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]

Summary of Gold Royalty Conference Call Company Overview - **Company**: Gold Royalty - **Industry**: Mining and Royalty Sector - **IPO**: March 2021 with an initial collection of 18 royalties, now expanded to over 240 royalties [4][6] Key Points Portfolio Growth and Strategy - Gold Royalty has significantly diversified its portfolio, now holding royalties on three of the five largest gold mines in North America [5][6] - The company has transitioned from 18 royalties at IPO to over 240, with seven currently cash flowing and 14 in various stages of construction [6][7] - The focus has been on acquiring cash-flowing and near cash-flowing royalties to enhance revenue growth [5][6] Financial Performance - The company achieved positive operating cash flow for the first time last year and is now entering a phase of positive free cash flow [6][7] - Expected revenue growth of 367% from 2024 to 2029, with 85% of this growth coming from mature operations [68][69] - The company is currently in a "harvest mode," focusing on deleveraging and generating free cash flow per share [14][68] Market Conditions and Challenges - The gold sector has faced devaluation due to rising interest rates, impacting acquisition strategies [10][14] - The market is currently waiting for proof of concept on large-scale mines that are expected to achieve design production rates this year [13][14] - Exploration activities have slowed due to a lack of capital access for junior miners, affecting earlier stage royalties [39][40] Competitive Landscape - The royalty sector is characterized by a few large players (mega-cap companies) and many small-cap companies struggling for relevance [24][25] - Gold Royalty aims to capture the mid-cap space, which is seen as a "Goldilocks zone" for growth and institutional relevance [28][30] - The company has absorbed smaller competitors to eliminate redundant costs, achieving significant G&A savings [31][33] Future Outlook - The company is optimistic about several projects, including Cote, Varus, and Boubarema, which are expected to contribute to revenue growth [68][69] - The management team has extensive industry experience, which is leveraged for growth through M&A, royalty financing, and organic royalty generation [15][16][18] - The company is focused on maintaining a strong portfolio in top-rated mining jurisdictions, with over 80% of its assets located in Nevada, Quebec, and Ontario [19][23] Additional Insights - The company has a unique model that allows it to generate new royalties organically without significant capital outlay [18][37] - The correlation between gold prices and all-in sustaining costs remains strong, with current market conditions affecting producer valuations [100][105] Conclusion Gold Royalty is positioned for significant growth with a diversified portfolio and a focus on cash-flowing assets. The company is navigating market challenges while maintaining a strong outlook for future revenue and operational success.

Core Insights - Gold Royalty Corp. has released its inaugural Integrated Report, merging the Asset Handbook and Sustainability Reports into one comprehensive document [1][2] - The Integrated Report provides an overview of the company's royalty and streaming model, key royalties and streams, and sustainable business practices aimed at long-term value creation for shareholders [2] Company Overview - Gold Royalty Corp. is a gold-focused royalty company that offers creative financing solutions to the metals and mining industry [5] - The company's mission is to invest in high-quality, sustainable, and responsible mining operations, building a diversified portfolio of precious metals royalty and streaming interests for superior long-term returns [5] Upcoming Events - Gold Royalty's management will host a virtual Capital Markets Day on June 12, 2025, to discuss the company's business, long-term strategy, M&A outlook, capital structure, and recent developments [3] - The event will feature speakers from U.S. GoldMining, Wallbridge Mining, Discovery Silver, and Agnico Eagle, providing updates on various projects [4]

Financial Data and Key Metrics Changes - The company reported total revenue of $3.6 million for the quarter, translating to 1,249 gold equivalent ounces [6] - Operating cash flow reached a record $2.5 million, an increase of over 180% compared to the previous quarter [6] - Adjusted EBITDA was $1.7 million, representing an increase of over 30% compared to the previous quarter [6] - General and administrative costs were $1.8 million during the quarter, indicating effective cost management [6] Business Line Data and Key Metrics Changes - Production in Q1 represented approximately 20% of the midpoint of the full-year guidance range of 5,700 to 7,000 gold equivalent ounces [7] - The company expects production growth as projects ramp up and derisk throughout the year [7] Market Data and Key Metrics Changes - Spot gold prices reached record highs, recently exceeding $3,300 per ounce, which positively impacted both revenue and cash flow [4] - The company assumes a gold price of $2,212 per ounce and a copper price of $4.24 per pound in its five-year outlook [9] Company Strategy and Development Direction - The company is focused on debt reduction while considering capital returns to shareholders and pursuing strategic growth opportunities [5] - The five-year outlook forecasts production of 23,000 to 28,000 gold equivalent ounces by 2029, representing over a 360% increase from 2024 [8] - The company emphasizes disciplined capital allocation and is looking for accretive deals while maintaining a strong cash flow growth strategy [13][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for a transformative year, with expectations for steady improvement in cash flow and production [4] - The management highlighted the importance of being patient as cash flow growth materializes, which is expected to be a catalyst for re-rating back in line with peers [14] Other Important Information - The company is experiencing exciting progress towards project completion and expansion across its portfolio [12] - The upcoming Capital Markets Day is scheduled for June 12, where further details will be shared [15] Q&A Session Summary Question: What should be modeled for ounces in the second quarter? - Management indicated that Q1 production was lighter than expected, and a significant step up in Q2 is anticipated as assets ramp up to commercial production [22] Question: Where do you see the most variability in the long-term outlook? - Management noted variability could stem from Canadian Malartic and Odyssey, with potential upside at Bulbarema due to ongoing developments [24][27] Question: How has the market for new transactions changed with high gold prices? - The company is seeing more opportunities for new royalties on earlier stage assets, emphasizing a disciplined approach to capital allocation [34]

