Alastair Still, P.Geo., the Director of Technical Services of the Company, is a qualified person as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and subpart 1300 of Regulation S-K ("SK1300") and has reviewed and approved the scientific and technical information contained herein. Fourth Quarter 2024 Results March 20, 2025 goldroyalty.com / NYSE: GROY Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation includes ...

Gold Royalty Corp. (NYSE:GROY) Q4 2024 Earnings Conference Call March 20, 2025 11:00 AM ET Company Participants David Garofalo - Chairman & CEO Andrew Gubbels - CFO Jackie Przybylowski - VP, Capital Markets Peter Behncke - Director, Corporate Development & IR Conference Call Participants Heiko Ihle - H.C. Wainwright Eric Winmill - Scotiabank Operator Welcome to the Gold Royalty Corp. Fourth Quarter 2024 Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After to ...

Financial Data and Key Metrics Changes - Gold Royalty Corp. reported total revenue of $3.8 million for Q4 2024, a 192% increase compared to Q4 2023 and approximately 50% higher than Q3 2024 [8] - For the full year 2024, total revenue reached a record $12.8 million, marking a 146% increase from 2023 [9] - The company achieved positive operating cash flows of $2.5 million and positive adjusted EBITDA of $4.8 million for 2024 [9][43] Business Line Data and Key Metrics Changes - The Cote Gold mine's ramp-up contributed significantly to revenue growth, alongside initial revenues from the Vares copper stream [8] - The company expects to receive between 5,700 and 7,000 GEOs in 2025, representing a 16% increase from 2024 [9][10] - The five-year outlook forecasts production growth to 23,000 to 28,000 GEOs by 2029, reflecting over a 360% increase from 2024 [6][20] Market Data and Key Metrics Changes - The company anticipates strong commodity prices will support revenue growth in 2025 [5] - The guidance for 2025 assumes a gold price of $2,668 per ounce and a copper price of $4.23 per pound [19] Company Strategy and Development Direction - Gold Royalty Corp. emphasizes disciplined capital allocation, prioritizing debt repayment and strategic growth opportunities [7] - The company is focused on cash flow generation and plans to utilize free cash flow for debt repayment and potential acquisitions [62][70] - The portfolio's growth profile is attributed to transformative acquisitions of royalties on large-scale, long-life mines [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's potential, citing strong operating partners and expected cash flow growth [42] - The company is optimistic about the ramp-up of key assets like Cote, Borborema, and Vares, which are expected to contribute significantly to cash flows in 2025 [10][72] Other Important Information - The Vares mine is expected to reach a full Phase I run rate of 800,000 tonnes per year in the second half of 2025, with further expansions planned [26] - The Borborema project is on track for its first gold pour later this month, with commercial production expected in the second half of the year [27] Q&A Session Summary Question: Can you provide color on the longer-term guidance? - Management indicated that many cornerstone assets have 20-year mine plans, suggesting sustainability beyond the five-year outlook [53] Question: What is the expected breakdown between gold and copper in the long term? - Currently, the asset base is approximately 90% gold and 10% copper, with expectations for a decline in copper exposure over time [54][56] Question: What is the plan for debt management? - The company aims to reduce debt as free cash flow increases, while maintaining some level of debt for potential opportunities [62][70] Question: How should cash flow distribution be expected in 2025? - The second half of 2025 is expected to be stronger due to the ramp-up of key assets [74] Question: What new opportunities are being considered for the portfolio? - The company is actively looking for quality opportunities in the royalty and streaming financing space, focusing on later-stage assets [78][82]

Project Overview - The Odyssey Project is planned to mine at a rate of approximately 20,000 tonnes per day (tpd) with full commissioning of the 1,800 m deep shaft expected in 2027[205]. - Initial production from the Odyssey Mine began in 2023, with the first loading station expected to be commissioned in 2027[224]. - The Odyssey Project will utilize existing infrastructure at the Canadian Malartic site, including tailing storage facilities and processing plants[229]. Mining and Processing Capacity - The Canadian Malartic mine's processing plant has a nominal capacity of 55,000 tpd, utilizing conventional cyanidation for gold extraction[228]. - The total capacity of the current tailings management facility is estimated to be 230 million tonnes, with plans to store an additional 70 to 80 million tonnes in the Canadian Malartic pit post-mining[235]. Environmental Compliance - The Canadian Malartic GP has received all permits related to mining the Canadian Malartic pit extension, ensuring compliance with environmental regulations[236]. - A water treatment plant is in place to ensure compliance with water quality requirements, reducing risks associated with surface water management[238]. Resource and Production Metrics - The gold resource in the Canadian Malartic deposit is primarily hosted by altered clastic sedimentary rocks, with mineralization extending from surface to 400 m below surface[212]. - The Odyssey deposit extends on a 2 km strike and a width of 500 m, characterized by higher grade gold mineralization along its sheared margins[217]. - For the year ended December 31, 2024, processed tonnes increased to 20,317,263 from 19,583,538 in 2023, representing a growth of approximately 3.75%[240]. - Gold production attributable to the company rose significantly to 25,519 ounces in 2024, compared to 12,722 ounces in 2023, marking an increase of approximately 100%[240]. - Silver production also saw an increase, with attributable production rising to 12,457 ounces in 2024 from 6,600 ounces in 2023, reflecting an increase of approximately 89%[240]. - The metallurgical recovery rate for gold was 92.3% in 2024, slightly down from 92.7% in 2023, while silver recovery decreased to 68.6% from 72.2%[240]. Financial Aspects - The Canadian Malartic Property has a significant portion subject to a 5% NSR royalty payable to Osisko, with additional royalties varying between 1% and 3% on other claims[208]. - The royalty coverage percentage increased to 4.044% in 2024 from 1.875% in 2023, indicating a substantial improvement in royalty interests[240]. Community Engagement - The company has implemented a "Good Neighbour Guide" with over 90% of Malartic residents participating in the compensation program[231]. Future Developments - The company has submitted a request for a decree amendment to develop additional zones, which does not trigger further Federal permitting requirements[237]. - The Canadian Malartic GP believes that the availability of alternative refiners mitigates risks associated with losing current refining services[240]. - The company is focused on maintaining flexibility in its water usage system through effective management of excess water from the mining operations[238]. - Further information regarding the Canadian Malartic Property can be found in the Operating and Financial Review and Prospects section[241].

