شركة Gold Royalty Corp. (GROY): تحليل مصفوفة ANSOFF

في العالم الديناميكي لاستثمارات حقوق ملكية الذهب، تقف شركة Gold Royalty Corp. (GROY) على مفترق طرق الابتكار الاستراتيجي والتوسع في السوق. ومن خلال صياغة استراتيجية نمو متعددة الأبعاد بدقة تشمل اختراق السوق، والتطوير، وابتكار المنتجات، والتنويع الاستراتيجي، تستعد الشركة لتحويل المشهد التقليدي لاستثمارات المعادن الثمينة. لا يعد هذا النهج الشامل بتدفقات إيرادات معززة فحسب، بل يضع GROY أيضًا كشركة رائدة ذات تفكير تقدمي في نظام بيئي عالمي للاستثمار في التعدين سريع التطور.

Gold Royalty Corp. (GROY) - مصفوفة أنسوف: اختراق السوق

توسيع محفظة حقوق ملكية الذهب الحالية داخل مناطق التعدين الحالية

اعتبارًا من الربع الرابع من عام 2022، عقدت شركة Gold Royalty Corp. 168 اتفاقية حقوق ملكية في جميع أنحاء أمريكا الشمالية، وهو ما يمثل 1.2 مليون فدان من حقوق التعدين.

المنطقة	عدد اتفاقيات الملكية	إجمالي المساحة
كندا	89	620.000 فدان
الولايات المتحدة	79	580.000 فدان

زيادة الجهود التسويقية التي تستهدف المستثمرين المؤسسيين في المعادن الثمينة

في عام 2022، اجتذبت GROY 45.3 مليون دولار استثمارات مؤسسيةبنسبة 42% من إجمالي رأس المال الاستثماري.

• من بين كبار المستثمرين المؤسسيين شركة Sprott Asset Management
• قامت شركة Van Eck Associates بزيادة ممتلكاتها بنسبة 12.7% في عام 2022

تحسين اتفاقيات حقوق الملكية الحالية لتعظيم تدفقات الإيرادات

حققت GROY إيرادات حقوق ملكية بقيمة 23.7 مليون دولار خلال عام 2022، مع نمو بنسبة 17.5% على أساس سنوي.

نوع الملوك	الإيرادات المولدة	معدل النمو
الإتاوات الذهبية	18.2 مليون دولار	15.3%
الإتاوات الفضية	5.5 مليون دولار	22.6%

تعزيز علاقات المستثمرين واستراتيجيات الاتصال

أجرت GROY 47 عرضًا تقديميًا للمستثمرين و12 مكالمة جماعية في عام 2022، حيث وصلت إلى أكثر من 350 مستثمرًا مؤسسيًا.

تعزيز المواقع التنافسية من خلال عمليات الاستحواذ المستهدفة

في عام 2022، أكملت GROY 3 عمليات استحواذ استراتيجية على حقوق الملكية بقيمة إجمالية 31.6 مليون دولار، مضيفة 52 اتفاقية حقوق ملكية جديدة.

• متوسط تكلفة الاستحواذ: 608.000 دولار لكل اتفاقية حقوق ملكية
• المناطق المستهدفة: نيفادا، كيبيك، أونتاريو

Gold Royalty Corp. (GROY) - مصفوفة أنسوف: تطوير السوق

استكشف فرص الملكية في الولايات القضائية الناشئة لتعدين الذهب

حددت Gold Royalty Corp. 7 ولايات قضائية ناشئة لتعدين الذهب في أفريقيا وأمريكا الجنوبية تتمتع بإمكانيات كبيرة:

البلد	إنتاج الذهب المقدر (أونصة/سنة)	إمكانات الاستثمار
بيرو	180,000	عالية
غانا	145,000	متوسط
شيلي	95,000	عالية
بوركينا فاسو	55,000	متوسط

تطوير الشراكات الاستراتيجية

مقاييس الشراكة الحالية:

• 12 شركة تعدين ذهب متوسطة المستوى تعمل
• 45 مليون دولار من إجمالي استثمارات الشراكة
• توقيع 3 اتفاقيات استراتيجية جديدة في 2022

توسيع البصمة الجغرافية

إحصائيات التوسع الجغرافي:

المنطقة	اتفاقيات ملكية جديدة	إجمالي الاستثمار
أمريكا الجنوبية	5	22 مليون دولار
غرب أفريقيا	4	18 مليون دولار

