Gold Royalty Corp.AMEX: GROY

Corporate Presentation - Q1 2026 Results

· Issued by Gold Royalty Corp.
a 2026 First Quarter 2026 Results

Today's Speakers

David Garofalo

Chairman and CEO

John Griffith

President

Andrew Gubbels

Chief Financial Officer

Jackie Przybylowski

Vice President, Capital Markets & Sustainability

goldroyalty.com / NYSE: GROY 3



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

4

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.



First Quarter 2026 Highlights

Record Revenue, Record Positive Adjusted EBITDA

  • Record $9.4 million in Total Revenue, Land Agreement Proceeds and Interest* (1,920 GEOs*)

  • Record Adjusted EBITDA* of $7.0 million, over 300% higher than Q1 2025

    On Track to Meet Guidance

  • Q1 result 1,920 GEO is on track to meet 2026 guidance 7,500 - 9,300 GEOs

  • Production more heavily weighted towards second-half of the year

    Strong Balance Sheet

  • $13.6 million of cash

  • Debt free

    5

  • Undrawn $150 million credit facility, inclusive of $25 million accordion

goldroyalty.com / NYSE: GROY

* Total Revenue, Land Agreement Proceeds and Interest, GEOs, and Adjusted EBITDA are non-IFRS measures and should not be considered in isolation or as a substitute for analysis of the Company's results under IFRS. See "Non-IFRS Measures" on slide 2.



Asset Highlights

Significant Progress on Key Assets in the Quarter

Granite Creek1 - 10% NPI

Operator: i-80 Gold Corp.

Location: Nevada

  • Complete recapitalization announced March 2025

  • i-80 is now fully funded for phases 1 and 2 of its development plan: underground projects (Granite Creek, Archimedes, Cove), open pit oxide project (Granite Creek), and refurbishment and commissioning of centralized Lone Tree processing plant

  • Phases 1 and 2 are expected to increase i-80 average annual production to 300,000-400,000 oz gold in 2031, from less than 50,000 oz gold currently

Pedra Branca2 - 25% NSR on gold + 2% NSR on copper

Operator: CoreX Holding

Location: Brazil

  • Acquisition from BHP to CoreX completed April 2, 2026

Whistler3 - 1% NSR

Operator: US GoldMining

Location: Alaska

  • PEA reported and filed

  • Study envisions annual production of 345,000 GEO over the first three years. Life of mine average annual production of 246,000 GEO over the initial 14.6 year mine life

1) Source: Based on i-80 Gold Corp. March 24, 2026 press release

goldroyalty.com / NYSE: GROY 2) Source: Based on BHP operational review for the nine months ended March 31, 2026 6

3) Source: Based on US GoldMining March 23, 2026 press release



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 7



Contact Info

Email: info@goldroyalty.com

Telephone: +1 (833) 396-3066

Address: 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, V6E 4A2 Canada



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