Gold Royalty Corp.

Gold Royalty Corp. is a junior gold royalty and streaming company headquartered in Vancouver, Canada, operating primarily in Canada and USA. Key assets include Canadian Malartic (Odyssey Underground; Open Pit), Côté Gold, and REN. Portfolio composition includes 6 cash-flowing royalties, 1 cash-flowing stream, and 241 exploration-stage interests. The business model centers on acquiring and managing a diversified portfolio of precious metals-focused royalty and streaming interests, offering financing solutions to the mining industry. As a non-operating entity, the organization has limited direct financial exposure to exploration, development, operating, and capital expenditures associated with mining projects. This structure allows the company to benefit from potential upside attributable to exploration success, mine life extensions, and operational expansions without incurring the associated costs and risks. A key differentiating element is the royalty generator model, which involves acquiring mineral properties to subsequently option or sell to third-party operators while retaining a royalty interest. This approach is designed to create a continuous pipeline of new royalty opportunities with exploration upside at a relatively low cost. The diversified portfolio and lean operating structure are intended to provide lower volatility compared to traditional mining companies while maintaining scalability to assess and execute new investment opportunities.

Strategic focus centers on building a balanced portfolio by acquiring royalties and streams at various stages of the mine life cycle to provide near, medium, and long-term returns. The growth strategy involves the aggressive pursuit of accretive transactions, including the acquisition of existing interests, the creation of new interests through financing arrangements, and the purchase of companies holding such assets. A core component of this strategy is the royalty generator model, which focuses on generating new royalties from a portfolio of held mineral properties by contracting with third-party operators. This model is intended to provide a high volume of potential royalty opportunities with exploration upside. Investment evaluation follows a disciplined due diligence process that assesses technical merits, financial returns, and environmental, social, and governance factors. In 2024, the enterprise forged a strategic alliance with a mining royalty fund to expand deal origination and enhance its ability to compete for larger, high-quality investments. This cooperation agreement provides a framework for co-investment opportunities on select transactions valued at $30 million or more, granting each party rights of first offer on future dispositions of co-acquired interests.

Executive leadership is headed by a Chairman and CEO with over 35 years of experience in the natural resources sector, including prior roles as CEO of 2 major mining corporations and accolades as 'Mining Person of the Year' in 2012 and Canada's 'CFO of the Year' in 2009. Board composition includes 6 directors, of whom 5 are independent, ensuring impartial oversight of management. The governance framework is structured around 4 standing board committees: Audit, Compensation, Nominating and Corporate Governance, and Environmental, Social, and Governance (ESG). The Audit, Compensation, and Nominating and Corporate Governance committees are composed entirely of independent directors, while the ESG committee consists of a majority of independent directors. This structure facilitates independent supervision over financial reporting, executive compensation, corporate governance practices, and sustainability matters. The board has determined that the chair of the Audit Committee qualifies as an 'audit committee financial expert'. The Nominating and Corporate Governance Committee is responsible for assessing board effectiveness and managing succession planning for both the board and management, without formal term limits for directors to balance experience with fresh perspectives.

The organization integrates environmental, social, and governance considerations directly into its investment evaluation and due diligence process for all potential royalty and stream acquisitions. This process includes a review of environmental risks, water management practices, health and safety records, climate change plans, human rights risks, and community relations of the third-party operators. Governance of ESG matters is formalized through an ESG and Sustainability policy, a Supplier Code of Conduct, and an Anti-Corruption Policy, which provide guidance to employees and partners. Board-level oversight is provided by a dedicated ESG Committee, which is composed of a majority of independent directors. This committee is responsible for overseeing processes related to health, safety, environmental, and social matters, reviewing performance, and ensuring management communicates its commitment to stakeholders. In 2023, the company published its inaugural sustainability report, detailing its ESG practices and its approach to managing related risks associated with its portfolio of non-operated interests.

The current corporate structure was significantly shaped by a series of acquisitions in 2021. In August 2021, the organization completed the acquisition of Ely Gold Royalties Inc. via a statutory plan of arrangement. This was followed in November 2021 by the acquisition of all outstanding shares of both Golden Valley Mines and Royalties Ltd. and Abitibi Royalties Inc., also through statutory plans of arrangement. These transactions substantially expanded the company's portfolio of interests. In June 2024, the company acquired a copper stream from an entity managed by Orion Mine Finance Management LP, financed through a combination of debt, equity, and cash. As of March 2025, major shareholders with over 5% ownership include GoldMining Inc. (12.63%), Queens Road Capital Investment Ltd. (9.64%), and Nevada Gold Mines LLC (5.51%). The ownership by Queens Road Capital Investment Ltd. is primarily through convertible debentures issued in a private placement in December 2023. The stake held by Nevada Gold Mines LLC resulted from a 2022 transaction where the company acquired a royalty portfolio in exchange for equity.