Gold Royalty Corp. (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for the three months ended March 31, 2023.  These results will be discussed at the Company’s upcoming Investor Day on May 16, 2023.  All amounts are expressed in U.S. dollars unless otherwise noted.

David Garofalo, Chairman and CEO of Gold Royalty, commented, “Gold Royalty is beginning to see the benefits of key assets commencing and ramping up production. The first production blast occurred at Odyssey South at the end of March 2023; Côté Gold is on track to enter production early next year; and exploration success at REN expanded its resource footprint well beyond existing underground development. These advancements represent significant potential near-term catalysts for Gold Royalty as the revenue and cash flow growth organically embedded in our portfolio is starting to materialize.”

Highlights for the three months ended March 31, 2023, include:

• Total Revenue and Option Proceeds of $2.0 million for the three months ended March 31, 2023, a 12% increase from the comparative period of 2022. Total Revenue and Option Proceeds is a non-IFRS measure. See “Non-IFRS Measures” below.
• With approximately $35 million available liquidity, inclusive of a $15 million accordion feature in its credit facility (available subject to certain additional conditions), the Company is positioned well for further growth.
• Gold Royalty declared its fifth consecutive quarterly dividend, yielding over 1.8% at current share prices.
• The Company published its inaugural Sustainability Report and Asset Handbook outlining the Company’s ESG initiatives and providing a comprehensive overview of the Company’s royalty portfolio, respectively.

The following table sets forth selected financial information for the three months ended March 31, 2023:

For further detailed 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, 2023, copies of which are available under the Company’s profile at www.sedar.com and www.sec.gov.

Outlook

Management believes the Company is on track to meet its previously disclosed forecast of $5.5 million and $6.5 million in Total Revenues and Option Proceeds in 2023 based on the production guidance published to date by the operators of the properties underlying the Company’s interests, a forecasted gold price ranging from $1,700 to $2,000 per ounce and expected payments on optioned properties. The Company expects to incur $7.0 to $8.0 million in recurring cash operating expenses in 2023 (forecasted operating expenses, excluding transaction-related and other non-recurring expenses) and believes it is poised to generate positive net operating cash flow in 2024 (forecasted adjusted cash flow used in operating activities, excluding changes in non-cash working capital) when a number of its growth projects are expected to ramp up in production, including the long-life cornerstone mines at Côté and Odyssey.

The foregoing projected outlook constitutes ‘forward-looking information’ and ‘forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws and is intended to provide information about management’s current expectations for the Company’s 2023 fiscal year. Although considered reasonable as of the date hereof, such outlook and the underlying assumptions may prove to be inaccurate. Accordingly, actual results could differ materially from the Company’s expectations as set forth herein.

In preparing the above outlook, management assumed, among other things, that the operators of the projects underlying the Company’s royalties will meet expected production milestones and forecasts for the applicable period and that operators of optioned properties will elect to make all expected option payments over the period. See “Forward-Looking Statements”.

Portfolio Update

• Odyssey Project (3.0% NSR over the northern portion of the project): On April 27, 2023, Agnico Eagle Mines Limited announced its 2023 first quarter results including an update on the Odyssey Project. Good progress was made on underground development and surface construction activities at the Odyssey Project in the first quarter of 2023. Underground development via ramp access passed the bottom of the Odyssey South deposit and reached the level of the first shaft access point. Shaft sinking activities have also commenced. The first production blast occurred at the Odyssey South deposit in late March 2023. Drilling activities were focused on infilling the internal zones at the Odyssey South deposit and mineral resource expansion of the East Gouldie deposit to the east and west.
• Côté Gold Project (0.75% NSR royalty over the southern portion of the project): On February 16, 2023, IAMGOLD Corporation disclosed that, as of December 31, 2022, the Côté Gold project was estimated to be 73% complete and expected to commence production in early 2024 when it will become Canada’s third largest gold mine by production.
• REN Project (1.5% NSR royalty and 3.5% NPI): On February 15, 2023, Barrick Gold Corporation announced its financial and operating results for the full year 2022, including updates on the Carlin Complex and the REN project along with an updated National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects resource estimate for the project. At REN, 2022 drilling added to the resource base and increased Barrick’s understanding of the mineralization.
• Fenelon Gold Project (2.0% NSR royalty over the majority of the project): On January 17, 2023, Wallbridge Mining Company Limited announced an updated NI 43-101 mineral resource estimate for the Fenelon Gold project. The updated mineral resource estimate will form the foundation for the upcoming preliminary economic assessment on Fenelon, which is expected in the second quarter of 2023.
• Granite Creek Mine Project (10.0% NPI): On April 3, 2023, i-80 Gold Corp. provided a comprehensive update on its 2023 exploration and development programs. At Granite Creek, key initiatives are underground development, increasing mining rates, completing economic studies and a revised NI 43-101 resource estimate. A feasibility study for the Ogee underground mine is nearing completion along with an initial resource and preliminary economic assessment for the South Pacific Zone that is expected to be the primary zone at the Granite Creek Mine starting in 2024. These studies are expected to be released in the second quarter of 2023.

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.

Notice to Investors

Disclosure relating to properties in which Gold Royalty holds royalty or other interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. The Company generally has limited or no ability to verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared by the project operators in accordance with NI 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission applicable to domestic issuers. Accordingly, the scientific and technical information contained or referenced in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.