Gold Royalty(GROY)2025-03-20 10:11Project Overview - The Odyssey Project is planned to mine at a rate of approximately 20,000 tonnes per day (tpd) with full commissioning of the 1,800 m deep shaft expected in 2027[205]. - Initial production from the Odyssey Mine began in 2023, with the first loading station expected to be commissioned in 2027[224]. - The Odyssey Project will utilize existing infrastructure at the Canadian Malartic site, including tailing storage facilities and processing plants[229]. Mining and Processing Capacity - The Canadian Malartic mine's processing plant has a nominal capacity of 55,000 tpd, utilizing conventional cyanidation for gold extraction[228]. - The total capacity of the current tailings management facility is estimated to be 230 million tonnes, with plans to store an additional 70 to 80 million tonnes in the Canadian Malartic pit post-mining[235]. Environmental Compliance - The Canadian Malartic GP has received all permits related to mining the Canadian Malartic pit extension, ensuring compliance with environmental regulations[236]. - A water treatment plant is in place to ensure compliance with water quality requirements, reducing risks associated with surface water management[238]. Resource and Production Metrics - The gold resource in the Canadian Malartic deposit is primarily hosted by altered clastic sedimentary rocks, with mineralization extending from surface to 400 m below surface[212]. - The Odyssey deposit extends on a 2 km strike and a width of 500 m, characterized by higher grade gold mineralization along its sheared margins[217]. - For the year ended December 31, 2024, processed tonnes increased to 20,317,263 from 19,583,538 in 2023, representing a growth of approximately 3.75%[240]. - Gold production attributable to the company rose significantly to 25,519 ounces in 2024, compared to 12,722 ounces in 2023, marking an increase of approximately 100%[240]. - Silver production also saw an increase, with attributable production rising to 12,457 ounces in 2024 from 6,600 ounces in 2023, reflecting an increase of approximately 89%[240]. - The metallurgical recovery rate for gold was 92.3% in 2024, slightly down from 92.7% in 2023, while silver recovery decreased to 68.6% from 72.2%[240]. Financial Aspects - The Canadian Malartic Property has a significant portion subject to a 5% NSR royalty payable to Osisko, with additional royalties varying between 1% and 3% on other claims[208]. - The royalty coverage percentage increased to 4.044% in 2024 from 1.875% in 2023, indicating a substantial improvement in royalty interests[240]. Community Engagement - The company has implemented a "Good Neighbour Guide" with over 90% of Malartic residents participating in the compensation program[231]. Future Developments - The company has submitted a request for a decree amendment to develop additional zones, which does not trigger further Federal permitting requirements[237]. - The Canadian Malartic GP believes that the availability of alternative refiners mitigates risks associated with losing current refining services[240]. - The company is focused on maintaining flexibility in its water usage system through effective management of excess water from the mining operations[238]. - Further information regarding the Canadian Malartic Property can be found in the Operating and Financial Review and Prospects section[241].