Gold Royalty Corp. · AMEX:GROY
Gold Royalty — Investor Presentation (January 2024)
48 slides from Gold Royalty's investor presentation, January 2024
Slide 1: Corporate Presentation
Corporate Presentation A leading growth focused precious metals royalty company in the Americas January 2024 goldroyalty.com / NYSE: GROY
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements Technical Information The information contained herein includes “forward-looking information” and “forward-looking statements” within Alastair Still, P.Geo., the Director of Technical Services of the Company, is a qualified person as su
Slide 3: Investment Highlights
Gold Royalty Corp. Investment Highlights • A Better Way to Invest in Gold • Precious metals focused • Insulated from operating and capital cost inflation • Diversified asset exposure • Free exposure to exploration investment • Quality Portfolio with Tier 1 Royalties in North America • Recent acquisi
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 2000 Gold has historically shown 1800 strength when real rates are in 1600 negative terr
Slide 5: Gold Royalty has Significant Potential Growth
Gold Royalty has Significant Potential Growth Trading at a Discount to Peers on a P/NAV Basis 2.5x Wheaton Precious Metals 2.0x Royal Gold Gold Royalty Franco-Nevada Market Cap. $203M P/NAV - Street (ratio) 1.5x Triple Flag Elemental Altus Osisko ~0.45x 1.0x Sandstorm Consensus P/NAV Compared to Sec
Slide 6: Gold Royalty Value Proposition
Gold Royalty Value Proposition Creating Value through a Track Record of Accretive Acquisitions 0.45x P/NAV based on analyst Gold Royalty has increased Net Asset Value per share consensus estimates by ~40% since the its IPO in March 2021. Current share price of GROY is less than 0.50x NAV(1). 153% Up
Slide 7: Royalties over the largest gold mines in North America
Royalties over the largest gold mines in North America Foundational, long-life assets underpinning future growth Carlin Life of Mine: 2038 (1.5% NSR and 3.5% NPI over REN) Detour Lake Royalties over three of the Cortez five largest gold mines in the USA & Canada(1) Canadian Malartic Life of Mine: 20
Slide 8: Gold Royalty Moving Forward
Gold Royalty Moving Forward Robust Sources of Growth Coming Into Production Exploration Advanced Exploration Development Cash Flowing Trenton Canyon Whistler Tuscarora Nutmeg Mountain Côté Gold Odyssey War Eagle NSR White Rock Cheechoo REN REN NPI Canadian Malartic Midway Red Lake Project Ducros Sil
Slide 9: Gold Royalty Moving Forward
Gold Royalty Moving Forward Organic Revenue Growth Driven by Recent Acquisitions Gold Royalty Revenue Profile and Growth Expected (US$ mm) (1) $60.00 $40.00 ≈ $35.00 $30.00 $25.00 Future growth driven by $20.00 Côté, REN, Odyssey, $15.00 Fenelon, & Others $10.00 $5.00 $0.00 2024E 2025E 2026E 2027E g
Slide 10: Free Exploration Upside Exposure
Free Exploration Upside Exposure Canada Gold Royalty’s portfolio of over 245 royalties is anchored in the best mining jurisdictions Quebec 94 in the world, on high-quality assets, with the best operating partners in the sector. Ontario 31 Over 700,000 meters of drilling in 2022 on underlying propert
Slide 11: Our Commitment to Sustainability
Our Commitment to Sustainability Best Practice Disclosure - Gold Royalty is committed to the highest standards of sustainability, partnering with operators who are leaders in Environmental, Social and Inaugural Sustainability Governance (ESG) practices. Report and Asset Handbook Our ESG goals: Measu
Slide 12: Investment Highlights
Gold Royalty Corp. Investment Highlights • A Better Way to Invest in Gold • Precious metals focused • Insulated from operating and capital cost inflation • Diversified asset exposure • Free exposure to exploration investment • Quality Portfolio with Tier 1 Royalties in North America • Recent acquisi
Slide 13: Appendix
