Gold Royalty Corp. (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for the three and six months ended June 30, 2026. All amounts are expressed in U.S. dollars unless otherwise noted.

David Garofalo, Chairman and CEO of Gold Royalty, commented: “Gold Royalty’s growth is in high gear with half-year revenues more than doubling year-over-year and over 40% growth in gold equivalent ounces* in the first half of 2026, both to new record levels. With our portfolio heavily concentrated in gold and copper and projected peer-leading growth in gold equivalent ounces over the next five years, Gold Royalty provides its shareholders strong leverage to gold and copper prices from mines in Tier One jurisdictions with top operators. In addition, our royalty-focused asset base has virtually no exposure to mine site cost inflation.

Our strong performance in the first half of the year has laid the foundation for what is expected to be a catalyst-rich second half. We look forward to continued volume and cash flow growth and progress at key projects including first production from Ren, construction start at South Railroad, commercial and full production achieved at Vareš, and reports or studies outlining expansion potential at Borborema, Côté, Granite Creek, Jerritt Canyon, and a proposed second shaft at Odyssey.”

Second Quarter 2026 Highlights

• Revenue of $6.7 million; Total Revenue, Land Agreement Proceeds and Interest* increased by approximately 80% to $7.9 million and GEOs* increased by approximately 31% to 1,757 GEOs*, when compared to the second quarter of 2025.
• Adjusted EBITDA* of $5.6 million (net income of $1.8 million), approximately 137% higher than the same period in 2025
• Ended the quarter with over $11.3 million of cash, no debt and a fully undrawn $150 million credit facility, inclusive of a $25 million accordion feature
• Acquired an additional 0.875% net smelter return royalty interest over the Ren project for $6.25 million and, subsequent to quarter-end, acquired NSR royalties on the Sterling project and a portion of the Granite Creek mine for $0.8 million. All three assets are located in Nevada, USA.
• The Company remains on track to achieve its previously announced annual guidance of 7,500 – 9,300 GEOs in 2026.

* Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, and GEOs (“Gold Equivalent Ounces“) are non-IFRS measures and do not have a standardized meaning under IFRS. See “Non-IFRS Measures” below.

Selected Financial Highlights

The following table sets forth selected financial information for the three and six months ended June 30, 2026:

Portfolio Update

Borborema Mine (2.75% NSR): On July 10, 2026, Aura Minerals Inc. reported that 14,251 GEOs were produced at Borborema during the second quarter of 2026, representing a 17% decrease as compared to the previous quarter, as planned mine sequencing resulted in lower grades. Aura has reiterated that it remains on track to meet its guidance for the full year 2026.

For further information see Aura’s news release dated July 10, 2026, available under its profile on www.sedarplus.ca.

Borden Mine (0.5% NSR, partial royalty coverage): In a news release dated July 1, 2026, Discovery Silver Corp. changed its name to Discovery Mining Ltd.  On May 14, 2026, Discovery reiterated its commitment to an extensive exploration program at Borden, including highlighting success from resource conversion and extension drilling. Three drill rigs are involved in infill and extension of the East Lower Zone and two surface drills are exploring to the northwest of the mine. We note that our royalty coverage is expected to increase as operations trend towards the east, which follows the orebody along trend and down plunge as the mine deepens. Discovery’s sustaining capital expenditures in the first quarter were largely focused on capital development at Borden.

For further information see Discovery’s news release dated May 14, 2026, available under its profile on www.sedarplus.ca.

Canadian Malartic / Odyssey Mine (3.0% NSR, partial royalty coverage): On July 29, 2026, Agnico Eagle Mines Limited reported that the first phase of shaft sinking was completed in July 2026, reaching a depth of 1,586 metres. Activities will transition to the headframe change-over and completion of the first loading station, which remains on schedule, to support first production through Shaft #1 in the second quarter of 2027. Exploration drilling continued to yield positive results in multiple areas of the Odyssey mine, including 13.7 g/t gold over 14.6 metres in the newly-defined Artemis zone within the internal zones of the Odyssey deposit.

Agnico Eagle also noted that remediation work at the Barnat open pit is expected to be completed in the third quarter of 2026 after the July 1, 2026 rock mass movement which was previously disclosed on July 2, 2026. Mining activities are anticipated to resume in the fourth quarter of 2026.

For further information see Agnico Eagle’s news release dated July 29, 2026, available under its profile on www.sedarplus.ca.

Côté Gold Mine (0.75% NSR, partial royalty coverage): In a news release dated June 1, 2026, IAMGOLD announced an updated consolidated mineral resource estimate for the Côté Gold Mine, with estimated measured and indicated mineral resources increasing by 13% to 12.7 million ounces and inferred mineral resources increasing by 63% to 2.0 million ounces, in each case on a 100% basis inclusive of mineral reserves, as compared with the December 31, 2025 statement. IAMGOLD also stated that the estimate will support an updated technical report and mine plan expected in the fourth quarter of 2026.

For further information see IAMGOLD’s news release dated June 1, 2026, available under its profile on www.sedarplus.ca.

Cozamin Mine (1.0% NSR, partial royalty coverage): On July 30, 2026, Capstone Copper Corp. noted that Cozamin production was consistent with the planned mine sequence and the operation is trending towards the upper end of its 2026 guidance range on strong performance. Production in 2026 is expected to be consistently weighted throughout the year.

