Royalty Overview

The Railroad Pinion royalty was acquired in August 2021, through the acquisition of Ely Gold.

Project Overview

The Railroad-Pinion property includes a land package of 21,679 hectares in Elko County and fully encompasses the South Railroad project in the Bullion mining district of the southern Carlin trend.

Railroad-Pinion has two adjacent areas: the North Railroad portion, which includes POD, Sweet Hollow, and North Bullion (“North Bullion deposits”), and the South Railroad portion, which includes Dark Star, Pinion, and Jasperoid Wash deposits (“South Railroad project”). The earliest prospecting and exploration on the property dates to the mid- 1860s, with mining operations beginning as far back as 1869 resulting in shipments of raw ore to smelters. Railroad-Pinion is wholly owned and operated by Orla Mining Ltd. (“Orla”) after the acquisition of its previous operator, Gold Standard Ventures Corp. (“GSV”), in August 2022.

In February 2022, a feasibility study was published for the South Railroad project outlining a 10.5-year operating mine life with total gold production over 1 million ounces. The feasibility study contemplates open pit mining from the Dark Star and Pinion deposits with a conventional truck and shovel operation for one year of pre-production followed by eight years of mining. The run-of- mine (“ROM”) is placed on to a leach pad to be processed.

In August 2022, Orla completed the acquisition of GSV to further solidify Orla’s journey in becoming a growth-oriented, low-cost, mid-tier gold producer. Orla began integrating the South Railroad project into their plans identifying key priorities for the project to include permitting, review of project schedule including critical path activities, and assessment of current exploration supporting resource expansion. In 2023, Orla will focus on upgrading and increasing oxide resources at satellite deposits and drill testing multiple exploration targets (Dark Star, Pinion), which are fully included in Gold Royalty’s area of interest representing significant exploration upside to the NSR.