Gold Royalty (GROY) CMD 2025 summary

Strategic outlook and growth guidance

• Five-year plan targets exponential free cash flow growth, a 360% increase in attributable production, and a 36% CAGR, primarily from established North American operations and select international assets.

• Portfolio now includes 248 royalties, with seven cash-flowing, 14 in development/construction, and over 170 in exploration, emphasizing organic royalty generation with minimal capital outlay.

• Five-year outlook projects attributable gold equivalent ounces (GEOs) rising from 5,700–7,000 in 2025 to 23,000–28,000 by 2029, with nearly $90 million in revenue by decade's end at spot gold prices and stable G&A costs.

• Over 80% of growth to 2029 is from assets already permitted and built, with 95% including satellite deposits, and peer-leading 367% long-term growth outlook.

• Capital allocation prioritizes deleveraging and shareholder returns, with disciplined M&A only when market conditions and valuation multiples improve.

Portfolio and operational highlights

• Portfolio is heavily weighted to top-tier jurisdictions (Nevada, Quebec, Ontario, Canada, USA), with over 80% of value and number of assets in these regions and over 90% of value in gold assets.

• Recent acquisitions (Cozemin, Borborema, Varus) have transitioned the company to positive operating and free cash flow, with 2025 marking the first full year of sustainable free cash flow.

• Operating costs have been reduced by 40% post-merger and are in line with junior royalty peers, supporting efficient growth.

• Liquidity is strong, with nearly 2 million shares traded daily and six research analysts covering the stock, supporting institutional investor engagement.

• Largest shareholders are Gold Mining Inc. and Nevada Gold Mines, both supportive and maintaining their stakes.

Asset development and project pipeline

• Key assets include royalties and streams on Granite Creek, REN, Borborema, Côté Gold, Vareš, Odyssey, Wren, and Tonopah West, all with near- and medium-term catalysts such as production ramp-ups, feasibility studies, and expansions.

• Granite Creek underground expected to reach steady-state production in H2 2025, with open pit development and feasibility studies ongoing.

• Borborema to achieve commercial production in Q3 2025, with initial annual production of 83,000 oz and expansion projects planned.

• Major projects like Canadian Malartic (Odyssey) and Borden are expected to deliver long-term optionality and growth beyond 2030, with ongoing exploration and expansion plans.

• Organic royalty generation is a core differentiator, with 30% of the portfolio created at zero cost and generating lease income.