Gold Royalty : Corporate Presentation - Q4 2025 Results

About this update from Gold Royalty Corp.

1 March 19, 2026 Fourth Quarter and 2025 Results Today's Speakers David Garofalo Chairman, CEO and President Andrew Gubbels Chief Financial Officer John Griffith Chief Development Officer Jackie Przybylowski Vice 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 EBITDA Record 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 Sheet Upsized $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 5 * 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 Mine Established 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 Resources 1 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 6 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. • 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 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 $5.00/lb. 2030 outlook includes approx. 600 GEOs of contractual Land Agreement Proceeds and interest based on payments expected under existing contracts. Sensitivity to Commodity Prices 2026 Guidance (GEO) Gold Price ($/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 : [email protected] 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 .

View stock analysis, news, and events for Gold Royalty Corp.