Appendix • Capital Markets Overview • Management & Board • Key Asset Overview goldroyalty.com / NYSE: GROY
Slide 14: Gold Royalty at a Glance
Gold Royalty at a Glance Key Shareholders and Increased Research Coverage Capital Markets Overview(1) Share Structure(2) Significant Shareholders Issued & Outstanding 145.0 M GoldMining Inc. Nevada Gold Mines Warrants 10.9 M GDXJ VanEck ETF Board & Management Options & RSUs 8.5 M BMO Asset Managemen
Slide 15: 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 Samuel Mah Jerry Baughman Alastair Still Vice President, Evaluations Vice President, Nevada Select Director of Technical Se
Slide 16: Board and Advisors
Board and Advisors Balance of Technical and Capital Markets Experience David Garofalo Warren Gilman Alan Hair Chairman & CEO Director Director Glenn Mullan Karri Howlett Ken Robertson Angela Johnson Director Director Director Director Amir Adnani Trey Wasser Tim Young Chair of Advisory Board Advisor
Slide 17: 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 | Start Date Developme
Slide 18: Odyssey (Canadian Malartic Underground)
Odyssey (Canadian Malartic Underground) Increased Production & Significant Exploration Coverage Summary 3% NSR over the Odyssey North deposit, the majority of the East Malartic deposit, the Internal Zones, and a portion of the Norrie Zone. 1.5% NSR over the Midway project which lies to the east of O
Slide 19: Odyssey (Canadian Malartic Underground)
Odyssey (Canadian Malartic Underground) Development on Schedule and Continuing to Grow Recent Updates Development: • First production blast at Odyssey South in March 2023 • Development reached below Odyssey South ore body and first shaft access point. • Ramp access reached the bottom of the Odyssey
Slide 20: Odyssey (Canadian Malartic Underground)
Odyssey (Canadian Malartic Underground) Canadian Malartic Complex Internal-Study Internal-Study Update Odyssey and Internal Zones (3.0% NSR): • Odyssey South production commenced in March 2023 with expected production of 50,000 ounces in 2023 • Infill drilling has provided strong exploration results
Slide 21: Odyssey (Canadian Malartic Underground)
Odyssey (Canadian Malartic Underground) Odyssey South Expected to Enter Production in 2023 Upcoming Developments(1) 2024 • Odyssey South ramp-up to 3,400 tpd 2023-2028 • Potential for Internal Zones to supplement production profile 2027H1 • Initial Production from the Shaft 2028 • Initial Production
Slide 22: Côté Gold Project
Côté Gold Project Tier 1 Generational Asset with Ongoing Development & Exploration Success 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 | 2024 Q1 First 6-year Average:
Slide 23: Côté Gold Project
Côté Gold Project Royalty Coverage over Current Mineralization Coverage Summary (Zones 5 & 7) 1) Source: IAMGOLD Technical Report on the Côté Gold Project, effective date June 30, 2022. goldroyalty.com / NYSE: GROY 23
Slide 24: Côté Gold Project
Côté Gold Project Fully Funded Advanced Construction Project Recent Updates(1) Development: • The Project is over 91% complete. • Over 1,800 workers on site Next Steps: • Recent asset divestitures, ownership restructuring, term loan agreement and credit facility availability are expected to provide
Slide 25: Côté Gold Project
Côté Gold Project On-Track for First Gold Pour in 2024 Q1 Development Timeline goldroyalty.com / NYSE: GROY 1) Source: IAMGOLD Press Release October 23, 2023. 25
Slide 26: 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 27: 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. 27
Slide 28: REN Project
REN Project Resource Growth Expected in 2023 Recent Updates Exploration: • Drilling continues to grow inferred resources in significantly sheared JB Zone. • Growing confidence in the continuity of mineralization in the Corona Corridor. • Results are expected to further expand the resource footprint.
