Summary of Gold Royalty Conference Call Company Overview - **Company**: Gold Royalty - **Industry**: Mining and Royalty Sector - **IPO**: March 2021 with an initial collection of 18 royalties, now expanded to over 240 royalties [4][6] Key Points Portfolio Growth and Strategy - Gold Royalty has significantly diversified its portfolio, now holding royalties on three of the five largest gold mines in North America [5][6] - The company has transitioned from 18 royalties at IPO to over 240, with seven currently cash flowing and 14 in various stages of construction [6][7] - The focus has been on acquiring cash-flowing and near cash-flowing royalties to enhance revenue growth [5][6] Financial Performance - The company achieved positive operating cash flow for the first time last year and is now entering a phase of positive free cash flow [6][7] - Expected revenue growth of 367% from 2024 to 2029, with 85% of this growth coming from mature operations [68][69] - The company is currently in a "harvest mode," focusing on deleveraging and generating free cash flow per share [14][68] Market Conditions and Challenges - The gold sector has faced devaluation due to rising interest rates, impacting acquisition strategies [10][14] - The market is currently waiting for proof of concept on large-scale mines that are expected to achieve design production rates this year [13][14] - Exploration activities have slowed due to a lack of capital access for junior miners, affecting earlier stage royalties [39][40] Competitive Landscape - The royalty sector is characterized by a few large players (mega-cap companies) and many small-cap companies struggling for relevance [24][25] - Gold Royalty aims to capture the mid-cap space, which is seen as a "Goldilocks zone" for growth and institutional relevance [28][30] - The company has absorbed smaller competitors to eliminate redundant costs, achieving significant G&A savings [31][33] Future Outlook - The company is optimistic about several projects, including Cote, Varus, and Boubarema, which are expected to contribute to revenue growth [68][69] - The management team has extensive industry experience, which is leveraged for growth through M&A, royalty financing, and organic royalty generation [15][16][18] - The company is focused on maintaining a strong portfolio in top-rated mining jurisdictions, with over 80% of its assets located in Nevada, Quebec, and Ontario [19][23] Additional Insights - The company has a unique model that allows it to generate new royalties organically without significant capital outlay [18][37] - The correlation between gold prices and all-in sustaining costs remains strong, with current market conditions affecting producer valuations [100][105] Conclusion Gold Royalty is positioned for significant growth with a diversified portfolio and a focus on cash-flowing assets. The company is navigating market challenges while maintaining a strong outlook for future revenue and operational success.

Core Viewpoint - Franco-Nevada Corporation has announced an agreement to acquire a royalty package on the Côté Gold Mine in Ontario for $1,050 million, which includes a 7.5% gross margin royalty on mineral production from the mine [1][2]. Acquisition Details - The royalty package covers all Mineral Reserves and over 99.9% of current Mineral Resources at the Côté Gold Mine, which is operated by IAMGOLD Corporation and Sumitomo Metal Mining Co. Ltd. [1][2] - The acquisition is expected to close at the end of Q2 2025, with an effective date of July 1, 2025 [6]. Financial Aspects - Franco-Nevada has approximately $2 billion in available capital and generates $275-$300 million in free cash flow each quarter, positioning the company well to finance the transaction [7]. - The Côté Gold Mine is projected to produce between 360,000 to 400,000 ounces of gold in 2025, with cash costs estimated between $950 to $1,100 per ounce [4]. Resource and Production Potential - The Côté Gold Mine has a significant mineral resource base of over 16 million ounces of Measured and Indicated Mineral Resources and 4 million ounces of Inferred Mineral Resources [1][4]. - The mine's resource base has doubled since the addition of the Gosselin deposit in 2021, indicating strong growth potential [5]. Operational Insights - The Côté Gold Mine utilizes modern technology, including a fully autonomous haul truck fleet and efficient milling capabilities, which positions it in the lower half of the cost curve [12]. - The mine is expected to ramp up to a nameplate capacity of 13 million tonnes per annum (Mtpa) by the end of 2025, with potential for future expansion to 20 Mtpa [12]. Partnership and Future Outlook - Franco-Nevada has partnered with IAMGOLD and Sumitomo for the acquisition, which allows for detailed due diligence and future collaboration on resource growth and mill capacity expansion [2][3]. - IAMGOLD anticipates further growth opportunities at the Côté Gold Mine, including the integration of the Gosselin zone into an updated mine plan [3].

