A New Royalty Entrant

Great Bear Royalties (TSXV:GBRR) | August 2021August 2021 Corporate Presentation

A New Royalty Entrant Providing Exposure to a Potential Tier 1 Discovery in a Tier 1 Jurisdiction TSXV:GBRR

Great Bear Royalties (TSXV:GBRR) | August 2021

Cautionary StatementThis presentation contains certain forward-looking information and statements which may not be based on fact, including without limitation, statements regarding the Company’s expectations in respect of its business strategy, access to capital, events or developments that the Company expects to take place in the future; ability to raise additional capital and complete future financings; the ability of the Company to comply with environmental, safety and other regulatory requirements. All statements, other than statements of historical facts, are forward-looking information and statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “potential”, “estimate”, “may”, “will” and similar expressions identify forward-looking information and statements.

Such forward-looking information and statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such information and statements are inherently subject to significant business, economic and competitive uncertainties and contingencies.

Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and statements. Such factors include, but are not limited to, the inability of the Company to raise sufficient monies to carry out its business plan, changes in government legislation, taxation, controls, regulations and political or economic developments in Ontario, risks associated with the ability to retain key executives and personnel, title disputes and other claims. Many of these risks, uncertainties and contingencies can affect the Company’s actual performance and could cause actual performance to differ materially from those expressed or implied in any forward-looking information and statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking information and statements are not guarantees of future performance. There can be no assurance that such information and statements will prove to be accurate and actual results and future events could differ materially from those presented in such information and statements.

The Company disclaims any intention or obligation to update or revise any forward-looking information and statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

2

Great Bear Royalties (TSXV:GBRR) | August 2021 3

Investment HighlightsGreat Bear Royalties Corp.

Potential Tier 1 gold discovery in the heart of an established Canadian mining camp

Royalties on Tier 1 assets are very rare and extremely valuable

Leverage to a $45M / +175,000 meter drill program for 2021

27.3 million shares outstanding – held by longstanding GBR-V shareholders Management has a track record of value creation and significant royalty experience

Cornerstone asset = 2% NSR on Great Bear Resource’s Dixie Project

A rare, unique new entrant to the growing royalty space

Exposure to one of the largest exploration programs in Canada

Tight share structure and experienced management team

Member of Discovery Group (https://www.discoverygroup.ca/)

https://www.discoverygroup.ca/


Shares Outstanding 27.3M

Options 2.5M

Fully Diluted 29.8M

Market Cap (@ $4.30 per share) ~C$120M / US$95M

Working Capital ~C$5M

Shareholder breakdown (approx.)

Corporate Snapshot

4

10%

20%

70%

Insiders

Institutions

Other

John Robins – CEO & Director• Co-founder and principal of Discovery Group• Professional geologist, prospector and entrepreneur with 35+ years of experience in the

mining industry. Founder of Kaminak Gold and Bluestone Resources

Calum Morrison – President• VP, Business Development & CFO at Great Bear Resources; formerly with Teck Resources • +$1 billion in royalty transaction experience (led the sale of a US$610M Silver Stream to

Franco-Nevada and a US$525M Gold Stream to Royal Gold)

Zeenat Lokhandwala – Chief Financial Officer• Previously with Leagold Mining, through the merger with Equinox Gold• Formerly part of KPMG’s mining practice

Chris Taylor – Director• President & CEO at Great Bear Resources• Structural and Economic Geologist with over 20 years experience

James Paterson – Director• Principal of Discovery Group• 23+ years industry experience, including executive and directorship roles with

companies such as ValOre Metals Corp. (current), Kaminak Gold, Northern Empire Resources, and Bluestone Resources

Management / Directors Capital Structure (as at August 10, 2021)