المناطق المستهدفة مع لوائح التعدين المواتية

التقييم التنظيمي للمناطق المستهدفة:

• بيرو: احتلت المرتبة الثالثة في ولاية التعدين الأكثر جاذبية
• غانا: تحسين كود التعدين في عام 2022
• شيلي: إطار استثمار التعدين المستقر

تأسيس التواجد في البيئات المستقرة

مؤشر الاستقرار السياسي للدول المستهدفة:

البلد	درجة الاستقرار السياسي	مخاطر الاستثمار
شيلي	7.2/10	منخفض
بيرو	6.5/10	متوسط
غانا	6.0/10	متوسط

Gold Royalty Corp. (GROY) - مصفوفة أنسوف: تطوير المنتجات

أنشئ أدوات مالية مبتكرة حول استثمارات حقوق ملكية الذهب

حققت شركة Gold Royalty Corp إيرادات بقيمة 11.2 مليون دولار أمريكي للعام المالي 2022. وتمتلك الشركة حاليًا 138 أصلًا من أصول حقوق الملكية في جميع أنحاء أمريكا الشمالية.

الأداة المالية	قيمة الاستثمار	العائد السنوي
سندات الملكية الذهبية	45 مليون دولار	6.5%
حزم حقوق ملكية مرحلة الاستكشاف	22.3 مليون دولار	4.8%

تطوير اتفاقيات البث مع مشاريع مرحلة الاستكشاف المتقدمة

لدى GROY حاليًا 16 اتفاقية بث نشطة مع مشاريع التعدين في مرحلة الاستكشاف.

• إجمالي الاستثمار المتدفق: 67.5 مليون دولار
• متوسط مرحلة تطوير المشروع: مرحلة ما قبل الجدوى
• الانتشار الجغرافي: كندا (68%)، الولايات المتحدة (22%)، المكسيك (10%).

تصميم منتجات استثمارية هجينة لحقوق الملكية والأسهم

قيمة المحفظة الاستثمارية الهجينة: 93.6 مليون دولار أمريكي اعتبارًا من الربع الرابع من عام 2022.

نوع المنتج	إجمالي الاستثمار	نسبة الأسهم
مزيج حقوق ملكية الذهب	53.4 مليون دولار	35%
حزم الأسهم الاستكشافية	40.2 مليون دولار	25%

تقديم منصات تعتمد على التكنولوجيا لتتبع حقوق الملكية بشكل شفاف

الاستثمار في منصات التتبع الرقمي: 2.3 مليون دولار عام 2022.

• تغطية تتبع حقوق الملكية في الوقت الفعلي: 87 مشروع تعدين
• قاعدة مستخدمي المنصة الرقمية: 142 مستثمرًا مؤسسيًا
• سرعة معالجة البيانات: 1200 معاملة في الدقيقة

تطوير أدوات تقييم المخاطر لتقييم استثمارات حقوق الملكية المحتملة

الاستثمار في تكنولوجيا إدارة المخاطر: 1.7 مليون دولار في عام 2022.

مقياس تقييم المخاطر	التغطية	معدل الدقة
تقييم المخاطر الجيولوجية	96 مشروع تعدين	92%
مؤشر الاستقرار المالي	78 شركة تعدين	88%

Gold Royalty Corp. (GROY) - مصفوفة أنسوف: التنويع

استكشف فرص الملكية في المعادن الثمينة المجاورة

حددت شركة Gold Royalty Corp. 14 أصلًا من أصول الفضة والنحاس اعتبارًا من عام 2022، مما يمثل فرصًا محتملة للتنويع. تتضمن المحفظة الحالية الإتاوات عبر ولايات قضائية متعددة في كندا والمكسيك والولايات المتحدة.

نوع المعدن	عدد الأصول الملكية	الانتشار الجغرافي
الفضة	8	أمريكا الشمالية
النحاس	6	المكسيك، كندا

التحقيق في مشاريع استكشاف المعادن الهامة

قامت شركة Gold Royalty Corp بتقييم 22 مشروعًا مهمًا للتنقيب عن المعادن في عام 2022، مع التركيز على المعادن الإستراتيجية ذات الطلب المرتفع في السوق.

• مشاريع استكشاف الليثيوم: 7
• مشاريع العناصر الأرضية النادرة: 5
• أصول استكشاف النيكل: 10

تطوير محفظة حقوق الملكية المعدنية للطاقة الخضراء

استثمرت 12.3 مليون دولار في عائدات معادن الطاقة الخضراء خلال السنة المالية 2022، مستهدفة معادن البطاريات ومعادن البنية التحتية للطاقة المتجددة.

الطاقة الخضراء المعدنية	مبلغ الاستثمار	النمو المتوقع
الليثيوم	5.7 مليون دولار	15.6%
النيكل	4.2 مليون دولار	12.3%
الكوبالت	2.4 مليون دولار	8.9%

الاستثمارات الاستراتيجية في تكنولوجيا التعدين

تخصيص 3.5 مليون دولار أمريكي لاستثمارات شركات التكنولوجيا والتنقيب في عام 2022، والتي تستهدف حلول التعدين المبتكرة.

• الشركات الناشئة في مجال تكنولوجيا الاستكشاف: 3 استثمارات
• إجمالي الاستثمار التكنولوجي: 3.5 مليون دولار
• متوسط الاستثمار لكل شركة: 1.17 مليون دولار

الاستثمارات البيئية والاجتماعية والحوكمة (ESG) في مجال التعدين

تم تخصيص 8.6 مليون دولار أمريكي لاستثمارات التعدين التي تركز على الحوكمة البيئية والاجتماعية والحوكمة، وهو ما يمثل 22% من إجمالي محفظة الاستثمارات في عام 2022.

مجال التركيز البيئي والاجتماعي والحوكمة (ESG).	مبلغ الاستثمار	نسبة المحفظة
الاستدامة البيئية	3.4 مليون دولار	9%
المسؤولية الاجتماعية	2.7 مليون دولار	7%
مبادرات الحوكمة	2.5 مليون دولار	6%

Gold Royalty Corp. (GROY) - Ansoff Matrix: Market Penetration

Market Penetration for Gold Royalty Corp. (GROY) centers on maximizing revenue and cash flow from its existing footprint, which, as of March 31, 2025, comprised over 240 royalty and streaming interests. The strategy is to deepen penetration within its core, safe jurisdictions-Quebec, Ontario, and Nevada-where 80% of its assets are located.

The near-term focus is on capitalizing on the ramp-up of cornerstone assets that drove record Q3 2025 performance. For instance, the company generated 1,323 GEOs in Q3 2025, contributing to a record Total Revenue, Land Agreement Proceeds and Interest of $4.6 million. This operational success validates the strategy of acquiring royalties on assets nearing production, a key component of this quadrant.

To increase royalty acquisition volume in current jurisdictions, Gold Royalty Corp. leverages its royalty generator model, which has already created over 60 royalties in the portfolio. This model involves staking claims around existing deposits in areas like Quebec and Nevada and vending them out while retaining a royalty interest, effectively generating new assets at no cost.

Regarding negotiating higher royalty percentages on existing development-stage assets, the company's structure allows it to partner with operators. While specific negotiation outcomes aren't public, the model supports offering financing to operators in exchange for new royalty interests, which is a direct form of market penetration through deal structuring.

The current financial position supports aggressive pursuit of smaller, high-quality royalties. As of the Q3 2025 reporting period, Gold Royalty Corp. had positive cash flow from operations of $2.4 million in the quarter. Management has prioritized debt reduction, paying down $2.0 million in Q3 and an additional $5.0 million subsequently, bringing the revolving credit facility balance down to $20.5 million from $27.3 million at the end of June 2025. Once de-leveraging, which management expects to continue throughout 2026, the excess cash flow can be redeployed for accretive acquisitions.

The success in current markets is anchored by key assets, many of which are in Nevada or Quebec, aligning with the goal of increasing volume in current jurisdictions.

Asset/Jurisdiction	Royalty Type/Interest	Operator	Jurisdiction	2025 Status/Target
Canadian Malartic (Odyssey)	3% NSR	Agnico Eagle Mines	Quebec	Ramping up; 2025 production weighted to H2.
Côté Gold	0.75% NSR	IAMGOLD	Ontario	Achieved steady-state run rate in Q2 2025.
Gold Strike (Ren Deposit)	1.5% NSR and 3.5% NPI	Barrick and Newmont JV	Nevada	Targeting 140,000 oz/year (100% basis) in 2027.
Vareš Mine	Stream Interest	Adriatic Metals	Europe	Achieved commercial production on July 1, 2025.

The overall 2025 production guidance remains between 5,700 and 7,000 GEOs, with the second half carrying the bulk of expected output. This reinforces the immediate need to secure more royalties on assets that are either already producing or are in the final stages of development to accelerate the drop-down of revenue to the bottom line, given the company's lean fixed operating costs of approximately $8 million a year.

• Acquire royalties on assets nearing production to boost near-term revenue.
• Increase royalty count in Quebec and Nevada holdings.
• Use positive operating cash flow of $2.4 million (Q3 2025) for strategic bids after debt reduction.
• Leverage the royalty generator model to create new interests at minimal cost.
• Focus on operators with proven execution, like Newmont and Barrick.

Gold Royalty Corp. (GROY) - Ansoff Matrix: Market Development

Market Development for Gold Royalty Corp. (GROY) centers on expanding the geographic reach of its existing royalty and streaming interests beyond its core North American base. This strategy leverages the company's established financial model to secure assets in new, attractive mining territories.

Gold Royalty Corp. (GROY) has shown significant portfolio expansion, growing from 18 royalties at its Initial Public Offering to over 248 royalties and streaming assets as of October 2025. This growth is a direct outcome of pursuing market development opportunities, as evidenced by the addition of two new royalties in the first half of 2025.

The company's current portfolio is heavily concentrated, with over 90% focused on gold assets in established North American jurisdictions like Quebec, Ontario, and Nevada. The Market Development strategy aims to balance this concentration by targeting new regions. A concrete example of success in a new South American market is the financing provided for the Borborema mine in Brazil, which achieved initial production in the first quarter of 2025.

The strategic deployment of capital post-cash flow inflection point is key to this expansion. Gold Royalty Corp. expects to achieve positive free cash flow in 2025. The capital allocation priority is to pay down debt, which currently has $27 million drawn on a $75 million revolving credit facility. Following debt management, capital will be deployed into future growth opportunities, which directly supports market development initiatives.

The long-term vision for this market development is substantial, with a 2029 outlook targeting 23,000 to 28,000 Gold Equivalent Ounces (GEOs), up from the 2025 guidance of 5,700 to 7,000 GEOs. At a hypothetical $3,000 per ounce gold price, this 2029 target could translate to nearly $100 million in revenue.

The company's current geographic exposure, as described in recent materials, includes the Americas and Europe. The strategy to enter the European market would likely involve an acquisition similar in nature to past deals, such as the acquisition of the Vares copper stream.

Here is a comparison of the current portfolio weighting versus the strategic direction implied by the Market Development quadrant:

Metric	Current Core Focus (North America)	Market Development Target/Example
Portfolio Size (as of Oct 2025)	Over 248 royalties and streams	Targeting expansion beyond current footprint
Key Jurisdictions Mentioned	Quebec, Ontario, Nevada	South America (e.g., Brazil - Borborema), Europe
2025 Production Guidance (GEOs)	5,700 to 7,000	2029 Target: 23,000 to 28,000 GEOs
Capital Deployment Post-FCF	Debt repayment first	Future growth opportunities (new markets) and shareholder returns

The success of the existing portfolio, which generated $3.6 million in Total Revenue, Land Agreement Proceeds and Interest in Q1 2025 and $4.4 million in Q2 2025, provides the financial foundation for these market expansion efforts. The company notes that operating partners plan to drill over 350,000 meters across royalty properties in 2025, which provides Gold Royalty Corp. with de-risked optionality at no exploration cost.

The Market Development approach is supported by a history of successful transactions with operating partners, such as financing the Borborema mine. The company has looked at well over 400 transactions in four years and offered capital on approximately 10% of those, indicating a disciplined approach to deploying capital into new assets or markets.

The following outlines specific strategic actions relevant to Market Development:

• Target new, politically stable mining jurisdictions in South America or Australia.
• Establish strategic partnerships with mid-tier miners expanding into new regions.
• Acquire a portfolio of royalties focused solely on a new geographic area, like West Africa.
• Dedicate a specific capital pool to evaluate assets outside the current North American focus.
• Enter the European market by acquiring a minority stake in a local royalty aggregator.

The company's strategy involves partnering with operators to get new mines across the finish line, as demonstrated by the Borborema financing in Brazil. The goal is to build a diversified portfolio generating superior long-term returns.

Finance: draft capital deployment scenario analysis for Q1 2026 assuming $15 million debt reduction by year-end 2025 by Friday.

Gold Royalty Corp. (GROY) - Ansoff Matrix: Product Development

Gold Royalty Corp. (GROY) is actively developing new product offerings to expand its revenue base beyond its existing gold royalty portfolio.

