Here are 1-3 brief analogies for Gold Royalty (GROY):

• A REIT for gold mines: Similar to how a Real Estate Investment Trust (REIT) owns properties and collects rent, Gold Royalty invests in mines and collects a percentage of their gold and precious metals production or revenue.
• Like Qualcomm, but for gold production: Just as Qualcomm earns significant revenue from royalties on its intellectual property used in smartphones, Gold Royalty earns revenue from royalties and streams on the production of gold and other precious metals from mines.

• Royalties: Agreements providing Gold Royalty with a percentage of the revenue, profit, or production from mineral properties, typically in exchange for upfront capital.
• Streams: Agreements where Gold Royalty provides upfront capital to mining companies in exchange for the right to purchase a fixed percentage of future metal production at a pre-determined, low price.

Gold Royalty Corp. (GROY) is a precious metals royalty and streaming company. Its business model involves acquiring royalty and stream interests in mining projects that are developed and operated by other mining companies. Therefore, Gold Royalty does not have "customers" in the traditional sense who purchase goods or services directly from it.

Instead, Gold Royalty's revenue is derived from the production and sales of metals (primarily gold) generated by the mining companies that operate the underlying assets in which Gold Royalty holds an interest. These operating mining companies are the key partners whose activities directly impact Gold Royalty's financial performance.

While not "customers" in the conventional meaning, the following are major mining companies that operate significant assets underlying Gold Royalty's revenue streams and future growth:

• Barrick Gold Corporation (NYSE: GOLD): Operates several projects in which Gold Royalty holds interests, most notably through its joint venture Nevada Gold Mines (with Newmont) and projects like the Ren Gold Project.
• Fortitude Gold Corp. (OTCQB: FTCO): Operates the Isabella Pearl Mine, a currently producing asset that contributes royalty revenue to Gold Royalty.
• IAMGOLD Corporation (NYSE: IAG): Co-operator of the Côté Gold Project, a significant development-stage asset that is expected to be a major contributor of stream revenue once in full production.
• Wallbridge Mining Company Limited (TSX: WM): Operates the Fenelon Gold Project, a key exploration and development asset in Gold Royalty's portfolio.

These companies are responsible for the exploration, development, and operation of the mines that generate the production from which Gold Royalty receives its royalties and streams. Their operational success and production levels directly impact Gold Royalty's financial results.

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

Mr. Garofalo has served as CEO, President, and Chairman of Gold Royalty Corp. since August 2020. He has over 30 years of experience in the natural resources sector. Prior to Gold Royalty, he was the President, CEO, and a director of Goldcorp Inc. until its sale to Newmont Corporation in April 2019. He also served as President, CEO, and a director of Hudbay Minerals Inc. from 2010 to 2015, where he oversaw its emergence as a leading metals producer. Earlier in his career, he held senior executive positions, including Senior Vice President, Finance and Chief Financial Officer, and a director of Agnico-Eagle Limited from 1998 to 2010, and treasurer and other finance roles with Inmet Mining Corporation from 1990 to 1998. Mr. Garofalo was named 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 serves as the Chief Financial Officer of Gold Royalty Corp.

John W. Griffith, Chief Development Officer

Mr. Griffith has been the Chief Development Officer of Gold Royalty Corp. since September 2020. He brings nearly 30 years of financial services sector experience, including 26 years in global investment banking, primarily from his time as a former Managing Director and Head of Americas Metals & Mining Investment Banking for Bank of America, where he worked from 2006 to May 2020. He has advised on M&A, capital markets, investor relations, risk management, and general advisory in the global mining industry.

Peter Behncke, Executive Vice President, Corporate Development & Investor Relations

Mr. Behncke joined Gold Royalty in November 2020 and has been instrumental in assisting the company through successful mergers and acquisitions. He is a finance professional specializing in metals and mining, corporate development, and investor relations. Prior to joining Gold Royalty, he was a Senior M&A Consultant at KPMG LLP, where he provided transaction services and financial due diligence, primarily to clients in the metals and mining sector. Mr. Behncke is a CFA charterholder and a Chartered Professional Accountant.

Amir Adnani, Founder & Director

Mr. Adnani is a founder of Gold Royalty Corp., which was founded in 2020. He is also the founder and Co-Chairman of GoldMining Inc. He is the founder, President, and CEO of Uranium Energy Corp, and the Chairman of Uranium Royalty Corp. By background, he is an entrepreneur who previously started and expanded two private companies. He was also a nominee for Ernst & Young's "Entrepreneur of the Year" distinction.

