Summary of OR Royalties 2025 Investor Day Company Overview - **Company**: OR Royalties (NYSE:OR) - **Industry**: Precious metals royalty and streaming sector Key Points and Arguments Market Context - Commodities, particularly silver, have seen a price increase of 2-3%, with silver touching a 3% rise on the day of the meeting [1][2] - The company is optimistic about its growth path and shareholder returns, likening its situation to the positive outlook of sports fans [2] Business Model - OR Royalties operates as a mid-tier royalty and streaming company with a highly efficient and scalable business model [5][6] - The company has 22 producing assets out of a total of around 190, providing significant asset and cash flow diversification [5][6] - The business is insulated from inflationary pressures, boasting a 97% cash margin in the first nine months of 2025 [6] Asset Quality - The cornerstone asset, Canadian Malartic, is recognized as the best royalty in the sector, resulting from a corporate action [7] - The top three assets are operated by established companies: Agnico Eagle, Capstone Copper, and Harmony Gold [8] - 95% of gold equivalent ounces are in precious metals, with 30% of GEOs in silver [8] Financial Performance - The company has undergone significant deleveraging, reducing debt from approximately $300 million to $120 million in cash with no debt [9] - The U.S. federal government debt is at $38 trillion against a GDP of $29 trillion, leading to a debt-to-GDP ratio of about 125%, the highest since WWII [14][15] Macroeconomic Factors - Global debt levels and unsustainable deficits in major economies are expected to drive demand for gold [10][11][14][16] - Central banks are diversifying away from the U.S. dollar, contributing to a constructive environment for gold [17] Sustainability and ESG - OR Royalties integrates environmental, social, and governance (ESG) considerations into investment decisions, maintaining a prime rating by ISS ESG [24] - The company has rejected over $350 million in potential deals due to non-compliance with ESG standards [26] - Community investments have reached close to $1 million since 2021, with a focus on education, social contributions, and environmental initiatives [27] Growth Assets - **Mantos Blancos**: A key asset located in northern Chile, producing copper and silver concentrate, with a forecast of over 12,000 GEOs for the year [30] - **Dalgaranga**: Expected to be the next producing asset, with a 1.44% gross revenue royalty acquired from Remilius Resources [50] Future Outlook - The company anticipates a 40% growth in its asset base over the next five years, with no contingent capital required for this growth [20] - The phase two expansion of Mantos Blancos is expected to increase production capacity to 27,000 tons per day, with first production anticipated in late 2028 or early 2029 [43][44] Analyst Sentiment - The average target price from analysts is over $61, implying a potential gain of 36%-37% from current levels [19] Additional Important Content - The company emphasizes the importance of maintaining strong relationships with mining partners and continuously monitoring ESG commitments [26][28] - The management team has a strong average tenure of seven years, contributing to the company's operational stability [4]

Financial Data and Key Metrics Changes - Triple Flag recorded 27,000 GEOs in Q3 2025, leading to record-adjusted EBITDA of $79 million and operating cash flow per share of $0.39 [2][5] - Operating cash flow per share increased by over 25% year-over-year, reflecting strong performance amid high precious metals prices [5][6] - The company exited the quarter with essentially zero net debt and is in a net cash position, with total liquidity available of nearly $1 billion [6][7] Business Line Data and Key Metrics Changes - Northparkes and Cerro Lindo were the largest contributors to revenues in Q3, with Northparkes achieving record performance due to processing higher open-pit grades [7] - The sales mix remains 100% derived from precious metals, with nearly three-quarters from gold, and this is expected to continue [7] Market Data and Key Metrics Changes - Precious metals prices reached record quarterly averages of nearly $3,500 per ounce for gold and nearly $40 per ounce for silver [5] - The company expects to achieve 2025 GEOs between the midpoint and high end of its guidance range, benefiting from current gold prices exceeding Q3 averages [2][5] Company Strategy and Development Direction - The company has deployed over $350 million in capital across five investments year-to-date, focusing on top-tier precious metals assets in mining-friendly jurisdictions [3][4] - Recent acquisitions include a 1% NSR royalty on the Arthur project in Nevada and a royalty package on Pan American's Minera Florida gold mine in Chile for $23 million [3][4] - The company aims to continue reinvesting cash flows into further streams and royalties to enhance shareholder value over time [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's legal position regarding a $10 million owed from Step Gold, indicating ongoing discussions with the controlling shareholder [14][15] - The company anticipates near-term catalysts from various projects ramping up production, including Johnson Camp Mine and Arcata [10] - The outlook for 2029 includes expectations for 135,000-145,000 ounces GEOs, supported by ramping up of newer assets and increased production from existing mines [39] Other Important Information - The company declared a quarterly cash dividend of $5.75 per share, reflecting its strong balance sheet and cash flow generation [7] - The exploration potential of the Minera Florida mine is significant, with expectations for increased GEOs by 2028 [9] Q&A Session Summary Question: How was the Minera Florida transaction sourced? - The transaction was a concentrated process, developed through rapport with the family involved, allowing for a site visit during negotiations [12][13] Question: Update on the ATO stream and discussions with Step Gold? - The company is confident in its legal position and is in dialogue with Step's controlling shareholder, expecting to land in the top half of its guidance range regardless of the outcome [14][15] Question: Insights on transaction opportunities and structures? - The company is evaluating opportunities in the $100-$300 million range, focusing on traditional mining jurisdictions and a mix of streams and royalties [18][19] Question: Status of Priesca project and investment decisions? - The project is being staged, with the upper zones developed first, and the company will evaluate the right to fund the stream into the deeper zones when ready [26][27] Question: Discussion on El Machido stream disposal? - The situation arose from the mine being undercapitalized, and the company structured a win-win situation to allow the operator to move forward without the stream [33][34] Question: Concerns about Minera Florida's grade reconciliation issues? - Management remains confident in the long-term performance of Minera Florida, citing its historical production records despite short-term variances [37][38] Question: Confirmation on the gold-silver ratio and its impact? - The current gold-silver ratio is around 85/1, and stronger silver prices benefit the company's GEO calculations and revenue [40][41]

Financial Data and Key Metrics Changes - Triple Flag recorded 27,000 GEOs in Q3 2025, leading to record-adjusted EBITDA of $79 million and operating cash flow per share of $0.39, benefiting shareholders from higher gold prices [2][5] - Operating cash flow per share increased by over 25% year over year, with the company exiting the quarter with essentially zero net debt and a net cash position [5][6] - Total liquidity available is nearly $1 billion, allowing for continued capital deployment into growth opportunities [6] Business Line Data and Key Metrics Changes - The company has deployed over $350 million in capital across five investments year to date, including acquisitions in lithium, silver, and copper mines [3][4] - North Parks and Sarah Lindo were the largest contributors to revenues in Q3, with North Parks achieving record performance due to higher open-pit grades [6] Market Data and Key Metrics Changes - Precious metals prices reached record quarterly averages of nearly $3,500 per ounce for gold and nearly $40 per ounce for silver [5] - The sales mix remains 100% derived from precious metals, with nearly three-quarters from gold, and this is expected to continue [6] Company Strategy and Development Direction - The company focuses on top-tier precious metals assets, with nearly 90% of revenue sourced from mining-friendly jurisdictions in Australia and the Americas [6] - Future growth is supported by ongoing production ramp-ups at various mines, including Johnson Camp and Arcata, and economic studies for projects like Arthur and Hope Bay expected to complete in H1 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the high end of the 2025 GEOs guidance, with expectations for continued strong cash flows due to favorable gold prices [2][5] - The company is optimistic about the exploration potential of its assets, particularly the Minera Florida gold mine, which has a long history of consistent performance [8][9] Other Important Information - A quarterly cash dividend of $0.0575 per share was declared, reflecting the company's commitment to returning value to shareholders [6] - The company is actively evaluating transaction opportunities in the range of $100 to $300 million, focusing on jurisdictions