Gold Royalty (GROY) Investor Day 2024 summary

Financial Performance and Guidance

• Achieved first quarter of positive operating cash flow in Q1 2024, with revenue up 23% year-over-year and operating costs down 32% due to cost management initiatives.

• 2024 revenue guidance increased by 27% to $13–$14 million, a 160% rise from 2023, driven by new royalty and stream acquisitions, including the Vares copper stream.

• GEOs for 2024 are expected at 6,500–7,000, up from 2,703 in 2023, reflecting a ~160% year-over-year increase.

• NAV is estimated at ~$534M as of June 2024, with the Vares acquisition expected to add scale and support higher valuation multiples.

• Access to capital is strong, with a $30 million revolving credit facility, strategic partnerships, and supportive institutional shareholders.

Strategic Growth and Portfolio Development

• Growth strategy is built on project financing, third-party royalty acquisition, corporate M&A, and organic royalty generation, with over 60 royalties generated organically in Nevada.

• Recent acquisitions (Cozamin, Borborema, Vares) have added 28 new assets, diversifying the portfolio and providing near-term cash flow.

• The asset base includes 242 royalties and streams, with flagship assets such as Odyssey, Vares, Côté Gold, REN, and Borborema.

• Strategic partnership with Taurus Funds enables co-investment in larger transactions and access to new regions and capital.

• Portfolio is diversified by jurisdiction (Canada, USA, Bosnia, Brazil) and commodity (gold, copper, silver), with a focus on tier 1 operators.

ESG and Sustainability Initiatives

• Enhanced ESG risk management with enterprise risk management, anti-corruption training, and increased board diversity to 33% female.

• Launched a sustainability-linked payment at Borborema, earmarking up to $300,000 for ESG investments at the mine.

• First TCFD-aligned climate risk disclosure published, with scenario analysis and focus on operator climate commitments.

• Achieved one of the lowest financed emission carbon intensities among peers, with 0.25 tons CO2 per GEO in 2023.

• Continued focus on working with high-quality, responsible operators and integrating ESG into all business processes.