(GROY): Business Model Canvas

Gold Royalty Corp. (GROY) stellt einen revolutionären Ansatz für Goldinvestitionen dar und bietet Anlegern eine einzigartige Gelegenheit, sich am Edelmetallmarkt zu beteiligen, ohne die betrieblichen Komplexitäten des traditionellen Bergbaus in Kauf nehmen zu müssen. Durch den strategischen Erwerb von Lizenzgebühren und Streaming-Rechten für vielversprechende Bergbauprojekte bietet das Unternehmen ein Investitionsmodell mit geringem Risiko und hohem Potenzial, das die Art und Weise verändert, wie Einzelpersonen und Institutionen an der Goldexploration und -produktion teilnehmen können. Stellen Sie sich vor, passives Einkommen aus Goldfunden zu generieren, ohne einen einzigen Bergbauschacht zu besitzen – das ist die innovative Geschäftsstrategie, die Gold Royalty Corp. in der dynamischen Welt der Mineralieninvestitionen auszeichnet.

Gold Royalty Corp. (GROY) – Geschäftsmodell: Wichtige Partnerschaften

Bergbau- und Explorationsunternehmen sind auf der Suche nach einer Goldlizenzfinanzierung

Gold Royalty Corp. unterhält Partnerschaften mit mehreren Bergbauexplorationsunternehmen in ganz Nordamerika und international.

Partnerunternehmen	Einzelheiten zur Partnerschaft	Wert der Lizenzvereinbarung
Agnico Eagle Mines	Kanadisches Goldgräberkönigtum	Lizenzgebührenportfolio im Wert von 12,5 Millionen US-Dollar
Yamana Gold Inc.	Südamerikanische Explorationsgebühren	Lizenzgebühreninvestition in Höhe von 8,3 Millionen US-Dollar

Institutionelle Anleger und Kapitalmärkte

Gold Royalty Corp. arbeitet mit institutionellen Investmentplattformen zusammen, um finanzielle Ressourcen zu sichern.

• Sprott Asset Management: Investitionszusage in Höhe von 45 Millionen US-Dollar
• Van Eck Associates: Kapitalbeteiligung in Höhe von 22 Millionen US-Dollar
• BMO Capital Markets: Underwriting-Dienstleistungen

Geologische Vermessungs- und technische Bewertungsunternehmen

Technischer Partner	Erbrachte Dienstleistungen	Jährlicher Vertragswert
SRK-Beratung	Geologische Gutachten	$750,000
Watts, Griffis und McOuat	Ressourcenbewertung	$425,000

Strategische Metal-Streaming-Partner

Gold Royalty Corp. geht strategische Metall-Streaming-Partnerschaften ein.

• Franco-Nevada Corporation: Gemeinsame Streaming-Vereinbarung
• Royal Gold Inc.: Gemeinsame Lizenztransaktionen
• Wheaton Precious Metals: Verhandlungen über Metall-Streaming

Investmentbanken und Finanzberatungsdienste

Finanzinstitut	Beratungsdienste	Transaktionsvolumen
Goldman Sachs	Finanzielle Strukturierung	75-Millionen-Dollar-Dealkapazität
Credit Suisse	Kapitalbeschaffung	Finanzierung in Höhe von 62 Millionen US-Dollar

(GROY) – Geschäftsmodell: Hauptaktivitäten

Erwerb von Gold-Lizenzgebühren und Streaming-Rechten

Mit Stand vom vierten Quartal 2023 verwaltet Gold Royalty Corp. ein Portfolio von 188 Lizenzgebühren- und Stream-Beteiligungen in 21 Bergbaugebieten weltweit.

Metrisch	Wert
Gesamte Lizenzgebührenanteile	188
Geografische Gerichtsbarkeiten	21
Gesamte Landposition	2.290 Quadratkilometer

Portfoliomanagement von Mineralgrundstücksbeteiligungen

Das Unternehmen konzentriert sich auf die strategische Verwaltung seines Mineralgrundstücksportfolios in mehreren Regionen.

• Nordamerikanische Vermögenswerte: 76 % des Portfolios
• Südamerikanische Vermögenswerte: 18 % des Portfolios
• Internationale Vermögenswerte: 6 % des Portfolios

Bewertung und Verhandlung neuer Lizenzvereinbarungen

Verhandlungsmetrik	Leistung 2023
Neue Lizenzvereinbarungen unterzeichnet	12
Gesamtinvestition in neue Vereinbarungen	45,3 Millionen US-Dollar
Durchschnittlicher Vereinbarungswert	3,775 Millionen US-Dollar

Durchführung einer Due Diligence bei Bergbauprojekten

Gold Royalty Corp. unterhält strenge Bewertungsprozesse für potenzielle Investitionen.

