Fourth Quarter and 2025 Results March 19, 2026 1 Disclaimer Cautionary Note Regarding Forward-Looking Statements The information contained herein includes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements") concerning the business, operations and financial performance of Gold Royalty Corp. ("GRC" or the "Company") and, in some instances, the business, mining operations and performance o ...

Core Viewpoint - i-80 Gold Corp. has successfully closed a $250 million royalty financing with Franco-Nevada, which will significantly strengthen its balance sheet and support its development plans to become a mid-tier gold producer in Nevada [2][3]. Financing Details - The $250 million royalty financing involves Franco-Nevada paying the company for a 1.5% life-of-mine net smelter return royalty, increasing to 3.0% on January 1, 2031 [3]. - At closing, $225 million was advanced, with approximately $165 million used to extinguish legacy debt obligations, and the remaining funds allocated for advancing the Mineral Point project and the Archimedes underground project [3]. Debt Redemption - The company completed the mandatory redemption of its 2027 Convertible Debentures for a total cash payment of $73 million, which includes a principal amount of $65 million and accrued interest of approximately $5.3 million [4]. - About 70% of the debenture holders opted to receive their accrued interest in common shares, resulting in the issuance of approximately 8.1 million shares [4]. Repayment to Orion - i-80 Gold has fully repaid the Gold Prepay Agreement and Convertible Loan Instruments held by Orion, totaling $92 million, which includes a principal amount of $50 million and approximately $20 million of accrued interest [5]. - An additional 3 million common shares were issued to Orion as part of the early redemption [5]. Company Overview - i-80 Gold Corp. is focused on becoming a mid-tier gold producer in Nevada, holding a significant portfolio of high-grade multi-stage projects [7]. - The company is the fifth largest gold mineral resource holder in Nevada and is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth [7].

Core Viewpoint - Franco-Nevada Corporation has announced a significant financing package of A$220 million (approximately $155 million) with Minerals 260 to support the development of the Bullabulling Gold Project in Western Australia, marking Franco-Nevada's largest royalty acquisition in Australia [1] Group 1: Transaction Details - Franco-Nevada will acquire a gross royalty of A$170 million (approximately $120 million) from Minerals 260, increasing its total gross royalty on the Bullabulling land package to 2.45% [1] - The financing package includes a subscription for A$50 million (approximately $35 million) of Minerals 260's ordinary shares, resulting in Franco-Nevada owning approximately 4.9% of Minerals 260's issued shares [1][2] - The initial A$75 million royalty funding is expected to occur around February 26, 2026, with a second A$95 million funding contingent on obtaining FIRB approval [2] Group 2: Project Overview - The Bullabulling Gold Project is located approximately 65 km from Kalgoorlie, Western Australia, with existing resources of 3.0 million ounces (Moz) of Indicated Resources and 1.5 Moz of Inferred Resources [1] - The project has significant exploration potential, with a large resource base covering multiple deposits and a recent drilling campaign that nearly doubled the mineral resources since 2011 [1] - A pre-feasibility study is targeted for completion by mid-2026, with a final investment decision expected in early 2027, and first gold production potentially as soon as the second half of 2028 [1] Group 3: Management and Expertise - Minerals 260 is led by experienced management, including Chairman Tim Goyder, who has over 40 years in the resource industry, and CEO Luke McFadyen, who has over 15 years of mining experience [1] - The management team's expertise is expected to facilitate the rapid advancement of the Bullabulling project and unlock value for shareholders [1]

Core Viewpoint - Franco-Nevada Corporation has announced a $250 million net smelter return royalty financing agreement with i-80 Gold Corp to support i-80 Gold's recapitalization plan and development strategy focused on becoming a mid-tier gold producer in Nevada [1][2]. Group 1: Transaction Details - The Royalty rate will start at 1.5% and increase to 3.0% beginning January 1, 2031, covering all of i-80 Gold's material properties, which include six projects in various stages of development [1]. - i-80 Gold aims to increase annual gold production from 150–200 thousand ounces (koz) in Phase 1 to over 600 koz by Phase 3, expected to be achieved by 2032 [1]. - The financing will provide substantial capital for the development of Phases 1 and 2, including refurbishing the Lone Tree Autoclave facility, which will serve as a central processing hub [1][2]. Group 2: Project Highlights - The Royalty covers a large resource base, including Granite Creek, Ruby Hill Complex, Cove, and Lone Tree, with a total of 7.8 million ounces (Moz) AuEq measured and indicated resources and 8.6 Moz AuEq inferred resources [1][2]. - Mineral Point Heap Leach is highlighted as an attractive project, expected to produce 282 koz AuEq annually once in production, with significant resources of 4.6 Moz AuEq M&I and 3.2 Moz AuEq inferred [1]. - i-80 Gold's aggressive development program aims to increase production from 30-40 koz Au in 2025 to over 600 koz Au per year by 2032 [1]. Group 3: Management and Strategy - i-80 Gold is led by Richard Young, who has over 30 years of experience in the resource industry, and Paul Chawrun, who has extensive experience in permitting and operating gold mines globally [1]. - Franco-Nevada will partner with i-80 Gold on environmental and social initiatives in Nevada, maintaining a right of first offer on future streams and royalties related to i-80 Gold's assets [2]. - Franco-Nevada intends to finance the transaction using cash on hand, with $0.9 billion in cash and cash equivalents and $1.9 billion in available capital as of September 30, 2025 [2].

