### Gold Royalty Corp. Announces Preliminary Results for First Quarter 2025
#### Overview of the Company’s Performance
Gold Royalty Corp. (“Gold Royalty” or the “Company”) is pleased to announce its preliminary results for the first quarter of 2025. The Company’s revenue for the period has increased to $3.6 million, with a focus on its cash-flowing royalties at Canadian Malartic, Côté, Borborema, Cozamin, and Borden (Porcupine). Gold Royalty continues to ramp up production and expects its full-year production guidance to be in the range of 5,700 to 7,000 gold equivalent ounces (“GEOs”). #### Revenue and Earnings
The Company’s total revenue for the first quarter of 2025 was $3.1 million, with land agreement proceeds decreasing by $1.5 million compared to the same period in 2024. This decrease was largely due to higher one-time payments made in the first quarter of 2024. The following is a reconciliation of Total Revenue, Land Agreement Proceeds and Interest to total revenue for the three months ended March 31, 2025 and 2024, respectively:
| | Total Revenue | Land Agreement Proceeds and Interest | Total Revenue (if IFRS) |
| — | — | — | — |
| Q1 2025 | $3,100,000 | $1,400,000 | $2,700,000 |
| Q1 2024 | $2,700,000 | $2,900,000 | $2,700,000 |
#### Production and Guidance
The Company maintains its full-year production guidance of 5,700 to 7,000 GEOs, with production expected to be more heavily weighted to the second half of the year. The ramp-up of mining operations, including Côté, Vareš, and Borborema, is expected to continue throughout 2025. #### Upcoming Events
The Company will release its financial and operating results for the quarter ending March 31, 2025, after-market on Wednesday, May 7, 2025. A conference call will be held at 11:00 a.m. ET (8:00 a.m. PT) on Thursday, May 8, 2025, to discuss these results. Additionally, the Company will host its 2025 capital markets day on June 12, 2025, at 9:00 a.m. ET (6:00 a.m. PT). The event will be held in-person in Toronto and a virtual presentation will also be available. #### Definition of Terms
* **GEOs**: gold equivalent ounces, a non-IFRS measure used to express the value of gold production. * **Total Revenue, Land Agreement Proceeds and Interest**: a non-IFRS measure used to calculate the total revenue, land agreement proceeds, and interest earned by the Company. #### Notice to Investors
Investors are advised to refer to the disclosures of the operators of the properties underlying the Company’s royalties, stream, and other interests for further information. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. #### Forward-Looking Statements
The Company’s forward-looking statements, including those regarding its growth, production, and financial performance, are based on certain assumptions and other important factors. These statements are subject to a number of risks, uncertainties, and other factors that may cause the actual results to differ materially from those expressed or implied by such forward-looking statements. #### Non-IFRS Measures
The Company has included non-IFRS measures, including Total Revenue, Land Agreement Proceeds and Interest, and GEOs, to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. #### Additional Information
For further information regarding the properties underlying the Company’s royalties, stream, and other interests, please refer to the disclosures of the operators thereof. #### Conclusion
Gold Royalty Corp. continues to focus on its growth and financial performance, with a strong outlook for the full year of 2025. The Company’s revenue has increased, and production is expected to continue to ramp up throughout the year. Investors are advised to refer to the disclosures of the operators of the properties underlying the Company’s royalties, stream, and other interests for further information.