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]

Financial Data and Key Metrics Changes - Ore Royalty earned 19,700 GEOs in Q2 2025, a modest increase from Q1, on track to meet the full year guidance of 80,000 to 88,000 GEOs [3] - Quarterly revenues reached $60.4 million, an increase compared to the same period last year, driven by higher commodity prices [6] - Net earnings improved to $0.17 per basic common share, a significant year-over-year improvement from a loss in the previous year [6] - Cash flow per share increased to $0.27 from $0.21 in Q2 of last year, and adjusted earnings rose to $0.18 from $0.13 [6] - The company ended Q2 with $49.6 million in cash and achieved a net cash position for the first time in several years [4] Business Line Data and Key Metrics Changes - Over 93% of GEOs earned came from precious metals, with a modest increase in copper contribution primarily from the CSA mine [6][7] - Canadian Malartic had a strong quarter, with expectations for continued performance in the second half of the year [8] - Mantos Blancos production was flat year-over-year, with expectations for silver grades to improve in the second half [8][9] Market Data and Key Metrics Changes - The gold-silver ratio tightened to approximately 89:1 from highs of 105:1 earlier in the year, indicating potential leverage for investors in silver [11] - Ore Royalty's revenues were predominantly generated from Tier one mining jurisdictions, including Canada, the U.S., and Australia [12] Company Strategy and Development Direction - The company is focused on disciplined capital allocation to pursue high-quality accretive streams and royalties [30] - Ore Royalty aims to enhance its portfolio with producing assets while remaining selective about development stage royalties [37] - The company is optimistic about the potential of the second shaft at Odyssey, which could significantly increase gold production [25] Management's Comments on Operating Environment and Future Outlook - Management expects a stronger second half of 2025, with Canadian Malartic and Nandimi contributing to increased GEO sales [33][34] - The corporate development team is stretched to capacity, focusing on high-quality assets that will contribute to GEOs within the next five years [38] - The company is optimistic about the Cariboo project and its potential contributions to future revenue [51] Other Important Information - Ore Royalty declared and paid a quarterly dividend of $0.55 per share, marking its 43rd consecutive dividend [5] - The company has a total debt of just under $36 million and a net cash position of $14 million, with potential liquidity exceeding $900 million [16][30] Q&A Session Summary Question: Can you provide more color on the second half of this year and where the incremental GEO sales are coming from? - Management expects most of the increase to come from Canadian Malartic and Mantos Blancos, with additional contributions from Nandimi [33][34] Question: Is there a preference for producing versus development stage royalties? - The first preference is for accretive deals on producing assets, but the company is also looking at high-quality development assets that will contribute within five years [36][38] Question: What criteria are considered for the new five-year guidance? - Key criteria include confidence in asset contributions to GEOs, financing visibility, and social license [42][45] Question: How does the company view larger transactions in the $1 billion range? - The company is open to significant transactions if they meet economic returns for shareholders, with $900 million in available liquidity [47] Question: What is the current status of Elliott's holdings? - The last public disclosure indicates Elliott owns 2.2 million shares, with no further updates available [63][65]