Kerry Smith, 416 - 507 - 2306, ksmith @haywood.com Owen McCleery, 416 - 507 - 2427, omccleery @haywood.com For Important Discl osures and Analyst Certification see page 8 1 PORTFOLIO UPDATE A Well Priced Deal with Excellent Resource Upside OUR TAKE : Gold Royalty Corp. has acquired a 2% NSR royalty on Aura Minerals’ (ORA - T, not rated ) Borborema gold project in Brazil for US$21M cash, plus a royalty - convertible 6 - year gold - linked loan for US$10M. This US$31 M in cash will be used by Aura Minerals to finance the development of their 100% owned Borborema project, a US$188M capex project now under construction and expected to produce first gold in February 2025. The mine is expected to produce 748,000 ounces over an initial 11.3 year mine life. Aura had also previously secured US$100 M of debt funding from Banco Santander for this project. This NSR royalty and gold - linked note are structured to deliver pre - production payments to GROY of 1,000 oun ces per year, payable quarterly, under the NSR, plus a further 440 oz/ year, payable quarterly, as interest payments. The implied yield on the gold linked note at a US$2,000 /oz gold price is 8.8%, while the NSR will deliver another ~ US$2 M of annual revenue until production starts in early 2025. Using Haywood’s internal price deck, we calculate a 13% pre - tax IRR on the 2% NSR royalty and an 8% IRR on the gold linked notes assuming the notes convert to a 0.5% NSR royalty in 2030. Aura is an experienced Brazilian mine operator, currently paying a solid divided (US$28M paid or declared in dividends in 2023), and very capable of building Borborema on schedule and on budget. Overall, this is an excellent acquisition for GROY in a non - competitive process where the deal was sourced through prior long - term relationships KEY HIGHLIGHTS Borborema Overview – The Borborema Project is located in the Seridó region, Rio Grande do Norte State, northeast Brazil and consists of three mining concessions within a 29 km 2 land package. Aura Mining published a Feasibility Study for Borborema on August 30, 2023, highlighting an open pit gold mine expected to produce 748 Koz annually over an 11 - year mine life, with AISC of US$949 /oz . The project has a total capex of US$188 million, and at a US$1,900/oz gold price, delivered a US$262M NPV, 2.9 - year payback and 27.5% IRR. This mine plan excludes 1.265M ounces of Indicated resources that require a road relocation, with another 393,000 ounces of Inferred resources currently with i n the current pit shell. We expect Aura will be able to permit the road relocation, which will lead to a larger open pit, and likely a milling expansion as well. 2% NSR Royalty Initially – GROY’s 2% NSR royalty will drop to a 0.5% NSR royalty once Borborema has produced 725 Koz of payable gold, with this residual 0.5% NSR royalty subject to a US$2.5M buyback at Aura’s option once 2.25 Moz of payable gold have been produced , or by 2050, whichever occurs sooner. The agreement also delivers quarterly pre - production payments of 250 oz of gold, or 1,000 ounces per year, to GROY. The pre - payments will cease once the mine has achieved 75% of its planned mill throughput of 2 Mt per year on average for 60 consecutive days or 10 years from the closing of the transaction, whichever occurs sooner Gold - Linked Loan – The US$10M gold - linked loan will mature six years from the closing of the transaction , expected later this month . Under the terms of the loan, coupon payments will be paid quarterly in the form of 110 oz of gold (settled via cash or physical delivery). At maturity, GROY has the option to receive repayment for the loan of US$10M, or US$5M in cash and an additional 0.5% NSR royalty on Borborema. This additional 0.5% NSR royalty is also subject to a similar buyback option for US$2.5 million, once 2.25M ounces have been produced Acquisition Being Funded by Strategic Partners – GROY has funded this acquisition with a US$40 million 5 - year convertible debenture with Queens Road Capital Investment Ltd. (US$30M) and Taurus