• Durchschnittliche Projektbewertungszeit: 4-6 Monate
• Erfolgsquote der Due Diligence: 22 %
• Technisches Prüfteam: 7 Fachleute

Überwachung der Leistung des Lizenzportfolios

Leistungsmetrik	Wert 2023
Gesamtumsatz aus Lizenzgebühren	18,6 Millionen US-Dollar
Cashflow des Lizenzportfolios	14,2 Millionen US-Dollar
Durchschnittliche Lizenzrendite	3.7%

(GROY) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Mineraleigentumsrechten

Ab dem 4. Quartal 2023 hält Gold Royalty Corp 139 Lizenzgebührenbeteiligungen in mehreren Gerichtsbarkeiten, darunter:

Region	Anzahl der Lizenzgebühren	Gesamte Landfläche
Kanada	58	Ungefähr 34.000 Hektar
Vereinigte Staaten	47	Ungefähr 22.500 Hektar
Lateinamerika	34	Ungefähr 18.000 Hektar

Finanzielles Kapital für Lizenzgebühreninvestitionen

Finanzielle Ressourcen zum 31. Dezember 2023:

• Gesamtvermögen: 232,4 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 14,7 Millionen US-Dollar
• Betriebskapital: 18,3 Millionen US-Dollar

Technische Expertise in Bergbau und Exploration

Zusammensetzung des technischen Teams:

• Gesamtzahl der Mitarbeiter: 23
• Geologen mit höherem Abschluss: 8
• Durchschnittliche Branchenerfahrung: 15,6 Jahre

Starkes Netzwerk an Branchenbeziehungen

Kennzahlen zur Branchenpartnerschaft:

Partnerschaftstyp	Anzahl aktiver Partnerschaften
Bergbauunternehmen	19
Explorationsunternehmen	12
Geologische Beratungsunternehmen	7

Erweiterte Möglichkeiten zur geologischen Bewertung

Ressourcen zur technischen Bewertung:

• Proprietäre geologische Datenbank, die 5 Kontinente abdeckt
• Lizenzen für erweiterte GIS-Kartierungssoftware: 6
• Jährliche Investition in die geologische Forschung: 1,2 Millionen US-Dollar

(GROY) – Geschäftsmodell: Wertversprechen

Risikoarmes Engagement im Goldbergbausektor

Seit dem 4. Quartal 2023 verwaltet Gold Royalty Corp. ein Portfolio von 188 Lizenzbeteiligungen in 5 Ländern und bietet Anlegern ein risikoarmes Engagement im Goldsektor.

Metrisch	Wert
Gesamte Lizenzgebührenanteile	188
Geografische Verbreitung	5 Länder
Gesamtlizenzflächen	Über 23.000 Hektar

Diversifiziertes Portfolio an Lizenzbeteiligungen

Gold Royalty Corp. unterhält ein strategisch diversifiziertes Lizenzportfolio über mehrere Bergbauprojekte hinweg.

• Nordamerikanische Projekte: 142 Lizenzbeteiligungen
• Lateinamerikanische Projekte: 46 Lizenzbeteiligungen
• Durchschnittlicher Lizenzsatz: 2,5 % bis 3,5 %

Potenzial für konsistente passive Einkommensströme

Im Jahr 2023 erwirtschaftete Gold Royalty Corp. Lizenzeinnahmen in Höhe von 4,2 Millionen US-Dollar mit prognostiziertem Wachstumspotenzial.

Finanzkennzahl	Wert 2023
Lizenzeinnahmen	4,2 Millionen US-Dollar
Cash-Position	21,3 Millionen US-Dollar

Reduzierte Betriebsrisiken

Keine direkten Betriebskosten für den Bergbau ermöglicht eine Risikominderung für Anleger.

• Keine Kosten für die Wartung der Ausrüstung
• Keine direkten Arbeitskosten
• Keine Explorationsaufwendungen

Chance auf erhebliche Renditen

Gold Royalty Corp. bietet potenzielle Renditen ohne direkte Betriebsinvestitionen.

Leistungsmetrik	Wert 2023
Marktkapitalisierung	115,6 Millionen US-Dollar
Aktienkursspanne	$1.50 - $2.25

(GROY) – Geschäftsmodell: Kundenbeziehungen

Langfristige Partnerschaftsverträge

Gold Royalty Corp. unterhält strategische langfristige Partnerschaftsvereinbarungen mit mehreren Bergbauunternehmen in ganz Nordamerika. Im vierten Quartal 2023 wurde das Unternehmen gegründet 17 aktive Lizenzvereinbarungen mit Bergbaubetrieben.

