Gold Royalty Corp.

Operating Activities

Operating activities provided cash of $8.2 million during the six months ended June 30, 2026, compared to $3.6 million in the same period of 2025. Net cash provided by operating activities during the six months ended June 30, 2026 reflected net income of $3.6 million offset by various non-cash items including $3.2 million of depreciation and depletion, $1.9 million of deferred tax expense, $1.5 million of share-based compensation, $1.0 million of change in the fair value of our gold-linked loan, $0.8 million of share of profit in joint venture, $0.5 million loan modification loss, $0.5 million of finance costs and $0.1 million of change in fair value of short-term investments. Non-cash working capital changes included an increase in accounts receivable using cash of $3.4 million during the six months ended June 30, 2026, compared to $0.3 million in the same period of 2025. A decrease in prepaids and other receivables provided cash of $1.5 million during the six months ended June 30, 2026, compared to an increase using cash of $0.2 million in the same period of 2025. Interest income received on our gold-linked loan provided cash of $1.0 million during the six months ended June 30, 2026, compared to $0.7 million in the same period of 2025. An increase in accounts payable and accrued liabilities provided cash of $0.1 million during the six months ended June 30, 2026, compared to $0.5 million in the same period of 2025.