Summary of Gold Royalty (GROY) 2025 Investor Day Company Overview - Gold Royalty (GROY) is a royalty company focused on gold assets, with a portfolio of 248 royalties, positioning it among the top tier of listed royalty companies [doc id='46'] - The company is approaching free cash flow generation for the first time since its IPO in March 2021, with significant growth expected over the next five years [doc id='3'][doc id='79'] Industry Insights - Gold prices are nearing all-time highs, currently around $3,400 per ounce, making gold one of the best-performing asset classes [doc id='2'] - The gold market is characterized by a lack of supply response to price increases, with mining companies unable to significantly increase production due to capital intensity and long investment horizons [doc id='21'][doc id='30] - Central bank buying, particularly from Asia, has been a significant driver of gold prices, although this has not translated into a corresponding increase in gold equity prices [doc id='23'][doc id='24'] Financial Performance and Projections - The company expects a 16% growth in attributable production in 2025, with a projected 360% increase over the next five years, translating to a compounded annual growth rate of 36% [doc id='32'] - By the end of the decade, GROY anticipates reaching approximately 30,000 ounces of attributable production, potentially generating around $90 million in revenue at current gold prices [doc id='35'] - General and administrative (G&A) costs have decreased by 40% in 2023 due to post-merger integration, allowing for more revenue to flow to the bottom line [doc id='36] Growth Strategy - The company is focused on a disciplined capital allocation strategy, prioritizing debt reduction and potential shareholder returns over new acquisitions due to current market conditions [doc id='37'][doc id='41'] - GROY has a unique business model with four pillars of growth: traditional royalty financing, organic royalty generation, corporate M&A, and cash flowing assets [doc id='58][doc id='61'] - The company has been patient in its acquisition strategy, having looked at over 400 opportunities but only executing 10 transactions, emphasizing the importance of value accretion [doc id='50][doc id='52] Market Dynamics - The royalty and streaming sector is increasingly competitive, with over 40 companies vying for similar opportunities, making it challenging to deploy capital effectively [doc id='50] - The overall market capitalization of listed royalty companies is around $100 billion, with M&A activity averaging $3.5 billion annually, indicating limited growth from acquisitions [doc id='52] - GROY's current market multiple is approximately 0.8 times NAV, which is below the market average, limiting its ability to engage in significant M&A [doc id='49] Conclusion - Gold Royalty is well-positioned for growth with a strong portfolio and a disciplined approach to capital allocation, focusing on generating free cash flow and enhancing shareholder value in the coming years [doc id='79]

Summary of Gold Royalty Conference Call Company Overview - **Company**: Gold Royalty - **Industry**: Mining and Royalty Sector - **IPO**: March 2021 with an initial collection of 18 royalties, now expanded to over 240 royalties [4][6] Key Points Portfolio Growth and Strategy - Gold Royalty has significantly diversified its portfolio, now holding royalties on three of the five largest gold mines in North America [5][6] - The company has transitioned from 18 royalties at IPO to over 240, with seven currently cash flowing and 14 in various stages of construction [6][7] - The focus has been on acquiring cash-flowing and near cash-flowing royalties to enhance revenue growth [5][6] Financial Performance - The company achieved positive operating cash flow for the first time last year and is now entering a phase of positive free cash flow [6][7] - Expected revenue growth of 367% from 2024 to 2029, with 85% of this growth coming from mature operations [68][69] - The company is currently in a "harvest mode," focusing on deleveraging and generating free cash flow per share [14][68] Market Conditions and Challenges - The gold sector has faced devaluation due to rising interest rates, impacting acquisition strategies [10][14] - The market is currently waiting for proof of concept on large-scale mines that are expected to achieve design production rates this year [13][14] - Exploration activities have slowed due to a lack of capital access for junior miners, affecting earlier stage royalties [39][40] Competitive Landscape - The royalty sector is characterized by a few large players (mega-cap companies) and many small-cap companies struggling for relevance [24][25] - Gold Royalty aims to capture the mid-cap space, which is seen as a "Goldilocks zone" for growth and institutional relevance [28][30] - The company has absorbed smaller competitors to eliminate redundant costs, achieving significant G&A savings [31][33] Future Outlook - The company is optimistic about several projects, including Cote, Varus, and Boubarema, which are expected to contribute to revenue growth [68][69] - The management team has extensive industry experience, which is leveraged for growth through M&A, royalty financing, and organic royalty generation [15][16][18] - The company is focused on maintaining a strong portfolio in top-rated mining jurisdictions, with over 80% of its assets located in Nevada, Quebec, and Ontario [19][23] Additional Insights - The company has a unique model that allows it to generate new royalties organically without significant capital outlay [18][37] - The correlation between gold prices and all-in sustaining costs remains strong, with current market conditions affecting producer valuations [100][105] Conclusion Gold Royalty is positioned for significant growth with a diversified portfolio and a focus on cash-flowing assets. The company is navigating market challenges while maintaining a strong outlook for future revenue and operational success.