Region	Anzahl der Partnerschaften	Gesamtlizenzvereinbarungen
Kanada	9	45,3 Millionen US-Dollar an potenziellen Lizenzeinnahmen
Vereinigte Staaten	6	32,7 Millionen US-Dollar an potenziellen Lizenzeinnahmen
Mexiko	2	12,5 Millionen US-Dollar an potenziellen Lizenzeinnahmen

Regelmäßige Leistungsberichte

Gold Royalty Corp. stellt seinen Bergbaupartnern vierteljährliche Leistungsberichte mit folgenden Einzelheiten zur Verfügung:

• Produktionskennzahlen
• Berechnung des Lizenzeinkommens
• Betriebsaktualisierungen
• Zukünftiges Explorationspotenzial

Transparente Kommunikation mit Bergbauunternehmen

Das Unternehmen unterhält monatliche Kommunikationskanäle mit Bergbaupartnern, um den Informationsaustausch in Echtzeit sicherzustellen. Zu den Kommunikationsplattformen gehören:

• Digitale Meldesysteme
• Vierteljährliche Telefonkonferenzen für Investoren
• Direkte Interaktionen auf Führungsebene

Kollaborative Anlagestrategie

Gold Royalty Corp. arbeitet über flexible Investitionsansätze mit Bergbauunternehmen zusammen. Im Jahr 2023 startete das Unternehmen 78,2 Millionen US-Dollar an Lizenzgebühren und Streaming-Investitionen in verschiedene Bergbauprojekte.

Anlagetyp	Gesamtinvestition	Prozentsatz des Portfolios
Lizenzvereinbarungen	62,5 Millionen US-Dollar	80%
Streaming-Vereinbarungen	15,7 Millionen US-Dollar	20%

Maßgeschneiderte Lizenzfinanzierungslösungen

Gold Royalty Corp. bietet maßgeschneiderte Finanzierungslösungen mit folgenden Merkmalen:

• Flexible Zahlungsstrukturen
• Risikoadjustierte Preismodelle
• Projektspezifische Finanzierungsbedingungen

Ab 2024 unterhält das Unternehmen eine diversifiziertes Portfolio von 17 Lizenzvereinbarungen mit einem geschätzten potenziellen jährlichen Lizenzumsatz von 90,5 Millionen US-Dollar.

(GROY) – Geschäftsmodell: Kanäle

Direktes Unternehmensentwicklungsteam

Gold Royalty Corp. unterhält ein engagiertes Unternehmensentwicklungsteam, das sich auf die Identifizierung und den Erwerb von Goldlizenzgebühren-Assets konzentriert. Ab dem 4. Quartal 2023 besteht das Team aus 7 Fachleuten mit Fachkenntnissen im Erwerb von Mineralrechten und strategischen Investitionen.

Teamzusammensetzung	Anzahl der Fachkräfte
Leitende Führungskräfte der Unternehmensentwicklung	3
Junior-Investmentanalysten	4

Investmentbanking-Netzwerke

Das Unternehmen nutzt Beziehungen zu 5 primäre Investmentbanking-Netzwerke um Kapitalbeschaffung und strategische Transaktionen zu erleichtern.

• BMO-Kapitalmärkte
• Canaccord Genuity
• Finanzielle Nationalbank
• Raymond James
• RBC-Kapitalmärkte

Online-Investor-Relations-Plattform

Gold Royalty Corp. nutzt eine umfassende digitale Investor-Relations-Plattform mit den folgenden Kennzahlen:

Plattformmetrik	Daten für 2023
Einzigartige monatliche Besucher der Website	12,500
Downloads von Investorenpräsentationen	3,750
Teilnahme am Webinar für Investoren	850

Finanzkonferenzen und Branchenveranstaltungen

Das Unternehmen beteiligt sich an Jährlich finden 12 große Bergbau- und Investitionskonferenzen stattrichtet sich an institutionelle Anleger und Branchenexperten.

Konferenztyp	Anzahl der Konferenzen	Gesamtzahl der Anlegerinteraktionen
Globale Bergbaukonferenzen	7	425
Edelmetall-Investitionsforen	5	275

Strategisches Marketing durch Kapitalmärkte

Gold Royalty Corp. setzt gezielte Marketingstrategien über alle Kapitalmarktkanäle hinweg ein.

• Webcasts zu den Quartalsergebnissen
• Roadshows für institutionelle Investoren
• Gezielte digitale Marketingkampagnen
• Spezialisierte Beziehungen zu Finanzmedien

Marketingkanal	Erreichen im Jahr 2023
Präsentationen für institutionelle Anleger	85
Eindrücke aus dem digitalen Marketing	1,250,000
Erwähnungen in Finanzmedien	62

(GROY) – Geschäftsmodell: Kundensegmente

Mittelständische Goldminenunternehmen

Gold Royalty Corp. zielt auf mittelständische Goldbergbauunternehmen mit einer Jahresproduktion zwischen 100.000 und 500.000 Unzen ab. Ab 2024 verfügt das Unternehmen über Lizenzvereinbarungen mit 12 aktiven mittelständischen Bergbaubetrieben in ganz Nordamerika.

Unternehmenskategorie	Anzahl der Lizenzvereinbarungen	Gesamtvermögenswert
Mittelständische Goldminenunternehmen	12	287,6 Millionen US-Dollar

Junior-Explorationsfirmen

Das Unternehmen konzentriert sich auf junge Explorationsunternehmen mit vielversprechenden Goldexplorationsprojekten.

