Gold Royalty : Corporate Presentation - January 2026

About this update from Gold Royalty Corp.

GoldRoyalty Organically-Driven Free Cash Flow Inflection is Boosted by Strong Gold Prices Corporate presentation January 2026 Why Invest in Gold Royalty? FREE CASH FLOW INFLECTION Positive free cash flow first achieved in Q2/25; positive operating cash flow achieved in 2024 Strengthened balance sheet: Gold Royalty in a positive net cash position December 2025 LOW-RISK EXPOSURE TO GOLD Cornerstone royalties on Tier 1, long life assets operated by premier mining companies in low-risk jurisdictions Limited capital cost inflation risk Limited operating cost inflation risk CATALYST-RICH GROWTH Peer-leading growth Low project execution risk Long-term optionality EXPERIENCED MANAGEMENT TEAM AND BOARD Over 400 years of collective experience with wide breadth of expertise and strong connectivity throughout the industry Royalty model is scalable with existing team goldroyalty.com / NYSE: GROY 3 Gold Royalty's Track Record Focused on Growing NAV and Cash Flow on a Per Share Basis December 12, 2025: Today: 250+ assets Nov 5, 2021: Golden Valley And Abitibi Royalties Mar 1, 2022: Côté Gold Royalty Sep 8, 2022: NGM Portfolio Aug 30, 2023: Cozamin Royalty Dec 19, 2023: Borborema Royalty & Loan Dec 21, 2023: SOQUEM Portfolio June 3, 2024: Vareš Stream Pedra Branca Royalty Guidance 5,700- 7,000 GEO in 2025 1 Aug 23, 2021: Ely Gold Multi-pronged Approach to Growing Asset Base Value Creation Through G&A Synergies Mar 11, 2021: IPO Closed, GROY Begins Trading on NYSE $0 revenue 4 18 royalties goldroyalty.com / NYSE: GROY 1 See news release dated November 5, 2025 Chart is not to scale Strong Exposure to Gold Premier Assets in Top Jurisdictions with over 90% of our Value in Gold Commodity (% Book Value) Jurisdiction (% Book Value) 6% 12% 57% 24% Gold Copper Canada USA Brazil 8% 92% Europe Other goldroyalty.com / NYSE: GROY Note: Based on book value as of the company's financial statements dated September 30, 2025. Assuming Pedra Branca book value of $70M distributed across 75% gold, 25% copper 5 2025 Guidance and Five-Year Outlook We Expect Significant Growth Over the Next Five Years Low Risk Growth: 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% including satellite deposits Fully paid in our portfolio: no capital calls or future milestone payments - Top global mining jurisdictions - Experienced and well-funded operators Attributable Gold Equivalent Ounces to GROY 23,000 - 28,000 5,700 - 7,000 5,462 2,703 6 2023 2024 2025 2026 2027 2028 2029 goldroyalty.com / NYSE: GROY 2025 outlook utilizes an assumed gold price $2,668/oz and copper price $4.24/lb. 2029 outlook assumes gold price $2,212/oz and copper price $4.23/lb. 2025 and 2029 outlooks each include approx. 600 GEOs of contractual Land Agreement Proceeds based on payments expected under existing contracts. 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 ELE VOXR GROY FNV OR WPM 61% GROY OR WPM TFPM 367% 2029 TFPM RGLD (10%) -- 10% 20% 30% 40% 50% 60% 70% FNV 46% 2029 37% 2029 24% 2029 15% 2028 38% 38% 16% 7% 4% 0% (2%) (3%) 0% 50% 100% 150% 200% 250% 300% 350% 400% goldroyalty.com / NYSE: GROY Based on company filings, 2025 vs 2024 growth based on mid-point of 2025 guidance vs 2024 actual GEOs for each company. Commodity price assumptions vary by company. 7 * Long-term outlook guidance year as indicated by each company Cash Flow Inflection Analysts are anticipating strong production growth which translates to meaningful inflection at current gold price Scalable business model: Recurring cash operating expenses expected to be $7-8M per year $120M Scenario Analysis Shows Strong Revenues at a Range of Potential Gold Prices $80M 60,000 50,000 40,000 ~150% increase Revenue Sensitivity to Gold Price $4,400/oz $4,000/oz $3,600/oz $3,200/oz GROY GEO Production Consensus median Guidance Revenue (US$M) $100M $60M 30,000 Gold Equivalent Ounces (GEOs) $40M 20,000 $20M 10,000 -- -- 2023 2024 2025 2026 2027 2028 2029 2030 goldroyalty.com / NYSE: GROY 2023A and 2024A shown as Total Revenue, Land Agreement Proceeds and Interest as per Gold Royalty's 2024 Financial Statements available under its profile on SEDAR+; 2025 and 2029 guidance as per news release dated March 20, 2025 8 Source: Most recent analyst consensus estimates as of December 31, 2025 Our Large Portfolio Provides Numerous Exciting Catalysts Near-term (< 1 year) Medium-term (< 2 years) Long-term (> 2 years) 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-2026 following receipt of permits September 2025 Granite Creek - Increased production rate and updated mineral resource estimate expected in Q4 2025; feasibility study for Granite Creek underground Q1 2026 and on Granite Creek open pit in mid-2026 Jerritt Canyon - Update news release on potential restart in Q4 2025 or early 2026 South Railroad - Update to mineral resource and reserve, and feasibility study in Q4 2025 Tonopah West - Updated mineral resource estimate Q3 2025; updated PEA by Q2 2026 Borden - Discovery to upgrade haulage fleet, improve ground support, and increase ventilation levels Odyssey - Initial production via shaft in H2 2026. Excavation for second loading station, part of the Shaft #1 extension, to begin early 2026 South Railroad - Record of Decision (final permitting decision) in 2026, construction to start thereafter Vareš - Expected to achieve 850,000 tpa operating rate by year-end 2026 Granite Creek - Open pit could be in production by end of the decade Odyssey - First production from Shaft 1 mid-shaft loading station in ~June 2027. Phase 2 paste plant to be completed in 2027. REN - Expected to achieve production run rate of 140,000 ounces gold per year in 2027 South Railroad - Initial production expected in 2028 Tonopah West - Receipt of necessary permits and construction on an exploration decline to start 2027; first production expected ~2029 goldroyalty.com / NYSE: GROY 9 Gold Royalty Holds Royalties on Three of North America's Five Largest Gold Mines 1 Premier Assets and Top Tier Operators REN (1.5% NSR and 3.5% NPI): Northern extension of Goldstrike (Carlin) - full production expected in 2027 Canadian Malartic and Odyssey (3.0% NSR, partial coverage): transition to underground with completion of shaft sinking ~ mid 2027 Côté Gold (0.75% NSR, partial coverage): Canada's newest major gold mine. Installation of Vertimill could expand mill capacity to 42,000tpd (from 36,000tpd). goldroyalty.com / NYSE: GROY New Operators Prioritizing, Optimizing, and Recapitalizing Existing Operations Borden (0.5% NSR, partial coverage): Discovery Silver acquired the Porcupine complex from Newmont on April 16, 2025 Vareš (100% copper stream): Operator Adriatic Metals acquired by DPM Metals on September 3, 2025 1 Per Capital IQ, September 2025 10 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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