Financial Data and Key Metrics Changes - The company reported total revenue of $3.6 million for the quarter, translating to 1,249 gold equivalent ounces [6] - Operating cash flow reached a record $2.5 million, an increase of over 180% compared to the previous quarter [6] - Adjusted EBITDA was $1.7 million, representing an increase of over 30% compared to the previous quarter [6] - General and administrative costs were $1.8 million during the quarter, indicating effective cost management [6] Business Line Data and Key Metrics Changes - Production in Q1 represented approximately 20% of the midpoint of the full-year guidance range of 5,700 to 7,000 gold equivalent ounces [7] - The company expects production growth as projects ramp up and derisk throughout the year [7] Market Data and Key Metrics Changes - Spot gold prices reached record highs, recently exceeding $3,300 per ounce, which positively impacted both revenue and cash flow [4] - The company assumes a gold price of $2,212 per ounce and a copper price of $4.24 per pound in its five-year outlook [9] Company Strategy and Development Direction - The company is focused on debt reduction while considering capital returns to shareholders and pursuing strategic growth opportunities [5] - The five-year outlook forecasts production of 23,000 to 28,000 gold equivalent ounces by 2029, representing over a 360% increase from 2024 [8] - The company emphasizes disciplined capital allocation and is looking for accretive deals while maintaining a strong cash flow growth strategy [13][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for a transformative year, with expectations for steady improvement in cash flow and production [4] - The management highlighted the importance of being patient as cash flow growth materializes, which is expected to be a catalyst for re-rating back in line with peers [14] Other Important Information - The company is experiencing exciting progress towards project completion and expansion across its portfolio [12] - The upcoming Capital Markets Day is scheduled for June 12, where further details will be shared [15] Q&A Session Summary Question: What should be modeled for ounces in the second quarter? - Management indicated that Q1 production was lighter than expected, and a significant step up in Q2 is anticipated as assets ramp up to commercial production [22] Question: Where do you see the most variability in the long-term outlook? - Management noted variability could stem from Canadian Malartic and Odyssey, with potential upside at Bulbarema due to ongoing developments [24][27] Question: How has the market for new transactions changed with high gold prices? - The company is seeing more opportunities for new royalties on earlier stage assets, emphasizing a disciplined approach to capital allocation [34]

Financial Data and Key Metrics Changes - The company reported total revenue of $3.6 million for the quarter, translating to 1,249 gold equivalent ounces [5] - Operating cash flow reached a record of $2.5 million, an increase of over 180% compared to the previous quarter [5] - Adjusted EBITDA was $1.7 million, representing an increase of over 30% compared to the previous quarter [5] - General and administrative costs were $1.8 million during the quarter, indicating effective cost management [5] Business Line Data and Key Metrics Changes - Production in Q1 represented approximately 20% of the midpoint of the full-year guidance range of 5,700 to 7,000 gold equivalent ounces [6] - The ramp-up of the Verus, Cote, and Bobarima mines is expected to contribute significantly to production growth throughout the year [6][10] Market Data and Key Metrics Changes - Spot gold prices reached record highs, recently exceeding $3,300 per ounce, which positively impacted revenue and cash flow [3] - The company assumes a gold price of $2,212 per ounce and a copper price of $4.24 per pound in its five-year outlook [7] Company Strategy and Development Direction - The company is focused on debt reduction while considering capital returns to shareholders and pursuing strategic growth opportunities [4] - Capital allocation remains a strategic priority, with an emphasis on maintaining a scalable business model that keeps costs flat [4] - The company aims to report positive free cash flows later this year for the first time [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a transformative year ahead, driven by strong gold prices and increased production from key mines [3] - The company anticipates steady improvement in production as