Building Our Portfolio Through Accretive Acquisitions and Peer-Leading Organic Growth December 2025 Disclaimer Cautionary Note Regarding Forward-Looking Statements GoldRoyalty The information contained herein includes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements") concerning the business, operations and financial performance of Gold Royalty Corp. ("GRC" or the "Company") and, in so ...

Summary of Vox Royalty FY Conference Call Company Overview - **Company Name**: Vox Royalty (NasdaqCM:VOXR) - **Industry**: Specialty Mining, focusing primarily on gold royalties but also open to base and battery metals [2][8] Core Points and Arguments - **Business Model**: Vox Royalty operates as a gold royalty company, designed to provide investors with exposure to precious metals while minimizing risk and maximizing returns [2][3] - **Performance Metrics**: - Founding shareholders have seen returns of over 1,300% since inception, with an 80% increase in the last year [6] - Revenue has grown by almost 400% over the last three years while costs have remained flat or decreased [6][7] - **Market Position**: Vox aims to replicate the success of larger royalty companies like Franco-Nevada and Wheaton Precious Metals, which have outperformed mining companies and major indices [4][5] - **Asset Growth**: The number of producing assets has increased from 1 in 2020 to 14 currently, with expectations to grow to 22 in the coming years [9][10] Financial Highlights - **Recent Acquisition**: In September, Vox acquired a portfolio generating approximately $15 million in free cash flow for $60 million, significantly increasing its producing asset count [10][11] - **Market Capitalization**: Vox has a market cap of $300 million, providing a diversified portfolio that would typically belong to much larger mining companies [11] - **Debt and Cash Position**: The company has about $11.7 million in debt and $11 million in cash, indicating a strong balance sheet [11] Strategic Focus - **Investment Strategy**: Vox focuses on acquiring royalties from projects that are 2-4 years from production, allowing for a steady increase in revenue and cash flow [9][10] - **Dividend Policy**: Vox pays a modest but sustainable dividend, which is the highest yield in the precious metals royalty industry [18] - **Analyst Coverage**: Currently, four analysts cover Vox, with expectations for increased price targets as the company continues to grow [19][20] Industry Dynamics - **Gold Price Outlook**: The company is positioned to benefit from long-term increases in gold prices, although it operates under the assumption of potential price declines [25][26] - **Cost Structure**: Vox's business model is less affected by cost inflation in the mining sector, allowing for higher operating margins compared to traditional mining companies [23][24] Competitive Advantage - **Data Utilization**: Vox has acquired a proprietary database of mining royalties, enabling it to identify undervalued assets that competitors may overlook [28][29] - **Risk Management**: The company emphasizes a high margin of safety in its acquisitions, focusing on the likelihood of mines entering production rather than solely on current metal prices [38][39] Future Outlook - **Growth Potential**: Vox expects to add 2-5 new producing assets annually, which will further enhance its revenue profile [16][24] - **Index Inclusion**: The company was added to the Russell 2000 and anticipates inclusion in the GDXJ index, which could attract broader investor interest [24] Additional Insights - **Silver Royalties**: Vox holds a significant silver royalty over the Bowden's project, which could generate substantial revenue once in production [41] - **Market Perception**: The company believes its business model may be perceived as complex, but it aims to simplify its narrative to attract more passive investors [18][19]

Summary of OR Royalties 2025 Investor Day Company Overview - **Company**: OR Royalties (NYSE:OR) - **Industry**: Precious metals royalty and streaming sector Key Points and Arguments Market Context - Commodities, particularly silver, have seen a price increase of 2-3%, with silver touching a 3% rise on the day of the meeting [1][2] - The company is optimistic about its growth path and shareholder returns, likening its situation to the positive outlook of sports fans [2] Business Model - OR Royalties operates as a mid-tier royalty and streaming company with a highly efficient and scalable business model [5][6] - The company has 22 producing assets out of a total of around 190, providing significant asset and cash flow diversification [5][6] - The business is insulated from inflationary pressures, boasting a 97% cash margin in the first nine months of 2025 [6] Asset Quality - The cornerstone asset, Canadian Malartic, is recognized as the best royalty in the sector, resulting from a corporate action [7] - The top three assets are operated by established companies: Agnico Eagle, Capstone Copper, and Harmony Gold [8] - 95% of gold equivalent ounces are in precious metals, with 30% of GEOs in silver [8] Financial Performance - The company has undergone significant deleveraging, reducing debt from approximately $300 million to $120 million in cash with no debt [9] - The U.S. federal government debt is at $38 trillion against a GDP of $29 trillion, leading to a debt-to-GDP ratio of about 125%, the highest since WWII [14][15] Macroeconomic Factors - Global debt levels and unsustainable deficits in major economies are expected to drive demand for gold [10][11][14][16] - Central banks are diversifying away from the U.S. dollar, contributing to a constructive environment for gold [17] Sustainability and ESG - OR Royalties integrates environmental, social, and governance (ESG) considerations into investment decisions, maintaining a prime rating by ISS ESG [24] - The company has rejected over $350 million in potential deals due to non-compliance with ESG standards [26] - Community investments have reached close to $1 million since 2021, with a focus on education, social contributions, and environmental initiatives [27] Growth Assets - **Mantos Blancos**: A key asset located in northern Chile, producing copper and silver concentrate, with a forecast of over 12,000 GEOs for the year [30] - **Dalgaranga**: Expected to be the next producing asset, with a 1.44% gross revenue royalty acquired from Remilius Resources [50] Future Outlook - The company anticipates a 40% growth in its asset base over the next five years, with no contingent capital required for this growth [20] - The phase two expansion of Mantos Blancos is expected to increase production capacity to 27,000 tons per day, with first production anticipated in late 2028 or early 2029 [43][44] Analyst Sentiment - The average target price from analysts is over $61, implying a potential gain of 36%-37% from current levels [19] Additional Important Content - The company emphasizes the importance of maintaining strong relationships with mining partners and continuously monitoring ESG commitments [26][28] - The management team has a strong average tenure of seven years, contributing to the company's operational stability [4]

