EX-99.1


		As at	As at
		June 30, 2026	December 31, 2025
	Notes	($)	($)
Assets
Current assets
Cash and cash equivalents		11,333	12,407
Short-term investments		2,804	1,548
Accounts receivable		6,149	2,741
Prepaids and other receivables		2,926	5,850
		23,212	22,546

Non-current assets
Royalties, streaming and other mineral interests	4	790,093	786,736
Long-term investments	5	2,519	2,486
Investment in joint venture	6	22,602	—
Gold-linked loan	7	10,896	10,826
Other long-term assets		791	162
		826,901	800,210

		850,113	822,756

Liabilities
Current Liabilities
Accounts payable and accrued liabilities		4,835	4,618
		4,835	4,618

Non-current liabilities
Non-current portion of lease obligation		54	101
Deferred income tax liability		120,724	118,842
		120,778	118,943

		125,613	123,561

Equity
Issued capital	9	773,828	752,241
Reserves	9	24,221	23,998
Accumulated deficit		(73,803)	(77,357)
Accumulated other comprehensive income		254	313
		724,500	699,195

		850,113	822,756

Subsequent events (Note 16)

Approved by the Board of Directors:

     /s/ Ken Robertson

     /s/ Warren Gilman

     Ken Robertson
Director

     Warren Gilman
Director


		For the three months ended June 30		For the six months ended June 30
		2026	2025	2026	2025
	Notes	($)	($)	($)	($)
Revenue
Revenue	10	6,732	3,823	13,910	6,961
Cost of sales
Cost of sales excluding depletion	4	(312)	(268)	(603)	(413)
Depletion	4	(1,754)	(418)	(3,145)	(509)
Gross profit		4,666	3,137	10,162	6,039

Other operating income (expenses)
General and administrative costs	11	(2,058)	(1,841)	(4,184)	(3,662)
Project evaluation costs	11	(31)	—	(31)	(18)
Share of loss in associate		—	(50)	—	(80)
Dilution loss in associate		—	(73)	—	(73)
Share of profit in joint venture	6	310	—	763	—
Share-based compensation	9	(715)	(650)	(1,450)	(1,342)
Operating income for the period		2,172	523	5,260	864

Other items
Change in fair value of gold-linked loan	7	444	425	1,036	715
Change in fair value of short-term investments		203	47	67	(27)
Change in fair value of embedded derivative		—	180	—	280
Foreign exchange gain (loss)		45	(81)	40	(52)
Finance costs	12	(161)	(2,236)	(504)	(4,441)
(Loss) gain on loan modification	8	—	—	(500)	693
Other income (expense)		97	(27)	199	(18)
Net income (loss) before income taxes for the period		2,800	(1,169)	5,598	(1,986)
Current tax expense		(128)	(47)	(144)	(118)
Deferred tax (expense) recovery		(889)	387	(1,900)	27
Net income (loss) after income taxes for the period		1,783	(829)	3,554	(2,077)

Other comprehensive (loss) income
Item that may be reclassified subsequently to net income:
Foreign currency translation differences		(34)	161	(59)	161
Total comprehensive income (loss) for the period		1,749	(668)	3,495	(1,916)

Net income (loss) per share
Basic	9	0.01	(0.00)	0.02	(0.01)
Diluted	9	0.01	(0.00)	0.01	(0.01)

Weighted average number of common shares outstanding
Basic	9	230,811,330	170,553,644	230,106,914	170,407,047
Diluted	9	239,253,267	170,553,644	240,317,602	170,407,047


	Notes	Number of Common Shares	Issued Capital ($)	Reserves ($)	Accumulated Deficit ($)	Accumulated Other Comprehensive Income ($)	Total ($)
Balance at December 31, 2024		170,205,124	595,811	35,684	(73,227)	35	558,303
GRC Shares issued upon vesting of restricted share units		69,783	287	(287)	—	—	—
GRC Shares issued for interest payment of convertible debentures		398,333	600	—	—	—	600
GRC Shares issued upon exercise of share options		36,170	176	(104)	—	—	72
Share-based compensation - share options		—	—	441	—	—	441
Share-based compensation - restricted share units		—	—	901	—	—	901
Total comprehensive loss for the period		—	—	—	(2,077)	161	(1,916)
Balance at June 30, 2025		170,709,410	596,874	36,635	(75,304)	196	558,401


	Notes	Number of Common Shares	Issued Capital ($)	Reserves ($)	Accumulated Deficit ($)	Accumulated Other Comprehensive Income ($)	Total ($)
Balance at December 31, 2025		224,530,457	752,241	23,998	(77,357)	313	699,195
GRC Shares issued upon vesting of restricted share units	9	35,453	37	(37)	—	—	—
GRC Shares issued upon exercise of share options		441,067	1,405	(1,077)	—	—	328
GRC Shares issued upon vesting of common share purchase warrants		2,256,963	5,192	(113)	—	—	5,079
Share-based compensation - share options	9	—	—	567	—	—	567
Share-based compensation - restricted share units	9	—	—	883	—	—	883
Royalty interest acquisition:
GRC Shares issued to acquire royalty interest	9	3,571,429	15,000	—	—	—	15,000
Issuance cost	9	—	(65)	—	—	—	(65)
Deferred tax recovery recognized	9	—	18	—	—	—	18
Total comprehensive income for the period		—	—	—	3,554	(59)	3,495
Balance at June 30, 2026		230,835,369	773,828	24,221	(73,803)	254	724,500


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
	($)	($)	($)	($)
Operating activities
Net income (loss) for the period	1,783	(829)	3,554	(2,077)
Items not involving cash:
Depreciation	19	20	40	39
Depletion	1,754	418	3,145	509
Finance costs	161	2,236	504	4,441
Other (income) expense	(97)	27	(199)	18
Share-based compensation	715	650	1,450	1,342
Change in fair value of short-term investments	(203)	(47)	(67)	27
Change in fair value of embedded derivative	—	(180)	—	(280)
Loss (gain) on loan modification	—	—	500	(693)
Change in fair value of gold-linked loan	(444)	(425)	(1,036)	(715)
Share of loss in associate	—	50	—	80
Dilution loss in associate	—	73	—	73
Share of profit in joint venture	(310)	—	(763)	—
Deferred tax expense (recovery)	889	(387)	1,900	(27)
Unrealized foreign exchange (gain) loss	(63)	85	(15)	60
Operating cash flows before movements in working capital	4,204	1,691	9,013	2,797
Net changes in non-cash working capital items:
Accounts receivables	(917)	(779)	(3,408)	(313)
Interest income credited against gold-linked loan	464	375	966	701
Prepaids and other receivables	116	(188)	1,492	(158)
Accounts payable and accrued liabilities	(144)	(30)	134	529
Cash provided by operating activities	3,723	1,069	8,197	3,556

Investing activities
Interest received	95	7	145	16
Investment in royalties, streaming and other mineral interests	(6,532)	—	(36,860)	(2,209)
Investment in long-term investments	(92)	—	(92)	—
Proceeds on disposition of short-term investments	—	7	—	7
Land agreements proceeds credited against other mineral interests	—	214	20	327
Proceeds from sale of subsidiary	—	—	22,499	—
Distribution received from joint venture	662	—	662	—
Proceeds from issuance of call options	20	—	20	—
Cash (used in) provided by investing activities	(5,847)	228	(13,606)	(1,859)

Financing activities
Proceeds from issuance of GRC Shares	42	72	5,407	72
(Payment of bank transaction costs) net proceeds from bank loan	—	—	(561)	1,835
Interest paid	(158)	(1,504)	(462)	(2,769)
Payment of lease obligations	(25)	(25)	(49)	(48)
Cash (used in) provided by financing activities	(141)	(1,457)	4,335	(910)

Net (decrease) increase in cash	(2,265)	(160)	(1,074)	787
Cash and cash equivalents
Beginning of period	13,598	3,214	12,407	2,267
End of period	11,333	3,054	11,333	3,054

1. Corporate information

Gold Royalty Corp. ("GRC" or the "Company") is a company incorporated in Canada on June 23, 2020 and domiciled in Canada. GRC is principally engaged in acquiring gold-focused royalty and mineral stream interests. The registered office of the Company is located at 1000 Cathedral Place, 925 West Georgia Street, Vancouver, British Columbia, V6C 3L2, Canada. The principal address of the Company is located at 1830 – 1188 West Georgia Street Vancouver, BC, V6E 4A2, Canada.

The Company's common shares (the "GRC Shares") and common share purchase warrants ("Warrants") are listed on the NYSE American under the symbols "GROY" and "GROY.WS", respectively.

2. Basis of preparation and significant accounting policies

2.1 Statement of compliance

The Company's condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") applicable to the presentation of interim financial statements including International Accounting Standard 34, Interim Financial Reporting. The condensed interim consolidated financial statements should be read in conjunction with the Company's annual consolidated financial statements for the year ended December 31, 2025.

These condensed interim consolidated financial statements were authorized for issue by the Company's board of directors on August 5, 2026.

2.2 Basis of presentation

The Company's condensed interim consolidated financial statements have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. The Company's condensed interim consolidated financial statements are presented in United States dollars ("U.S. dollar", "$" or "dollar"). All amounts are rounded to the nearest thousand except per share amounts or as otherwise indicated.

The accounting policies applied in the preparation of these condensed interim consolidated financial statements are consistent with those applied and disclosed in the Company's annual financial statements for the year ended December 31, 2025. The Company's interim results are not necessarily indicative of its results for a full year.