1. Operational Execution and Production Delays at Underlying Mines: Gold Royalty's revenue is directly dependent on the successful operation and production of the mines on which it holds royalties. There is a significant risk associated with the operational execution at the mine level and potential delays in key projects. For instance, the company recently adjusted its full-year 2025 Gold Equivalent Ounces (GEOs) guidance, partly due to operational transitions at mines such as Vareš. If underlying mining projects experience delays, cost overruns, or fail to meet production targets, Gold Royalty's anticipated cash flow and revenue growth can be negatively impacted.
2. Volatility of Gold and Other Commodity Prices: The financial performance of Gold Royalty is inherently linked to the market prices of the commodities for which it receives royalties, primarily gold, but also other metals like copper. A significant drop in these commodity prices would lead to reduced revenue for Gold Royalty, regardless of the production volumes from the underlying mines.
3. Limited Control Over Mining Operations and Dependence on Third-Party Operators: As a royalty company, Gold Royalty does not directly operate the mines in its portfolio. This business model means the company has limited control over the day-to-day operations, development decisions, and overall management of the mining projects. Its success is therefore heavily reliant on the ability of third-party mining operators to effectively execute their plans, achieve production estimates, and manage operational, permitting, and technical challenges.

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The addressable market for Gold Royalty Corp. (GROY), a precious metals-focused royalty and streaming company, is primarily the global gold market. The company's business model involves acquiring royalties and streams on gold and other precious metals properties.

Global Market Size

The global gold market was valued at approximately USD 291.68 billion in 2024. Projections indicate this market is expected to grow from USD 308.32 billion in 2025 to USD 457.90 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 5.80% during this forecast period. Another estimate places the global gold market size at USD 4.75 kilotons in 2025, with an expected increase to 6.78 kilotons by 2030, at a CAGR of 7.38%.

North American Market Size

North America represents a significant portion of the global gold market. The North American gold market is projected to be worth USD 23.22 billion in 2025. The U.S. market alone is expected to reach USD 20.31 billion in 2025. For gold mining specifically, the North America Gold Mining market was valued at USD 43.5 billion in 2024 and is anticipated to reach USD 63 billion by 2035, growing at a CAGR of 3.42% from 2025 to 2035.

Gold Royalty (GROY) is poised for future revenue growth over the next two to three years, driven by several key factors:

1. Ramp-up and Full Production from Key Royalty Assets: A significant driver of revenue growth for Gold Royalty is the continued ramp-up and achievement of full production at several core assets, including the Côté Gold Mine, the Vareš silver mine, and the Borborema project. These mines are expected to substantially increase gold equivalent ounces (GEOs) and contribute significantly to the company's revenue as they reach their operational capacities. For instance, the Côté Gold Mine has reached its steady-state run rate, and Borborema recently achieved commercial production. Gold Royalty expects production to be weighted toward the second half of 2025 as these operations continue to ramp up.
2. Sustained Robust Precious Metals Prices: Gold Royalty's revenue is directly tied to the prices of gold and silver. Strong and sustained commodity prices for these precious metals are anticipated to bolster the company's financial performance. Analysts and company statements often highlight robust gold and silver prices as a primary factor driving revenue and earnings growth.
3. Strategic Acquisitions and Royalty Generation: Gold Royalty has a stated strategy of expanding its diversified portfolio through both strategic acquisitions of existing royalties from third parties and its in-house royalty generator model. This multi-pronged approach has enabled the company to grow its portfolio to over 250 assets and continues to create new royalty interests at minimal cost. The company remains competitive in pursuing mergers and acquisitions, particularly for cash-flowing royalties in the current high gold price environment.
4. Advancement of Development-Stage Projects: Beyond the immediate ramp-ups, Gold Royalty holds a diversified portfolio with numerous development-stage projects that are expected to mature and begin contributing revenue in the coming years. The company anticipates peer-leading growth, forecasting an increase in GEOs to between 23,000 and 28,000 by 2029, a significant increase from 2024 levels. Projects like REN in Brazil, Tonopah West, and Fenelon are highlighted as having the potential to unlock additional value as they progress towards production.

Share Issuance

• Gold Royalty completed its Initial Public Offering (IPO) in March 2021, raising $90 million and commencing operations with a portfolio of 18 royalties.
• On May 31, 2024, the company closed a public offering of units, generating aggregate gross proceeds of approximately US$34.5 million.
• The number of outstanding common shares significantly increased from approximately 40.82 million in 2020 to about 170.5 million by November 2025.

Inbound Investments

• As of October 29, 2025, entities affiliated with Tether Holdings, S.A. de C.V. beneficially owned 17,991,198 common shares, representing a 10.5% stake in Gold Royalty.

Outbound Investments

• In 2021, Gold Royalty completed significant corporate mergers with Ely Gold, Golden Valley, and Abitibi Royalties, substantially expanding its portfolio by adding approximately 150 royalties.
• The company acquired a 1.0% net smelter return royalty on portions of the Cozamin Copper-Silver Mine for US$7.5 million in cash consideration on August 30, 2023.
• On December 21, 2023, Gold Royalty acquired a portfolio of 21 royalties located in Québec from SOQUEM for C$1.0 million, satisfied through the issuance of 496,785 common shares.

Capital Expenditures

• For Gold Royalty, capital expenditures are primarily focused on the acquisition of new royalties and streams.
• In fiscal year 2023, the company reported royalty acquisition expenses totaling $14.3 million.
• Gold Royalty's business model is designed to avoid the operational risks and capital expenditures typically associated with operating mines.