Gold Royalty Corp - A Growing Precious Metals Royalty Company

NYSE American: GROY $1.60

NYSE American: GROY.WS $0.03

Gold Price: $2,072.12

Overview

Gold Royalty’s diversified portfolio consists of over 200 royalties located in mining friendly jurisdictions throughout the Americas. This provides investors with lower risk exposure to gold with free exploration upside on the underlying projects.

Please visit our Asset Handbook for portfolio details.

Featured Royalties

Canadian Malartic The Odyssey Project

Underground development project on Canada's greatest gold mine

The Côté Gold Project

Tier one generational asset set to become Canada's next great gold mine

Goldstrike Mine The REN Project

The largest gold mine in the U.S. with resource growth on the horizon

All Royalties

all

producing

developing

advanced exploration

early exploration

Project	Operator	Location	Royalty / Stream	Commodities	Asset Stage
Isabella Pearl	Fortitude Gold	Nevada, USA	0.375% GRR	Au, Ag	Producing
Canadian Malartic	Agnico Eagle	Quebec, Canada	2.0%-3.0% NSR	Au, Ag	Producing
Borden	Newmont Corp	Ontario, Canada	0.5% NSR	Au	Producing
Cozamin	Capstone Copper	Zacatecas, Mexico	1.0% NSR	Cu, Ag	Producing
Marigold	SSR Mining	Nevada, USA	0.75% NSR	Au	Developing
Jerritt Canyon (PTR)	First Majestic	Nevada, USA	US$0.15-US$0.40 PTR	Au, Ag	Developing
Jerritt Canyon	First Majestic	Nevada, USA	0.5% NSR	Au, Ag	Developing
Granite Creek	i-80 Gold	Nevada, USA	10% NPI	Au	Developing
Rawhide	Rawhide Mining LLC	Nevada, USA	15% NPI	Au, Ag	Developing
Beaufor	Monarch Mining	Quebec, Canada	1.0% NSR	Au	Developing
Beaufor - Beacon Mill	Monarch Mining	Quebec, Canada	C$1.25-C$3.75 PTR	Au	Developing
Côté Gold	IAMGOLD	Ontario, Canada	0.75% NSR	Au	Developing
Fenelon	Wallbridge Mining	Quebec, Canada	2.0% NSR	Au	Developing
Gold Rock - Pan Mine	Calibre Mining	Nevada, USA	0.5% NSR	Au	Developing
Hog Ranch	REX Minerals Ltd	Nevada, USA	2.25% NSR	Au	Developing
La Mina	GoldMining Inc.	Colombia	2.0% NSR	Au, Ag, Cu	Developing
Lincoln Hill - Rochester Mine	Coeur Mining	Nevada, USA	2.0% NSR	Au	Developing
Railroad-Pinion	Orla Mining	Nevada, USA	0.44% NSR	Au	Developing
REN - Carlin Mines	Nevada Gold Mines	Nevada, USA	1.5% NSR	Au	Developing
Sleeper	Paramount Gold	Nevada, USA	0.33% NSR	Au	Developing
Odyssey (Canadian Malartic Underground)	Agnico Eagle	Quebec, Canada	3.0% NSR	Au	Developing
REN - Carlin Mines (NPI)	Nevada Gold Mines	Nevada, USA	3.5% NPI	Au	Developing
Sao Jorge	GoldMining Inc.	Brazil	1.0% NSR	Au	Advanced Exploration
Whistler (Whistler)	U.S. GoldMining Inc.	Alaska, USA	1.0% NSR	Au, Ag, Cu	Advanced Exploration
Whistler (Raintree West)	U.S. GoldMining Inc.	Alaska, USA	1.0% NSR	Au, Ag, Cu	Advanced Exploration
Whistler (Island Mountain)	U.S. GoldMining Inc.	Alaska, USA	1.0% NSR	Au, Ag, Cu	Advanced Exploration
Titiribi	GoldMining Inc.	Colombia	2.0% NSR	Au, Cu	Advanced Exploration
Yarumalito	GoldMining Inc.	Colombia	1.0% NSR	Au, Cu	Advanced Exploration
Cachoeira	GoldMining Inc.	Brazil	1.0% NSR	Au	Advanced Exploration
Crucero	GoldMining Inc.	Peru	1.0% NSR	Au	Advanced Exploration
Surubim	GoldMining Inc.	Brazil	1.0% NSR	Au	Advanced Exploration
Nutmeg Mountain	NevGold Corp.	Idaho, USA	0.5% NSR	Au	Advanced Exploration
Quartz Mountain	Alamos Gold	Oregon, USA	1.25% NSR	Au	Advanced Exploration
