November 25, 2025, TORONTO, ON – TheNewswire – Star Royalties Ltd. (“Star Royalties”, or the “Company”) (TSXV: STRR, OTCQX: STRFF) today reported its financial results for the quarter ended September 30, 2025. All amounts are in U.S. dollars, unless otherwise indicated.Q3 2025 Financial and Corporate Highlights Minera Alamos Inc. (Minera Alamos”) (TSXV: MAI, OTCQX: MAIFF) provided an update on the Copperstone Gold Project (Copperstone”) development progress and exploration potential, reiterating robust pr ...

Core Insights - Metalla Royalty & Streaming Ltd. reported a record operating and financial quarter for Q3 2025, achieving revenue of $4.0 million, cash flow from operations of $2.6 million, and Adjusted EBITDA of $2.9 million, along with its first positive net income of $0.6 million [2][3][4] Financial Performance - Revenue from royalty interests for Q3 2025 was $4.0 million, compared to $1.622 million in Q3 2024, marking a significant increase [4] - Net income for Q3 2025 was $629 thousand, a turnaround from a loss of $1.169 million in Q3 2024 [4] - Adjusted EBITDA for Q3 2025 was $2.902 million, up from $930 thousand in Q3 2024 [4] - Total attributable Gold Equivalent Ounces (GEOs) for Q3 2025 were 1,155, compared to 648 in Q3 2024 [4] Asset Updates - Metalla acquired an additional 0.15% interest in the Net Smelter Returns (NSR) royalty on the Côté gold mine and Gosselin project for C$3.4 million, increasing its total ownership to 1.50% [3][21] - Rehabilitation activities at La Parrilla mine complex have restarted, with plans for a sulphide circuit expansion to 1,250 tonnes per day [3][26] - Sierra Madre Gold & Silver Ltd. plans a two-stage expansion at La Guitarra, increasing processing capacity from 500 tonnes per day to approximately 750-800 tonnes per day by Q2 2026 [3][17] - Hudbay Minerals announced a $600 million strategic investment from Mitsubishi for a 30% joint venture interest in Copper World [3][38] - Castle Mountain's Phase 2 project has been accepted into the FAST-41 program, which is expected to streamline the permitting process [3][35] Production Metrics - Average realized price per attributable GEO for Q3 2025 was $3,451, compared to $2,481 in Q3 2024 [4] - Average cash cost per attributable GEO for Q3 2025 was $8, down from $9 in Q3 2024 [4] - Operating cash margin per attributable GEO for Q3 2025 was $3,443, compared to $2,472 in Q3 2024 [4] Future Outlook - The company anticipates sustained long-term growth and compounding cash flow as its assets progress through development and into production [2]

Financial Data and Key Metrics Changes - The company reported record earnings of $127 million, or $1.92 per share, with adjusted earnings reaching $136 million, or $2.06 per share after accounting for non-recurring costs [5][19] - Revenue for the quarter was a record $252 million, up 30% year-over-year, driven by a 40% increase in gold prices, a 34% increase in silver prices, and a 6% increase in copper prices [17][19] - Adjusted EBITDA margin remained over 80% for the quarter, supported by stable cash G&A expenses [5][19] Business Line Data and Key Metrics Changes - Royalty revenue increased by approximately 41% year-over-year to $86 million, with strong contributions from Peñasquito, Cortez CC Zone, LaRonde Zone 5, and Voisey's Bay [9] - Stream segment revenue rose by about 25% to $166 million, with increased sales from Andacollo, Rainy River, Mt. Milligan, Comacal, and Wasa, partially offset by lower sales from Xavantina [9] Market Data and Key Metrics Changes - Gold accounted for about 78% of total revenue, followed by silver at 12% and copper at 7% [17] - The company has the highest gold revenue percentage compared to large-cap peers in the royalty and streaming sector [17] Company Strategy and Development Direction - The company aims to diversify its portfolio and has added significant assets through recent acquisitions, including the Goldstream transaction with First Quantum and the acquisitions of Sandstorm Gold and Horizon Copper [6][28] - The management emphasized the importance of communicating the value of the expanded portfolio to the market [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to repay debt by mid-2027 under current metal prices, despite the increased debt level [34][35] - The company plans to maintain its 2025 guidance ranges for metal sales, DD&A, and effective tax rate, excluding contributions from recent acquisitions [20] Other Important Information - The company received the first tranche of gold as part of the Mt. Milligan cost support agreement, which is expected to enhance cash flow [24][25] - The company is actively looking for new investment opportunities, although the focus remains on managing existing debt [90] Q&A Session Summary Question: Can you elaborate on the delivery mechanisms for the Constantian stream? - Management clarified that the delay in expected ounces is due to timing and not a production shortfall, with the ounces expected to be delivered in 2026 [31][32] Question: How comfortable is the company with the current debt level? - Management expressed comfort with the debt level, indicating that pro forma leverage would be between 1 and 1.5 on a net debt to EBITDA basis [34][35] Question: What are the plans for dividend increases and share buybacks? - Management indicated that the board will consider dividend increases in November, emphasizing a commitment to maintaining a record of increasing dividends [70] - Share buybacks are being considered but will depend on market conditions and the company's valuation [71] Question: When will the company provide guidance for 2026? - Management confirmed that 2026 guidance will be discussed during the investor day planned for late March [74] Question: Will the company benefit from processing stockpiles at Xavantina? - Management confirmed that any gold production from processing stockpiles would flow through to the company's interest [76] Question: Is there a potential for inclusion in the S&P 500 following recent transactions? - Management noted that while the transactions enhance the company's profile, it still has a way to go to meet the minimum market capitalization required for S&P 500 inclusion [103]

