Gold Royalty Says Q4 2025 Total Revenue, Land Agreement Proceeds And Interest Increased By ~37% From Q4 Of 2024 To $5.2M

Gold Royalty achieved another record quarter of revenue and Total Revenue, Land Agreement Proceeds and Interest* for the fourth quarter of 2025. In the fourth quarter of 2025, Total Revenue, Land Agreement Proceeds and Interest* increased by approximately 37% from the fourth quarter of 2024 to $5.2 million (revenue of $4.2 million), equating to 1,255 gold equivalent ounces ("GEOs")*. For 2025, Total Revenue, Land Agreement and Proceeds and Interest also increased by 38% from 2024 to a record $17.7 million (revenue of $13.9 million), equating to 5,173 GEOs.

Strengthened cash flows through 2025 were driven by, among other things, the operating performances from our royalty interests in Borden (Porcupine Operations), Borborema, Côté and Cozamin, and the stronger gold price. GEOs were negatively impacted by lower-than-expected production from the Vareš mine as the new owner focused on intensified underground development to achieve the design ore production rate of 850,000 tonnes per year by the second half of 2026.  In addition, a much higher than budget gold price resulted in lower gold equivalent ounces from the conversion of non-gold revenue.

David Garofalo, Chairman and CEO of Gold Royalty, commented: "We are pleased to again report record quarterly revenues, including record quarterly revenue again in the fourth quarter, and record annual revenue for 2025. These records were achieved despite a transitional period at the Vareš mine through the quarter, thanks to strong performance across our broadly diversified portfolio of cash-flowing royalties and streams.

We also continued to strengthen our already peer-leading portfolio in the fourth quarter, adding the cash-flowing Pedra Branca royalty on December 8, 2025. We expect this royalty, as well as the subsequently acquired Borborema royalty, to meaningfully contribute to further revenue growth in 2026 and beyond. The positive free cash flows generated by our strong portfolio are expected to continue to strengthen our balance sheet, already in a positive net cash position."

* Total Revenue, Land Agreement Proceeds and Interest and GEOs are each non-IFRS financial measures. See "Non-IFRS Measures" below.