Gold Royalty Aktie

Welcome to the Gold Royalty Corp's Second Quarter 2026 Results Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to David Garofalo, Chair and CEO. Please go ahead.

Thank you, Operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our second quarter 2026 results. Please note, for those not currently on the webcast, a presentation accompanying this conference call is available on the presentations page of our website. Some of the commentary in today's call will include forward-looking statements, and I would direct everyone to review slide two of the presentation, which includes important cautionary notes. All dollar values in today's call are expressed in U.S. dollars, unless otherwise noted.

Speaking alongside me this morning will be our President, John Griffith; Andrew Gubbels, Chief Financial Officer; and Jackie Przybylowski, Vice President, Capital Markets and State Sustainability. For the first quarter in several years, the gold price was down, falling by 13% or nearly $600 per ounce in the second quarter of 2026. However, to put this price movement in the proper perspective, the commodity was still up strongly year over year by nearly 18% or over $700 per ounce.

Reflecting the risk-off sentiment that has prevailed in our sector since the onset of the Iran war, gold mining equities levered to gold fared even worse than the commodity price. The GDX and the GDXJ, VanEck Gold Miners and Junior Gold Miners ETFs, each fell 18% in the second quarter. And Gold Royalty, as a small-cap liquid stock, which has outperformed our peers through 2025, was down 23%. This downward movement in the gold price, equities, and in our share price in particular, are severely overdone and reflect neither the fundamentals of the commodity nor those of the robust and accelerating growth of Gold Royalty's business.

All the key drivers for gold remain in place. Continued government fiscal deficits, elevated government spending, and persistent inflationary pressures have the potential to further erode the purchasing power of the U.S. dollar and other fiat currencies. In this environment, we believe gold remains well positioned as a store of value and is expected to be driven vastly higher from increased investor and central bank demand.

The improved outlook for gold and the growth Gold Royalty Corp is experiencing from our world-class portfolio will act as a tailwind for gold equities, and in particular, for our share price. Unlike the gold miners, we have no inflationary pressures weighing on our operating margins. The increasing costs for oil, fuel, and other petroleum-derived products such as explosives, which have impacted operations this year, will continue to be fully borne by our operating partners, allowing our shareholders to enjoy unmitigated leverage to the gold price.

One of the great features of our royalty model is that we are insulated from most sources of cost inflation. NSR royalties are royalties on revenues and are not impacted by mine site operating costs, nor do they have fixed or variable payments back to the operators. And nearly all of our royalties are NSR royalties, which gives us strong margins even compared with our royalty and streaming peers.

The data in slide 5 show our strong operating margins versus peers. And we note that our margins continue to improve as we continue to realize our peer-leading revenue growth over the next few years. To be clear, our operating costs are essentially fixed. Every dollar of revenue growth has and will continue to fall right to the bottom line. Our operating margin is projected to continue to grow over the ensuing quarters and years. Our portfolio, which is weighted at 92% gold, is highly leveraged to gold prices and is poised to benefit from the expected improved outlook for gold that we've already discussed.

With strong gold growth in all key production and financial results expected over the next 5 years and peer-leading trading liquidity, we are poised to outperform both gold producer equities and our royalty peers. Turning to the results for the quarter. The second quarter was another strong one for Gold Royalty. We've reported record results for the half year ended June 30th with a more than doubling or 116% increase in total revenue, land agreement proceeds, and interest to $17.3 million, and an over 40% increase in gold equivalent ounces to 3,677 ounces, and a more than tripling or 212% increase in adjusted EBITDA to $12.6 million, as Andrew will go through in more detail in a few moments.

We also continue to be very optimistic about our outlook for organic growth for the second half of 2026, as Jackie will discuss shortly, and remain on track to meet our previously disclosed full-year production guidance of 7,500 to 9,300 GEOs. John will also lead you through the steady progress we were making in business development, as we added a second royalty on Barrick's Ren project in June, and two additional royalties subsequent to quarter end to complement the consistent creation of cost-free royalties from our royalty generator model. These are in addition to two major acquisitions completed since late last year of the Pedra Branca and additional Borborema royalties.

As a reminder, we published our updated integrated report, a combined asset handbook and sustainability report. You can find this report under the portfolio integrated report sections of our website on goldroyalty.com. We also hosted Gold Royalty's Annual Capital Markets Day in the second quarter, where we discussed in detail our exciting organic growth already fully bought and paid for, our continued disciplined approach to accretive growth, and the high quality of assets in our portfolio.

For those of you who are interested in learning more about our royalty generator model, Jerry Baughman took a deep dive into the royalty generator model and the opportunities we're seeing. And we were joined by representatives of Corex, DPM, and Orla to review some of the most exciting assets in our portfolio.

A replay of the June 18th event can be found in the Investors and Events section of our website. I'll now pass the call over to our CFO, Andrew Gubbels, to discuss the financial results for the quarter and the year to date.

Thanks, Dave. As Dave mentioned, we're pleased to report new records for revenue and adjusted EBITDA in the first half of 2026. Specific to the second quarter, total revenue, land agreement proceeds, and interest was $7.9 million, translating to 1,757 GEOs in the quarter. Adjusted EBITDA was $5.6 million, more than doubling from the $2.4 million in the comparable quarter in 2025. Our balance sheet also remains strong. We exited the second quarter with over $11.3 million of cash, no debt, and a fully undrawn $150 million credit facility.

As we continue to generate cash, our portfolio is expected to generate consistent positive free cash flow, positioning Gold Royalty well to self-fund its business going forward. With a clean balance sheet, we now have the flexibility to execute our long-term strategy. Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards growth opportunities where appropriate.

As our cash flows continue to grow, the capital return policy is actively being considered by our board of directors and will be announced in due course. I will now pass the call to John Griffith to review our recent growth transactions.

Thanks, Andrew. We have balance sheet and undrawn borrowing capacity to make meaningful acquisitions, potentially as large as $200 million and larger in partnership with Taurus under our cooperation agreement. Competition for larger transactions, especially with near-term cash flow prospects in good jurisdictions and with great operators, has been robust, negatively impacting implied returns. It is with this backdrop that we've remained disciplined in our pursuits of value-enhancing accretive transactions.

That is not to suggest the potential pipeline is not robust. We continue to pursue a significant number of exciting opportunities and we maintain a deep pipeline of potential transactions to drive growth beyond our already peer-leading organic growth. We continue to be active on smaller transactions as well. In June and July, we made two separate acquisitions. The first was an additional 0.1875% NSR royalty on the REN project, operated by Barrick, and jointly owned by Barrick and Newmont under the Nevada Gold Mines joint venture.

This royalty, which we acquired for $6.25 million, is in addition to the existing 1.5% NSR and 3.5% NPI royalties that we already hold. Barrick continues to expect that REN will achieve first production by year-end and will ramp up to its full 140,000 ounces per year production run rate by 2027 year-end. The second transaction was announced subsequent to the end of the second quarter on July 13. We acquired two Nevada royalties in that transaction, a 2% NSR on the Sterling property operated by AngloGold Ashanti, located south of its Arthur project, previously known as Expanded Silicon, and a 0.5% NSR on portions of Granite Creek operated by i-80 Gold.

