A Real Estate Investment Trust (REIT), but for gold mines.

Like a landlord, but for gold mines – it collects a percentage of gold sales instead of rent.

• Royalty Interests: Gold Royalty acquires financial agreements that provide a percentage of revenue, production, or profit from mining operations, such as Net Smelter Return (NSR) royalties.
• Stream Interests: The company purchases a fixed percentage of a mine's future production at a pre-determined price.
• Other Similar Interests: Gold Royalty acquires various other types of financial agreements and interests to provide capital to the metals and mining industry.

Gold Royalty Corp. (GROY) operates as a precious metals-focused royalty company. Its business model involves providing financing solutions to the metals and mining industry by acquiring royalty interests, streams, and similar rights from mining companies. In exchange for this capital, Gold Royalty receives a percentage of future revenue or production (a royalty) from the mines.

Therefore, Gold Royalty Corp. does not sell a traditional product or service to "customers" in the typical sense. Instead, its revenue is generated through royalty payments made by the mining companies that operate the properties on which Gold Royalty holds an interest. In this context, the entities that make these ongoing payments and thus generate revenue for GROY are the operating mining companies.

The provided background information states that Gold Royalty Corp. has net smelter return royalties on 17 gold properties located in the Americas. However, it does not identify the specific names of the mining companies that own or operate these properties and are responsible for making the royalty payments to Gold Royalty Corp. Without this information, it is not possible to list Gold Royalty Corp.'s major customer companies by name.

David Garofalo, Chief Executive Officer, President, Chairman and Director

Mr. Garofalo has served as Chief Executive Officer, President, and Chairman of Gold Royalty Corp. since August 2020, and is a founder of the company. He has over 30 years of leadership experience in the natural resources sector. Prior to joining Gold Royalty, he served as President, Chief Executive Officer, and a director of Goldcorp Inc., a gold production company, until its sale to Newmont Corporation in April 2019. He also served as President, Chief Executive Officer, and a director of Hudbay Minerals Inc. from 2010 to 2015. Earlier in his career, Mr. Garofalo held various senior executive positions, including Senior Vice President, Finance and Chief Financial Officer, and a director of Agnico-Eagle Limited from 1998 to 2010. He was recognized as Mining Person of the Year by The Northern Miner in 2012 and Canada's Chief Financial Officer of the Year by Financial Executives International Canada in 2009.

Andrew Gubbels, Chief Financial Officer

Mr. Gubbels was appointed Chief Financial Officer of Gold Royalty Corp. effective January 1, 2023. He was a founding executive at Aris Gold Corporation, where he held the position of Senior Vice President, Corporate Development, prior to joining Gold Royalty. Mr. Gubbels' previous experience includes serving as Head of Americas Metals & Mining at UBS Investment Bank and as an executive in the Mergers & Acquisitions department at CIBC World Markets. He was also a key early executive in the founding team of Gold Royalty Corp.

John W. Griffith, Chief Development Officer

Mr. Griffith has served as the Chief Development Officer of Gold Royalty Corp. since September 2020. He brings nearly 30 years of financial services sector experience, including 26 years of global investment banking expertise. Previously, he was a Managing Director and the Head of Americas Metals & Mining Investment Banking for Bank of America, a role he held from 2006 to May 2020. He has extensive experience advising senior management and executive board members on M&A, capital markets, investor relations, risk management, and general advisory within the global mining industry.

Samuel Mah, Vice President, Evaluations

Mr. Mah serves as the Vice President of Evaluations for Gold Royalty Corp. In this role, he is responsible for leading the technical and economic due diligence on potential assets for the company. He is an experienced mining engineer.

Jackie Przybylowski, Vice President, Capital Markets

Ms. Przybylowski manages investor relations and capital-raising activities for Gold Royalty Corp. She is a CFA and P.Eng.

The key risks to Gold Royalty Corp. (GROY) are:

1. Commodity Price Fluctuations: As a precious metals-focused royalty company, Gold Royalty Corp.'s revenue and profitability are directly tied to the market prices of gold and other precious metals. Fluctuations in these commodity prices, influenced by economic and market factors, can significantly impact the company's financial performance.
2. Reliance on Operators and Lack of Operational Control: Gold Royalty Corp. derives its revenue from royalties on properties operated by third-party mining companies. This business model means the company has limited control over the operational success, exploration, development, permitting, infrastructure, or technical aspects of these underlying mining projects. Consequently, its performance is dependent on the management and operational execution of these external operators.
3. Asset Concentration and Execution Risk at Mine Level: While royalty companies generally benefit from diversification, Gold Royalty Corp. faces a risk related to its reliance on a few key assets for its projected growth. Setbacks or operational challenges at these cornerstone projects can significantly impact the company's overall revenue and the achievement of its Gold Equivalent Ounces (GEOs) guidance.

The addressable market for Gold Royalty Corp. (GROY), a precious metals-focused royalty company providing financing solutions by acquiring royalties and streams, can be understood within the broader gold mining market, particularly in the Americas, where the company focuses its operations.

The North America gold mining market provides the overarching addressable market for Gold Royalty's services. This market was estimated at USD 43.5 billion in 2024 and is projected to grow to USD 63.0 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 3.4% during the forecast period of 2025-2035. The United States specifically held a 35.1% share within the North American market, valued at approximately USD 12 billion in 2024. By 2037, the North American market is anticipated to exceed USD 163.65 billion.