Mining Royalty Fund L.P (US$10M). These debentures are convertible at US$1.90 per share, a 30% premium to the 20 - day VWAP, with 70% of the interest payable in cash and the remainder payable in shares at the prevailing 20 - day VWAP. GROY has an early repayment option on these debentures after three years, at a conversio n price of US$1.75 per share RECOMMENDED ACTION W e recommend investors accumulate shares at current levels Gold Royalty Corp has been actively growing their royalty portfolio over the past few years and in addition to four currently producing assets, has a pipeline of development/exploration projects. Price Target $3.25 VALUATION Our US $ 3. 50 target is based on a fully financed, after - tax basis considering a 1. 3 x multiple to our corporate net asset value NAV 5% of US $ 2. 5 5 per share. Gold Royalty Corp. trades at a P/NAV of 0. 5 x NAV, versus royalty peers at 1.0 x NAV Gold Royalty Corp. ( GROY - NYSEAM ) SECTOR: Mining CATALYSTS 1. Acquisitions – Ongoing RESEARCH REPORT | December 6, 2023 STOCK PRICE US $ 1 .55 RATING TARGET PRICE BUY US $ 3. 50 SCENARIO ANALYSIS Downside Scenario Current Price Price Target US $ 1 00 US $ 1. 55 US $ 3. 50 35 % 1 26 % KEY STATISTICS AND METRICS (USD) 52 - Week High/Low $2.70 / $1.18 YTD Performance - 38% Dividend Yield 3% Shares O/S (basic) 145M Shares O/S (F/D) 164M Market Capitalization $165M Cash $3M Long - term Debt $18M Enterprise Value $180M Daily Volume (3 mon avg.) 414,510 Currency US$ unless noted HAYWOOD ESTIMATES (USD) 2023E 2024E 2025E Revenue ($ 000s) 3,931 13,255 17,041 Op. Cash Flow ($ 000s) - 3,617 9,893 12,532 CFPS ($) - 0.03 0.07 0.09 FCF ($ 000s) - 6,452 - 21,209 12,431 Capex ($ 000s) - 2,836 - 31,102 - 102 1 26 % PRO JECTE D RETURN Very High RISK FACTOR Gold Royalty Corp (GROY - NYSEAM ) Kerry Smith, 416 - 507 - 2306, ksmith @haywood.com Owen McCleery, 416 - 507 - 2427, omccleery @haywood.com 2 INVESTMENT THESIS Gold Royalty Corp. b egan trading March 9 th , 2021, following a successful IPO which raised $90M (18M units at US $5.00 per unit), after being twice up - sized on exceptionally stron g investor demand. Gold Royalty has moved very rapidly following its IPO to build out its portfolio, announcing five transactions in the six months following. We expect GROY to continue to execute this growth strategy, accretively growing its portfolio through acquisition. Strong and Growing Portfolio : Gold Royalty has over 200 royalties currently, representing ~ 120 Moz of underlying gold equivalent reserves and resources (all - categories) in the portfolio, spread across 5 countries, spanning every stage from early exploration to advanced exploration, development , and production . Many of these royalties require much higher commodity prices and significant funding before production can be achieved , but provides GROY with excellent leverage to precious metals, with no operator risk and a strong Board and Management team d elivering aggressive g rowth SCENARIO ANALYSIS Source: Capital IQ, and Haywood Securities 0 0.5 1 1.5 2 2.5 0 0.5 1 1.5 2 2.5 3 3.5 Gold Royalty Corp. (GROY - US) Price History (US$) Volume (M) 50-Day MA 200-Day MA KEY RISKS • Financial Risk: The Company will require additional funds to continue to acquire streams or royalties on projects. Gold Royalty’ s primary sources of funding have been a combination of debt and equity financings. GROY does not have consistent positive cash flow or earnings currently and our valuation is dependent on growth from projects not yet permitted, financed, or built. Competition in the royalty space is also significant, with many well - funded bidders for any potential royalty acquisition. • Gold Price: GROY ’s future cash flow generating potential and market value are expected to be highly correlated with gold price s Commodity prices are uncertain and sometimes volatile. A sustained or significant deterioration in the gold price will negatively impact the value of G ROY shares • Forecasts: Our forecasts assume longer - term stabilization of the gold price at around current level s Our target for GROY is largely based on the shares achieving a higher valuation metric in the market over time , along with no material drop in metal prices S ignificant deviation of the gold price from our forecast could result in GROY not meeting ou r valuation expectations TARGET PRICE Our US $ 3. 