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 [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]

Report Industry Investment Rating - The rating for Shanghai lead is "volatile", with a wide - range oscillation mainly within the range of 16,800 - 18,500 yuan/ton [3][4][71]. Core Viewpoints of the Report - The cost support from waste batteries and demand limit the upside of lead prices. In the second quarter, lead prices may shift to wide - range oscillations. However, due to the persistent shortage of raw materials, the probability of a sharp decline in lead prices in the second quarter is low. It is advisable to adopt a low - buying strategy in the medium - term, and pay attention to the actual performance and sustainability of replacement demand and energy storage increments [4][71]. Summaries According to Related Catalogs 1. Market Performance in Q1 2025 - Lead prices showed a generally bullish trend in Q1 2025, with two cycles of "sustained rise and periodic sharp decline". After the Spring Festival, lead prices soared due to expectations of demand recovery and low inventory accumulation in the industry chain, then fluctuated around 17,000 yuan/ton. Subsequently, there were sharp declines and rebounds due to various factors such as rumors of downstream production cuts, inventory accumulation, and changes in supply - demand relationships [5][8]. 2. Overseas Lead Mine Supply - In 2024, the global lead concentrate production was basically flat year - on - year. In Q1 2025, overseas disturbances decreased significantly, and production was expected to be basically flat quarter - on - quarter. In Q2 2025, there might be an obvious recovery due to the low base in the previous year. The expected overseas lead mine increment in 2025 is about 103,000 metal tons, but the improvement will be less than that of zinc [12][13][14]. 3. Domestic Lead Mine Supply - In 2024, the domestic lead mine shifted from shortage to tight balance. It is expected that the domestic lead mine increment in 2025 will be about 20,000 metal tons, mainly in the second half of the year. In Q1, the lead concentrate import window remained open, and in Q2, imports may decrease quarter - on - quarter but increase year - on - year. The TC has an expectation of increase in the medium - term, but the increase is highly limited [20][24]. 4. Domestic Primary Lead Production - Overseas primary lead production in 2024 was 1.454 million tons (YoY + 1%), and in January 2025, the global lead market had a supply surplus of 1,000 tons. Domestic primary lead production from January to February was 568,000 tons (YoY - 0.2%), and in March, production increased significantly by 40,000 - 50,000 tons. In Q1 2025, production was expected to be 913,000 tons (YoY + 5.7%). In Q2, there is an expectation of raw material inventory consumption, and it is difficult to repair smelting profits [28]. 5. Domestic Secondary Lead Production - It is estimated that the secondary lead production in Q1 2025 was 725,000 tons (YoY - 6.4%). Waste batteries are expected to be in a more severe shortage in 2025 compared to last year. With the operating loss of secondary lead smelters, there is a possibility of large - scale production cuts in the second quarter when demand weakens [36][47]. 6. Lead Demand - **Initial - stage demand**: After the Spring Festival, the start - up of battery enterprises was generally lower than expected. In April, the traditional lead - acid battery demand entered the off - season, and it is necessary to pay attention to the production arrangements of large enterprises in the future. Energy storage batteries showed obvious growth, and lead - carbon battery manufacturers had sufficient production orders [49][51]. - **Terminal demand**: In Q1, terminal demand may have reached its peak and will weaken marginally in Q2. Electric two - wheelers' replacement demand has recovered due to policies, but the lithium - for - lead substitution process may continue in the long - term. The automotive market was strong in Q1 but weakened in Q2. The communication base station equipment production decreased in 2024 and is expected to improve in 2025. Energy storage will contribute obvious increments [52][58]. - **Overseas demand**: The export of lead - acid batteries in 2024 slowed down. From January to February 2025, exports declined significantly. It is expected that the annual export growth rate of batteries will be adjusted down to - 1%. Exports to Belt and Road countries may increase quarter - on - quarter in Q2 [59]. 7. Inventory and Import - **LME inventory**: There was a concentrated delivery in the LME in mid - March, and the overseas consumption capacity of lead ingots remains weak. - **Domestic social inventory**: After the Spring Festival, the supply recovery rate exceeded demand, and the social inventory is currently at a seasonally neutral - to - high level. In April, social inventory may continue to rise in the short - term. - **Lead ingot import**: In Q1, the import profit and loss was close to the import window of crude lead, and some crude lead flowed in. It is possible that crude lead will continue to flow in Q2 [67]. 8. Second - Quarter Fundamental and Trading Logic Outlook - **Primary lead**: In Q2, primary lead smelters will continue to produce. Pay attention to the overseas mine repair progress and the limitations of raw materials and costs on smelting capacity. - **Secondary lead**: The shortage of waste batteries will continue. Secondary lead smelters may cut production after demand weakens. - **Demand**: Policy - driven replacement demand and high - speed growth in the energy storage sector will offset some of the weakening automotive demand and high - ratio - suppressed export demand. Demand may run stably in Q2. - **Trading logic**: Lead prices may shift to wide - range oscillations in Q2. It is advisable to adopt a low - buying strategy in the medium - term, and pay attention to inter - period positive spreads and internal - external reverse spreads [69].

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 ...