Croinor Gold	Monarch Mining	Quebec, Canada	2.75% NSR	Au	Advanced Exploration
McKenzie Break	Monarch Mining	Quebec, Canada	2.75% NSR	Au	Advanced Exploration
Swanson	Monarch Mining	Quebec, Canada	2.75% NSR	Au	Advanced Exploration
Yellowknife (Nicholas Lake)	GoldMining Inc.	NWT, Canada	1.0% NSR	Au	Advanced Exploration
Yellowknife (Ormsby-Bruce)	GoldMining Inc.	NWT, Canada	1.0% NSR	Au	Advanced Exploration
Yellowknife (Goodwin Lake)	GoldMining Inc.	NWT, Canada	1.0% NSR	Au	Advanced Exploration
Yellowknife (Clan Lake)	GoldMining Inc.	NWT, Canada	1.0% NSR	Au	Advanced Exploration
Yellowknife (Big Sky)	GoldMining Inc.	NWT, Canada	1.0% NSR	Au	Advanced Exploration
Lac Barry	Bonterra Resources	Quebec, Canada	3.0% NSR and 15% FCI	Au	Advanced Exploration
Cheechoo	Sirios Resources	Quebec, Canada	2.5%-4.0% NSR	Au	Advanced Exploration
Rodeo Creek	Nevada Gold Mines	Nevada, USA	2.0% NSR	Au	Advanced Exploration
War Eagle	Integra Resources	Idaho, USA	1.0% NSR	Au, Ag	Advanced Exploration
Lone Tree	i-80 Gold	Nevada, USA	1.5% NSR	Au	Advanced Exploration
Pinson	Nevada Gold Mines	Nevada, USA	1.5% NSR	Au	Advanced Exploration
Carlin	Nevada Gold Mines	Nevada, USA	1.5% NSR	Au	Advanced Exploration
Turquoise Ridge	Nevada Gold Mines	Nevada, USA	2.0% NSR	Au	Advanced Exploration
Watershed	IAMGOLD	Ontario, Canada	1.0% NSR	Au	Advanced Exploration
New Alger	Radisson Mining	Quebec, Canada	1.0% NSR	Au	Advanced Exploration
Callahan	Agnico Eagle	Quebec, Canada	0.5% NSR	Au	Advanced Exploration
Red Lake Project	Renegade Gold	Ontario, Canada	1.0% NSR	Au	Advanced Exploration
Menderes	Frontline Gold	Turkey	3.0% NSR	Au	Advanced Exploration
Tonopah West	Blackrock Silver	Nevada, USA	3.0% NSR	Au, Ag	Advanced Exploration
Midway	Agnico Eagle	Quebec, Canada	1.5% NSR	Au	Advanced Exploration
Radium	Agnico Eagle	Quebec, Canada	15.0% NPI	Au	Advanced Exploration
County Line	Fortitude Gold	Nevada, USA	3% NSR	Au	Advanced Exploration
Cheechoo B East	Sirios Resources	Quebec, Canada	1.0% NSR	Au	Advanced Exploration
Batistao	GoldMining Inc.	Brazil	1.0% NSR	Au	Early Exploration
Isabella Extension	Fortitude Gold	Nevada, USA	2.5% NSR	Au	Early Exploration
South Malartic	Apollo Exploration Inc.	Quebec, Canada	3.0% NSR	Au	Early Exploration
Mt Hamilton	Waterton Global	Nevada, USA	1.0% NSR	Au	Early Exploration
Monte Cristo	Waterton Global	Nevada, USA	1.0% NSR	Au	Early Exploration
Tact	Nevada Gold Mines	Nevada, USA	0.5% NSR	Au	Early Exploration
Eldorado	Provenance Gold	Oregon, USA	3% NSR	Au	Early Exploration
Mina Gold	Fortitude Gold	Nevada, USA	1.5-3.0% NSR	Au	Early Exploration
Silver Dyke	Fortitude Gold	Nevada, USA	2.0% NSR	Au	Early Exploration
Pilot Mountain	Golden Metal Resources	Nevada, USA	2.0% NSR	Au	Early Exploration
Castle/Black Rock	Allegiant Gold	Nevada, USA	2.0% NSR	Au	Early Exploration
Olinghouse NE	Lake Mountain Mining	Nevada, USA	1.0% NSR	Au	Early Exploration
French Gold Bar	McEwen Mining	Nevada, USA	2.0% NSR	Au	Early Exploration
Scoonover Gold Bar	McEwen Mining	Nevada, USA	1.0% NSR	Au	Early Exploration
Gold Canyon	McEwen Mining	Nevada, USA	2.0% NSR	Au	Early Exploration
Gold Bar	McEwen Mining	Nevada, USA	2.0% NSR	Au	Early Exploration
Gold Rock Extension	Calibre Mining	Nevada, USA	2.0% NSR	Au	Early Exploration
Rosial	Coeur Mining	Nevada, USA	1.5% NSR	Au	Early Exploration
WR Claims	Coeur Mining	Nevada, USA	1.0% NSR	Au	Early Exploration
