Gold Royalty Corp.

Welcome to the Gold Royalty Corp First Quarter 2026 Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to David Garofalo, Chairman and CEO. Please go ahead.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our first quarter 2026 results. Please note, for those not currently in the webcast, a presentation accompanying this conference call is available on the presentation page of our website. Some of the commentary in today's call will include forward-looking statements, and I would direct everyone to review slide two of the presentation, which includes important cautionary notes. All dollar values mentioned on today's call are expressed in U.S. dollars unless otherwise noted. Speaking alongside me this morning will be our President, John Griffith, Andrew Goebbels, Chief Financial Officer, and Jacqueline Peres-Balowski, Vice President, Capital Markets and Sustainability. The first quarter was another strong quarter for Gold Royalty as we reported another record quarterly revenue in adjusted EBITDA and as we continue to have a positive outlook for our business going forward. Before we dive into the results, I wanted to start with an important announcement. I'm delighted to announce two appointments this morning. John Griffith has been named President in addition to his role as Chief Development Officer. The title is a true reflection of the value that John has brought to Gold Royalty over the company's life. We recently celebrated the five-year anniversary of our listing and the tremendous accomplishments in building Gold Royalty's peer-leading portfolio. And John was absolutely instrumental in making Gold Royalty what we are today. His new role as president reflects a leadership position that John already fills in the company and will continue to fill going forward. We have also transitioned the responsibility for sustainability from Catherine R. Blaster, our outgoing Vice President of Sustainability, to Jackie Przybylowski, who will be Vice President of Capital Markets and Sustainability effective July 1st. We want to thank Catherine for her invaluable contributions to Gold Royalty. She has been with Gold Royalty in a part-time capacity since 2022, which is a great example of the overhead savings that we realize with our shared services model. Catherine will continue to work with Uranium Energy Corp and Uranium Royalty Corp moving forward. And Jackie will manage sustainability at Gold Royalty, adding no additional personnel to our team as a result of this transition. I now pass the call over to our president, John Griffith.

Thanks, Dave. The past five plus years at Gold Royalty, has been both personally and professionally rewarding as we've grown the company from 18 royalties and zero revenue in 2021 to over 250 royalties and meaningful revenues and cash flows today. The depth, breadth and quality of the portfolio that we've assembled exceeds my expectations. And I'm so proud of the work that our team has done to get to this point. But our story is really just beginning. After celebrating our five year anniversary in the first quarter, we're incredibly encouraged by our growth outlook for the next five years as well. The guidance that we provided on March 18 shows that gold royalty expects production to grow to 28 to 34,000 geos by 2030. At the midpoint, this represents nearly 500% growth compared against our 2025 actual results of 5,173 GOs. This growth is all from royalties and streams already fully bought and paid for in our portfolio. And I would emphasize that if we did nothing at all, if we only sat on our hands for the next five years, we still would have peer-leading growth. Of course, we're not planning to sit on our hands for the next five years. Our team continues to investigate acquisition opportunities each and every day. In your current environment with strong gold prices, we're seeing less emphasis on balance sheet repair. Most of the opportunities we're seeing now are sales of existing third-party royalties where sellers could potentially be looking to take advantage of high commodity price environment that I mentioned earlier. We're committed to accretive transactions, and we will stay disciplined to ensure we're not overpaying for the sake of growth. We continue to look for double digit returns using conservative commodity price assumptions, and we continue to favor precious metals in low risk jurisdictions. With that in mind, I look forward to continuing to build upon the great platform we've built in our first five years. I'll now pass the call to our CFO, Andrew Goebbels, to discuss the details of our first quarter results and our outlook on slide five.

Thank you, John, and good morning, everyone. We are pleased to report new records for revenue and adjusted EBITDA in the first quarter. Total revenue, land agreement proceeds and interest was $9.4 million, translating to 1,920 GBP in the quarter. Adjusted EBITDA was $7 million, up from $3.2 million in the previous quarter and up from $1.7 million in the comparable quarter in 2025. Our results for the first quarter include contributions from the Pedro Branca Royalty, which we acquired in December 2025, and our second royalty on the Borborema Mine, which was acquired through a 50-50 partnership with Taurus Funds in January 2026. Due to the structure of this partnership, we are equity accounting for the contribution from this royalty. In other words, revenue from the second Borba Rema royalty, a net 0.75% NSR to Gold Royalty Corp, is not included in the IFRS revenue line on our income statement, but is included in other operating income on the income statement. It has been added to the $9.4 million total revenue land agreement proceeds and interest reported in the quarter. Our balance sheet also continues to strengthen. We exited the first quarter with over $13.6 million of cash, no debt, and a fully undrawn $150 million credit facility. As we continue to generate cash, our portfolio is expected to generate consistent positive free cash flow, positioning Gold Royalty Corp well to self-fund its business going forward. With a clean balance sheet, we now have the flexibility to execute our long-term strategy. Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards growth opportunities where appropriate. As our cash flows continue to grow, capital returns will become increasingly topical for us. This is a subject that we intend to evaluate in more detail later this year. I will now pass the call to Jackie Przybylowski to review our guidance and to talk about some of our key assets.

