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March 19, 2026Fourth Quarter and 2025 Results
Today's Speakers
David GarofaloChairman, CEO and President
Andrew GubbelsChief Financial Officer
John GriffithChief Development Officer
Jackie PrzybylowskiVice President, Capital Markets
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
Fourth Quarter and 2025 Highlights
Growing Royalty and Stream Revenue, Record Positive Operating Cash Flow and Adjusted EBITDARecord Adjusted EBITDA* of $3.2 million in Q4 and $9.8 million in 2025
Record $5.2 million in Total Revenue, Land Agreement Proceeds and Interest* (1,255 GEOs*) in Q4 and $17.8 million (5,462 GEOs) in 2025
General and administrative costs of $2.0 million in Q4 and $7.3 million in 2025
Strengthened Balance SheetUpsized $103.5 million equity raise completed in December 2025
Debt reduced from $20.5 million in September to nil today
Cash and equivalents totaled $12.4 million at December 31, 2025
Revolving credit facility increased to a total maximum $150 million including a $25 million accordion facility
goldroyalty.com / NYSE: GROY
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* 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.
Pedra Branca Gold-Copper MineEstablished Cashflowing Mine in Brazil
Asset Overview
Operator | |
Location | Southeastern Pará State, Brazil |
Gold Royalty Interest | 25% NSR royalty on gold 2% NSR royalty on copper |
Commodities | Gold (Au) and copper (Cu) |
Asset Stage | Cash flowing from Pedra Branca East, Pedra Branca West not yet in production. |
Attributable Production | 2,798 GEOs* applicable to the royalty over the twelve months ended June 30, 2025 |
Mineral Resources1 | 26Mt at 0.41 g/t Au and 1.38% Cu |
BHP Carajás Assets - Including Pedra Branca:
goldroyalty.com / NYSE: GROY
1 BHP Annual report as at June 30, 2025
* GEOs is a non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" for further information.
Source: OZ Minerals June 2022 Mineral Resource Statement
Royalty area is specific to Pedra Branca and Antas North
6Four 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.
• 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.
• 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.
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.
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
Corporate M&A
Royalty Generation
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.
goldroyalty.com / NYSE: GROY 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
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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 $5.00/lb. 2030 outlook includes approx. 600 GEOs of contractual Land Agreement Proceeds and interest based on payments expected under existing contracts.
Sensitivity to Commodity Prices
2026 Guidance (GEO)Gold Price ($/oz) | ||||
$4,150 | $5,150 | $6,150 | ||
Copper Price ($/lb) | $4.75 | 7,800 - 10,300 | 7,400 - 9,700 | 7,200 - 9,300 |
$5.75 | 8,200 - 10,800 | 7,500 - 9,300 | 7,400 - 9,700 | |
$6.75 | 8,500 - 11,300 | 8,000 - 10,500 | 7,700 - 10,000 | |
2026 guidance includes 684 GEOs related to Land Agreement Proceeds and interest
Assumed gold price $5,150 per ounce, copper price $5.75 per pound
goldroyalty.com / NYSE: GROY 9
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. 10
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 11
Contact Info
Email: info@goldroyalty.com Telephone: +1 (833) 396-3066 Address: 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, V6E 4A2 Canada| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |