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]