Gold Royalty Corp. Micro-Cap Virtual Conference

Okay. Jackie, why don't we get started? I'd like to welcome people for attending the meeting here with Gold Royalty. My name's Peter Sidoti. I'm sorry for any confusion. I had to step in here to monitor at the last minute, and God knows they shouldn't let me touch a computer. But we have Jackie here now, and we're going to let her kick off and talk about the company.

Go ahead. Thanks very much.

At the end of the presentation, we'll have the ability to ask questions. Please feel free to send your questions and we will certainly talk about them.

Go ahead, Jackie. Thanks very much, Peter.

I'll try and keep a few minutes at the end for questions if anybody has any. My name is Jackie Przybylowski. I'm Vice President, Capital Markets and Sustainability for Gold Royalty. Thanks very much for tuning in today. I'll give you a quick update, intro to our company. Gold Royalty was founded in 2020, went public in 2021. We trade under the symbol GROY on the NYSE American. In 2021, we IPO'd with 18 royalties. They were written from one of our associated companies, a company called GoldMining Inc. Eighteen royalties, $0 in revenue, and a lot of opportunity for future potential. The IPO went very well.

The share price and the company valuation came out very strongly. We used that strong currency to continue to grow the company, through acquisition of several of our competitor or peer companies, Ely Gold, Golden Valley and Abitibi Royalties in 2021. With that, we acquired significant growth in the number of royalties we have in assets, including what is still our flagship asset royalty, a 3% royalty on the Canadian Malartic mine that Agnico Eagle operates in Quebec, as well as a royalty generator model that we will talk about in a little bit more detail, which is a key differentiator for us. Since 2021, we have continued to grow, albeit a little bit more slowly. More sort of single asset, one-off transactions, including some of the biggest assets, some of the biggest mines in the world, Côté Gold, one example of that.

We have recently acquired the Pedra Branca royalty in late 2025. The Boquerão royalty, we had some component of that in 2023. We acquired a new Boquerão royalty earlier this year as well. So continuing to grow. Very focused on discipline, very focused on making sure our growth is accretive to our shareholders. At this point, we have about 260 assets in our portfolio, so a very large portfolio. A lot of long-term optionality in that portfolio as well, which we are very excited about. We do have four pillars of our growth. The first is royalty financing. We can provide financing for construction or balance sheet repair or whatever the operator needs. One example that we have done this is with that first Boquerão royalty. We did that royalty directly with the operator. That was to help finance construction of that Boquerão mine in Brazil.

Third-party acquisitions has been a key source of growth for us. This could be royalties that are held by the original prospector or the family of the original prospector. It could also be royalties that are held in companies like, for example, we have acquired royalty from BlackRock, and from Orion, the private equity group. We have acquired royalties from the Quebec government branch, and other third parties like that. So third-party acquisitions continue to be a great source of royalties for us. Corporate M&A, this is what we did in 2021. We acquired Ely, Golden Valley and Abitibi. We have not done corporate M&A since then, but we continue to look to see if any kind of mergers or consolidation makes sense. Royalty generation, as I mentioned before. Jerry Baughman, our colleague in Nevada, he came to us with the acquisition of Ely. He continues to stake ground in Nevada.

Hold that ground until an operator is looking to acquire it. We do not put any money into drilling or exploration, so all of the activity we do is staking the ground, and maintaining those claims. It is very low cost to us. It is a revenue source for us because when we do transfer the ownership of those claims to an operator, we get an upfront payment, and we get a royalty in perpetuity on that as well. So a very unique business model to us, and one that has continued to generate long-term optionality and very early-stage royalties, so very excited about that business. One of the key differentiators in our portfolio is that we have most of our exposure to gold. If you are looking for gold exposure, we will offer that.

By book value, so sort of long-term valuation, we are over 90% exposed to gold with a little bit of copper. In the near term, this is on 2025 revenue on the right-hand side. You can see we have had more exposure to copper because we have so much gold optionality that is not cash flowing yet. The copper does have a bigger component of our near-term valuation, but long-term, we are very exposed to gold. Another very exciting differentiator for us is our jurisdictional exposure. We have most of our value in very high-quality jurisdictions. Specifically, Canada, that would be Ontario and Quebec. United States, that would be Nevada primarily. And then Europe and Brazil. Very high-quality jurisdictions, very low risk from a geopolitical perspective. Again, in the near term, more of our revenue comes from Bosnia in Europe and from Brazil.

In the long term, the optionality really is in Quebec and Ontario and Nevada. Another big differentiator between us and some of our royalty and streaming peers is our growth. So 2026, we have guidance that we put out in March, 7,500-9,300 gold equivalent ounces. That is our volume that we are expected to produce this year. That is a 60%, 60% increase at the midpoint of our guidance range versus the 2025 actual. So 60% growth this year versus last year. And that does not come from any high-risk projects. Essentially, that comes from assets that have already been built. The assets that we acquired either late last year or early this year, that is the Borborema royalty and the Pedra Branca royalty, specifically. But very low risk to that growth outlook. We are very confident in that guidance for this year.

If you look at our 2030 guidance, very excited there as well. We are looking for around 30,000 gold equivalent ounces by 2030. So over five years, our growth is multiple times where we were in 2025, about five or six times. And again, that does not come from assets that are very high risk. Often, mining companies will talk about growth and it sounds very good, but it is based on one project being permitted, financed, and constructed. And that is not the case with us. You can see we have broken down, in the arrows on this chart, the assets that contribute to that growth. And there is, first of all, a very diversified group of those assets, so it is not reliant on any one property. Second of all, the mature operations and the brownfield expansions or ramp-ups represent 70%, 70% of that growth.

We are not looking for any single asset, early-stage company to really drive the growth. It is coming from assets that are already permitted, already financed, and already built, at least to a first phase of construction. So they may need expansion. They may need to be fully commissioned to their long-term run rate. But very much already de-risked. If you include the satellite deposits, County Line and Ren, that represents 90% of our growth. So satellite deposits mean the mine has to be built, but they are in an existing area of infrastructure. So, only the mine has to be built. County Line, that mine is essentially already constructed. It has not started producing yet, but that should happen very shortly. And Ren, that is the Nevada Gold Mines or the Barrick-Newmont joint venture in Nevada. That mine should be in first production by the end of this year. So very low risk. Our advanced development bucket is the more high risk of the categories that we have classified.

That represents less than 10% of our total growth. South Railroad, that was a project that was developed by Orla. Orla has just been acquired or merged with a company called Equinox Gold. They announced this week that they have received permits and are starting construction already. Already moving towards development, moving towards production. Tonopah West, that is the asset that we generated in our royalty generator model. We staked that in 2021. It could be in production as early as 2030, so very quickly. That would be an infinite return to us because it costs us absolutely nothing to develop that asset. In fact, we got an upfront payment when we did. So very low-risk portfolio with a tremendous amount of growth.