Financial Data and Key Metrics Changes - The company reported record earnings of $127 million, or $1.92 per share, with adjusted net income reaching a record $136 million, or $2.06 per share after accounting for non-recurring costs [5][19] - Revenue for the third quarter was a record $252 million, up 30% year-over-year, driven by a 40% increase in gold prices, a 34% increase in silver prices, and a 6% increase in copper prices [17][19] - Adjusted EBITDA margin remained over 80% for the quarter, supported by stable cash G&A expenses [5][19] Business Line Data and Key Metrics Changes - Royalty revenue increased by approximately 41% year-over-year to $86 million, with strong contributions from Peñasquito, Cortez CC Zone, LaRonde Zone 5, and Voisey's Bay [9] - Stream segment revenue rose by about 25% to $166 million, with increased sales from Andacollo, Rainy River, Mt. Milligan, Khoemacau, and Wassa, partially offset by lower sales from Xavantina [9][17] Market Data and Key Metrics Changes - Gold accounted for approximately 78% of total revenue, followed by silver at 12% and copper at 7% [17] - The company has the highest gold revenue percentage compared to large-cap peers in the royalty and streaming sector [17] Company Strategy and Development Direction - The company aims to diversify its portfolio and has added significant assets through recent acquisitions, including the Goldstream transaction with First Quantum and the acquisition of Sandstorm Gold and Horizon Copper [6][28] - The strategic rationale for these acquisitions has resonated well with shareholders, indicating a focus on long-term growth and stability [6][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to repay debt by mid-2027 under current metal prices, despite the increased debt load from acquisitions [34][35] - The company plans to maintain its 2025 guidance ranges for metal sales, DD&A, and effective tax rate, excluding contributions from recent acquisitions [20][24] Other Important Information - The company received the first tranche of gold as part of the deferred gold consideration for the Mt. Milligan cost support agreement, which is expected to enhance cash flow [24][25] - The company is actively looking for new investment opportunities, although it remains cautious about the current market conditions and gold price volatility [89][90] Q&A Session Summary Question: Could you elaborate on the delivery mechanisms for the Kansanshi stream? - Management clarified that the delay in expected ounces is due to the timing of delivery mechanisms and not a production shortfall [31][32] Question: How comfortable is the company with the current debt level? - Management expressed comfort with the debt level, indicating a pro forma leverage of between 1 and 1.5 on a net debt to EBITDA basis [34][35] Question: What are the plans for dividend increases and share buybacks? - Management indicated that the board will consider dividend increases in November, emphasizing a commitment to maintaining a record of increasing dividends [70][71] - Regarding share buybacks, management prefers to assess the valuation gap before making decisions [71] Question: When can we expect guidance for 2026? - Management stated that 2026 guidance will be discussed during an investor day planned for late March [46][74] Question: Will there be a bump in the cost base for former Sandstorm assets? - Management noted that they are still finalizing the accounting treatment for the Sandstorm assets, which may affect depreciation [98] Question: Is the company still looking for new transactions? - Management confirmed that they are actively looking for new opportunities, although they are cautious about the scale of potential investments [90][91]