The condensed interim consolidated financial statements include the financial statements of Gold Royalty Corp. and its wholly-owned subsidiaries:


			% Equity Interest as at
Name of subsidiary	Country of Incorporation	Functional Currency	June 30, 2026	December 31, 2025
Ely Gold Royalties Inc.	Canada	U.S. dollar	100%	100%
Nevada Select Royalty, Inc.	USA	U.S. dollar	100%	100%
Ren Royalties LLC	USA	U.S. dollar	100%	100%
VEK Associates	USA	U.S. dollar	100%	100%
Gold Royalty Holdings Ltd.	Canada	U.S. dollar	100%	100%
Groyco Mex. S.A. de C.V.	Mexico	U.S. dollar	100%	100%
Borborema Royalty General Partner LLC	USA	U.S. dollar	100%	Established in 2026

All subsidiaries are consolidated from the date the Company obtained control until the date that its control ceases. Control is achieved when the Company is exposed to, or has rights to, variable returns from the subsidiaries and has the ability to affect those returns through its power over the entity. All inter-company transactions, balances, income and expenses are eliminated through the consolidation process. The accounts of all subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies.

3. IFRS Pronouncements

3.1 Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments

In May 2024, the IASB issued targeted amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, to respond to recent questions arising in practice. These amendments:

•

clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

•

clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

•

add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environmental, social and governance targets); and

3. IFRS Pronouncements (continued)

3.1 Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments (continued)

•

update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

The amendments to IFRS 9 and IFRS 7 are effective for annual periods beginning on or after January 1, 2026. These amendments have been applied retrospectively and the adoption of these amendments did not have material effects on the Company's financial statements. The Company has elected to derecognize financial liabilities before the settlement date for all of its electronic payment systems.

3.2 IFRS 18 – Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18 in response to investors' concerns about comparability and transparency of entities' performance reporting. The new presentation requirements introduced in IFRS 18 will increase comparability of the financial performance of similar entities, especially related to how "operating profit or loss" is defined. The new disclosure requirements for "management-defined performance measures" will enhance transparency. IFRS 18 is effective from January 1, 2027 and has not yet been adopted by the Company.

Management is in the process of determining the impact on the Company of applying IFRS 18. The Company has prepared a transition plan and is on track to report its first IFRS 18-compliant interim financial statements for the three months ending March 31, 2027 and annual financial statements for the year ending December 31, 2027.

4. Royalties, streaming and other mineral interests


	Streams on Production Stage Assets ($)	Royalties on Production Stage Assets ($)	Royalties on Development Stage Assets ($)	Royalties on Exploration and Resource Stage Assets ($)	Other mineral interests ($)	Total ($)
Balance at December 31, 2024	50,570	321,572	127,540	202,851	15,247	717,780
Additions	—	70,651	—	2,251	58	72,960
Disposal	—	—	—	(785)	—	(785)
Depletion	(1,625)	(1,033)	—	—	—	(2,658)
Land agreement proceeds	—	—	—	—	(561)	(561)
Transfers	—	21,250	(21,250)	4,134	(4,134)	—
Balance at December 31, 2025	48,945	412,440	106,290	208,451	10,610	786,736
Additions	—	45,322	6,508	—	30	51,860
Sale of subsidiary	—	(45,338)	—	—	—	(45,338)
Depletion	(657)	(2,488)	—	—	—	(3,145)
Land agreement proceeds	—	—	—	—	(20)	(20)
Transfers	—	1,157	12	(1,141)	(28)	—
Balance at June 30, 2026	48,288	411,093	112,810	207,310	10,592	790,093

County Line Mine commenced production

During the six months ended June 30, 2026, Fortitude Gold Corp's County Line Mine commenced production, and its carrying value of $1,141 was transferred from royalties on exploration and resource stage assets to royalties on production stage assets.

Additional Borborema Royalty Acquisition

On January 21, 2026, the Company completed the acquisition of an existing net smelter return ("NSR") royalty (the "Additional Borborema Royalty") on the Borborema Mine from a third party for total consideration of $45,000, comprised of $30,000 in cash and the issuance of 3,571,429 GRC Shares. The Additional Borborema Royalty consists of a 1.5% NSR on the first 1.5 million ounces ("Moz") of payable gold production and 1.0% until 2.0 Moz of payable gold is produced, thereafter being extinguished. Transaction costs amounting to $338 were recorded as part of the carrying value of the Additional Borborema Royalty.

During the six months ended June 30, 2026, Taurus Mining Royalty Fund, L.P. ("Taurus") participated in this acquisition under the previously announced mutual cooperation agreement between the parties. Pursuant to a unit purchase agreement, Taurus acquired an indirect 49.9978% interest in Borborema Royalty Limited Partnership ("Borborema LP"), a subsidiary of the Company that holds the Additional Borborema Royalty. As a result of the transaction, the Company lost control of Borborema LP per IFRS 10, Consolidated Financial Statements. The assets and liabilities, including the Additional Borborema Royalty, were derecognized from the condensed consolidated financial statements (note 6).

4. Royalties, streaming and other mineral interests (continued)

Additional REN Royalty Acquisition

On June 15, 2026, the Company acquired an additional indirect 0.1875% NSR royalty interest over the REN project ("Additional REN Royalty"), located in Nevada, USA and operated by Barrick Gold Corp. ("Barrick") and owned by Nevada Gold Mines, a joint venture between Barrick (61.5%) and Newmont Gold Corporation (38.5%), for total cash consideration of $6,250. This is in addition to the existing indirect 1.50% NSR interest held on the same terms. As a result, the Company's net interests over the REN project have increased to a 1.6875% indirect NSR and a 3.5% Net Profit Interest. Transaction costs amounting to $270 were recorded as part of the carrying value of the Additional REN Royalty.

