Gold Royalty Corp

Gold Royalty Corp. is a gold-focused royalty company with exposure to top cash-flowing and development-stage assets with top operating partners, in low-risk jurisdictions including Agnico Eagle's Canadian Malartic mine in Quebec, Canada, IAMGOLD's Cote mine in Ontario, Canada, and Nevada Gold Mines' REN project in Nevada, USA. Our diversified portfolio consists of over 250 royalties and streams, which provides investors with lower risk exposure to gold with free exploration upside on the underlying projects.

Management Profile

Andrew Gubbels, CFO

Mr. Gubbels joins the Gold Royalty team from Aris Gold Corporation where he was a founding executive and held the position of Senior Vice President, Corporate Development. Prior to Aris Gold, Andrew was in charge of Investment Management in the Americas for Eurasian Resources Group and previously was Head of Americas Metals & Mining at UBS Investment Bank and an executive in the Mergers & Acquisitions department at CIBC World Markets. Mr. Gubbels graduated from Queen's University with an Honours Bachelor of Commerce and the University of Toronto with a Master of Finance.

Jackie Przybylowski, VP Capital Markets

Ms. Przybylowski holds extensive mining capital markets experience including her most recent position as Managing Director and senior Metals & Mining equity research at BMO Capital Markets and previous roles as both a sell-side research analyst and as a mutual fund portfolio manager. Ms. Przybylowski started her career in the industry as a metallurgist and holds a Bachelor’s and Master’s degree in Metallurgy and Materials Engineering from the University of Toronto; an MBA from the Rotman School of Management at the University of Toronto; and is a licensed professional engineer and a CFA charterholder.

What is your rationale for taking part in 121 Mining Investment?

GROY is looking for market support given the significant value proposition in the company. The company is at an inflection point as major assets ramp up production and significantly enhance the company's cash flow profile which represents an important near term catalyst. The company intends to meet investors with interest in the royalty and streaming sector.

What recent news would you like to highlight to investors attending?

• Commercial production achieved at Borborema (operated by Aura Minerals) in Q3/25.
• Acquisition of Adriatic by DPM and subsequent optimization at Vares mine. Commercial production achieved at Vares in Q3/25.
• Full permits received for production at County Line (operated by Fortitude Gold) in Q3/25.

What are your key goals for the next 3, 6 and 12 months?

3 Months

• Borborema (operated by Aura Minerals): Permits for highway relocation and reserve growth; will provide catalyst for expansion plan at the same time.
• County Line (operated by Fortitude Gold): First production
• Granite Creek (operated by i-80): updated feasibility study on Granite Creek underground in Q1/26.
• South Railroad (operated by Orla Mining): Feasibility study in Q4/25

6 Months

• Gold Royalty annual guidance update in ~March 2026; annual capital markets day in ~June 2026 (dates TBD).
• Granite Creek (operated by i-80): updated feasibility study on Granite Creek open pit in mid-2026.
• South Railroad (operated by Orla Mining): Record of Decision in 2026, construction to start thereafter
• Tonopah West (operated by Blackrock Silver): Updated PEA by Q2/26

12 Months

• Gold Royalty debt fully paid down, potential to initiate a dividend payment
• Borden (operated by Discovery): Haulage fleet upgrade, increased production
• Canadian Malartic (operated by Agnico Eagle): Initial underground production via shaft in H2/26.
• Vares (operated by DPM): Expected to achieve steady-state operating rate by year-end 2026.

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

The main portfolio risk are delays in production or project execution; however, this is mitigated given Gold Royalty's diversified portfolio and high quality operating partners such ash Agnico Eagle, Barrick, and Newmont.

What do you think makes your company such a compelling investment?

The company has significant growth in its cash flow profile in the near term. This growth is being driven by some of the largest, high-quality gold mines in North America with multiple decades of reserves embedded within the portfolio. As a royalty and streaming company, this growth and cash flow duration is fully bought and paid for with insulation from capital and operating costs.

What are the top 3 key investor takeaways?

1. High quality royalty and streaming portfolio providing exposure to over 250 royalties and streams providing significant growth and multiple decades of future revenue.

2. Portfolio is at an inflection point breaking into a much strong free cash flow position in the near term.

3. Portfolio is nearly entirely comprised of NSR royalties with no capital calls or milestone payments; therefore our revenue and cash flow has low exposure to operating or capital cost inflation and offers leverage as gold commodity prices rise.