Gold Royalty Corp.

AMEX•GROY

CEO: Mr. David A. Garofalo B.Com., B.Comm, C.A., C.P.A., ICD.D

Sector: Basic Materials

Industry: Other Precious Metals

Listing Date: 2021-03-09

Gold Royalty Corp., a precious metals-focused royalty company, provides financing solutions to the metals and mining industry. It focuses on acquiring royalties, streams, and similar interests at varying stages of the mine life cycle to build a portfolio offering near, medium, and longer-term returns for its investors. Gold Royalty Corp. was incorporated in 2020 and is headquartered in Vancouver, Canada.

Contact Information

1188 West Georgia Street, Suite 1830, Vancouver, BC, V6E 4A2, Canada

604-396-3066

www.goldroyalty.com

Market Cap

$654.22M

P/E (TTM)

-202.8

6.3

Dividend Yield

52W High

$5.46

52W Low

$1.43

52W Range

57%

Rank55Top 80.0%

2.6

F-Score

Modified Piotroski Analysis

Based on 5-year fundamentals

Weak • 2.6 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2021-2025

Financial Dashboard

Q4 2025 Data

Revenue

$4.50M+0.00%

4-Quarter Trend

EPS

-$0.00+0.00%

4-Quarter Trend

FCF

-$1.07M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Revenue Reaches Record High Revenue reached $15.6M USD, up 55% from $10.1M USD in 2024, driven by higher commodity prices.

Adjusted EBITDA Doubles Adjusted EBITDA reached record $9.8M USD, increasing 104% from $4.8M USD in the prior year.

Debt Fully Repaid Fully repaid revolving credit facility and redeemed all convertible debentures, resulting in zero outstanding debt at year-end.

Positive Cash Flow Generation Operating cash flow provided $6.2M USD, improving significantly from $2.5M USD in 2024, second positive year.

Risk Factors

Metal Price Volatility Risk Revenue highly sensitive to gold and commodity price fluctuations, directly impacting operational results and cash flow.

Asset Concentration Exposure 38.6% of total assets tied to Canadian Malartic; adverse developments at key assets cause lasting operational impact.

Third-Party Operator Dependency Passive interest holder reliant on third-party operators for development, operations, and timely, accurate information disclosure.

Foreign Jurisdiction Exposure 87.4% of 2025 revenue derived from foreign properties, subjecting operations to political and regulatory risks.

Outlook

Aggressive Acquisition Strategy Plan aggressive pursuit of accretive royalty and streaming transactions worldwide to build diversified portfolio for long-term returns.

Canadian Malartic Development On Track Odyssey underground development on schedule; initial production expected Q1 2026, supporting future million ounce goal.

Royalty Generator Model Success Model generated nine new royalties in 2025; 56 royalties generated since 2021 Ely acquisition through low-cost method.

Borborema Production Milestone Borborema achieved commercial production in Q3 2025; guidance for 2026 production remains on track for delivery.

Peer Comparison

Revenue (TTM)

TROX

$2.90B

-5.7%

MATV

$1.99B

+0.3%

KRO

$1.86B

-1.5%

Gross Margin (Latest Quarter)

MTA

84.1%

+23.9pp

SGML

77.9%

+34.5pp

GROY

65.6%

-7.8pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
SGML	$1.96B	-38.8	-54.0%	48.8%
LWLG	$1.82B	-82.2	-46.1%	3.2%
TROX	$1.48B	-3.1	-29.8%	57.7%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

12.8%

Steady Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

75%

Volatile Cash Flow

Deep Research

Next earnings:May 6, 2026

EPS:$0.01

Revenue:$7.05M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data