Gold Royalty Corp. · AMEX:GROY
Gold Royalty — Investor Presentation (December 2025)
44 slides from Gold Royalty's investor presentation, December 2025
Slide 1: Organically-Driven Free Cash Flow Inflection is Boosted by Strong Gold Prices
GoldRoyalty Organically-Driven Free Cash Flow Inflection is Boosted by Strong Gold Prices Corporate presentation December 2025
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: Gold Royalty's Competitive Advantage
Gold Royalty’s Competitive Advantage Low-Risk Exposure to Gold, With Catalyst-Rich Growth STRONG EXPOSURE TO Gold Royalty’s asset portfolio is significantly weighted to gold, and in favourable jurisdictions, GOLD versus other royalty/streaming peers SIGNIFICANT GROWTH Our five-year growth outlook is
Slide 4: Gold Royalty's Track Record
Gold Royalty’s Track Record Focused on Growing NAV and Cash Flow on a Per Share Basis Today: 250+ assets Guidance 5,700- Dec 21, 2023: June 3, 2024: 7,000 GEO in 20251 SOQUEM Vareš Stream Dec 19, 2023: Portfolio Borborema Nov 5, 2021: Sep 8, 2022: Aug 30, 2023: Royalty & Loan Mar 1, 2022: Cozamin Ro
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: Strong Exposure to Gold
Strong Exposure to Gold Premier Assets in Top Jurisdictions with over 90% of our Value in Gold Commodity Asset Stage Jurisdiction (% Book Value) (% Book Value) (% Book Value) 8% 12% 5% 7% 7% 53% 27% 28% 61% 92% Cash Flowing Developing Gold Copper Other Advanced Exploration Canada USA Europe Other Ea
Slide 7: 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 Avg. Fraser Score (out of 100) 80 70 Royalty Sector Avg (Score: 64) 60 50 40 30 20 10 - OR Gold Royalty Royal Gold EMX Sandstorm E
Slide 8: 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 Low Risk Growth: 23,000 - 28,000 - 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 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 $120M 60,000 Scalable business model: Recurring cash operating expenses $100M 50,000 exp
Slide 11: Our Large Portfolio Provides Numerous Exciting Catalysts
Our Large Portfolio Provides Numerous Exciting Catalysts • Borborema – Commercial production was achieved in Q3 2025; full production late 2025 or early 2026. Potential highway relocation approval will drive mineral reserve growth • County Line – Updated Resource early 2026; initial production mid-2
Slide 12: Premier Assets and Top Tier Operators
Premier Assets and Top Tier Operators Gold Royalty Holds Royalties on Three of North New Operators Prioritizing, Optimizing, America’s Five Largest Gold Mines1 and Recapitalizing Existing Operations REN (1.5% NSR and 3.5% NPI): Northern extension of Borden (0.5% NSR, Goldstrike (Carlin) – full produ
Slide 13: High Quality Growth Pipeline
High Quality Growth Pipeline Diversified Exposure to Tier 1 Jurisdictions, Tier 1 Operators, and Tier 1 Assets Exploration Advanced Exploration Development Cash Flowing Bald Mountain Alpha Castle West County Line Borborema Red Lake Project Marigold Cheechoo Ducros Sill Fenelon Borden Rodeo Creek Ody
Slide 14: Attractive Valuation
Attractive Valuation Significant Potential for Growth and Re-Rating ~1.4x Consensus median P/NAV 2.3x 2.2x Compared to sector average ~2.1x P/NAV 1.8x 1.6x 1.6x 1.6x 1.4x 1.1x 1.0x 0.9x 0.7x Vox Ecora Elemental Metalla Versamet GROY OR Triple Flag Royal Gold Franco Wheaton PM Nevada goldroyalty.com
Slide 15: Exploration Upside
Exploration Upside Embedded zero-cost potential growth through meaningful exploration investments across the portfolio by operators Significant 2021 2022 2023 2024 2025E exploration 0m spending: > 450,000m expected 100,000 m to be drilled in 2025 Shareholders benefit: 200,000 m Shareholders receive
Slide 16: Market Data
Market Data • Share ownership • Analyst coverage • Trading profile
Slide 17: Strong Institutional and Strategic Backing