This Granite Creek royalty covers portions of the Felix and Blue Bell pits. Neither Felix nor Blue Bell are included in the proposed mine sequence over the initially envisaged 8.5-year mine life at the Granite Creek open pit as per the March 2025 43-101 PEA study. But these deposits do represent longer-term optionality to us. I'll now pass the call to Jackie Przybylowski to review our guidance and key catalysts underpinning our peer-leading organic growth.

Thanks, John. Looking at our portfolio in more detail, as David noted, we reported 1,757 gold equivalent ounces in the second quarter of 2026 and 3,677 GEOs in the first half, or 44% of the midpoint of our guidance range of 7,500 to 9,300 GEOs in 2026. We're already very encouraged with this result because it's better than the 40% first-half weighting that we were expecting for this year. We continue to expect that volumes will be more heavily weighted to the second half of the year as Vares and County Line ramp up to their full production run rates through the year, and as we could see production growth at Borden, Cote, and Pedra Branca.

Finally, while it's not factored into our guidance, the rock mass movement at the Canadian Malartic Barnat pit could bring forward processing and sale of stockpiled material under our royalty coverage. Just a quick reminder that our 2026 guidance was set at a $5,150 per ounce gold price assumption for the full year. Lower gold prices would work in our favor, as conversion of the land agreement proceeds and interest and conversion of revenue from copper and other metals would translate to higher GEO values. Please see our March 18, 2026 press release for a table showing the sensitivity of our gold prices -- of our guidance to gold prices.

And reiterating John's comment from earlier, Gold Royalty expects production to grow to 28,000 to 34,000 GEOs by 2030, or approximately 6x our actual 2025 result from assets that are already fully bought and paid for in our portfolio. Our extensive portfolio continues to offer exciting news flow and catalysts, and we have a number of exciting asset updates in our earnings report. I'll just highlight a few on this call that we're expecting in the second half.

First, DPM Metals has restarted the Vares mine, on which we have a stream on all copper produced. The operator expects to achieve commercial production by the end of September and full production run rate by year-end 2026. Second, first production at REN, jointly owned by Barrick and Newmont, is expected by year-end. Third, Equinox Gold continues to plan to start construction on South Railroad in mid-2026, pending receipt of final permits, and the mine could be in production in late 2027 or early 2028. We hold a 0.44% NSR on South Railroad.

A study to double plant capacity at Aura Minerals' Borborema project to 4. -- 4 million tons per year is expected to be completed in the third quarter of this year. An updated mine plan to reflect the integration of IAMGOLD's Cote and Gosselin zones at Cote in Q4 2026. While we don't have any exposure to Gosselin in our royalty coverage, pushback of the Cote pit wall to accommodate a super pit design could add additional material from our zones 5 and 7 coverage into the mine plan.

A feasibility study for i-80 Gold's Granite Creek underground is expected in the third quarter this year. A pre-feasibility study by First Majestic Silver on a Jerritt Canyon restart is expected to be completed in Q4. And finally, shaft #2 technical evaluation at Canadian Malartic's Odyssey project is to be completed by Agnico Eagle also in the fourth quarter of this year. Please see our earnings release for additional asset updates. With over 250 assets in our portfolio, we continue to expect a steady stream of exciting positive news flow. I'll pass the floor back to Dave for closing remarks.

Thank you, Jackie. There's indeed lots to get excited about as you look across our portfolio and the various high-quality assets ramping up and entering production. We continue to see compelling upside to our share price as our portfolio assets continue to develop, as the market gives us credit for this organic growth. Our valuation could be further boosted by accretive growth, but we emphasize that we will remain patient and disciplined as we consider any acquisitions as we review our capital allocation options going forward.

We continue to prioritize accretive growth as always. However, as we continue to build cash, we view a modest capital return as a signal to the market that we will remain disciplined on our growth and that we have matured as a company. We reached first positive free cash flow in mid-2025, and we expect to continue to strengthen our balance sheet with higher GEO volumes, stronger gold prices, and lower costs as we've eliminated interest costs and we continue to rationalize our G&A. Thank you everyone for tuning in to the earnings call. We'll now open up the call to Q&A.

[Operator Instructions] Our first question comes from Heiko Ihle with H.C. Wainwright. Please go ahead.

Hi, David. It's Kay stepping in for Heiko. Congrats on the successful quarter and for taking our questions.

Thank you.

So first question, you still have a fairly wide range in your guidance, 7,500 and 9,300 GEOs for the year. I assume we're going to see this range narrowed with the next quarter and building on that. Which assets are you watching the most? And in turn, I guess which ones should we be watching the most that could get you to either end of the range?

Yes, well, thanks for the question. I'll pass it on to Jackie to address.

Thanks, Dave. Thanks, Kay. Good to hear from you. You know, we've kept the guidance range as is. I think there's still a lot of time left in the year, I'll say, and a lot of things can happen. One thing that we're definitely watching for would be the ramp-up of certain assets that are starting production. Vares is probably the best example. That's probably the most meaningful example. DPM, since it's taken over the operation of Vares, has done a tremendous job.

And so we're very optimistic that Vares could meet or exceed the guidance that DPM has given. In addition, because that's a copper stream, it will also have an impact from the commodity prices, the relative commodity prices when we're calculating gold equivalent ounces. And so the relative copper and gold price movements will certainly make a difference there as well. Corex is another one that because it's a fairly new asset in our portfolio, we're still understanding the cadence of that operation. Fairly new to Corex as well as it ramps up the Pedra Branca operation to full run rate as it optimizes things like fleet utilization. So we're certainly watching what Corex can do at Pedra Branca. And again, very optimistic that it could meet or exceed expectations at that asset.

Unfortunately, we don't have as much visibility given that Corex is a private company. So we're watching a number of those assets. I think narrowing guidance is something that we could look at for the third quarter, but I wouldn't necessarily guarantee that we'll do that. I think it's still going to be very much a let's wait and see. We absolutely want to make sure we do hit our guidance range this year. So giving ourselves a bit more room to play with is helpful as we get closer to the end of the year.

Thanks, Jackie. That was really helpful. Speaking of Vares, would you mind walking us through your longer-term views on copper and gold? Obviously, the name of the company insinuates a pretty strong favor for gold, but just so many growing use cases for copper these days. Should we be shocked to have your first look at it maybe take a bit more of a focus towards copper over the intermediate or longer term?

I think it would only be in the context of precious-bearing polymetallic deposits where we have particular expertise. If you look at our board and management, we've come from mine development and operating backgrounds with a particular emphasis on gold-bearing VMSs and copper-gold porphyries in our operating history. So in the context of looking at those types of precious metal-bearing deposits, if we end up with significant copper exposure, we're very comfortable bringing that into the portfolio.

Thank you, David. Really helpful. I'll hop back into queue.

Thank you.

[Operator Instructions] At this time, there are no further questions. I would like to turn the call back over to David Garofalo for any closing remarks.

Well, thank you everybody for participating. I know it's a busy day with a lot of companies reporting. And if you have any follow-up questions, please don't hesitate to reach out to Jackie or myself or any of our team at your leisure.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Well, good morning, everybody, or good afternoon as the case might be. I know we have a lot of people online today. I'm delighted that you could join us for our Annual Capital Markets Day. It's something we've tried to do every year since we formed the company 5 years ago. And this is an auspicious year for a number of reasons. The most obvious is because it is our fifth anniversary. And just a few short weeks ago, we celebrated our fifth anniversary on NYSE American.

