Corporate Presentation Mid-March 2026 Update

Building a Peer-Leading Portfolio in our Short History through Disciplined, Accretive Growth

March 2026

Why Invest in Gold Royalty?

FREE CASH FLOW INFLECTION

• Positive free cash flow first achieved in Q2/25; poised for strong growth

• 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

  
  
  We Have Assembled a Broad, High Quality Portfolio

  Focused on Growing NAV and Cash Flow on a Per Share Basis

  Dec 12, 2025:

  Jan 21, 2026:

  Borborema

  Five years later: 250+ assets, peer-leading quality portfolio

  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

  royalty

  Aug 23, 2021:

  Ely Gold

  Mar 11, 2021:

  IPO Closed, GROY Begins Trading on NYSE

  $0 revenue 18 royalties

  goldroyalty.com / NYSE: GROY

  Chart is not to scale

  4
  
  
  
  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)

  • Providing royalty or stream financing to fund project development.

  • Consideration is typically cash.

  • Contingent or deferred payments can de-risk investments.

  • Acquiring royalties from third parties such as mining companies or prospectors.

  • Consideration can be a mix of cash and stock.

  • Providing royalty or stream financing to fund project development.

  • Consideration is typically cash.

  • Contingent or deferred payments can de-risk investments.

Royalty Financing

Third Party Acquisitions

• • Acquiring royalties from third parties such as mining companies or prospectors.

  • Consideration can be a mix of cash and stock.

  • Corporate mergers and acquisitions can benefit both sets of shareholders through increased scale, lower costs of capital, and G&A synergies.

    • Corporate mergers and acquisitions can benefit both sets of shareholders through increased scale, lower costs of capital, and G&A synergies.

    • Consideration can be a mix of cash and stock.

    Corporate M&A

  • Consideration can be a mix of cash and stock.

• Gold Royalty prospecting team generates royalties by vending assets to operators.

  • Gold Royalty prospecting team generates royalties by vending assets to operators.

  • Focus on Nevada and Quebec.

  • Gold Royalty typically receives payments to generate these royalties rather than paying for them.

  Royalty Generation

• Focus on Nevada and Quebec.

• Gold Royalty typically receives payments to generate these royalties rather than paying for them.

goldroyalty.com / NYSE: GROY 5

We Have Assembled a Tier 1 Portfolio of High-Quality Assets

Royalties on Three of North America's Largest Gold Mines

Gold Royalty Holds Royalties on Three of North America's Five Largest Gold Mines1

REN (1.5% NSR and 3.5%

NPI): Northern extension of Goldstrike (Carlin) - full production expected in 2027

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

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).

Canadian Malartic and Odyssey (3.0% NSR, partial coverage): transition to underground with completion of shaft sinking mid 2027

Pedra Branca (25% NSR gold, 2% NSR copper): CoreX Holding to acquire the mine from BHP, announced August 18, 2025

6

1 Per Capital IQ, September 2025

We Have Maintained Strong Exposure to Gold

Premier Assets in Top Jurisdictions with over 90% of our Value in Gold

8% 6%

12%

57%

24%

92%

Gold Copper

Canada USA Brazil

Europe Other

goldroyalty.com / NYSE: GROY

Note: Based on book value set out in GRC's unaudited financial statements as at December 31, 2025

7

Five-Year Outlook

We Expect Significant Growth Over the Next Five Years

Attributable Gold Equivalent Ounces to GROY

28,000-34,000

7,500-9,300

5,462 5,173

2,703

8

2023 2024 2025 2026 2027 2028 2029 2030

goldroyalty.com / NYSE: GROY

2026 guidance assumes gold price $5,150/oz and copper price $5.75/lb; 2030 outlook assumes gold price $3,500/oz and copper price $5.00/lb. 2030 outlook includes approx. 600 GEOs of contractual Land Agreement Proceeds and interest based on payments expected under existing contracts.

