Alberto holds a Master's degree in Business Economics. During his academic career he acquired an extensive managerial and economic background, with a solid quantitative basis. He covers all sectors and the different types of stocks. Essentially describes a useful investment strategy that fits the profile of any investor, whether they are dividend investors or interested in a value proposition or growth opportunity.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the c ...

Summary of Gold Royalty Corp. 2025 Conference Call Company Overview - **Company Name**: Gold Royalty Corp. (NYSEAM:GROY) - **Industry**: Gold-focused royalty and streaming company - **Portfolio Composition**: Over 90% focused on gold, with a small component of copper [1][2] Key Points and Arguments - **Market Performance**: The company has shown a strong correlation to gold prices, with prices rising from $2,000 to nearly $3,700 per ounce, positively impacting share price [2] - **Business Model Advantages**: The royalty and streaming model provides scalability, fixed operating costs, and insulation from inflation [2] - **Portfolio Growth**: Since March 2021, the company has expanded from 18 royalties to 248 assets, with expectations of producing 5,700 to 7,000 gold equivalent ounces in 2025, translating to over $20 million in revenue [3][4] - **Jurisdictional Profile**: Over 85% of the business value is located in Canada and the U.S., specifically in Quebec, Ontario, and Nevada, which differentiates the company from peers [3][4] - **Cash Flow Generation**: The company anticipates significant cash flows from flagship assets, including Canadian Malartic, Ren, and Côté, which are expected to ramp up production [5][11] Financial Outlook - **Long-term Production Goals**: By 2029, the company expects to produce between 23,000 and 28,000 gold equivalent ounces, with over 80% of this growth coming from brownfield assets [6][7] - **Revenue Projections**: Approaching $100 million in revenue by the end of the decade at spot commodity prices [8] - **Debt Management**: Priority use of cash flow will be to pay down existing debt, enhancing financial flexibility [9] Growth Catalysts - **Key Assets Driving Growth**: - **Borboryma**: Expected to achieve commercial production in 2025, with potential throughput expansion [9][10] - **Vares**: A high-quality silver project with significant throughput increase potential [10] - **Canadian Malartic**: Transitioning to underground operations, expected to significantly increase production [11] - **Ren**: Expected to produce 140,000 ounces of gold per year starting in 2027 [12] Exploration and Optionality - **Exploration Activities**: Over 350,000 meters of drilling planned for 2025, with a total of over 2 million meters drilled in the last five years, providing significant optionality at no cost [13] Capital Structure and Shareholder Composition - **Shareholder Support**: Strong backing from strategic shareholders, including GoldMining Inc. and Nevada Gold Mines [14] - **Trading Liquidity**: Approximately 3 million shares traded daily, with a market cap close to $800 million [14][15] Conclusion - **Investment Thesis**: Gold Royalty Corp. is positioned for significant growth with a strong portfolio in favorable jurisdictions, a scalable business model, and a focus on cash flow generation, making it an attractive investment opportunity in the gold royalty and streaming sector [15]

Summary of Gold Royalty Corporation Conference Call Company Overview - **Company Name**: Gold Royalty Corporation (GROY) - **Trading Symbol**: GROY on NYSE American - **Founded**: Five years ago, went public in March 2021 - **Initial Capital Raised**: USD 90 million at IPO with a share price of $5 [4][3] - **Current Portfolio**: Approximately 250 royalties, with 7 cash-flowing and 14 in various stages of development [5][6] Key Financial Highlights - **Revenue Growth**: Projected gold equivalent ounce growth of 360% over the next five years [5][6] - **Free Cash Flow**: First year of positive free cash flow in history; expected to grow significantly [6][38] - **G&A Costs**: Reduced to $7-8 million per annum, down from $10 million due to synergies from acquisitions [25][26] - **Projected Revenue**: Anticipated revenue of nearly $90 million by the end of the decade at current gold prices [25][24] Growth Strategy - **Acquisitions**: Successfully executed a roll-up strategy, acquiring three companies and significantly diversifying the royalty portfolio [5][17] - **Organic Growth**: Generated over 70 royalties for free through staking exploration claims [19][21] - **Production Increase**: Expected increase from 6,000 to nearly 30,000 gold equivalent ounces by 2029 [22][23] Market Position and Competitive Advantage - **Royalty Model**: Provides capital to mine operators and receives a percentage of gross revenue, insulated from operating costs and inflation [8][10] - **Diversification**: Portfolio includes royalties from three of the five largest gold mines in North America [22][29] - **Management Experience**: Management team has extensive industry experience, enhancing risk evaluation and opportunity identification [15][16] Industry Context - **Gold Price Dynamics**: Historical increase in gold prices; expected to continue due to global debt levels and inflationary pressures [49][52] - **Market Consolidation**: Anticipated further consolidation in the royalty sector, creating opportunities for mid-tier players [30][31] Future Outlook - **Debt Management**: Expected to be debt-free by 2026 due to free cash flow generation and convertible debenture conversion [41][42] - **Shareholder Returns**: Plans to return capital to shareholders through buybacks or dividends once financial position stabilizes [54][55] - **Production and Cost Structure**: Focus on large-scale operations with economies of scale, mitigating cost inflation risks [56][57] Additional Insights - **Jurisdictional Focus**: Over 80% of the portfolio is in top-rated jurisdictions (Nevada, Quebec, Ontario) with low political and regulatory risks [33][34] - **Long-term Viability**: The royalty model allows for perpetual ownership of royalties, providing long-term cash flow potential [11][12] This summary encapsulates the key points discussed during the Gold Royalty Corporation conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Financial Data and Key Metrics Changes - The company achieved record quarterly revenue of $4.4 million, a nearly 50% increase in adjusted EBITDA to $2.4 million compared to the previous quarter [7][9] - Positive free cash flow was reported for the quarter, with cash balances slightly above $5 million, including undrawn revolver capacity [20][21] - The average gold price during the quarter was $3,279 per ounce, contributing to strong cash flows [9] Business Line Data and Key Metrics Changes - Cote mine achieved nameplate throughput with revenue exceeding $1 million in the quarter [11] - Bobrema mine contributed $1.2 million in revenue, maintaining guidance of 33,000 to 40,000 ounces of gold produced for 2025 [12][14] - Revenue from Ignico Eagle's Canadian Malartic mine was reported at $18,000, viewed as a temporary issue due to mine sequencing [13] Market Data and Key Metrics Changes - The company maintains its full-year guidance of 5,700 to 7,000 gold equivalent ounces (GEO) for 2025, despite a guidance cut at Verus mine [14] - The company expects a five-year outlook of 23,000 to 28,000 GEO, primarily from mature and brownfield operations [14] Company Strategy and Development Direction - The company is focused on debt reduction while considering capital returns to shareholders and pursuing strategic growth opportunities [4][5] - There is an expectation of accelerated consolidation in the royalty sector, driven by new strategic capital and recent mergers [5][29] - The company aims to create a mid-tier royalty company with organic growth and sufficient scale to attract global institutional equity investors [5][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a five-year period of pronounced gold equivalent production growth across its portfolio [6] - The company plans to use excess cash to repay outstanding debt, aiming to be effectively debt-free by 2026 [10][36] - Management emphasized the importance of maintaining a disciplined approach to capital allocation and potential acquisitions [16][29] Other Important Information - The company has approximately 20 million outstanding share purchase warrants, exercisable at $2.25 per share [17] - The company is exploring opportunities in safe jurisdictions, primarily in Canada and the US, while also considering investments in Brazil and Australia [35] Q&A Session Summary Question: How was the free cash flow from Q2 2025 handled? - The company generated positive free cash flow and aims to maintain a cash balance above $5 million, with plans to evaluate repayment of the revolver in the coming quarters [20][21] Question: Can you elaborate on Jared Canyon's revenues and expectations? - Revenues from Jared Canyon were related to a settlement, and no further revenues are expected until the mine restarts [22][23] Question: What is the company's stance on the merger landscape? - The company anticipates accelerated consolidation in the royalty space, with a focus on becoming a consolidator in the future [26][29] Question: How far out does the company typically look for acquisitions? - The company focuses on assets with a clear path to cash flow, typically within a five-year window [32] Question: At what point would the company consider reinstating dividends? - The company plans to discuss returning capital to shareholders after achieving a net debt-free position and steady free cash flow generation [36]