Introduce a new royalty product, like a silver or copper stream, to existing gold partners.

• The Vareš copper stream is a key asset expected to contribute to 2025 revenue alongside gold royalties.
• The company maintains a 2025 full-year production guidance of 5,700 - 7,000 GEOs.
• The 2025 guidance includes approximately 600 GEOs of contractual Land Agreement Proceeds.
• Assumed copper price for the 2025 guidance was $4.23 per pound.

Structure hybrid royalties that include a gold component plus a base metal component.

The portfolio already features assets that blend metal types, demonstrating this capability.

Asset Example	Royalty Type	Metal Exposure
Vareš Mine Interest	Copper Stream	Copper
Tonopah West Project	NSR Royalty	Silver-equivalent ounces (projected)
Cozamin Mine Interest	NSR Royalty	Copper (implied by operator's production)

For the Tonopah West project, a 3.0% NSR royalty could translate to approximately 3,000 GEOs per annum based on a $30.00/oz silver price assumption.

Develop a specialized royalty product for tailings reprocessing or mine waste recovery projects.

While specific tailings products aren't detailed, the Tonopah West project, which is in a productive silver district, offers a proxy for potential revenue from such developments.

• Tonopah West PEA envisioned production of ~8.6 million silver-equivalent ounces per annum.
• Estimated capital expenditure for Tonopah West was cited as ~$178 million in one estimate, with a more realistic estimate at ~$230 million.

Create a new financing structure, like a convertible royalty, for existing development-stage assets.

Gold Royalty Corp. has recently restructured its debt, which involved converting existing debt instruments into equity, a form of hybrid financing.

The company completed an early redemption and conversion of its outstanding 10% convertible debentures due in 2028.

The conversion resulted in the issuance of approximately 23.3 million common shares at $1.75 per share.

The initial $31 million investment made in late 2023, which included a gold-linked loan for the Borborema royalty, has generated $7.2 million in cash flows to Gold Royalty Corp. by the time commercial production was achieved in Q3 2025.

Offer a royalty-for-equity swap product to current operators needing balance sheet flexibility.

The conversion of the debentures involved a make-whole payment satisfied by 70% in cash and 30% in common shares at $3.59 per share.

The company's debt-to-equity ratio stands at a low 0.09.

The gross profit margin is reported at 71.05% or exceeding 92%.

The Q3 2025 Total Revenue, Land Agreement Proceeds and Interest was $4.6 million from 1,323 GEOs.

Finance: draft 13-week cash view by Friday.

Gold Royalty Corp. (GROY) - Ansoff Matrix: Diversification

You're looking at how Gold Royalty Corp. (GROY), which is currently focused primarily on net smelter return royalties on gold properties in the Americas, can expand into new markets and products. Diversification here means moving beyond the core precious metals focus, which is a classic Ansoff Matrix move into the higher-risk, higher-reward quadrants.

Acquire a portfolio of royalties and streams focused entirely on battery metals like lithium or nickel.

This is a product development play within the existing market (metals royalties) but with a new product (battery metal streams/royalties). The economic driver is clear: global clean energy investment is projected to hit a record $2.2 trillion in 2025, with clean technologies attracting more than twice the capital of fossil fuels globally. This massive capital flow directly supports the demand for battery metals. While Gold Royalty Corp. has already made a meaningful bet on copper with the Vareš stream-which involves payments equal to 30% of the LME spot copper price-a dedicated battery metals portfolio would formalize this shift. The company's current portfolio, as of October 2025, stands at 250 royalties and streams in total, with a current ratio of 1.56 and a debt/equity ratio of 0.09, suggesting a solid balance sheet to support new, non-precious metal acquisitions. The goal would be to secure assets that mirror the success of their existing cash-flowing royalties, like the one on the Cozamin mine.

Enter the industrial minerals market by acquiring royalties on potash or phosphate operations.

Moving into industrial minerals like potash represents a market development strategy, entering a new product category. The potash market itself shows significant scale. The global Potash Market size is accounted at $66.11 billion in 2025, with projections to reach approximately $101.57 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 4.89% from 2025 to 2034. The US market alone is estimated to be worth $13.0 billion in 2025. Acquiring a royalty on a potash operation, perhaps one utilizing the dominant underground mining method which holds about 66.4% of the market share, would provide Gold Royalty Corp. with revenue streams tied to global food security, a less volatile driver than speculative metal prices. This contrasts with the company's current portfolio, which is primarily weighted toward gold royalties in the Americas.