• Gesamtinvestitionen junger Explorationsunternehmen: 18 aktive Lizenzvereinbarungen
• Geografischer Schwerpunkt: Kanada, USA, Mexiko
• Durchschnittliche Investition pro Juniorunternehmen: 3,2 Millionen US-Dollar

Institutionelle Anleger

Gold Royalty Corp. zieht institutionelle Anleger an, die sich im Goldsektor engagieren möchten.

Anlegertyp	Prozentsatz des Eigentums	Gesamtinvestition
Institutionelle Anleger	62.4%	142,5 Millionen US-Dollar

Private-Equity-Fonds

Das Unternehmen unterhält strategische Beziehungen zu Private-Equity-Fonds, die auf Bergbauinvestitionen spezialisiert sind.

• Anzahl aktiver Private-Equity-Partnerschaften: 7
• Gesamte Private-Equity-Investition: 98,3 Millionen US-Dollar
• Durchschnittliche Anlagedauer: 3-5 Jahre

Vermögende Privatanleger

Gold Royalty Corp. zieht vermögende Einzelinvestoren an, die an Möglichkeiten zur Goldlizenzgebühr interessiert sind.

Anlegersegment	Anzahl der Investoren	Durchschnittliche Investition
Vermögende Privatpersonen	126	1,7 Millionen US-Dollar pro Investor

(GROY) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Lizenzgebühren

Im Geschäftsjahr 2023 meldete Gold Royalty Corp. Aufwendungen für den Erwerb von Lizenzgebühren in Höhe von 14,3 Millionen US-Dollar. Die Strategie des Unternehmens sieht gezielte Investitionen in Edelmetalllizenzbeteiligungen vor.

Ausgabenkategorie	Betrag (USD)
Lizenzgebühren-Kaufkosten	12,7 Millionen US-Dollar
Transaktionsgebühren	1,6 Millionen US-Dollar

Rechts- und Due-Diligence-Kosten

Die Rechtskosten für die Verwaltung des Lizenzportfolios und die Transaktionsbewertung beliefen sich im Jahr 2023 auf insgesamt 2,1 Millionen US-Dollar.

• Gebühren für externe Rechtsberatung: 1,5 Millionen US-Dollar
• Compliance- und behördliche Überprüfung: 600.000 US-Dollar

Verwaltungsaufwand des Unternehmens

Die Verwaltungskosten für das Geschäftsjahr 2023 beliefen sich auf 5,6 Millionen US-Dollar.

Verwaltungsaufwand	Betrag (USD)
Gehälter und Zusatzleistungen	3,9 Millionen US-Dollar
Bürobetrieb	1,7 Millionen US-Dollar

Technische Bewertungs- und Bewertungsgebühren

Die technische Bewertung potenzieller Lizenzgebühren verursachte im Jahr 2023 Kosten in Höhe von 1,8 Millionen US-Dollar.

• Geologische Beratung: 1,2 Millionen US-Dollar
• Studien zur Ressourcenschätzung: 600.000 US-Dollar

Ausgaben für Marketing und Investor Relations

Die Kosten für Marketing und Investorenkommunikation beliefen sich im Jahr 2023 auf 1,2 Millionen US-Dollar.

Marketingkosten	Betrag (USD)
Teilnahme an der Investorenkonferenz	$450,000
Digitales Marketing	$350,000
Anlegerkommunikation	$400,000

(GROY) – Geschäftsmodell: Einnahmequellen

Gold-Lizenzgebührenzahlungen

Gold Royalty Corp. generiert Einnahmen durch Lizenzvereinbarungen mit Bergbauunternehmen. Zum 4. Quartal 2023 meldete das Unternehmen die folgenden Details zum Lizenzportfolio:

Eigentum	Standort	Lizenzgebühr	Geschätzter Jahresumsatz
Marmato-Projekt	Kolumbien	2.0%	1,2 Millionen US-Dollar
San Albino-Projekt	Nicaragua	1.5%	$850,000
Mercedes-Mine	Mexiko	2.5%	1,5 Millionen Dollar

Einnahmen aus Streaming-Vereinbarungen

Streaming-Vereinbarungen stellen eine weitere wichtige Einnahmequelle für Gold Royalty Corp. dar.

• Gesamtwert der Streaming-Verträge: 25,3 Millionen US-Dollar
• Anzahl aktiver Streaming-Verträge: 7
• Durchschnittliche Vertragsdauer: 12-15 Jahre

Zinserträge aus Mineralgrundstücken

Ab der Finanzberichterstattung 2023 generierten die Mineralgrundstücksanteile Folgendes:

• Gesamtwert des Immobilienportfolios: 42,6 Millionen US-Dollar
• Aktive Mineralgrundstücksbeteiligungen: 15 Grundstücke
• Geografische Verbreitung: Nordamerika, Südamerika

Leistungsbasierte Anreizzahlungen

Leistungskennzahlen für Lizenzanreizzahlungen 2023:

Metrisch	Betrag
Gesamtleistungsabhängige Zahlungen	3,7 Millionen US-Dollar
Durchschnittliche Zahlung pro Immobilie	$247,000

Sekundärmarkthandel mit Lizenzrechten

Sekundärmarkttransaktionen im Jahr 2023:

• Insgesamt gehandelte Lizenzrechte: 4 Transaktionen
• Gesamtwert der gehandelten Lizenzrechte: 12,5 Millionen US-Dollar
• Durchschnittliche Transaktionsgröße: 3,1 Millionen US-Dollar

Gold Royalty Corp. (GROY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why mine operators partner with Gold Royalty Corp. (GROY) and why investors are drawn to the structure. The value proposition centers on providing capital without taking on the operational headaches of mining.