Financial Performance & Outlook - The company reported record revenue of $3.8 million and Total Revenue, Land Agreement Proceeds and Interest of $4.4 million (1,249 GEOs)[22] - Adjusted EBITDA reached a record $2.4 million[22] - The company reiterates its 2025 guidance for total GEOs to be between 5,700 and 7,000[23] - The company forecasts peer-leading growth of over 360% in the next five years, with GEOs expected to increase to between 23,000 and 28,000 in 2029[23] Key Growth Assets & Catalysts - Côté Gold is operating at a steady-state nameplate throughput rate of 36,000 tons per day as of July 2025, ahead of the Q4 2025 target[24] - Production from Côté Gold is expected to approximately double in 2025 to 360,000-400,000 ounces of gold (100% basis)[24] - Borborema achieved initial production in Q1 2025, with commercial production expected in Q3 2025, and is expected to reach between 40% and 48% of designed nominal capacity in 2025, equivalent to an annualized rate of 83,000 ounces of gold[24] - Vareš is expected to ramp up to an 800ktpa run rate during H2 2025, with fully funded growth to 1.0Mtpa expected in 2026 and expansion to 1.3Mtpa expected in 2027, representing a total throughput increase of 63%[24] Valuation & Investment - The company's valuation is attractive, with significant potential for growth and re-rating[33] - The company offers a quality portfolio of Tier 1 royalties and an experienced management team[35]

Core Insights - Gold Royalty Corp. has achieved positive free cash flow for both the second quarter and the first half of 2025, alongside record revenues and cash margins, indicating growth in production and profitability within its asset portfolio [2][11][12] Financial Performance - For the second quarter of 2025, the company reported revenue of $3.8 million, a significant increase from $1.8 million in the same period of 2024, while total revenue including land agreement proceeds and interest reached $4.4 million, up from $2.2 million [6][11] - The net loss for the second quarter was $829,000, an improvement from a net loss of $2.2 million in Q2 2024, with adjusted net loss also showing improvement [6][11] - Adjusted EBITDA for the second quarter was $2.4 million, compared to $740,000 in the same quarter of 2024, reflecting enhanced operational efficiency [6][11] Production and Guidance - The company reported 1,346 gold equivalent ounces (GEOs) produced in Q2 2025, up from 947 GEOs in Q2 2024, and maintained its 2025 guidance of 5,700-7,000 GEOs, expecting production to be more heavily weighted in the second half of the year [6][11][20] - The company also targets a production outlook of 23,000-29,000 GEOs by 2029, demonstrating confidence in its asset portfolio's growth potential [2][11] Portfolio Updates - The Borborema project is on track for commercial production in Q3 2025, with expected production of 33,000 to 40,000 ounces of gold in 2025 [9] - The Côté Gold mine has reached its nameplate capacity of 36,000 tonnes per day, indicating strong operational performance [15] - The Vareš mine achieved commercial production on July 1, 2025, although production guidance for the year has been revised down due to operational challenges [20] Royalty Generator Model - The royalty generator model has added two new royalties in the first half of 2025, contributing to a total of 50 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 [22] - The company currently has 33 properties under land agreements and six properties generating land agreement proceeds, maintaining low operating costs [23]

Core Insights - Gold Royalty Corp. reported record revenue for the second quarter and first half of 2025, with total revenue increasing by approximately 100% to $4.4 million compared to the same quarter in 2024 [2] - The company expects further revenue growth throughout 2025, driven by strong commodity prices and increased production from various mining operations [3] Financial Performance - Total Revenue, Land Agreement Proceeds, and Interest for Q2 2025 reached $4.4 million, up from $2.2 million in Q2 2024, equating to 1,346 gold equivalent ounces (GEOs) [2][11] - For the first half of 2025, these figures increased by 25% to a record $8.0 million, equating to 2,595 GEOs [2][11] - The breakdown of revenue sources for Q2 2025 included royalties of $1.981 million, streaming of $720,000, and land agreement proceeds of $459,000 [11] Production Guidance - The company maintains its full-year production guidance for 2025 at 5,700 to 7,000 GEOs, with expectations for production to be more heavily weighted in the second half of the year [3] - Recent mining operations at Côté, Vareš, and Borborema are expected to ramp up towards full production rates throughout 2025 [3] Upcoming Events - Gold Royalty plans to release its detailed financial and operating results for Q2 2025 on August 6, 2025, followed by a conference call on August 7, 2025 [5]

