Financial Performance - Sales increased by 38% year-over-year to $251.4 million in Q3 2025[11, 12] - Operating income increased significantly by 204% year-over-year to $154.6 million[16] - Net cash from operating activities before working capital was $113.9 million, or $0.37 per share[3, 16] - Free cash flow from ongoing operations reached $73.4 million, up from $57.4 million in Q2 2025[3, 16] Production and Operations - Q3 production from continuing operations was 72,462 GEO (Gold Equivalent Ounces)[3, 5] - Séguéla Mine produced 38,799 ounces of gold with cash costs of $688/oz Au and AISC of $1,738/oz Au[5] - Lindero Mine produced 24,417 ounces of gold with cash costs of $1,117/oz Au and AISC of $1,570/oz Au[5] - Caylloma Mine produced 233,612 ounces of silver with cash costs of $17.92/oz Ag Eq and AISC of $25.17/oz Ag Eq[6] Diamba Sud Gold Project - The PEA (Preliminary Economic Assessment) for Diamba Sud projects an initial 3-year average production of 147,000 ounces of gold[6] - The Diamba Sud PEA estimates construction capital costs of $283.2 million[6] - The Diamba Sud PEA indicates an after-tax NPV5% of $563 million and an after-tax IRR of 72% at a gold price of $2,750/oz[6, 7]

Financial Data and Key Metrics Changes - The company reported a net loss of $500,000, or $0.01 per share, compared to a loss of $2.1 million, or $0.04 per share, in the same period last year [17] - Adjusted EBITDA was $11.8 million, or $0.22 per share, compared to $10.5 million, or $0.20 per share, in the corresponding period [17] - The company ended the quarter with $51 million in cash and $24 million in marketable securities, with the cash balance relatively unchanged from the prior quarter [18] Business Line Data and Key Metrics Changes - McEwen Copper advanced the Los Azules project, which is now considered a bankable Tier 1 asset, benefiting from Argentina's Large-Scale Investment Incentive Program [12][13] - The feasibility study for Los Azules indicated a production process designed for low environmental impact, with a projected after-tax NPV of $2.9 billion and an IRR of 19.8% [14] Market Data and Key Metrics Changes - Gold prices are currently just below $4,000 per ounce, up 45% year-over-year, while silver is up 47% and copper is close to $5, up 13% [2] - The company anticipates that the intermediate and long-term prices for metals will be considerably higher, positioning itself favorably in the current market environment [2] Company Strategy and Development Direction - The company aims to achieve an annual production of 250,000-300,000 gold-equivalent ounces by 2030, alongside the development of the Los Azules copper mine [3] - The company is optimistic about the exploration potential of its mining rights, having identified eight significant targets within its holdings [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming temporary setbacks and emphasized the importance of the current favorable metal prices in supporting growth plans [2][3] - The approval of the REGI program for Los Azules is seen as a significant endorsement, providing stability and competitive tax rates for the project [12][13] Other Important Information - The company is set to close the acquisition of Canadian Gold Corp in January, with an updated resource estimate expected by the end of February [6] - Exploration activities are ongoing, with a focus on optimizing the Tartan project and its synergies with other properties [7] Q&A Session Summary Question: Can you elaborate on the vertical integration strategy and potential targets? - The company is exploring vertical integration opportunities, particularly in assay labs, to enhance efficiency and reduce turnaround times for assays [29][30] Question: What is the outlook for Gold Bar production next year? - Management indicated that the recent issues were temporary and that production guidance for next year will be announced shortly [35][36] Question: What is the timeline for the Canadian Gold Corp merger and subsequent resource estimates? - The merger is expected to close in early January, with a resource estimate and preliminary economic assessment to follow [45][46] Question: How does the company estimate its proven resources? - The company estimates its resources similarly to industry standards, with approximately 4.2 million ounces across all operations [53] Question: What is the expected timeline for the Los Azules IPO? - The IPO is now targeted for sometime next year, with expectations of a higher price than the last financing due to the project's attractiveness [68][70]

