Gold Royalty Corp.

Note:

(1)

Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Share, basic and diluted, and GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS Accounting Standards. See "Non-IFRS Measures" for further information.

Selected highlights for the three and six months ended June 30, 2026 include:

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Adjusted EBITDA increased by approximately 137% to $5.6 million (net income of $1.8 million) in the second quarter of 2026 from $2.4 million (net loss of $0.8 million) in the same period of 2025.

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Revenue increased by approximately 76% to $6.7 million, from $3.8 million in the same period of 2025, and Total Revenue, Land Agreement Proceeds and Interest increased by approximately 80% to $7.9 million from $4.4 million in the same period of 2025.

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Operators continued to advance key assets, including the development of REN and South Railroad, as well as the underground ramp and shaft development continuing to progress on-schedule at the Odyssey Mine. See "Selected Asset Updates" for further information.

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Completed the acquisition of an additional royalty on the REN project. See "Recent Developments" for further information.

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Record Adjusted EBITDA of $12.6 million for the six months ended June 30, 2026, representing an increase of approximately 212% from the same period of 2025.

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Record revenue of $13.9 million for the six months ended June 30, 2026, representing approximately a 100% increase from the same period of 2025, and record Total Revenue, Land Agreement Proceeds and Interest income of $17.3 million for the six months ended June 30, 2026, representing an increase of approximately 116% from the same period of 2025.

Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA are non-IFRS measures and do not have a standardized meaning under IFRS Accounting Standards. See "Non-IFRS Measures" for further information.