Vancouver, British Columbia - July 29, 2021 - Gold Royalty Corp. (' Gold Royalty' or the 'Company') (NYSE American: GROY) is pleased to announce that Monarch Mining Corporation (' Monarch') (TSX: GBAR) (OTCQX: GBARF) has disclosed an updated Mineral Resource estimate at the Beaufor Mine gold project in Quebec, Canada. As announced on July 23, 2021, Gold Royalty has entered into an agreement to acquire a 1% NSR Royalty on the Beaufor property as well as a C$2.50 per tonne royalty on the Beacon Mill which will process the material mined from Beaufor. Highlights from Monarch's July 28, 2021 Press Release: ● Beaufor Mine gold project now has an estimated Measured Mineral Resource of 328,500 tonnes grading at 5.7 g/t Au for a total of 59,900 ounces of gold and an estimated Indicated Mineral Resource of 956,400 tonnes grading at 5.2 g/t Au for a total of 159,300 ounces, which equates to a 136% increase as compared to the prior Mineral Resource estimate disclosed by Monarch.