Group 1 - Franco-Nevada Corporation announced the election of its board of directors during the 2025 Annual and Special Meeting of Shareholders, with detailed voting results provided [1][2] - The nominees received high approval rates, with Paul Brink receiving 99.79% of votes for, and Hugo Dryland receiving 99.96% [2] - The company is recognized as a leading gold-focused royalty and streaming company, boasting a diversified portfolio of cash-flow producing assets [3] Group 2 - Franco-Nevada Corporation operates a business model that offers investors gold price and exploration optionality while minimizing exposure to cost inflation [3] - The company is debt-free and utilizes its free cash flow for portfolio expansion and dividend payments [3] - Franco-Nevada trades under the symbol FNV on both the Toronto and New York stock exchanges [3]

Core Viewpoint - Franco-Nevada reported its best financial results ever, driven by elevated gold prices, strong production from energy interests, and a robust deal pipeline, while remaining debt-free and well-capitalized [1][4]. Financial Highlights - Revenue reached $368.4 million, a 43% increase compared to Q1 2024, with 126,585 GEOs sold, up 3% year-over-year [4][6]. - Operating cash flow was $288.9 million, marking a 62% increase from Q1 2024, and adjusted EBITDA was $321.9 million, a 49% increase [4][36]. - Net income was $209.8 million, or $1.09 per share, reflecting a 45% increase compared to the previous year [4][38]. Portfolio and Production - The precious metals segment accounted for 79% of total revenue, with gold contributing 67% [6][18]. - The company sold 100,623 GEOs from precious metal assets, an 8% increase from Q1 2024, primarily due to higher sales from Candelaria and Hemlo [9][18]. - Diversified assets generated $74.8 million in revenue, a 21.4% increase from Q1 2024, despite a 13.1% decrease in GEOs contributed by these assets [18][22]. Growth and Strategic Initiatives - Franco-Nevada completed a $448.6 million financing package for the Porcupine Complex, expecting to receive approximately 6,000 GEOs in 2025 [10]. - The company acquired a precious metals stream from Sibanye Stillwater's Western Limb Mining Operations for $500 million, enhancing its portfolio [10]. - The company is committed to ESG initiatives, funding various community projects and maintaining high ratings from ESG agencies [8][18]. Dividend and Shareholder Information - A quarterly dividend of $0.38 per share was declared, representing a 5.6% annual increase [23][24]. - The company has a Dividend Reinvestment Plan (DRIP) allowing shareholders to reinvest dividends for additional shares [24].

Royal Gold (RGLD) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Company Participants Alistair Baker - Senior Vice President of Investor Relations and Business DevelopmentWilliam Heissenbuttel - President, CEO & DirectorMartin Raffield - Senior Vice President of OperationsPaul Libner - Senior VP & CFOCosmos Chiu - Executive Director & Institutional Equity Research - Precious MetalsDan Breeze - SVP - Corporate Development, RGLD Gold AG Conference Call Participants Tanya Jakusconek - AnalystDerick Ma - Equity ...

Core Viewpoint - Sandstorm Gold Ltd. reported strong financial results for Q1 2025, driven by high commodity prices, with record revenues and net income, alongside ongoing share buybacks and deleveraging efforts [2][7][12]. Financial Highlights - Record revenue of $50.1 million, up from $42.8 million in Q1 2024 [7][12]. - Production of 18,492 attributable gold equivalent ounces, down from 20,316 ounces in the same period last year [7][12]. - Cash flows from operating activities of $40.8 million, compared to $32.6 million in Q1 2024 [7][15]. - Net income of $11.3 million, a significant improvement from a net loss of $3.9 million in Q1 2024 [7][15]. Shareholder Returns - The company repurchased approximately 3.1 million common shares for $19.1 million during Q1 2025, with an additional 270,000 shares purchased for $2.0 million post-quarter [2][3]. - Sandstorm renewed its normal course issuer bid (NCIB) allowing for the purchase of up to 20 million common shares, indicating a strategic focus on share repurchases [3]. Deleveraging Efforts - The company made $15 million in net debt repayments during the quarter, with an additional $12 million repaid after the quarter ended [4]. - As of May 6, 2025, Sandstorm has an outstanding balance of $328 million on its revolving credit facility, with an undrawn balance of $297 million [4]. Production and Revenue Breakdown - Approximately 73% of gold equivalent production was from precious metals, 20% from copper, and 7% from other commodities [12]. - Revenue from precious metals was $34.8 million, copper revenue was $11.3 million, and other commodities contributed $4.0 million [13]. Project Developments - The Hod Maden joint venture is advancing with approved early-works capital investments of $60–$100 million for 2025 [5]. - Glencore is expected to submit an application for the MARA copper-gold project under Argentina's RIGI, which aims to support large investments [6][8]. Production Outlook - Attributable gold equivalent ounces are forecasted to be between 65,000 and 80,000 ounces in 2025, with long-term production expected to reach approximately 150,000 ounces by 2030 [11].