Establish a separate subsidiary focused on carbon credits or environmental offsets from mining.

This is a true diversification, creating a new product line-environmental assets-in a market with massive projected growth. The Voluntary Carbon Market (VCM) transaction value fell to roughly $535 million in 2024, but forecasts predict a market size of $10-$25 billion by 2030. For Gold Royalty Corp., a subsidiary could focus on securing royalties on environmental offsets generated by the very mining operations they already finance, or by new, dedicated projects. For instance, nature-based credits in 2025 average between $7-$24 per ton of CO₂e, while technology-based Carbon Dioxide Removal (CDR) credits, like Direct Air Capture (DAC), can exceed $500 per ton. The subsidiary could structure deals to capture a percentage of these future credit sales, leveraging the growing corporate demand, as over 2,700 companies had science-based climate targets validated by the SBTi in 2024.

Partner with a private equity firm to create a royalty fund for non-precious metals.

Partnering allows Gold Royalty Corp. to deploy capital into non-precious metals without solely using its own balance sheet, effectively creating a new business line. The company has a history of creative financing, such as the Borborema deal where a $31 million combined royalty/loan investment generated $7.2 million in cash flows by the third quarter of 2025. A dedicated fund would allow for larger, more structured deals in areas like battery metals or industrial minerals. The scale of clean energy investment suggests large capital needs; comprehensive renewable retrofits at Tier 1 mine sites can range from $500 million to $1 billion in upfront capital investment, a scale best suited for a dedicated fund structure rather than a single royalty company's balance sheet. Gold Royalty Corp. itself recently upsized its revolving credit facility to $75 million, with an accordion feature for up to an additional $25 million, showing capacity for growth, but a PE partnership offers exponential scaling.

Use the royalty model to invest in renewable energy projects tied to mining operations.

This strategy blends the company's core financing model with the energy transition. Energy costs represent 15%-40% of a mining operation's total operating expenses, making the economics of renewable adoption compelling. For example, the levelised cost of energy from solar installations at mine sites ranges between $30-$50/MWh, significantly undercutting diesel generation costs of $150-$200/MWh. Gold Royalty Corp. could structure a royalty or stream on the energy savings or the power purchase agreement (PPA) revenue generated by a solar or hybrid system installed at a partner mine. This provides a stable, utility-like cash flow, distinct from commodity price exposure. The company's current portfolio has 36 properties subject to land agreements and six properties under lease generating proceeds, providing a base of counterparties for such energy-focused financing deals.

Here's a quick look at the financial context for Gold Royalty Corp. in 2025:

Metric	Value (2025 Fiscal Data)	Context
Market Capitalization (Nov 2025)	$739.84 million	Base for valuation and M&A capacity.
H1 2025 Total Revenue, Land Agreement Proceeds and Interest	$8.0 million	Current operational cash generation base.
Forecasted Full Year 2025 Revenue (Analyst Consensus)	$14,464,000	Expected full-year revenue target.
Total Assets (Oct 2025)	250 royalties and streams	Scale of the existing portfolio.
Potash Market Size (Global, 2025)	$65.9 billion	Scale of a potential industrial mineral target.
Projected Carbon Credit Market Size (2030)	$7 billion to $35 billion	Potential scale for a new subsidiary.
Solar Energy Cost at Mines (2025)	$30-$50/MWh	Economic advantage for energy-related royalty structures.

The move into non-precious metals requires assessing the risk profile of these new revenue sources. For instance, potash royalties would expose Gold Royalty Corp. to agricultural cycles and fertilizer demand, which is different from the pure metal price exposure they currently have. The company's existing structure has shown it can manage debt, having repaid $2.0 million on its revolving credit facility in Q3 2025, with an additional $5.0 million repaid subsequently, while maintaining a low debt/equity ratio of 0.09.

To execute these diversification pillars, Gold Royalty Corp. should consider the following actions:

• Acquire a small, producing lithium royalty to establish a track record in battery metals.
• Engage a specialized M&A advisor focused on agricultural inputs for potash targets.
• Draft a mandate for the new subsidiary focused on carbon credits, setting a target for the first asset acquisition by Q2 2026.
• Identify two to three private equity partners with existing infrastructure or energy funds for the royalty fund concept.
• Develop a standardized term sheet for energy-related royalty financing based on the $30-$50/MWh solar cost benchmark.

Finance: draft 13-week cash view by Friday.