Share Price & Analyst Coverage

5

Share Price Performance (since April 5, 2021) Analyst Coverage

Rating Price Target

Adam Schatzker Buy C$6.80/share

Stefan Ioannou Buy C$5.50/share

David Talbot n/a n/a

“World-class project in the making – The cornerstone Dixie Project royalty is underpinnedby Great Bear Resources’ LP Fault gold discovery, which appears to represent a significant(very) large-scale (potentially open pitable) opportunity. We would argue that said recentlyrecognized ‘Hemlo’ potential stands to unlock shareholder value—upside echoed by a morethan fully funded ~400 hole drill program designed to delineate the LP Fault over ~4-5 km ofstrike length this year, noting the system has already been interpreted to extend over ~18 kmof strike length on Great Bear Resources’ ground.” – Cormark Securities (May 26, 2021)

“A Royalty That Provides Exposure to the Excellent Dixie Project – We believe that theDixie project is one of the best gold discoveries in many years and has already shown itself,through GBR’s aggressive exploration program, to have the potential to host a multi-millionounce gold resource (we currently estimate the mineralized inventory to be approximately 9.6million ounces of gold). GBR plans to release a maiden 43-101 compliant resource in Q4/21to Q1/22 – we think this will be a major milestone for the company and, therefore, for GBRRas well.” – Mackie Research Capital (July 27, 2021)

0.00

0.50

1.00

1.50

2.00

$1.00

$2.00

$3.00

$4.00

$5.00

Apr-21 Apr-21 May-21 May-21 Jun-21 Jun-21 Jul-21 Jul-21 Aug-21

Volu

me

(M)

Shar

e Pr

ice (

C$)

Volume GBRR Price


2.0% Net Smelter Royalty1

• Reference to all minerals produced from the Dixie Project in Red Lake, Ontario

NSR covers a 9,140 ha property package• Dixie Project consists of contiguous claims over 22 km• Less than 5% of the total property has been explored to date

Straightforward, attractive royalty structure• Perpetual royalty (no expiry), uncapped and no buyback option• Gold payable in credits or physical gold• All other attributable minerals payable in cash

1 NSR = defined percentage of the gross revenue from a resource extraction operation, less a proportionate share of incidental transportation, insurance, refining and smelting costs

6

2% Net Smelter Royalty on the Dixie ProjectAttractive Royalty Structure on a Large, Prospective Land Package


The Dixie Project

7

A Discovery with Tier 1 Potential in Canada

District scale – 9,140 Hectares of contiguous claims over 22 km, covering an 18 km gold target

Tier 1 jurisdiction – Dixie is a 15 min drive from the town of Red Lake, Ontario with exceptional access to infrastructure

Large, high grade and near surface – An extremely rare combination

One of the largest exploration programs in Canada – $45M budget for 2021 with over 175,000 metres of drilling planned

Widely recognized as a potential Tier 1 gold mine – Current Analyst consensus estimates of~500-550koz gold annually implies potential annual cash flow of ~C$20-25M/yr to GBRR at current gold prices1

More info at: greatbearresources.ca

1 S&P Capital IQ, Street research

https://greatbearresources.ca/


--

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

8

A New Entrant to a Growing Royalty SpaceThe Precious Metals Royalty Space has Grown to ~US$65B with 3 Key Players Making up ~90%

Precious Metals Royalty Companies – Total Market Capitalization (US$M)

Newmont acquires ‘Old’ Franco-Nevada for $2.9B Wheaton Precious

formed

Franco-Nevada IPO

US$64B

1 Includes other precious metals royalties (ELE, ELY, EMPR, EMX, FISH, GBRR, GROY, MMX, MTA, NSR, OGN, RZZ, STRR, VOX) Source: S&P Capital IQ; as at Aug 10, 2021

Current % ofMkt. Cap Total

Franco-Nevada $29B 46%W heaton Precious $19B 30%Royal Gold $7B 12%Osisko Royalties $2B 3%Triple Flag $2B 3%Sandstorm Gold $1B 2%Other PM Royalties (14 Active Cos.)1 $3B 4%

Total Royalties $64B 100%


Undervalued Relative to Royalty PeersGreat Bear Royalties Trades at the Low End of Peer Consensus P/NAV

