Good morning. I'm Joanne Jobin, your VID Media host. Welcome to the Gold Royalty Quarterly Town Hall Forum. Before we commence just a reminder that if you do have any questions for the company, please place them into the Q&A tab located at the top of this screen. After the presentation, I will be delighted to moderate submitted questions from our audience. With us this morning is the Gold Royalty team, led by Chairman and CEO, David Garofalo, who will make the intros to the team and take you through the highlights of the most recent quarterly results. David, the stage is yours.

Thank you, Joanne, and good morning, everybody. We're delighted you could join us to talk about our fourth quarter results. I'm joined today by our Chief Financial Officer, Andrew Gubbels; and our Director of Investor Relations and Corporate Development, Peter Behncke. And I'll pass it on to them shortly. But I thought what I would do to start today is talk a little bit about the gold price environment that we find ourselves in, and I think it's been an auspicious start to the year. Many of the themes that we were talking about over the course of 2023 and even before that have really come to pass in terms of a rising gold price in the face of falling real interest rates. Inflation is still quite deeply entrenched. The headline numbers really understate the reality on the ground. We're not experiencing 3% or 4% inflation fact, if you look at our day to day expenses, whether it's food, fuel, or shelter, and as we see interest rates reset on mortgages, we're seeing 15% to 20% inflation on the ground. And gold is a very accurate barometer of the inflation we're experiencing and where real interest rates lie. Yes, interest rates have stabilized on a normal basis. They have gone up significantly in the last couple of years as the Federal Reserve and other central banks have tightened monetary policy, but the reality is inflation's continued to accelerate. So that's driven real interest rates down deeper and deeper into negative territory. What gold is telling you is the purchasing power of your fiat currencies is steadily being deteriorated through inflation. You're losing your savings through inflation. Gold is the ultimate protector of your capital because it's the one currency can't be printed and it's telling us that inflation is still…

Thanks, David. Okay. Let me start off with the revenue line and what we've already indicated as 2024 GEO guidance. In 2023, GEOs of 2,703 ounces were largely driven by revenue from Canadian Malartic, Borden and Isabella Pearl royalties and a partial year of revenue from Cozamin and land agreement proceeds from our – really our royalty generator business. In 2024, we expect to effectively double our GEOs and in turn, our total revenue, land agreement proceeds and interest. And that's for several factors. First, from our existing operations, we see GEO enhancement from our operating mining partners in areas whereby Gold Royalty has even more royalty coverage. We see this at Borden, Cote and Odyssey in particular, where operations are actively expanding or transitioning into new areas in the near to medium term. Also, our recent acquisition of Cozamin and Borborema royalties will provide incremental revenue in 2024, relative to 2023. Those are strategic acquisitions that are major contributors to what we'll see in the coming year 2024 and beyond. And finally, as I mentioned before, our royalty generator business continues to generate new royalties and create new sources of revenue, which is in the form of land agreement proceeds for the year. Now from an operating cost perspective, 2023 was a year whereby Gold Royalty strengthened its foundation after two years of fast-paced growth via consolidation. Now this included, as I mentioned before, the strategic acquisitions of two quality cash-generating assets, in the form of Cozamin and Borborema, but also involved the rationalization of the company’s corporate overheads. 2023 saw cash operating costs decreased by 36% from $12.6 million to $8 million, as the company eliminated redundancies, centralized operations and optimized its service agreements throughout the year. In 2024 and moving forward, we expect recurring operating expenses to be within a similar range as 2023. Taken together with higher revenues, stabilized operating costs, we’re confident that our ability to generate positive operating cash flow this fiscal year and beyond. Now beyond 2024, Gold Royalty has an industry-leading growth profile, as forecasted by brokers you see in this page. This will largely be driven by cash flows from projects being developed by large, well capitalized operators, all of which, you know, very well. It includes the continued ramp up of Côté Gold, which just started producing, Aura Minerals Borborema project, whereby we’re being currently earning pre-production payments and Agnico Eagle’s Odyssey underground operations. Later on in the decade, we do expect to see additional growth from high quality royalties such as Nevada Gold Mines expansion of the Goldstrike deposit, and that’s the Ren royalty. We hope to see that later in the decade. Now, with the stabilized cost structure and no exposure to mine operating exploration or development costs, as Dave mentioned before, every dollar of revenue growth goes straight to the bottom line and increases our available cash flow in the future. Now with that, I’ll pass it over to Peter to provide an update on the portfolio.