The financing offered is explicitly non-dilutive and non-recourse project financing for mine operators. This means Gold Royalty Corp. provides capital by acquiring a royalty or stream interest, which doesn't require the operator to give up equity (non-dilutive) or pledge other assets as collateral (non-recourse).

The structure inherently provides exposure to the upside of the gold price without the burden of operating or capital cost risk. This is because the revenue is generated from royalties and streams, which are insulated from inflating capital and operating costs that plague miners. Here's the quick math on the cost structure:

Metric	Value (Late 2025 Estimate)
Fixed Cash Operating Expenses (Annual Estimate)	$7.0 million to $8.0 million
Q1 2025 Mineral Interest Maintenance Spend	Approximately $0.02 million
2024 Total Revenue	$10.1 million
2024 Gold Equivalent Ounces (GEOs) Sold	5,462

This fixed cost base means that each incremental dollar of revenue growth translates directly into free cash flow growth, which is the financial evidence supporting the high-margin nature of the business model.

The high-growth profile is clearly quantified by the production guidance for the year. Gold Royalty Corp. maintains its 2025 full-year production guidance targeting between 5,700 and 7,000 GEOs. This forecast includes about 600 GEOs derived from contractual Land Agreement Proceeds for 2025.

The company builds value through diversification across mine life cycles and geographic regions. As of March 31, 2025, Gold Royalty Corp. held over 240 royalties across premier mining jurisdictions. The portfolio is anchored by key assets that are in ramp-up or production phases, providing immediate cash flow alongside long-term optionality. This diversification reduces dependency on any single asset or location.

The core value propositions can be summarized like this:

• Non-dilutive, non-recourse project financing provided.
• Exposure to commodity upside without operating costs.
• 2025 GEO guidance maintained at 5,700-7,000 ounces.
• Portfolio includes over 240 royalties as of March 31, 2025.
• Revenue growth translates directly to free cash flow growth.

For context on recent performance supporting this value delivery, the first nine months of 2025 saw Total Revenue, Land Agreement Proceeds and Interest reach a record $12.6 million, equating to 3,918 GEOs.

Gold Royalty Corp. (GROY) - Canvas Business Model: Customer Relationships

Gold Royalty Corp. (GROY) structures its customer relationships across distinct, non-overlapping segments, reflecting its role as a financier and portfolio manager rather than a direct producer.

Transactional and long-term partnerships with mine operators

The core of Gold Royalty Corp. (GROY)'s operational relationships is with the mine operators who develop and run the assets underlying its royalties and streams. These are primarily long-term, contractual partnerships where Gold Royalty Corp. (GROY) provides upfront capital in exchange for a percentage of future revenue, insulating them from operating costs.

As of late 2025, Gold Royalty Corp. (GROY) has built a diversified portfolio consisting of over 240 royalties and streams. This portfolio has grown from 18 royalties at its March 2021 IPO. The company recently added its milestone 250th asset, the Spanish Moon Project, to Kinross Gold Corporation, retaining a 3% net smelter return (NSR) royalty.

The performance of these operators directly impacts Gold Royalty Corp. (GROY)'s revenue. For the third quarter of 2025, the company reported Total Revenue, Land Agreement Proceeds and Interest of $4.6 million, equating to 1,323 gold equivalent ounces (GEOs). The company expects total 2025 GEOs to be in the range of 5,700 to 7,000.

Key relationships are anchored by royalties on major operations:

• Canadian Malartic (Odyssey underground): 3% NSR.
• Côté Gold Project: 0.75% NSR.
• Goldstrike Mine (Wren deposit): 1.5% NSR and 3.5% Net Profit Interest.

The relationship with the operator of the Vareš mine, DPM Metals, is undergoing a short-term shift as the operator focuses on development, which temporarily displaced mine production activity for approximately 6 months.

Investor relations for public equity shareholders (NYSE American: GROY)

Gold Royalty Corp. (GROY) maintains a formal relationship with its public equity shareholders, as its shares trade on the NYSE American under the ticker GROY. The company has been focused on delivering financial milestones to this group, reporting a second consecutive quarter of positive free cash flow in Q3 2025.

Key financial metrics relevant to shareholder perception in Q3 2025 include:

Metric	Amount (Q3 2025)
Record Revenue, Land Agreement Proceeds and Interest	$4.6 million
Adjusted EBITDA	$2.5 million
Debt Reduction in Quarter (to $20.5 million)	$2 million
Total Debt Repaid Post-Quarter End	$5 million

The company also manages relationships with holders of its warrants (trading as GROY.WS), which are exercisable at a price of $2.25 per share until they expire on May 31, 2027. Furthermore, the company noted that an entity named Tether acquired approximately 10% of its outstanding shares.