Land agreement proceeds

During the three and six months ended June 30, 2026, the Company received land agreement proceeds that were credited against other mineral interests of $nil (2025: $214) and $20 (2025: $327), respectively.

Cost of sales excluding depletion

During the three and six months ended June 30, 2026, the Company incurred copper streaming expenses, which are associated ongoing payments required to be made by the Company equal to 30% of the LME spot copper price of $312 (2025: $216) and $603 (2025: $361), respectively, relating to the Vareš copper stream.

During the three and six months ended June 30, 2025, the Company incurred net proceeds of minerals tax, which are applied to royalty revenue received from certain assets in Nevada, of $52.

Summary of Select Royalties and Stream

The following is a summary of selected royalties and a stream owned by the Company as of June 30, 2026:


Asset	Interest	Jurisdiction
Streams on Production Stage Assets:
Vareš Mine	100% copper stream	Bosnia and Herzegovina

Royalties on Production Stage Assets:
Borborema Mine	2.75% NSR (1)	Rio Grande do Norte, Brazil
Borden Mine (2)	0.5% NSR	Ontario, Canada
Canadian Malartic Property (open pit) (2)	2.0% – 3.0% NSR	Québec, Canada
Cozamin Mine (2)	1.0% NSR	Zacatecas, Mexico
Côté Gold Mine (2)	0.75% NSR	Ontario, Canada
Granite Creek Project	10% Net Profit Interest ("NPI")	Nevada, USA
Pedra Branca Mine	25.0% NSR (Au); 2.0% NSR (Cu)	Pará, Brazil

Royalties on Development Stage Assets:
Canadian Malartic - Odyssey Project (2) (underground)	3.0% NSR	Québec, Canada
REN - Carlin Mines	1.6875% NSR	Nevada, USA
REN - Carlin Mines (NPI)	3.5% NPI	Nevada, USA

Royalties on Exploration and Resource Stage Assets:
Fenelon Gold Project	2.0% NSR	Québec, Canada

__________

Notes:

(1)

Consists of 2.0% NSR held by the Company and the Company's pro rata share of the Additional Borborema Royalty.

(2)

Royalty applies to only a portion of the property.

5. Long-term investments

As at June 30, 2026, long-term investments include $1,519 (C$2,163) (December 31, 2025: $1,486 (C$2,038)) representing a 12.5% equity interest in Prospector Royalty Corp. ("PRC"), a private company providing preferred access to a proprietary and digitized royalty database. The arrangement includes a royalty referral and granting opportunities to acquire certain royalties identified by PRC. During the three and six months ended June 30, 2026, the Company recorded an unrealized fair value loss on the investment from foreign currency translation of $34 (2025: unrealized fair value gain of $79) and $59 (2025: unrealized fair value gain of $79), respectively, in other comprehensive (loss) income in the condensed consolidated statement of comprehensive income (loss).

As at June 30, 2026, long-term investments also include a non-controlling equity interest in Apex Royalties Limited of $1,000 (December 31, 2025: $1,000), a private mining royalty company. This equity interest was received as part of the consideration for the disposal of the Company's royalty on the Pilot Mountain tungsten project during the year ended December 31, 2025.

6. Investment in joint venture

In February 2026, the Company established Borborema LP and contributed the Additional Borborema Royalty (note 4) at a fair value of $45,000 to Borborema LP as initial capital contribution. Subsequent to the establishment of Borborema LP, pursuant to a unit purchase agreement, Taurus acquired an indirect 49.9978% interest in Borborema LP for cash consideration of $22,499. As a result of the transaction, the Company lost control of Borborema LP but retained joint control over Borborema LP with Taurus. The assets and liabilities of Borborema LP were derecognized from the condensed consolidated financial statements in accordance with IFRS 10, Consolidated Financial Statements, with the retained interest recognized as an investment in joint venture in the condensed consolidated statement of financial position. A loss of $338 associated with the loss of control attributable to the former controlling interest was recognized against other income in the condensed consolidated statements of income (loss) comprehensive income (loss). During the three and six months ended June 30, 2026, the Company recognized share of profit in joint venture of share-based compensation expense of $310 (2025: $nil) and $763 (2025: $nil), respectively, related to the investment in Borborema LP.

Borborema LP considered a material joint venture of the Company as at June 30, 2026. The Company's proportion of ownership interest is the same as the proportion of voting rights held. Borborema LP is a private entity.

      
     % equity interest as at

     Carrying amount as at

     Name of entity

     Country of Incorporation

     June 30, 2026

     December 31, 2025

     Nature of relationship

     Measurement method

     June 30, 2026
($)

     December 31, 2025
($)

     Borborema Royalty Limited Partnership

     USA

     50.0022%

     —

     Joint Venture

     Equity method

     22,602

     —

The tables below provide summarised financial information for Borborema LP. The information disclosed reflects the amounts presented in the financial statements of Borborema LP and not the Company's share of those amounts.


