Gold Royalty Corp. (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for the three and twelve months ended December 31, 2024. 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 record revenues and positive operating cash flows for 2024. These strong results demonstrate the built-in growth of our portfolio, which we expect to continue in 2025. Our portfolio’s growth profile was achieved through transformative value-accretive acquisitions made over the Company’s four-year history; these acquisitions secured royalties on large-scale, long-life mines in the late-development, near-production, and ramp-up stages. We believe that these assets position Gold Royalty for continued growth in revenue and Gold Equivalent Ounces over the long-term, including through the end of the decade.”

Fourth Quarter 2024 Highlights

• Record revenue of $3.4 million and $3.8 million in Total Revenue, Land Agreement Proceeds and Interest*
• 1,445 GEOs* for the quarter
• Positive operating cash flow of $1.3 million and Adjusted EBITDA* of $1.2 million

Full Year 2024 Highlights

• Record revenue of $10.1 million and $12.8 million in Total Revenue, Land Agreement Proceeds and Interest*
• 5,462 GEOs* for the year
• Positive operating cash flow $2.5 million and Adjusted EBITDA* of $4.8 million

2025 and Five-Year Outlook

• Total GEOs are currently expected to increase to 5,700-7,000 in 2025, a year where three of our seven cash flowing assets continue to ramp up towards full production. This outlook represents an increase of approximately 16% from 2024.
• Peer-leading growth of over 360% from 2024 levels is expected in the next five years, with GEOs forecasted to increase to between 23,000 and 28,000 GEOs in 2029. The projected five-year outlook reflects continued contributions from our cornerstone producing assets, as well as new production from assets currently in development. See the below “2025 Outlook” and “Five-Year Outlook” sections.
• Going forward, the Company’s balance sheet is expected to be strengthened by greater expected cash flow generation, stable and low operating costs and our recently improved credit terms. While the Company’s capital allocation priorities continue to focus on debt repayment and disciplined growth, the increased facility terms provide flexibility to pursue opportunities as they may arise.

Selected Financial Highlights

The following table sets forth selected financial information for the three months and year ended December 31, 2024:

Please refer to the Company’s Annual Report Form 20-F, including the audited financial statements included therein, copies of which are available under the Company’s profile at www.sedarplus.ca and www.sec.gov.

Portfolio Update

Borborema project (2.0% NSR): As of February 26, 2025, Aura Minerals Inc. expects project construction at Borborema to be completed in the first quarter of 2025. Construction capex is 100% committed. Aura provided production guidance of 33,000 to 40,000 ounces of gold production from Borborema in 2025; the mine is expected to reach between 40% and 48% of its designed nominal capacity in 2025 and is expected to achieve commercial production at Borborema in the second half of 2025. Aura’s partial year production guidance represents an annualized rate of 83,000 ounces per year. For further information see Aura’s news release dated February 26, 2025, available under its profile on www.sedarplus.ca.

Borden mine (0.5% NSR, partial royalty coverage): On January 27, 2025, Discovery Silver Corp. disclosed that it has entered an agreement to acquire the Porcupine complex, including the Borden operations, from Newmont Corporation for total consideration of $425 million. The transaction is expected by Discovery to close in the first half of 2025. The Borden mine contributes to the Porcupine Complex hub-and-spoke model with a current mine life that extends to 2033. Discovery has also completed a technical report on the complex which includes details on the Borden mine entitled “Porcupine Complex, Ontario, Canada, Technical Report on Preliminary Economic Assessment” with an effective date of January 13, 2025. For further information see Discovery’s news release dated January 27, 2025, 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 reported its financial and operational results for the year ended December 31, 2024. The company confirmed 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. For further information see Agnico Eagle’s news release dated February 13, 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 startup 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 this year while stabilizing operations by implementing and improving operation and maintenance procedures. For further information see IAMGOLD’s news release dated February 20, 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 Mine achieved 24,907 tonnes of copper production in 2024. Cozamin’s copper production is expected to be similar in 2025, compared to 2024, with 23,000 to 26,000 tonnes of copper production at expected copper grades of approximately 1.87%. Production is expected to be consistently weighted through the year. For further information see Capstone’s news release dated January 20, 2025, available under its profile on www.sedarplus.ca.

