Corporate Presentation and Website, Resource Potential Based on Wallbridge Footnote of 10-17M Tonnes at 5-8 Grams Per Tonne

Creating a Leading Growth and Americas-Focused Precious Metals Royalty Company

September 20, 2021 NYSE American: GROY | TSX-V: RZZ | TSX-V: GZZ

1 Cautionary Statement on Forward Looking Statements

Forward-Looking Information Certain of the information contained in this presentation constitutes 'forward-looking information' and ‘forward-looking statements’ within the meaning of applicable Canadian and U.S. securities laws ("forward-looking statements") and involve known and unknown risks, uncertainties and other factors that may cause Abitibi Royalties Inc.’s (“Abitibi”), Golden Valley Mines and Royalties Ltd. (“Golden Valley”) and Gold Royalty Corp.’s (“GRC” or “Gold Royalty”) actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Such forward-looking statements, including but not limited to statements relating to: the proposed transactions and the respective Arrangement; the ability of the parties to satisfy the conditions to closing of one or both Arrangements; the anticipated timing, benefits and effects of the completion of the Arrangements, expected cash flows from royalties and other assets, expected development and operations at projects underlying the parties' existing interests and the parties' future growth plans and strategies, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward- looking statements. Such factors include, among others, obtaining required court, shareholder and regulatory approvals, exercise of any termination rights under the respective Agreements, any inability to satisfy the other conditions in the Agreements, material adverse effects on the business, properties and assets of the parties; any inability of the parties to realize the benefits of either proposed transaction. Inability of the parties to identify and complete suitable acquisition opportunities; any inability of the operators of the properties underlying the parties' royalty and other interests to execute proposed plans for such properties, risks related to such operators or the exploration, development and mining operations of the properties underlying the parties' royalty and other interests; impacts of macroeconomic developments as well as the impact of and the responses of relevant governments to the COVID-19 pandemic and the effectiveness of such responses; and any inability of the parties to carry out growth plans. Although each of GRC, Abitibi and Golden Valley has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. None of GRC, Abitibi or Golden Valley undertakes to update any forward-looking statements, except in accordance with applicable securities laws.

Technical Information

Alastair Still, the Director of Technical Services at GRC, a qualified person as such term is defined under Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) has reviewed and approved the scientific and technical information contained herein regarding GRC’s royalty and other interests.

Glenn J. Mullan, the Chairman of Abitibi and Chief Executive Officer at Golden Valley, a qualified person as such term is defined under NI 43-101 has reviewed and approved the scientific and technical information contained herein regarding Golden Valley’s royalty and other interests.

Information contained herein regarding the projects underlying GRC’s, Abitibi’s and Golden Valley’s royalty interests are derived from the public disclosure of the operators of such projects. See Appendix A for further information. The disclosure of Mineral Resources contained herein has been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws. See “Cautionary Note to U.S. Investors Regarding Mineral Resource and Mineral Reserve Estimates” in the final prospectus and the prospectus included in the registration statement. This presentation uses the term “Inferred Mineral Resources.” Inferred Mineral Resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.

The terms “Mineral Resource”, “Indicated Mineral Resource”, and “Inferred Mineral Resource” used herein are Canadian mining terms used in accordance with NI 43-101 under the guidelines set out in the Canadian Institute of Mining and Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time. These definitions differ from the definitions in the United States Securities & Exchange Commission (“SEC”) Industry Guide 7. As such, information contained herein concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S. companies in SEC filings.

Inferred Mineral Resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under applicable Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. It cannot be assumed that part or all of an Inferred Mineral Resource will be upgraded to a Mineral Reserve.

Further Information

For further information regarding Abitibi or Golden Valley and their existing interests, please refer to each company’s respective financial statements for the year ended December 31, 2020 and their management’s discussion and analysis for the year ended December 31, 2020, which includes information regarding their material royalty properties and underlying mineral reserve and resource estimates. For further information regarding GRC and its existing interests, please refer to its prospectus dated March 8, 2021,its financial statements for the quarter ended June 30, 2021, its management’s discussion and analysis for the quarter ended June 30, 2021, and the management information circular of Ely Gold Royalties Inc. dated July 20, 2021, which includes information regarding its material royalty properties and underlying mineral resource estimates.

