Summary of Gold Royalty Corporation Conference Call Company Overview - **Company Name**: Gold Royalty Corporation (GROY) - **Trading Symbol**: GROY on NYSE American - **Founded**: Five years ago, went public in March 2021 - **Initial Capital Raised**: USD 90 million at IPO with a share price of $5 [4][3] - **Current Portfolio**: Approximately 250 royalties, with 7 cash-flowing and 14 in various stages of development [5][6] Key Financial Highlights - **Revenue Growth**: Projected gold equivalent ounce growth of 360% over the next five years [5][6] - **Free Cash Flow**: First year of positive free cash flow in history; expected to grow significantly [6][38] - **G&A Costs**: Reduced to $7-8 million per annum, down from $10 million due to synergies from acquisitions [25][26] - **Projected Revenue**: Anticipated revenue of nearly $90 million by the end of the decade at current gold prices [25][24] Growth Strategy - **Acquisitions**: Successfully executed a roll-up strategy, acquiring three companies and significantly diversifying the royalty portfolio [5][17] - **Organic Growth**: Generated over 70 royalties for free through staking exploration claims [19][21] - **Production Increase**: Expected increase from 6,000 to nearly 30,000 gold equivalent ounces by 2029 [22][23] Market Position and Competitive Advantage - **Royalty Model**: Provides capital to mine operators and receives a percentage of gross revenue, insulated from operating costs and inflation [8][10] - **Diversification**: Portfolio includes royalties from three of the five largest gold mines in North America [22][29] - **Management Experience**: Management team has extensive industry experience, enhancing risk evaluation and opportunity identification [15][16] Industry Context - **Gold Price Dynamics**: Historical increase in gold prices; expected to continue due to global debt levels and inflationary pressures [49][52] - **Market Consolidation**: Anticipated further consolidation in the royalty sector, creating opportunities for mid-tier players [30][31] Future Outlook - **Debt Management**: Expected to be debt-free by 2026 due to free cash flow generation and convertible debenture conversion [41][42] - **Shareholder Returns**: Plans to return capital to shareholders through buybacks or dividends once financial position stabilizes [54][55] - **Production and Cost Structure**: Focus on large-scale operations with economies of scale, mitigating cost inflation risks [56][57] Additional Insights - **Jurisdictional Focus**: Over 80% of the portfolio is in top-rated jurisdictions (Nevada, Quebec, Ontario) with low political and regulatory risks [33][34] - **Long-term Viability**: The royalty model allows for perpetual ownership of royalties, providing long-term cash flow potential [11][12] This summary encapsulates the key points discussed during the Gold Royalty Corporation conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Core Viewpoint - Sandstorm Gold Ltd. reported strong preliminary results for the second quarter of 2025, achieving record revenue and gold equivalent sales compared to the same period in 2024 [2][3]. Financial Performance - The company sold approximately 15,100 attributable gold equivalent ounces in Q2 2025, generating preliminary revenue of $51.4 million, compared to 17,414 ounces and $41.4 million in Q2 2024 [2]. - The preliminary cost of sales, excluding depletion, was $5.3 million, resulting in record cash operating margins of approximately $2,980 per attributable gold equivalent ounce, up from $2,043 per ounce in the comparable period of 2024 [3][7]. Credit Facility - As of June 30, 2025, the outstanding balance on the company's revolving credit facility was approximately $315 million, with an undrawn and available balance of $310 million [3]. Upcoming Events - The company plans to release its detailed second quarter results on August 7, 2025, with a conference call scheduled for August 8, 2025, to discuss the results further [4]. Company Overview - Sandstorm Gold Royalties is a precious metals-focused royalty company that provides upfront financing to mining companies and holds a portfolio of approximately 230 royalties, with 40 underlying mines currently in production [9].

