Gold Royalties Corporation

Bermuda Royalty

Gold Royalties Corporation owns two royalties interests on the Bermuda PGM Project. The first is a 0.5% NSR royalty interest on a major portion of the Bermuda exploration property, in excess of 3,000 hectares, contiguous to the in-permitting Marathon PGM Project. The second is a further 1% NSR which applies to the entire Bermuda PGM Project after 2.5M oz of gold, platinum and palladium are produced from the project.

The Bermuda Property overlays a significant section of the Coldwell Complex, which is North America's largest alkaline intrusion. The royalty applies to lands which are directly adjacent to and believed to be on-strike with Stillwater's multi-million ounce Marathon PGM Deposit. The full Bermuda property was acquired by Stillwater Mining Company in December 2010 and mineral showings identified by the prior operator are currently being explored by Stillwater.

Royalty Particulars:

Location: Marathon, Ontario

Commodities: Platinum, Palladium, Copper

Royalty Structure: Net Smelter Return

Operator: Stillwater Mining Company (NYSE: SWC)

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