Fenelon gold project (2.0% NSR): On January 22, 2025, Wallbridge Mining Company Ltd. announced the 2025 exploration program for Fenelon, planning between 3,000 and 5,000 metres of exploration drilling over the Detour-Fenelon gold trend. Wallbridge also reiterated that it is working towards releasing an updated Canadian National Instrument 43-101 preliminary economic assessment during the first quarter of 2025, which is expected to lower the initial production rate of the project to reduce upfront capital requirements and operating costs. For further information see Wallbridge’s news release dated January 22, 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 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 March 6, 2025, i-80 announced a positive PEA on the Granite Creek Open Pit project which will treat approximately 3.5 million tonnes per annum in a carbon in leach process plant. For further information see i-80’s news releases dated March 5, 2025, and March 6, 2025, available under its profile on www.sedarplus.ca.

Ren project (1.5% NSR and 3.5% NPI): Barrick Gold Corporation has 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%). Ren is anticipated to produce an average of 140,000 ounces of gold per year (100% basis) at full production, expected by 2027. For further information see Barrick’s management’s discussion and analysis for the three and twelve months ended December 31, 2024, available under its profile on www.sedarplus.ca.

South Railroad project (0.44% NSR, partial royalty coverage): Orla Mining Ltd. has disclosed that significant permitting progress at the South Railroad project has been made at the federal and state levels to advance the posting of the Notice of Intent in early 2025, with Orla targeting a Record of Decision by mid-2026. It further disclosed that following this approval, construction on the South Railroad project would commence, with first gold production anticipated in 2027. For further information see Orla’s news release dated October 31, 2024, 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. For further information see Blackrock Silver’s news releases dated February 18, 2025, and February 20, 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 December 12, 2024, Adriatic Metals plc provided an operations update for Vareš stating that the first secondary stope was started at the Rupice deposit, the processing plant is fully operating, and recoveries are steadily improving. Adriatic anticipates record production for the fourth quarter of 2024 and expects commercial production to commence in the first quarter of 2025. 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 will be completed in 2026 and the expansion to 1.3 Mtpa will be completed in 2027. For further information see Adriatic’s announcements dated December 12, 2024, and February 18, 2025, available under its profile on www.sedarplus.ca.

Whistler project (1.0% NSR and right to acquire an additional 0.75% NSR): On February 10, 2025, U.S. GoldMining Inc. announced discovery of a new high-grade zone at Raintree Prospect at the Whistler project. For further information see U.S. GoldMining’s news release dated February 10, 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 eight new royalties added in the twelve months ended December 31, 2024. We have generated 48 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 through this model.

We currently have 33 properties subject to land agreements and six properties under lease generating land agreement proceeds. The model continues to incur low operating costs with only $0.06 million spent on maintaining the mineral interests in the year ended December 31, 2024.

2025 Outlook

The Company currently forecasts GEOs between 5,700 and 7,000, which includes approximately 600 GEOs of contractual Land Agreement Proceeds, based on an assumed gold price of $2,668 per ounce. We also assume a copper price of $4.23 per pound in our 2025 outlook. To date, 2025 continues to be a growth year for Gold Royalty, as many of our cash flowing assets continue to ramp up 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.

Five-Year Outlook

In 2029, we expect GEOs to increase to between 23,000 and 28,000 which includes approximately 600 GEOs of contractual Land Agreement Proceeds. The midpoint of our five-year outlook range represents an increase in GEOs of 367% relative to 2024 GEOs.

All production and expected production growth implied by our guidance is sourced from assets already held in our portfolio and is based on public forecasts, expected development timelines, and other disclosures by the owners and operators of the properties underlying our interests. In addition to the mining operations expected to be in production in 2025, our 2029 outlook includes contributions from development projects including Ren, Granite Creek, and South Railroad.

In addition to the price assumptions outlined above, the 2025 and five-year outlooks included herein are based on the disclosed forecasts and expectations of the owners and operators of the properties underlying our interests and our assessment thereof. We assume a gold price of $2,212 per ounce and a copper price of $4.24 per pound in our projected five-year outlook. The outlooks respecting land agreement proceeds are based on contractual payments under existing agreements.

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 Canadian National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.