50 target price is based on a 1. 3 x NAV multiple DOWNSIDE CASE Our downside case utilizes a gold price at a ~ 2 0 % discount to our base case scenario of US$ 1 , 9 5 0 /oz of gold in 202 7 + At a flat US$1,5 5 0/oz gold price, and using a discounted 0.75x NAV multiple, our target price drops to US $ 1 00 per share Our downside scenario price is a theoretical case based on notional valuation metrics and market assumptions. The downside price is solely intended for demonstrative purposes and is not to be regarded as a reflection of all market possibilities. It is not a gu arantee that this company’s share price will not drop below this price level and hence should not be taken as such. Gold Royalty Corp. is a fast - growing royalty and streaming company with over 200 royalties acquired since the Company’s initial public offering in March 2021 , including three corporate acquisitions of Ely Gold Royalties, Abitibi Royalties and Golden Valley Mines and Royalties T oday t he Company has over 200 royalties anchored by many strong operating partners and currently has four gold /copper and silver producing assets plus a collection of development projects that provide the Company with a pipeline of development stage and exploration projects Website www.goldroyalty.com Key Management CEO – David Garofalo Gold Royalty Corp. (GROY - NYSEAM ) Kerry Smith, 416 - 507 - 2306, ksmith @haywood.com Owen McCleery, 416 - 507 - 2427, omccleery @haywood.com 3 Source: Bloomberg, Capital IQ, Company Reports, and Haywood Securities Gold Royalty Corp. (GROY-US, US$1.55) Target Price (US$) $3.50 Shares O/S, millions 145.0 Rating: BUY Return (%) 126% Shares F/D, millions 164.5 Risk: Very High 52 Week High/Low (US$) $2.70 / $1.18 Mkt. Cap, C$M 224 Valuation: 1.30x NAV Daily Volume (3-month avg) 414,510 CEO David Garofalo www.goldroyalty.com Balance Sheet and Capitalization Portfolio Overview US$M C$M Market Capitalization $165.1 $224.5 Current Cash $3.3 $4.6 F/D Cash Adds $0.0 $0.0 Working Capital $3.0 $4.1 Long-Term Debt $17.8 $24.2 Book Value $527.3 $717.1 Enterprise Value (EV) $179.8 $244.6 EV = Market Capitalization - Working Capital + Long-term Debt Spot C$/US$ FX Rate: 1.36 Capital Structure Shares Millions Shares Outstanding 145.0 Fully Diluted Shares 164.5 Current Debt US$25M Revolving Credit Facility - SOFR + 4%, due March 31, 2025. Accordion Feature of US$10M. Recent Financings and M&A Activity July 31, 2023 - GROY acquires a 1% NSR on Capstone's Cozamin Cu/Ag mine from Endeavour Silver for US$7.5M cash February 13, 2023 - GROY expands its Credit Facility by US$10M to US$35M with BMO and National Bank Ownership Shares O/S (mln) % O/S September 1, 2022 - GROY acquires a royalty portfolio from Nevada Gold Mines on Granite Creek and Bald Mountain GoldMining Inc. 21.4 14.8% for US$27.5M in shares (9,393,681 common shares) Nevada Gold Mines 9.4 6.5% February 22 , 2022 - GROY acquires an existing 0 75 % NSR on a portion of the Côté Gold Project for US $ 15 875 M in cash and shares Rob McEwen 7.2 5.0% December 20, 2021 - GROY announces hostile bid for Elemental Royalties at 0.27 GROY per ELE share. Offer expired in May 2022 Jimmy Lee 7.2 5.0% September 7, 2021 - GROY announces 3-way merger with Golden Valley Mines and Royalties and Abitibi Royalties. Board and Management 5.8 4.0% Exchange ratios of 2.1417 GROY per Golden Valley Mines and Royalties share and 4.6119 GROY per Abitibi Royalties share Van Eck Associates Corporation 5.4 3.7% September 3, 2021 - GROY secures US$25M Credit Facility from BMO June 21, 2021 - GROY announces acquisition of Ely Gold Royalties for C$0.42 in cash + 0.1742 GROY shares per Ely share March 11, 2021 - IPO closes: 18M units at US$5.00 per unit for US$90M raised. Each unit includes