In terms of the specific financing solutions offered by royalty and streaming companies like Gold Royalty, these entities collectively financed over USD 5 billion in mining projects globally by 2025. Historically, North and South America have been central to streaming and royalty transactions, accounting for approximately 50% of all such deals. This indicates a significant portion of the global royalty and streaming financing market is concentrated in Gold Royalty's target regions.

Here are 3-5 expected drivers of future revenue growth for Gold Royalty (GROY) over the next 2-3 years:

1. Ramp-up and Full Production of Key Royalty Assets: A significant driver of revenue growth is expected from several mines underlying Gold Royalty's interests, such as Côté Gold, Vareš, and Borborema, as they transition into or ramp up to full commercial production in 2025 and beyond. Analysts project robust year-over-year revenue increases for 2025, primarily fueled by these new mines reaching higher production levels.
2. Strategic Acquisitions of New Royalties and Streams: Gold Royalty's business model is centered on acquiring royalties and streams, and this strategy is expected to continue driving revenue growth. Recent acquisitions, including the Pedra Branca royalty and additional Borborema royalties, are anticipated to contribute significantly to revenue in 2026 and beyond. The company's "royalty generator model" also provides a consistent pipeline for future growth opportunities.
3. Favorable Gold Prices: As a company primarily focused on precious metals royalties, sustained or increasing gold prices directly translate into higher revenue for Gold Royalty from its net smelter return (NSR) royalties. The gold price has shown strong performance, achieving nominal all-time highs in various currencies, and is expected to remain a contributing factor to revenue growth.
4. Exploration Success by Operating Partners: Gold Royalty benefits from exploration efforts conducted by its operating partners on properties where it holds royalties, without incurring the associated costs. Successful exploration can lead to increased mineral resources and extended mine lives, ultimately enhancing Gold Royalty's long-term revenue potential.
5. Diversification into Other Metals: While predominantly gold-focused, Gold Royalty has expanded its portfolio to include royalties on other metals, such as the copper component of the Pedra Branca royalty and the Vareš stream. This diversification allows the company to capitalize on strong commodity prices beyond gold, further broadening its revenue base.

Share Issuance

• In March 2021, Gold Royalty Corp. completed its Initial Public Offering (IPO) on the NYSE American, raising US$90 million through the issuance of 18 million units.
• The company closed a bought deal public offering on May 31, 2024, issuing 20,058,300 units at US$1.72 per unit, for aggregate gross proceeds of approximately US$34.5 million.
• On December 11, 2025, Gold Royalty Corp. closed another bought deal public offering, issuing 25,875,000 common shares at US$4.00 per share, resulting in aggregate gross proceeds of US$103.5 million.
• As part of the US$45 million acquisition of an additional net smelter royalty on the Borborema gold mine in January 2026, Gold Royalty Corp. issued 3,571,429 common shares, valued at US$4.20 per share.

Inbound Investments

• Gold Royalty Corp. raised US$90 million through its Initial Public Offering (IPO) on the NYSE American in March 2021, which served as initial capital for its acquisition strategy.
• In April 2024, the company entered into a three-year mutual cooperation agreement with Taurus Mining Royalty Fund L.P., allowing both parties to co-invest in precious metals royalties and streams, with each having the option to invest between 25% and 50% in select asset transactions valued at US$30 million or more.
• Taurus Mining Royalty Fund L.P. acquired an economic interest of one-half of the Borborema royalty from Gold Royalty for US$22.5 million in cash in January 2026.
• In December 2023, Gold Royalty announced a US$40 million strategic convertible debenture financing with Queen's Road Capital and Taurus Funds Management, coinciding with a US$31 million royalty and gold-linked loan investment in Aura's Borborema Project.

Outbound Investments

• Gold Royalty Corp. acquired Ely Gold Royalties and Abitibi Royalties, significantly expanding its royalty portfolio and incorporating a royalty generator model.
• In 2023, the company acquired Elemental Altus Royalties Corp., enhancing its scale and diversification with royalties on high-quality assets across the Americas.
• Gold Royalty made a C$2 million strategic investment for a 12.5% interest in Prospector Royalty Corp. (PRC) in August 2021, alongside a royalty referral arrangement.
• In May 2024, Gold Royalty announced the acquisition of a copper stream on the Vares Silver Project for US$50 million, paid with US$45 million in cash and the issuance of 2,906,977 shares.
• The company completed the acquisition of a royalty on the Pedra Branca copper and gold mine in December 2025.
• In January 2026, Gold Royalty agreed to acquire an additional net smelter royalty on the Borborema gold mine for US$45 million, paid as US$30 million in cash and 3,571,429 common shares.

Capital Expenditures

• As a royalty company, Gold Royalty Corp.'s capital expenditures primarily focus on acquiring new royalty and stream interests, rather than direct mine development or operations.
• In 2025, Gold Royalty reported capital expenditures of US$2.12 million, which was less than its free cash flow of US$5.14 million.
• The company upsized its revolving credit facility to US$150 million in February 2026, including a US$125 million secured revolving credit line and a US$25 million accordion feature, to provide financial flexibility for future acquisition strategies and investments.