We actually listed back in March of 2021, and we're able to get most of our team, actually, virtually all of our team at the NYSE to ring the bell. In fact, the New York Stock Exchange told us we were the only company where all of the employees were actually on the platform. It speaks to how small and mighty our team is, but it also speaks to the scalability of the royalty model. We could run a business multiples of the size that we enjoy right now with the same people.

And in fact, most of the people that you see in this picture have been with the organization almost from day 1. And so we've had really good retention, a very capable team. And as I'll go on a little later on in the presentation, bring quite a pedigree to the organization. I think that's a testament to how we've been able to scale up the business very quickly over the period of the last 5 years.

Just going a little bit over the agenda today. I'll start with some introductory remarks. I really want to talk about the macro environment, the gold price environment we find ourselves in, the equity environment we find ourselves in, the opportunities that we see in the royalty business from a macro scale. And then we'll get into quite a bit more detail with Jackie Przybylowski, our VP of Capital Markets and now Sustainability as well. She'll talk about our growth outlook and some granularity. And by all means, don't hesitate to ask questions over the course of the presentation as they might come up, so we can answer them.

I know that there's already some detailed questions that some of the people in this room want to get into. John Griffith. And I should add, Jackie joined us 2 years ago. She was probably the only addition we've really made since the IPO but her addition was timely in that we were in the point of inflecting from investing in our business to actually starting to harvest and generate positive free cash flow. And as a result, we felt we were starting to become investable for institutional investors. This was largely a retail-driven story when we IPOed the company back in 2021, and we recognized we needed to diversify our shareholder base, and we were in a position to do that simply because we were at that point where we were starting to become self-sustaining as a business.

And Jackie has done an excellent job in starting to diversify our shareholder base over the last couple of years. And she brings a wealth of experience, as many of you know, in the capital markets, having been on the sell and buy side, but she's also a mineral processor or metallurgical engineer by training. So she brings a technical depth to the organization to complement what we already have. John Griffith, our President, will provide our corporate development update.

And John was employee #1 when Amir Adnani and I were conceiving of this company privately back in August of 2020, John was the first person I called as a partner and most recently was promoted to President. He's been our Chief Development Officer since day 1, well-deserved promotion given all he's added to this company in terms of tremendous value. Jerry Baughman is not here in person, but we do have a video explaining the royalty generation model to our shareholders and how that works because it's been a significant and very integral pillar of growth among our 4 pillars of growth that we'll talk about a little later on.

And Jerry has been doing that in Nevada for close to 40 years. He's a geologist by training, a prospector by trade, and he's done a tremendous job of adding basically 75-plus royalties into our portfolio through his sweat equity at no cost to our shareholders with the potential of infinite rates of return as some of those royalties become fruitful.

And then after our break and Q&A, Andrew Gubbels, our CFO, will join us and talk about our financial situation, which is excellent right now, frankly. Just the bottom line for you, we have no debt on the balance sheet. We're generating positive free cash flow. We have pro forma cash of close to $50 million, including our in-the-money warrants. We have $150 million line of credit that's completely undrawn. So we have $200 million of dry powder. And for the longest time, we were a severely undercapitalized organization as we were investing in building out our portfolio.

That's not the case anymore. We have the ability to grow through the acquisition of near cash flowing royalties, and we're going to be competitive in that regard over the coming years now that we are in that position of generating positive free cash flow with no debt on the balance sheet. And we're also in a position to start to talk about returns of capital to shareholders, and we'll get into that in a bit more detail over the course of the presentation.

Andrew comes from us with over 20 years of experience, most recently at Aris Mining, where I serve as Lead Director and Andrew and I got to know each other a little bit better. But I knew him back from his UBS days where he led the mining group. So he brings a lot of transactional experience, a lot of mining experience to the table. And that really again speaks to the pedigree of our team. Jackie will come back with some modeling notes after Andrew. And again, after a break, then I'm really proud to have a number of our operating partners here today.

Lucas Loureiro, his title is actually a little bit out of date. As he told us yesterday, he's become Chief Operating Officer for CoreX for their Americas business. And so he's responsible for 2 very significant operating assets in Colombia and Brazil. Goldcorp Brazil, of course, is the one where we have a royalty on the Pedra Branca mine. So Lucas will walk you through the prospects and the current state of operations at Pedra Branca today. And then we have Steve Tartaglia, Director of Corporate Development from DPM Metals. DPM only recently took over Vares, which is a large silver zinc mine in Bosnia. In fact, it's one of the top 10 silver producers in the world right now as a result of the ramp-up to full production over the course of the last couple of years. They invested $1.5 billion in acquiring that mine last year and have invested significant capital in accelerating underground development to get it up to a steady state. And Steve will walk us through that.

And then finally, we have Jason Simpson, who's currently the CEO of Orla Mining. Jason will be becoming the President of Equinox when they complete the merger with Orla a little later this year, I would expect in the coming months. And Jason has done a tremendous job of building out the Camino Rojo mine, which we sold him when I was running Goldcorp a number of years ago. It was unloved within our portfolio. And obviously, they've leveraged that into a substantial company and now merging that with Equinox into what's going to be a very meaningful million ounce a year producer within our sector.

So that's the lineup today. I think it will be very interesting and exciting and particularly excited to have our operating partners here. I'm very, very grateful to them for having taken the time to fly in today and make the presentations as the case may be. So as I said, I do want to talk a little bit about the macro environment we find ourselves in. And the question we're quite often getting asked from generalists as we're going out on the road and telling the story is, geez, I thought gold would perform in the face of a calamity like the Iran war or pointed any other financial or political calamity we've experienced over the last 25 years, why isn't gold performing?

Well, gold is insurance. When your house is burning down, you cash in the insurance. It's one of the most liquid commodities available. And so when it's a risk -- risk off environment, excuse me, as we're experiencing currently, gold gets sold off like many other risk assets. It's liquid. It's a very well-recognized commodity, and it's one where you can take cash, put it on the sidelines and figure out what you're going to do next when the market finds direction. That's happened time and again.

So if you go back to the dot-com bubble, you go back to the great financial crisis, you go back to the COVID crisis and the first Iran bombing a couple of years ago, gold sold off in every one of those circumstances, but roared back afterwards because the fundamentals are undeniable. This has been a one-way trade for 50 years. If you look back to when we abandoned the gold standard, which is really what this chart shows you, gold started out at around $35 an ounce and most recently peaked out at about $5,600 an ounce.

And we've seen the purchasing power of many of our fiat currencies over the same period of time declined by 99%. The relationship is linear and undeniable. So gold's prospects going forward, we think, are tremendous given the fact that money supply can only go in one direction, which is up. It's always been the temptation when money supply -- fiat money supply is untethered from anything intrinsic in terms of value like gold, then it can only be expanded. And particularly in this environment where debt to GDP is at historical highs, 350%.

And just to give you a frame of reference, back in the last big inflation cycle back in the 1970s, it was 100% -- so when Paul Volcker took over the Federal Reserve, he could raise interest rates to 21% and tame inflation. There's no such latitude for central bankers today. They can do nothing but inflate that away, and that's exactly what they're going to do. So yes, we may have days like yesterday where the rhetoric is somewhat bearish on interest rates.