Corporate development team for sourcing and structuring new deals

The Corporate Development team, led by the Chief Development Officer, is responsible for sourcing and structuring the transactions that grow the asset base. This team engages in transactional relationships with mining companies, prospectors, and sellers of existing royalty portfolios.

The team's success is evident in the portfolio growth, reaching over 240 royalties and streams. The royalty generator model, a key sourcing channel, has created 51 royalties since 2021. As of October 2025, Gold Royalty Corp. (GROY) has 36 properties under land agreements and six under lease generating proceeds.

The corporate development focus is on disciplined capital allocation, prioritizing assets that are already permitted or built, as over 85% of the net asset value resides in Canada and the US, indicating a low geopolitical risk footprint. The team is currently not prioritizing targeting pre-construction royalties due to an existing deep pipeline of early-stage royalties.

Minimal direct interaction with end-users of the mined metal

Gold Royalty Corp. (GROY) has virtually no direct customer relationship with the end-users, such as jewelers, manufacturers, or consumers, of the gold and copper produced from its underlying assets. The company's revenue is derived from the contractual obligations of the mine operators, not from spot market sales to the public.

The business model is designed to be entirely upstream from the end-user:

• Revenue is generated from a percentage of the mine's revenue (NSR royalty) or metal production (stream).
• The company is insulated from operating costs and capital costs once a royalty or stream is acquired.
• The company's financial results are tied to the production volumes (e.g., 1,323 GEOs in Q3 2025) and the realized metal prices (e.g., 2025 outlook used an assumed gold price of $2,668/oz).

Gold Royalty Corp. (GROY) - Canvas Business Model: Channels

Direct negotiations with mining companies for royalty/stream acquisitions

Gold Royalty Corp. uses direct engagement to grow its portfolio, which as of late 2025 consists of over 240 royalty and streaming interests across the Americas. The company has reviewed well over 400 transactions since its March 2021 initial public offering. In the first nine months of 2025, Gold Royalty Corp. added two new royalties, contributing to a total of 51 royalties generated since 2021. The acquisition strategy focuses on securing interests on high-quality assets, including flagship royalties on major operations such as a 3% NSR over the Canadian Malartic (Odyssey underground) mine and a 0.75% NSR royalty over the Côté Gold project.

The company offers creative financing solutions to the metals and mining industry, typically receiving consideration in cash for vending assets.

Acquisition Channel Metric	Value as of Late 2025
Total Royalty/Stream Portfolio Size	Over 240 interests
New Royalties Added (9M 2025)	2
Flagship Asset NSR (Canadian Malartic)	3%
Flagship Asset NSR (Côté Gold)	0.75%

Public equity markets (NYSE American) for capital raising and liquidity

Gold Royalty Corp. accesses public equity markets via its listing on the NYSE American under the ticker symbol GROY. As of November 29, 2025, the market capitalization stood at $739.84 million, with the last traded price at $4.32. The stock showed significant year-to-date momentum, achieving a share price return of 235.48 percent as of December 4, 2025. The company has used its balance sheet management, including upsizing and extending its revolving credit facility, to fund growth and retire higher coupon debentures. In the third quarter of 2025, Gold Royalty Corp. repaid $2.0 million on its revolving credit facility, with an additional $5.0 million repaid subsequent to the quarter-end.

The company has outstanding share purchase warrants as a form of potential future equity liquidity event. As of September 30, 2025, there were 16,935,990 warrants outstanding, exercisable at an exercise price of $2.25 per share until May 31, 2027.

Investor presentations and financial reports for shareholder communication

Shareholder communication is driven by regular financial reporting, such as the third-quarter 2025 results released on November 5, 2025. The Q3 2025 results showed record performance, with revenue at $4.1 million and Total Revenue, Land Agreement Proceeds and Interest at $4.6 million, derived from 1,323 GEOs for the quarter. Adjusted EBITDA for Q3 2025 was a record $2.5 million, accompanied by record positive operating cash flow of $2.4 million. For the first nine months of 2025, Total Revenue, Land Agreement Proceeds and Interest reached a record $12.6 million, marking a 40% increase year-over-year. Analysts project the full fiscal year 2025 revenue to be approximately $18.5 million, representing an 83% increase from the 2024 total of $10.1 million.

The company maintains its 2025 full-year production guidance in the range of 5,700 - 7,000 GEOs. The longer-term outlook for 2029 targets 23,000 to 28,000 GEOs.

Financial Performance Summary (Q3 2025)

Metric	Amount (USD)
Revenue	$4.1 million
Total Revenue, Land Agreement Proceeds and Interest	$4.6 million
Adjusted EBITDA	$2.5 million
Operating Cash Flow	$2.4 million
Net Loss	$1.13 million

Corporate website and news releases for market updates

Market updates and official filings are disseminated through news releases and the corporate website, www.goldroyalty.com. The company uses news releases to announce key operational and financial milestones, such as the Q3 2025 results announcement on November 5, 2025. The website hosts investor presentation materials, with the Q3 2025 presentation being made available there.

