Gold Royalty Corp. (NYSE: GROY) is pleased to announce the publication of its operating and financial results for the three months ended March 31, 2025. All amounts are expressed in U.S. dollars unless otherwise noted.

David Garofalo, Chairman and CEO of Gold Royalty, commented: “We are pleased to report continued year-over-year revenue growth and another quarter of positive operating cash flow. These strong results reflect the embedded growth within our portfolio, which we expect to continue in 2025 as the key assets in our portfolio continue to advance. This includes three assets that are currently in the production ramp-up phase, each backed by long-life, large-scale mining operations. One of these assets – our royalty on the Borborema mine acquired in 2023 – achieved initial production during the first quarter, marking another milestone in our organic growth strategy. These and other assets in our diverse portfolio position Gold Royalty for continued and sustained revenue growth and value creation over the long term, including through the end of the decade.”

First Quarter 2025 Highlights

• Revenue of $3.1 million; $3.6 million in Total Revenue, Land Agreement Proceeds and Interest*
• 1,249 GEOs* in the quarter
• Record positive operating cash flow of $2.5 million, Adjusted EBITDA* of $1.7 million, and net loss of $1.3 million
• The Company remains on track to achieve its outlook of 5,700 – 7,000 GEOs for 2025, with production on its interests weighted towards the second half of the year as several projects continue to ramp-up and progress towards full steady-state production

Selected Financial Highlights

The following table sets forth selected financial information for the three months ended March 31, 2025:

For further information, please refer to the Company’s unaudited condensed interim consolidated financial statements and management’s discussion and analysis for the three months ended March 31, 2025, copies of which are available under the Company’s profiles at www.sedarplus.ca and www.sec.gov.

Portfolio Update

Borborema Project (2.0% NSR): As of February 26, 2025, Aura Minerals Inc. provided production guidance of 33,000 to 40,000 ounces of gold production for Borborema in 2025. Borborema is expected to achieve commercial production in the second half of 2025, reaching between 40% and 48% of its designed nominal capacity this year. Aura’s partial year production guidance represents an annualized rate of 83,000 ounces per year. On March 27, 2025, Aura announced that first production at Borborema had been achieved and that it expects to achieve commercial production by the third quarter of 2025. On May 5, 2025, Aura reiterated expectations that Borborema will achieve commercial production by the third quarter of 2025, and it reiterated its production guidance of 33,000 – 40,000 ounces of gold in 2025.

For further information, see Aura’s news releases dated February 26, 2025 March 27, 2025, and May 5, 2025 available under its profile on www.sedarplus.ca.

Borden Mine (0.5% NSR, partial royalty coverage): On April 16, 2025, Discovery Silver Corp. disclosed that it had completed the acquisition of the Porcupine complex, including the Borden mine, from a wholly owned subsidiary of Newmont Corporation for total consideration of $425 million. Discovery completed a technical report on the Porcupine complex which includes details on the Borden mine entitled “Porcupine Complex, Ontario, Canada, Technical Report on Preliminary Economic Assessment”.

For further information see  such technical report and Discovery’s news release dated April 16, 2025, each available under its profile on www.sedarplus.ca.

Canadian Malartic / Odyssey mine (3.0% NSR, partial royalty coverage): On February 13, 2025, Agnico Eagle Mines Limited disclosed that development activities at Odyssey remain on schedule, with ongoing ramp development and shaft sinking progressing as planned. Agnico Eagle management reported on its February 14, 2025, conference call that the results of an internal study on the sinking of a second shaft at Odyssey would be released in 2026. On April 24, 2025, Agnico released its first quarter 2025 results which highlighted operating results and key developments including that total development at Odyssey South was a quarterly record at approximately 4,377 metres.

For further information, see Agnico Eagle’s news releases dated February 13, 2025 and April 24, 2025, available under its profile on www.sedarplus.ca.

Côté Gold Mine (0.75% NSR, partial royalty coverage): On February 20, 2025, IAMGOLD Corporation announced that it had achieved successful production start-up of Côté. IAMGOLD’s primary focus for Côté is to achieve nameplate mill design capacity of 36,000 tonnes per day by the fourth quarter of 2025 and to stabilize operations by implementing and improving operation and maintenance procedures. On May 6, 2025, IAMGOLD reported financial and operating results for the quarter ended March, 31, 2025. The Côté Gold mine achieved record throughput in March, totaling nearly 1Mt, which represented monthly average throughput of 90% of the nameplate mill capacity. The Côté Gold plant averaged 34,500tpd or 96% of nameplate capacity over the past 30 days. IAMGOLD has reiterated production guidance 360,000 to 400,000 ounces of gold on a 100% basis in 2026, and is targeting to reach nameplate 36,000tpd mill capacity by year end.