But the reality is interest rates are not going up, they're going down. They're flat on a nominal basis. But when you look at where inflation really is, we're in negative territory. So there's no opportunity cost to owning gold right now. Gold is a monetary instrument more than it is a commodity and monetary instruments trade relative to each other in the short term anyways based on relative interest rates.

Well, if sovereign debt is negative on a real basis, well, gold, which is yielding 0 is going to preserve your capital against the ravages of the debasement. And that's really what the right side of the graph is trying to show at least on nominal interest rates, but then, yes, inflation -- headline inflation is 2%, 3%, 4%, 4% most recently. But the reality is nobody in this room is experiencing 4% inflation in their daily lives.

So I think we're all experiencing double-digit inflation. That's the reality. The headline numbers that are put out by the statistic agencies are really opium for the masses. They're meant to placate us and tell us everything is okay, but the reality is -- and this is not a conspiracy theory because, again, we're all experiencing this inflation. Interest rates are negative on a real basis, and that's what's really been driving capital in the short to medium term into gold.

Money supply, the relationship, again, there is immense. And what it suggests now is we've seen a bit of a detachment between M2 money supply, which continues to expand, and the gold price, which has corrected recently. It would suggest that based on historical correlations that the gold price should be closer to $6,000 an ounce. And we know that the M2 curve is only going to go up from here given the state of our government and corporate balance sheets and the reality that they need to debase in order to get rid of the debt. There's no fiscally responsible way for them to repay it.

So central banks recognizing that there's not an opportunity cost to owning gold, recognizing that the sovereign debt instruments, the treasury bills they own are getting debased, the purchasing power of those are continuing to buy in increasing volume. And that's what we're seeing in this graph. And now we've seen a new entrant in the space that's become the biggest consumer of physical gold, which is Tether. And I think really what Tether has done is tapped into that vein of concern among younger investors about the debasement of their currencies. It's not something that necessarily was recognized by younger investors a number of years ago. They saw gold as a barbarous relic. And we actually saw until recently cryptocurrencies as a competitor to physical gold. But now interestingly, we're seeing a convergence between the 2, between owning physical gold and owning the stable coins, which I think will replace the Bitcoin and other cryptocurrencies that do not have that physical backing.

So for those of you that don't know Tether, they are $180 billion stablecoin fund. They are one of the biggest owners of treasuries in the world. So those stablecoins are backed dollar for dollar by U.S. treasuries. But if you talk to the principals of Tether, they have no confidence in the U.S. dollar. And so they're taking the interest from those treasury bills and they're diversifying into hard assets as quickly as possible. And the most principal or most significant asset that they're diversifying into is physical gold. They've become the biggest consumer of physical gold in the last year or so, and they've accumulated over $20 billion of physical gold, which they store in a private vault in Switzerland.

And they have introduced a stablecoin backed by physical gold. And there are a number of other competitors in the space offering a similar stablecoin backed by physical gold. So that is portending a convergence, as I said, between the crypto world and the physical gold world, but driven by the same philosophy that there's concern about debasement of fiat currencies and now a younger class of investors have a way to play this through their smartphones, which is much harder to do with physical gold. But clearly, having a stablecoin fund or a crypto wallet within the their smartphones has allowed them to participate in the physical gold market in a more significant fashion than they've done historically.

So if you buy into the thesis that gold is really a one-way trade. And certainly, 50 years of history has demonstrated that. The question is, where are you best positioned to get optimum leverage to the gold price. And it's not an accident that myself and a number of my Board and management who come from an operating mine development background decided that really the royalty model is where you're best positioned to do that because the dynamics that the operators are facing are twofold.

One is declining reserves, which I think is irreversible in the short to medium term, and that really goes back to 2012 when the general equity markets largely abandoned natural resources because after the great financial crisis, we had a bit of a party in the mining space. We built and we explored with reckless abandon and we saw reserves peak out in 2012 because the juniors had unfettered access to capital markets, and we saw a lot of exploration drilling, which is great from a perspective of making new discoveries, but we also saw significant cost escalation undermine the leverage proposition that investors were looking for in the equity markets. And so they abandoned the natural resources sector in terms of equities. And we've seen a steady decline in reserves in the sector.

And so with those types of headwinds, all the producers can do is cannibalize each other. And we've seen that. I was party to one of those significant corporate events when we did -- as John was as my adviser at Merrill Lynch at the time when we did the merger with Newmont back in 2019, and that was shortly on the heels of Barrick doing Randgold, and it's just been a steady cannibalization of companies within the space. When you can't grow and when the sector is not growing, all you can do is play Pac-Man. And that's really what's happened.

So it's a shrinking sector. Leverage has shrunk. And if you look at some of the bellwether stocks in our sector, all they've done in the last 30 years is grow the share count, not their production and reserves. And that's really undermined the leverage proposition. And that's why some of those bellwether stocks are actually trading at a lower share price today than they were back in the mid-1990s when gold was $250 an ounce because they just have not added reserves and production, but they've added significantly to their share count. So undermined the per share value accretion that investors are looking for.

The other dynamic, of course, is costs. Costs are escalating. We had some stability in costs last year. Energy was flat, labor costs were flat. We saw a significant escalation in the gold price. And so we saw margins expand and the producers did very well last year. But the reality is, if you look over a 30-year horizon, as you can see on the slide -- on the left side of the slide, is actually EBITDA margin has been pretty flat at about 30% until that recent surge in the gold price we saw last year.

But inevitably, what happens is costs catch up. And they catch up for a couple of reasons. We see inflation in the general economy as we're currently experiencing with oil prices surging, and we're also seeing -- I think we will see labor costs start to escalate. They've been quite stable, but they tend to have a lagging effect to metal prices.

And we're seeing across the metals complex, not just in gold, record metal prices across the space. The unions don't -- are not oblivious to that. They will start to demand higher settlements. So when you look at costs at the mine site, the majority of costs are labor and energy, and they are escalating. So that's going to start to close the gap again back to the historical norm of 30% EBITDA margin.

The other factor, of course, is we've seen a perpetual decline in grades across the sector, all the near surface high-grade deposits have been discovered. But also, when you're mining a deposit and you see low-grade material that makes money at $4,000 or $5,000 an ounce but didn't make money at $2,000 an ounce. It was waste at that time, you're going to mine that material and it's going to displace the higher-grade mineralization.

And that's not an indictment on the operators. That's just economically logical thing to do. If you can make margin on that and extend your mine life and displace the higher-grade mineralization later on the mine life, you do that. And that's inevitably going to result in higher unit costs, that dynamic. So really, where you're going to get optimum leverage to the gold price is in the royalty and streaming business, where you have complete inflation protection, but also you get leverage to the exploration expansion success of the operators.

So that brings me to the Gold Royalty story, having framed the macro environment for you. As I said, we are at an inflection point. We have been at an inflection point for the last year. The growth that we've been promising really since day 1 is happening in real time. And that's been reflective of our results most recently. In Q1, we had 160% revenue growth in the first quarter. So when you go through the more granular detail on our growth, as Jackie will do later on in the presentation, that growth is happening today and will be perpetuated over the next 5 years as peer-leading, industry-leading growth, in fact, where we're looking at about 500% growth or sixfold growth in our GEOs from our existing portfolio.