Financial Data and Key Metrics Changes - The company reported GAAP earnings of $0.01 per share, impacted by non-cash derivative market adjustments, while adjusted earnings per share were $0.14 [7] - Revenue for Q3 was approximately $783 million, including $144 million from the delivery of over 66,000 ounces under gold prepay obligations [7][8] - Operating cash flows totaled $171 million in Q3, highlighting strong cash-generating potential [8] Business Line Data and Key Metrics Changes - Fekola, Masbate, and Otjikoto mines exceeded production expectations, resulting in lower than expected cash operating costs per ounce [2] - Goose Mine achieved commercial production, although production was impacted by a crushing capacity shortfall and delays in accessing higher-grade ore [2][3] - The company revised its 2025 gold production guidance for Goose Mine down to between 50,000 and 80,000 ounces due to these challenges [10] Market Data and Key Metrics Changes - The company is positioned to benefit from a strong gold price environment, with an annual gold production target of approximately 1 million ounces [4] - Cash costs per ounce at Fekola were lower than expected, contributing to strong performance in Mali [12] Company Strategy and Development Direction - The company plans to leverage low-cost platforms and extend the life of the Otjikoto mine into the 2030s through the development of the Antelope Underground Deposit [3][13] - The company is focused on ramping up operations at Goose and maintaining strong performance across other operations [42] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing operations in Mali despite political challenges, citing strong government support and international backing [5][6] - The company expects to receive the regional mining permit for Fekola imminently, which will allow for further development [36] Other Important Information - The company has drawn down $200 million on its credit facility to manage working capital timing differences, with expectations to repay by year-end [8][37] - Capital expenditures for Q3 were higher than expected due to the capitalization of site general costs and commissioning costs [39] Q&A Session Summary Question: What grades are expected for Fekola Underground in 2026? - Management targets approximately 4.5 grams with a throughput of about 1,500 tons a day [17] Question: How is the development rate for Fekola Underground progressing? - Development is on or ahead of schedule with the contractor Byrnecut [18] Question: What are the key drivers of cost increases at Goose? - Costs for Q4 are expected to be higher due to lower production, but this is not indicative of future costs [25][26] Question: What caused the delay in accessing Umwelt? - The delay was due to a lack of equipment parts and operators, which has now been resolved [27] Question: What is the potential magnitude of solutions for crushing optimization at Goose? - A third-party consultant is expected to deliver a report in December, with solutions anticipated to be small in magnitude compared to fixing the throughput [31][32] Question: What is the reason for the delays in obtaining regional permits in Mali? - Delays are attributed to bureaucratic processes, but approval is expected imminently [35]

Core Viewpoint - McEwen Inc. reported its Q3 2025 results, outlining a plan to double production by 2030, aiming for 250,000 to 300,000 GEOs Consolidated Annual Production by 2030, despite facing operational challenges that led to lower production and higher costs in the short term [1][3][4]. Production Goals and Projects - The Fox Complex (Stock and Grey Fox) is projected to contribute approximately 50% to the total production goal, followed by the Gold Bar Mine Complex at 30%, and El Gallo at 20% [2]. - The Stock Mine is expected to begin production by mid-2026, with lower-cost gold production anticipated compared to the Froome mine due to various operational efficiencies [6][19]. - El Gallo's Phase 1 production is targeted for mid-2027, with an optimized production plan aiming for 20,000 GEOs annually [21][22]. Operational Challenges and Adjustments - The company faced operational challenges that resulted in production falling below guidance and increased costs, particularly at Nevada and Timmins operations. Corrective measures are being implemented, with expected improvements in Q4 2025 [3][7]. - The annual production guidance for the Gold Bar Mine has been revised down to 32,000 to 35,000 GEOs from 40,000 to 45,000 GEOs due to lower-than-expected production [7]. Financial Performance - Q3 2025 revenue decreased by 3% to $50.5 million from the sale of 14,968 GEOs, with an average realized gold sale price of $3,477 per GEO, which is 39% higher than the previous year [7]. - Gross profit for Q3 2025 was $7.8 million, down from $13.8 million in Q3 2024, primarily due to higher waste stripping costs [7]. - Adjusted EBITDA increased by 12% to $11.8 million, reflecting improved operational performance despite challenges [7]. Liquidity and Capital Resources - Cash and equivalents increased to $51.2 million as of September 30, 2025, compared to $13.7 million at the end of 2024, indicating improved liquidity [8]. - Working capital rose to $62.6 million from a negative $6.5 million at the end of 2024, while total debt increased to $130 million [8]. Exploration and Development Investments - The company invested $6.8 million in exploration during Q3 2025, focusing on various properties including Grey Fox, Gold Bar, Lookout Mountain, and Windfall [8]. - Significant drilling results at Windfall are expected to enhance the overall resource size, with an updated resource estimate anticipated in Q4 2025 [11][12]. Strategic Acquisitions - McEwen signed a definitive agreement to acquire Canadian Gold Corp., which includes the Tartan Mine, expected to close in January 2026 [37]. - The company also acquired a 31% stake in Paragon Geochemical Laboratories, enhancing its capabilities in gold and metal assaying [37].