Core Points - Sandstorm Gold Ltd. held its Annual General and Special Meeting of Shareholders on May 30, 2025, with 70% of issued common shares represented [1] - Shareholders voted in favor of all resolutions, including the re-election of all director nominees [1] Election of Directors - Nolan Watson received 174,714,604 votes (99.26% for) and 1,297,328 votes withheld (0.74% withheld) [2] - David Awram received 173,247,072 votes (98.43% for) and 2,764,861 votes withheld (1.57% withheld) [2] - David E. De Witt received 168,801,580 votes (95.90% for) and 7,210,352 votes withheld (4.10% withheld) [2] - Andrew T. Swarthout received 168,949,013 votes (95.99% for) and 7,062,919 votes withheld (4.01% withheld) [2] - John P.A. Budreski received 154,624,590 votes (87.85% for) and 21,387,342 votes withheld (12.15% withheld) [2] - Mary L. Little received 139,978,560 votes (79.53% for) and 36,033,373 votes withheld (20.47% withheld) [2] - Vera Kobalia received 172,613,405 votes (98.07% for) and 3,398,528 votes withheld (1.93% withheld) [2] - Elif Levesque received 145,709,384 votes (82.78% for) and 30,302,549 votes withheld (17.22% withheld) [2] Company Overview - Sandstorm Gold is a precious metals-focused royalty company that provides upfront financing to mining companies and receives a percentage of production from mines for their lifespan [4] - The company holds a portfolio of approximately 230 royalties, with 40 of the underlying mines currently producing [4] - Sandstorm aims to grow and diversify its low-cost production profile through the acquisition of additional gold royalties [4]

Core Viewpoint - Sandstorm Gold Ltd. has received updated voting recommendations from Institutional Shareholder Services Inc. (ISS) to support all management proposals regarding amendments to the company's share-based compensation program, which will be voted on at the upcoming Annual General and Special Meeting of Shareholders on May 30, 2025 [1]. Group 1 - ISS now recommends shareholders vote FOR all management proposals, including those it previously advised against [1]. - Glass, Lewis & Co. LLC has also recommended that shareholders vote FOR the management proposals related to the share-based compensation program [1]. - The proposals are detailed in the Company's Management Information Circular dated April 9, 2025 [1]. Group 2 - Sandstorm Gold is a precious metals-focused royalty company that provides upfront financing to mining companies and receives a percentage of production from mines for their operational life [3]. - The company holds a portfolio of approximately 230 royalties, with 40 of the underlying mines currently in production [3]. - Sandstorm aims to grow and diversify its low-cost production profile through the acquisition of additional gold royalties [3].

Core Viewpoint - Sandstorm Gold Ltd. is addressing voting recommendations from Institutional Shareholder Services Inc. (ISS) that miscalculated parameters related to proposed amendments to the Company's share-based compensation program, aiming to clarify and ensure accurate interpretation of these changes [1][2]. Summary by Sections Shareholder Proposals - ISS has recommended voting against three management proposals concerning the Company's Stock Option Plan and Restricted Share Plan, which were intended to align executive compensation with shareholder interests [2]. - The Company believes ISS's recommendations stem from a semantic misinterpretation of the proposed maximum limit of shares under the Share Plans [2]. Clarifying Amendments - The Clarifying Amendments state that, effective January 1, 2025, the total number of common shares issuable under the Share Plans will not exceed 6.0% of the total issued and outstanding shares [3]. - The previous proposal included a declining rate from 6.0% in 2025 to 5.5% in 2026 and 5.0% in 2027, which was misinterpreted as a cumulative limit rather than a non-cumulative declining rate [3]. Approval and Recommendations - The Toronto Stock Exchange and the Company's Board of Directors have conditionally approved the Clarifying Amendments, which are considered housekeeping in nature, thus not requiring shareholder approval at the upcoming Meeting [4]. - The Company advises shareholders to refer to the revised Share Plans filed on SEDAR+ for all matters related to the Share Plans and to disregard the versions in the Information Circular [4]. Additional Information - Shareholders can access the Information Circular and amended Share Plans through SEDAR+ or by contacting Investor Relations [5]. - Sandstorm Gold Royalties is a precious metals-focused royalty company with a portfolio of approximately 230 royalties, aiming to grow its low-cost production profile through additional acquisitions [7].