And I hasten to add that every one of our royalties are bought and paid for. We have no capital calls. We have no installment payments. So all that growth is as a result of the significant investments we've made in our portfolio over the last 5 years. Now we're very much harvesting that growth to the benefit of our shareholders on a per share basis. With a balance sheet that is absolutely bulletproof now, no debt on the balance sheet, $200 million of dry powder. So we're in a position now to start to very systematically and in a disciplined fashion, add to the portfolio.

Anything we do from this point forward in terms of the acquisitions will be either cash flowing and near cash flowing royalties that will perpetuate the cash flow growth we have in the short to medium term, not only on an absolute basis, but on a per share basis. We are very, very disciplined in our growth. We've only done 3 royalty acquisitions in 2 years. It's not for lack of trying, as John will tell you later on, we've looked at hundreds of opportunities. We bid on dozens of them. We've only actually executed on 10 of them.

And that's because we have very stringent return criteria. We have stringent geological criteria. We're looking for solid geological models with solid operators in good countries, and we're looking for ones that have geological potential beyond the reserves that have been defined when we buy it. So we're looking for leverage to not only the gold price, but to the exploration and expansion potential of the deposits that we acquire. We'll let the early-stage stuff get generated for free.

As you'll see a little later on, as I mentioned earlier on in my presentation on -- in my presentation, Jerry has been systematically adding to the portfolio at the rate of about 2 to 3.25 at no cost to our shareholders. So we don't need to expend precious capital on early-stage opportunities. We can generate those for free and those provide us infinite optionality to early-stage opportunities at no cost to our shareholders.

So I think if you asked how we got from 18 to 256, 257 royalties we have today, it's been the connectivity of our team. And as I mentioned, we have a small mighty team with over 400 years of industry experience collectively. That's a lot of years within a very small tight team. And that connectivity has allowed us to acquire transactions and do deals on an exclusive basis to get the rates of return that we expect and that our shareholders expect on our scarce capital.

So where that's left us today, as I said, 258 royalties, and I don't want to leave you with the impression that we're just trying to throw as many of these early-stage royalties against the wall and hope for the best. We have made some really meaningful acquisitions over the course of the last several years through our 4 distinct pillars of growth. And it includes royalties on 3 of the 5 biggest producing gold mines in North America, namely Canadian Malartic, Cote and the underground extension of Goldstrike, REN, which is coming into production later this year and will start to deliver cash flow for us meaningfully in the short term.

But we've also seen some of our more meaningful and more mature cash flowing royalties see changes in ownership, which is actually almost always positive because when a new owner comes in, they want to justify the acquisition price of what they've invested in, but also they want to start to refresh the asset, invest in additional exploration, invest in expansion opportunities. And that's certainly the case with Borden, which is part of the Porcupine Complex, which Discovery Silver has taken over from Newmont. It's a very mature district and Borden is a relatively mature operation, ironically one we built when I was running Goldcorp back about 8 or 9 years ago.

And then Vares, which is not a mature operation. It's a maturing operation, relatively new one, but DPM, as I said, has taken over ownership, has intensified the underground development, not only to sustain the current production rate, but they have an oversized facility on surface that they want to fill. They've got a hungry mill, and this will give an hungry concentrator, I should say, this will give them an opportunity to look at expansion opportunities. And they've got 18 years of reserve life, which is frankly too long. There's been no brownfield exploration, so they're going to ramp up the brownfield exploration and look for expansion opportunities to shorten the mine life and enhance the rate of return on a $1.5 billion investment that they made in the last year.

And finally, CoreX took over Pedra Branca earlier this year. And we just had lunch with Lucas yesterday, and he's talked about the opportunities to invest in the asset, both in terms of getting better performance from the fleet and looking at brownfield exploration opportunities and expansion opportunities over time. They want to revitalize what's a mature operation as well. When you look at our portfolio from a 30,000-foot level, very much focused on gold. As the name indicates, Gold Royalty was not a name we chose by accident. And so over 90% of our portfolio in the long term is in gold.

But in the short term, we're getting a lot of growth from copper. And that's coming from Vares. It's coming from Cozamin and it's coming from Pedra Branca now that we have a royalty, a 2% royalty on their copper production as well. So in the short term, that's delivering meaningful portions of our growth. And it's not to say that we're trying to diversify into copper, but there are certain geological settings where we feel we have a core competency. And if you look at our Board of Management, I came from Agnico back in the day, spent 12 years there as CFO, ran Hudbay for 6 years.

So I feel like I have a strong fundamental understanding of gold-bearing VMS deposits because 2 of the biggest ever discovered were in Agnico Eagle and Hudbay, LaRonde and Lalor, respectively. Also, we built a large copper-gold porphyry in Latin America when I was running Hudbay, Constancia. Alan Hair is on my board, I should add. Alan built Lalor at Hudbay, he built Constancia. And we have Alastair Still as our Director of Technical Services. Again, a lot of experience in copper-gold porphyries.

So in the course of looking at geological settings where we feel we have particular competency, namely precious metal bearing VMSs, copper gold porphyries, if we diversify organically through doing that, that's fine because we understand the geology, we think we can add value. We think we can recognize the potential more readily given our historical jobs in that part of the sector.

And then when you look at our jurisdictional exposure, over 80% of our portfolio is in Nevada, Quebec and Ontario with meaningful exposure in Brazil and Eastern Europe. And we're very, very comfortable in Brazil. As we were talking to Lucas yesterday, Brazil is a very, very comfortable environment to conduct mining.

I've had a lot of history there. Obviously, Lucas brings a wealth of experience there and he feels very comfortable having just integrated that operation into the CoreX's portfolio. And Bosnia is an EU-centric jurisdiction, and DPM has been operating in that area for over 20 years. So having the shield of a very capable operator having operated in that area for a long period of time, I think, is an important mitigant to any perceived risk of operating in what's not historically a significant mining jurisdiction.

And in terms of revenue, you can see, again, low political risk, peer leading. If you want to look at the jurisdictions that are best to operate in from a mineral potential standpoint, from a political risk and regulatory standpoint, all of our jurisdictions are very highly rated by the Fraser Institute on those key criteria. So with that, Jackie, do I stop for any questions on the macro or to let you -- okay, Jackie is saying I got to get off. So I'll leave it over to Jackie. Thank you.

We will have a break for questions after. So I just wanted to talk a little bit about our growth profile. After 5 years as a public company, Gold Royalty has reached an important milestone. We achieved positive free cash flow for the first time in Q2 2025, and we've been steadily improving our balance sheet ever since. So the conversation is no longer about inflection to positive free cash flow. Today, we're a free cash flow growth story, and we're so excited for the next chapter of that growth. If we did no additional acquisitions and if we spent no additional capital, we would still enjoy peer-leading growth.

So we've released guidance for 2026 and for 2030 back in March with our Q4 2025 results. And it's broadly consistent with the forecast that our analysts have right now. So we're estimating production of 7,500 to 9,300 GEOs, gold equivalent ounces in 2026. and that's roughly 60% growth at the midpoint when compared with 2025. Most of this growth comes from a Pedra Branca acquisition, which we announced in December and the second royalty on Borborema, which we announced in January.