2 Cautionary Statement on Forward Looking Statements (cont’d)

Forward-Looking “Financial” Information This presentation contains future oriented financial information (“FOFI”) within the meaning of applicable securities laws about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action, including operations of projects underlying royalty and other interests and option exercise cash flows, and that is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by each of the GRC’s, Abitibi’s and Golden Valley’s management teams to provide an outlook of the their combined activities and results. The FOFI has been prepared on a number of assumptions including the assumptions discussed above and assumptions with respect to transaction costs, operations and developments respecting the projects underlying Gold Royalty’s, Abitibi’s and Golden Valley’s interests, the receipt and timing of option payments and the following commodity prices and currency exchange rates: 2021E: $1,815/oz Au, $25.97/oz Ag, 1.24 CAD per USD; 2022E: $1,800/oz Au, $25.00/oz Ag, 1.22 CAD per USD; 2023E: $1,750/oz Au, $24.00/oz Ag, 1.20 CAD per USD; 2024E: $1,750/oz Au, $23.00/oz Ag, 1.17 CAD per USD. Management does not have firm assurance that such operating results and cash flows will be achieved and they are not objectively determinable.

The actual results of operations of each of Gold Royalty, Golden Valley and Abitibi and the resulting financial results will likely vary from the amounts set forth in the analysis presented in this Presentation, and such variation may be material. Gold Royalty, Golden Valley and Abitibi and their management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is highly subjective and subject to numerous risks including the risks discussed above, it should not be relied on as necessarily indicative of future results.

Except as otherwise required by applicable securities laws, the parties undertake no obligation to update such FOFI and forward-looking statements and information.

Currency

Unless otherwise stated, all dollar values referenced in the presentation are in US dollars.

3 Growing a Precious Metals Focused Royalty Company Transaction Rationale

✓ Balanced Portfolio of 191 Royalties Across Cash Flowing, Development and Exploration Assets

✓ Cornerstone Royalty on a Portion of Canada’s Largest Gold Mine, Canadian Malartic

✓ Multiple Avenues For Expected Growth (Cash Flow, Exploration, Royalty Generator Model)

✓ Premier Operating Partners With Americas Focus (Concentration in Nevada and Québec)

✓ Strong Balance Sheet (~$45(1) mm in Cash and Marketable Securities) and No Debt(2)

✓ Experienced Management Team with Track Record of Creating Value

✓ Path to Potential Re-Rate Through Increased Scale, Asset Quality and Precious Metals Focus

1) As of 14-Sep-2021 pro forma cash and marketable securities equal to Gold Royalty, Abitibi, and Golden Valley combined cash of ~$27 mm plus ~$29 mm of marketable securities (includes $18.3 mm of 4 Agnico Eagle Mines shares and $4.0 mm of Yamana Gold shares based on share prices as at 14-Sep-21), less estimated transaction costs of $8.75 mm. 2) On 3-Sep-21, Gold Royalty announced that it entered into a commitment letter for an up to $25 million revolving credit facility. Transaction Summary

• GRC entered into definitive agreements (the “Agreements”) to acquire all of Abitibi common shares (each, a “Abitibi Royalties Share”) and all of Proposed Golden Valley common shares (each, a “Golden Valley Share”) by way of a statutory plan of arrangement (the “Arrangements”) • Transaction unanimously approved by the special committees of Abitibi and Golden Valley and the board of directors of each of Abitibi and Golden Transaction Valley • Voting support agreements representing 65.4% of Abitibi shares (including Golden Valley) and 38.0% of Golden Valley shares

• Holders of Abitibi Royalties Shares to receive 4.6119 GRC common shares (each, a “GRC Share”) for each Abitibi common share • Such share exchange ratio implies consideration of C$25.33 per Abitibi Royalties Share and a 22% premium(1) based on the 20-day VWAP of the Abitibi and the GRC Shares ending on September 3, 2021 Consideration • Holders of Golden Valley Shares to receive 2.1417 GRC Shares, reflecting Golden Valley's ownership in Abitibi Royalties plus the additional value of its other assets • Such share exchange ratio implies consideration of C$11.76 per Golden Valley Share and a 86% premium(1) based on the 20-day VWAP of the Golden Valley and GRC Shares ending on September 3, 2021