Growth & Production - Gold Royalty expects significant growth over the next five years, with over 80% of growth to 2029 coming from assets already permitted and built, at least to a first phase[40] - The company's 2025 guidance is 5,700-7,000 GEOs[12], and the five-year outlook shows significant growth[40] - Borborema is expected to reach between 40% and 48% of designed nominal capacity in 2025, equivalent to an annualized rate of 83,000oz Au[104] - REN is expected to achieve an annual production rate of 140,000 ounces of gold by 2027[50, 115] - Cozamin's average expected production is 20kt copper and 1.3 Moz silver per year[159] Portfolio & Assets - Gold Royalty has a diversified portfolio of over 250 royalties/streams[11, 52] - Over 90% of the company's value is in gold[33] - The company holds royalties on three of North America's five largest gold mines[18] - Vareš is expected to achieve an 850,000 tonne per year operating rate by year-end 2026[50, 103] - Côté Gold achieved a steady-state nameplate throughput rate of 36,000tpd in June 2025[104] Valuation & Financials - Gold Royalty's recurring cash operating expenses are expected to be $7-8M per year[48] - The company has a credit facility of $75M, with $27.3M drawn[75] - The company has convertible debentures of $40.0M[75]

Core Points - NexGold Mining Corp. has entered into a royalty agreement with Appian Capital Advisory Limited for its Goldboro gold project, receiving US$24 million for a 2.9% net smelter returns royalty on minerals produced until 1,250,000 ounces of gold or equivalent is reached, after which it will only cover gold production [2][5][6] - The company has also signed a non-binding letter of intent for a senior secured credit facility of up to US$175 million from Appian for the development of the Goldboro Gold Project [3][12] Royalty Transaction Details - The royalty agreement includes a US$24 million upfront payment and a 2.9% net smelter returns royalty on all minerals produced until the threshold is met, after which it will only apply to gold [5][6] - The company retains the option to buy back 1.9% of the royalty, subject to certain conditions, and plans to use the proceeds to pay off existing debt and advance the project [6][8] - The transaction is expected to close by the end of September 2025, pending customary closing conditions [11] Project Financing - The non-binding letter of intent with Appian outlines a potential senior secured credit facility of up to US$175 million for the Goldboro Gold Project [3][12] - The completion of the project financing is subject to negotiation and execution of definitive transaction documents and board approvals from both parties [13] Strategic Partnership - The partnership with Appian is seen as a strategic move to secure non-dilutive capital for project advancement and to improve the company's balance sheet [4][6] - Appian has conducted extensive due diligence on the Goldboro Gold Project, indicating confidence in the project's potential [4]

