GOLD ROYALTY REPORTS THIRD QUARTER RESULTS; ACHIEVES RECORD REVENUE AND ADJUSTED EBITDA

 Gold Royalty Corp. (“Gold Royalty” or the “Firm”) (NYSE American: GROY) is happy to announce the submitting of its working and monetary outcomes for the three and 9 months ended September 30, 2025. All quantities are expressed in U.S. {dollars} until in any other case famous.

David Garofalo, Chairman and CEO of Gold Royalty, commented: “The continued ramp-up of our portfolio, with new mines coming into manufacturing, has delivered one other quarter of document income and document Whole Income, Land Settlement Proceeds and Curiosity. With optimistic money circulation and extra proceeds from warrant workouts, we have now additional lowered debt, lowered curiosity prices, and strengthened our stability sheet. Our disciplined method retains us on monitor to proceed utilizing money generated from operations to de-lever all through 2026.”

Third Quarter 2025 Outcomes Highlights:

• File income of $4.1 million and Whole Income, Land Settlement Proceeds and Curiosity* of $4.6 million from 1,323 gold equal ounces (GEOs)*within the quarter.
• File Adjusted EBITDA* of $2.5 million and document optimistic money circulation from operations of $2.4 million within the quarter.
• Accountable capital allocation. Gold Royalty repaid $2.0 million to our present revolving credit score facility within the third quarter and has repad an extra $5 million to the power subsequent to quarter finish. We anticipate to proceed utilizing money generated from operations to de-lever all through 2026.

Third Quarter 2025 Outcomes Abstract:

The next desk units forth chosen monetary and working info for the three and 9 months ended September 30, 2025 and 2024.

For additional detailed info, please check with the Firm’s unaudited condensed interim consolidated monetary statements and administration’s dialogue and evaluation for the three and 9 months ended September 30, 2025, copies of which can be found beneath the Firm’s profile at www.sedarplus.ca and www.sec.gov.

Portfolio Replace:

Borborema venture (2.0% NSR): On September 23, 2025, Aura Minerals (“Aura“) introduced that industrial manufacturing had been achieved within the third quarter, on schedule. On October 10, 2025, Aura disclosed that complete manufacturing for the three months ended September 30, 2025, at Borborema totaled 10,219 gold equal ounces. For additional info see Aura’s information releases dated September 23, 2025 and October 10, 2025, out there beneath its profile on www.sedarplus.ca.

Borden mine (0.5% NSR, partial royalty protection): On August 12, 2025, Discovery Silver Corp. (“Discovery“) launched its second quarter 2025 outcomes, highlighting quarterly manufacturing from Borden of 27,286 ounces of gold at a median grade of 5.62 g/t gold and a 90.6% restoration. Discovery additionally outlined the exploration program focusing on near-mine and regional extensions, with useful resource conversion drilling deliberate throughout Hoyle Pond, Borden, and Pamour. For additional info see Discovery’s information releases dated August 12, 2025, out there beneath its profile on www.sedarplus.ca.

Canadian Malartic / Odyssey mine (3.0% NSR, partial royalty protection): On October 29, 2025, in its third quarter monetary outcomes, and on its October 30 convention name Agnico Eagle Mines Restricted (“Agnico Eagle“) reported that each underground improvement and shaft sinking are continuing forward of schedule, and the corporate continues to anticipate preliminary manufacturing within the second half of 2026. Agnico Eagle has additionally accepted a 70-metre extension to Shaft #1 at depth. Engineering for this new format commenced within the third quarter of 2025 and the excavation of the second loading station is now anticipated to start in early 2026. The extension is anticipated to enhance operational flexibility and effectivity within the early 2030s, scale back reliance on truck haulage, and additional unlock important exploration potential at depth. For additional info see Agnico Eagle’s information launch dated October 29, 2025, out there beneath its profile on www.sedarplus.ca.

Côté Gold mine (0.75% NSR, partial royalty protection): On November 4, 2025, IAMGOLD launched its third quarter 2025 outcomes, highlighting that Côté Gold had produced 106,000 ounces on a 100% foundation within the quarter, marking the second consecutive quarter averaging over 30,000 ounces monthly. IAMGOLD additionally reiterated price steerage for Côté Gold with anticipated full-year money prices of $1,100–$1,200/ozand all-in sustaining prices to $1,600–$1,700/oz. For additional info see IAMGOLD’s information releases dated August 7, 2025, out there beneath its profile on www.sedarplus.ca.