• GRC, former Abitibi (excluding Golden Valley’s ownership in Abitibi) and former Golden Valley shareholders to own 54%, 23% and 23% respectively, on Ownership a fully diluted, in-the-money basis

• Approval of at least 66 2/3% of the votes cast by Abitibi shareholders and Golden Valley shareholders, respectively Approvals and • Approval of a simple majority of the votes cast by Abitibi Royalties and Golden Valley shareholders at their respective meetings excluding in each case, votes cast by certain shareholders as required under Multilateral Instrument 61-101 Conditions • Each Agreement is conditional on the completion of the Arrangement contemplated in the other Agreement • Customary regulatory, stock exchange and court approvals

• Customary “non-solicit” and “right to match” provisions in favour of GRC • Termination fee of C$10.0 million to be paid by Abitibi Royalties and C$5.0 million by Golden Valley to Gold Royalty • Reciprocal expense reimbursement of C$1.5 million, between GRC and Abitibi, to be paid if the Agreement is terminated under certain circumstances Other • Reciprocal expense reimbursement of C$1.0 million, between GRC and Golden Valley, to be paid if the Agreement is terminated under certain circumstances • Combined company listed on NYSE American

1) Spot exchange rate on 3-Sep-21 of 1.2513 Canadian dollars per U.S. dollar. 5 High-Quality Royalties Positioned For Growth Balanced Portfolio with 191 Royalties

Northwest Territories Peru Colombia Brazil 191 5 royalties 1 royalty 3 royalties 4 royalties Royalties

Ontario 6 7 19 royalties Royalties on Royalties on Alaska Producing Assets in 3 royalties Assets Development 14 15 Idaho 3 royalties Feasibility / PEA Resource Stage Stage Royalties Royalties

Oregon 3 royalties Québec 12 137 71 royalties Key Exploration Early Stage Royalties Exploration Royalties Nevada 77 royalties New Mexico 2 royalties

Source: Company disclosure 6 Canadian Malartic Overview Cornerstone Asset

Canadian Malartic Asset Highlights Odyssey Underground Project – Construction Underway

“A generational asset where we can demonstrate at least several decades of mine life” - Yamana Malartic truly is a world-class asset – Location, Size, Quality, Longevity

▪ Annual production of ~700,000 oz

▪ AISC well below industry average ($800-$900/oz)

▪ Located in a top-tier jurisdiction (Quebec)

▪ Quality operators (Yamana and Agnico Eagle)

▪ A pure play on gold Key Royalty – 3% NSR over the Odyssey Underground Project

▪ To become Canada’s largest underground mine

▪ Odyssey is expected to have an 18 year mine life with potential upside to extend beyond that(1)

▪ Construction (shaft and ramp access) has commenced

▪ Planned to be a modern and high-tech operation (automated trucks from surface, on-demand ventilation, electric heavy and light equipment)

Source: Company disclosure, Company Photos 7 1. Mine is expected to be 2023-2039 (inclusive). Growing Revenue Odyssey, Ren and Fenelon Will Drive Further Growth

Gold Royalty Pro Forma Forecasted Revenue ($ mm)

$20 Additional Cash Flow Not Included LTM ($ mm) Investment Cash Flow(1) $2.9

Driven by Odyssey Ramp Up, Ren, Fenelon and others

-- 2021 PF 2022 PF 2023 PF 2024 PF 2025 & Beyond Illustrative

Note: Gold Royalty potential projected revenue assumptions based on studies / other disclosure of operators and Management’s analysis and assumptions on the underlying assets, option payments relating to option agreements and dividends relating to 8 equity interests in Agnico Eagle and Yamana. See cautionary statement on forward-looking information. Gold Royalty, Abitibi and Golden Valley cannot assure readers that actual results will be consistent with these forward-looking statements. 1) Relates to Abitibi Royalties’ investments. There is no guarantee these cash flows will continue at this quantum into the future. Powerful Exploration Growth Canadian Malartic Underground Potential & Royalty Coverage