Slide 29: 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 30: Borborema Gold Project
Borborema Gold Project Near Term Production with a Proven Operator in Brazil Borborema Overview and Key Metrics – per 43-101 Technical Report(1) Operator and 100% Owned Aura Minerals Indicated: 2,077 koz (63.7 Mt @ 1.01 g/t) Mineral Reserves & Resources Inferred: 393 koz (10.9 Mt @ 1.13 g/t) Potenti
Slide 31: Aura Minerals Overview
Aura Minerals Overview Experienced Latin American Operator and Developer Growing Multi-Asset Producer Market Data and Financials(1,2) Aranzazu Ticker TSX:ORA Zacatecas, Mexico Shares Outstanding 72.2 M San Andrés Share Price C$9.43/sh La Union, Honduras Market Cap. C$681 M Tolda Fria Cash & Equivale
Slide 32: 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 33: Cozamin Copper-Silver Mine
Cozamin Copper-Silver Mine 1st Quartile Cash Cost Mine with a Track Record of Exploration Success Technical Report Summary1 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. Prod
Slide 34: Borden Mine
Borden Mine Increasing Coverage at Depth Royalty Overview Operator(1) Location Ontario, Canada Gold Royalty Interest 0.5% NSR over underground workings at Borden Lake Commodities Au Asset Stage Producing Expected Production(1) ~100 koz per year Life of Mine(2) Mine life to at least 2027 P&P: 950 koz
Slide 35: Borden Mine
Borden Mine Increasing Coverage at Depth Recent Updates Production: • Achieved commercial production in late 2019 projecting over 100,000 ounces of annual production. • Ore from Borden is processed at Porcupine’s mill near Timmins, Ontario, profitably extending operations at the Porcupine complex. •
Slide 36: Borden Mine
Borden Mine Increasing Coverage at Depth goldroyalty.com / NYSE: GROY 1) Source: 2018 Goldcorp Borden Mine Plan Report 36
Slide 37: Granite Creek
Granite Creek High-Grade Mine Ramping up Production Royalty Overview Operator Location Nevada, USA Gold Royalty Interest 10.0% NPI(1) Commodities Au Underground Producing, Open Pit in Asset Stage | Start Date Development Life of Mine(2) ~10+ Years Underground Mineral Resources M&I: 337 koz (1,008 kt
Slide 38: Granite Creek
Granite Creek Granite Creek Surface Plan View Updated Feasibility Study Expected in 2023 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
Slide 39: Fenelon Gold Project
Fenelon Gold Project Continued Exploration Success, Published PEA Royalty Overview Operator Location Québec, Canada Gold Royalty Interest 2.0% NSR over the Fenelon Gold Project Commodities Au Asset Stage Advanced Exploration | PEA published in 2023 Q2 Annual average production: 212,000 ounces Au Exp
Slide 40: Fenelon Gold Project
Fenelon Gold Project Granite Creek Surface Plan View Continued Exploration Success, Published PEA Recent Updates Preliminary Economic Assessment (PEA): • Average annual gold production of 212,000 oz over 12.3 years. • Average annual free cash flow of $157 million over life of mine (“LOM”). • After-t
Slide 41: Railroad-Pinion
Railroad-Pinion Permitting and Resource Expansion Underway Royalty Overview Operator Location Nevada, USA Gold Royalty Interest 0.44% NSR over Dark Star & Pinion areas Commodities Au, Ag Asset Stage Development Expected Production(1) ~124 koz per year Life of Mine ~8+ Years P&P: 1.6 Moz Au (0.77 g/t
Slide 42: Railroad-Pinion
Railroad-Pinion Granite Creek Surface Plan View Permitting and Resource Expansion Underway Recent Updates Orla closed acquisition of Gold Standard Ventures (2022 Q3): • Solidifies Orla’s strategy to become a growth-orientated, low-cost, mid-tier gold producer. • Began integrating South Railroad proj
Slide 43: Railroad-Pinion
Railroad-Pinion EIS Development & Consultation 2022-2024 Development Timeline goldroyalty.com / NYSE: GROY 1) Image Source: Orla Mining Corporate Presentation – March 2023. 43
Slide 44: Gold Rock Project
Gold Rock Project Recent Discoveries with Technical Studies Underway Royalty Overview Operator Location Nevada, USA Gold Royalty Interest 0.50% NSR Commodities Au Asset Stage Development | Feasibility expected in 2024 Drilling 35,000 meters in 2023 M&I: 0.40 Moz (19.0 Mt @ 0.66 g/t) Mineral Resource
Slide 45: Gold Rock Project
Gold Rock Project Granite Creek Surface Plan View Recent Discoveries with Technical Studies Underway Recent Updates Exploration: • Discovery of Carlin-type high-grade sulphide mineralization at depth (2022 Q4): • 5.5 g/t Au over 3.0m; 7.1 g/t Au over 2.1m • 6.6 g/t Au over 5.8m; 4.1 g/t Au over 8.1m
Slide 46: Whistler Gold Project
Whistler Gold Project Emerging Gold & Copper District with Exploration Upside Royalty Overview Operator Location Alaska, USA Gold Royalty Interest 1% NSR + Option(1) to acquire an additional 0.75% NSR Commodities Au, Ag, Cu Asset Stage Advanced Exploration | PEA expected in late 2024 Indicated: 2.99
Slide 47: Whistler Gold Project
Whistler Gold Project Granite Creek Surface Plan View Fully Permitted for Exploration Recent Updates Financing: • Successfully closed IPO for total proceeds of $20 million (2023 Q2). • Use of funds to fund exploration and development activities at Whistler. Exploration: • Focus to upgrade MRE classi
Slide 48: Contact Us
Contact Us 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 48