So in other words, growth comes from assets that are already in production. They're just new to us. And that's meaningful growth. And importantly, it's both low-risk growth, and it's fully bought and paid for, as Dave mentioned, in our portfolio. At the spot gold price, which as of last night was about $4,266 per ounce, the midpoint of our guidance range would translate to over $35 million in revenue in 2026. And I'll note, a year-to-date spot price is below the $5,150 gold price that we used in our guidance, which is the middle column in the chart you see here.

In our case, a lower gold price is actually helpful for us on a GEO calculation basis because any of the revenues that come from copper or any of the revenues that come from the land agreement proceeds and interest will be converted to a higher GEO at a lower gold price. So with today's gold price being about closer to that $4,150 column, around, like I said, $4,266 as of last night, you could see our GEOs would actually be higher than the guidance we set earlier in the year.

At the end of Q1, we had already achieved 23% of the midpoint of our guidance range for the full year or 26% of the low end of the guidance range, and we're very happy with that result. As we had previously mentioned, we expected production to us would be very significantly H2 weighted, about 40% H1, 60% H2. So our Q1 result is well on track versus our expectations. And just to tie this back to the previous slide on sensitivity, the lower gold prices or higher copper price was not the main driving factor for our outperformance in Q1.

The average gold price for the first quarter was $4,875 per ounce, and the copper price was about $5.83 per pound. So not too far away from our base case commodity price assumptions as we showed on the previous slide. So operators that have disclosed that they will be expecting H2 weighting for their production, as you can see there includes Borden, Cote, County Line, Pedra Branca and Vares as those assets ramp up or fully optimized. And we'll hear from the operator of the last 2 mines later today.

If we achieve the midpoint of our guidance in 2026, we'll see 60% growth year-over-year. And that is a very significant growth rate but also compares very favorably against many of our royalty and streaming peers, as you can see on the left-hand side of this slide. We've also released guidance for 2030. We're expecting production of about 28,000 to 34,000 gold equivalent ounces. And as David previously mentioned, that's a 500% increase at the midpoint versus our 2025 actual result or 6x our 2025 actual result.

A few royalties -- few of the smaller royalty streaming companies released 5-year guidance. So obviously, we're comparing ourselves against some of the larger companies, and they're coming from a larger base. But we wanted to put out guidance for 5 years out, and this is the second year we've done it. And there's 2 reasons that we've decided to do that. Number one, we're very excited about that growth rate. Obviously, it stands out. It looks very compelling, but also, we're very confident in our growth rate. Over 70% of that growth, 7-0 percent of that growth, comes from the mature operations or the brownfield expansions or ramp-ups that you could see in the bottom 2 arrows on this slide.

So those are assets that are already fully permitted, built, financed. So very low execution risk to us. Sure, in the brownfield expansions and ramp-ups, we will see some assets that need expansion or optimization, but lower risk than many greenfield projects would be. If you include the satellite deposits, Cote, County Line and REN, 90% of our growth comes from those assets that we view as derisked. County Line is a heap leach operation in Nevada that's currently having ore placed on the leach pad, so we will be producing to us within a few months.

And REN, being operated by Nevada Gold Mines or Barrick doing the construction should be at first production later this year. So very low risk. We'll hear from Orla, who's operating South Railroad later today, and they'll probably tell you the same thing that they view that as a low-risk asset as well. And just to emphasize, as David previously mentioned, all of this growth is fully paid for in our portfolio. It doesn't require any capital calls, any contributions, any milestone payments on our part.

So how does this translate to revenue growth? We don't give guidance every single year. But you can see here, this is the -- on the yellow bars, this is the average, the median of the 7 analysts who cover us. So this is the consensus volume, gold equivalent ounce volume forecast in the yellow bars. We've overlaid our guidance with the little blue beam, so you can see for reference how consensus numbers match against our guidance, fairly consistent at least in 2024 and maybe a little bit more conservative in 2030.

If you take these gold equivalent ounce volume numbers that our analysts are forecasting and you multiply gold prices on top of that, you could see where the lines go, that translates to revenue. You can see a significant revenue growth over the next few years. So growing from about $18 million in revenue in 2025 was about $13 million in revenue in 2024 and growing very significantly over the next few years. Depending on the gold price, of course, it could be revenues of $100 million to $150 million per year by the end of the decade. And that translates very well to free cash flow.

Our G&A costs are expected to stay relatively flat, about $7 million or $8 million per year. Andrew will talk a lot more about that in detail later today. We have no interest payments or costs associated with debt. We're completely debt-free at this point. And we have very significant margins. Once we get to that point, our free cash flows will be very exciting. So I'm going to pass over to John to talk about our corporate development strategy next.

Well, thank you, everybody, for coming today, and good morning from -- for those in the Eastern time zone and for those in other parts of the world, good afternoon. And as Dave mentioned, I've been part of the story, the Gold Royalty story from day 1. And certainly, we want to acknowledge and thank the Gold Royalty team for their contributions to our amazing story. The high-quality assets that we've acquired have transformed this company to positive free cash flow, peer-leading growth and an enviable low-risk portfolio in just 5 short years.

Just as important are the transactions that we didn't complete. We stayed disciplined, and we have focused on double-digit returns in good jurisdictions. Often, this means that we're not competitive in broad processes. And so most of our growth has come from bilateral or quasi-bilateral relationship-based transactions. Gold Royalty was formed in 2020 with 18 royalties on nonproducing longer-dated assets, and we completed our IPO in March of '21.

We then used a strong currency post IPO to bring high-quality assets, including Canadian Malartic and REN, revenues and diversification into the asset base. Our growth slowed after the initial burst of activity in 2021. As our valuation multiple lagged the initial IPO highs, accretive transactions became more challenging for us to complete. We continue to pursue acquisitions, but we've lost in nearly every competitive process. The transactions that we did complete were all completed, as I said, on a bilateral or quasi-bilateral basis based on the connectivity of our experienced team.

During this time, we remain disciplined, completing fewer transactions to ensure that we pursued only accretive transactions. We're often asked what we're seeing in the market today and if there are still growth opportunities in the current environment. Even though commodity prices have softened this year, let's not forget that we continue to see gold, silver, copper and other commodity prices extremely high in historical context.

Companies which currently operate mines are generally enjoying high margins and strong balance sheets today. And it's true that we are seeing mining companies selling fewer royalties and streams for balance sheet repair or capital raising for other purposes. Although it still does happen, particularly when there is a value gap between the operator and royalty streamer that provides a compelling arbitrage opportunity. What we are seeing more of today are opportunities to acquire third-party royalties. This could include corporate or individual royalty holders.

Our team in Nevada is very well connected and has been active in sourcing third-party royalties held by families in addition to the generative work that we'll talk about later. For example, we recently announced the acquisition of an additional royalty on REN. We've also recently acquired royalties from larger institutions, namely the Pedra Branca royalty that we acquired from BlackRock World Mining Trust plc, which was announced on December 8, 2025, and the second royalty on Borborema from Dundee Corporation announced January 14, 2026.

Third-party royalty holders may be more willing to monetize existing royalties in the current commodity price environment. Acquiring existing third-party royalties from BlackRock and Dundee Corporation are examples of the different risk return priorities of different groups in the sector. While Gold Royalty is prioritizing the acquisition of royalties on assets which are already cash flowing or nearly cash flowing, many other financiers, including private equity, institutional investors and other corporations are willing to take on earlier-stage risk in the hopes of greater returns.