Odyssey Underground Project Canadian Malartic Royalty Coverage

Key Highlights • Ramp development is progressing ahead of schedule and at lower unit costs than anticipated

• Excavation of the shaft collar and the concrete lining of the first 27 metres has been completed

• Several new areas of significant gold mineralization identified

Recent Exploration Success • Positive exploration results from Odyssey demonstrate the potential to increase estimated resources

• The first underground exploration drill station was completed during Q2-2021 and underground drilling has commenced

• Consistent homogeneous grade distribution across broad widths of mineralization

• Significant exploration potential exists for Odyssey at depth and along strike at the Midway property

9 Source: Company disclosure and website Powerful Exploration Growth Canadian Malartic Long Section

Source: Abitibi Royalties news release (Norrie drill results) dated August 19,2014, Porphyry Swarm Metallogeny of the East Malartic Gold Deposit, Québec and Porphyry 10 Swarm: The High Grade Gold East Malartic Mine, Internal Zone Yamana Gold news release dated February 16, 2017. Powerful Exploration Growth Ren – Key Extension Target of the Goldstrike Mine

Key Highlights: Ren – Aerial View: • Lies along the northern extension of the Goldstrike Mine which has produced roughly 60 million ounces of gold • “Ren expansion being targeted from surface and underground platforms” - Nevada Gold Mines (Barrick/Newmont) • Nevada Gold Mines recently acquired Rodeo Creek project from i-80 Gold extending the Goldstrike land package along trend through Ren and the South Arturo JV Goldstrike Mine complex – Long Section:

Ren Target

11 Source: Nevada Gold Mines Investor Day Presentation 2021, NI 43-101 Technical Report on the Ren Property prepared for Ely Gold Royalties (2-Dec-2020) Powerful Exploration Growth Fenelon – Multi-Million Ounce Potential

Key Highlights: • Along trend with the Detour Lake Mine • Over 300,000 meters of drilling from 2019-2021 combined • Multi-Million Ounce Potential: • Wallbridge provides guidance of ~1.6M – 4.6M ounces at the Tabasco Zone • Other Zones currently being drilled include Area 51, Gabbro zones, and the Tabasco-Cayenne Zone • Wallbridge to publish a maiden resource for Fenelon in Q3 2021

12 Source: Wallbridge Corporate Presentation and Website, Resource potential based on Wallbridge footnote of 10-17M tonnes at 5-8 grams per tonne. Powerful Organic Growth Model

Royalty Generator Model Proprietary Royalty Database

• Prospecting and staking of properties that are subsequently optioned / • Strategic alliance with Prospector Royalty Corp. (PRC)

sold to exploration companies • Opportunity to acquire royalties identified by PRC Currently 47 exploration properties ‒ ‒ Targets royalties using proprietary database • NSRs and carried interests retained on properties

Strategic and Economic Benefits

✓ Increased volume of royalty opportunities ✓ Pursue highly accretive transactions

✓ Target opportunities with exploration upside ✓ Avoid competitive auction processes

✓ Difficult to replicate ✓ Drives robust organic growth

Proven Track Record

✓ Over 35 royalties, including Odyssey and Isabella Pearl, originally acquired by staking through the royalty generator model

Prospector • Nevada focus led by Trey • Québec and Ontario focus led • Led by Tim Young Wasser and Jerry Baughman by Glenn Mullan Royalty Corp.

13 Source: Company disclosure Premier Operating Partners

High Quality Partners on Key Assets Focus on ESG and Sustainability

• We choose to partner with operating companies that prioritize industry leading environmental, social and governance (ESG) practices including: • Promote a respectful, fair and inclusive workplace that is free of discrimination • Reduce harm to the environment through sustainable mining practices • Prioritize the health and safety of the workforce • Contribute to the socio-economic advancement of nearby communities • Continue to engage and communicate with Stakeholders • Implement and maintain an internal system of practices, controls, and procedures to promote transparency and effective governance

