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Gold Royalty Corp. Announces Record Quarterly Revenues And Provides Portfolio Update

(All Amounts expressed in U.S. dollars unless otherwise noted)

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Vancouver, British Columbia – May 16, 2022 – Gold Royalty Corp. (“Gold Royalty” or the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/gold-royalty-corp/) announces the filing of its operating and financial results for the three and six months ended March 31, 2022 and is pleased to provide an update on recent asset advancements. The Company will be hosting a Town Hall Meeting to discuss these results on Wednesday, May 25 at 10:00 AM EDT.

David Garofalo, Chairman and CEO of Gold Royalty, commented, "Our second fiscal quarter of 2022 included several meaningful catalysts for the Company. The acquisition of royalties over the Côté Gold Project and expansion of our royalties in the Beaufor Mine further bolstered our near-term cash flow profile. At the same time, we saw several exciting exploration and development advancements from key assets including Odyssey, REN, Fenelon, Tonopah West, and Whistler.”

Highlights for the Three and Six Months Ended March 31, 2022:

  • Record revenues of $0.6 million and $1.2 million for the three and six months ended March 31, 2022, respectively.
  • Strong projected revenues for Gold Royalty’s first full fiscal year of business of approximately $5 million with robust and peer-leading multi-year growth in revenues expected as the underground expansion of Canadian Malartic ramps up and the Côté and Beaufor gold mines begin production.
  • Inaugural quarterly dividend paid during the second quarter, yielding over 1% at current share prices.
  • Available liquidity of $25.1 million, positioning the Company well for further growth.
  • During the quarter, the Company continued its rapid growth with the acquisition of Abitibi Royalties, Golden Valley and royalties on IAMGOLD’s Côté Gold project, expanded royalties on Monarch Mining’s Beaufor and other gold project and continued creation of additional royalties from its Royalty Generator Business. Gold Royalty now has 195 royalties focused on the best mining jurisdictions in the Americas.

For further important information, please refer to the Company's unaudited financial statements and management's discussion and analysis for the three and six months ended March 31, 2022, copies of which are available under the Company's profile at www.sedar.com and www.sec.gov.

Q2 2022 Town Hall Meeting Details

Gold Royalty is pleased to announce that it will host a Town Hall Meeting on Wednesday, May 25 at 10:00 AM EDT.

The Company will be providing an update to interested stakeholders on the Company’s Q2 financial and operating results including key recent catalysts that have been announced on the assets underlying the Company’s royalties. The presentation will be followed by a question-and-answer session where participants will be able to ask any questions they may have of management.

To register for the Town Hall Meeting, please click the link below:

https://www.bigmarker.com/vid-conferences/GoldRoyalty-VID-Forum-a9721d306d2548306a98a631?utm_bmcr_source=GROY

Portfolio Update

Canadian Malartic Partnership (Agnico Eagle & Yamana JV) – Odyssey Underground Project (3.0% NSR) – Odyssey Project Advancing on Schedule

On April 27, 2022 Yamana Gold announced its financial and operational results for the first quarter of 2022 including an update on development advancements at the Odyssey Project. Following significant advancement of the project in 2021, the Odyssey team is focusing on two key milestones:

  • Initiation of shaft sinking by the fourth quarter of 2022
  • First gold production from Odyssey South in the first quarter of 2023

Yamana stated that “with a significant production platform, material cash flow generation and a prominent position within Quebec’s Abitibi District, Canadian Malartic will remain one of the Company’s cornerstone assets and one of the more prolific and generational mines in the world, particularly as the Odyssey mine is developed and comes into production. [Yamana] is taking a disciplined approach to the development of Odyssey with a conservative outlook for initial throughput and production. While the Odyssey mine is expected to initially process 20,000 tonnes per day and produce 500,000 to 600,000 ounces per year, based on the current mine plan, the Company recognizes that there is a large inventory of ounces that is not currently in the mine plan. Odyssey ores will be processed through a plant with an original design capacity of over 55,000 tonnes per day, processing closer to 60,000 tonnes per day, which far exceeds the initial expected throughput of Odyssey. The plant was designed for the larger open pit operations that will end later this decade, and while the Company will scale the plant to the level required for the underground operations, that plant capacity will always be there. The Company’s approach at its other mines has been to conduct extensive exploration which provides flexibility to maximize and increase throughput, and a similar approach will be taken with Odyssey, where delineation of extensions of underground mineralized zones and new zones of mineralization is already occurring… The Company firmly believes that in its 10-year outlook period, these efforts will lead to more mining areas that will allow the Company to take advantage of available plant capacity, resulting in ore processing that will exceed 20,000 tonnes per day, and sustainable production will then significantly exceed the initial production plan of 500,000 to 600,000 ounces per year.

For more information, refer to Yamana Gold’s press release dated April 27, 2022, filed on www.sedar.com.

Nevada Gold Mines (Barrick & Newmont JV) – REN Project (1.5% NSR & 3.5% NPI) – Maiden Resource Expected to Grow in 2022

On May 4, 2022, Barrick Gold announced its results for the first quarter of 2022, which included a presentation by President and CEO, Mark Bristow who highlighted that REN, the northern underground extension of the Goldstrike Mine, was a project that is expected to grow in 2022, stating “Ren is another expanding opportunity. Last year we declared a maiden inferred resource of 1.2Moz and recent results have not only confirmed the model but have continued to expand the JB Zone resource to the south. Mineralization remains open at both JB and Corona Corridors. We have initiated various mining studies on the geotechnical, ventilation, dewatering parameters to optimally design this part of the [Goldstrike] mine.”

Barrick had previously noted they are targeting to bring REN into the Goldstrike mine plan in the short term. The 1.2Moz maiden inferred resource (5.2Mt at 7.3g/t Au) is expected grow further based on recent exploration results including the following highlights:

  • MRC-21016: 36.6 m at 13.95g/t
  • #BBD0E0 »

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