Core Insights - Franco-Nevada reported record quarterly results driven by higher gold prices, strong operations, new acquisitions, and the sale of Cobre Panama copper concentrate stockpiles [1] - The company is now debt-free after utilizing its corporate revolver for the Arthur Gold royalty acquisition [1] - The CEO expressed confidence in the company's growth potential due to a robust portfolio of producing, development, and exploration stage royalties on primary gold assets [1] Financial Highlights – Q3 2025 - Revenue reached $487.7 million, a 77% increase from Q3 2024 [5] - Total GEOs sold were 138,772, up 26% from the previous year [5] - Precious metals accounted for 85% of revenue, with gold contributing 72% [7] Financial Highlights – YTD 2025 - Year-to-date revenue was $1,225.5 million, a 55% increase compared to YTD 2024 [5] - Total GEOs sold year-to-date were 377,450, a 10% increase from the previous year [5] - Adjusted EBITDA for the year-to-date was $1,114.9 million, reflecting a 65% increase [5] GEOs Sold and Revenue by Commodity - Precious metals saw significant increases in GEOs sold: Gold at 101,068 GEOs ($351.6 million), Silver at 15,407 GEOs ($55.4 million), and PGM at 2,634 GEOs ($9.5 million) for Q3 2025 [4] - Diversified assets generated $67.1 million in revenue, a slight increase from $61.2 million in Q3 2024 [28] Guidance - The company has updated its 2025 guidance for Precious Metal GEO sales to a range of 420,000 - 440,000, up from the initial guidance of 385,000 - 425,000 [11] - Total GEO sales guidance has been narrowed to 495,000 - 525,000 [11] Cobre Panama Updates - Cobre Panama is currently in a Preservation and Safe Management phase, with production halted [13] - The shipment of copper concentrate has been completed, and the power plant is expected to restart in Q4 2025 [13] Management and Sustainability Updates - A senior vice president has left the company, and the CEO acknowledged his contributions [15] - The company continues to receive high sustainability ratings and has expanded its diversity scholarship program [15] Portfolio Additions - Franco-Nevada acquired a 1.0% NSR on the Arthur Gold Project for $250 million and an additional NSR on the Gold Quarry mine for $10.5 million [16][17] - The company expects to receive a minimum of 1,650 gold ounces annually from the Gold Quarry mine [17]

Core Insights - OR Royalties Inc. is experiencing positive momentum across its portfolio of development and exploration assets, with significant advancements in projects such as Cascabel, Cariboo, Marimaca MOD, Spring Valley, Dalgaranga, and Windfall [2][3][10][21][25][29] Cascabel Project - SolGold plc has outlined an updated execution plan for the Cascabel copper-gold project in Ecuador, with first production expected as early as 2028 [3] - The project will prioritize near-term cash flow through phased development, starting with the Tandayama-Ameríca open pit in January 2028, followed by underground ore from the Alpala Sub-Level Cave in Q4 2028 [3] - OR Royalties holds a 0.6% net smelter return (NSR) royalty over the entire Cascabel property and a 6% stream of contained gold produced until 225,000 ounces are delivered [8][9] Cariboo Project - Osisko Development Corp. secured a $450 million credit facility for the development of the Cariboo Gold Project, with an initial draw of $100 million already completed [10][11] - The project is fully permitted, with first gold production expected as early as the second half of 2027 [14] - OR Royalties owns a 5.0% NSR royalty on the Cariboo property [14] Marimaca MOD Project - Marimaca Copper Corp. announced a Definitive Feasibility Study (DFS) for the Marimaca Oxide Deposit, projecting steady-state production of approximately 49ktpa of copper cathode [15][16] - OR Royalties holds a 1% NSR royalty on Marimaca, covering all known resources [20] Spring Valley Project - The Spring Valley gold project is now fully-permitted and "shovel-ready," pending full project financing [21] - The project has received a Letter of Interest from the Export-Import Bank of the United States for potential financing of up to $835 million [22] - OR Royalties owns a 2.0% to 3.5% NSR royalty on the core of the Spring Valley deposit [24] Dalgaranga Project - Ramelius Resources Ltd. aims to become a 500koz gold producer by FY2030, with a new 5-Year Plan expected in December 2025 [25][26] - OR Royalties owns a 1.44% gross revenue royalty (GRR) on Dalgaranga [28] Windfall Project - Gold Fields Ltd. is progressing with the environmental permitting process for the Windfall gold project, with final permits expected in Q1 2026 [30][31] - OR Royalties holds a 2-3% NSR royalty on the Windfall project [31] AuWEST Project - TDG Gold Corp. reported significant drill results from the AuWEST target, with intersections of 100.0m grading 2.24 g/t Au and 0.38% Cu [36][37] - OR Royalties owns a 1.0% NSR royalty on AuWEST [38]