14 Source: Company disclosure Gold Royalty Pro Forma Snapshot

Commodity Mix – Attributable Royalty NPV Contribution by Portfolio Stage Split Based on Resources Geography Attributable Resources

Exploration Development Ag 3% 3% 1%

Cu 11% Other Americas Feasibility / PEA Stage 28% Québec 42% 22% Resource Development 50% Au Producing 88% Nevada 22% 30%

Source: Company estimates 15 Peer Leading Positioning

Market Capitalization ($ mm)(1) Avg. Daily Traded Value ($ mm) – Since GRC IPO(2)

(3) $731 $730 $2.7 $2.4 $2.1 $1.9 $406 $397 $352 $286 $244 $0.6 $0.4 $128 $93 $87

$73 $30 $0.2 $0.1 $0.1 $0.1 $0.1 $0.0

Vox

EMX

Abitibi

Metalla

Nomad

Sailfish

Nomad

Metalla

Sailfish

Maverix

Empress

Elemental

Gold Royalty

Golden Valley

Gold Royalty PF Gold Royalty PF

Total # of Royalties Net Cash / Marketable Securities ($ mm)

191 $65 (4) $45 $39 126 121 109 (5) $11 $6 $5 $4 $4 64 56 54 26 17 15 10 9 ($1)

($18) ($25) ($26)

Vox

EMX

Abitibi

Metalla Sailfish Nomad

Sailfish Metalla Nomad

Maverix

Empress

Elemental

GoldRoyalty

GoldenValley

GoldRoyalty PF GoldRoyalty PF

Source: Company disclosure, FactSet 3) Based on pro forma shares and in-the-money dilutives outstanding at close. Note: Pricing date of 14-Sep-21. 4) Adjusted for illustrative $8.75 mm of transaction costs. 16 1) Fully diluted in-the-money. 5) Adjusted for 100% consolidation of Abitibi Royalties’ balance sheet (as at 30-Jun-21). 2) Aggregated across all exchanges; Gold Royalty began trading on 9-Mar-21. Management and Board Balance of Technical and Capital Markets Experience

DAVID GAROFALO Former President & CEO of Goldcorp until its merger AMIR ADNANI Entrepreneur, Founder, President & CEO of Uranium with Newmont in 2019; former President & CEO of Energy Corp, Chairman of GoldMining Inc and Uranium Director Chairman & CEO Hudbay Minerals; former SVP Finance and CFO of Royalty Corp. Agnico-Eagle TREY WASSER Former President, CEO and Director of Ely Gold JOHN GRIFFITH Former Head of Bank of America’s Royalties and President and Director of Research for Metals & Mining Investment Banking Director Chief Development Pilot Point Partners with +33 years of Brokerage and Officer venture capital experience

JOSEPHINE MAN CFO of Uranium Royalty Corp; former Partner with Ernst WARREN GILMAN Founder, Chairman & CEO of Queen’s Road Capital & Young LLP; former CFO of Jien Int’l Investment Ltd.; Investment, a leading financier to the global resource Chief Financial Officer Director former VP Finance & Control of SAIS sector; former Chairman and CEO of CEF Holdings, a global mining investment company ALASTAIR STILL Former Director of Corporate Development for Newmont Corporation; previously held senior leadership roles with GARNET DAWSON Director and former CEO of GoldMining Inc, and Director

Management Management Team Director of Technical of Freegold Ventures; Geologist with +30 years experience Goldcorp, Placer Dome, and Kinross Director Services in exploration and mining with senior and junior mining companies in the Americas, Europe and Asia SAMUEL MAH Professional Engineer with over 24 years of experience in Former President, CEO & COO of Hudbay Minerals; conducting the technical due diligence on over 350 projects ALAN HAIR

VP, Evaluations Board of Directors Director of Bear Creek Mining and Great Panther Mining and mines with a track record of M&A success in the mining Director industry.