Trenton Canyon	SSR Mining	Nevada, USA	0.3% NSR	Au	Early Exploration
Aurora West	Goldcliff Resources	Nevada, USA	2.0% NSR	Au	Early Exploration
Antelope Springs	Americas Gold & Silver	Nevada, USA	1.0% NSR	Au	Early Exploration
Atlanta	Nevada King	Nevada, USA	3.0% NSR	Au	Early Exploration
Bald Peak	Paramount Gold	Nevada, USA	3.0% NSR	Au	Early Exploration
Barcelona	Eminent Gold	Nevada, USA	3.0% NSR	Au	Early Exploration
Big 10 - Amsel	VR Resources	Nevada, USA	2.0% NSR	Au	Early Exploration
Big 10 - Danbo	VR Resources	Nevada, USA	3.0% NSR	Au	Early Exploration
BS	Group 11	New Mexico, USA	2.0% NSR	Au	Early Exploration
Butte Valley	Lion Copper and Gold Corp	Nevada, USA	2.0% NSR	Au	Early Exploration
Castle West	Bitterroot Resources	Nevada, USA	3.0% NSR	Au	Early Exploration
Clayton Ridge	Group 11	Nevada, USA	2.0% NSR	Au	Early Exploration
Lantern	Group 11	Nevada, USA	2.0% NSR	Au	Early Exploration
Liberty Springs	Group 11	Nevada, USA	2.0% NSR	Au	Early Exploration
Questa Blanca	Group 11	New Mexico, USA	2.0% NSR	Au	Early Exploration
Frost	Paramount Gold	Oregon, USA	2.0% NSR	Au	Early Exploration
Gilbert South	Orogen Royalties	Nevada, USA	2.0% NSR	Au	Early Exploration
Green Springs	Contact Gold	Nevada, USA	0.5% NSR	Au	Early Exploration
Green Springs	Contact Gold	Nevada, USA	1.0% NSR	Au	Early Exploration
Gutsy	EMX Royalty	Nevada, USA	0.5% NSR	Au	Early Exploration
Hurricane	Fremont Gold	Nevada, USA	3.0% NSR	Au	Early Exploration
Kismet	EMX Royalty	Nevada, USA	2.0% NSR	Au	Early Exploration
Maggie Creek	Nevada Gold Mines	Nevada, USA	1.0% NSR	Au	Early Exploration
Moho	Lahontan Gold	Nevada, USA	2.5% NSR	Au	Early Exploration
Monitor	Orla Mining	Nevada, USA	2.5% NSR	Au	Early Exploration
Mt Wilson	National Treasure	Nevada, USA	3.0% NSR	Au	Early Exploration
Musgrove Creek	US Gold Corp.	Idaho, USA	2.0% NSR	Au	Early Exploration
Mustang Canyon	i-80 Gold	Nevada, USA	2.0% NSR	Au	Early Exploration
Nevada Rand	Goldcliff Resources	Nevada, USA	2.5% NSR	Au	Early Exploration
New Boston	VR Resources	Nevada, USA	2.0% NSR	Au	Early Exploration
North Carlin	Fremont Gold	Nevada, USA	2.0% NSR	Au	Early Exploration
Olympic	Great Western Mining	Nevada, USA	1.75% NSR	Au	Early Exploration
Redlich Gold	Lahontan Gold	Nevada, USA	2.5% NSR	Au	Early Exploration
Scossa	Romios Gold	Nevada, USA	2.0% NSR	Au	Early Exploration
St Elmo	Assign Resources	Nevada, USA	2.5% NSR	Au	Early Exploration
Troy	Copaur Minerals	Nevada, USA	1.0% NSR	Au	Early Exploration
Tuscarora	American Pacific	Nevada, USA	3.0% NSR	Au	Early Exploration
Weepah	Eminent Gold	Nevada, USA	2.0% NSR	Au	Early Exploration
White Hills	Exiro Resources	Nevada, USA	3.0% NSR	Au	Early Exploration
White Rock	Provenance Gold	Nevada, USA	2.0% NSR	Au	Early Exploration
Buff	Nevada Gold Mines	Nevada, USA	0.5% NSR	Au	Early Exploration
Cimarron	Crestview Exploration	Nevada, USA	2.5% NSR	Au	Early Exploration
Gent	Nevada Mine Properties	Nevada, USA	0.5% NSR	Au	Early Exploration
Hercules	Elevation Gold	Nevada, USA	2.0% NSR	Au	Early Exploration
Poison	Koza LTD	Idaho, USA	0.5% NSR	Au	Early Exploration
RM	Hecla Mining	Nevada, USA	0.5% NSR	Au	Early Exploration
Malartic Break	Agnico Eagle	Quebec, Canada	0.5% NSR	Au	Early Exploration
Smokehead	Val-d'Or Mining Corporation	Quebec, Canada	2.0% NSR	Au	Early Exploration
