Gold Royalty (GROY) investor relations material

Strategic overview and macro environment

• Celebrated five years since NYSE American listing, highlighting a small, experienced, and stable team with strong retention and scalability in the royalty model.

• Positioned as a free cash flow growth story, transitioning from investment to harvesting, with a diversified shareholder base and institutional investor appeal.

• No debt, $50 million in cash, $150 million undrawn credit, and $200 million in dry powder enable competitive acquisition of near cash-flowing royalties.

• Macro outlook sees gold as a hedge against fiat currency debasement, with central banks and new entrants like Tether increasing physical gold demand; gold prices remain at historically high levels, supported by rising global money supply and increased central bank and strategic buying.

• Royalty model offers optimal leverage to gold price, inflation protection, and exposure to exploration and expansion success; royalty companies are attractive in inflationary environments due to lower exposure to rising costs and capital intensity.

Growth outlook and portfolio development

• Achieved positive free cash flow in Q2 2025; guidance for 2026 is 7,500–9,300 GEOs, a 60% increase over 2025, mainly from Pedra Branca and Borborema acquisitions.

• Five-year guidance projects 28,000–34,000 GEOs by 2030, a 500% increase over 2025, with 70–90% of growth from de-risked, mature, or brownfield assets.

• Revenue expected to grow from $13 million in 2024 to $18 million in 2025, potentially reaching $100–$150 million annually by decade's end, with G&A costs stable at $7–8 million.

• Portfolio expanded from 18 royalties and $0 revenue to over 258 royalties, including major assets on top North American gold mines and significant copper exposure.

• Over 200 early-stage royalties provide significant optionality, generated at minimal cost through the royalty generator model, especially in Nevada.

Corporate development and financial discipline

• Growth strategy focuses on disciplined, accretive acquisitions, prioritizing cash-flowing or near cash-flowing royalties in strong jurisdictions, with flexible acquisition strategies including royalty financing, third-party acquisitions, M&A, and internal royalty generation.

• Most acquisitions are bilateral, leveraging team connectivity; recent deals include additional REN and Borborema royalties and a strategic alliance with Taurus Mining Royalty Fund.

• Early-stage royalties, mainly in Nevada, are generated through claim staking and optioning, providing infinite upside at low cost.

• Financial transformation includes refinancing, eliminating $67 million in debt, and maintaining sector-leading margins and liquidity; margins are near the top of the peer group (71% cash operating margin in Q1 2026), and leverage has been reduced to (0.9x) net debt/EBITDA.

• Operating costs have remained steady, with record revenue and EBITDA, and a strong market presence with high trading liquidity on NYSE American.