1 Gold Royalty Corp to acquire all issued and outstanding shares of Ely Gold (announced June 21)Source: S&P Capital IQ; as at Aug 10, 2021

Consensus P/NAV

No Research Coverage

1

1

2.7x

1.9x 1.9x

1.5x

1.2x 1.2x1.1x 1.1x 1.1x 1.0x 1.0x

0.9x 0.9x0.8x

-- --


A Tier 1 FocusGreat Bear Royalties Offers Investors a Peer-leading Tier 1 Focus

1 Based on consensus NAV estimates and/or company disclosure2 Includes assets of Ely Gold RoyaltiesSource: S&P Capital IQ

"diversification doesn't make sense. It's crazy to put money into your 20th choice rather than your first choice.."

Royalty peers often market their offering of a diversified portfolio of assets across multiple jurisdictions,however their key assets are diluted away in large portfolios, with exposure to less favourable jurisdictions

“Tier 1 jurisdictions”

Peer Portfolio Breakdown – Exposure to Tier 1 Jurisdictions1

- Warren Buffet (billionaire investor)

100% Tier 1 Exposure

2

Royalt ies 30 100+ 125+ 140+ 50+ 9 65+Streams -- -- -- 9 1 -- 2

Royalt ies 65+ 115+ 175+ 390+ 5 1 215+Streams 9 4 9 13 8 30+ 10

100% 92% 82% 80% 80%65%

61%44% 41% 33% 25% 16%

65%

62%


Top 40 Precious Metals Royalty AssetsRanked by Average Analyst Net Asset Value (US$M)

Note: Dashed bars = development assetSource: S&P Capital IQ

$3.5

B

$2.1

B

$1.3

B

$1B $500M $250M

Tier 1 Royalties

Streams: Asset, (stream commodity), (stream owner), (primary mine commodity)

Royalties: Asset, (royalty owner), (primary mine commodity)

--

$250

$500

$750

$1,000

Salo

bo (A

u) (W

PM) (

BM)

Cob

re P

anam

a (A

u+A

g) (F

NV

) (BM

)

Pena

squi

to (A

g) (W

PM) (

Poly

)

Can

dela

ria (A

u+A

g) (F

NV

) (B

M)

Still

wat

er (A

u+Pd

) (W

PM) (

PGM

)

Ant

amin

a (A

g) (W

PM) (

BM)

Ant

apac

cay

(Au+

Ag)

(FN

V) (

BM

)

Still

wat

er (F

NV

) (PG

M)

Mt.

Mill

igan

(Au+

Cu)

(RG

LD) (

BM)

Pueb

lo V

iejo

(Au+

Ag)

(RG

LD) (

Au)

Con

stan

cia

(Ag+

Au)

(WPM

) (BM

)

Ant

amin

a (A

g) (F

NV

) (BM

)

Nor

thpa

rkes

(Au+

Ag)

(TFP

M) (

BM)

And

acol

lo (A

u) (R

GLD

) (BM

)

Can

adia

n M

alar

tic (O

R) (

Au)

Ros

emon

t (A

g+A

u) (W

PM) (

BM)

Sudb

ury

(Au)

(WPM

) (Po

ly)

Pasc

ua-L

ama

(Ag)

(WPM

) (A

u)

San

Dim

as (A

u+A

g) (W

PM) (

Au)

Khoe

mac

au (A

g) (R

GLD

) (B

M)

Cot

abam

bas

(Ag+

Au)

(WPM

) (B

M)

Cor

tez

(RG

LD) (

Au)

Sant

o D

omin

go (A

u) (W

PM) (

BM)

Gol

dstr

ike

(FN

V) (

Au)

Pena

squi

to (R

GLD

) (Po

ly)

Car

iboo

(OR

) (A

u)

Det

our L

ake

(FN

V) (

Au)

Cer

ro L

indo

(Ag)

(TFP

M) (

BM)

Zink

gruv

an (A

g) (W

PM) (

Poly

)