Thanks, Andrew. Looking at our portfolio in more detail, we reported 1920 gold equivalent ounces in the first quarter 2026. If we simply annualize our Q1 results, we would reach 7680 GEO in the year above the low end of our guidance range of 7500 to 9300 GEO in 2026. We're already very encouraged with this result because we expect that volumes will be more heavily weighted to the second half of the year as far as and county line ramp up to their full production run rates through the year. And just a quick reminder that our 2026 guidance was set at a gold price of $5,150 per ounce for the full year. Lower gold prices would work in our favor as conversion of the land agreement proceeds and interest and conversion of revenue from copper and other metals would translate to higher GEO values at lower gold prices. Please see our March 18th, 2026 press release for a table showing the sensitivity of our guidance to gold prices. And reiterating John's comment from earlier, gold royalty expects production to grow to 28 to 34,000 GEOs by 2030, or approximately six times our actual 2025 result from assets already fully bought and paid for in our portfolio. Our extensive portfolio continues to offer exciting news flow and catalysts, and we have a number of exciting asset updates in our earnings report. I'll just highlight a few on this call. I-80 announced a complete recapitalization, which means the company is now fully funded for phases one and two of its development plan, which includes the Granite Creek underground and open pit operations, on which Gold Royalty holds a 10% NPI. Acquisition of the Pedra Branca mine by Corex was completed on April 2nd. Gold Royalty holds a 25% NSR on gold and a 2% NSR on copper on all material mined at Pedra Branca East and Pedra Branca West. And we're looking forward to working with Corex as it optimizes operations at what will be an important asset for gold royalty. BlackRock Silver published a PEA for the Tonopah West project on which we hold a 3% NSR. And U.S. Gold Mining published a PEA on its Whistler project on which we hold a 1% NSR. And a few notes to watch for over the next couple months. Orla Mining continues to plan to start construction on South Railroad in mid-2026. pending receipt of final permits. And that mine could be in production in late 2027 or early 2028. We hold a 0.44% NSR in South Railroad. DPM Metals has restarted the virus mine on which we have a stream on all copper produced. The operator expects to reach its full production run rate by year end 2026. But in the meantime, it's important to note that the processing plant will be shut down for approximately 20 days in the second quarter for installation tie-ins for the second tailings filter. Please see our earnings release for additional asset updates. With over 250 assets in our portfolio, we continue to expect a steady stream of exciting positive news flow. I'll pass the floor back to David for closing remarks.

Thank you, Jackie. There is indeed lots to get excited about as you look across our portfolio and the various high-quality assets ramping up and entering production. We continue to see compelling upside to our share price as our portfolio assets continue to develop and as the market gives us credit for this organic growth. Our valuation could be further boosted by accretive growth, but we emphasize that we will remain patient and disciplined as we consider any acquisitions and as we review our capital allocation options going forward. We continue to prioritize accretive growth as always. However, as we continue to build cash, we view a modest capital return as a signal to the market that we will remain disciplined on our growth and that we have matured as a company. We reached first positive free cash flow in mid-2025. We expect to continue to strengthen our balance sheet with higher GEO volumes, stronger gold prices, and lower costs as we've eliminated interest costs as we continue to rationalize our G&A. As our share price has now been comfortably above our warrant exercise price for some time, we think it's prudent to highlight this to any warrant holders on today's call. As of March 31st, 2026, the company had approximately 14.7 million outstanding share purchase warrants, with each warrant exercisable into a common share at a $2.25 exercise price per share. The warrants are listed on the NYC American under the symbol G-R-O-Y dot W-S and expire May 30th, May 31st, 2027. For more information on exercising warrants, please see our first quarter earnings press release. Thank you, everyone, for tuning in to the earnings call. And we invite you all to join our annual Capital Markets Day in Toronto and online on June 18th. We'll now open up the call to Q&A.

We will now begin the question and answer session. To ask a question, you may press star then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster. There are no questions at this time. I would like to turn the conference back over to David Greffalo for any closing remarks.

Thank you. I appreciate it. It's a very busy time for all of you. And in the fullness of time, if you have follow-up questions, please don't hesitate to reach out to any one of us. I think you all know how to reach us. And we'd be delighted to answer any questions you have. But thank you for your kind attention today. And we'll see you shortly. Thank you.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.