Gold Royalty (GROY) Micro-Cap Virtual Conference summary

Company overview and growth strategy

• Founded in 2020 and went public in 2021, growing from 18 royalties to about 260 assets through acquisitions and disciplined transactions.

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

• Portfolio is over 90% exposed to gold by book value, with near-term revenue more weighted to copper due to timing of gold asset cash flows.

• Most assets are in high-quality jurisdictions such as Canada, the US (Nevada), Europe, and Brazil, minimizing geopolitical risk.

• Royalty generator model in Nevada provides low-cost, early-stage royalties and upfront payments.

Financial outlook and guidance

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

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

• 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; all royalties are fully paid for, and exploration by operators provides free upside.

Portfolio quality and catalysts

• Holds royalties on three of North America's five largest gold mines, including Canadian Malartic, Nevada Gold Mines (Ren), and Côté Gold.

• Recent ownership changes at key assets (e.g., Borden, Vareš, Pedra Branca) have led to renewed focus and accelerated development.

• About 10 cash-flowing assets, with several more expected to enter production soon, providing a steady stream of near-term catalysts.

• Operators spend millions annually on exploration, with over 500,000 meters drilled per year, benefiting the royalty portfolio at no cost.