We don't always view these groups as competing with us for royalties, but we often see them as complementary to our own portfolio construction objectives. The January Borborema royalty acquisition added to our royalty on a cash flowing successful asset. And it was also the milestone first transaction completed under the strategic alliance that we have with Taurus Mining Royalty Fund LP, initially announced on April 24, 2024.

Gold Royalty and Taurus have the right, but not the obligation to co-invest at between 25% and 50% of any gold or precious metals royalty or stream over $30 million in size and would retain the right to first offer on any co-investment transactions. To date, the relationship has been extremely positive, and we have shown one another opportunities on a regular basis. And we're certainly thrilled to have completed our first transaction together with hopefully many more to come.

Growth through Gold Royalty's 5-year history hasn't been a steady flow. There are some periods where we've grown rapidly when market conditions permitted and other periods of slower growth. Through all parts of the cycle, we have remained importantly disciplined and focused on accretive growth, and we will continue to set a high hurdle for ourselves in terms of rates of return as well as quality of asset, operator and jurisdiction. We're very comfortable waiting for the next accretive opportunity.

At the moment, our growth pipeline is active, but is mostly focused on smaller, more bolt-on transactions, similar to what you've seen from us recently. That is not to say that we don't have growth. Through all points of the cycle, we continued to add early-stage royalties to our portfolio. We generated 56 royalties since the acquisition of Ely Gold Royalties in 2021. And as at our Q1 reporting date, May 6, 2026, we have 38 properties subject to land agreements and 6 properties under lease generating land agreement proceeds.

Including the early-stage assets generated by predecessor companies such as Ely Gold Royalties, Gold Royalty has over 200 royalties in the exploration and advanced exploration categories of our portfolio. We see tremendous option value in these royalties. They may be early stage today, but if only a few of them were developed into cash flowing mines, it's a huge win for us. Coming from an essentially 0 cost basis, these represent potentially infinite upside. The market doesn't give us credit for most of these options today.

In fact, over 200 royalties in the exploration and advanced exploration categories, and NAV is explicitly calculated and assigned to very few. Of the 7 analysts who cover Gold Royalty, some have modeled NAV for Tonopah West in the yellow advanced exploration category with a median NAV of USD 30 million of the analysts who have a reported value. And Whistler, also in the yellow category with a median value of USD 20 million NAV of the analysts who have reported value.

Analysts also have a median USD 260 million NAV classified as "other." -- but still, this would work out to an average of just over USD 1 million per exploration and advanced exploration royalty, far less than these assets will be worth if even a couple of the projects are developed into mines. Investors often ask about the royalty generator model because it's such a unique competitive advantage to Gold Royalty. He wasn't able to join us in person today, but we have a short video to show you where Jerry Baughman, Vice President of the Nevada Select subsidiary and our colleagues talk through the royalty generator business model.

Hello. My name is Ryan Hass, I'm Director of Finance at Gold Royalty, and I'm here with Jerry Baughman, VP, Nevada Select, wholly owned subsidiary of Gold Royalty based in Reno, Nevada. Jerry, maybe just to start, if you could tell us a little bit about yourself.

I'm a geologist with Gold Royalty Corp. and was also the co-founder of Ely Gold Royalties, and we started the royalty generator model.

And for those that don't know, if you could just expand a little bit on what the royalty generator model is.

Well, we generate claims, mining claims and projects throughout Nevada. And once we consolidate those projects with a data package, then we go out and look for people that want to do the exploration. and look for deposits.

Effectively, what you're doing instead of buying royalties, you're creating them or generating them based on the claims that you stake.

Exactly.

As part of the royalty generator model, you mentioned vending or optioning these claims out to mining companies or exploration companies. If you can just go a little bit more in detail on what exactly that means?

I've been doing this for 40 years. So we have like a huge Rolodex of all the people that are working in Nevada. So we actually have great contacts with these people. So once we have a project for them, we start showing them all the various projects that are available and the data and then we try to make the project fit with what they're looking for.

When you vend out or option out these properties, what does the option agreement look like? How is it structured? And what are the terms?

Usually, they're 4 to 5 years back-end loaded. And once we get our final payment, we get a royalty deed, they get a deed to the property. And at that time, we also ask for advanced minimum royalty payments to make sure we can continue with cash flow on the property until production starts.

So these option payments are effectively installment payments that the exploration company is paying over a 4- to 5-year period, whereby we are retaining a royalty once the final payment is made.

Exactly.

And you mentioned advanced minimum royalty payments, which you also collect. If you can just explain to the viewers exactly what that is and how it differs from an option payment.

Well, once we get our royalty deed, we want to continue with the cash flow. So the advanced minimum royalties are paid until actual production starts. So any advanced minimum royalty payments that get paid, they can deduct that out, but not any of the option payments. So once they get to the point where they've had some time to explore it, hopefully, they've made a discovery, then they want to continue with the project. If they don't continue with the projects, then we get the project back 100% and look for a new company to vend it to.

So effectively using the royalty generator model and these option agreements, you're generating royalties at minimal cost, the cost of staking the claims plus receiving the cash flow from the option payments in the advanced minimum royalties. So why would this structure appeal to an exploration company versus having them do the exploration from scratch?

Well, especially a company that's coming in from Canada or other parts of the world, Australia, and they don't really have a presence in Nevada, but they want to. I've been doing this for 40 years in Nevada. So I have huge amounts of experience. A lot of these people actually know me or know of me, so they contact me looking for new opportunities. And once they get established at some point, they might want to generate their own projects. But typically, the new people that haven't been here for long, they need a way to get into the industry and to get projects. So they typically come to me.

So effectively saves them time and capital by using you as the middleman to effectively vet the claims and the projects.

Exactly.

So maybe if we can go just to the beginning of the royalty generator model, which is really identifying opportunities and staking claims. Maybe just for those that don't know, if you can just briefly explain how to stake claims in Nevada.

There's no limit to how many claims you can stake, but a mining claim is 1,500 feet long by 600 feet wide, and you have to put a location monument somewhere down the center line of the claim, and you can locate as many claims as you want.

And do you need to go into the field to do this? Or can you do this at that county recorder's office?

You definitely have to go to the field, and you have to put the monuments up and you have 60 days after location to put your corners up and 90 days to file with both the county and the BLM.

And in general, what does it cost to stake claims in Nevada? Is it expensive?

Recording fees all in for both agencies is about $250 per claim. And once the claim is established, it's about $200 per year for the annual fees.

So fairly inexpensive. And again, as part of that royalty generator model, the staking fees being minimum and inexpensive, generating a royalty off the back end. It provides optionality to the portfolio. Maybe just going into identifying opportunities. When you're looking at claims or prospecting claims to stake or acquire, what is it about claims that makes you want it? What makes them attractive? What do you look for?

Everything. Our database is massive. We are actually following 833 properties as of this week, and that kind of fluctuates when we come across a new opportunity. So we have all the information in there to be able to continue looking at the data, making sure that it's exactly what people are looking for. So there's multiple sources of information. And I don't think the only companies that probably have more information on exploration projects is maybe Newmont and Barrick.

Other than that, we probably have just as much data. So it's just going through that data and spending decades to get to this point to know where all the great projects are. And I've already identified 833 projects that we're actually watching to see if those come available. And the minute they come available, we snap them right up.