projects ramp up and derisk [6] - Management highlighted the potential for a significant increase in production volumes, projecting a 360% increase over the next five years [14] Other Important Information - The company maintains a clear focus on capital discipline and is exploring opportunities for new royalties and streams, particularly in earlier-stage assets [30] - The upcoming Capital Markets Day on June 12 is expected to provide further insights into the company's portfolio and strategic direction [14] Q&A Session Summary Question: What should be modeled for ounces in the second quarter? - Management indicated that Q1 production was lighter than expected, and a significant step-up in Q2 is anticipated as assets ramp up towards commercial production [22] Question: Where do you see the most variability in the long-term outlook? - Management noted variability could stem from Canadian Malartic and Odyssey, with potential upside from Bulbarema due to ongoing developments [24][26] Question: How has the market for new transactions changed with high gold prices? - The company is seeing more opportunities for new royalties on earlier-stage assets, emphasizing a disciplined capital allocation strategy [30]

First Quarter 2025 Financial Highlights - The company reported revenue of $3.1 million and Total Revenue, Land Agreement Proceeds and Interest of $3.6 million (1,249 GEOs)[22] - The company achieved record positive operating cash flow of $2.5 million and Adjusted EBITDA of $1.7 million[22] - General and administrative costs were $1.8 million[22] 2025 Guidance and Five-Year Outlook - The company expects total GEOs between 5,700 and 7,000 in 2025, with three cash flowing assets ramping up[23] - The company anticipates peer-leading growth of over 360% in the next five years, forecasting GEOs to increase to between 23,000 and 28,000 in 2029[23] Key Growth Assets - Commercial production at Vareš is expected in Q2 2025, with a ramp-up to 800ktpa run rate expected in H2 2025, and a potential throughput increase of 63% by 2027[30] - Côté Gold's ramp-up remains on track to achieve a steady-state nameplate throughput rate of 36,000tpd in Q4 2025, with production expected to approximately double in 2025 to 360,000-400,000oz gold (100% basis)[30] - Borborema achieved initial production in Q1 2025, with commercial production expected in Q3 2025, and is expected to reach between 40% and 48% of designed nominal capacity in 2025, equivalent to an annualized rate of 83,000oz Au[30] Valuation and Growth Potential - The company's valuation is approximately 0.57x Consensus median P/NAV, compared to a sector average of approximately 1.3x P/NAV[35]

Core Viewpoint - Gold Royalty Corp. reported continued year-over-year revenue growth and positive operating cash flow for Q1 2025, driven by advancements in key assets within its portfolio, including the Borborema mine which achieved initial production [2][5]. Financial Highlights - Total revenue for Q1 2025 was $3.138 million, up from $2.894 million in Q1 2024, representing an increase of approximately 8.4% [5]. - The net loss decreased to $1.255 million in Q1 2025 from $1.405 million in Q1 2024, indicating improved financial performance [5]. - Cash provided by operating activities was $2.487 million, a significant increase from $336,000 in the same quarter of the previous year [5]. - Adjusted EBITDA for Q1 2025 was $1.663 million, down from $2.020 million in Q1 2024 [5]. Portfolio Update - The Borborema Project is expected to produce between 33,000 to 40,000 ounces of gold in 2025, with initial production achieved in Q1 2025 [7][8]. - The company anticipates achieving a total of 5,700 to 7,000 Gold Equivalent Ounces (GEOs) in 2025, with production weighted towards the second half of the year [34][35]. - The Côté Gold Mine has achieved record throughput, with IAMGOLD targeting to reach nameplate capacity by the end of 2025 [14][35]. Operational Efficiency - The company maintains low operating costs, with only approximately $0.02 million spent on maintaining mineral interests in Q1 2025 [33]. - The royalty generator model has successfully added two new royalties in the first quarter of 2025, contributing to the overall growth strategy [32]. Future Outlook - The company expects to achieve positive free cash flow in 2025 as several cash-flowing projects ramp up, including the Côté Gold mine and Vareš mine [35]. - The forecast for 2025 includes an assumed gold price of $2,668 per ounce and a copper price of $4.23 per pound, supporting the growth outlook [34].

