GROY-WT · Gold Royalty Corp.

Gold Royalty’s preliminary Q1 2026 results reflect a material acceleration in operational execution, driven primarily by newly acquired royalty interests—specifically the Pedra Branca and Borborema mines—which contributed significantly to the 162% year-over-year increase in Total Revenue, Land Agreement Proceeds and Interest and the corresponding rise in GEOs to 1,920. The $9.4 million in non-GAAP revenue includes $7.0 million from royalties, $1.0 million from streaming, $0.3 million from advance minimum royalties, $0.5 million in land agreement proceeds, and $0.5 million in interest income credited against a gold-linked loan. Management explicitly attributes the record performance to its acquisition strategy, underscoring the successful integration of recent assets. Full-year guidance remains intact at 7,500–9,300 GEOs, with clear emphasis on second-half weighting due to DPM Metals’ Vareš mine reaching full run-rate capacity and Fortitude Gold’s County Line mine ramping up after January commencement. This trajectory implies continued sequential growth, though investors should note that all GEO and revenue figures are non-IFRS measures reconciled only to GAAP revenue—not net income or cash flow—and depend critically on third-party operator disclosures, which the Company acknowledges it cannot independently verify. The upcoming May 6 financial release and May 7 earnings call will provide audited results and further detail on margin dynamics, cost structure, and sustainability of the growth trend.