Core Viewpoint - Gold Royalty Corp. has amended and upsized its revolving credit facility, resulting in reduced borrowing costs and improved balance sheet flexibility [1][2][3] Financial Summary - The amended facility now consists of a US$30 million secured revolving credit line, with US$25 million drawn and an accordion feature allowing for an additional US$45 million, subject to conditions [2] - The interest rate has been reduced by 100 basis points to SOFR plus a margin of 3.00% [2] - The maturity date of the facility has been extended to March 31, 2028 [2] Operational Updates - Côté Gold is expected to double its production in 2025 to 360-400koz gold from 177koz in 2024 [3] - Adriatic Metals has raised A$80 million (approximately US$50 million) to complete the Vares ramp-up to 800ktpa capacity in the first half of 2025 [3] - Agnico Eagle's Odyssey project remains on schedule, with mining transition expected to complete in 2029 [3] - Barrick's REN project is anticipated to reach full production in 2027, with an average production of 140,000 oz gold per year [3] - Blackrock Silver is advancing exploration at the Tonopah West project, with an updated mineral resource estimate expected in Q3 2025 [3] - Discovery Silver is acquiring Newmont's Porcupine complex, including the Borden operation, with an updated PEA available [3] - Wallbridge Mining plans to complete an updated PEA on the Fenelon project in the current quarter [3] Strategic Outlook - The company anticipates significant revenue growth in 2025, driven by cash flow generation from key assets and ongoing capital allocation initiatives prioritizing debt repayment [3][4] - The company is well-positioned for future revenue growth, particularly from Vares and REN, expected to contribute significantly by 2027 [4]

Company Performance - Gold Royalty Corp. (GROY) has returned 23.1% year-to-date, outperforming the Basic Materials sector, which has gained an average of 7.4% [4] - The Zacks Consensus Estimate for GROY's full-year earnings has increased by 40% over the past quarter, indicating improved analyst sentiment and earnings outlook [3] - GROY belongs to the Mining - Gold industry, which includes 40 companies and currently ranks 79 in the Zacks Industry Rank; this industry has gained about 22.2% year-to-date, showing GROY's superior performance within its group [6] Sector Overview - The Basic Materials sector includes 233 individual stocks and holds a Zacks Sector Rank of 11 out of 16 groups, indicating its relative performance [2] - Another stock in the Basic Materials sector, Orla Mining Ltd. (ORLA), has also outperformed the sector with a year-to-date return of 24.7% [4] - ORLA's consensus EPS estimate for the current year has increased by 76.5% over the past three months, and it currently holds a Zacks Rank of 2 (Buy) [5]

Core Insights - Gold Royalty Corp. reported record revenue for 2024, driven by cash flowing royalties from various projects and strong commodity prices [1][2] - The company achieved a 192% increase in Total Revenue, Land Agreement Proceeds, and Interest in Q4 2024 compared to Q4 2023, totaling $3.8 million [2] - For the full year 2024, these metrics increased by 146% to a record $12.8 million, equating to 5,462 gold equivalent ounces (GEOs) [2][9] Financial Performance - Q4 2024 revenue was $3.8 million, with $3.4 million attributed to revenue alone, equating to 1,445 GEOs [2][10] - Full year 2024 revenue reached $12.8 million, with $10.1 million from revenue, equating to 5,462 GEOs [2][10] - The average gold price for Q4 2024 was $2,661 per ounce, compared to $1,977 per ounce in Q4 2023 [10] Future Outlook - The company anticipates continued strong revenue growth in 2025 as production from the Côté royalty and Vares stream ramps up [3][9] - Strategic acquisitions are expected to contribute to growth as key assets enter production [9] Company Overview - Gold Royalty Corp. focuses on providing financing solutions in the metals and mining industry, aiming to build a diversified portfolio of precious metals royalty and streaming interests [5] - The company's portfolio primarily consists of net smelter return royalties on gold properties located in the Americas [5]