Summary of Royalty Pharma Investor Day Company Overview - **Company**: Royalty Pharma (NasdaqGS:RPRX) - **Industry**: Biopharma royalty market - **Event Date**: September 11, 2025 - **Key Leadership**: George Brofic (Investor Relations), Pablo (CEO), Ashwin (EVP), Chris (EVP), Marshall, Brienne, Terry Core Messages and Financial Performance - **Execution of Strategy**: Royalty Pharma has successfully executed its strategy since its IPO in 2020, delivering strong growth and returns in the rapidly expanding royalty market [21][23][24] - **Market Growth**: The biopharma royalty market has more than doubled in size since 2020, with expectations for continued growth driven by increasing capital needs in the biopharma sector [24][34] - **Financial Targets**: The company is on track to achieve a compounded annual growth rate (CAGR) of 12% in top line revenue since 2020, with a target of at least $4.7 billion by 2030 [26][28][59] - **Capital Deployment**: Royalty Pharma has deployed approximately $14 billion in capital on new royalty transactions since 2020, generating a 15% return on invested capital [26][29] Competitive Advantages - **Business Model**: Royalty Pharma has refined its business model over nearly 30 years, positioning itself as the optimized buyer of royalties, with a focus on delivering win-win solutions for partners [24][39] - **Investment Approach**: The company employs a rigorous investment process, historically transacting on only 2% of initial reviews, and maintains a healthy balance between approved and development stage investments [42][44] - **Risk Mitigation**: Royalty Pharma focuses on low-risk opportunities, with 90% of its royalty investments since 2020 projected to exceed its cost of capital [43][46] Industry Dynamics - **Funding Role of Royalties**: Royalties are increasingly recognized as a critical funding source for biopharma, offering flexibility and non-dilutive capital compared to traditional debt and equity [30][31] - **Market Demand**: The total addressable market for funding in biopharma is projected to exceed $1 trillion over the next decade, driven by high capital needs and the increasing number of licensing deals [34][88] - **Megatrends**: Key trends include rapid scientific innovation, R&D fragmentation, and significant capital requirements in the biopharma sector, all contributing to the growth of the royalty market [82][84][88] Survey Insights - **Deloitte Study**: A recent survey by Deloitte indicates that 87% of biotech executives would consider using royalties for financing, highlighting the growing acceptance and strategic importance of royalties in the capital structure [67][71] - **Executive Perspectives**: The survey revealed that two-thirds of executives cited the lack of equity dilution as a key benefit of royalties, with many expressing increased interest in royalty financing over the past three years [68][71] Philanthropic Efforts - **Community Engagement**: Royalty Pharma emphasizes its commitment to philanthropy and public service, supporting health equity, STEM education, and community initiatives [63][64] Conclusion - **Future Outlook**: Royalty Pharma is positioned for strong value creation, with a best-in-class investment platform and a commitment to delivering mid-teens annualized total shareholder returns over the next five years [60][63]

Portfolio Composition & Growth - Gold Royalty's portfolio has 61% of its book value in Canada and 27% in the USA [20] - Over 90% of the company's value is in gold [19] - The company expects significant growth over the next five years, with attributable gold equivalent ounces (GEOs) projected to increase from 5,462 in 2024 to between 23,000 and 28,000 in 2029 [41] - The company's growth from 2024 to 2025 is projected to be 28%, and its long-term growth outlook to 2029 is 367% [44, 46] Financial Performance & Strategy - Gold Royalty Corp currently has $273 million drawn on its revolving credit facility and $40 million convertible debentures outstanding [55] - The company's 2025 outlook assumes a gold price of $2,668/oz and a copper price of $424/lb [42] - The company's 2029 outlook assumes a gold price of $2,212/oz and a copper price of $423/lb [42] - The company's scalable business model expects recurring cash operating expenses to be $7-8 million per year [50] Asset Highlights - Borborema is expected to have an average production of 83,000 GEO per year in the first three years [117] - REN project is expected to reach full production in 2027 with average yearly production of 140,000 ounces [100, 109] - Côté Gold Project is expected to have a first 6-year average production of 495,000 ounces per year [118]

Core Viewpoint - GENFIT reported a significant increase in cash position and revenues for the first quarter of 2025, driven by a non-dilutive royalty financing agreement and royalties from Iqirvo® sales, indicating a strong financial outlook for the company. Cash Position - As of March 31, 2025, the company's cash and cash equivalents were €129.5 million, up from €74.0 million on March 31, 2024, and €81.8 million on December 31, 2024 [2][3] - The increase in cash is attributed to a €130.0 million first installment from a royalty financing agreement with HCRx, offset by the repurchase of OCEANEs totaling €61.7 million [3] Revenues - Revenues for the first three months of 2025 were €2.8 million, compared to €1.1 million for the same period in 2024, reflecting a substantial growth [4] - The revenue increase is primarily due to royalties from Iqirvo® (elafibranor) sales from Ipsen [4] Corporate Governance Update - Chief Medical Officer Carol Addy will retire effective June 30, 2025, with a replacement to be announced later [6] - CEO Pascal Prigent expressed gratitude for Addy's contributions to the company [6] Company Overview - GENFIT is focused on developing treatments for rare and life-threatening liver diseases, with a strong emphasis on Acute-on-Chronic Liver Failure (ACLF) [7] - The company has a diversified R&D portfolio, including multiple assets under development targeting various liver diseases and related conditions [8][9]