For further information see Capstone’s news release dated July 30, 2026, available under its profile on www.sedarplus.ca.

Granite Creek Project (10.0% NPI and a 0.5% NSR partial royalty coverage acquired subsequent to quarter end): On June 25, 2026, i-80 Gold Corp. disclosed that the feasibility study for Granite Creek is now expected to be completed in the third quarter of 2026, compared to the second quarter as previously announced. i-80 also stated that positive drill results from Granite Creek continued to support the potential expansion of the mineralized body and were being incorporated into ongoing technical work evaluating feed for the Lone Tree Plant.

For further information see i-80’s news release dated June 25, 2026, available under its profile on www.sedarplus.ca.

Jerritt Canyon Project (0.5% NSR): First Majestic Silver Corp. started an exploration drilling program in the second quarter of 2026 and plans for a total of 42,000 m of drilling in 2026. Restart activities continue to advance and First Majestic remains focused on progressing technical studies and site preparations to support the planned resumption of mining operations in the second half of 2027.

For further information, see First Majestic’s second quarter report released July 30, 2026, available under its profile on www.sedarplus.ca.

La Mina Project (2.0% NSR): GoldMining Inc. announced the results of an updated preliminary economic assessment under NI 43-101 on April 28, 2026. The La Mina Project PEA demonstrates an after-tax net present value (5%) of $1.0 billion and an after-tax internal rate of return of 32%, based on a gold price of $3,500/oz, copper price of $4.70 per pound and silver price of $40/oz, with an estimated initial payback period of 2.7 years. The study contemplates an over 11-year mine life with average annual gold-equivalent production of 152,400 ounces during the first five years and estimated life of mine all-in sustaining costs of $1,045/oz Au (by-product basis). See “Notice to Investors”.

For further information see GoldMining’s news release dated April 28, 2026 and GoldMining’s technical report titled “NI 43-101 Technical Report and Preliminary Economic Assessment for the La Mina Gold-Copper Mineral Deposit, Antioquia, Republic of Colombia” and dated effective April 22, 2026, available under its profiles at www.sedarplus.ca and www.sec.gov.

São Jorge Project (1.0% NSR): GoldMining announced highlights of a positive PEA on June 11, 2026 which showcased an after-tax NPV at a 5% discount rate of $532 million, an after-tax IRR of 42% at a base case gold price of $3,500/oz, and an initial payback of 2.8 years. See “Notice to Investors”.

For further information see GoldMining’s news release dated June 11, 2026 and GoldMining’s technical report titled “NI 43-101 Technical Report and Preliminary Economic Assessment for the São Jorge Gold Project, Pará State, Brazil” and dated effective June 9, 2026, available under its profiles at www.sedarplus.ca and www.sec.gov.

South Railroad Project (0.44% NSR, partial royalty coverage): In a news release dated May 11, 2026, Orla disclosed that South Railroad remained on track for a mid-2026 construction start, subject to receipt of the Bureau of Land Management Record of Decision. Orla also stated that purchase orders had been issued for critical long-lead equipment, a contract had been awarded for the mine water treatment plant, and detailed engineering was 41% complete at the end of the first quarter.

In a news release dated July 9, 2026, Orla stated that receipt of the final permits for South Railroad remained an important catalyst for the second half of 2026.

In a news release dated July 31, 2026, Equinox Gold Corp. and Orla announced the successful completion of their previously announced business combination.

For further information see Orla’s news releases dated May 11, 2026, July 9, 2026, and July 31, available under its profile on www.sedarplus.ca.

Vareš Mine (100% copper stream with ongoing payments of 30% of the spot copper price): On July 30, 2026, DPM Metals reported that Vareš produced approximately 35,000 GEOs in the second quarter including 1.3 million pounds copper, in line with the planned ramp up of the mine to full production. Payable metals sold of approximately 26,000 GEOs was lower than the GEOs produced due primarily to timing of deliveries. DPM stated that it has continued to make strong progress at Vareš, with development rates in-line with expectations. Vareš is expected to remain on track to achieve full production run-rate of 850,000 tonnes per year by the end of 2026.

For further information see DPM’s announcement dated July 30, 2026, available under its profile on www.sedarplus.ca.

Royalty Generator Model Update

Our royalty generator model continues to generate positive results. We have generated 56 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 through this model. We currently have 38 properties subject to land agreements and six properties under lease generating land agreement proceeds. The model continued to incur low operating costs to maintain our mineral interests in the second quarter of 2026.

2026 Outlook

The Company maintains its previously announced forecast of between 7,500 and 9,300 GEOs in 2026, which includes approximately 684 GEOs relating to Land Agreement Proceeds credited against other mineral interest and interest payments, and is based on an assumed gold price of $5,150 per ounce, and an assumed copper price of $5.75 per pound.

Commodity prices will affect calculation of GEOs from copper (and other metals) stream and royalties and from Land Agreement Proceeds and other payments. Please see our news release dated March 18, 2026 for a sensitivity table to illustrate the potential variability of our 2026 guidance to gold and copper metal prices.

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.