Financial Data and Key Metrics Changes - In Q3 2025, the company sold 239,000 ounces of gold at an average cost of $1,434 per ounce, with an all-in sustaining cost of just over $1,800 per ounce [6] - Adjusted net income was $147 million, or $0.19 per share, with adjusted EBITDA of $420 million [6] - The company ended the quarter with $348 million in cash, excluding $88 million from the sale of Nevada assets [6][7] - Year-to-date production reached 634,000 ounces, positioning the company to meet its 2025 production guidance of 785,000-915,000 ounces [7] Business Line Data and Key Metrics Changes - Greenstone's mining rates improved significantly, exceeding 185,000 tons per day in Q3, a 10% increase over Q2 and a 21% increase over Q1 [8] - Process grades at Greenstone improved by 13% in Q3 to 1.05 grams per ton, with mining rates in October exceeding 205,000 tons per day [9][10] - Valentine Mine's commissioning exceeded expectations, with throughput averaging over 6,200 tons per day in October, or 91% of nameplate capacity [10] Market Data and Key Metrics Changes - The company noted a lift in share price over the past few months, supported by a stronger gold price and steady operational delivery [12] - The company recognized a disconnect between its intrinsic value and current trading levels, indicating potential upside in share price [12] Company Strategy and Development Direction - The company is focused on creating shareholder returns through operational excellence, high-return organic growth, portfolio rationalization, and disciplined capital allocation [4][5] - The company plans to advance its phase two expansion studies at Valentine, aiming to increase throughput to between 4.5-5 million tons per year [11] - The strategy includes retiring debt and optimizing asset performance to enhance cash flow and earnings [5][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued improvement in production and cash flow, supported by contributions from both Greenstone and Valentine [12] - The company anticipates Valentine will reach nameplate capacity by Q2 2026, with production expected to be between 150,000-200,000 ounces in 2026 [11] - Management acknowledged the need to build confidence by delivering on commitments to realize significant upside potential in share price [13] Other Important Information - The company closed the sale of its Nevada assets for $115 million, including $88 million in cash, post-quarter end [5] - The company retired $139 million of debt during Q3 and commenced Q4 with an additional $25 million in October [5] Q&A Session Summary Question: Can you discuss key performance milestones at Valentine and the phase two expansion study? - Management highlighted that Valentine exceeded 70% of nameplate capacity in the first 66 days and over 90% in October, with a feasibility study for phase two expected to commence soon [16][17] Question: What is the strategy for deleveraging and future asset sales? - Management indicated a focus on portfolio optimization and anticipates being in a solid liquidity position by the end of next year, with potential asset sales being considered for shareholder value [18][19] Question: Can you provide details on free cash flow calculations and Valentine grades? - Management confirmed positive reconciliation from ore control at Valentine and noted that lower-grade materials were processed initially to practice before ramping up to higher grades [25][26] Question: What is the current stockpile situation at Greenstone? - Management reported over 8 million tons of stockpile, with high-grade material available for processing [33] Question: Will there be any capital returns to shareholders? - Management indicated that discussions about capital returns would occur in 2026, focusing on delivering production commitments and optimizing growth projects first [34][36]

