project Marigold Cheechoo Borden Ducros Sill Fenelon Rodeo Creek Ody
Slide 13: Exploration Upside
Exploration Upside Embedded zero-cost potential growth through meaningful exploration investments across the portfolio by operators Significant 2021 2022 2023 2024 2025 exploration 0m spending: > 450,000m drilled in 100,000 m 2025 Shareholders benefit: 200,000 m Shareholders receive exposure to 300,
Slide 14: Market Data
Market Data • Metals & mining royalty and streaming landscape • Share ownership • Analyst coverage • Trading profile
Slide 15: Metals & Mining Royalty / Streaming Landscape
Metals & Mining Royalty / Streaming Landscape Micro Cap Small Cap (< $400M market cap) ($0.4-2.0B market cap) Gold Royalty Transactions in 2021… Avg P/NAV: 1.3x Avg P/NAV: 1.2x … Kicked Off A Wave of Sector Consolidation Avg P/NAV: 2.2x Avg P/NAV: 1.6x Mega Cap Mid Cap * (> $15B market cap) ($5-10B
Slide 16: Strong Institutional and Strategic Backing
Strong Institutional and Strategic Backing Driving Forward a Business Focused on Long-Term Fundamental Value Share Ownership (%) 13% 9% 42% 8% 3% 2% 24% Strategic Other institutional Insider Retail / other goldroyalty.com / NYSE: GROY As at February 28, 2026 16
Slide 17: Robust Balance Sheet
Robust Balance Sheet Net Debt Free at December 31, 2025*; $150M Fully Undrawn Revolving Credit Facility Institution Analyst All USD Market Data Rene Cartier Avg daily trading value / volume $15.78 M (3-month avg.) 3.52 M shares Carey MacRury Share price $4.67 /share Heiko Ihle Shares outstanding 230
Slide 18: 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 19: Key Select Asset Overviews
GoldRoyalty Key Select Asset Overviews
Slide 20: 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 the Odyssey North deposit, the majority of the East Malartic deposit, and a portion of the Odyssey South Gold Royalty Interest deposit and the Norrie Zone 1.5% NSR over the
Slide 21: Canadian Malartic
Canadian Malartic Asset and Royalty Overview Coverage Summary • Transitioning from the largest open-pit gold mine in Canada to the largest underground gold mine in Canada • Mill expected to have ~40,000 tpd excess capacity starting in 2028, potential to fill excess capacity through near-mine targets
Slide 22: Odyssey
Odyssey Significant Resource Growth and Continued Exploration Recent Updates Mineral Resource Estimate1: • 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 Res
Slide 23: Vareš Silver Mine
Vareš Silver Mine High Quality Project with Exploration and Expansion Upside Stream Overview Asset Overview1 Operator and 100% Owned DPM Metals Location Bosnia & Herzegovina Production Targeting an 850,000 tpa operating rate by September 2026 Life of Mine 18 years based on most recent guidance Explo
Slide 24: Pedra Branca Gold-Copper Mine
Pedra Branca Gold-Copper Mine Established Cashflowing Mine in Brazil Asset Overview BHP Carajás Assets – Including Pedra Branca: Operator Location Southeastern Pará State, Brazil 25% NSR royalty on gold Gold Royalty Interest 2% NSR royalty on copper Commodities Gold (Au) and copper (Cu) Cash flowing
Slide 25: Côté Gold Mine
Côté Gold Mine Canada’s Newest Major Gold Mine Royalty Overview Operator1 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 per year
Slide 26: Côté Gold Project Royalty Coverage Over Zones 5 and 7
Côté Gold Project Royalty Coverage Over Zones 5 and 7 - Expected to be Mined Early in Côté’s Life Final Pit Plan View2 N 1 Per IAMGOLD Technical Report on the Côté Gold Project, effective date June 30, 2022 goldroyalty.com / NYSE: GROY 2 VRIFY - Côté Gold 360 site tour deck – September 2023 26
Slide 27: Côté Gold Project
Côté Gold Project Potential Significant Near-Term Cashflow Contributor Pit Phases1 Pit Phase 1 Pit Phase 2 1 VRIFY - Côté Gold 360 site tour deck – September 2023 goldroyalty.com / NYSE: GROY 27
Slide 28: Côté Gold Project Open Pit 3D Cross Section
Côté Gold Project Open Pit 3D Cross Section – Looking East Source: VRIFY - Côté Gold 360 site tour deck – September 2023 goldroyalty.com / NYSE: GROY 28
Slide 29: REN Project
REN Project Northern Underground Extension of the Goldstrike Mine Royalty Overview Operator1 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 annual gold Expected Production / Life of
Slide 30: REN Project
REN Project Full Coverage Over Key Areas of Mineralization Royalty Coverage Summary1 REN Expected to Contribute to the Carlin Complex in Late 20262 goldroyalty.com / NYSE: GROY 1 Mining.com 2 Barrick September 18, 2025 presentation materials 30
Slide 31: Borborema Gold Mine
Borborema Gold Mine Near Term Production Growth With a Proven Operator in Brazil Royalty Overview Operator Location Rio Grande Do Norte State, Brazil 2.75% NSR royalty & gold-linked royalty Gold Royalty Interest1 convertible loan Commodities Gold (Au) Asset Stage2 Cash flowing First 3-year average:
Slide 32: Cozamin Copper-Silver Mine
Cozamin Copper-Silver Mine Immediate Cashflow from a High-Quality Operation Royalty 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 33: 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 34: Upcoming Catalysts - Source Notes
Upcoming Catalysts - Source Notes: 1. Aura Minerals investor day, December 9, 2025, presentation and replay available on company website 2. i-80 Gold press release January 20, 2026 3. First Majestic Silver conference call transcript November 5, 2025 4. First Majestic Silver press release January 15,
Slide 35: 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