Gold Royalty (GROY) investor relations material

Company overview and growth strategy

• Founded in 2020 and public since 2021, the portfolio has grown from 18 royalties to about 260 assets through acquisitions and disciplined single-asset deals.

• Growth pillars include royalty financing, third-party acquisitions, corporate M&A, and royalty generation, with a focus on accretive, low-risk transactions.

• Most exposure is to gold, with over 90% by book value, and assets are concentrated in high-quality jurisdictions like Canada, the US, Europe, and Brazil.

• The business model avoids exploration costs, generating revenue through claim staking and perpetual royalties, providing long-term optionality.

• Portfolio includes royalties on major mines such as Canadian Malartic, Nevada Gold Mines, and Côté Gold, with about 10 cash-flowing assets and many near-term catalysts.

Financial outlook and guidance

• 2026 guidance projects 7,500–9,300 gold equivalent ounces, a 60% increase over 2025, driven by recently acquired, de-risked assets.

• 2030 guidance targets around 30,000 gold equivalent ounces, representing 5–6x growth from 2025, with 70% of growth from mature operations and brownfield expansions.

• Revenue could reach $120–$150 million by 2030 at $4,000–$5,000 gold, up from $25 million today, with scalable G&A costs and significant free cash flow potential.

• No additional capital calls or dilution risk, as all royalties are fully paid for; exploration and expansion by operators provide free upside.

• Trading at a discount to peers, with rerating potential as growth materializes and the company transitions from small-cap to midcap.

Competitive positioning and shareholder value

• Peer-leading growth rates, with 60% year-over-year growth in 2026 and 500% growth by 2030, outpacing most competitors.

• Focus on per-share growth and accretive deals, avoiding dilution unless justified by value creation.

• Competition for deals is intense, with disciplined acquisition strategy prioritizing IRR above cost of capital.

• Strong institutional shareholder base, including Tether, GoldMining, VanEck, BlackRock, and others; all analyst coverage rates the stock as outperform or buy.

• Considering capital returns policy for early 2027, with potential for dividends or buybacks depending on valuation and cash position.