Bogside	Val-d'Or Mining Corporation	Quebec, Canada	2.0% NSR	Au	Early Exploration
Cadillac	Agnico Eagle	Quebec, Canada	0.5% NSR	Au	Early Exploration
Revillard	JV and Dundee and Pershimex	Quebec, Canada	2.0% NSR	Au	Early Exploration
Thompson River	Agnico Eagle	Quebec, Canada	0.5% NSR	Au	Early Exploration
Cadillac Shear	Eagle Ridge	Quebec, Canada	1.0% NSR	Au	Early Exploration
Authier North	Eagle Ridge	Quebec, Canada	1.0% NSR	Au	Early Exploration
Duval	Eagle Ridge	Quebec, Canada	1.0% NSR	Au	Early Exploration
Bachelor	Eagle Ridge	Quebec, Canada	3.0% NSR	Au	Early Exploration
Whitehorse Island	Frontline Gold	Ontario, Canada	1.0% NSR	Au	Early Exploration
Perrigo	Xplore	Ontario, Canada	1.25% NSR	Au	Early Exploration
Rainy River SW	New Gold	Ontario, Canada	2.0% NSR	Au	Early Exploration
King Project	Eagle Ridge	Ontario, Canada	2.0% NSR	Au	Early Exploration
Douglas Lake (777 Project)	Nordic Minerals	Saskatchewan, Canada	3.0% NSR	Au	Early Exploration
Alpha Project	O3 Mining	Quebec, Canada	1.5% NSR and 20% FCI	Au	Early Exploration
Agar	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Amikougami	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Arbade	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Arbaden	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Baden	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Bench Depth	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Richore	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Ronda	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Barraute	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Bearmac	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Bejopipa	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Blue Mountain	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Bosum-Sud	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Broker's Fee	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Dionne	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
D'Orso	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Harricana Fault	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Hazen	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Jonsmith	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Lac Fiedmont	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Lac Laverdiere	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Lac Lemoyne	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
LockOut	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Luciana	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Magoma	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Mindoka	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Eddie Shore (aka Odie Cleghorn)	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Oregon	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Pascalis Cu-Zn	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Pascalis Ouest	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Perestroika Ouest	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Petit Lac Noir	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Plumber	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Riviere Lois	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Salve Lake	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Shamrock	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Steeloy	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Threshold-85	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Venus New	Val-d'Or Mining	Quebec, Canada	1.25% NSR	Au	Early Exploration
