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Core Viewpoint - Gold Royalty Corp. reported record revenues and positive operating cash flows for 2024, indicating strong growth potential for 2025 and beyond, driven by strategic acquisitions of royalties on large-scale mining operations [2][6][25]. Financial Highlights - For Q4 2024, total revenue reached $3.4 million, a significant increase from $1.0 million in Q4 2023. For the full year 2024, total revenue was $10.1 million, compared to $3.0 million in 2023 [5][6]. - The company reported a net loss of $3.2 million for Q4 2024, an improvement from a net loss of $19.4 million in Q4 2023. For the full year, the net loss was $3.4 million, down from $26.8 million in 2023 [5][7]. - Adjusted EBITDA for Q4 2024 was $1.2 million, compared to a loss of $3.0 million in Q4 2023. For the full year, adjusted EBITDA was $4.8 million, improving from a loss of $4.4 million in 2023 [6][44]. Production and Growth Outlook - The company expects Gold Equivalent Ounces (GEOs) to increase to between 5,700 and 7,000 in 2025, representing a 16% growth from 2024 levels. This growth is attributed to the ramp-up of three cash-flowing assets [6][25]. - Over the next five years, GEOs are projected to grow by over 360%, reaching between 23,000 and 28,000 by 2029, supported by contributions from existing and developing assets [6][27]. Portfolio and Project Updates - The Borborema project is expected to achieve commercial production in the second half of 2025, with production guidance of 33,000 to 40,000 ounces of gold [10]. - The Côté Gold mine has successfully started operations, with a focus on achieving full production capacity by the end of 2025 [13]. - The company has added eight new royalties in the past year, bringing the total to 48 since acquiring Ely Gold Royalties Inc. in 2021 [23]. Capital and Financial Strategy - The company anticipates strengthening its balance sheet through increased cash flow generation and stable operating costs, while maintaining a focus on debt repayment and disciplined growth [6][25]. - The 2025 outlook assumes a gold price of $2,668 per ounce and a copper price of $4.23 per pound, indicating a positive growth trajectory for the company [25][29].