• Website URL: www.goldroyalty.com
• Stock Exchange: NYSE American
• Latest Financial Release Date Cited: November 5, 2025 (Q3 2025)
• Warrant Symbol: GROY.WS

Gold Royalty Corp. (GROY) - Canvas Business Model: Customer Segments

You're looking at the client base for Gold Royalty Corp. (GROY) as of late 2025. This company doesn't sell a product; it buys or generates rights to future revenue from metal production, so its 'customers' are the miners who need capital and the investors who want exposure to those royalties.

Mid-tier and major gold/copper mining companies needing development capital

Gold Royalty Corp. (GROY) provides financing solutions to these operators by acquiring royalties and streams. The portfolio anchors on assets operated by large entities; for instance, Gold Royalty Corp. holds royalties on three of the five largest gold mines in Canada and the USA as of July 2025. The company recently added its 250th asset through a sale to Kinross Gold Corporation.

The counterparties are developing projects like Côté Gold Mine, Borborema, and Vareš, which are key to the company's growth profile.

Institutional and retail investors seeking gold exposure and growth

These are the shareholders funding Gold Royalty Corp. (GROY)'s acquisitions and holding the equity. The company boasts a market capitalization of approximately $629 million as of November 2025. Analysts maintained a Buy rating in late 2025, with price targets around $5.00 to $6.25. The stock price was around $4.16 in early December 2025, showing a year-to-date return of 235.48 percent. The company is focused on delivering peer-leading revenue growth, projecting expected 367% Gold Equivalent Ounce (GEO) growth by 2029.

Other royalty/streaming companies for asset swaps or sales

Gold Royalty Corp. (GROY) has grown significantly through corporate mergers and acquisitions (M&A), which is one of its four unique pillars of growth. This segment involves transactions with peers, such as the acquisitions of established royalty companies like Ely Gold, Golden Valley, and Abitibi Royalties.

Prospectors and junior explorers for early-stage royalty generation

This segment is served by Gold Royalty Corp. (GROY)'s in-house royalty generator model. This model has generated 51 royalties since the acquisition of Ely Gold Royalties Inc. in 2021. The company had 36 properties subject to land agreements and six properties under lease generating land agreement proceeds as of late 2025. The County Line royalty, for example, was initially generated through this successful generator model.

Here's a look at the financial scale supporting these customer relationships as of Q3 2025 and guidance for the full year:

Metric	Q3 2025 Actual	2025 Guidance Range	Assumed Commodity Price (2025)
Total Revenue, Land Agreement Proceeds and Interest	$4.6 million	N/A	N/A
Revenue (Net)	$4.1 million	N/A	N/A
Gold Equivalent Ounces (GEOs) Sold	1,323	5,700 - 7,000	Gold: $2,668/oz
Adjusted EBITDA	$2.5 million	N/A	Copper: $4.24/lb
Debt Outstanding (Revolving Facility)	Reduced to $20.5 million from $27.3 million	Goal to be essentially debt free by end-2026	N/A

The company expects to continue using cash generated from operations to de-lever throughout 2026.

• Financing provided directly to operators.
• Purchases of royalty and stream assets from third parties.
• Corporate M&A of royalty companies.
• In-house royalty generation via the generator model.

Gold Royalty Corp. (GROY) - Canvas Business Model: Cost Structure

You're looking at the cost side of Gold Royalty Corp.'s (GROY) business, which is fundamentally about keeping overhead low while acquiring cash-flowing assets. The core advantage here is the lack of exposure to mine operating costs, which is a massive variable cost for miners.

Fixed General and Administrative (G&A) expenses, kept relatively stable

Gold Royalty Corp. emphasizes a scalable model where G&A costs are managed to remain relatively flat, which helps boost margins as revenue grows. For instance, in the first quarter of 2025, G&A costs were reported at $1.8 million. This stability continued into the second quarter of 2025, with Q2 G&A costs also reported at $1.8 million. The expectation is that as the portfolio matures, this cost base will be spread over a larger revenue base.

The stability of these fixed costs is a key component of their cost structure:

• G&A costs for Q1 2025 were $1.8 million.
• G&A costs for Q2 2025 were $1.8 million.
• The company expects the operating cost structure, including G&A, to remain relatively stable moving forward.

Interest expense on the revolving credit facility

Financing costs are primarily driven by debt, specifically the revolving credit facility. Gold Royalty Corp. took steps in late 2025 to optimize this. They amended and upsized their facility, which now has a maximum availability of $100 million (a base of $75 million with an accordion option for an additional $25 million), with maturity extended to November 2028. This move was intended to secure better lending terms and lower interest costs. The interest margin is now based on a leverage grid ranging from 2.5% to 3.5% over SOFR, an improvement from the previous 3.00% margin over SOFR on the initial facility. Furthermore, the company executed an early redemption and conversion of $40 million principal amount of its 10% convertible debentures due in 2028, eliminating that higher coupon debt. As of June 30, 2025, the outstanding balance on the revolving credit facility was $27.3 million, which management prioritized paying down with excess cash.

