Gold Royalty (GROY) investor relations material

Portfolio overview and strategy

• Over 90% of the portfolio is focused on gold, with a small copper component, providing high correlation to gold prices.

• Portfolio has grown from 18 royalties in 2021 to 248 assets in 2025, primarily through M&A and targeted acquisitions of cash-flowing assets.

• 85% of business value is concentrated in Quebec, Ontario, and Nevada, operated by top-tier mining companies.

• 92% of portfolio value is gold by book value, with most value in cash-flowing and development stage assets.

• Flagship assets include Canadian Malartic, Ren, and Côté, among the largest gold mines in North America.

Growth outlook and financial performance

• Expecting 5,700–7,000 gold equivalent ounces in 2025, generating over $20 million in revenue.

• Five-year outlook projects 23,000–28,000 gold equivalent ounces by 2029, with revenue potentially reaching $100 million at spot prices.

• Over 80% of projected growth is from brownfield assets, reducing risk and reliance on new permits or financing.

• Fixed cost structure allows cash flow to grow in line with revenue as production scales.

• Priority for increased cash flow is debt repayment, followed by evaluating growth opportunities and shareholder distributions.

Key catalysts and asset developments

• Borboryma expected to achieve commercial production in 2025, with potential throughput expansion and reserve growth.

• Vares, a high-quality silver project, may see throughput increase by over 50% after recent acquisition.

• Canadian Malartic transitioning to underground operation, with potential for a second shaft and increased mill utilization.

• Ren expected to produce 140,000 ounces of gold per year starting in 2027, with growing analyst attention.

• Over 350,000 meters of drilling planned in 2025, adding significant optionality and de-risking assets.