Financial Data and Key Metrics Changes - OR Royalties earned 20,326 gold-equivalent ounces (GEOs) in Q3 2025, a 3% improvement over Q2 2025, tracking towards the midpoint of the full-year guidance of 80,000-88,000 GEOs [4][6] - Quarterly revenues reached $71.6 million, a 71% increase year-over-year, marking a quarterly record for the company [10] - Net earnings were $0.44 per basic common share, significantly improved year-over-year, partly due to a non-cash gain of $54 million from the revaluation of Osisko Development equity investment [11][12] - Cash margins for the period were just under 97%, in line with the budget for the year [7] Business Line Data and Key Metrics Changes - Approximately 95% of GEOs earned came from precious metals, with the balance from copper exposure through Harmony Gold's CSA Copper Mine [12] - Significant year-over-year improvements in cash flow per share at $0.34 compared to $0.19 in Q3 last year [12] - Mantos Blancos operation saw improved silver grades contributing to third-quarter stream deliveries, with production at or above nameplate capacity [13][14] Market Data and Key Metrics Changes - The average realized gold price for the first nine months of 2025 was $3,188 per ounce, over $900 higher than the same period last year [7] - Silver represented over 30% of revenues in Q3 2025, up from just over 26% in H1 2025 [16] Company Strategy and Development Direction - The company emphasizes capital allocation discipline, focusing on high-quality accretive streams and royalties while maintaining a debt-free position [9][39] - OR Royalties plans to adhere to a disciplined approach in pursuing transactions that meet internal hurdle rates, with a focus on maintaining strong cash flows [39] - The company is committed to returning capital to shareholders, having declared its 44th consecutive dividend [10] Management's Comments on Operating Environment and Future Outlook - Management expects Q4 2025 to be the strongest quarter of the year in terms of GEOs earned, driven by improved silver grades at Mantos Blancos [5] - The company is tracking approximately 2,000-2,100 GEOs lower than its original budget due to higher-than-budgeted commodity price ratios [6] - Future growth is anticipated from the Namdini mine in Ghana and continued improvements at Mantos Blancos [52] Other Important Information - OR Royalties ended Q3 2025 with $57 million in cash and is debt-free for the first time in over 10 years [8][38] - The company received $49 million in cash from the sale of shares in CSA Copper following Harmony Gold's acquisition [28][30] Q&A Session Summary Question: Near-term outlook for the Canadian Malartic asset - Management expects no surprises, with continued overperformance in grades due to conservative resource reserve models [41] Question: Involvement in negotiations for the Eagle Gold Mine - Management confirmed they are stakeholders and pleased with the quality of interest from established operators, but cannot comment on specific negotiations [43] Question: Outlook for transaction opportunities - Management emphasized the need for discipline in capital allocation, with a focus on high-conviction transactions that meet internal return criteria [44][45] Question: Internal rate of return metrics for transactions - Management indicated that the internal rate of return varies but is generally above 5%, with a focus on conservative gold pricing [46][49] Question: Current opportunities in the market - Management noted a variety of opportunities, including streams and royalty packages, with a focus on transactions in the $50 million-$500 million range [50][51]

Growth & Production - Gold Royalty expects significant growth over the next five years, with over 80% of growth to 2029 coming from assets already permitted and built, at least to a first phase[40] - The company's 2025 guidance is 5,700-7,000 GEOs[12], and the five-year outlook shows significant growth[40] - Borborema is expected to reach between 40% and 48% of designed nominal capacity in 2025, equivalent to an annualized rate of 83,000oz Au[104] - REN is expected to achieve an annual production rate of 140,000 ounces of gold by 2027[50, 115] - Cozamin's average expected production is 20kt copper and 1.3 Moz silver per year[159] Portfolio & Assets - Gold Royalty has a diversified portfolio of over 250 royalties/streams[11, 52] - Over 90% of the company's value is in gold[33] - The company holds royalties on three of North America's five largest gold mines[18] - Vareš is expected to achieve an 850,000 tonne per year operating rate by year-end 2026[50, 103] - Côté Gold achieved a steady-state nameplate throughput rate of 36,000tpd in June 2025[104] Valuation & Financials - Gold Royalty's recurring cash operating expenses are expected to be $7-8M per year[48] - The company has a credit facility of $75M, with $27.3M drawn[75] - The company has convertible debentures of $40.0M[75]

