Gold Royalty (GROY) Investor presentation summary

Strategic growth and portfolio development

• Built a portfolio of over 250 assets in five years, focusing on disciplined, accretive growth and peer-leading NAV and cash flow per share expansion.

• 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.

• Maintains strong exposure to gold, with 92% of book value in gold and 90%+ of value in top jurisdictions like Canada, USA, and Brazil.

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

• Embedded exploration upside through operator-funded drilling, with over 450,000 meters drilled in 2025, providing zero-cost growth potential.

Financial performance and outlook

• Achieved positive free cash flow in Q2 2025 and ended 2025 in a net cash position, supported by a $150M undrawn credit facility.

• Five-year outlook projects significant growth, with attributable gold equivalent ounces (GEOs) expected to reach 28,000–34,000 by 2030, driven by low-risk, fully paid assets.

• Peer-leading growth forecast: 2026 GEO guidance up 62% and 2030 outlook up 119% versus 2025 actuals, outpacing major royalty peers.

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

• Portfolio diversification and long-term optionality reduce dependence on single assets and provide resilience against market volatility.

Asset highlights and catalysts

• Borborema (Brazil): 2.75% NSR and gold-linked loan, 83koz/year first 3 years, 11.3-year LOM.

• Canadian Malartic & Odyssey (Canada): 3% NSR on key zones, transitioning to largest underground gold mine, mine life to at least 2042.

• Côté Gold (Canada): 0.75% NSR, first 6-year average 495koz/year, mine life to 2041.

• Cozamin (Mexico): 1% NSR, 20kt copper and 1.3Moz silver/year, mine life to 2030.

• Pedra Branca (Brazil): 25% NSR gold, 2% NSR copper, 2,798 GEOs attributable in 2025.

• Ren (USA): 1.5% NSR and 3.5% NPI, full production expected 2027, 140koz/year.

• Vareš (Bosnia & Herzegovina): 100% copper stream, 18-year LOM, 850,000 tpa target by September 2026.

• Numerous near-, medium-, and long-term catalysts across the portfolio, including plant expansions, feasibility studies, production restarts, and new shaft completions.