Vox Royalty Corp Conference Summary Company Overview - **Company Name**: Vox Royalty Corp - **Ticker Symbols**: VOXR (NASDAQ), VOXR (TSX) - **Industry**: Mining, specifically focused on precious metals royalty and streaming - **Portfolio**: Over 80 assets across eight jurisdictions [1][4] Core Industry Insights - **Macroeconomic Environment**: Current market conditions are favorable for gold and copper, with record high prices due to geopolitical uncertainties [4] - **Investor Interest**: Increased interest from U.S. generalist investors in gold and related equities, making it an opportune time for royalty and streaming companies [4][5] Company Strategy and Performance - **Investment Focus**: Vox was established to provide generalist investors with exposure to mining without the need for specialized knowledge [5][6] - **Competitive Advantage**: The company emphasizes compounding per-share returns and has built a diversified portfolio to mitigate single mine risk [6][7] - **Historical Performance**: Royalty companies have historically outperformed mining equities, with returns ranging from 800% to 3,300% over the past 20 years [8][9] Financial Metrics - **Market Capitalization**: Approximately $360 million [11] - **Revenue Growth**: Revenue has grown significantly, with guidance for $13-$15 million this year based on previous investments [18][19] - **Dividend Policy**: Vox has the highest dividend yield in its industry, with a consistent annual increase of approximately 10% over the last three years [19] Portfolio Composition - **Asset Breakdown**: 80% of the portfolio is in precious metals, primarily gold, with 20% in non-precious metals like copper, iron ore, zinc, and nickel [12][26] - **Geographic Focus**: Approximately 70% of assets are located in Australia, particularly Western Australia, which is viewed as a top mining jurisdiction [13][10] Future Growth and Opportunities - **Production Expansion**: The company expects to increase its producing assets from 14 to nearly 22 over the next two to three years [14][21] - **Recent Acquisition**: A significant $60 million acquisition of 10 assets, including offtake streaming contracts, is expected to enhance revenue potential [22][24] - **Market Positioning**: Vox aims to capitalize on undervalued opportunities in Australia, where royalties can be acquired at lower costs compared to North America [33] Risk Management and Monitoring - **Diversification Strategy**: The company maintains a diversified portfolio to reduce risk, with no single asset contributing more than 25% of revenue [26][30] - **Operator Quality**: Two-thirds of the portfolio is managed by companies with market caps over $2 billion, ensuring stability and reliability [31][32] Conclusion - **Outlook**: Vox Royalty Corp is well-positioned for growth in a favorable market environment, with a strong focus on capital efficiency, diversification, and strategic acquisitions to enhance shareholder value [19][24]

Core Viewpoint - Gold Royalty Corp (AMEX:GROY) is positioned as a significant player in the gold royalty sector, providing investors with exposure to gold prices through its diverse portfolio of royalty interests [1] Financial Performance - Gold Royalty has demonstrated substantial financial improvement, achieving recurring cash flow with two consecutive quarters of positive operational cash flow and record EBITDA [3] - The company's revenue has nearly doubled year-over-year, driven by increased metals flow from its portfolio, indicating a strong growth trajectory [3] Stock Performance and Market Sentiment - BMO Capital upgraded GROY to "Outperform" on December 9, 2025, raising its price target from $4.50 to $4.75, reflecting optimism about the company's growth prospects [2][6] - The stock price was approximately $4.08 at the time of the upgrade, showing an increase of about 5.57% with a daily rise of $0.21 [4][6] - GROY's stock has fluctuated between a low of $3.83 and a high of $4.08 during the trading day, with a market capitalization of approximately $693.4 million and a trading volume of 5,688,463 shares [5] Volatility and Risk Profile - Despite improved fundamentals, GROY is perceived as a leveraged play on gold prices, exhibiting high beta characteristics, which indicates higher volatility and sensitivity to changes in gold prices [4][6]

Core Viewpoint - Empress Royalty Corp. reported record revenue for the third quarter of 2025, demonstrating strong year-over-year growth and effective execution of its business model [1][2]. Financial Performance - Total revenue for the nine months ended September 30, 2025, was US$10.8 million, nearly double that of 2024 [6]. - Gross profit for the same period was US$7.4 million, with positive operating cash flow of US$5.2 million [6]. - Net income increased significantly to US$3.0 million from US$0.5 million in the same period of 2024 [6]. - Adjusted EBITDA for the nine-month period was US$7.1 million [6]. - For the three months ended September 30, 2025, royalty and stream revenue was US$4.2 million, with net income of US$1.4 million [6]. Strategic Focus - The company emphasizes disciplined capital allocation aimed at long-term value creation through its producing royalty and streaming investments [4]. - Empress Royalty is committed to building shareholder value, supported by increased production and solid gold and silver prices [2][5].