Financial Data and Key Metrics Changes - The company reported total revenue of $3.6 million for the quarter, translating to 1,249 gold equivalent ounces [5] - Operating cash flow reached a record of $2.5 million, an increase of over 180% compared to the previous quarter [5] - Adjusted EBITDA was $1.7 million, representing an increase of over 30% compared to the previous quarter [5] - General and administrative costs were $1.8 million during the quarter, indicating effective cost management [5] Business Line Data and Key Metrics Changes - Production in Q1 represented approximately 20% of the midpoint of the full-year guidance range of 5,700 to 7,000 gold equivalent ounces [6] - The ramp-up of the Verus, Cote, and Bobarima mines is expected to contribute significantly to production growth throughout the year [6][10] Market Data and Key Metrics Changes - Spot gold prices reached record highs, recently exceeding $3,300 per ounce, which positively impacted revenue and cash flow [3] - The company assumes a gold price of $2,212 per ounce and a copper price of $4.24 per pound in its five-year outlook [7] Company Strategy and Development Direction - The company is focused on debt reduction while considering capital returns to shareholders and pursuing strategic growth opportunities [4] - Capital allocation remains a strategic priority, with an emphasis on maintaining a scalable business model that keeps costs flat [4] - The company aims to report positive free cash flows later this year for the first time [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a transformative year ahead, driven by strong gold prices and increased production from key mines [3] - The company anticipates steady improvement in production as projects ramp up and derisk [6] - Management highlighted the potential for a significant increase in production volumes, projecting a 360% increase over the next five years [14] Other Important Information - The company maintains a clear focus on capital discipline and is exploring opportunities for new royalties and streams, particularly in earlier-stage assets [30] - The upcoming Capital Markets Day on June 12 is expected to provide further insights into the company's portfolio and strategic direction [14] Q&A Session Summary Question: What should be modeled for ounces in the second quarter? - Management indicated that Q1 production was lighter than expected, and a significant step-up in Q2 is anticipated as assets ramp up towards commercial production [22] Question: Where do you see the most variability in the long-term outlook? - Management noted variability could stem from Canadian Malartic and Odyssey, with potential upside from Bulbarema due to ongoing developments [24][26] Question: How has the market for new transactions changed with high gold prices? - The company is seeing more opportunities for new royalties on earlier-stage assets, emphasizing a disciplined capital allocation strategy [30]

First Quarter 2025 Financial Highlights - The company reported revenue of $3.1 million and Total Revenue, Land Agreement Proceeds and Interest of $3.6 million (1,249 GEOs)[22] - The company achieved record positive operating cash flow of $2.5 million and Adjusted EBITDA of $1.7 million[22] - General and administrative costs were $1.8 million[22] 2025 Guidance and Five-Year Outlook - The company expects total GEOs between 5,700 and 7,000 in 2025, with three cash flowing assets ramping up[23] - The company anticipates peer-leading growth of over 360% in the next five years, forecasting GEOs to increase to between 23,000 and 28,000 in 2029[23] Key Growth Assets - Commercial production at Vareš is expected in Q2 2025, with a ramp-up to 800ktpa run rate expected in H2 2025, and a potential throughput increase of 63% by 2027[30] - Côté Gold's ramp-up remains on track to achieve a steady-state nameplate throughput rate of 36,000tpd in Q4 2025, with production expected to approximately double in 2025 to 360,000-400,000oz gold (100% basis)[30] - 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 83,000oz Au[30] Valuation and Growth Potential - The company's valuation is approximately 0.57x Consensus median P/NAV, compared to a sector average of approximately 1.3x P/NAV[35]