GOLD ROYALTY CORP. ANNOUNCES QUARTERLY RESULTS AND FORECASTS CONTINUED GROWTH IN 2023.

VANCOUVER, BC: Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE: GROY) is pleased to announce the filing of its operating and financial results for the three-month transition period ended December 31, 2022. As previously announced, the Company has changed its fiscal year end to December 31 to better align with the reporting cycle of its peers. All amounts expressed in U.S. dollars unless otherwise noted.

David Garofalo, Chairman and CEO of Gold Royalty, commented, "Gold Royalty's portfolio of long-life, high-quality assets saw several significant advancements in the first quarter of 2023. The organic growth within our portfolio is coming to fruition, fueling increased revenue and cash flow as key development stage royalties enter production over the coming years. Odyssey is ramping up production in 2023; Cote is on track to commence production in 2024; and Ren continues to grow as a key high-grade extension of the Goldstrike Mine. With a strong balance sheet and access to capital, we enter 2023 well-positioned to deliver long-term shareholder value through our significant organic growth profile."

Highlights for the three months ended December 31, 2022, include:

Total Revenue and Option Proceeds of $1.1 million for the three months ended December 31, 2022, an 11% increase from the three months ended December 31, 2021. "Total Revenue and Option Proceeds is a non-IFRS Measure. See "Non-IFRS Measures".

With approximately $35 million in available liquidity, inclusive of a $15 million accordion feature in its credit facility (available subject to certain additional conditions), the Company is positioned well for further growth.

The Company forecasts between $5.5 million and $6.5 million in Total Revenues and Option Proceeds in 2023.

Gold Royalty now holds 216 royalties with a focus on the top ranked mining jurisdictions in the Americas (Fraser Institute Annual Survey of Mining Companies 2021 Investment Attractiveness Index).

Gold Royalty declared its fifth consecutive quarterly dividend in 2022, yielding over 1.8% at current share prices.

The following table sets forth selected financial information for the three-month transition period ended December 31, 2022 and the three months ended December 31, 2021, respectively:

Three months ended

December

31, 2022

December

31, 2021

(in thousands of dollars, except per share amounts)

($)

($)

Total revenue

582

533

Net loss

(2,204)

(6,841)

Net loss per share, basic and diluted

(0.02)

(0.06)

...

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