Gold Royalty (GROY) investor relations material

Macro environment and industry trends

• Rising long-term interest rates reflect underlying inflation, impacting mining supply chains.

• Producers face reserve constraints and cost pressures, limiting leverage for investors.

• Energy and labor cost inflation is accelerating, with increased strike action and collective bargaining.

• Gold prices are expected to rise due to fiat currency debasement and flat or declining real interest rates.

• The royalty model offers superior leverage and lower risk compared to traditional producers.

Portfolio growth and strategy

• Achieved a sixfold increase in gold equivalent production projected over four years, with low construction risk.

• Over 260 royalties, with 10 currently cash flowing and 20 expected by decade's end.

• Debt-free balance sheet, $150 million credit line, and $50 million cash provide $200 million for new opportunities.

• Growth driven by acquisitions, disciplined focus on cash-flowing and near-term royalties, and a royalty generator model.

• Early-stage royalties acquired at no cost through claim staking and farming out to operators.

Revenue, asset quality, and risk profile

• Portfolio is over 90% gold by net asset value, with short-term revenue boosted by copper royalties.

• 80% of royalties are in low-risk jurisdictions like Nevada, Quebec, and Ontario.

• Peer-leading growth with over 60% increase in gold equivalent ounces this year and doubled revenue in H1.

• By decade's end, targeting 30,000 gold equivalent ounces and $150 million revenue annually.

• Royalties cover major North American mines, with recent ownership changes leading to recapitalization and mine life extension.