	As at	As at
	June 30, 2026	December 31, 2025
	($)	($)
Assets
Current assets
Accounts receivable	906	—
	906	—

Non-current assets
Royalties, streaming and other mineral interests	44,295	—
	44,295	—

Net assets	45,201	—

Reconciliation to carrying amounts:
Opening net assets at the beginning of the period/year	—	—
Capital contribution	45,000	—
Net income for the period/year	1,525	—
Distributions paid	(1,324)	—
Closing net assets	45,201	—

Company's share in %	50.0022%	—
Company's share in $	22,602	—
Carrying amount	22,602	—

6. Investment in joint venture (continued)


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
	($)	($)	($)	($)
Revenue
Revenue	906	—	2,230	—
Cost of sales
Depletion	(286)	—	(705)	—
Net income (loss) for the period	620	—	1,525	—

Distributions received from joint venture	662	—	662	—

7. Gold-linked loan

On December 19, 2023 (the "Advance Date"), the Company entered into a definitive agreement with Borborema Inc. (the "Borrower"), providing the Borrower with project financing for its Borborema Project of $10,000. The loan is secured against certain assets of the Borrower, and bears interest at 110 ounces of gold per quarter and is payable through cash settlement or physical delivery of gold. The Borrower has the option to prepay the loan with all interest accrued and unpaid after 24 months following the Advance Date. The Borrower will have the option to elect its choice of payment (the "Prepayment Option").

The loan is classified as a financial asset and measured at fair value through profit or loss in accordance with IFRS 9, Financial Instruments. The Prepayment Option has been accounted for as part of the fair value of the loan in accordance with IFRS 9, Financial Instruments. The fair value of the loan is remeasured on the reporting date and the change in fair value is recognized in the condensed consolidated statements of income (loss) and comprehensive income (loss).

As at June 30, 2026, the fair value of the loan has been estimated using a discounted cash-flow approach based on the following assumptions: risk-free interest rate of 3.83%, calibrated credit spread of 2.07%, estimated long-term gold price of $3,587 per ounce and expected volatility of gold of 19.08%. The Company recorded a fair value gain on the loan of $444 (2025: $425) and $1,036 (2025: $715), respectively, in change in fair value of gold-linked loan in the condensed consolidated statements of income (loss) and comprehensive income (loss) for the three and six months ended June 30, 2026.


		($)
Balance at December 31, 2024		10,739
Interest income credited against gold-linked loan		(1,598)
Change in fair value during the year		1,685
Balance at December 31, 2025		10,826
Interest income credited against gold-linked loan		(966)
Change in fair value during the period		1,036
Balance at June 30, 2026		10,896

8. Bank loan

In February 2026, the Company amended and upsized its existing Credit Facility (the "Credit Facility"), to increase the secured revolving credit line to $125 million, with an accordion feature allowing for up to an additional $25 million in availability, subject to certain conditions. Under the amended Credit Facility, term benchmark advances bear interest at rate equal to Secured Overnight Financing Rate ("SOFR") plus a margin of 2.25% to 3.25%, reflecting a 25-basis points interest rate reduction. The Credit Facility matures in November 2028. None of the Credit Facility was utilized as of June 30, 2026.

The Credit Facility is subject to standard conditions and covenants which include a leverage ratio and an interest coverage ratio. The Company was in compliance with all covenants as at June 30, 2026.

The following outlines the movement of the bank loan from December 31, 2024 to June 30, 2026:

8. Bank loan (continued)


		($)
Balance at December 31, 2024		24,920
Additional draw-down		2,000
Repayment		(27,287)
Less: transaction costs and fees		(907)
Modification adjustment		240
Interest expense		2,376
Interest paid		(2,466)
Reclassification of unamortized transaction costs to assets		1,124
Balance at December 31, 2025		—
Additional draw-down		22,500
Repayment		(22,500)
Less: transaction costs and fees		(561)
Modification adjustment		500
Interest expense		166
Interest paid		(130)
Reclassification of unamortized transaction costs to assets		25
Balance at June 30, 2026		—

9. Equity

9.1 Common Shares

The authorized share capital of the Company consists of an unlimited number of common shares and an unlimited number of preferred shares issuable in series without par value.

On January 21, 2026, the Company issued 3,571,429 GRC Shares in satisfaction of the acquisition of the Additional Borborema Royalty (Note 4). The Company incurred issuance costs of $65 and recognized a corresponding deferred tax recovery of $18.

During the three and six months ended June 30, 2026, the Company issued 26,168 and 2,733,483 GRC Shares, respectively, in satisfaction of vesting of Restricted Share Units ("RSUs") and exercise of share options and common share purchase warrants.

9.2 Restricted Share Units

During the three and six months ended June 30, 2026, the Company recognized share-based compensation expense of $442 (2025: $445) and $883 (2025: $901), respectively, related to RSUs.