IAN TELFER Former Chairman of Goldcorp and the World Gold KEN ROBERTSON Former Partner and Global Mining & Metals Group Leader Council; built and led Wheaton River, Wheaton Precious with Ernst & Young LLP; Director of Avcorp Industries and Director Chairman of Metals, and Uranium One Mountain Province Diamonds Advisory Board

(1) Former President, CEO, and Chairman of Golden Valley Co-founder of Prospector Royalty Corporation with over GLENN MULLAN TIM YOUNG Mines and Royalties and Past President of the Prospectors thirty years of mineral exploration experience in Director and Developers Association of Canada (PDAC) with over Advisory Board prospecting, project generation, property and royalty 40 years of mining and mineral exploration experience

Member consolidations, acquisitions, sales and options Advisory Advisory Board

1) To join the Gold Royalty Corp board of directors at closing. 17 Significant Re-Rate Potential Through Scale, Portfolio Quality and Growth

Robust Re-Rate Potential P / NAV (ratio) vs. Market Cap(1) ($ mm) – Log Scale

2.25x Franco Nevada (2.85x) Long Life Cornerstone Royalty Asset – Canadian Malartic ✓ Wheaton PM

2.00x ✓ Enhanced Capital Markets Presence and Trading Liquidity Royal Gold 1.75x

✓ Increased Operating Scale and Growing Cash Flow Metalla 1.50x

Maverix

Premier Operating Partners and Americas Focus Street (ratio) ✓ - 1.25x Elemental Potential Sandstorm Re-Rate

P / NAV P NAV / Osisko GR ✓ Precious Metals Royalties With Potential Upside 1.00x GRC Vox Triple Flag

Nomad ✓ Royalty Generator Model Bolsters Organic Growth 0.75x Empress 0.50x ✓ Strong Balance Sheet With No Debt(2) $1 $10 $100 $1,000 $10,000 $100,000 Market Cap ($ mm)

Source: Company disclosure, FactSet, street research 1) Fully diluted in-the-money. 18 Note: Pricing date of 3-Sep-21. 2) On 3-Sep-21, Gold Royalty announced that it entered into a commitment letter for an up to $25 million Note: Abitibi and Golden Valley have no research coverage. revolving credit facility. Appendix

• Pro Forma Key Royalties / Interests

• Ely Gold Royalties Re-Rate Case Study

19 GRC Royalty Portfolio Royalties on Producing Mines

MALARTIC OP JERRITT CANYON MARIGOLD ISABELLA PEARL RAWHIDE

Location Québec, Canada Nevada, USA Nevada, USA Nevada, USA Nevada, USA

Operator Agnico Eagle / Yamana First Majestic Silver SSR Mining Fortitude Gold Rawhide Mining

Royalty 3.0% NSR PTR & 0.5% NSR 0.75% NSR 0.75% NSR 15.0% NPI

Project Stage Production(1) Production Production(2) Production Production

2 Royalties on Jerritt Canyon

Note: Certain assets have more than one royalty. 20 1) Royalty covers East Malartic, Jeffrey Zone and the Barnat Extension. 2) Royalty covers portion of Marigold that is not in production yet. GRC Royalty Portfolio Royalties on Assets in Development

MALARTIC UG REN GOLD ROCK BEAUFOR BEACON MILL LINCOLN HILL

ODYSSEY GOLDSTRIKE PAN MINE BEAUFOR MINE BEAUFOR MINE ROCHESTER MINE

Location Québec, Canada Nevada, USA Nevada, USA Québec, Canada Québec, Canada Nevada, USA

Operator Agnico Eagle / Yamana Barrick/Newmont Fiore Gold Monarch Mining Monarch Mining Coeur Mining

Royalty 3.0% NSR 1.5% NSR & 3.5% NPI 0.5% NSR 1.0% NSR C$2.50 PTR 2.0% NSR

Project Stage Development Development Development Development Development Development

Note: Certain assets have more than one royalty. 21 GRC Royalty Portfolio Royalties on Feasibility Study / PEA Level Assets

RAILROAD- FENELON HOG RANCH CHEECHOO SÃO JORGE YELLOWKNIFE PINION

Northwest Territories, Location Québec, Canada Nevada, USA Nevada, USA Québec, Canada Brazil Canada

Operator Wallbridge Mining Gold Standard REX Minerals Ltd Sirios Resources GoldMining GoldMining

