Gold Royalty : Corporate Presentation Mid-March 2026 Update

About this update from Gold Royalty Corp.

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 Mines 1 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 Commodity (% Book Value) Jurisdiction (% Book Value) 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 Low Risk Growth: Low execution risk: Over 70% of our growth to 2030 comes from assets which are already permitted and built , at least to a first phase; over 90% including satellite deposits Fully paid in our portfolio: no capital calls or future milestone payments - Top global mining jurisdictions - Experienced and well-funded operators 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 Scalable business model: Recurring cash operating expenses expected to be $7-8M per year $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 2026 1 Granite Creek -Feasibility study for Granite Creek underground Q2 2026 2 Jerritt Canyon - Standalone update on restart ~by end of Q1 2026 3 ; drill results released Q1 2026 4 Odyssey - Shaft #2 technical evaluation to be completed by year-end 2026 5 South Railroad - Full construction is expected to begin mid-2026 following receipt of final project permits 6 Tonopah West - Updated mineral resource estimate and updated PEA completed February 2026 7 Vareš - Production restart January 2026; expected to achieve 850,000 tpa operating rate by September 2026 8 Borborema - Highway realignment to increase LOM by 2Moz gold 9 Borden - Discovery to upgrade haulage fleet, improve ground support, and increase ventilation levels. Dome Mill return to full capacity by 2027 or sooner 10 Côté - Installation of additional Vertimill in early 2027 11 Granite Creek - PFS / Feasibility study for Granite Creek open pit 12 Odyssey - Initial production via Shaft #1 in Q2 2027 13 Ren - Expected to achieve production run rate of 140,000 ounces gold per year in 2027 14 Tonopah West - Receipt of necessary permits and construction on an exploration decline to start 2027 15 Granite Creek - Open pit start production 16 Odyssey - Shaft #1 extension to final depth in 2031. Production from a second shaft potentially beginning 2033 17 South Railroad - Initial production expected in early 2028 18 Tonopah West - First production expected ~2029-2030 19 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 Further optionality: Additional exploration work, mining and geological studies unaccounted for 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 Consensus 'Buy' rating, US$6.00 median target price 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, 2025 1 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 Attention : This is an excerpt of the original content. 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