Condensed Interim Consolidated Financial Statements [Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) Gold Royalty Corp.'s financial position as of March 31, 2025, shows slight increases in total assets and liabilities, with a minor decrease in total equity Financial Position Summary | Metric | March 31, 2025 ($ thousands) | December 31, 2024 ($ thousands) | Change ($ thousands) | % Change | | :-------------------------------- | :----------------------------- | :------------------------------ | :------------------- | :------- | | Total Assets | 739,884 | 737,515 | 2,369 | 0.32% | | Total Liabilities | 181,837 | 179,212 | 2,625 | 1.46% | | Total Equity | 558,047 | 558,303 | (256) | -0.05% | | Cash and cash equivalents | 3,214 | 2,267 | 947 | 41.77% | | Accounts receivable | 1,197 | 1,663 | (466) | -28.02% | | Royalties, streaming and other mineral interests | 719,833 | 717,780 | 2,053 | 0.29% | [Condensed Interim Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) Gold Royalty Corp. reported a net loss of **$1,248 thousand** for Q1 2025, an improvement driven by increased revenue and operating income Statements of Loss and Comprehensive Loss Summary | Metric | For the three months ended March 31, 2025 ($ thousands) | For the three months ended March 31, 2024 ($ thousands) | Change ($ thousands) | % Change | | :----------------------------------- | :---------------------------------------------------- | :---------------------------------------------------- | :------------------- | :------- | | Revenue | 3,138 | 2,894 | 244 | 8.43% | | Gross profit | 2,902 | 2,374 | 528 | 22.24% | | Operating income/(loss) for the period | 341 | (544) | 885 | -162.68% | | Net loss after income taxes for the period | (1,248) | (1,405) | 157 | -11.17% | | Net loss per share, basic and diluted | (0.01) | (0.01) | 0.00 | 0.00% | | Weighted average common shares outstanding | 170,325,913 | 145,778,698 | 24,547,215 | 16.84% | - Operating income significantly improved from a loss of **$544 thousand** in Q1 2024 to an income of **$341 thousand** in Q1 2025, primarily due to increased revenue and lower general and administrative costs[3](index=3&type=chunk) [Condensed Interim Consolidated Statements of Changes in Equity](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity slightly decreased to **$558,047 thousand** by March 31, 2025, primarily due to net loss, partially offset by issued capital and reserves Changes in Equity Summary | Metric | Balance at December 31, 2024 ($ thousands) | Balance at March 31, 2025 ($ thousands) | Change ($ thousands) | | :-------------------------------- | :--------------------------------------- | :-------------------------------------- | :------------------- | | Issued Capital | 595,811 | 596,392 | 581 | | Reserves | 35,684 | 36,095 | 411 | | Accumulated Deficit | (73,227) | (74,475) | (1,248) | | Total Equity | 558,303 | 558,047 | (256) | - The Company issued **282,165** common shares during the three months ended March 31, 2025, for vesting of restricted share units and interest payments on convertible debentures[4](index=4&type=chunk)[35](index=35&type=chunk) [Condensed Interim Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated **$2,487 thousand** in cash for Q1 2025, while investing activities resulted in a **$2,087 thousand** net outflow Cash Flow Summary | Activity | For the three months ended March 31, 2025 ($ thousands) | For the three months ended March 31, 2024 ($ thousands) | Change ($ thousands) | | :-------------------------------- | :---------------------------------------------------- | :---------------------------------------------------- | :------------------- | | Cash provided by operating activities | 2,487 | 336 | 2,151 | | Cash provided by/(used in) investing activities | (2,087) | 1,048 | (3,135) | | Cash provided by/(used in) financing activities | 547 | (1,018) | 1,565 | | Net increase in cash | 947 | 366 | 581 | | Cash and cash equivalents, End of period | 3,214 | 1,809 | 1,405 | - The significant increase in cash from operating activities was driven by improved net loss and favorable changes in non-cash working capital items, including accounts receivables and accounts payable[5](index=5&type=chunk) - Investing activities shifted from a net inflow in 2024 to a net outflow in 2025, primarily due to a **$2,209 thousand** investment in royalties, streaming, and other mineral interests[5](index=5&type=chunk) [Notes to Condensed Interim Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section provides detailed disclosures and explanations for the condensed interim consolidated financial statements, covering corporate information, accounting policies, and financial instrument details [Corporate