that investors favor [21][22] Q&A Session Summary Question: How was the Minera Florida transaction sourced? - The transaction was a concentrated process, developed through rapport with the family involved, allowing for a site visit during negotiations [13][14] Question: Update on the ATO stream and discussions with Step Gold? - The company is confident in its legal position regarding a $10 million owed by Step Gold and is in dialogue with the controlling shareholder [16][17] Question: What are the current transaction opportunities? - The company is evaluating a mix of streams and royalties in traditional mining jurisdictions, with a focus on financing needs of other companies [21][22] Question: Update on Priesca project and funding decisions? - The company has the option to fund the stream into the deeps of the Priesca project when the investment decision is made, with no obligation to do so [30][31] Question: Discussion on El Machido stream disposal? - The disposal was a structured sale to allow the operator to move forward without the stream, providing good value for the company [36][37]

Financial Data and Key Metrics Changes - The company reported an 11% growth in both portfolio receipts and royalty receipts, indicating strong business momentum [4][20] - Return on invested capital was 15.7% and return on invested equity was 22.9% for the last 12 months [5][23] - Portfolio receipts for the third quarter reached $814 million, reflecting an 11% increase [20] - Full year 2025 top line guidance was raised to between $3.2 billion and $3.25 billion, representing growth of approximately 14%-16% [8][25] Business Line Data and Key Metrics Changes - The company maintained strong returns with significant contributions from Voranigo, Tremfya, and the Cystic Fibrosis Franchise [20] - The development stage pipeline expanded to 17 therapies, with multiple pivotal readouts expected in the near future [7][14] Market Data and Key Metrics Changes - The company is actively participating in the growing market for royalties, with recent acquisitions including a royalty interest in Amgen's Imdelltra and Alnylam's AMVUTTRA [6][10] - The company has seen a significant uptick in deal activity, with a total of approximately $1.6 billion in announced value across three different disease areas [9] Company Strategy and Development Direction - The company aims to be the premier capital allocator in life sciences, focusing on innovative therapies with high patient impact [4][13] - The strategy includes a therapy area agnostic investment approach, allowing the company to invest across various disease areas [15][16] - The company is committed to creating value for shareholders through investments in innovative therapies [13][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the external environment, noting that increased biotech M&A activity could benefit their capital allocation strategy [38] - The company is excited about growth opportunities in China, particularly in out-licensing deals with multinationals [39] - Management emphasized the stability and consistency of their return metrics, indicating confidence in maintaining attractive returns [48][23] Other Important Information - The company has returned a record $1.5 billion to shareholders in the first nine months of the year, including share repurchases and dividends [24][25] - The company maintains financial flexibility with cash and equivalents of $939 million and access to a $1.8 billion revolver [23][24] Q&A Session Summary Question: Impact of biotech M&A and interest rates on royalty-driven deal activity - Management noted that increased M&A activity does not significantly impact their operations and that they see it as beneficial for capital needs in the sector [38][39] Question: Frequency of collaborations with large pharma - Management indicated that as the largest royalty buyer, they are actively looking at all deals and see a growing opportunity for using royalties to fund trials with both biotech and big pharma [41][42] Question: Insights on AMVUTTRA deal and competition - Management highlighted their confidence in AMVUTTRA's potential despite competition from Nucresiran, emphasizing their thorough analysis of various scenarios [51][55] Question: Implications of trial designs in the LP(a) space - Management acknowledged differences in trial designs and expressed optimism about both Amgen's and Novartis's trials, maintaining a positive outlook on their investments in this area [67][75] Question: Updates on obexelimab and its market potential - Management confirmed that the recent phase II data for obexelimab validated their investment thesis and highlighted the focus on IgG4-related disease for near-term capital needs [77][76]

