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.

First Quarter 2025 Results May 8, 2025 goldroyalty.com / NYSE: GROY Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation includes information and statements that constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"), including but not limited to statements regarding: the estimated future GEOs and contractual payments of Gold Royalty Corp. (the "Comp ...

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].