County Line venture (3% NSR): On September 30, 2025, Fortitude Gold Corp. (“Fortitude Gold“) introduced that it has acquired all approvals from the Bureau of Land Administration and the Nevada Division of Environmental Safety to assemble and function the County Line venture, situated roughly 16 miles northeast of Fortitude Gold’s Isabella Pearl gold mine (0.375% GRR). The operator intends to mine and truck County Line mineralization to Isabella Pearl, leveraging the prevailing heap leach pad and gold processing services. For additional info see Fortitude Gold’s information launch dated September 30, 2025, out there beneath its profile on www.sedarplus.ca.

Cozamin mine (1.0% NSR, partial royalty protection): On October 30, 2025, Capstone Copper Corp. (“Capstone“) reported copper manufacturing of 6,145 thousand tonnes of copper at Cozamin within the third quarter 2025, 2% greater than the identical interval of 2024 as mine sequencing resulted in greater grades. It acknowledged that Cozamin’s copper manufacturing is trending in direction of the higher finish of its beforehand disclosed 2025 manufacturing steerage of 23,000 to 26,000 tonnes in addition to the decrease finish of prices. Manufacturing is anticipated by Capstone to be persistently weighted via the yr. For additional info see Capstone’s information launch dated October 30, 2025, out there beneath its profile on www.sedarplus.ca.

Ren venture (1.5% NSR and three.5% NPI): In its administration’s dialogue and evaluation for the three months ended June 30, 2025, Barrick reiterated its focused manufacturing of 140,000 ounces of gold per yr (100% foundation) in 2027 at Ren. It disclosed that, as at June 30, 2025, venture spend was $115 million (together with $20 million within the second quarter of 2025) of an estimated capital price of $410 to $470 million (100% foundation). Ren was additionally highlighted in a Nevada Gold Mines website go to, hosted by Barrick on September 18, 2025, the place the operator printed up to date gold manufacturing forecasts via 2033 and famous that the Ren lifetime of mine extends previous 2040. For additional info see Barrick’s administration’s dialogue and evaluation for the three months ended June 30, 2025, out there beneath its profile on www.sedarplus.ca and presentation supplies dated September 18, 2025 on www.barrick.com.

South Railroad venture (0.44% NSR, partial royalty protection): On August 11, 2025, Orla Mining Ltd. (“Orla“) launched its second quarter 2025 outcomes highlighting that exploration actions proceed on the South Railroad venture with the main target to extend sources on the Darkish Star and Pinion deposits, in addition to different satellite tv for pc deposits. Exploration actions are anticipated to proceed via 2025. Orla additionally acknowledged that the Discover of Intent is anticipated to be printed shortly after the information launch, with the corporate focusing on a File of Determination (“ROD”) roughly 12 months after. Following approval of the ROD, building on the South Railroad venture would start, with first gold produced focused for 2028. For additional info see Orla’s information launch dated August 11, 2025, out there beneath its profile on www.sedarplus.ca.

Tonopah West venture (3.0% NSR): On October 27, 2025, Blackrock Silver Corp. introduced the primary assay outcomes from its Jap Growth Drill Program at Tonopah West, a follow-up of the Scout Program that had recognized robust mineralization as much as 1.2 kilometres east of the present useful resource space. The Jap Growth Program returned with a number of high-grade intercepts throughout the drilled space. These outcomes affirm the continuity of mineralization nicely past the prevailing deposit footprint and spotlight the potential for additional extensions alongside the jap pattern of the Tonopah West venture. For additional info see Blackrock Silver’s information releases dated October 27, 2025, out there beneath its profile on www.sedarplus.ca.

Vareš mine (100% copper stream with ongoing funds of 30% of the spot copper worth): On October 9, 2025, DPM Metals Inc. (“DPM“) introduced its preliminary third quarter 2025 outcomes, whereby it disclosed that integration actions on the Vareš mine have been progressing nicely and that it expects the operation to realize 850,000 tonnes per yr working price by the top of 2026. The disclosure additionally famous that DPM expects minimal manufacturing on the mine for the stability of 2025. For additional info see DPM’s announcement dated October 9, 2025, out there beneath its profile on www.sedarplus.ca.

Royalty Generator Mannequin Replace

Our royalty generator mannequin continues to generate optimistic outcomes with two new royalties added within the 9 months ended September 30, 2025. Now we have generated 51 royalties because the acquisition of Ely Gold Royalties Inc. in 2021 via this mannequin.

We at the moment have 36 properties topic to land agreements and 6 properties beneath lease producing land settlement proceeds. The mannequin continues to incur low working prices with minimal expenditure spent on sustaining the underlying mineral pursuits within the 9 months ended September 30, 2025.