Financial Data and Key Metrics Changes - The company reported an 11% growth in both portfolio receipts and royalty receipts, indicating strong business momentum [4][22] - Return on invested capital was 15.7% and return on invested equity was 22.9% for the last 12 months [6][25] - Portfolio receipts for Q3 2025 reached $814 million, reflecting an 11% increase [22] Business Line Data and Key Metrics Changes - The company maintained strong growth driven by key products such as Voranigo, Tremfya, and the Cystic Fibrosis Franchise [22] - The development stage pipeline expanded to 17 therapies, with multiple pivotal readouts expected in the near future [7][15] Market Data and Key Metrics Changes - The company raised its full-year 2025 top line guidance to between $3.2 billion and $3.25 billion, representing growth of approximately 14-16% [9][20] - Milestones and other contractual receipts are now expected to be around $125 million, up from $110 million previously [20] Company Strategy and Development Direction - The company aims to be the premier capital allocator in life sciences, focusing on innovative therapies with high patient impact [4][31] - The strategy includes a therapy area agnostic investment approach, allowing for diversification across various disease areas [10][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for funding life sciences innovation, highlighting the potential for annualized total shareholder returns in the mid-teens over the next five years [31] - The company is excited about growth opportunities in China, particularly in out-licensing to multinationals [39] Other Important Information - The company deployed $1 billion in capital for value-creating royalty transactions in Q3 2025, totaling $1.7 billion for the first nine months [6][26] - Share repurchases amounted to $1.15 billion in the first nine months of 2025 [26] Q&A Session Summary Question: Impact of biotech M&A and interest rates on royalty-driven deal activity - Management noted that the uptick in M&A activity does not significantly impact their operations, as large pharma companies require capital, which the company provides [38] Question: Thoughts on the China opportunity - Management is optimistic about growth in China and is actively building relationships to capitalize on this market [39] Question: Frequency of collaborations with large pharma - Management believes the use of royalties to fund trials is becoming mainstream, indicating a growing opportunity in this area [41] Question: Insights on the Amvuttra deal and competition - Management expressed confidence in the Amvuttra investment despite potential competition from Nucresiran, citing a broad range of scenarios considered [60] Question: Updates on the LP(a) space and trial designs - Management acknowledged differences in trial designs and remains optimistic about the prospects of their investments in this area [90] Question: Updates on obexelimab and its market potential - Management highlighted the strong phase 2 data for obexelimab, validating its potential in treating autoimmune diseases [92]

Q3 2025 Financial Results November 5, 2025 Forward Looking Statements This presentation has been prepared by Royalty Pharma plc (the "Company"), is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this presentation unless stated otherwise, and neither the deliv ...

Summary of Vizsla Royalties Conference Call Company Overview - **Company**: Vizsla Royalties (OTCPK: VROY.F) - **Business Model**: Single asset royalty company holding a precious metals NSR royalty covering Vizsla Silver's Panuco project in Mexico [1] Industry Context - **Market Conditions**: Current all-time highs in gold prices and 15-year highs in silver prices at $42 per ounce [3] - **M&A Activity**: Recent precedent transactions in the royalty space suggest significant premiums, indicating a favorable environment for royalty companies [3][12] Core Project Insights - **Panuco Project**: - Considered the highest grade undeveloped silver primary resource globally [1] - If in production, it would be the third largest silver primary mine in the world [1] - Development stage with a Preliminary Economic Assessment (PEA) published in 2024, targeting first silver production in the second half of 2027 [2] - **Resource Base**: - Over 365 million ounces of silver equivalent identified, with only 30% of known targets tested [2][5] - PEA mine plan accounts for about 10% of known veins [2] - **Financial Position**: - Vizsla Silver has over $200 million in cash, no debt, and a project finance mandate for an additional $200 million [5] - Low capital expenditure (CapEx) hurdle of $224 million [5] Production and Exploration Potential - **Production Profile**: - PEA production profile indicates over 20 million ounces per annum in initial years [6] - Anticipated increase in resource estimates