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 - Gold Royalty Corp. reported record revenue for Q3 2025, with total revenue, land agreement proceeds, and interest increasing by approximately 76% to $4.6 million compared to Q3 2024, equating to 1,323 gold equivalent ounces (GEOs) [2][3] - For the first nine months of 2025, total revenue reached a record $12.6 million, a 40% increase from the same period in 2024, equating to 3,918 GEOs [2][3] Financial Performance - The company achieved total revenue of $4.573 million for Q3 2025, up from $2.601 million in Q3 2024, with revenue of $4.148 million compared to $2.060 million in the same period [11][12] - For the nine months ended September 30, 2025, total revenue was $12.562 million, compared to $9.001 million in the same period of 2024 [11][12] Operational Highlights - The strong cash flows were driven by the performance of royalty interests in Borden, Borborema, Côté, and Cozamin, alongside an improving gold price [3] - The company expects total GEOs for 2025 to be around or modestly below the bottom of the guidance range of 5,700 - 7,000 ounces due to the transition of the Vareš mine to new ownership [3] Future Outlook - Gold Royalty anticipates record-level cash flows in 2025, supported by an improved gold price and exposure to net smelter return royalties, which have no costs associated with higher gold prices [3] - The company aims to be essentially debt-free by the end of 2026, aided by positive free cash flow [3]

Core Insights - Sandstorm Gold Ltd. (NYSE:SAND) is recognized as one of the best gold royalty and small-cap gold stocks to invest in currently [1] - The company reached a 52-week high of $11.51 on September 5, 2025, reflecting a remarkable one-year return of 104.57% [2] - Sandstorm Gold has a market capitalization of $3.37 billion and has demonstrated revenue growth of 13.87% with gross profit margins of 84.3% [2] - The company has been praised for its aggressive share buybacks and maintains a solid current ratio of 2.4, indicating financial strength [2] - RBC Capital's Josh Wolfson has maintained a 'Buy' rating on Sandstorm Gold with a price target of $14.00 [3] - Sandstorm operates as a gold royalty company, securing purchase agreements and royalties from advanced-stage mining projects globally [3]

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]

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.

First Quarter 2025 Financial Highlights - The company reported revenue of $3.1 million and Total Revenue, Land Agreement Proceeds and Interest of $3.6 million (1,249 GEOs)[22] - The company achieved record positive operating cash flow of $2.5 million and Adjusted EBITDA of $1.7 million[22] - General and administrative costs were $1.8 million[22] 2025 Guidance and Five-Year Outlook - The company expects total GEOs between 5,700 and 7,000 in 2025, with three cash flowing assets ramping up[23] - The company anticipates peer-leading growth of over 360% in the next five years, forecasting GEOs to increase to between 23,000 and 28,000 in 2029[23] Key Growth Assets - Commercial production at Vareš is expected in Q2 2025, with a ramp-up to 800ktpa run rate expected in H2 2025, and a potential throughput increase of 63% by 2027[30] - Côté Gold's ramp-up remains on track to achieve a steady-state nameplate throughput rate of 36,000tpd in Q4 2025, with production expected to approximately double in 2025 to 360,000-400,000oz gold (100% basis)[30] - Borborema achieved initial production in Q1 2025, with commercial production expected in Q3 2025, and is expected to reach between 40% and 48% of designed nominal capacity in 2025, equivalent to an annualized rate of 83,000oz Au[30] Valuation and Growth Potential - The company's valuation is approximately 0.57x Consensus median P/NAV, compared to a sector average of approximately 1.3x P/NAV[35]