a 1/2 warrant, Financial Summary (US$ 000) with a full warrant exercisable into one GROY share for three years at US$7.50 per share Year-End Dec. 31st 2023E 2024E 2025E 2026E 2027E 2028E 2029E Shares Outstanding, mln 145.0 145.0 145.0 145.0 145.0 145.0 145.0 FD Shares, mln 164.5 166.4 166.4 166.4 166.4 166.4 166.4 Main Portfolio Assets EPS (0.04) 0.01 0.03 0.05 0.06 0.11 0.10 Key Producers/ Near-Term Producers Cash Flow Per Share (0.03) 0.07 0.09 0.10 0.12 0.17 0.14 Canadian Malartic: Current Odyssey underground forcasted production of between 500,000 and 600,000 oz/yr P/CF - 22.7x 17.9x 14.8x 13.4x 8.9x 10.7x AISC well below industry average ($800-$900/oz) Income Statement (US$ 000) Quality operator (Agnico Eagle) Revenue $3,931 $13,255 $17,041 $27,702 $31,789 $40,644 $41,637 Royalty on producing open pit – 3 % NSR Operating Expenses ($467) ($1,552) ($2,178) ($7,588) ($9,949) ($8,905) ($8,639) Mine expansion / development royalty – 3 % NSR over the Odyssey Underground Project Depreciation, Depletion and Amort. ($800) ($800) ($800) ($800) ($800) ($800) ($800) Quality operator (Agnico Eagle) General & Admin ($8,000) ($8,000) ($8,000) ($8,000) ($8,000) ($8,000) ($8,000) Royalty on producing open pit – 3 % NSR Stock Based Comp. ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) Mine expansion / development royalty – 3 % NSR over the Odyssey Underground Project Net Income ($5,507) $1,970 $4,144 $7,063 $8,318 $15,247 $14,168 Odyssey expected to have >18 year mine life with extensive upside potential Balance Sheet (US$ 000) Granite Creek: 10% NPI royalty with 120,000 ounce production threshold to be met prior to receiving payment Cash & Equivalents, Year End $3,478 $24,527 $25,833 $40,966 $57,666 $42,781 $63,785 Underground ramping to commercial production (1,000 tpd) by end of year Debt, Year End $10,000 $10,000 $10,000 $0 $0 $0 $0 Ore is currently being processed off site under a toll milling agreement Cash Flow (US$ 000) Côté : 0.75% NSR covering the southern portion of the proposed openpit (Zone 5 and Zone 7) Op. CF (before W/C) ($3,617) $9,893 $12,532 $15,177 $16,700 $25,114 $21,005 Commercial production expected in early 2024, with avg. annual production of 495 koz Au over the first six years of the mine life Financing CF $5,179 $42,257 ($11,125) - - ($40,000) - ~7.2 Moz of open pit resources and incremental reserves, plus additional near-mine and regional exploration potential Investing CF ($2,836) ($31,102) ($102) ($43) - - - REN: 1.50% NSR and 3.50% NPI royalties Change in Cash ($2,369) $21,048 $1,306 $15,134 $16,700 ($14,886) $21,005 Commercial production expected by 2026 62 Koz M&I resource grading 11.04 g/t gold Dividends Paid ($M) - - - - - - - Cozamin: 1.00% NSR royalty on certain portions of Cozamin Copper-Silver mine in Mexico Div/share - - - - - - - Cash flow producing NSR purchased for US$7.5 million generating >US$1 million in revenue Dividend Yield - - - - - - - Cozamin likely to produce 30 Mlbs of copper and 800 Koz of silver per year on a go-forward basis Five additional concessions included in the acquisition, that GROY maintains an option on upwards of US$500k Isabella Pearl: Royalty consists of 0.375% NSR Production Estimates Estimated mine life of at 3 ½ years at an average ~ 40 , 000 Au oz annual production 2023E 2024E 2025E 2026E 2027E 2028E 2029E Significant exploration upside exists for additional open-pit discoveries Isabella Pearl 75 75 75 75 75 - - Marigold - - - 584 584 - - Jerritt Canyon - - - 875 875 774 528 Corporate NAV Summary and Sensitivity (US$) Spot Jerritt Canyon (PTR) - - - 127 136 121 82 Forecast Silver Price, US$/oz $17.20 $20.55 $26.25 $25.00 Canadian Malartic - Open Pit 900 900 900 900 900 900 390 Forecast Gold Price, US$/oz $1,500 $1,800 $2,300 $2,035 Canadian Malartic - Odyssey Underground 206 330 371 330 309 412 1,113 Isabella Pearl 0.375% GRR $0.00 $0.00 $0.00 $0.01 $0.00 Granite Creek - - - - - 6,090 6,662 Marigold 0.75% NSR $0.01 $0.01 $0.01 $0.02 $0.01 Côté Gold - 1,549 1,721 1,807 904 327 355 Jerritt Canyon 0.5% NSR $0.04 $0.03 $0.03 $0.04 $0.04 Gold Rock - - 247 247 247 247 247 Jerritt Canyon (PTR) Sliding PTR $0.01 $0.00 $0.01 $0.01 $0.01 Railroad-Pinion - - - 697 697 697 697 Canadian Malartic - Open Pit 3.0% NSR $0.07 $0.05 $0.06 $0.08 $0.07 REN - - - 3,979 7,921 7,921 7,921 Canadian Malartic - Odyssey Underground 3.0% NSR $0.46 $0.36 $0.44 $0.56 $0.50 Borden 372 372 372 372 372 372 372 Granite Creek 10% NPI $0.41 $0.32 $0.39 $0.50 $0.44 Cozamin - - - - - - - Côté Gold 0.75% NSR $0.09 $0.07 $0.09 $0.11 $0.10 Gold Deliveries to GROY, oz 1,553 3,226 3,686 9,992 13,020 17,860 18,367 Gold Rock 0.5% NSR $0.02 $0.01 $0.02 $0.02 $0.02 Isabella Pearl 75 75 75 75 75 - - Railroad-Pinion 0.44% NSR $0.05 $0.04 $0.05 $0.07 $0.06 Canadian Malartic - Open Pit 900 900 900 900 900 900 390 REN 1.5% NSR $0.30 $0.24 $0.29 $0.37 $0.32 Canadian Malartic - Odyssey Underground 206 330 371 330 309 412 1,113 REN (NPI) 3.50% NPI $0.41 $0.32 $0.39 $0.49 $0.44 Cozamin 4,667 8,000 8,000 8,000 8,000 8,000 8,000 Borden 0.50% NSR $0.04 $0.03 $0.04 $0.05 $0.04 Silver Deliveries to GROY, oz 5,848 9,305 9,346 9,305 9,284 9,312 9,503 Cozamin 1.0% NSR $0.07 $0.06 $0.07 $0.09 $0.08 Cozamin 175,000 300,000 300,000 300,000 300,000 300,000 300,000 Borborema 2% NSR $0.22 $0.17 $0.21 $0.27 $0.24 Copper Deliveries to GROY, lbs 175,000 300,000 300,000 300,000 300,000 300,000 300,000 Borborema - Gold Linked Note 0.5% NSR $0.03 $0.03 $0.03 $0.04 $0.04 Gold Price, US$/oz $1,925 $2,075 $2,200 $2,100 $1,950 $1,950 $1,950 Other Projects (with current resources) $0.56 $0.44 $0.53 $0.68 $0.60 Silver Price, US$/oz $24.06 $25.94 $27.50 $26.25 $24.38 $24.38 $24.38 Exploration Properties (no current defined resource) $0.24 $0.19 $0.23 $0.29 $0.26 Copper Price, US$/lb $3.90 $4.15 $4.25 $4.25 $4.25 $4.25 $4.25 Corporate Adjustments, F/D share ($0.50) ($0.40) ($0.48) ($0.61) ($0.54) USD:CAD 1.34 1.36 1.36 1.36 1.36 1.36 1.36 Corporate NAV, F/D share $2.55 $2.00 $2.40 $3.07 $2.72 GEOs Deliveries to GROY, oz 1,642 3,942 4,382 10,715 13,789 18,630 19,140 Current Price / Corporate NAV 0.6x 0.8x 0.6x 0.5x 0.6x Operating Margin, % 88% 88% 87% 73% 69% 78% 79% Target Price / Corporate NAV 1.3x 1.7x 1.5x 1.1x 1.1x 2024E CFPS $0.07 $0.05 $0.06 $0.08 $0.07 Implied Target Price at 1.0x NAV $2.55 $2.00 $2.40 $3.05 $2.70 Implied Target Price at 2.0x NAV $5.10 $4.00 $4.80 $6.15 $5.45 Base case gold price assumption of US$1,925/oz in 2023, US$2,075/oz in 2024, US$2,200/oz in 2025, US$2,100/oz in 2026 and US$1,950/oz in 2027+. Gold Royalty Corp. Consensus Estimate Summary (Reuters data sourced from Capital IQ) Rows highlighted in tan color indicate that the mine is in production 2024E C$/US$ FX Rate: 1.360 Analysts Mean EPS High / Low vs. Cons. Mean CFPS High / Low vs. Cons. Fully Financed Fully Diluted Shares, millions: 164.5 2023 Consensus Estimate 6 ($0.05) -0.04 / -0.06 - ($0.04) -0.03 / -0.05 - 2024 Consensus Estimate 4 ($0.02) 0.02 / -0.04 - $0.02 0.03 / 0.01 241% Analysts SO Rating SP Rating SU Rating Mean Target High / Low Haywood vs. Cons. Peer Group Comparables Consensus Valuation 7 - - - $3.57 US$5.5 / US$2.5 -2% Price 2023 2024 US$ EV/CF EV/CF Altius Minerals Corporation US$14.07 1.0x 1.15 US$0.63 US$0.57 26.1x 28.9x Elemental Altus Royalties Corp. US$0.82 1.1x 0.07 US$0.01 US$0.04 69.8x 21.2x Metalla Royalty & Streaming Ltd. US$3.11 0.6x 0.10 US$0.03 US$0.05 87.0x 54.9x Orogen Royalties Inc. US$0.49 1.1x 0.03 US$0.01 US$0.01 58.0x - Osisko Gold Royalties Ltd US$14.13 1.2x 0.96 US$0.73 US$0.75 20.6x 20.1x Sandstorm Gold Ltd. US$4.96 0.9x 0.62 US$0.44 US$0.38 14.6x 17.1x Vox Royalty Corp. US$2.14 0.8x 0.25 US$0.11 US$0.13 18.3x 14.6x Kerry Smith - Research Analyst Peer Group Average 1.0x 0.45 42.0x 26.1x ksmith@haywood.com 416-507-2306 Peer Group Average (excluding high/low) 1.0x 0.40 38.5x 21.8x Gold Royalty Corp. US$1.55 0.5x 0.02 (US$0.04) US$0.02 - 80.7x Numbers in table above are based on CapIQ consensus figures CFPS and NAV sourced from Capital IQ. $1.69 Company Website Base Case US$ / O/S Share C$ / O/S Share $4.95 $1.55 $0.03 $0.00 $0.03 $0.17 $3.64 $1.14 $0.02 $0.00 $0.02 $0.12 