The following outlines the movements of the Company's RSUs:


	Number of RSUs	Weighted Average Grant Price ($)
Balance at December 31, 2024	2,580,275	1.55
Granted	448,636	4.01
Vested	(1,184,225)	1.77
Forfeited	(2,350)	1.29
Balance at December 31, 2025	1,842,336	2.00
Vested	(17,001)	2.18
Balance at June 30, 2026	1,825,335	2.00

The Company classifies RSUs as equity instruments since the Company has the ability and intent to settle the awards in common shares. The compensation expense is calculated based on the fair value of each RSU as determined by the closing value of GRC Shares at the date of the grant. The Company recognizes compensation expenses over the vesting period of the RSUs.

9. Equity (continued)

9.3 Reserves

The following outlines the movements of the Company's common share purchase warrants, share options, RSUs and convertible debentures:


	Reserves
	Warrants	Share Based Awards	Convertible Debentures	Total
	($)	($)	($)	($)
Balance at December 31, 2024	9,295	14,657	11,732	35,684
Vesting of RSUs	—	(2,092)	—	(2,092)
Exercise of share options	—	(138)	—	(138)
Exercise of common share purchase warrants	(478)	—	—	(478)
Share-based compensation - share options	—	947	—	947
Share-based compensation - RSUs	—	1,807	—	1,807
Convertible debentures - redemption and conversion	—	—	(11,732)	(11,732)
Balance at December 31, 2025	8,817	15,181	—	23,998
Vesting of RSUs	—	(37)	—	(37)
Exercise of share options	—	(1,077)	—	(1,077)
Exercise of common share purchase warrants	(113)	—	—	(113)
Share-based compensation - share options	—	567	—	567
Share-based compensation - RSUs	—	883	—	883
Balance at June 30, 2026	8,704	15,517	—	24,221

Common Share Purchase Warrants

As at June 30, 2026, there were 14,643,027 GRC Warrants outstanding with a weighted average remaining contractual life of 0.92 years. During the three and six months ended June 30, 2026, 10,800 and 2,256,963 GRC Warrants, respectively, were exercised and the weighted average share price at the date of exercise were $2.81 and $5.05, respectively.

Share Options

The Company adopted a long-term incentive plan (the "LTIP") which provides that the Board of Directors may, from time to time, in its discretion, grant awards of restricted share units, performance share units, deferred share units and share options to directors, officers, employees and consultants. The aggregate number of common shares issuable under the LTIP in respect of awards shall not exceed 10% of the common shares issued and outstanding.

During the three and six months ended June 30, 2026, the Company recognized share-based compensation expense of $273 (2025: $205) and $567 (2025: $441), respectively, related to the share options.

The following outlines the movements of the Company's common share options:


	Number of options	Weighted Average Exercise Price ($)
Balance at December 31, 2024	9,723,775	2.89
Granted	748,034	4.01
Exercised	(99,534)	1.68
Forfeited	(13,517)	2.46
Expired	(207,347)	2.40
Balance at December 31, 2025	10,151,411	2.99
Exercised	(441,067)	1.33
Forfeited	(66,719)	1.32
Expired	(2,755,000)	4.98
Balance at June 30, 2026	6,888,625	2.32

The weighted average share price at the date of exercise of options exercised during the three and six months ended June 30, 2026 were $2.80 (2025: $2.26) and $4.63 (2025: $2.26), respectively.

9. Equity (continued)

9.3 Reserves (continued)

Share Options (continued)

A summary of share options outstanding and exercisable as at June 30, 2026, is as follows:


	Options Outstanding			Options Exercisable
Exercise Price ($)	Number of Options Outstanding	Weighted Average Exercise Price ($)	Weighted Average Remaining Contractual Life (years)	Number of Options exercisable	Weighted Average Exercise Price ($)	Weighted Average Remaining Contractual Life (years)
1.00 to 1.99	3,277,619	1.27	2.01	3,277,619	1.27	2.01
2.00 to 2.99	2,253,455	2.59	1.43	2,253,455	2.59	1.43
3.00 to 3.99	17,514	3.06	0.89	17,514	3.06	0.89
4.00 to 4.99	1,340,037	4.40	2.67	966,017	4.56	1.97
	6,888,625	2.32	1.95	6,514,605	2.22	1.80

9.4 Income (Loss) Per Share


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
	($)	($)	($)	($)
Net income (loss) after income taxes for the period	1,783	(829)	3,554	(2,077)

Basic weighted average number of common shares	230,811,330	170,553,644	230,106,914	170,407,047
Basic income (loss) per share	0.01	(0.00)	0.02	(0.01)

Effect of dilutive securities
RSUs	1,293,064	—	1,361,185	—
Share options	2,502,431	—	2,923,688	—
Warrants	4,646,442	—	5,925,815	—
Diluted weighted average number of common shares	239,253,267	170,553,644	240,317,602	170,407,047
Diluted income (loss) per share	0.01	(0.00)	0.01	(0.01)

10. Revenue


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
	($)	($)	($)	($)
Borborema	1,208	853	2,974	1,594
Borden	367	285	899	469
Canadian Malartic	90	18	103	123
Côté Gold	1,132	1,052	2,425	1,571
County Line	133	—	133	—
Cozamin	391	299	772	600
Pedra Branca	2,056	—	3,442	—
Vareš	1,037	720	2,010	1,204
Others	318	596	1,152	1,400
	6,732	3,823	13,910	6,961

During the three and six months ended June 30, 2026, others consist of land agreement proceeds not credited against other mineral interests of $271 (2025: $245) and $759 (2025: $705), respectively, and advance mineral royalty payment received of $25 (2025: $24) and $371 (2025: $361), respectively. During the three and six months ended June 30, 2025, others also reflect the recognition of $326 in revenue in respect of royalties payable for prior periods after Nevada Select Royalty, Inc. received a favorable judgment in a previously announced dispute with the operator of the Jerritt Canyon Mine regarding its per ton royalty interest.