Strong Institutional and Strategic Backing Driving Forward a Business Focused on Long-Term Fundamental Value Share Ownership (%) Institution Analyst 11% Rene Cartier 10% Carey MacRury 45% 9% Heiko Ihle 3% 2% Tate Sullivan 20% Strategic Individuals / Insiders Institutional Public and Other Shane Nagl
Slide 18: Robust Balance Sheet
Robust Balance Sheet Driven by Free Cash Flows and Restructuring $140 Market Data All USD $120 $100 Avg daily trading value / volume2 $12.4 M $80 (3-month avg.) 3.38 M shares US$M $60 Share price2 $3.98 /share $40 $20 Shares outstanding3 197.2 M $0 Mar 31 Jun 30 Sep 30 Nov 6 Nov 25 -$20 Options, RSU
Slide 19: Low-Risk Leverage to Gold
Low-Risk Leverage to Gold Gold Royalty Has Meaningfully Outperformed Gold Over the Past Year Best of both worlds: Gold Royalty offers leverage to gold comparable to operating companies, while providing diversification and cost advantages of a royalty company 2.00 1.50 Beta to gold, 1 year 1.00 0.50
Slide 20: Why Invest in Gold Royalty?
Why Invest in Gold Royalty? • Growth through acquisitions have provided significant near-term revenue and cash flow FREE CASH FLOW • Development of projects within Gold Royalty portfolio provide near-term growth at no additional cost INFLECTION • Strengthening revenues and positive FCF provide incre
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: Key Growth Assets
Key Growth Assets Production Ramp Up at Vareš, Côté, and Borborema in 2025 Vareš1 – 100% Copper Stream Operator: DPM Metals Location: Bosnia and Herzegovina • New ownership under a well-capitalized operator with experience in eastern Europe – DPM acquisition of Adriatic Metals was completed Septembe
Slide 29: Portfolio Update
Portfolio Update Selected Asset Developments Odyssey1 Cozamin2 REN3 • Development activities at Odyssey remain on- • Capstone is tracking to the high end of its 2025 • Expected to achieve an annual production rate of schedule with ongoing ramp development and shaft guidance at Cozamin - 23,000 to 26
Slide 30: Odyssey
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 31: 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 32: 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 33: 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 Commercial production announced July 1, 2025; focus on achieving Production Start an 850,000 tpa operating rate by year-end 20
Slide 34: 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 35: Côté Gold Project
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 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 2
Slide 36: 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 36
Slide 37: Côté Gold Project
Côté Gold Project Open Pit 3D Cross Section – Looking East Source: VRIFY - Côté Gold 360 site tour deck – September 2023 goldroyalty.com / NYSE: GROY 37
Slide 38: 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 39: REN Project
REN Project Full Coverage Over Key Areas of Mineralization Royalty Coverage Summary1 REN Expected to Contribute to the Carlin Complex in Late 20261 goldroyalty.com / NYSE: GROY 1 Source: Mining.com; Barrick September 18, 2025 presentation materials 39
Slide 40: 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 Interest1 convertible loan Commodities Gold (Au) Asset Stage2 Cash flowing First 3-year average: 83 ko
Slide 41: Investment in Aura Minerals' Borborema Gold Project
Investment in Aura Minerals’ Borborema Gold Project Transaction Structure Overview1 To Aura Minerals Illustrative Investment GEO Profile based on Borborema Feasibility Study2 3,000 Potential 2% NSR Royalty Payments 2,500 $21M for Royalty Financing 2,000 Potential Convertible 0.5% NSR Royalty GEOs 1,
Slide 42: 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 43: 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 44: 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