Core Viewpoint - Sailfish Royalty Corp. reported its operating and financial results for Q2 2025, showing a decline in revenues and net income compared to the same period in 2024, while gross profit increased significantly [1][2]. Financial Performance - Revenues for Q2 2025 were $713,178, down from $1,026,242 in Q2 2024, representing a decrease of approximately 30.5% [3][5]. - Gross profit increased to $687,330 in Q2 2025 from $565,681 in Q2 2024, marking an increase of about 21.5% [3][5]. - Net income for Q2 2025 was $185,318, a significant drop from $1,141,470 in Q2 2024, indicating a decrease of approximately 83.7% [3][5]. - Basic and diluted loss per share remained at $0.00 for Q2 2025, unchanged from Q2 2024 [3][5]. Revenue Breakdown - Royalty revenue for Q2 2025 was $626,603, compared to $167,844 in Q2 2024, showing a substantial increase [5]. - Gold ounces earned from stream interests were 8 for Q2 2025, down from 365 in Q2 2024 [5]. - Silver ounces earned from stream interests were 1,672 for Q2 2025, whereas there were none in Q2 2024 [5]. Dividend and Share Repurchase - The company paid a dividend of $0.0125 per common share subsequent to Q2 2025, resulting in a total payment of $309,959 and the issuance of 360,419 common shares under the dividend reinvestment plan [4][5]. - A total of 529,300 common shares were repurchased for cancellation in the first half of 2025, compared to 983,400 in the same period of 2024 [5]. Research Engagement - Sailfish has engaged Atrium Research Corporation to provide sponsored research services for twelve months, starting September 10, 2025, for a fee of $24,000 [6][10]. Company Overview - Sailfish Royalty Corp. operates in the precious metals royalty and streaming sector, with key assets including a gold stream on the San Albino gold mine in Nicaragua, a gold mine project in Nevada, and a silver project in Mexico [8][9].

Company Overview - Royal Gold (NASDAQ: RGLD) is one of the largest royalty and streaming companies, primarily focused on gold, silver, and especially copper [1] - The company has been undergoing significant acquisitions in recent months, indicating a strategic expansion in its operations [1] Analyst Background - The analyst has over 10 years of experience researching companies across various sectors, including commodities like oil, natural gas, gold, and copper, as well as technology and emerging market stocks [1] - The analyst has researched over 1000 companies in depth and has transitioned from writing a blog to a value investing-focused YouTube channel [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with other industries such as consumer discretionary/staples, REITs, and utilities [1]

Financial Data and Key Metrics Changes - Franco Nevada reported record financial results for Q2 2025, with total revenue increasing by 42% to $369.4 million compared to the same quarter in 2024 [21][22] - Adjusted EBITDA also reached a record high, increasing by 65% to $365.7 million from $221.9 million in Q2 2024 [21][22] - Adjusted net income was $238.5 million, or $1.24 per share, reflecting a 65% increase year-over-year [24] - Total GEOs sold increased by 2% to 112,093 compared to 110,264 in Q2 2024, with precious metal GEOs sold rising by 12% to 92,449 [18][21] Business Line Data and Key Metrics Changes - Strong contributions were noted from the Guadalupe and Candelaria operations, alongside recent acquisitions at Yanacocha and West Flint [19][20] - Diversified GEOs sold decreased to 19,644 from 27,914 in the prior year, with diversified revenue slightly lower at $62.7 million compared to $64.6 million [21] - The cash cost per GEO increased to $299 from $264 in the prior year, while the margin per GEO was just shy of $3,000 [25] Market Data and Key Metrics Changes - Average gold prices increased by 40% year-over-year, while silver prices rose by 17% [17] - Prices for platinum and palladium rebounded, while iron ore and oil prices remained volatile and lower compared to the previous year [17] Company Strategy and Development Direction - The company is focused on adding gold assets and maintaining a diversified portfolio, with a strong emphasis on long-term quality assets [95][98] - Franco Nevada is optimistic about growth opportunities from existing projects and potential new developments, particularly in the U.S. [8][14] - The company plans to continue its strategy of being a financial backer to companies with promising assets, enhancing their valuations and success [40][80] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of the Cobre Panama situation, viewing it as a significant upside opportunity [31][94] - The company remains well-capitalized with approximately $1.35 billion in available capital, allowing for continued acquisitions [26] - Future guidance remains unchanged, with expectations to achieve total GEOs and precious metals GEOs within the previously set ranges [27][60] Other Important Information - The company acquired a royalty on IAMGOLD's Cote Gold Mine, which is expected to contribute significantly to future revenues [11][12] - Franco Nevada has begun receiving deliveries from Cobre Panama, anticipating approximately 10,000 GEOs in Q3 2025 [28] Q&A Session Summary Question: Why did Franco decide to suspend the arbitration proceeding for Cobre Panama? - Management indicated that the best outcome is to see the mine back in operation, aligning with the government's request to suspend arbitration to find a resolution [31] Question: Will the available capital affect deal sizes in the future? - Management stated that the business continues to generate significant cash flow, allowing for flexibility in deal sizes without constraints [32] Question: What impact will platinum price rebounds have on recent acquisitions? - Management noted that the rebound in platinum prices provides a positive tailwind for operations and improves the economics of extension projects [36] Question: What is the outlook for the Permian asset base? - Management expressed that production levels and drilling activity in the Permian are expected to remain consistent, though slight softening may occur with lower oil prices [52] Question: How much gold inventory remains on the balance sheet? - The company reported having 2,469 gold ounces remaining in inventory as of June [57] Question: What are the financial implications if Cobre Panama remains offline into 2026? - Management clarified that Cobre Panama was not included in guidance, viewing it as a free option with no dependency on its operation [94] Question: What is the strategy regarding potential buybacks of royalty streams? - Management highlighted that significant buyback options exist for assets like Cote and Porcupine, which should be monitored closely [73]