Royalty 2.0% NSR 0.44% NSR 2.25% NSR 2.5%-4.0% NSR 1.0% NSR 1.0% NSR

Project Stage Pre-Feasibility Pre-Feasibility PEA PEA PEA PEA

Note: Certain assets have more than one royalty. 22 GRC Royalty Portfolio Royalties on Feasibility Study / PEA Level Assets (cont’d)

LA MINA SLEEPER MT. HAMILTON

Location Colombia Nevada, USA Nevada, USA

Operator GoldMining Paramount Gold Waterton Resources

Royalty 2.0% NSR 0.33% NSR 1.0% NSR

Project Stage PEA PEA Feasibility Study

Note: Certain assets have more than one royalty. 23 GRC Royalty Portfolio Royalties on Resource Development Assets

TITIRIBI YARUMALITO WHISTLER CRUCERO QUARTZ MTN. CROINOR GOLD

Location Colombia Colombia Alaska, USA Peru Oregon, USA Québec, Canada

Operator GoldMining GoldMining GoldMining GoldMining Alamos Gold Monarch Mining

Royalty 2.0% NSR 1.0% NSR 1.0% NSR 1.0% NSR 0.25% NSR & 1.0% NSR 2.5% NSR

Project Stage Resource stage Resource stage Resource stage Resource stage Resource stage Resource stage

Note: Certain assets have more than one royalty. 24 GRC Royalty Portfolio Royalties on Resource Development Assets (cont’d)

MCKENZIE SWANSON NEW ALGER ALMADEN CACHOEIRA SURUBIM BREAK

Location Québec, Canada Québec, Canada Québec, Canada Idaho, USA Brazil Brazil

Operator Monarch Mining Monarch Mining Radisson Mining GoldMining GoldMining GoldMining

Royalty 2.5% NSR 2.5% NSR 1.0% NSR 0.5% NSR 1.0% NSR 1.0% NSR

Project Stage Resource stage Resource stage Resource stage Resource stage Resource stage Resource stage

25 GRC Royalty Portfolio Royalties on Key Exploration Assets

RED LAKE MALARTIC WAR EAGLE RODEO CREEK CALLAHAN MENDERES PROJECT SOUTH

Location Idaho, USA Nevada, USA Ontario, Canada Québec, Canada Québec, Canada Turkey

Operator Integra Resources i-80 Gold Pacton Gold Eagle Ridge Agnico Eagle Frontline Gold

Royalty 2.0% NSR 2.0% NSR 1.0% NSR 2.5-3.0% NSR 0.5% NSR 3.0% NSR

Project Stage Exploration Exploration Exploration Exploration Exploration Exploration

26 GRC Royalty Portfolio Royalties on Key Exploration Assets (cont’d)

BORDEN LAKE CARLIN PINSON LONE TREE TURQUOISE WATERSHED EXPANSION EXPLORATION EXPLORATION EXPLORATION RIDGE

Location Ontario, Canada Ontario, Canada Nevada, USA Nevada, USA Nevada, USA Nevada, USA

Operator Newmont IAMGOLD Barrick/Newmont Barrick/Newmont Barrick/Newmont Barrick/Newmont

Royalty 0.4% NSR 1.0% NSR 1.5% NSR 1.5% NSR 1.5% NSR 1.5% NSR

Project Stage Exploration Exploration Exploration Exploration Exploration Exploration

27 The Market is Rewarding Value-Added Consolidation Ely Gold Merger Re-Rate

Market Capitalization ($ mm)(1)

Unaffected Market Cap Market Cap at Closing (18-Jun-21) (24-Aug-21) …Instead GRC, on a market adjusted basis, has traded up Assuming GRC and Ely traded resulting in a +37% ($119 mm) market adjusted re-rate in line with the GDXJ ETF, this would result in a total return of negative 12% from announcement to closing… Cash $67 consideration $160 $361 (C$84 mm) $318 -12% ($42 mm)

$201 Value of GRC $369 F.D. ITM shares

GRC at Announcement Ely at Announcement MergeCo at GDXJ Adjusted MergeCo Current GRC Announcement

Source: Company filings, FactSet 28 Note: Pricing date of 24-Aug-21. 1) Fully diluted in-the-money.