GOLD ROYALTY REPORTS FIRST QUARTER 2023 FINANCIAL AND OPERATING RESULTS.

VANCOUVER, BC: 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 three months ended March 31, 2023. These results will be discussed at the Company's upcoming Investor Day on May 16, 2023. All amounts are expressed in U.S. dollars unless otherwise noted.

David Garofalo, Chairman and CEO of Gold Royalty, commented, "Gold Royalty is beginning to see the benefits of key assets commencing and ramping up production. The first production blast occurred at Odyssey South at the end of March 2023; Cote Gold is on track to enter production early next year; and exploration success at REN expanded its resource footprint well beyond existing underground development. These advancements represent significant potential near-term catalysts for Gold Royalty as the revenue and cash flow growth organically embedded in our portfolio is starting to materialize."

Highlights for the three months ended March 31, 2023, include:

Total Revenue and Option Proceeds of $2.0 million for the three months ended March 31, 2023, a 12% increase from the comparative period of 2022. Total Revenue and Option Proceeds is a non-IFRS measure. See "Non-IFRS Measures" below.

With approximately $35 million 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.

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

The Company published its inaugural Sustainability Report and Asset Handbook outlining the Company's ESG initiatives and providing a comprehensive overview of the Company's royalty portfolio, respectively.

The following table sets forth selected financial information for the three months ended March 31, 2023:

Three months ended

March 31,

2023

March 31,

2022

(in thousands of dollars, except per share amounts)

($)

($)

Total revenue

767

638

Net loss

(3,083)

(2,388)

Net loss per share, basic and diluted

(0.02)

(0.02)

Dividends declared per share

0.01

0.01

Non-IFRS and Other Measures

Total Revenue and Option Proceeds*

1,970

1,759

Adjusted Net Loss*

(1,318)

(2,148)

Adjusted Net Loss Per Share, basic and diluted*

(0.01)

(0.02)

Total Gold Equivalent Ounces

406

340

Adjusted cash flow used in operating activities, excluding changes in non-cash working capital *

(121)

(1,096)

* See Non-IFRS...