11. General and administrative costs and project evaluations costs


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
	($)	($)	($)	($)
Corporate administrative costs	799	457	1,555	1,138
Employee costs	893	1,071	1,894	1,851
Professional fees	347	293	695	634
	2,039	1,821	4,144	3,623
Depreciation	19	20	40	39
	2,058	1,841	4,184	3,662

During the three and six months ended June 30, 2026, included in project evaluation costs were professional fees of $31 (2025: $nil) and $31 (2025: $18), respectively.

12. Finance costs


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
	($)	($)	($)	($)
Interest expense on bank loan	158	621	498	1,247
Interest expense on convertible debentures	—	1,057	—	2,113
Accretion of convertible debentures	—	555	—	1,074
Interest expense on lease liabilities	3	3	6	7
	161	2,236	504	4,441

13. Financial instruments

The Company's financial instruments consist of cash and cash equivalents, short-term and long-term investments, gold-linked loan, accounts receivable, accounts payable and accrued liabilities, and lease obligations.

The Company uses the following hierarchy for determining and disclosing fair value of financial instruments:

•

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

•

Level 2: other techniques for which all inputs have a significant effect on the recorded fair value which are observable, either directly or indirectly.

•

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.


	As at June 30, 2026
	Level 1	Level 2	Level 3	Total
	($)	($)	($)	($)
Recurring measurements
Financial assets at FVTPL
Short-term investments	2,804	—	—	2,804
Gold-linked loan	—	—	10,896	10,896
Financial assets at FVOCI
Long-term investments	—	—	2,519	2,519
	2,804	—	13,415	16,219

13. Financial instruments (continued)


	As at December 31, 2025
	Level 1	Level 2	Level 3	Total
	($)	($)	($)	($)
Recurring measurements
Financial assets at FVTPL
Short-term investments	1,548	—	—	1,548
Gold-linked loan	—	—	10,826	10,826
Financial assets at FVOCI
Long-term investments	—	—	2,486	2,486
	1,548	—	13,312	14,860

There were no transfers between the levels of the fair value hierarchy during the three months ended June 30, 2026.

The Company's short-term investments are initially recorded at fair value and subsequently revalued to their fair market value at each period end based on inputs such as quoted equity prices. The Company's short-term investments are measured at fair value on a recurring basis and classified as Level 1 within the fair value hierarchy.

The fair value of the gold-linked loan is classified as Level 3 and is determined based on a discounted cash flow approach, which includes significant inputs not based on observable market data such as long-term gold price and expected volatility of gold.

The Company's long-term investments are classified as Level 3 and measured based on data such as the price paid by arm's length parties in recent transactions.

The fair value of the Company's other financial instruments, which include cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities approximate their carrying values due to their short term to maturity. Lease obligations are measured at amortized cost. The fair value of the lease obligations approximates their carrying values as their interest rates are comparable to current market rates.

13.1 Financial risk management objectives and policies

The financial risk arising from the Company's operations are credit risk, liquidity risk, currency risk, equity price risk and interest rate risk. These risks arise from the normal course of operations and all transactions undertaken are to support the Company's ability to continue as a going concern. The risks associated with financial instruments and the policies on how the Company mitigates these risks are set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner.

13.2 Credit risk

Credit risk is the risk of an unexpected loss if a customer or third-party to a financial instrument fails to meet its contractual obligations. Credit risk for the Company is primarily associated with the Company's bank balances, accounts receivable and gold-linked loan. The Company's bank balances are primarily held with a Schedule I chartered bank in Canada and its US affiliates. The Company's maximum exposure to credit risk is equivalent to the carrying value of its cash and cash equivalents in excess of the amount of government deposit insurance coverage for each financial institution, and the carrying amount of its accounts receivable and gold-linked loan. In order to mitigate its exposure to credit risk, the Company closely monitors its financial assets.

13.3 Liquidity risk

Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. To manage liquidity risk, the Company closely monitors its liquidity position and ensures it has adequate sources of funding to finance its projects and operations. The Company's working capital (current assets less current liabilities) as at June 30, 2026, was $18,377 compared to $17,928 as at December 31, 2025. The Company's accounts payable and accrued liabilities are expected to be realized or settled, respectively, within a one-year period.