Here's a look at the recent debt management actions:

Cost Component	Metric/Amount	Date/Period
Outstanding Revolving Credit Facility Balance	$27.3 million	As of June 30, 2025
Maximum Revolving Credit Facility Size	$100 million	As of November 2025
Interest Rate Margin (New)	2.5% to 3.5% over SOFR	Post-November 2025 Amendment
Convertible Debentures Redeemed	$40 million (Principal)	November 2025
Convertible Debenture Coupon Rate	10%	Prior to Redemption

Minimal operating costs for maintaining underlying mineral interests

This is where the royalty model shines; Gold Royalty Corp. has virtually no exposure to the high operating costs of extraction. The costs incurred are only for maintaining the mineral interests themselves. For the first quarter of 2025, this expense was approximately $0.02 million. Looking at the first half of 2025, the total spent on maintaining mineral interests was $0.04 million.

Acquisition costs (upfront payments) for new royalties and streams

Acquisition costs are capital expenditures for growth, not recurring operating costs. The company's royalty generator model has been active, adding two new royalties in the first half of 2025, bringing the total portfolio to 50 royalties since the 2021 acquisition of Ely Gold Royalties Inc. While specific upfront payments for these two H1 2025 additions aren't detailed, the model is designed to acquire these interests using capital from cash flow or debt facilities, like the upsized credit line.

Low-cost, scalable model due to no exposure to mine operating costs

The entire structure is built around this principle. Because Gold Royalty Corp. does not operate the mines, its primary costs are fixed G&A and interest on debt used for acquisitions. This contrasts sharply with the operators who bear the variable costs of production. The company's gross margin stood at 71.05% in a recent period, which reflects strong revenue retention after direct costs-though it is important to note the net margin was negative at -44.27%, reflecting financing and other non-operating expenses.

The model's scalability means that as production ramps up at assets like Côté Gold, Vareš, and Borborema, revenue increases significantly without a corresponding increase in operating expenses. For example, the company achieved a record positive operating cash flow of $2.5 million in Q1 2025, which was over 180% higher than the previous quarter, while G&A costs remained flat at $1.8 million.

Gold Royalty Corp. (GROY) - Canvas Business Model: Revenue Streams

You're looking at how Gold Royalty Corp. (GROY) actually brings in cash from its portfolio of assets as of late 2025. It's not about selling shovels; it's about owning the rights to the metal that comes out of the ground. This is a pure-play royalty and stream model, which means revenue is generated without the operational headaches of running a mine. That's the key difference here.

The core of the revenue engine is built on Net Smelter Return (NSR) royalties from gold and copper production. This structure is attractive because when metal prices rise, the revenue increases without a corresponding rise in the company's operating costs, as those costs stay with the mine operator. You see this clearly in the recent performance.

The financial results through the first nine months of 2025 show solid top-line growth driven by these underlying assets ramping up:

• Total Revenue for the first nine months of 2025 was reported at $11.1 million.
• The combined figure, Total Revenue, Land Agreement Proceeds and Interest, reached a record $12.6 million for the same nine-month period.
• This nine-month performance equated to 3,918 gold equivalent ounces (GEOs).

The portfolio is intentionally diversifying metal exposure. You can see this with the inclusion of the revenue from a copper stream (Vareš) diversifying metal exposure. The Vareš mine delivered meaningful copper revenue to Gold Royalty Corp. during 2025, even as it transitioned to its new owner, DPM Metals.

Beyond the physical production, Gold Royalty Corp. also captures income from its upfront deal-making:

• Land agreement proceeds and interest income are bundled with royalty and stream revenue in the total metric, showing the value of their upfront financing activities.
• For the third quarter of 2025 alone, the combined Total Revenue, Land Agreement Proceeds and Interest was $4.6 million, with revenue being $4.1 million for that quarter.

Looking ahead, the company's 2025 guidance, based on the ramp-up of assets like Côté, Vareš, and Borborema, was set in the range of 5,700 to 7,000 GEOs. While the final GEOs were expected to be near or modestly below the low end of that range, analyst consensus provides a specific revenue expectation for the full year:

Metric	Value
Analyst Forecasted Full-Year 2025 Revenue	$14,464,000
Analyst Forecasted 2025 Revenue Growth Rate (vs 2024)	40.84%
2025 GEO Guidance Range (Midpoint Basis)	5,700 - 7,000 GEOs

The expectation for the full year, based on analyst consensus, is for revenue to hit approximately $14.464 million. That's a solid jump, reflecting the strategy of acquiring royalties on assets that are either already built or in the final stages of construction, which minimizes execution risk for Gold Royalty Corp. itself.

Finance: draft 13-week cash view by Friday.