Core Insights - Labrador Gold Corp. is advancing its exploration programs in 2025 at the Hopedale and Borden Lake gold projects, focusing on orogenic gold and other mineral deposits [1][25] - The Hopedale property is situated in the Florence Lake greenstone belt, which is underexplored compared to similar global belts, showing significant gold anomalies [25] - The Borden Lake Extension property is adjacent to Discovery's Borden Gold Mine, with ongoing exploration efforts to identify mineralization [26] Hopedale Project - The 2025 exploration program primarily targets the Thurber Gold trend, a 3-kilometer area with notable gold occurrences [2] - A 26-line kilometer Induced Polarization (IP)/Resistivity survey was conducted, revealing a trend of moderate chargeability and high resistivity linked to significant gold occurrences [3][4] - Detailed mapping and sampling efforts have identified gold grades of 2.2g/t Au and nickel values ranging from 0.15% to 0.25% in various locations [5] Borden Lake Extension - A drone magnetic and LiDAR survey was initiated to better understand the geological contact between different rock types in the Borden Lake Extension [11] - Field crews located 43 outcrops and collected 30 bedrock samples, although no obvious mineralization was found [14] - The magnetic survey identified a significant east-northeast trending lineament, correlating with geological features interpreted from Ontario Geological Survey data [15] Project Acquisition Update - Labrador Gold is actively evaluating resource opportunities in Canada, having reviewed 29 resource projects and 22 pre-resource projects for potential significant resources [19]

Canadian Mine Ramp-ups Gaining Momentum into Q4 and 2026 Date X, 2025 Q3 2025 RESULTS & CORPORATE UPDATE NOVEMBER 6, 2025 Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively "Forward-looking Information"). Actual results of operations and the ensuing financial results ...

Q3 2025 Financial Highlights - OR Royalties earned 20,326 gold equivalent ounces (GEOs) in Q3 2025, compared to 18,408 GEOs in Q3 2024[13, 14] - The company reported revenues of $71.6 million and a quarterly cash margin of 96.7% in Q3 2025, compared to $42.0 million and 96.3% in Q3 2024[14] - OR Royalties' cash balance as of September 30, 2025, was $57.0 million, and the company is completely debt-free[14] - Adjusted earnings were $42.3 million ($0.22 per basic share) in Q3 2025, compared to $21.2 million ($0.11 per basic share) in Q3 2024[18] - Net earnings reached $82.8 million ($0.44 per basic share) in Q3 2025, a significant increase from $13.4 million ($0.07 per basic share) in Q3 2024[18] Production and Guidance - Gold accounted for 63.9% (12,991 GEOs) of Q3 2025 GEOs, silver 31.1% (6,315 GEOs), and copper & others 5.0% (1,020 GEOs)[20] - The company is tracking within its 2025 GEO delivery guidance range of 80,000-88,000 GEOs, with Q4 2025 expected to be the strongest quarter of the year[14] - The 2029E outlook represents approximately 40% GEO growth over the 2025E guidance, without requiring contingent capital[51, 53] Portfolio and Strategy - OR Royalties has a high-quality portfolio with 22 producing assets, focusing on precious metals, with 95% precious metals exposure[21, 24] - The company has a high exposure to Tier-1 mining jurisdictions, with 78% of GEOs earned in 2024 from these jurisdictions[31] - OR Royalties' cash margin was 12.8% higher than the average of its peer set in 2024, primarily due to a higher proportional GEO contribution from royalty assets[32]