Summary of Altius Minerals Conference Call Company Overview - **Company**: Altius Minerals (OTCPK:ATUS.F) - **Industry**: Base metals, royalty, and project generation Key Points and Arguments 1. **Project Generation and Royalties**: Altius emphasizes the importance of project generation in acquiring valuable royalties, distinguishing itself from pure-play royalty companies. The company aims to maintain a diversified portfolio rather than focusing solely on precious metals [5][6][7] 2. **Royalty Value**: The sale of a 1% royalty related to the Silicon project generated approximately CAD 560 million, showcasing the significant returns from project generation compared to the initial investment of around USD 300,000 [7] 3. **Potash Market Dynamics**: Altius holds potash royalties that have nearly doubled in entitlement since acquisition in 2004. The company notes that potash remains the most affordable fertilizer component, with recent tariff agreements favoring U.S. imports from Canada [11][12][13] 4. **Copper and Battery Metals**: Altius is focused on copper assets, particularly the Chapada Copper Stream and the upcoming Kuripamba project, which is expected to begin production by the end of 2026. The company highlights the long-term stability of copper demand despite market fluctuations [14][15] 5. **Renewable Energy Ventures**: Altius Renewable Royalties, which was taken private, accounts for about 18% of Altius's NAV. The company is navigating a challenging renewable energy market in the U.S., with a focus on wind and solar projects [36][37][38] 6. **Corporate Structure and Management Changes**: Recent changes in the board and management include the retirement of long-term employees and the appointment of new leadership roles, ensuring continuity in operations [39][52] 7. **Exploration Royalties**: Altius has significant exposure to Newfoundland gold through its project generation business, with nearly 50 exploration royalties in the region [55] 8. **Future Projects**: The Kami project, a significant potential revenue contributor, is expected to undergo a feasibility study by 2026, with production anticipated around 2030-2032 [34][84] Additional Important Content 1. **Market Trends**: The company discusses the transition from blast furnaces to electric arc furnaces (EAF) in steelmaking, which requires different types of iron ore, indicating a shift in market dynamics [18] 2. **Government Involvement**: The Newfoundland government is incentivizing the development of critical minerals, which may affect the timeline for projects like Julian Lake [20][21] 3. **Community Relations**: Altius acknowledges the importance of maintaining good relationships with local communities and First Nations, which is crucial for project development [27][28] This summary encapsulates the key insights from the Altius Minerals conference call, highlighting the company's strategic focus, market dynamics, and future opportunities.

Core Thesis - Franco-Nevada Corporation (FNV) is positioned as a premier royalty and streaming company, providing unique exposure to gold while minimizing risks associated with mining operations [2][3] Financial Metrics - As of September 8th, FNV's share price was $197.27, with trailing and forward P/E ratios of 47.61 and 34.97 respectively [1] - The company boasts exceptional EBITDA margins of 70–80%, an expense ratio of just 0.1%, and negligible debt [2] Strategic Advantages - FNV offers perpetual call options on gold prices, with 62% of its assets in the exploration phase, indicating potential for significant upside as new discoveries occur [3] - The company benefits from miners' increased reliance on alternative financing in a higher interest rate environment [3] Cobre Panama Mine Catalyst - The Cobre Panama mine, historically accounting for 25–30% of FNV's production, was shut down in late 2023, leading to impairments and stock decline [4] - With the new support from Panama's President Mulino for reopening the mine, and both FNV and First Quantum halting arbitration, the prospects for resolution are improving [4] Economic Incentives - The economic importance of the Cobre Panama mine to Panama's GDP, exports, and employment creates clear incentives for a restart, potentially leading to a 30% re-rating in FNV's stock if operations resume [5] - Even without this upside, FNV is fairly valued at approximately 22x NTM EV/EBITDA, providing uncorrelated exposure to gold as a hedge against inflation and geopolitical instability [5] Long-term Investment Perspective - For long-term investors bullish on gold, FNV presents both resilience and significant optionality, making it a compelling core portfolio holding [5][6]

Financial Data and Key Metrics Changes - The company achieved record quarterly revenue of $4.4 million, a nearly 50% increase in adjusted EBITDA to $2.4 million compared to the previous quarter [7][9] - Positive free cash flow was reported for the quarter, with cash balances slightly above $5 million, including undrawn revolver capacity [20][21] - The average gold price during the quarter was $3,279 per ounce, contributing to strong cash flows [9] Business Line Data and Key Metrics Changes - Cote mine achieved nameplate throughput with revenue exceeding $1 million in the quarter [11] - Bobrema mine contributed $1.2 million in revenue, maintaining guidance of 33,000 to 40,000 ounces of gold produced for 2025 [12][14] - Revenue from Ignico Eagle's Canadian Malartic mine was reported at $18,000, viewed as a temporary issue due to mine sequencing [13] Market Data and Key Metrics Changes - The company maintains its full-year guidance of 5,700 to 7,000 gold equivalent ounces (GEO) for 2025, despite a guidance cut at Verus mine [14] - The company expects a five-year outlook of 23,000 to 28,000 GEO, primarily from mature and brownfield operations [14] Company Strategy and Development Direction - The company is focused on debt reduction while considering capital returns to shareholders and pursuing strategic growth opportunities [4][5] - There is an expectation of accelerated consolidation in the royalty sector, driven by new strategic capital and recent mergers [5][29] - The company aims to create a mid-tier royalty company with organic growth and sufficient scale to attract global institutional equity investors [5][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a five-year period of pronounced gold equivalent production growth across its portfolio [6] - The company plans to use excess cash to repay outstanding debt, aiming to be effectively debt-free by 2026 [10][36] - Management emphasized the importance of maintaining a disciplined approach to capital allocation and potential acquisitions [16][29] Other Important Information - The company has approximately 20 million outstanding share purchase warrants, exercisable at $2.25 per share [17] - The company is exploring opportunities in safe jurisdictions, primarily in Canada and the US, while also considering investments in Brazil and Australia [35] Q&A Session Summary Question: How was the free cash flow from Q2 2025 handled? - The company generated positive free cash flow and aims to maintain a cash balance above $5 million, with plans to evaluate repayment of the revolver in the coming quarters [20][21] Question: Can you elaborate on Jared Canyon's revenues and expectations? - Revenues from Jared Canyon were related to a settlement, and no further revenues are expected until the mine restarts [22][23] Question: What is the company's stance on the merger landscape? - The company anticipates accelerated consolidation in the royalty space, with a focus on becoming a consolidator in the future [26][29] Question: How far out does the company typically look for acquisitions? - The company focuses on assets with a clear path to cash flow, typically within a five-year window [32] Question: At what point would the company consider reinstating dividends? - The company plans to discuss returning capital to shareholders after achieving a net debt-free position and steady free cash flow generation [36]