Group 1 - Gold Royalty (NYSE: GROY) is highlighted as a high-quality owner of royalties that are expected to generate significant cash flow and revenue for shareholders [1] - The company is noted for its cheap valuation, particularly in comparison to other Canadian gold royalty stocks [1] Group 2 - The article reflects an investment philosophy focused on seeking bargains in emerging markets and emphasizes an owner-mindset while largely ignoring macroeconomic noise [1] - The author expresses admiration for renowned investors and economic thinkers, indicating a shift towards an Austrian economic perspective in future writings [1]

Financial Data and Key Metrics Changes - The company achieved total revenue, land agreement proceeds, and interest of $2.6 million in Q3 2024, representing a 90% increase compared to Q3 2023 [7] - Year-to-date total revenue reached a record $9 million, over a 130% increase relative to the same period in 2023, with cash operating expenses of $5.9 million [8] - The company reported positive net income in the quarter, recognizing a $5.9 million non-cash deferred tax asset due to an internal reorganization [9] Business Line Data and Key Metrics Changes - The Côté Gold Mine in Ontario and the Vares Mine in Bosnia are expected to drive revenue growth, with Côté ramping up production and Vares expected to generate initial revenue in Q4 2024 [10][11] - The company anticipates full revenue growth from both Côté and Vares in 2025, benefiting from a full year of production [12] Market Data and Key Metrics Changes - The company expects total revenue, land agreement proceeds, and interest for the full year 2024 to be between $13 million and $14 million, a 160% increase compared to 2023 [13] - The ramp-up at Côté and initial revenue from Vares, along with contributions from existing cash-flowing royalties, are key drivers for Q4 revenue growth [13] Company Strategy and Development Direction - The company is focused on maintaining a disciplined capital allocation strategy, prioritizing debt repayment and liquidity enhancement before considering returns to shareholders [33] - The company has a robust pipeline of royalties and streams, with high-quality assets located in favorable mining jurisdictions [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for 2025, citing strong commodity prices and a stable cost structure as factors for expected revenue and cash flow growth [6] - The company highlighted the significant leverage to gold prices, projecting substantial revenue growth as production volumes increase [35] Other Important Information - The company has seen a significant increase in the ounces in the ground from 30 million at IPO to over 130 million currently, driven by exploration success and acquisition efforts [37] - The company is excited about several key catalysts across its portfolio, including developments at the Odyssey mine, Borborema project, and Whistler project [19][20][22] Q&A Session Summary Question: Impact of higher gold prices on the portfolio - Management noted that the leverage to gold prices is immense, with significant cash flow growth expected as production volumes increase [35][36] Question: M&A pipeline and asset prices - Management indicated that the junior market has not responded to gold price increases, leading to limited appeal for early-stage opportunities but potential for financing third-party royalties [42][44] Question: Updates on Jerritt Canyon - Management acknowledged that while Jerritt Canyon remains on the balance sheet, higher gold prices could enhance its relevance in the future [48][49] Question: Exploration portfolio potential - Management highlighted encouraging developments at the Whistler Project and Tonopah West, indicating strong potential for new discoveries [51][52] Question: Vares payment structure - Management clarified that revenue from Vares is contingent on reaching a threshold of copper concentrate before payments are made [55][56] Question: Future debt repayment strategy - Management confirmed that the priority is to reduce the revolving credit facility to nil before considering returns to shareholders [61][62]

Core Insights - Gold Royalty Corp. reported a significant increase in revenue for the third quarter of 2024, with total revenue rising by approximately 160% and total revenue, land agreement proceeds, and interest increasing by 90% compared to the same period in 2023 [1][2] - The company anticipates further revenue growth in the fourth quarter of 2024 due to recent strategic acquisitions [1] Financial Performance - Total revenue for the third quarter of 2024 reached $2.6 million, with revenue of $2.1 million, equating to 1,051 gold equivalent ounces (GEOs) [2] - For the first nine months of 2024, total revenue, land agreement proceeds, and interest increased by over 130% to a record $9.0 million, equating to 4,017 GEOs [2] Operational Highlights - Revenue from the Côté Gold Mine, operated by IAMGOLD Corporation, increased as the mine ramped up production, achieving a record daily throughput of 40,900 tonnes per day, which is 14% above nameplate capacity [3] - The company expects to receive its first revenue from the copper stream over the Vares Mine in the fourth quarter as the asset ramps up to achieve nameplate capacity [3] - Gold Royalty remains on track to meet its guidance for 2024, projecting between 6,500 and 7,000 GEOs, translating to approximately $13 million to $14 million in forecasted total revenue, land agreement proceeds, and interest [3] Upcoming Events - Gold Royalty will release its quarterly financial and operating results for the three and nine months ended September 30, 2024, on November 4, 2024, after market close [5] - A conference call to discuss these results is scheduled for November 5, 2024 [5] Company Overview - Gold Royalty Corp. is focused on providing creative financing solutions to the metals and mining industry, aiming to build a diversified portfolio of precious metals royalty and streaming interests [6]