Gold Royalty Corp., Abitibi Royalties Inc. and Golden Valley Mines and Royalties Ltd. announced an update on certain royalties that will form part of the new Gold Royalty upon closing of the transactions announced on September 7, 2021. The new Gold Royalty will have royalty interests on nine projects currently in the Feasibility/PEA Stage of development, which includes Fenelon, Hog Ranch, Railroad-Pinion, Cheechoo, Sao Jorge, Yellowknife, La Mina, Sleeper and Mt. Hamilton.

These projects represent potential medium to long term additions to the new Gold Royalty's cash flows. Fenelon – Quebec (2.0% NSR). Advancing One of Canada's Most Exciting Gold Discoveries.

The Fenelon Gold Property is currently subject to one of the largest exploration programs in Canada by Wallbridge Mining Company Limited ("Wallbridge"). A total of 170,000 metres of drilling and 4,800 metres of underground exploration development (Phase 1 of a 10,000 metre two-year program) at an approximate cost of CAD 75 million is being completed in 2021, which was announced on January 11, 2021. On September 15, 2021, Wallbridge issued an exploration update for the Fenelon Gold Property, where drilling successfully expanded the gold mineralization with high-grade intersections at both the eastern and northwestern edges of the area tested by the current resource drilling.

In the northwest, exploration drilling successfully expanded the footprint of Area 51, with near surface intersections including 11.60 gpt gold over 14.05 metres. In the east, exploration drilling to follow-up the discovery hole of the Gabbro Zones, East Extension (17.79 gpt gold over 16.60 metres, Wallbridge news release April 29, 2021), confirmed the presence of strong gold mineralization, with the first follow-up hole returning 9.00 gpt gold over 10.00 metres. Assays for the remaining three holes drilled to the east are pending.

Wallbridge has stated that the company expects to announce the inaugural mineral resource statement for the Fenelon Gold Property by the end of October, 2021. Following the expected publication of the mineral resource estimate and associated economic studies, Wallbridge is planning to submit permitting applications, supported by an updated project description and environmental and social impact assessment ("ESIA"). Hog Ranch – Nevada (2.25% NSR).

New Gold Discovery Points to Resource Expansion Potential. The Hog Ranch Property, which was previously in production from 1985 - 1992, is located in north-west Nevada and is owned by Rex Minerals Ltd. ("Rex") based in Australia. Hog Ranch has a reported Indicated and Inferred Mineral Resource of 165 Mt grading 0.43 gpt gold for 2.26 million ounces of gold (JORC Code) with an accompanying preliminary economic assessment ("PEA") that was completed in June 2020.

On April 22, 2021, Rex announced that exploration drilling had resumed at Hog Ranch and was designed to test both new mineral targets and also extend known gold zones that remain open for expansion. On July 26, 2021, Rex issued a news release highlighting a new gold discovery at the Airport area of the Hog Ranch Property that intersected 0.64 gpt gold over 114 metres, including a higher-grade zone that returned 1.4 gpt gold over 36.6 metres. Rex has stated that this gold mineralization is likely to extend along strike and up and down dip; the full extent of which will require additional drilling to confirm.

On August 27, 2021, Rex announced further drill results from the Airport area of Hog Ranch. Drill highlights included 2.12 gpt gold over 56.4 metres. Rex stated that the findings from the drilling point to further large-scale gold mineralization at the Airport structure and provides solid evidence that the Airport area can grow to become another significant gold deposit at Hog Ranch.

The Cheechoo Project, located near Newmont's Eleonore Mine in Quebec, contains an Inferred Resource of 1,955,000 ounces of gold (93.0 million tonnes grading 0.65 gpt gold) and is owned by Sirios Resources Inc. ("Sirios"). Sirios is taking a number of steps in order to advance the project including 1) Resource expansion, definition and regional drilling, 2) Reanalysis of gold grades with more representative sample sizes with the goal of increasing the overall grade, 3) Conducting metallurgical test work to determine the optimum recovery method, 4) Updated resource estimate and 5) Publish the results of a PEA that is scheduled to be completed in 2022. Although at an earlier stage, Sirios envisions Cheechoo becoming a bulk tonnage heap leach mine similar to comparable operations such as Victoria Gold Corp.'s Eagle Mine (Yukon) and Kinross Corporation's Fort Knox Mine (Alaska).

Project and Royalty Generator Model: As part of the new Gold Royalty's strategy to expand its royalty holdings through organic growth, the Company will continue to execute on the successful project generator model's established by Ely Gold Royalties Inc., Abitibi Royalties and Golden Valley. The model calls for staking, selling or optioning mineral projects while retaining a royalty. The initiative is designed to generate a competitive return on capital, expand the Company's royalty holdings, while deploying a limited amount of working capital.

Tonopah West Nevada (3.0% NSR). Blackrock Silver Drills Multiple High-Grade Silver Intercepts. On September 1, 2021, Blackrock Silver Corp.

(‘Blackrock') announced new high-grade silver and gold drill intercepts from its core and RC drilling program on the 100% controlled Tonopah West project located in the Walker Lane trend of western Nevada. These new results continue to demonstrate robust continuity of high-grade mineralization at both the DPB and Victor targets; additional in-fill drill results highlight the potential for this deposit as Blackrock works towards delivery of a maiden resource estimate. In addition to the 3.0% NSR, Gold Royalty is entitled to option payments from Blackrock totaling USD 2,350,000 over the next 30 months.