Gold Royalty (GROY) Investor presentation summary

Strategic growth and portfolio development

• Built a peer-leading portfolio in five years, expanding from 18 to over 250 assets through disciplined, accretive growth and multiple acquisitions.

• Growth strategy leverages four pillars: royalty 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 over 90% of value in gold and assets concentrated in top jurisdictions like Canada, USA, and Brazil.

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

• Portfolio diversification reduces dependence on any single asset and provides long-term optionality through ongoing exploration by operators.

Financial performance and outlook

• Achieved positive free cash flow in Q2 2025 and is net debt free as of December 31, 2025, with a $150M undrawn credit facility.

• Five-year outlook projects significant growth, with 80% of growth to 2029 from already permitted and built assets, and attributable GEOs expected to reach 23,000–28,000 by 2029.

• Peer-leading growth expected, with 2025 guidance and long-term outlook outpacing most royalty/streaming peers.

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

• Strengthened balance sheet and consensus 'Buy' rating with a $6.00 median target price.

Key assets and catalysts

• Major assets include royalties and streams on Odyssey, Canadian Malartic, Côté Gold, REN, Vareš, Pedra Branca, Borborema, and Cozamin.

• Near- and medium-term catalysts include plant expansions, feasibility studies, production restarts, and new shaft completions at key mines.

• Long-term catalysts feature new production phases, shaft extensions, and first production from development projects through 2033.

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