Core Insights - Metalla Royalty & Streaming Ltd. reported significant growth in revenue and operational milestones for Q2 2025, including the successful closing of a $40 million revolving credit facility and the recommissioning of the Endeavor Mine, which produced 5,398 dry metric tonnes of silver-lead concentrate in July 2025 [2][3][4] Financial Performance - Revenue from royalty interests for Q2 2025 was $2,695,000, a substantial increase from $875,000 in Q2 2024, while total revenue for the first half of 2025 reached $4,416,000 compared to $2,130,000 in the same period of 2024 [4] - The company reported a net loss of $1,603,000 for Q2 2025, slightly higher than the net loss of $1,491,000 in Q2 2024, with a total net loss of $2,334,000 for the first half of 2025 compared to $3,223,000 in the first half of 2024 [4] - Adjusted EBITDA for Q2 2025 was $1,485,000, a significant increase from $165,000 in Q2 2024, with total adjusted EBITDA for the first half of 2025 at $2,351,000 compared to $243,000 in the first half of 2024 [4] Operational Highlights - The Endeavor Mine achieved its operating cost targets in its first month of production, with expectations for initial cash flows in Q3 2025 [2][3] - The company accrued 840 attributable gold equivalent ounces (GEOs) in Q2 2025, up from 401 GEOs in Q2 2024, and a total of 1,468 GEOs for the first half of 2025 compared to 1,025 GEOs in the same period of 2024 [4][52] - Average realized price per attributable GEO increased to $3,289 in Q2 2025 from $2,332 in Q2 2024, while average cash cost per attributable GEO decreased to $8 from $17 in the same period [4][53][54] Asset Updates - G Mining Ventures reported second quarter gold production of 42.6 Koz at Tocantinzinho, with Metalla accruing 309 GEOs from this asset [6][7] - Coeur Mining reported a 18% increase in gold production at Wharf, with Metalla accruing 279 GEOs from this mine [8][9] - Aura Minerals reported a 9% increase in production from Aranzazu, with Metalla accruing 175 GEOs from this asset [11][12] Strategic Developments - Hudbay Minerals announced a $600 million strategic investment from Mitsubishi Corporation for a 30% joint venture interest in Copper World, which is expected to close in late 2025 or early 2026 [4][37] - Equinox Gold's Castle Mountain Mine Phase 2 Project was accepted into the FAST-41 program, which is anticipated to enhance regulatory certainty and streamline the permitting process [4][26][28] Management Changes - Metalla appointed Marjorie Winslow as Corporate Secretary, succeeding Kim Casswell, who left to pursue other opportunities [46]

Core Viewpoint - Franco-Nevada Corporation has acquired a 1.0% net smelter return royalty on AngloGold Ashanti's Arthur Gold Project for $250 million, with potential additional payments based on certain conditions, highlighting the project's significant growth potential in the gold sector [1][2]. Transaction Highlights - The acquisition includes a contingent cash payment of $25 million, dependent on the outcome of ongoing arbitration regarding the royalty's coverage [6]. - The Arthur Gold Project has seen a 20% year-over-year increase in its resource base, now totaling 3.4 million ounces of Indicated Mineral Resources and 12.9 million ounces of Inferred Mineral Resources [1][6]. - Franco-Nevada structured the transaction as an asset sale, utilizing cash on hand and a $175 million draw from its $1 billion credit facility for funding [6]. Key Transaction Terms - The royalty applies to a substantial land package in Nevada, covering most of the existing Mineral Resource of the Arthur Gold Project, with no step-downs or buy-down provisions [6]. - The project is expected to provide stable gold cash flow once in production, with ongoing arbitration potentially expanding the royalty footprint significantly [6]. - AngloGold is advancing a Preliminary Feasibility Study (PFS) for the project, expected to be completed by late 2025 or early 2026, focusing on both heap leach and milling operations [6]. Company Overview - Franco-Nevada Corporation is a leading gold-focused royalty and streaming company with a diversified portfolio of cash-flow producing assets, providing investors with gold price and exploration optionality while limiting exposure to cost inflation [7]. - The company trades under the symbol FNV on both the Toronto and New York stock exchanges, utilizing free cash flow to expand its portfolio and pay dividends [7].

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].

Financial Data and Key Metrics Changes - The company reported record earnings of $113 million or $1.72 per share for Q1 2025, with adjusted earnings of $100 million or $1.51 per share after accounting for discrete tax items [6][27] - Revenue for the quarter increased by 30% to $193 million, driven by a 38% increase in gold prices, 37% in silver, and 11% in copper compared to the prior year [23][24] - The adjusted EBITDA margin was 82%, maintaining high margins due to low and stable general and administrative expenses [7][27] Business Line Data and Key Metrics Changes - Royalty revenue rose by approximately 53% year-over-year to $71 million, contributing about 37% of total revenue, with strong performances from Penasquito, Mancho, and Robinson [13] - Stream segment revenue was $122 million, up by about 19% from the previous year, with increased gold sales from Pueblo Viejo and Mount Milligan [12][13] Market Data and Key Metrics Changes - Over 53% of revenue was generated from the U.S., Canada, and Australia, indicating a consistent geographic weighting [7] - The company maintained its 2025 guidance ranges for metal sales, DD&A, and tax rate despite market volatility [30] Company Strategy and Development Direction - The company is focused on maintaining a diversified portfolio and leveraging strong gold prices to deliver solid results [30] - Recent investments include an additional agreement with Arrow Copper to acquire an incremental stream interest in Sabentina, reflecting a strategy to enhance exposure to high-grade resources [9][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain economic conditions and elevated market volatility but expressed confidence in the company's strong balance sheet and commitment to dividends [30] - The company expects a stronger second half of 2025, with potential benefits from increased production at key assets like Mount Milligan and Andacollo [30][61] Other Important Information - The company paid its first dividend of 2025 at a new quarterly rate of $0.45 per share, marking a 12.5% increase over 2024 [8] - The company remains debt-free with total liquidity of approximately $1.25 billion, including a fully undrawn $1 billion revolving credit facility [28] Q&A Session Summary Question: Can you walk us through how to use the new information in the asset handbook for growth profiles? - Management explained that the handbook condenses operator forecasts to help investors refine their short-term and medium-term outlooks [35][38] Question: Are the key opportunities coming from existing assets or new assets? - Management indicated that existing asset opportunities are more familiar and easier to build upon, but there are also new opportunities emerging in the market [41][44] Question: Can you confirm the discrete tax item is a one-time benefit? - Management confirmed the discrete tax items are infrequent and unusual, with an effective tax rate of 19.4% excluding these benefits [49][54] Question: Is a stronger second half still expected for production and GEO sales? - Management confirmed the expectation of a stronger second half, although timing of deliveries can be unpredictable [60][64] Question: What is the current status of the silver circuit and deferrals? - Management reported a current deferral of 1.97 million ounces of silver, with expectations for recovery improvements in Q4 and into 2026 [71][73] Question: Are larger opportunities emerging in the transaction market? - Management acknowledged seeing larger opportunities in the market, particularly in the base metal sector, but emphasized that the majority of opportunities remain in the $100 to $300 million range [80][84]

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].