Portfolio Composition & Growth - Gold Royalty's portfolio has 61% of its book value in Canada and 27% in the USA [20] - Over 90% of the company's value is in gold [19] - The company expects significant growth over the next five years, with attributable gold equivalent ounces (GEOs) projected to increase from 5,462 in 2024 to between 23,000 and 28,000 in 2029 [41] - The company's growth from 2024 to 2025 is projected to be 28%, and its long-term growth outlook to 2029 is 367% [44, 46] Financial Performance & Strategy - Gold Royalty Corp currently has $273 million drawn on its revolving credit facility and $40 million convertible debentures outstanding [55] - The company's 2025 outlook assumes a gold price of $2,668/oz and a copper price of $424/lb [42] - The company's 2029 outlook assumes a gold price of $2,212/oz and a copper price of $423/lb [42] - The company's scalable business model expects recurring cash operating expenses to be $7-8 million per year [50] Asset Highlights - Borborema is expected to have an average production of 83,000 GEO per year in the first three years [117] - REN project is expected to reach full production in 2027 with average yearly production of 140,000 ounces [100, 109] - Côté Gold Project is expected to have a first 6-year average production of 495,000 ounces per year [118]

Group 1 - U.S. stock futures are higher, with Dow futures gaining over 150 points [1] - Sarepta Therapeutics, Inc. shares fell 31.4% to $24.86 after suspending ELEVIDYS shipments and pausing ENVISION trial due to a second fatal liver failure in non-ambulatory Duchenne patients [1] Group 2 - KULR Technology Group, Inc. shares fell 21.9% to $0.8980 following a 1-for-8 reverse stock split [4] - Gold Royalty Corp. shares dipped 14.7% to $1.95, despite Canaccord Genuity initiating a Buy rating with a $3 price target [4] - Solid Biosciences Inc. shares fell 8% to $4.15, with JMP Securities reiterating a Market Outperform rating and maintaining a $15 price target [4] - Omada Health, Inc. shares declined 5.4% to $16.18 [4] - Repligen Corporation shares decreased 4% to $122.50 [4] - IonQ, Inc. shares slipped 3.2% to $36.65 [4] - Tango Therapeutics, Inc. shares declined 3.2% to $4.54 [4]

Summary of Gold Royalty (GROY) 2025 Investor Day Company Overview - Gold Royalty (GROY) is a royalty company focused on gold assets, with a portfolio of 248 royalties, positioning it among the top tier of listed royalty companies [doc id='46'] - The company is approaching free cash flow generation for the first time since its IPO in March 2021, with significant growth expected over the next five years [doc id='3'][doc id='79'] Industry Insights - Gold prices are nearing all-time highs, currently around $3,400 per ounce, making gold one of the best-performing asset classes [doc id='2'] - The gold market is characterized by a lack of supply response to price increases, with mining companies unable to significantly increase production due to capital intensity and long investment horizons [doc id='21'][doc id='30] - Central bank buying, particularly from Asia, has been a significant driver of gold prices, although this has not translated into a corresponding increase in gold equity prices [doc id='23'][doc id='24'] Financial Performance and Projections - The company expects a 16% growth in attributable production in 2025, with a projected 360% increase over the next five years, translating to a compounded annual growth rate of 36% [doc id='32'] - By the end of the decade, GROY anticipates reaching approximately 30,000 ounces of attributable production, potentially generating around $90 million in revenue at current gold prices [doc id='35'] - General and administrative (G&A) costs have decreased by 40% in 2023 due to post-merger integration, allowing for more revenue to flow to the bottom line [doc id='36] Growth Strategy - The company is focused on a disciplined capital allocation strategy, prioritizing debt reduction and potential shareholder returns over new acquisitions due to current market conditions [doc id='37'][doc id='41'] - GROY has a unique business model with four pillars of growth: traditional royalty financing, organic royalty generation, corporate M&A, and cash flowing assets [doc id='58][doc id='61'] - The company has been patient in its acquisition strategy, having looked at over 400 opportunities but only executing 10 transactions, emphasizing the importance of value accretion [doc id='50][doc id='52] Market Dynamics - The royalty and streaming sector is increasingly competitive, with over 40 companies vying for similar opportunities, making it challenging to deploy capital effectively [doc id='50] - The overall market capitalization of listed royalty companies is around $100 billion, with M&A activity averaging $3.5 billion annually, indicating limited growth from acquisitions [doc id='52] - GROY's current market multiple is approximately 0.8 times NAV, which is below the market average, limiting its ability to engage in significant M&A [doc id='49] Conclusion - Gold Royalty is well-positioned for growth with a strong portfolio and a disciplined approach to capital allocation, focusing on generating free cash flow and enhancing shareholder value in the coming years [doc id='79]