Victoria Creek	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Winnie Lake	Val-d'Or Mining	Ontario, Canada	1.25% NSR	Au	Early Exploration
Ducros Sill	Quebec Nickel	Quebec, Canada	1.5% NSR	Ni, Cu, PGM	Early Exploration
Borderline	Progenitor	Quebec, Canada	1.25% NSR	Au	Early Exploration
Calamity	Progenitor	Quebec, Canada	1.25% NSR	Au	Early Exploration
Entre Deux Lacs	Progenitor	Quebec, Canada	1.25% NSR	Au	Early Exploration
Golden Jet	Progenitor	Quebec, Canada	1.25% NSR	Au	Early Exploration
Hunter Mine Group	Progenitor	Quebec, Canada	1.25% NSR	Au	Early Exploration
Lac Guéguen	Progenitor	Quebec, Canada	1.25% NSR	Au	Early Exploration
Mona Lisa	Progenitor	Quebec, Canada	1.25% NSR	Au	Early Exploration
Princesse Annie	Progenitor	Quebec, Canada	1.25% NSR	Au	Early Exploration
Riviere D'Alembert	Progenitor	Quebec, Canada	1.25% NSR	Au	Early Exploration
Sea Serpent	Progenitor	Quebec, Canada	1.25% NSR	Au	Early Exploration
Briggs	Enceco	California, USA	1.5% NSR	Au	Early Exploration
Mt Tobin	Da Venda Gold Corp.	Nevada, USA	2.0% NSR	Au	Early Exploration
Hammond Reef South	Apollo Exploration Inc.	Ontario, Canada	0.5% NSR	Au	Early Exploration
HEES	Apollo Exploration Inc.	Ontario, Canada	0.5% NSR	Au	Early Exploration
El Campo	Enigma Strategic Metals	California, USA	2.5% NSR	Rare Earth Metals	Early Exploration
Bald Mountain	Kinross	Nevada, USA	2.0% NSR	Au	Early Exploration
Bald Mountain JV	Kinross	Nevada, USA	1.25% NSR	Au	Early Exploration
Edna Mountain	Nevada King Gold	Nevada, USA	3.0% NSR	Au	Early Exploration
Dyke Hot Springs	G & C Nevada Royalty Corp	Nevada, USA	2.0% NSR	Au	Early Exploration
Bullfrog South	Augusta Gold Corp.	Nevada, USA	2.0% NSR	Au	Early Exploration
Kinkaid	Romios Gold	Nevada, USA	2.0% NSR	Au	Early Exploration
Smokehead	Val-d'Or Mining	Quebec, Canada	2.5% NSR	Au	Early Exploration
Bogside	Val-d'Or Mining	Quebec, Canada	2.5% NSR	Au	Early Exploration
Bogside NW	Val-d'Or Mining	Quebec, Canada	2.5% NSR	Au	Early Exploration
Bogside NW	Val-d'Or Mining	Quebec, Canada	2.5% NSR	Au	Early Exploration
Riverside	Val-d'Or Mining	Quebec, Canada	2.5% NSR	Au	Early Exploration
Riverside	Val-d'Or Mining	Quebec, Canada	2.5% NSR	Au	Early Exploration
Island 27	Val-d'Or Mining	Ontario, Canada	1.0% NSR	Au	Early Exploration
Matachewan	Val-d'Or Mining	Ontario, Canada	1.0% NSR	Au	Early Exploration
Munro	Val-d'Or Mining	Ontario, Canada	1.0% NSR	Au	Early Exploration
North Contact	Val-d'Or Mining	Quebec, Canada	1.0% NSR	Au	Early Exploration
Recession Larder	Val-d'Or Mining	Ontario, Canada	1.0% NSR	Au	Early Exploration
Sharks	Val-d'Or Mining	Quebec, Canada	1.0% NSR	Au	Early Exploration
Titanic	Val-d'Or Mining	Quebec, Canada	1.0% NSR	Au	Early Exploration
Butte Highlands	Butte Highlands JV	Montana, USA	2.0% NSR	Au	Early Exploration
Hill	Nevada Mine Properties II	Nevada, USA	0.5% NSR	Au	Early Exploration
Modoc	Americas Gold Exploration	Nevada, USA	0.5% NSR	Au	Early Exploration
Quarter Horse	First Majestic	Nevada, USA	0.75% NSR	Au	Early Exploration
Goldfields West	Centerra Gold	Nevada, USA	2.0% NSR	Au	Early Exploration
Rays	Barrick Gold	Nevada, USA	2.0% NSR	Au	Early Exploration