Information](index=6&type=section&id=Corporate%20Information) Gold Royalty Corp. is a Canadian-incorporated company focused on acquiring gold-focused royalty and mineral stream interests - Gold Royalty Corp. (GRC) was incorporated in Canada on June 23, 2020, and is primarily engaged in acquiring gold-focused royalty and mineral stream interests[6](index=6&type=chunk) - GRC's common shares and common share purchase warrants are listed on the NYSE American under the symbols "GROY" and "GROY-WT", respectively[7](index=7&type=chunk) [Basis of Preparation and Significant Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Significant%20Accounting%20Policies) The financial statements are prepared under IFRS (IAS 34) in USD, with consistent accounting policies from the prior annual period - The condensed interim consolidated financial statements are prepared in accordance with IFRS Accounting Standards (IAS 34) and are presented in United States dollars[8](index=8&type=chunk)[10](index=10&type=chunk) - The accounting policies are consistent with those applied in the annual consolidated financial statements for the year ended December 31, 2024, and interim results are not necessarily indicative of full-year results[8](index=8&type=chunk)[11](index=11&type=chunk) Wholly-owned Subsidiaries as at March 31, 2025 | Name of subsidiary | Country of Incorporation | Functional Currency | % Equity Interest | | :----------------------- | :----------------------- | :------------------ | :---------------- | | Ely Gold Royalties Inc. | Canada | U.S. dollar | 100% | | Nevada Select Royalty, Inc. | USA | U.S. dollar | 100% | | Ren Royalties LLC | USA | U.S. dollar | 100% | | VEK Associates | USA | U.S. dollar | 100% | | Gold Royalty Holdings Ltd. | Canada | U.S. dollar | 100% | | Groyco Mex. S.A. de C.V. | Mexico | U.S. dollar | 100% | [IFRS Pronouncements](index=6&type=section&id=IFRS%20Pronouncements) New IFRS 9/7 amendments and IFRS 18 pronouncements are being assessed for their potential impact on the Company's financial statements - The IASB issued Amendments to IFRS 9 and IFRS 7 in May 2024, effective for annual periods beginning on or after January 1, 2026, which update classification and measurement requirements for financial instruments[12](index=12&type=chunk)[14](index=14&type=chunk) - IFRS 18, issued in April 2024, replaces IAS 1 and introduces a specified structure for the income statement, effective for reporting periods beginning on or after January 1, 2027[15](index=15&type=chunk) - Management is currently assessing the effect of both IFRS 9/7 amendments and IFRS 18 on the Company's financial statements[14](index=14&type=chunk)[15](index=15&type=chunk) [Royalties, Streaming and Other Mineral Interests](index=8&type=section&id=Royalties,%20Streaming%20and%20Other%20Mineral%20Interests) Total royalties, streaming, and other mineral interests increased to **$719,833 thousand** by March 31, 2025, driven by new acquisitions Royalties, Streaming and Other Mineral Interests ($ thousands) | Category | Balance at Dec 31, 2024 | Additions (Q1 2025) | Depletion Adjustment/(Depletion) (Q1 2025) | Land Agreement Proceeds (Q1 2025) | Balance at Mar 31, 2025 | | :-------------------------------- | :---------------------- | :------------------ | :----------------------------------------- | :---------------------------------- | :---------------------- | | Streams on Production Stage Assets | 50,570 | — | (158) | — | 50,412 | | Royalties on Production Stage Assets | 321,572 | — | 67 | — | 321,639 | | Royalties on Exploration and Resource Stage Assets | 202,851 | 2,246 | — | — | 205,114 | | Total | 717,780 | 2,257 | (91) | (113) | 719,833 | - On March 7, 2025, the Company acquired a **1.2%** NSR royalty on the Garrison Project for **$1,948 thousand** (C$2.8 million), with transaction costs of **$298 thousand**[17](index=17&type=chunk) - The Company incurred **$145 thousand** in copper streaming expenses related to the Vareš copper stream during Q1 2025, which were nil in the prior year[19](index=19&type=chunk) [Long-term Investment](index=10&type=section&id=Long-term%20Investment) The Company holds a **$1,390 thousand** long-term investment in Prospector Royalty Corp., representing a **12.5%** equity interest - As of March 31, 2025, the Company holds a **$1,390 thousand** (C$2 million) long-term investment, representing a **12.5%** equity interest in Prospector Royalty Corp. (PRC), a private company providing access to a digitized royalty database[21](index=21&type=chunk) [Gold-linked Loan](index=10&type=section&id=Gold-linked%20Loan) A **$10,000 thousand** gold-linked project financing loan to Borborema Inc. generated a **$290 thousand** fair value gain in Q1 2025 - The Company provided a **$10,000 thousand** project financing