Thanks, Andrew. So, building on this purely in revenue growth chart, diving in a bit to the assets that are fueling that growth, I think it’s no surprise, and we’ve shown this image before on the pipeline of assets we have within our portfolio, all the way from cash flowing to early exploration. But what I think is important to highlight is the dynamic nature of this pipeline and specifically, the cash flowing bucket of royalties and the work we’ve done over the last 12 months, to focus on supplementing our cash flow profile. Borborema and Cozamin assets both acquired in the second half of 2023, and Côté, an asset that is on the precipice of entering production are all going to provide a meaningful portion of our 2024 revenue. Beyond that, within the development bucket, we’ve seen consistent positive news from our operating partners advancing those assets towards production, and like Côté, we’re quite optimistic to see several of those gray assets enter the blue cash flowing bucket in the near to mid-term. Two key points I’d like to remind shareholders and investors of, and Andrew spoke to this earlier is the quality of operating partners that are driving forward these assets. David mentioned the $200 million in exploration spend, the significant investment by our operating partners going into these assets. All that benefit accrues to Gold Royalty at no cost. But also these key development stage assets that are being advanced, being developed are in the hands of very well capitalized companies, which in our view is a significant de-risking factor relative to other peers. I’d also highlight, and it’s quite timely within the royalty and streaming sector, our geopolitical profile with 80% of our portfolio in Quebec, Ontario and Nevada, very stable and safe mining jurisdictions. And…

Thanks Peter. Thanks very much for that overview of our operations. Look, I think what’s important to talk about is where we’re positioned relative to our peers in the sector. And as you’ve heard me say before, there are two distinct solitudes in our sector. There’s the large cap universe, the Wheaton Precious Metals, Franco-Nevada’s Royal Gold all exceptional large cap liquid companies with great royalty portfolios. But what they lack is growth, what we provide is an opportunity to grow significantly, even exponentially off of a very strong and diversified portfolio, one, in terms of our scale, that’s actually comparable to the seniors in the space and some of the best royalty opportunities in North America. We have royalties on three of the five biggest producing gold mines in North America, including Canadian Malartic, Côté and also the underground extension of Goldstrike and Ren. So that provides a quality proposition in addition to the significant diversification we have within those three principle jurisdictions in Nevada, Quebec and Ontario, and now in Brazil, with the Borborema asset, which will be coming into production in early 2025, but also already contributing, I should say, pre-production royalty revenue over the course of 2024. So exceptional growth in the best jurisdictions from a well diversified portfolio, but with foundational assets, cornerstone assets that will be delivering royalties for our shareholders for many decades to come. So, to sum up, and again, thank you for your kind attention. We'll take questions shortly. The royalty model is the superior model in order to participate in an unmitigated basis to leverage in the gold price, we're protecting our shareholders from cost inflation as a result of our top line revenue exposure. We have diversification that no operating company can hope to achieve with over 240 royalties…

Excellent. First of all, thank you, gentlemen, for a fantastic update. We really have a global, full house audience today, so thank you to the audience for tuning in this morning. Really means a lot to us. Before we take questions, just a reminder to please place your questions into the Q&A tab located at the top of your screens. And the first question for today is, David, if possible, could you please comment on the Arizona Metals’ Kay Deposit in Arizona, which is approximately 45% gold, 45% copper, and still drilling. Just curious if you have any opinion on them.

David, just to get ahead of you on that. So we don’t have a royalty over Arizona Metals’ Kay deposit. It’s an interesting deposit. We know the Arizona Metals team. But from our perspective, it’s interesting. We don’t have a royalty, which there is on a Metals team, the best. But it’s not something within our portfolio.