Financial Data and Key Metrics Changes - Franco Nevada reported record financial results for Q2 2025, with total revenue increasing by 42% to $369.4 million compared to Q2 2024 [19][20] - Adjusted EBITDA also reached a record high, increasing by 65% to $365.7 million from $221.9 million in the prior year [20][22] - Adjusted net income was $238.5 million, or $1.24 per share, reflecting a 65% increase year-over-year [23] Business Line Data and Key Metrics Changes - Total GEOs sold increased by 2% to 112,093 in Q2 2025, with precious metal GEOs sold rising by 12% to 92,449 [17][19] - Revenue from precious metals accounted for 82% of total revenue, with Candelaria being the largest contributor at 15% [23][24] - Diversified GEOs sold decreased to 19,644 from 27,914 in the prior year, attributed to higher gold prices impacting the conversion of diversified revenue to GEOs [19] Market Data and Key Metrics Changes - Average gold prices increased by 40% year-over-year, while silver prices rose by 17% [16] - Prices for platinum and palladium rebounded, while iron ore and oil prices remained volatile and lower compared to the previous year [16] Company Strategy and Development Direction - The company is focused on long-term growth through the acquisition of high-quality gold assets, with a strong pipeline of potential deals [13][95] - Franco Nevada aims to benefit from the unlocking of mine permitting processes in the U.S., with several projects moving ahead [7] - The company is also exploring opportunities to support companies as a long-term financial backer, reducing their financial risk [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential restart of operations at Cobre Panama, viewing it as a significant upside opportunity [30][94] - The company remains well-capitalized with approximately $1.35 billion in available capital after recent acquisitions [25] - Management indicated that the current pricing environment for gold and silver is favorable, with guidance based on $3,250 gold and $37 silver prices [92] Other Important Information - The company acquired a royalty on IAMGOLD's Cote Gold Mine, which is expected to contribute significantly to future revenues [9][46] - Franco Nevada has begun receiving deliveries from Cobre Panama based on their stream agreement, expecting approximately 10,000 GEOs in Q3 [27] Q&A Session Summary Question: Why did Franco decide to suspend the arbitration proceeding for Cobre Panama? - Management indicated that the best outcome is to see the mine back in operation, and the suspension was requested by the government to find a new solution [30] Question: Will the available capital affect future deal sizes? - Management stated that the business continues to generate significant cash flow, and there are no constraints on capital for future transactions [31] Question: What impact will platinum price rebounds have on recent acquisitions? - Management noted that the rebound in platinum prices has positively affected operations and improved the economics of extension projects [36] Question: What is the outlook for the Permian asset base? - Management expressed that production levels may remain consistent but could soften slightly with lower oil prices [51] Question: How much gold inventory remains on the balance sheet? - The company reported having 2,469 gold ounces remaining in inventory as of June [55] Question: What is the expected contribution from the New Prosperity project? - Management indicated that the project could yield approximately 40,000 to 50,000 ounces of gold per year if developed [63] Question: What are the implications if Cobre Panama remains offline into 2026? - Management stated that they have not built Cobre Panama into their guidance, viewing it as a significant upside opportunity [94] Question: What is the strategy regarding asset acquisitions? - Management confirmed a focus on acquiring quality gold assets while remaining opportunistic for diversified assets [95][98]