loan to Borborema Inc. on December 19, 2023, bearing interest at **110 ounces of gold** per quarter, payable in cash or physical gold[22](index=22&type=chunk) - The loan is classified as a financial asset measured at fair value through profit or loss, with a fair value gain of **$290 thousand** recorded for the three months ended March 31, 2025[23](index=23&type=chunk)[24](index=24&type=chunk) Gold-linked Loan Movement ($ thousands) | Metric | Balance at Dec 31, 2024 | Interest income credited against Gold-linked loan (Q1 2025) | Change in fair value during the period (Q1 2025) | Balance at Mar 31, 2025 | | :-------------------------------- | :---------------------- | :---------------------------------------------------------- | :----------------------------------------------- | :---------------------- | | Gold-linked loan | 10,739 | (326) | 290 | 10,703 | [Bank Loan](index=12&type=section&id=Bank%20Loan) The Company upsized its secured revolving credit line to **$30,000 thousand** and extended its maturity to March 31, 2028, with reduced interest rates - On February 24, 2025, the Company amended and restated its credit agreement, upsizing the secured revolving credit line to **$30,000 thousand** (with an accordion feature up to **$75,000 thousand**) and extending the maturity to March 31, 2028[27](index=27&type=chunk) - The amended facility bears a reduced interest rate of SOFR plus a margin of **3.00%**, a **100 basis points** reduction[27](index=27&type=chunk) Bank Loan Movement ($ thousands) | Metric | Balance at Dec 31, 2024 | Additional draw-down (Q1 2025) | Less: transaction costs and fees (Q1 2025) | Modification adjustment (Q1 2025) | Interest expense (Q1 2025) | Interest paid (Q1 2025) | Balance at Mar 31, 2025 | | :---------------- | :---------------------- | :----------------------------- | :----------------------------------------- | :-------------------------------- | :------------------------- | :---------------------- | :---------------------- | | Bank loan | 24,920 | 2,000 | (165) | (693) | 626 | (565) | 26,123 | [Convertible Debentures](index=12&type=section&id=Convertible%20Debentures) The Company issued **$40,000 thousand** unsecured convertible debentures with a **10%** annual interest rate, payable partly in GRC Shares - The Company completed a private placement of **$40,000 thousand** unsecured convertible debentures in December 2023, bearing **10%** interest per annum over a **5-year** term, with interest payable **70%** in cash and **30%** in GRC Shares[28](index=28&type=chunk) - The debentures are classified as compound financial instruments, with a liability component measured at amortized cost and a Conversion Option accounted for separately as equity[29](index=29&type=chunk)[31](index=31&type=chunk) Convertible Debentures Movement ($ thousands) | Metric | Balance at Dec 31, 2024 | Finance costs (Q1 2025) | Interest paid (Q1 2025) | Balance at Mar 31, 2025 | | :---------------------- | :---------------------- | :---------------------- | :---------------------- | :---------------------- | | Debentures balance | 24,898 | 1,575 | (1,000) | 25,473 | [Embedded Derivative](index=14&type=section&id=Embedded%20Derivative) The Redemption Option embedded in convertible debentures is valued at fair value, with a **$(100) thousand** change recognized in Q1 2025 - The Redemption Option embedded in the convertible debentures is valued at fair value, with a change in fair value of **$(100) thousand** recognized for the three months ended March 31, 2025[30](index=30&type=chunk)[34](index=34&type=chunk) Embedded Derivative Movement ($ thousands) | Metric | Balance at Dec 31, 2024 | Change in fair value during the period (Q1 2025) | Balance at Mar 31, 2025 | | :---------------------- | :---------------------- | :----------------------------------------------- | :---------------------- | | Embedded derivative | 1,309 | (100) | 1,209 | - The fair value of the embedded derivative is estimated using the White Hull one factor model, incorporating inputs such as share price, credit spread, expected interest rate volatility, and mean reversion constant[34](index=34&type=chunk) [Equity](index=14&type=section&id=Equity) Equity movements in Q1 2025 included the issuance of **282,165** common shares and recognition of share-based compensation expenses - During Q1 2025, the Company issued **282,165** common shares for vesting of Restricted Share Units (RSUs) and convertible debenture interest payments[35](index=35&type=chunk) - Share-based compensation expense for RSUs was **$456 thousand** in Q1 2025 (vs. **$503 thousand** in Q1 2024), and for share options was **$236 thousand** (vs. **$92 thousand** in Q1 2024)[36](index=36&type=chunk)[41](index=41&type=chunk) Movements