For further information, see IAMGOLD’s news releases dated February 20, 2025 and May 6, 2025, available under its profile on www.sedarplus.ca.

Cozamin Mine (1.0% NSR, partial royalty coverage): On January 20, 2025, Capstone Copper Corp. reported consolidated copper production for 2024 and provided operations and capital expenditure guidance for 2025. Cozamin achieved 24,907 tonnes of copper production in 2024. Cozamin’s 2025 output is expected to be similar to 2024, at 23,000 to 26,000 tonnes of copper production at expected copper grades of approximately 1.87%. Capstone expects production to be consistently weighted through the year. On May 1, 2025, Capstone noted that first quarter 2025 production was consistent with the operator’s mine plan, mill throughput was higher compared with the same period last year, and recoveries were flat year-over-year.

For further information, see Capstone’s news releases dated January 20, 2025 and May 1, 2025, available under its profile on www.sedarplus.ca.

Fenelon Gold Project (2.0% NSR): On January 22, 2025, Wallbridge Mining Company Ltd. announced its 2025 exploration program for Fenelon, planning between 3,000 and 5,000 metres of exploration drilling over the Detour-Fenelon gold trend. On March 27, 2025, Wallbridge announced the filing of a National Instrument 43-101 technical report titled “NI 43-101 Technical Report and Preliminary Economic Assessment Update on the Fenelon Gold Project, Quebec, Canada”, dated effective March 21, 2025 which envisioned a smaller, less capital intensive operation compared to its prior technical report.

For further information, see Wallbridge’s news releases dated January 22, 2025 and March 27, 2025, available under its profile on www.sedarplus.ca.

Granite Creek Project (10.0% NPI): On March 5, 2025, i-80 Gold Corp. announced a positive NI 43-101 preliminary economic assessment on the Granite Creek underground project which outlined that this project is the first property within i-80’s pipeline of assets to be redeveloped and is currently ramping up to full production. On May 5, 2025, i-80 further announced that improvements to dewatering efforts should allow the ramp-up to steady state gold production in the second half of 2025. On March 6, 2025, i-80 announced a positive preliminary economic assessment on the Granite Creek open pit project which envisions treating approximately 3.5 million tonnes per annum in a carbon in leach process plant. On April 1, 2025, i-80 announced the filing of a technical report titled “NI 43-101 Preliminary Economic Assessment Technical Report, Granite Creek Project” and a technical report summary under S-K 1300 titled “Initial Assessment of the Granite Creek Mine”, each dated effective December 31, 2024.

For further information, see such technical report and technical report summary and i-80’s news releases dated March 5, 2025, March 6, 2025, April 1, 2025 and May 5, 2025, each available under its profile on www.sedarplus.ca.

Ren Project (1.5% NSR and 3.5% NPI): In its management’s discussion and analysis for the year ended December 31, 2024, Barrick Gold Corporation provided early disclosure on the expected development and production timeline for Ren, part of the Nevada Gold Mines joint venture (Barrick 61.5%, Newmont 38.5%). It disclosed that it expects that Ren will produce an average of 140,000 ounces of gold per year (100% basis) at full production beginning in 2027. Barrick reiterated its targeted production and timeline on May 7, 2025 and noted that the joint venture had spent $95 million at Ren as at March 31, 2025 including $23 million in the first quarter, of an estimated $410 to $470 million (100% basis).

For further information, see Barrick’s management’s discussion and analysis for the year ended December 31, 2024 and for the quarter ended March 31, 2025, available under its profile on www.sedarplus.ca.

South Railroad Project (0.44% NSR, partial royalty coverage): On February 25, 2025, Orla Mining Ltd. released results of the 2024 South Carlin Complex exploration program and outlined the 2025 exploration plans for South Railroad. In 2024, Orla conducted over 19,000 metres of drilling which returned multiple high-grade intersections beyond the currently envisioned open pits, demonstrating the potential to further expand resources and reserves at Dark Star and Pinion pits. Orla expects to invest $15 million in its 2025 exploration program to drill an additional 18,000 metres. Approximately 10,000 metres will be focused on near-deposit targets close to Dark Star and Pinion, aiming to expand resources and extend the projected open pits; the remaining 8,000 metres of drilling will target areas to define new shallow oxide gold mineralization. Additionally, Orla disclosed that it expects to complete updated mineral resource and mineral reserve estimates and to complete an updated technical report in the second half of 2025. It also reiterated its projected 2027 first production from South Railroad.

For further information, see Orla’s news release dated February 25, 2025, available under its profile on www.sedarplus.ca.

