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 20251
Aug 23, 2021:
Ely Gold
Multi-pronged Approach to Growing Asset Base Value Creation Through G&A SynergiesMar 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)
(% Book Value)
6%
12%
57%
24%
Gold
Canada
8%
92%
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 Mines1
Premier Assets and Top Tier OperatorsREN (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
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