Gold Royalty Corp. · AMEX:GROY
Gold Royalty — Investor Presentation (February 2025)
41 slides from Gold Royalty's investor presentation, February 2025
Slide 1: Corporate Presentation
Corporate Presentation Organically-Driven Free Cash Flow Inflection is Boosted by Strong Gold Prices February 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 • Recent acquisitions provide significant near-term revenue and cash flow • Development of projects within GROY portfolio provide near-term growth at no additional cost • Strengthening revenues and continuous positive FCF provide increased near
Slide 4: Gold Royalty's Track Record
Gold Royalty’s Track Record Current: 240+ royalties Focused on Growing NAV and Cash Flow on a Per Share Basis Total Revenue, Land Agreement Proceeds and Interest of $12.9M1 in 2024 June 3, 2024: Vares Stream Dec 21, 2023: SOQUEM Portfolio Dec 19, 2023: Borborema Royalty & Loan Aug 30, 2023: Cozamin
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 Prioritize Cash Flowing Assets - And Continuing to Generate Early-Stage Royalties Internally at Low Cost Royalty Financing Corporate M&A Royalty Generation 3rd Party Acquisitio
Slide 6: GROY Offers Especially Attractive Gold Exposure Today
GROY Offers Especially Attractive Gold Exposure Today Rising Gold Prices Are All Upside to GROY The Market Has Never Had Higher Expectations for Gold Prices $3,000 Consensus Gold price forecasts $2,500 estimate gold price (US/oz) as at: have risen sharply in the Dec-24 past year, after forecasts $2,
Slide 7: Portfolio Composition
Portfolio Composition Premier Assets in Top Jurisdictions with over 90% of our Value in Gold Jurisdiction (% BV) Commodity (% BV) 5% 8% 7% 27% 60% 92% Canada USA Bosnia Other Gold Copper Other goldroyalty.com / NYSE: GROY 7
Slide 8: 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 9: Attractive Valuation
Attractive Valuation Significant Potential for Growth and Re-Rating Sector P/NAV Multiples 2.03x 2.04x 1.72x ~0.5x 1.30x 1.25x Consensus median P/NAV Compared to 0.98x sector average 0.79x 0.75x ~1.2x P/NAV 0.60x 0.54x 0.54x Vox EMX Elemental GROY Metalla Sandstorm Triple Flag Osisko Royal Gold Fran
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 $100M 80,000 Scalable business model: Cash $90M 70,000 operating expenses* of ($7.9M) an
Slide 11: Key Upcoming Catalysts
Key Upcoming Catalysts • Borborema – Initial production in Q1 2025 as well as highway relocation approval and potential for Resource to Reserve conversion • Côté Gold – 90% of mill throughput to be achieved exiting 2024 • Fenelon - Expected completion of PEA Q1 2025 evaluating a phased development a
Slide 12: Gold Royalty Moving Forward
Gold Royalty Moving Forward High Quality Growth Pipeline Exploration Advanced Exploration Development Cash Flowing Trenton Canyon Whistler Tuscarora Nutmeg Mountain Odyssey Vares White Rock War Eagle Cheechoo REN NPI REN NSR Côté Gold Ducros Sill Red Lake Project Gold Rock Midway Borborema Fenelon S
Slide 13: Vares and Côté Ramping Up
Vares and Côté Ramping Up Near Full Capacity by the End of 2024 Vares1 – 100% Copper Stream Operator: Adriatic Metals Location: Bosnia and Herzegovina Asset Stage: Cash Flowing Status: Ramping Up • 129,194t ore mined to the end of November 2024 (63,100t mined in Q3 2024) • Ramp up to nameplate capac
Slide 14: Key Upcoming Catalysts
Key Upcoming Catalysts Odyssey1 REN2 Borborema3 • Significant exploration drilling at Odyssey North & • Drilling continues to grow inferred resources in • Construction 60% complete as of December 2024 Odyssey South showcasing the potential to add significantly sheared JB Zone • On-schedule and on-bu
Slide 15: Exploration Upside
Exploration Upside Embedded zero-cost potential growth through meaningful exploration investments across the portfolio by operators 2021 2022 2023 2024 Average expected 0m meters drilled 100,000 m >550,000m 200,000 m Shareholders Benefit 300,000 m Shareholders receive exposure to exploration upside
Slide 16: Record 2024 Revenue and Revenue Growth
Record 2024 Revenue and Revenue Growth Total Revenue, Land Agreement Proceeds and Interest1 (US$M) $12.9M2 ~150% $5.2M 2023A 2024A 1) Total Revenue, Land Agreement Proceeds and Interest, and GEOs are non-IFRS measures and should not be considered in isolation. See disclaimer in goldroyalty.com / NYS
Slide 17: Market Data
Market Data • Share ownership • Analyst coverage • Trading profile
Slide 18: 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 19: Institutional Coverage
Institutional Coverage Well-Covered Company, Strong Trade Liquidity Market Data(1,2) Institution Analyst Avg Daily Trading Value / Volume $1.08 M (3-month Avg.) 0.8M shares Rene Cartier Share Price $1.32/sh Shares Outstanding 169.1 M Heiko Ihle Options, RSUS & Warrants 30.2 M Fully Diluted Shares 19
Slide 20: Why Invest in Gold Royalty?
Why Invest in Gold Royalty? • Free Cash Flow Inflection • Recent acquisitions provide significant near-term revenue and cash flow • Development of projects within GROY portfolio provide near-term growth at no additional cost • Strengthening revenues and continuous positive FCF provide increased near
Slide 21: Appendix
Appendix • Management & Board • Strategic Cooperation Agreement • Royalty/Streaming Model • Key Select Asset Overviews goldroyalty.com / NYSE: GROY
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: Key Select Asset Overviews
Key Select Asset Overviews goldroyalty.com / NYSE: GROY
Slide 28: Odyssey (Canadian Malartic Underground)
Odyssey (Canadian Malartic Underground) 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 Pr
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: 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 31: 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 32: 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 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 33: 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 33
Slide 34: 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 34
Slide 35: 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 Production / Life of Mine Barrick aiming to incorporate into the mine plan in the “short ter
Slide 36: 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. 36
Slide 37: 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) 60% complete construction | Q1 2025 Product
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 $21 million for Royalty Financing 2,000 Potential Convertible 0.5% NSR Roya
Slide 39: 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 40: 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 41: 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 41