The Company's future profitability will be dependent on the royalty and streaming income to be received from mine operators. Royalties and streams are based on a percentage of the minerals or the products produced, or revenue or profits generated from the property which is typically dependent on the prices of the minerals the property operators are able to realize. Mineral prices are affected by numerous factors such as interest rates, exchange rates, inflation or deflation and global and regional supply and demand. In managing liquidity risk, the Company takes into account the anticipated cash flows from operating activities and its holding of cash and short-term investments. The Company believes it has the adequate liquidity to meet its obligations and to finance its planned activities.


	Payments Due by Period
	Total	Less than 1 year	1 – 3 years	4 – 5 years	After 5 years
	($)	($)	($)	($)	($)
Lease obligations	154	97	57	—	—

13. Financial instruments (continued)

13.4 Currency risk

The Company is exposed to foreign exchange risk when the Company undertakes transactions and holds assets and liabilities in currencies other than its functional currency. The Company currently does not engage in foreign exchange currency hedging. The currency risk on the Company's cash and cash equivalents, short-term investments, other receivables, accounts payable and accrued liabilities and lease obligations are minimal.

13.5 Equity price risk

The Company is exposed to equity price risk associated with its investments in other mining companies. The Company's short-term investments consisting of common shares are exposed to significant equity price risk due to the potentially volatile and speculative nature of the businesses in which the investments are held. Based on the Company's short-term investments held as at June 30, 2026, a 10% change in the market price of these investments would have an impact of approximately $205 on net income for the six months ended June 30, 2026. The Company is not exposed to significant equity price risk related to its marketable securities.

13.6 Interest rate risk

The Company's exposure to interest rate risk arises from the impact of interest rates on its cash and secured revolving credit facility, which bear interest at fixed or variable rates. The interest rate risks on the Company's cash balances are minimal. The Company's secured revolving credit facility bears an interest rate based on SOFR plus applicable margin ranging from 2.25% to 3.25% based on the Company's leverage ratio, and an increase (decrease) of 10 basis point in the applicable rate of interest would not have a significant impact on the net income for the six months ended June 30, 2026. The Company's lease liability is determined using the interest rate implicit in the lease and an increase (decrease) of 10 basis points would not have a significant impact on the net income for the six months ended June 30, 2026.

14. Related party transactions

14.1 Related Party Transactions

Related party transactions are based on the amounts agreed to by the parties. During the three and six months ended June 30, 2026, the Company did not enter into any contracts or undertake any commitment with any related parties other than as described herein.

14.2 Transactions with Key Management Personnel

Key management personnel are individuals responsible for planning, directing and controlling the activities of an entity. Total management salaries and directors' fees incurred for services provided by key management personnel of the Company for the three and six months ended June 30, 2026 are as follows:


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
	($)	($)	($)	($)
Management salaries	337	496	677	794
Directors' fees	56	50	113	98
Share-based compensation	507	480	1,029	987
	900	1,026	1,819	1,879

15. Operating segments

The Company conducts its business as a single operating segment, being the investment in royalty and mineral streaming interests.

Revenue by geographical region

Revenue by geographical region, including revenues derived from the royalties, streaming and other mineral interests, are determined by the location of the mining operations giving rise to the royalties, streaming and other mineral interests. For the three and six months ended June 30, 2026 and 2025, revenue was earned from the following jurisdictions:

15. Operating segments (continued)


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
	($)	($)	($)	($)
Revenue by geographical region:
Bosnia and Herzegovina	1,037	720	2,010	1,204
Brazil	3,264	853	6,416	1,594
Canada	1,589	1,354	3,427	2,163
Mexico	391	299	772	600
USA	451	597	1,285	1,400
	6,732	3,823	13,910	6,961

Non-current assets by geographical region

Except for the streaming interest located in Bosnia and Herzegovina and royalties on gold projects located in the USA, Brazil, Mexico, Colombia, Peru and Turkey, substantially all of the Company's assets and liabilities are held in Canada. The following table summarizes the Company's non-current assets by geographical region, as at June 30, 2026 and December 31, 2025. Geographical region of royalties, streaming and other mineral interests are determined by the location of the properties related to the royalties, streaming and other mineral interests.


	As at	As at
	June 30, 2026	December 31, 2025
	($)	($)
Non-current assets by geographical region as of:
Bosnia and Herzegovina	48,288	48,944
Brazil	123,957	102,728
Canada	439,765	439,715
Colombia	4,527	4,527
Mexico	4,809	5,142
Peru	782	782
Turkey	949	949
USA	203,824	197,423
	826,901	800,210

16. Subsequent events

Acquisition of Additional Nevada Royalties

In July 2026, the Company acquired two NSR royalties in Nevada from a private seller for total consideration of $800.

The acquired royalties consist of: (i) a 2.0% NSR royalty on the Sterling property, which is operated by AngloGold Ashanti Limited and is located south of its Arthur project. Sterling hosts a near-surface, high-grade past-producing open-pit operation; and (ii) a 0.5% NSR royalty over portions of Granite Creek, operated by i-80 Gold Corp. The Granite Creek royalty covers portions of the Felix and Blue Bell pits at Granite Creek and includes associated advance minimum royalty payments of $32 per year.