Third Quarter 2025 Outcomes Convention Name Particulars

A convention name shall be held on Thursday, November 6, 2025, beginning at 11:00 am ET (8:00 am PT) to debate these outcomes. To take part within the stay name, please use one of many following strategies:

Webcast: Click on Right here
US (toll-free): 1-833-890-3060
Canada (toll-free): 1-855-669-9657
Worldwide: 1-412-206-6408

The third quarter 2025 presentation supplies shall be out there on Gold Royalty’s web site at www.goldroyalty.com and a replay of the occasion shall be out there following the presentation.

Excellent Warrants

As of September 30, 2025, the Firm had 16,935,990 excellent share buy warrants (the “Warrants“), with every Warrant exercisable into a typical share of the Firm, in accordance with their phrases, at an train worth of $2.25 per share and expiring Could 31, 2027. The Warrants are listed on the NYSE American beneath the image “GROY.WS”. Buyers requiring additional info concerning the train of their Warrants ought to contact: (i) if the Warrants are held via a brokerage account or different nominee, such dealer or nominee; and (ii) if the Warrants are held instantly in registered type, the Warrant agent, Continental Inventory Switch and Belief Firm, by e-mail at compliance@continentalstock.com and following the directions set forth within the relevant Warrant certificates. Warrant holders must also seek the advice of their monetary and tax advisors concerning the monetary and tax implications relevant to them previous to exercising Warrants. 

About Gold Royalty Corp.

Gold Royalty Corp. is a gold-focused royalty firm providing inventive financing options to the metals and mining trade. Its mission is to put money into high-quality, sustainable, and accountable mining operations to construct a diversified portfolio of treasured metals royalty and streaming pursuits that generate superior long-term returns for our shareholders. Gold Royalty’s diversified portfolio at the moment consists primarily of internet smelter return royalties on gold properties situated within the Americas.

Certified Particular person
Alastair Nonetheless, P.Geo., Director of Technical Companies of the Firm, is a “certified individual” as such time period is outlined beneath Canadian Nationwide Instrument 43-101 (“NI 43-101“) and has reviewed and accepted the technical info disclosed on this information launch.

Discover to Buyers
For additional info concerning the venture updates concerning properties underlying the Firm’s royalties, stream and different pursuits, please check with the disclosures of the operators thereof, together with the information releases referenced herein and the opposite disclosures of such operators. Disclosure referring to properties during which Gold Royalty holds pursuits is predicated on info publicly disclosed by the house owners or operators of such properties. The Firm usually has restricted or no entry to the properties underlying its pursuits and is basically depending on the disclosure of the operators of its pursuits and different publicly out there info. The Firm usually has restricted or no capability to confirm such info. Though the Firm doesn’t have any data that such info is probably not correct, there could be no assurance that such third-party info is full or correct.

Until in any other case indicated, the technical and scientific disclosure contained or referenced on this information launch, together with any references to mineral sources or mineral reserves, was ready by the venture operators in accordance with Canadian Nationwide Instrument 43-101, which differs considerably from the necessities of the U.S. Securities and Alternate Fee relevant to home issuers. Accordingly, the scientific and technical info contained or referenced on this information launch is probably not corresponding to related info made public by U.S. corporations topic to the reporting and disclosure necessities of the SEC.

Outlooks offered herein are together with forecasted GEOs, is predicated on the general public forecasts, anticipated improvement timelines and different disclosure by the house owners and operators of the properties underlying our pursuits and our evaluation thereof.

Ahead-Trying Statements:
Sure of the data contained on this information launch constitutes “forward-looking info” and “forward-looking statements” throughout the that means of relevant Canadian and U.S. securities legal guidelines (collectively, “forward-looking statements“), together with however not restricted to statements concerning: estimated future GEOs, Whole Revenues and Land Settlement Proceeds, anticipated future money flows; expectations concerning the operations and/or improvement of the tasks underlying the Firm’s royalties, stream and different pursuits, together with the estimates of the operators thereof their timing and skill to realize manufacturing; and expectations concerning the Firm’s progress and statements concerning the Firm’s plans and methods. Such statements could be usually recognized by means of phrases comparable to “could”, “will”, “anticipate”, “intend”, “consider”, “plans”, “anticipate” or related phrases. Ahead-looking statements are based mostly upon sure assumptions and different essential components, together with assumptions of administration concerning the accuracy of the disclosure of the operators of the tasks underlying the Firm’s pursuits, their capability to realize disclosed plans and targets, macroeconomic circumstances, commodity costs, and the Firm’s capability to finance future progress and acquisitions. Ahead-looking statements are topic to a variety of dangers, uncertainties and different components which can trigger the precise outcomes to be materially totally different from these expressed or implied by such forward-looking statements together with, amongst others, any incapacity to any incapacity of the operators of the properties underlying the Firm’s royalties, stream and different pursuits to execute proposed plans for such properties or to achieved deliberate improvement and manufacturing estimates and objectives, dangers associated to the operators of the tasks during which the Firm holds pursuits, together with the profitable continuation of operations at such tasks by these operators, dangers associated to exploration, improvement, allowing, infrastructure, working or technical difficulties on any such tasks, the affect of macroeconomic developments, the power of the Firm to hold out its progress plans and different components set forth within the Firm’s Annual Report on Kind 20-F for the yr ended December 31, 2024, and its different publicly filed paperwork beneath its profiles at www.sedarplus.ca and www.sec.gov. Though the Firm has tried to determine essential components that would trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different components that trigger outcomes to not be as anticipated, estimated or meant. There could be no assurance that such statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements. The Firm doesn’t undertake to replace any forward-looking statements, besides in accordance with relevant securities legal guidelines.

