Vancouver, British Columbia – December 27, 2022 – Gold Royalty Corp. (“Gold Royalty” or the “Company”) (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for the fiscal year ended September 30, 2022. Going forward, the Company will change its fiscal year end to December 31 commencing in 2023 to better align with the reporting cycle of our peers. All amounts expressed in U.S. dollars unless otherwise noted.

David Garofalo, Chairman and CEO of Gold Royalty, commented, “We are pleased to have exceeded our fiscal 2022 guidance with $5.7 million in Total Revenues and Option Proceeds1 from our highly successful royalty generation program. This marks the first full fiscal year for Gold Royalty as a public company with our portfolio already delivering meaningful organic revenue growth, and with several of our most significant royalties on high-quality, long-life projects expected to enter production in the next 12 to 18 months.”

“Our current asset base and strong balance sheet give us a solid foundation to grow and we are optimistic that we can continue to accretively add new assets to the portfolio. We are also pleased to announce that we will be publishing our inaugural Asset Handbook and ESG & Sustainability Report in the first half of 2023,” added Mr Garofalo.

Highlights for the 2022 fiscal year include:

Total Revenue and Option Proceeds1 from the royalty generation program, of $0.9 million and $5.7 million for the three months and year ended September 30, 2022, respectively, exceeding guidance of $5.0 million for the fiscal year;
Gold Equivalent Ounces (“GEOs”)1 of 517 and 2,156 representing revenues of $0.9 million and $3.9 million for the three months and year ended September 30, 2022, respectively;
Cash, cash equivalents and marketable securities of approximately $14.2 million as at September 30, 2022, position the Company well for further growth. This excludes an accordion feature in the revolving loan facility with Bank of Montreal providing for an additional $15.0 million of availability, subject to certain conditions;
In the fiscal year ended September 30, 2022, the Company continued the execution of its acquisition strategy completing the acquisition of Abitibi Royalties Inc. and Golden Valley Mines and Royalties Ltd., acquiring a royalty on the Côté Gold Project, expanding its royalties on the Beaufor mine, and acquiring a portfolio of royalties in Nevada from Nevada Gold Mines LLC;
Gold Royalty's portfolio expands to 2162 royalties with a focus on the best mining jurisdictions in the Americas (2021 Fraser Institute of Mining Attractiveness Index); and
Gold Royalty introduced quarterly dividends in 2022, yielding over 1.5% at current share prices.

1 See Non-IFRS Measures below.
2 Number of royalties is presented on a pro forma basis assuming the closing of the previously announced agreement with Val-d’Or Mining. Refer to the Company's press release dated December 2, 2022.

A summary of the financial and operating results for the year ended September 30, 2022, follows:

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