from 156 million ounces in the PEA to 222 million ounces in the upcoming feasibility study, representing a 43% increase at a 5% higher grade [6] - **Exploration Upside**: - Significant exploration potential exists as all 11 resource structures are open in every direction [8] - Recent discoveries, such as at Animas, support the potential for additional high-grade mineralization [9] Strategic Advantages - **Royalty Structure**: - Holds a 3.5% net smelter return (NSR) royalty and an additional 2% NSR on exploration concessions [3] - Right of first refusal on any additional royalties created by Vizsla Silver within 24 months [4] - **Non-Dilutive Growth**: - The royalty model allows for growth without the need for further capital outlay or dilution for shareholders [10] Valuation and Market Position - **Valuation Metrics**: - Current trading at approximately 1.1 times NAV, compared to acquisition multiples averaging around 1.6 times for similar companies [12] - Potential for re-rating as the project progresses and de-risks [12] - **Peer Comparison**: - Major royalty players trade at significant premiums, suggesting potential for Vizsla Royalties to be valued higher as the project advances [11] Conclusion - **Investment Thesis**: - Vizsla Royalties presents a compelling investment opportunity due to its high-quality asset, favorable market conditions, and significant exploration upside [13] - **Future Outlook**: - Anticipated milestones include the imminent feasibility study and expected permitting approvals, positioning the company for growth as it approaches production [10]

Summary of Royalty Pharma FY Conference Call Company Overview - **Company**: Royalty Pharma (NasdaqGS:RPRX) - **Industry**: Biopharmaceutical royalties - **Market Position**: Largest buyer of biopharmaceutical royalties globally with over 50 products in its portfolio [7][9] - **Financial Metrics**: - Portfolio receipts guidance for 2025: $3.1 billion - Cash flow guidance for 2025: $2.5 billion - Market capitalization: over $20 billion - CAGR of royalty receipts: 12% since IPO [9][10][21] Core Business Model - **Investment Strategy**: Focus on high-quality, important medicines with strong data; operates as a generalist team to evaluate diverse therapeutic areas [16][27][29] - **Capital Allocation**: - $14 billion deployed since IPO - $4 billion returned through buybacks and repurchases [10][11] - **Royalty Types**: - Traditional royalties from licensing transactions - Synthetic royalties created through direct investments in companies [19][20] Growth and Market Dynamics - **Market Expansion**: Significant growth in biotech innovation leading to increased demand for diverse capital sources [11][12] - **Financial Targets**: - Portfolio receipt CAGR target of 10% or more from 2020 to 2030, currently tracking at 12% [21] - Capital deployment target of $10 billion to $12 billion over five years, already exceeding this target [22] - **Investment Returns**: - Unlevered IRR targets: high single to low double digits for approved products, teens for development stage products [23][24] Recent Transactions and Innovations - **Revolution Medicines Deal**: - $2 billion partnership allowing Revolution Medicines to maintain independence while providing significant capital for development [45][50] - Unique structure with upfront and milestone-based funding, including senior secured debt [51][52] - **Investment in Diverse Areas**: - Focus on underrepresented therapeutic areas such as migraine and psychiatry, with investments in CGRP and long-acting injectable products [36][37] Competitive Landscape - **Market Positioning**: - Unique evergreen business model allowing for lower cost of capital and flexibility in investments [40][41] - Emphasis on creating a vibrant marketplace for royalties, welcoming competition while maintaining a leadership position [43][44] Future Outlook - **Market Opportunities**: - Fragmentation in the biotech sector and increased innovation create ongoing opportunities for royalty transactions [58][59] - Potential for new royalties from licensing activities in emerging markets like China [62] - **Deal Structure Innovations**: - Plans to explore earlier-stage investments and innovative funding structures to adapt to market needs [71][72] Key Takeaways - Royalty Pharma is well-positioned in a growing market with a strong track record of capital allocation and investment returns - The company is focused on maintaining its leadership in the biopharmaceutical royalty space through innovative deal structures and strategic partnerships - Future growth is anticipated through continued investment in diverse therapeutic areas and adapting to market dynamics