P/NAV 2023 Rev/Share 2023 CFPS 2024 CFPS $1.24 Type: Gold Royalty Corp. (GROY - NYSEAM ) Kerry Smith, 416 - 507 - 2306, ksmith @haywood.com Owen McCleery, 416 - 507 - 2427, omccleery @haywood.com 4 A Very Good Acquisition for GROY The Borborema Project is located in the Seridó region, Rio Grande do Norte State, northeast Brazil and consists of three mining concessions within a 29 km 2 land package. Aura Mining published a Feasibility Study for Borborema on August 30, 2023, highlighting an open pit gold mine expected to produce 748 Koz annually over an 11 - year mine life, with AISC of US$949 per ounce. The project has a total capex of US $188 million, and at a US$1,900/oz gold price, delivered a US$262M NPV, 2.9 - year payback and 27.5% IRR The project has over 100,000 met res of drilling and is open in all directions. GROY started bilateral negotiations with Aura in early 2023, and this transaction delivers a flexible structure that worked for both parties. Following th e closing of this acquisition , GROY intends to use the incremental funds raised from the debenture deal to retire some of their credit facility. Prior to this deal, GROY had US$17.5 million of debt under their credit facility, and post closing, expects their s enior debt to be around US$10 million, plus a further US$40 million in unsecured debentures. Borborema Gold Project – Near Term Production with a Proven Operator in Brazil Source: Gold Royalty Corp. GROY’s 2% NSR royalty will drop to a 0.5% NSR royalty once Borborema has produced 725 Koz of payable gold, with this residual 0.5% NSR royalty subject to a US$2.5M buyback at Aura’s option once 2.25 Moz of payable gold have been produced or by 2050, whichever occurs sooner. The agreemen t also delivers quarterly pre - production payments of 250 oz of gold, or 1,000 ounces per year, to GROY. The pre - payments will cease once the mine has achieved 75% of its planned mill throughput of 2 Mt per year on average for 60 consecut ive days or 10 year s from the closing of the transaction, whichever occurs sooner Once the road relocation is approved, we expect Aura will be able to design a much larger open pit, and assume Aura will look to expand the mill, increasing annual production, while keeping the mine life in the 10 – 15 - year range. With the 393,000 ounce Infe rred resource within the current pit shell, the mine should become a +2M ounce pit, in our view, with potentially ~140 - 150,000 ounces of annual production. The US$10M gold - linked loan will mature 6 years from the closing of the transaction. Under the terms of the loan, coupon payments will be paid quarterly in the form of 110 oz of gold (settled via cash or physical delivery). At maturity, GROY has the optio n to receive repayment for the loan of US$10M, or US$5M in cash and an additional 0.5% NSR royalty on Borborema. This additional 0.5% NSR royalty is also subject to a similar buyback option for US$2.5 million, once 2.25M ounces have been produced GROY has funded this acquisition with a US$40 million 5 - year convertible debenture with Queens Road Capital Investment Ltd. (US$30M) and Taurus Mining Royalty Fund L.P (US$10M). These debentures are convertible at US$1.90 per share, a 30% premium to the 20 - day VWAP, with 70% of the interest payable in cash and the remainder payable in shares at the prevailing 20 - day VWAP. GROY has an early repayment option on these debentures after three years, at a conversion price of US$1.75 per share Gold Royalty Corp. (GROY - NYSEAM ) Kerry Smith, 416 - 507 - 2306, ksmith @haywood.com Owen McCleery, 416 - 507 - 2427, omccleery @haywood.com 5 Gold Royalty Moving Forward – Near Term Expected Cash Flow Growth Driven by 2023 Acquisitions Source: Gold Royalty Corp. Gold Royalty Corp (GROY - NYSEAM ) Kerry Smith, 416 - 507 - 2306, ksmith @haywood.com Owen McCleery, 416 - 507 - 2427, omccleery @haywood.com 6 Valuation Our US$3.50 target is based on a fully financed, after - tax basis considering a 1.3x multiple to our corporate net asset value NAV5% of US$2.55 per share. Gold Royalty