All right. Well, then that’s been answered. And I think there’s been questions regarding the royalty generation model, which you answered and summed up in the last part of your presentation, David. So I think we’ve answered that question. So next question. How many of your projects will become producers within this gold cycle?

Peter?

Yes. So currently, with six cash flowing assets, we do see several assets ramping up and entering production, named a few already, REN, Odyssey, Granite Creek, other potential development stage assets include Gold Rock. So we’re approaching 10 to a dozen producing royalties by the end of the decade, if that’s how you want to define this gold cycle.

Okay. Questions on Côté. Are they on track for production and ramp up in 2024?

Yes. So based on all information and as I noted, from IAMGOLD, they’ve indicated production by the end of March, which is imminent and really ramping up to commercial production in the second half of the year in Q3.

I think the one thing that gives me significant comfort as a royalty holder is the fact that they have 5 million tons of ore stockpiled, ready to go into the mill. And I think that’s extremely important. Having been a mine developer myself over my career, having a consistent feed of ore during the commissioning phase is extremely important to optimize the metallurgical recoveries and get a consistent production level from the operation. So they’ve done an exceptional job in that regard, and that gives me some confidence that they’ll have a relatively smooth ramp up.

Thank you. Lots of questions on the dividend. Do you foresee reintroducing or entering back into the dividend phase?

Look, I think as we get into free cash flow territory and sustainable free cash flow is the conversation that I know my Board would be delighted to have returning capital to shareholders on a consistent basis. So I don’t want to get ahead of ourselves. But we are entering the free cash flow territory this year, which is a great place to be.

Thank you, David. In regards to Borborema advancing. Is February 2025 production realistic, feasible?

Definitely based on Aura’s track record as a Latin American operator, we’re quite confident that we’ll see that asset enter production early next year. But given how we’ve structured that investment as well, we’re significantly de-risked on if there was a delay. We’re still receiving 250 gold equivalent ounces per quarter until they enter production. So we do see an increase once into production, but we’ve got very reliable cash flows up to a maximum of 10 years, if that asset was never built, which is not the case, but we’ve really protected ourselves on the downside with the structuring.

And the other component of that, about 1/3 of the financing we provided was in the form of our convertible debenture, which actually generates interest during the preproduction phase. And that debenture is convertible into an additional royalty on the property. So as they ramp it up and we gain confidence in the underlying operation as they start to convert that significant resource over 2 million ounces in the reserve and extend the mine life, then it will make a lot of sense for us to convert that that debenture into an additional royalty over and above the initial royalty that we have.

Excellent. Next question, cost savings. Where did the majority of cost savings come from in 2023 versus 2022?

Yes. I'll take that one. So the majority of savings, it came from a few different areas. First and foremost, I mentioned in the presentation we came off a couple years of a fairly high pace growth, corporate consolidation and 2023 was a year whereby we removed some duplication which came into the company, and that was in the form of administrative functions and associated office costs related to primarily the Ely, Golden Valley and Abitibi acquisitions. Further to that, over the course of the year since I became CFO we've established more of a streamlined FP&A function to re-evaluate and monitor our G&A costs, and that allowed us to focus on the highest value add services as well as review service contracts and make improvements where we could. We started down that track through 2023. And then lastly, the third area was really, we have seen a reduction in some of the professional fees and in 2023 we did take on a little more in house from a technical review standpoint, something the team that reviews projects, as well as in the finance team in particular, so really centralization of our operating footprint within our Vancouver office system.

Excellent. Question on evaluating future growth opportunities; how is the company doing that?

We've never been busier. We're in a perpetual state of due diligence, that's our business. There is such a dearth of capital for development stage assets, even expansions of existing operations that we're seeing more and more companies whether they're at the operating stage, development stage or exploration stage, meaning the corporate streams and royalties into their capital structure more consistently. That means we're getting an influx of opportunities thrown our way but we have a very, very heavy screen. Since our IPO, we've looked at over 300 opportunities. We've only executed on eight, including the M&A deals we've done. So we're very, very choosy about the things that we invest in and write royalties on because we have very stringent rate of return criteria.