Summary of Conference Call Records Company Overview - **Vizsla Royalties (VROY.F)**: A single asset precious metals royalty holder with its principal asset being the Canuco Project, which is part of Vizsla Silver's flagship silver and gold development in Mexico [1][2] - **Star Gold Corp (SRGZ)**: A junior mining company based in Nevada focused on the exploration and development of high-quality mineral properties [22] Key Points from Vizsla Royalties - **Investment Thesis**: The investment opportunity is based on three main aspects: 1. Upside potential as Vizsla Silver advances the Canuco Project towards feasibility and production, expected to start in 2027 [2] 2. Significant exploration upside with 93 kilometers of cumulative vein strike, of which only 8% is included in the current mine plan [3] 3. Scarcity of tier one silver assets, with no other tier one silver royalties outside of the major three royalty companies [3] - **Royalty Ownership**: Increased royalty ownership on the Panuco asset to 3.5% covering the mine plan and an additional 2% covering exploration potential [4][5] - **Financial Position**: Vizsla Silver is well-funded with approximately $200 million in cash, allowing for non-dilutive project advancement with a modest capital expenditure (CapEx) of $224 million [7] - **Resource Growth**: The Panuco project has outlined a global resource base of over 360 million ounces of silver equivalent, with significant potential for further resource expansion [10] - **Production Profile**: The mine plan indicates production of approximately 20 million ounces in the initial years, dropping to 15 million ounces over the project's life, positioning it among the largest silver mines globally [11][12] - **Valuation and Market Position**: Current trading at 1.1 times price to net asset value (NAV), with potential valuation upwards of $350-400 million based on recent comparable transactions in the royalty space [19][20] Key Points from Star Gold Corp - **Unique Financing Model**: Majority of financing comes from directors and officers, differentiating it from other junior mining companies [22][23] - **Focus on Main Zone**: Concentration on proving enough ore in the main zone to move into production, with an estimated 100,000 recoverable ounces of gold [24] - **Economic Viability**: Initial PEA conducted at $1,500 gold indicated a net present value (NPV) of $52 million, with projections over $100 million at $2,700 gold [31][32] - **Permitting Process**: Plan of operation filed on August 6, with expectations for final permits within two years, contingent on completing necessary drilling and environmental studies [28][30][33] - **Next Steps**: Focus on production water drilling and final engineering plans to expedite the permitting process [34] Additional Important Information - **Exploration Potential**: Both companies highlight significant exploration upside, with Vizsla emphasizing the potential for additional high-grade mineralization and Star Gold focusing on expanding its resource base [3][13][24] - **Market Timing**: The current market conditions for silver and gold are favorable, enhancing the potential for cash flow generation and project advancement for both companies [3][20]

Core Viewpoint - Silver Crown Royalties Inc. reported its interim financial results for Q2 2025, highlighting a decrease in silver royalty income compared to the previous quarter but a significant increase year-over-year [2][4]. Financial Performance - In Q2 2025, the company recorded 5,593 silver ounces as royalty income, amounting to C$267,350, which is a 148% increase from C$107,785 in Q2 2024 but a 12% decrease from C$304,408 in Q1 2025 [2][4]. - The year-over-year change in attributable silver deliveries was 105%, while the quarter-over-quarter change was a decrease of 16.5% [4]. Strategic Initiatives - The CEO noted that Q2 2025 saw 13-year high silver prices, presenting both challenges and opportunities for the company [3]. - The company is focused on adding silver ounces to its portfolio at attractive prices and rates of return, with plans to advance several Letters of Intent (LOIs) in the second half of 2025 [3]. Operational Updates - The company is facing challenges with Gold Mountain Mining Corp. and its subsidiaries, which are under receivership, affecting outstanding payments of C$140,588.53 owed to Silver Crown [6]. - Pilar Gold Inc. has delayed the restart of commercial operations at the PGDM Complex in Brazil to Q4 2025, with C$541,756.03 in minimum accrued royalty payments currently due to Silver Crown [6]. Company Overview - Silver Crown Royalties Inc. is a publicly traded silver royalty company that aims to generate free cash flow and provide investors with exposure to precious metals [7]. - The company currently holds five silver royalties and seeks to minimize the economic burden on mining projects while maximizing shareholder returns [7].