Gold Royalty (GROY) Corporate presentation summary

Strategic growth and portfolio development

• Achieved positive free cash flow in Q2 2025 and maintains a net cash position as of December 2025, supporting strong growth potential.

• Built a diversified portfolio of over 250 royalties and streams, including cornerstone assets on Tier 1, long-life mines in low-risk jurisdictions.

• Growth strategy leverages four pillars: royalty/stream financing, third-party acquisitions, corporate M&A, and internal royalty generation, with a current focus on cash-flowing assets.

• Over 90% of portfolio value is in gold, with significant exposure to Canada, the USA, and Europe.

• Maintains strong institutional and strategic backing, with 34% institutional and 13% strategic ownership.

Financial performance and outlook

• Peer-leading growth expected, with 2026 and 2030 gold equivalent ounce (GEO) production guidance significantly outpacing industry peers.

• Scenario analysis shows robust revenue potential across a range of gold prices, with recurring cash operating expenses expected at $7-8M per year.

• Net debt free as of December 31, 2025, with a $150M undrawn revolving credit facility and a market cap of $840M (undiluted).

• Consensus analyst 'Buy' rating with a $6.00 median target price as of April 2026.

Asset highlights and operational catalysts

• Holds royalties on three of North America's five largest gold mines: REN (Nevada), Canadian Malartic & Odyssey (Quebec), and Côté Gold (Ontario).

• Additional key assets include Borborema (Brazil), Cozamin (Mexico), Pedra Branca (Brazil), and Vareš (Bosnia & Herzegovina), all contributing to cash flow.

• Near- and medium-term catalysts include plant expansions, feasibility studies, mine restarts, and production ramp-ups at multiple assets through 2028.

• Over 450,000 meters drilled in 2025 by operators, providing embedded exploration upside at no cost.