Excellent. David, do you expect speaking on the sector, do you expect more consolidation within the mid-tier royalty space in the near future? What are your thoughts on that?

Well, I think there's definitely going to be a continued consolidation on the producer side, and there has been significant consolidation, big, small and medium. Big being Newcrest being the biggest ever since the Newmont Goldcorp merger back in 2019. That was – this one was over $50 billion. And then we've seen smaller ones like recently Argonaut being taken over by Alamos and Calibre taking over a project Marathon's project in Northland. That will continue to happen because, as I said, with the lack of exploration occurring in the sector, the seniors have to take out other companies in order to maintain unsustainable production profiles. They're kind of caught in this vicious cycle and have been for decades, and I don't think that's going to reverse. So given the lack of exploration, continued deterioration in the reserve profile of the industry, they have to basically play Pac-Man with each other. On the royalty side, I see lots of scope workers on acceleration. There's probably too many players in the small cap universe, and there's a complete absence of a mid tier competitor in the royalty space, which is big enough to be relevant to institutional investors, generalists that come into the space, but still small enough to grow. And so there is no $5 billion market cap royalty player out there. The absence of that, to me, is a void that needs to be filled. I think you're going to see consolidation among the smaller cap players to enhance their multiple and drive down their cost of capital. The order of that, the sequencing of that is hard to predict, but I think it's inevitable because it's such an economic imperative for the smaller cap universe.

Excellent. Regarding your Granite Creek project, was that a net profit royalty rather than an NSR? Can you provide clarity on that?

Yes, no, it's a good question and good to provide clarity. So it is a net profit royalty that we have at Granite Creek, and it's one of the few net profit, bottom line royalties we have in our portfolio. The reason we got really excited about this royalty in particular, was the grade of the underground and the potential for a very high margin deposit. With IAD [ph] bringing that asset forward, the current underground resource is over 11 grams per ton, and the continued expiration success of the South Pacific Zone could see that expand and potentially improve as well. So because of the potential for a high grade, high margin deposit here, it was one of the rare occasions where we did find the net profit interest quite attractive. But I would note that the vast majority of our portfolio, there's only a handful, only a couple actual net profit interest. Almost all of our royalties are top line net smelter return royalties or gross revenue royalties.

Okay. And what are your plans for the cash generated in 2024? Do you have any preferences?

No. Look, I think, as I said earlier, returning capital to shareholders is something that's definitely on the table that we'll discuss as we get into sustainable free cash flow. But we're looking at a significant, a number of opportunities that will help us grow our business accretively, and putting that cash to work, I think, is a priority.

Excellent. And David, there's been a number of questions regarding the share price and performance, and perhaps you can comment on that.

Well, we've had a very good start in the year. We've certainly been a relative outperformer, a dramatic relative outperformer to the sector. And I think that's really a testament to the fact that we're pivoting into free cash flow territory. As I said, we had our first order positive adjusted earnings fourth [ph] quarter of last year and that we're poised to deliver positive earnings and positive free cash flow going forward. And I think the market recognizes that, that we have unparalleled growth in the sector.

Excellent. Well, we are at the top of the hour, so we will end the Q&A session at this time. And if you have any other questions, please forward them directly to Peter at pbehncke@goldroyalty.com. David, before we sign off, would you like to say a few more words to this great audience today?

Well, thank you so much for such incredible participation today, for your questions. And as Joanne says, you don't need to end your questioning today. We're easily accessible through our website, through our emails, through our phone numbers. If you go to our website, you can see how we can contact us. And if you have any follow-up questions, we're delighted to hear from you.

Thank you, David, and thank you, team. Just a reminder that this Town Hall will be available on Gold Royalty's website and across all of our socials within the next 24 hours. Before we sign off, please ensure that you fill in the short questionnaire at the end of the presentation. This really helps us and the company communicate more effectively with you in the future. Thank you for joining us today and we will see you all on the next town hall forum. Goodbye.