Yaul

iyac

u (A

g) (W

PM) (

BM)

Pasc

ua-L

ama

(RG

LD) (

Au)

Nev

es-C

orvo

(Ag)

(WPM

) (Po

ly)

RBP

LAT

(Au)

(TFP

M) (

PGM

)

Blyv

oor (

Au)

(NSR

) (A

u)

Was

sa/P

rest

ea (A

u) (R

GLD

) (A

u)

Alju

stre

l (A

g) (W

PM) (

BM

)

Man

tos

Bla

ncos

(Ag)

(OR

) (BM

)

Red

Chr

is (R

GLD

) (A

u &

Cu)

Hor

ne 5

(Ag)

(OR

) (A

u)

Rai

ny R

iver

(Au+

Ag)

(RG

LD) (

Au)


Top 40 Royalty Asset Ownership LandscapeWho owns them?

1 Gold Royalty Corp to acquire all issued and outstanding shares of Ely Gold (announced June 21)Source: S&P Capital IQ; as at Aug 10, 2021

TBD

Market Capitalization (C$M) / Top 40 Royalty Asset Ownership$37.0B $24.0B $9.4B

1 1

$2,570

$2,115

$1,705

$845

$450 $415$310 $275 $260 $220 $120 $110 $85


Dixie Project Analogue – Barrick Gold’s Hemlo MineD

ixie

(LP

Faul

t)H

emlo

Gol

d M

ine

Deposit Long-Section Deposit Characteristics Similarities Applicable Royalties

• +4.2 km disseminated gold zone

• Drilled to a maximum depth of 500 metres

• Current drill spacing of up to 150m

• ~90% of gold mineralization along 2.6 km strike length

• 22.6M oz. disseminated gold deposit

• Majority of gold below 500m (94% mined underground)

• Average zone width of 8m at 8.5 g/t

• Disseminated sheet-like high grade gold mineralization

• Felsic volcanic and metasedimentary host rocks

• Major crustal shear zones

• Alteration styles: Albite-sericite-silica+/- sulphides

• GBRR owns a 2% NSR over the entire property at Dixie

• Franco-Nevada owns a 3% NSR / 50% NPI over a portion of the western underground extension of the ore-body (roughly equivalent to the area circled)

• Analyst Consensus Net Asset Value = ~US$450M1

FNV NSR / NPI

1 S&P Capital IQ, Street research


Property Côté Gold Red Chris Dixie Project

Buyer

Seller Treelawn Glencore

Royalty 1% NSR 1% NSR 2% NSR

Area of Influence (AOI)(% of total property)

912 ha(~5%)

5,100 ha(~30%)

9,140 ha(100%)

AOI Coverage ~70% of current reserves 100% of current resource 100% of all gold zones

Production Potential 367koz/yr Au (LOM avg)18 year life / 2023 startup

45koz Au / 25kt Cu (2021A)2027 Block Cave potential Tier 1 Potential

Valuation US$75M cash (Jun 2021)~1.5x P/NAV

US$165M cash (Aug 2021)n/a (PFS expected Sept 2021)

US$95M current mkt cap~0.9x P/NAV

Recent Royalty Transactions vs. GBRR

14

912 ha 5,100 ha

9,140 ha


Why Great Bear Royalties?

Royalties/Streams on Tier 1 assets are very rare and extremely valuable – the Dixie Project has the potential to be Tier 1

High-quality foundational asset provides multiple pathways to creation of shareholder value

Exposure to value accretion through the ongoing advancement of the Dixie Project

Management with track record of value creation and significant experience in the royalty industry

Minimal G&A fully funded for next 2+ years with current cash balance

Great Bear Royalties (TSXV:GBRR) | August 2021 TSX-V: GBR | OTCQX: GTBDF16

1020-800 West Pender StreetVancouver, BC V6C 2V6

[email protected]

www.greatbearroyalties.com

GBRR

mailto:[email protected]

Documents

A New Royalty Entrant