Tonopah West Project (3.0% NSR): On February 18, 2025, Blackrock Silver Corp. disclosed that it had commenced permitting initiatives at Tonopah West with the objective of receiving the necessary approvals and permits to break ground on an exploration decline in 2027. Blackrock Silver has also expanded its drilling programs by an additional 15,000 m with an anticipated release of an updated NI 43-101 mineral resource estimate in the third quarter of 2025. On February 20, 2025, Blackrock Silver also reported multiple >1 kg/t silver equivalent intercepts from an in-fill drilling program initiated in mid-July 2024 at Tonopah West. On March 31, 2025, Blackrock reported significant drill results 1.2km east of the existing mineral resource. This step-out drilling remains within Gold Royalty’s royalty coverage.

For further information, see Blackrock Silver’s news releases dated February 18, 2025, February 20, 2025 and March 31, 2025, available under its profile on www.sedarplus.ca.

Vareš Mine (100% copper stream with ongoing payments of 30% of the spot copper price): On February 18, 2025, Adriatic announced the successful completion of its two-tranche institutional placement to raise A$80 million (approximately $50 million). Proceeds are intended to be used to fast-track the processing plant expansion, initiate technical studies and workstreams, and provide financial flexibility during ramp-up to nameplate production, anticipated to be in the second half of 2025. Adriatic expects the expansion to 1.0 million tonnes per annum (Mtpa) from current nameplate 0.8Mtpa will be completed in 2026 and the expansion to 1.3 Mtpa will be completed in 2027. On March 31, 2025, Adriatic released an operations update for the Vareš mine for the first quarter of 2025, disclosing that the Vareš mill processed a record 68 kt of ore compared to 47kt in the fourth quarter of 2024, and that it produced 1.3Moz AgEq compared to 0.9 Moz AgEq in the previous quarter. Adriatic disclosed that its expectation for achieving commercial production had been delayed from the first quarter to the second quarter of 2025. Adriatic outlined that construction of the Veovaca tailings facility was completed during the first quarter and that initial depositions would commence in early April. On April 30, 2025 Adriatic reported 66kt ore milled in the first quarter 2025, a 40% improvement quarter-over-quarter. It disclosed that, following the end of the quarter, it continues to make significant progress, hitting monthly records for mill throughput, silver equivalent metal production, mine development metres, and shipment values in April 2025. Commercial production remains on track for the second quarter of 2025.

For further information see Adriatic’s Australian Stock Exchange announcements dated February 18, 2025, March 31, 2025 and April 30, 2025.

Whistler Project (1.0% NSR and right to acquire an additional 0.75% NSR): On February 10, 2025, U.S. GoldMining Inc. announced the drill discovery of a new high-grade zone at Raintree prospect at the Whistler project. On April 15, 2025, U.S. GoldMining announced it intends to commence an initial assessment under U.S. Regulation S-K 1300 and a preliminary economic assessment under Canadian NI 43-101 for the Whistler Project. On April 24, 2025, U.S. GoldMining announced it had commenced metallurgical test work which will help to support the proposed initial economic assessment at the Whistler Project.

For further information see U.S. GoldMining’s news releases dated February 10, 2025, April 15, 2025 and April 24, 2025, available under its profiles at www.sedarplus.ca and www.sec.gov.

Royalty Generator Model Update

Our royalty generator model continues to generate positive results with two new royalties added in the three months ended March 31, 2025. We have generated 50 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 through this model.

We currently have 33 properties subject to land agreements and 6 properties under lease generating land agreement proceeds. The model continues to incur low operating costs with only approximately $0.02 million spent on maintaining the mineral interests in the first quarter of 2025.

2025 Outlook

The Company maintains its forecast of between 5,700 and 7,000 GEOs, which includes approximately 600 GEOs of contractual Land Agreement Proceeds, based on an assumed gold price of $2,668 per ounce,   and a copper price of $4.23 per pound. 2025 continues to be another growth year for Gold Royalty, as many of our cash flowing assets continue to ramp-up through the year towards full production run rate levels.

The Company expects to achieve positive free cash flow in 2025 when a number of recently completed and cash flowing projects ramp up in production, including a full year of cash inflows from the Company’s interests in the Côté Gold mine and Vareš mine, initial production revenue from the Borborema project as it achieves commercial production in 2025 and continued cash flow from the Cozamin mine, Borden mine and Canadian Malartic / Odyssey mine.

About Gold Royalty Corp.

Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to invest in high-quality, sustainable, and responsible mining operations to build a diversified portfolio of precious metals royalty and streaming interests that generate superior long-term returns for our shareholders. Gold Royalty’s diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas.

Qualified Person

Alastair Still, P.Geo., Director of Technical Services of the Company, is a “qualified person” as such term is defined under NI  43-101 and has reviewed and approved the technical information disclosed in this news release.