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 ...

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]

Production Forecasts - Barrick Gold Corporation's Ren project is expected to produce an average of 140,000 ounces of gold per year at full production by 2027[14] - Orla Mining Ltd. anticipates first gold production from the South Railroad project in 2027, following a Record of Decision expected by mid-2026[15] - Blackrock Silver Corp. plans to commence exploration at Tonopah West in 2027, with an updated mineral resource estimate expected in Q3 2025[16] - Adriatic Metals plc expects record production for Vareš in Q4 2024, with commercial production starting in Q1 2025 and an expansion to 1.0 Mtpa by 2026[17] Financial Projections - Gold Royalty Corp. forecasts GEOs between 5,700 and 7,000 for 2025, based on a gold price of $2,668 per ounce and a copper price of $4.23 per pound[21] - By 2029, Gold Royalty Corp. anticipates GEOs to increase to between 23,000 and 28,000, representing a 367% increase compared to 2024[23] - The five-year outlook assumes a gold price of $2,212 per ounce and a copper price of $4.24 per pound[25] Revenue and Income - Total Revenue for the year ended December 31, 2024, is projected to be $12,847,000, a significant increase from $5,216,000 in 2023[36] - Adjusted EBITDA for the year ended December 31, 2024, is expected to be $4,779,000, compared to a loss of $4,440,000 in 2023[37] - For the three months ended December 31, 2024, Total Revenue, Land Agreement Proceeds, and Interest reached $3,846,000, up from $1,319,000 in the same period of 2023[36] - The company reported a net loss of $3,193,000 for the three months ended December 31, 2024, an improvement from a net loss of $19,360,000 in 2023[37] Expenses and Costs - Gold-linked loan interests for the year ended December 31, 2024, amounted to $1,081,000, compared to $33,000 in 2023[36] - Depletion expenses for the three months ended December 31, 2024, were $1,771,000, significantly higher than $249,000 in the same period of 2023[37] - The company recorded $2,188,000 in finance costs for the three months ended December 31, 2024, compared to $814,000 in 2023[37] Land Agreements and Royalties - The company added eight new royalties in the twelve months ended December 31, 2024, totaling 48 royalties since the acquisition of Ely Gold Royalties Inc. in 2021[19] - Land agreement proceeds for the year ended December 31, 2024, totaled $3,085,000, up from $2,347,000 in 2023[36] Market Outlook - The company anticipates continued growth in revenue and EBITDA as it expands its operations and explores new market opportunities[35] - The average gold price per ounce for the three months ended September 30, 2023, was $1,927, with a total of 711 GEOs produced[34] Adjusted Income - Adjusted Net Income for the year ended December 31, 2024, was a loss of $1,150,000, with an Adjusted Net Income Per Share of -$0.01[33]

Core Viewpoint - Gold Royalty Corp. reported record revenues and positive operating cash flows for 2024, indicating strong growth potential for 2025 and beyond, driven by strategic acquisitions of royalties on large-scale mining operations [2][6][25]. Financial Highlights - For Q4 2024, total revenue reached $3.4 million, a significant increase from $1.0 million in Q4 2023. For the full year 2024, total revenue was $10.1 million, compared to $3.0 million in 2023 [5][6]. - The company reported a net loss of $3.2 million for Q4 2024, an improvement from a net loss of $19.4 million in Q4 2023. For the full year, the net loss was $3.4 million, down from $26.8 million in 2023 [5][7]. - Adjusted EBITDA for Q4 2024 was $1.2 million, compared to a loss of $3.0 million in Q4 2023. For the full year, adjusted EBITDA was $4.8 million, improving from a loss of $4.4 million in 2023 [6][44]. Production and Growth Outlook - The company expects Gold Equivalent Ounces (GEOs) to increase to between 5,700 and 7,000 in 2025, representing a 16% growth from 2024 levels. This growth is attributed to the ramp-up of three cash-flowing assets [6][25]. - Over the next five years, GEOs are projected to grow by over 360%, reaching between 23,000 and 28,000 by 2029, supported by contributions from existing and developing assets [6][27]. Portfolio and Project Updates - The Borborema project is expected to achieve commercial production in the second half of 2025, with production guidance of 33,000 to 40,000 ounces of gold [10]. - The Côté Gold mine has successfully started operations, with a focus on achieving full production capacity by the end of 2025 [13]. - The company has added eight new royalties in the past year, bringing the total to 48 since acquiring Ely Gold Royalties Inc. in 2021 [23]. Capital and Financial Strategy - The company anticipates strengthening its balance sheet through increased cash flow generation and stable operating costs, while maintaining a focus on debt repayment and disciplined growth [6][25]. - The 2025 outlook assumes a gold price of $2,668 per ounce and a copper price of $4.23 per pound, indicating a positive growth trajectory for the company [25][29].

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]