Non-IFRS Measures

Now we have included, on this doc, sure efficiency measures, together with: (i) Whole Income, Land Settlement Proceeds and Curiosity; (ii) Adjusted EBITDA; (iii) Adjusted Internet (Loss) Earnings and Adjusted Internet (Loss) Earnings Per Share, primary and diluted; and (iv) GEOs that are every non-IFRS measures. The presentation of such non-IFRS measures is meant to supply extra info and shouldn’t be thought-about in isolation or as an alternative to measures of efficiency ready in accordance with IFRS. These non-IFRS measures wouldn’t have any standardized that means prescribed by IFRS and different corporations could calculate these measures otherwise.

Whole Income, Land Settlement Proceeds and Curiosity

Whole Income, Land Settlement Proceeds and Curiosity are decided by including land settlement proceeds credited towards different mineral pursuits and pursuits earned on gold-linked mortgage to complete income. Now we have included this info as administration believes sure traders use this info to judge our efficiency compared to different Gold Royalty corporations within the treasured metallic mining trade.

The next is a reconciliation of Whole Income, Land Settlement Proceeds and Curiosity to complete income for the intervals indicated:

Adjusted EBITDA

Adjusted EBITDA is decided by adjusting internet (loss) earnings for the affect of: depletion, depreciation, finance prices, present and deferred tax expense (restoration), curiosity earnings credited towards gold-linked mortgage, transaction associated and non-recurring basic and administrative bills⁽²⁾, non-cash share-based compensation, share of loss (acquire) and dilution loss (acquire) in affiliate, change in truthful worth of gold-linked mortgage, short-term investments and embedded spinoff, international trade (acquire) loss, acquire on mortgage modification and different expense (earnings). Now we have included this info as administration believes sure traders use this info to judge our efficiency compared to different Gold Royalty corporations within the treasured metallic mining trade. The desk beneath gives a reconciliation of internet loss (earnings) to Adjusted EBITDA.

• Transaction associated and non-recurring basic and administrative bills comprised of working bills that aren’t anticipated to be incurred on an ongoing foundation. Throughout the three and 9 months ended September 30, 2025, transaction associated and non-recurring basic and administrative bills primarily consisted {of professional} charges associated to implementation of recent accounting system and analysis of royalty and different asset acquisitions.

Adjusted Internet (Loss) Earnings and Adjusted Internet (Loss) Earnings Per Share, primary and diluted

Adjusted Internet (Loss) Earnings is calculated by adjusting internet (loss) earnings for the affect of: land settlement proceeds credited towards different mineral pursuits, curiosity earnings credited towards gold-linked mortgage, accretion of convertible debentures, transaction associated and non-recurring basic and administrative bills⁽¹⁾, share of loss (acquire) and dilution loss (acquire) in affiliate, modifications in truthful worth of gold-linked mortgage, short-term investments and embedded spinoff, international trade (acquire) loss, acquire on mortgage modification, and different expense (earnings). Adjusted Internet Earnings (Loss) Per Share, primary and diluted, have been decided by dividing the Adjusted Internet Earnings (Loss) by the weighted common variety of widespread shares for the relevant interval. Administration believes that they’re helpful measures of efficiency as they modify for gadgets which aren’t at all times reflective of the underlying working efficiency of our enterprise and/or should not essentially indicative of future working outcomes. The next is a reconciliation of internet (loss) earnings to Adjusted Internet (Loss) Earnings, Per Share, primary and diluted for the intervals indicated:

• Transaction associated and non-recurring basic and administrative bills comprised of working bills that aren’t anticipated to be incurred on an ongoing foundation. Throughout the three and 9 months ended September 30, 2025, transaction associated and non-recurring basic and administrative bills primarily consisted {of professional} charges associated to implementation of recent accounting system and analysis of royalty and different asset acquisitions.

GEOs

GEOs are decided by dividing Whole Income, Land Settlement Proceeds and Curiosity by the typical gold costs for the relevant interval:

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SOURCE Gold Royalty Corp.

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