Please visit our Asset Handbook for portfolio details.

Asset Classification Definitions:

Producing	A project is considered to be “Producing” when the underlying property, or part of it, is subject to actively mining the deposit(s) to produce a payable product and the Company’s royalty is cash flowing based on this production.
Developing	A project is considered to be “Developing” when the project has sufficiently initiated or completed economic studies (e.g., Preliminary Economic Assessment, Pre-Feasibility Study or Feasibility Study) or where the operator has otherwise disclosed an active plan or decision to construct mine workings including a reasonable estimate with projected costs and timeline to commence development which will lead to eventual production. In most cases, the project will have a Mineral Resource estimate and in some cases there may also be a Mineral Reserve estimate. Generally, Developing projects will be in active construction or development towards production, while others are sufficiently advanced and will be based upon sufficient confidence of the operator that construction and development towards production will occur. Developing projects also include assets which previously produced and have been placed on Care and Maintenance or assets that are currently producing but the Company’s royalty does not cover the producing part of the mine.
Advanced-Exploration	A project is considered to be “Advanced-Exploration” when exploration work has advanced sufficiently to prepare a Mineral Resource estimate or material exploration activities are occurring or are planned to occur that are designed to support a Mineral Resource estimate. on the property. Exploration work may include enhancing geological studies, drilling programs, technical studies, and any other work including permitting activities that would de-risk the project. Advanced Exploration projects may have had study work initiated or completed to better understand economic potential on the property, but which has generally not resulted in work being approved, initiated or advanced that would substantially progress the project towards development and eventual production.
Early-Exploration	A project is generally considered to be “Early-Exploration” when there has been primarily early-stage exploration activities (such as geophysics, geochemical sampling, lithological / structural mapping, etc.) or insufficient exploration work to prepare a Mineral Resource estimate. In some cases, the project may have a historical Mineral Resource estimate or an Inferred Mineral Resource estimate but without current material exploration work being performed or proposed to further advance the project.

Value for all stakeholders

Strategy

Our strategy is to build a diversified asset base, with a focus on gold and other precious metals, by being a preferred partner to operating companies in the global mining industry.

Investing in GRC

GRC is focused on managing and growing our portfolio of precious metals interests through the acquisition of additional royalties, streams and similar interests.