Peer Leading Growth

Robust Near-, Medium-, and Long-Term Growth Relative to Peers

Growth: 2026 guidance vs 2025 actual, GEO

Growth: 2030 outlook vs 2025 actual, GEO

VMET

GROY

VOXR

WPM

OR

FNV

TFPM

5%

4%

(12%)

34%

30%

62%

119%

GROY

WPM

OR

TFPM

FNV

28%

13%

73%

58%

499%

(20%) -- 20% 40% 60% 80% 100% 120% 140%

0% 100% 200% 300% 400% 500% 600%

Based on company filings, 2026 and 2030 vs 2025 growth based on mid-point of 2026 and 2030 guidance respectively versus 2025 actual GEOs for each company. Commodity

goldroyalty.com / NYSE: GROY price assumptions vary by company. 9

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

60,000

50,000

40,000

$180M

$150M

Revenue (US$M)

$120M

$90M

$60M

$30M

--

2025 2026 2027 2028 2029 2030

30,000

20,000

10,000

--

Revenue Sensitivity to Gold Price

Gold Equivalent Ounces (GEOs)

$5,500/oz

$5,000/oz

$4,500/oz

$4,000/oz

GROY GEO Production

Consensus median

Guidance

Source: 2025 Total Revenue, Land Agreement Proceeds and Interest and guidance as per news release dated March 18, 2026; forecasts are most recent

goldroyalty.com / NYSE: GROY analyst consensus estimates as of February 28, 2026 10

Our Large Portfolio Provides Numerous Exciting Catalysts

Near-term (< 1 year)

Medium-term (< 2 years)

Long-term (> 2 years)

goldroyalty.com / NYSE: GROY

• Borborema - Studies to expand plant capacity from 2Mtpa to 4Mtpa to be completed Q2 20261

• Granite Creek -Feasibility study for Granite Creek underground Q2 20262

• Jerritt Canyon - Standalone update on restart ~by end of Q1 20263; drill results released Q1 20264

• Odyssey - Shaft #2 technical evaluation to be completed by year-end 20265

• South Railroad - Full construction is expected to begin mid-2026 following receipt of final project permits6

• Tonopah West - Updated mineral resource estimate and updated PEA completed February 20267

• Vareš - Production restart January 2026; expected to achieve 850,000 tpa operating rate by September 20268

• Borborema - Highway realignment to increase LOM by 2Moz gold9

• Borden - Discovery to upgrade haulage fleet, improve ground support, and increase ventilation levels. Dome Mill return to full capacity by 2027 or sooner10

• Côté - Installation of additional Vertimill in early 202711

• Granite Creek - PFS / Feasibility study for Granite Creek open pit12

• Odyssey - Initial production via Shaft #1 in Q2 202713

• Ren - Expected to achieve production run rate of 140,000 ounces gold per year in 202714

• Tonopah West - Receipt of necessary permits and construction on an exploration decline to start 202715

• Granite Creek - Open pit start production16

• Odyssey - Shaft #1 extension to final depth in 2031. Production from a second shaft potentially beginning 203317

• South Railroad - Initial production expected in early 202818

• Tonopah West - First production expected ~2029-203019

See Appendix endnote for sources 11

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

Borborema

Castle West Red Lake Project

County Line

Marigold

Ducros Sill Eldorado Frost

South Malartic

Cheechoo

Croinor Gold

Crucero Midway

Rodeo Creek Tonopah West War Eagle

Fenelon Granite Creek Gold Rock

Hog Ranch

Odyssey Rawhide

REN NSR + NPI

Borden

Canadian Malartic Côté Gold

Cozamin

Trenton Canyon

Tuscarora White Rock

Nutmeg Mountain Quartz Mountain

Watershed Whistler

(+26 more)

Jerritt Canyon La Mina

São Jorge

Pedra Branca

South Railroad

Vareš

(+185 more)

Top Tier Operators Include:

goldroyalty.com / NYSE: GROY 12

Exploration Upside

Embedded zero-cost potential growth through meaningful exploration investments across the portfolio by operators

Significant

2021 2022 2023 2024

2025

0 m

100,000 m

200,000 m

300,000 m

400,000 m

500,000 m

600,000 m

700,000 m

exploration spending:

> 450,000m drilled in 2025

Shareholders benefit: Shareholders receive exposure to exploration upside at no cost

goldroyalty.com / NYSE: GROY

Source: operator disclosure 13

Royalty Companies are Attractive in an Inflationary Environment

Significantly lower exposure to rising oil prices, lower mining grades

Unit Operating Costs Have Historically Followed Gold Price

14

Royalty Companies are Attractive in Inflationary Environment

Significantly Lower Exposure to Rising Oil Prices, Lower Mining Grades

Gold Prices are Expected to Rise with Higher Oil Prices

Declining Gold Grades Have Contributed (and are Expected to Continue to Fade)

goldroyalty.com / NYSE: GROY 15

Market Data

• Metals & mining royalty and streaming landscape

• Share ownership

• Analyst coverage

• Trading profile

Metals & Mining Royalty / Streaming Landscape Micro Cap

(< $400M market cap)

Small Cap

($0.4-2.0B market cap)

Gold Royalty Transactions in 2021…

Avg P/NAV: 1.0x Avg P/NAV: 1.1x

… Kicked Off A Wave of Sector Consolidation

Avg P/NAV: 2.0x

Avg P/NAV: 1.4x

*

Mega Cap

(> $15B market cap)

Mid Cap

($5-10B market cap)

goldroyalty.com / NYSE: GROY

Market cap classifications and average category P/NAV as at FactSet as of March 16, 2026, excludes unlisted companies / private equity

17

* Proposed transaction; subject to completion

Strong Institutional and Strategic Backing

Driving Forward a Business Focused on Long-Term Fundamental Value

Share Ownership (%)

13%

34% 9%

8%

3%

2%

31%

Strategic Institutional Individual / Insider Public / Other

goldroyalty.com / NYSE: GROY

Source: FactSet as at March 16, 2026, inclusive of retirement of debentures as announced on November 25, 2025 18

Robust Balance Sheet

Net Debt Free at December 31, 2025*; $150M Fully Undrawn Revolving Credit Facility

Institution

Analyst

Market Data

All USD

$14.98 M

3.36 M shares

Avg daily trading value / volume

(3-month avg.)

Rene Cartier

Carey MacRury

Share price

$3.91 /share

Heiko Ihle

Shares outstanding

230.8 M

Tate Sullivan

Options, RSUs & warrants

26.2 M

Shane Nagle

Fully diluted shares

256.9 M

Brian MacArthur

Market cap. (undiluted)

$902.4 M

Eric Winmill

Market cap. (fully diluted)

$1,004.7 M

1 As at March 16, 2026, source FactSet 19

goldroyalty.com / NYSE: GROY * Based on disclosures for the quarter and year ended December 31, 2025

Why Invest in Gold Royalty?

FREE CASH FLOW INFLECTION

• Positive free cash flow first achieved in Q2/25; poised for strong growth

• Strengthened balance sheet; net debt free as at December 31, 20251

  LOW-RISK EXPOSURE TO GOLD

• Cornerstone royalties on Tier 1 assets operated by premier mining companies in low-risk jurisdictions

• Limited capital cost inflation risk: Our royalties/streams are fully paid with no additional capital calls or milestone payments

• Limited operating cost inflation risk: Most assets in our portfolio are NSR royalties which are calculated on net revenue

  CATALYST-RICH GROWTH

  EXPERIENCED MANAGEMENT TEAM AND BOARD

• Peer-leading expected growth: Our five-year growth outlook is significantly stronger than other precious metals royalty / streamer peers

• Low project execution risk: Our five-year growth is largely comprised of assets which are already permitted and built, at least to a first phase

• Long-term optionality: A diversified portfolio of over 250 royalties/streams reduces dependence on any single asset; exploration spending by our operating partners contributes further upside to Gold Royalty's portfolio at no cost to us

• Over 400 years of collective experience with wide breadth of expertise and strong connectivity throughout the industry

  20

• Royalty model is scalable with existing team

goldroyalty.com / NYSE: GROY

1 Based on disclosures for the quarter ended September 30, 2025 with adjustment to reflect conversion of the debentures and proceeds of the bought deal financing completed December 2025