Gold Royalty (GROY) Status Update summary

Business evolution and portfolio growth

• Expanded from 18 non-cash flowing royalties at IPO in 2021 to over 240 royalties, with seven now cash flowing and 14 in development or construction stages.

• Achieved 160% revenue growth in 2024, marking the first year of positive free cash flow and book earnings.

• Major acquisitions included Ely Gold Royalties, Golden Valley, and Abitibi Royalties, adding 150 royalties and key assets like Canadian Malartic.

• Growth platforms include M&A, third-party royalty acquisitions, project financings, and organic royalty generation.

• Portfolio is highly concentrated in low-risk jurisdictions: Nevada, Quebec, and Ontario, with over 80% of value and number of assets.

Financial performance and outlook

• Revenue expected to reach $20–30 million in 2025, with consensus estimates projecting $60–80 million by decade’s end at current gold prices.

• G&A costs are stable at $7 million per year, with significant synergies realized post-merger and a highly scalable business model.

• Trading at 0.5x NAV, well below peers, with potential for re-rating as growth is realized; large-cap peers trade at 2–3x NAV.

• Four key assets (Vares, Borborema, Côté, Canadian Malartic) will drive over 80% of 2025 revenue.

• Clean balance sheet with $4 million cash, $10 million credit facility, and a $1.90 conversion price on recent convertible notes.

Asset and project highlights

• Royalties on three of the five largest producing gold mines in North America, including Canadian Malartic, Côté, and Goldstrike.

• Vares copper stream in Bosnia and Borborema gold project in Brazil are recent additions, both expected to contribute significant cash flow.

• Borborema has expansion potential with an additional 2 million ounces not yet in the mine plan, pending a highway relocation.

• Ren project (Goldstrike extension) has a 1.5% NSR and 3.5% NPI, with 1.6 million ounces inferred at 6.6 g/t and potential to triple.

• Advanced exploration assets like Whistler (Alaska) and Tonopah West (Nevada) offer significant optionality and future cash flow potential.