in Reserves ($ thousands) | Category | Balance at Dec 31, 2024 | Vesting of RSUs (Q1 2025) | Share-based compensation - share options (Q1 2025) | Share-based compensation - RSUs (Q1 2025) | Balance at Mar 31, 2025 | | :---------------- | :---------------------- | :------------------------ | :------------------------------------------------- | :---------------------------------------- | :---------------------- | | Warrants | 9,295 | — | — | — | 9,295 | | Share Based Awards | 14,657 | (281) | 236 | 456 | 15,068 | | Convertible Debentures | 11,732 | — | — | — | 11,732 | | Total | 35,684 | (281) | 236 | 456 | 36,095 | [Revenue](index=17&type=section&id=Revenue) Total revenue increased by **8.43%** to **$3,138 thousand** in Q1 2025, driven by new contributions from Vareš and Borborema Revenue by Source ($ thousands) | Source | For the three months ended March 31, 2025 | For the three months ended March 31, 2024 | Change ($ thousands) | % Change | | :---------------- | :---------------------------------------- | :---------------------------------------- | :------------------- | :------- | | Borden | 184 | 179 | 5 | 2.79% | | Canadian Malartic | 102 | 632 | (530) | -83.86% | | Côté Gold | 309 | — | 309 | N/A | | Cozamin | 301 | 252 | 49 | 19.44% | | Vareš | 484 | — | 484 | N/A | | Borborema | 741 | 281 | 460 | 163.70% | | Others | 804 | 1,282 | (478) | -37.29% | | **Total Revenue** | **3,138** | **2,894** | **244** | **8.43%** | - Significant revenue increases were observed from Vareš (new in 2025) and Borborema, while Canadian Malartic revenue decreased substantially[43](index=43&type=chunk) [General and Administrative Costs and Project Evaluation Costs](index=17&type=section&id=General%20and%20Administrative%20Costs%20and%20Project%20Evaluation%20Costs) General and administrative costs decreased by **19.46%** to **$1,821 thousand** in Q1 2025, primarily due to lower corporate administrative costs General and Administrative Costs ($ thousands) | Category | For the three months ended March 31, 2025 | For the three months ended March 31, 2024 | Change ($ thousands) | % Change | | :------------------------ | :---------------------------------------- | :---------------------------------------- | :------------------- | :------- | | Corporate administrative costs | 681 | 1,158 | (477) | -41.19% | | Employee costs | 780 | 733 | 47 | 6.41% | | Professional fees | 341 | 350 | (9) | -2.57% | | Depreciation | 19 | 20 | (1) | -5.00% | | **Total G&A Costs** | **1,821** | **2,261** | **(440)** | **-19.46%** | - General and administrative costs decreased by **$440 thousand** (**19.46%**) in Q1 2025 compared to Q1 2024, primarily due to lower corporate administrative costs[44](index=44&type=chunk) - The Company reclassified share-based compensation from general and administrative costs to a separate line item in Q1 2024 for improved presentation, with no impact on net loss[45](index=45&type=chunk)[46](index=46&type=chunk) [Finance Costs](index=18&type=section&id=Finance%20Costs) Total finance costs increased by **23.60%** to **$2,205 thousand** in Q1 2025, mainly due to higher interest expense on the bank loan Finance Costs ($ thousands) | Category | For the three months ended March 31, 2025 | For the three months ended March 31, 2024 | Change ($ thousands) | % Change | | :------------------------------ | :---------------------------------------- | :---------------------------------------- | :------------------- | :------- | | Interest expense on bank loan | 626 | 336 | 290 | 86.31% | | Interest expense on convertible debentures | 1,056 | 1,047 | 9 | 0.86% | | Accretion of convertible debentures | 519 | 395 | 124 | 31.39% | | Interest expense on lease liabilities | 4 | 6 | (2) | -33.33% | | **Total Finance Costs** | **2,205** | **1,784** | **421** | **23.60%** | - Total finance costs increased by **$421 thousand** (**23.60%**) in Q1 2025, mainly driven by a significant increase in interest expense on the bank loan[47](index=47&type=chunk) [Financial Instruments](index=18&type=section&id=Financial%20Instruments) The Company's financial instruments include various assets and liabilities, with Level 3 instruments relying on unobservable market data for fair value Fair Value Hierarchy of Financial Instruments as at March 31, 2025 ($ thousands) | Category | Level 1 | Level 2 | Level 3 | Total | | :-------------------------- | :------ | :------ | :------ | :------ | | Short-term investments | 140 | — | — | 140 | | Gold-linked loan | — | — | 10,703 | 10,703 | | Long-term investments | — | — | 1,390 | 1,390 | | Embedded derivative | — | — | (1,209) | (1,209) | | **Total** | **140** | **—** | **10,884** | **11,024** | - The Company's financial instruments include cash, investments, gold-linked