Corp. trades at a P/NAV of 0.5x NAV, versus royalty peers at 1.0x NAV We reach our NAV using a discounted cash flow (DCF) analysis to value Gold Royalty Corp. assets, plus corporate adjustments (net cash, general and administrative expense, and cash from options and warrants). Our analysis is based on our fully financed, fully d iluted assumptions. Cash - Flow and Target - Price Sensitivity to Gold Prices Source: Haywood Securities Peer Group Comparables Source: Capital IQ Corporate NAV Summary and Sensitivity (US$) Spot Forecast Silver Price, US$/oz $17.20 $20.55 $26.25 $25.00 Forecast Gold Price, US$/oz $1,500 $1,800 $2,300 $2,035 Isabella Pearl 0.375% GRR $0.00 $0.00 $0.00 $0.01 $0.00 Marigold 0.75% NSR $0.01 $0.01 $0.01 $0.02 $0.01 Jerritt Canyon 0.5% NSR $0.04 $0.03 $0.03 $0.04 $0.04 Jerritt Canyon (PTR) Sliding PTR $0.01 $0.00 $0.01 $0.01 $0.01 Canadian Malartic - Open Pit 3.0% NSR $0.07 $0.05 $0.06 $0.08 $0.07 Canadian Malartic - Odyssey Underground 3.0% NSR $0.46 $0.36 $0.44 $0.56 $0.50 Granite Creek 10% NPI $0.41 $0.32 $0.39 $0.50 $0.44 Côté Gold 0.75% NSR $0.09 $0.07 $0.09 $0.11 $0.10 Gold Rock 0.5% NSR $0.02 $0.01 $0.02 $0.02 $0.02 Railroad-Pinion 0.44% NSR $0.05 $0.04 $0.05 $0.07 $0.06 REN 1.5% NSR $0.30 $0.24 $0.29 $0.37 $0.32 REN (NPI) 3.50% NPI $0.41 $0.32 $0.39 $0.49 $0.44 Borden 0.50% NSR $0.04 $0.03 $0.04 $0.05 $0.04 Cozamin 1.0% NSR $0.07 $0.06 $0.07 $0.09 $0.08 Borborema 2% NSR $0.22 $0.17 $0.21 $0.27 $0.24 Borborema - Gold Linked Note 0.5% NSR $0.03 $0.03 $0.03 $0.04 $0.04 Other Projects (with current resources) $0.56 $0.44 $0.53 $0.68 $0.60 Exploration Properties (no current defined resource) $0.24 $0.19 $0.23 $0.29 $0.26 Corporate Adjustments, F/D share ($0.50) ($0.40) ($0.48) ($0.61) ($0.54) Corporate NAV, F/D share $2.55 $2.00 $2.40 $3.07 $2.72 Current Price / Corporate NAV 0.6x 0.8x 0.6x 0.5x 0.6x Target Price / Corporate NAV 1.3x 1.7x 1.5x 1.1x 1.1x 2024E CFPS $0.07 $0.05 $0.06 $0.08 $0.07 Implied Target Price at 1.0x NAV $2.55 $2.00 $2.40 $3.05 $2.70 Implied Target Price at 2.0x NAV $5.10 $4.00 $4.80 $6.15 $5.45 Base case gold price assumption of US$1,925/oz in 2023, US$2,075/oz in 2024, US$2,200/oz in 2025, US$2,100/oz in 2026 and US$1,950/oz in 2027+. Rows highlighted in tan color indicate that the mine is in production 2024E C$/US$ FX Rate: 1.360 Fully Financed Fully Diluted Shares, millions: 164.5 Base Case Type: Peer Group Comparables Price 2023 2024 US$ EV/CF EV/CF Altius Minerals Corporation US$14.07 1.0x 1.15 US$0.63 US$0.57 26.1x 28.9x Elemental Altus Royalties Corp. US$0.82 1.1x 0.07 US$0.01 US$0.04 69.8x 21.2x Metalla Royalty & Streaming Ltd. US$3.11 0.6x 0.10 US$0.03 US$0.05 87.0x 54.9x Orogen Royalties Inc. US$0.49 1.1x 0.03 US$0.01 US$0.01 58.0x - Osisko Gold Royalties Ltd US$14.13 1.2x 0.96 US$0.73 US$0.75 20.6x 20.1x Sandstorm Gold Ltd. US$4.96 0.9x 0.62 US$0.44 US$0.38 14.6x 17.1x Vox Royalty Corp. US$2.14 0.8x 0.25 US$0.11 US$0.13 18.3x 14.6x Peer Group Average 1.0x 0.45 42.0x 26.1x Peer Group Average (excluding high/low) 1.0x 0.40 38.5x 21.8x Gold Royalty Corp. US$1.55 0.5x 0.02 (US$0.04) US$0.02 - 80.7x Numbers in table above are based on CapIQ consensus figures CFPS and NAV sourced from Capital IQ. P/NAV 2023 Rev/Share 2023 CFPS 2024 CFPS Gold Royalty Corp (GROY - NYSEAM ) Kerry Smith, 416 - 507 - 2306, ksmith @haywood.com Owen McCleery, 416 - 507 - 2427, omccleery @haywood.com 7 Significant Investment Risks Valuation Risk – High: Valuation Risk is high as the potential for fluctuations in market sentiment and changes to project development timelines and capex/opex estimates is difficult to accurately quantify. Our estimates and forecasts are based on management g uidance, comparabl e projects, technical reports if available, and our own expertise and research. Financial Risk – Medium: The Company will require additional funds to continue to acquire streams/royalties on projects. Gold Royalty primary sources of funding will be a combination of debt and equity financing. Forecast Risk – High: Our formal valuation is based on a long - term gold