Gold Royalty Corp., Golden Valley Mines and Royalties Ltd. and Abitibi Royalties Inc. announced the business combinations between Gold Royalty and each of Abitibi Royalties and Golden Valley by way of statutory plans of arrangements. The Arrangement involving Golden Valley was completed under the Canada Business Corporations Act and became effective at 12:01 a.m. (Vancouver time) today. The Arrangement involving Abitibi Royalties was completed under the Business Corporations Act (British Columbia) and became effective at 12:05 a.m. (Vancouver time) today.

Pursuant to the respective Arrangements, Gold Royalty acquired all of the issued and outstanding Golden Valley and Abitibi Royalties common shares, with: (i) Golden Valley shareholders entitled to receive 2.1417 Gold Royalty common shares for each Golden Valley share held immediately prior to the effective time of such Arrangement; and (ii) Abitibi Royalties shareholders entitled to receive 4.6119 common shares of Gold Royalty for each Abitibi Royalties share held immediately prior to the effective time of such Arrangement. The total consideration payable by Gold Royalty to holders of Golden Valley and Abitibi Royalties shares on closing of the Arrangements consisted of an aggregate of 61,104,200 Gold Royalty Shares. Additionally, pursuant to the Golden Valley Arrangement, each of its 1,166,389 options that were outstanding immediately prior to the effective time were exchanged for 2,498,045 options to purchase Gold Royalty Shares as more fully set in the Golden Valley Arrangement.

The shares of each of Golden Valley and Abitibi Royalties are expected to be delisted from the TSX Venture Exchange effective as of the close of market on November 5, 2021. Each of Golden Valley and Abitibi Royalties has also submitted an application to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate its public reporting requirements. In order to receive Gold Royalty Shares in exchange for shares of Golden Valley and Abitibi Royalties, registered shareholders of each such company must complete, sign, date and return the applicable letter of transmittal that was mailed to them in accordance with the instructions provided therein.

For further information registered shareholders of Golden Valley and Abitibi Royalties should contact Odyssey Trust Company by dialing 1 (587) 885-0960 (within and outside North America). Golden Valley and Abitibi Royalties shareholders that own their shares through a broker or other intermediary should contact such broker or other intermediary regarding their receipt of Gold Royalty Shares under the applicable Arrangement.