loan, receivables, payables, lease obligations, bank loan, convertible debentures, and embedded derivatives[48](index=48&type=chunk) - Level 3 financial instruments, including the gold-linked loan, long-term investment, and embedded derivative, rely on significant unobservable market data inputs for fair value determination[49](index=49&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [Related Party Transactions](index=22&type=section&id=Related%20Party%20Transactions) Related party transactions include significant convertible debenture holdings by QRC and compensation to key management personnel - QRC, an entity with a director also serving as a director of the Company, subscribed for **$30,000 thousand** of the convertible debentures in December 2023[65](index=65&type=chunk) - During Q1 2025, the Company incurred **$1,181 thousand** in finance costs related to debentures held by QRC[65](index=65&type=chunk) Transactions with Key Management Personnel ($ thousands) | Category | For the three months ended March 31, 2025 | For the three months ended March 31, 2024 | Change ($ thousands) | % Change | | :---------------------- | :---------------------------------------- | :---------------------------------------- | :------------------- | :------- | | Management salaries | 298 | 317 | (19) | -5.99% | | Directors' fees | 48 | 58 | (10) | -17.24% | | Share-based compensation | 507 | 429 | 78 | 18.18% | | **Total** | **853** | **804** | **49** | **6.09%** | [Operating Segments](index=24&type=section&id=Operating%20Segments) The Company operates as a single segment focused on royalty and streaming interests, with revenue and non-current assets diversified geographically - The Company operates as a single segment, focusing on investment in royalty and mineral streaming interests[68](index=68&type=chunk) Revenue by Geographical Region ($ thousands) | Region | For the three months ended March 31, 2025 | For the three months ended March 31, 2024 | Change ($ thousands) | % Change | | :-------------------- | :---------------------------------------- | :---------------------------------------- | :------------------- | :------- | | Bosnia and Herzegovina | 484 | — | 484 | N/A | | Canada | 809 | 811 | (2) | -0.25% | | USA | 803 | 1,282 | (479) | -37.36% | | Brazil | 741 | 549 | 192 | 34.97% | | Mexico | 301 | 252 | 49 | 19.44% | | **Total Revenue** | **3,138** | **2,894** | **244** | **8.43%** | Non-current Assets by Geographical Region ($ thousands) | Region | As at March 31, 2025 | As at December 31, 2024 | Change ($ thousands) | % Change | | :-------------------- | :------------------- | :---------------------- | :------------------- | :------- | | Bosnia and Herzegovina | 50,411 | 50,572 | (161) | -0.32% | | Canada | 447,354 | 444,975 | 2,379 | 0.54% | | USA | 197,638 | 197,751 | (113) | -0.06% | | Brazil | 31,954 | 31,990 | (36) | -0.11% | | Mexico | 6,255 | 6,356 | (101) | -1.59% | | **Total** | **733,612** | **731,644** | **1,968** | **0.27%** |

Core Viewpoint - Gold Royalty Corp. reported preliminary results for Q1 2025, indicating total revenue of $3.6 million, with expectations for revenue growth throughout the year due to strong commodity prices supporting cash flowing royalties [2][3]. Financial Performance - Total revenue for Q1 2025 was $3.6 million, which includes $3.1 million in revenue, equating to 1,249 gold equivalent ounces (GEOs) [2]. - Royalty, stream, pre-production, and loan interest all saw increases in 2025, while land agreement proceeds decreased by $1.5 million compared to Q1 2024 due to higher one-time payments in the previous year [2]. - The company maintains its full-year production guidance of 5,700 - 7,000 GEOs, with production expected to be more heavily weighted in the second half of the year as new mining operations ramp up [3]. Upcoming Events - Gold Royalty plans to release its financial and operating results for the quarter ending March 31, 2025, after market close on May 7, 2025, followed by a conference call on May 8, 2025 [4]. - The company will host its 2025 capital markets day on June 12, 2025, in Toronto, with both in-person and virtual attendance options available [5]. Company Overview - Gold Royalty Corp. focuses 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].

Core Insights - The article emphasizes a versatile investment strategy suitable for various investor profiles, including dividend investors, value seekers, and those looking for growth opportunities [1]. Summary by Categories Investment Strategy - The investment strategy described is adaptable, catering to different types of investors, whether they focus on dividends, value propositions, or growth opportunities [1].

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 ...