price of US$1,9 50 /oz gold . Volatility in gold pricing is a reality of the present global economic environment, and the price of gold tends to be less predictable than that of other commodities, w here supply/demand fundamentals are more influential. A significant decrease in gold p rices could impair the Company’s ability to generate a reasonable rate of return and/or enough cash flow from operations to meet financial obligations. Many of the Company’s projects are not in production and have seen limited historical production and only limited exploration and technical programs. Political Risk – Medium - High: A large part of Gold Royalty’s assets are in Canada, the USA, and South America, and are generally in active mining jurisdictions, which largely enjoy strong local support. There is always a risk of changes to corporate or mining taxa tion legislation in any country. All the Company’s d evelopment assets require permitting and this risk is difficult to quantify. Development Risk – High: Gold Royalty’s project portfolio includes many development stage projects. Our formal valuation is based on project parameters derived from technical studies (if available), Company guidance, our estimates based on comparable operati ons, and peer - group comparables, howe ver final development plans could differ materially. We have applied a 5% discount rate to mitigate risk in our formal net asset value, in line with Haywood’s standard practice of using a lower discount rate of typica lly 5% to 10% for gold projects with an engineering study. Gold Royalty Corp. (GROY - NYSEAM ) Kerry Smith, 416 - 507 - 2306, ksmith @haywood.com Owen McCleery, 416 - 507 - 2427, omccleery @haywood.com 8 Important Information and Legal Disclosures This report may be distributed in the following states: nil. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption. Analyst Certification I, Kerry Smith, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer ’ s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the is suer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific rec ommendations. Important Disclosures Of the companies included in the report the following Important Disclosures apply: Ticker Company 1 2 3 4 5 6 7 8 TSXV:ELE Elemental Altus Royalties Corp. X NYSEAM:GROY Gold Royalty Corp. TSXV:MTA Metalla Royalty & Streaming TSX:OR Osisko Gold Royalties Ltd. X 1 The Analyst(s) preparing this report (or a member of the Analysts’ households) have a financial interest in this company. 2 As of the end of the month immediately preceding this publication either Haywood Securities, Inc., one of its subsidiaries, its officers or directors beneficially owned 1% or more of this company. 3 Haywood Securities, Inc. has reviewed lead projects of this company and a portion of the expenses for this travel may have been reimbursed by the issuer. 4 Haywood Securities Inc. or one of its subsidiaries has managed or co - managed or participated as selling group in a public offering of securities for this company in the past 12 months. 5 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 12 months. 6 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 24 months. 7 Haywood Securities, Inc. or one of its subsidiaries is restricted on this company at the time of publication. 8 Haywood Securities, Inc. or one of its subsidiaries expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months. Distribution of Ratings (as of December 6, 2023 ) IB Clients % # (TTM) Buy 74.7% 68 89.5% Hold 6.6% 6 10.5% Sell 0.0% 0 0.0% Tender 1.1% 1 0.0% UR (Buy) 0.0% 0 0.0% UR (Hold) 0.0% 0 0.0% UR (Sell) 0.0% 0 0.0% Dropped (TTM) 17.6% 16 0.0% Gold Royalty Corp. (GROY - NYSEAM ) Kerry Smith, 416 - 507 - 2306, ksmith @haywood.com Owen McCleery, 416 - 507 - 2427, omccleery @haywood.com 9 Price Chart, Rating and Target Price History (as of December 6, 2023 ) B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review Source: Capital IQ and Haywood Securities Link to Research Policy: http://haywood.com/what - we - offer/research/research - policy