So effectively using your 40 years of experience in Nevada, leveraging your extensive network and experience that you've had to find the opportunities that others may not. What are some of the challenges in staking claims in Nevada?

Yes. I mean I don't have a lot of experience in other parts of the world, but access is amazing, basically 12 months out of the year. So I don't really think there are any. That's why Nevada has such a high rating on the Fraser Institute, one of the #1 jurisdictions in the world. I mean not only permitting but access, major gold discoveries here is the best, most premier place to be exploring for gold.

And the current projects that are highlighted with Gold Royalty that your kind of like make you proud and put a big smile on your face when you're talking about them.

REN, Goldstrike, the biggest gold mine in like North America, already produced somewhere around -- I know it's hard to even know how many ounces they produce. You'll read between 50 million and 70 million ounces. We have a part of that action. So I'm pretty excited about that. Just came back from there, what, 2 days ago. So a huge amount of activity there, big intercepts, big -- who knows what the upside potential is there.

I really like Rosebud. Rosebud was a really good project. It was one that actually literally got there, and somebody was taking claims, but they were there too soon. and called my lawyer and my lawyer was working for them. So I had to call another lawyer. And I said these claims don't come open until noon, and it was like 10. So I started at noon and got the whole deposit.

Just to close, what are you looking at in the next 5 years? What are the biggest opportunities in Nevada? And where will you be focusing kind of a lot of your work?

Well, the Carlin gold systems are always the biggest and the best. So I always have a tendency to kind of go down that path. But this new big discovery in Beatty by AngloGold is something that I was quite familiar with the epithermal model, and I have a lot of situations where I'm seeing opportunities there, and Anglo is actually looking at some of those opportunities presently, and it fits that model at Silicon. So that's such a huge discovery that I think the opportunities in Nevada are just it's just absolutely amazing.

That's great. No, Jerry, really, really thank you for your time and sharing your experiences and your knowledge and what you do for Nevada Select and Gold Royalty under the royalty generator model. As always, it's great to come down to the sites as we are this week, and we appreciate your time.

Thank you very much.

Thank you.

So really want to thank Jerry and Ryan and Alastair and Sam for putting that together. That was great. We have a few minutes for questions. So if anybody has any questions for Dave or John or myself or if there's anything we can answer on the video, please feel free. If anybody online has questions, you can submit them through the app. Heiko has got a question.

I mean just conceptually, obviously, interest rates have -- it looks like interest rates are going to stay longer -- higher for longer. What are you seeing with the discount rates that your peers and you are applying to acquisitions? And where do you see that trend going over the next couple of years?

I think the question is really what commodity price to plug into your model. I don't think discount rates have really changed. I think the challenge is with what has been quite a rapid ascent in the gold price of late, if you were running consensus through your models, you are going to be out of the picture from a competitive dynamic. So what we end up doing, we'll run a very robust set of sensitivity scenarios around pricing.

And I think we've hopefully made it very clear to everyone in the room and online our disciplined approach to valuation, our intent to achieve double-digit returns for our investors. And ultimately, we're going to stick to that. That's our philosophy. And we've seen transactions done that have implied negative IRRs on some of the assets that have changed hands. We've looked at those assets. We looked at them. We like them, but not at the price at which they changed hands in terms of a value proposition for our stakeholders.

Thanks very much. We're going to take about a 5- to 10-minute break, grab some coffee outside, and we'll come back to talk about finance.

[Break]

Just before Andrew Gubbels starts his presentation on the financials, we did have one other question online. And sorry, there's sometimes a bit of a lag on the online question, so we didn't see it before we broke. But the question is, do we have any plans for Canadian listing? This would make it easier and more cost effective for Canadians to invest in Gold Royalty.

At the moment, we do not have plans for Canadian listing. We do consider that from time to time. Our G&A, we are trying to keep it fairly low to keep our cash flows as high as possible. So to avoid additional listing fees and complications, it's something that we haven't pursued at this time. We're also very proud of the trade liquidity that we have on the New York Stock Exchange American, and we feel like a secondary listing would probably not benefit from that same trade liquidity.

Do recognize that it is -- as a personal shareholder, I do recognize that it is sometimes a bit of a challenge for Canadian investors, particularly retail investors to invest in Gold Royalty and I do appreciate those that do go through that challenge to invest in us. But a lot of our shareholder base, particularly the institutional shareholders, is less of an issue for and the U.S. retailer or international retail, it's maybe less of an issue for us.

So I appreciate the question. It is something that we continue to consider, but we don't have any plans at this time. And please keep your questions coming. If you have any others, pop them in the chat window, and we will address them when we see them. I will pass the presentation over to our CFO, Andrew Gubbels, to walk through our financials. Thank you.

Okay. Good morning, everyone. When I sat down to think about the Capital Markets Day, I reflected on what happened and what we've done in the past year and looked at what we presented a year ago, and it was amazing how much things have changed. Despite a pullback in mining and royalty equities more recently, our enterprise value for Gold Royalty has nearly doubled from the last Capital Markets Day, so a year ago. This was substantially higher a number of months ago, but even doubling is an achievement in terms of growth of our enterprise value.

Over that period of time, we completely refinanced our debt, which at this point last year, we had $67 million of convertible debentures and revolver outstanding. Since then, we raised over $100 million in new capital and equity, in particular, we added 2 core cash flowing assets to the portfolio, that being Pedra Branca and another royalty on Borborema. And as a result, we find ourselves in a much stronger financial position.

In fact, with the upsized credit facility, and Dave mentioned this at the outset as well, which is now $150 million available from Bank of Montreal, National Bank and Royal Bank. $14 million of cash and growing every quarter on the balance sheet and approximately $33 million in prospective proceeds from in-the-money exchange-traded warrants, we have approximately $200 million of dry powder really to allocate towards capital activities or other allocation initiatives.

Gold Royalty has never had such a strong financial position in its history. What's more, we now have a portfolio of cash earning assets and near-term development assets that'll self-sustain the company for many years to come. In 2024, so 2 years ago, we initiated a program to simplify the company's corporate structure and remove redundancies while also initiating a dedicated FP&A function and a budgeting and authorization protocols.

As a result, we've been successful in maintaining relatively steady operating costs over the past 8 quarters. That's the yellow line you see over the number of quarters in the graph. This cost discipline was particularly important when our portfolio was less mature, and we had fewer quality cash-generating assets. Now through a combination of organic and targeted external growth, Gold Royalty has reached a point where it's generating meaningful operating and free cash flow every quarter.

In fact, we've recorded record revenue and adjusted EBITDA with growing margins over the past 4 quarters. In Q1 of this year, Gold Royalty actually surpassed a number of its peers and became a sector leader in terms of cash operating margins. I think this is an important point. It's taken us a long time to really get to a point where we're generating meaningful cash flows and actually, those cash flows are hitting the bottom line. This isn't bottom line. This is operating cash flows really.

But as was mentioned earlier, and I'll talk through later on without any debt on the balance sheet, without any capital commitments, it does fall to the bottom line. So even though a number of our peers have more gross revenue than Gold Royalty at this stage, but not for long, given our growth profile, our comparably lower cost of sales, we've got one stream. It's all royalties for the most part. And low G&A means that we're turning every dollar of revenue into more operating earnings than a number of our competitors. The transformation of our -- of Gold Royalty over the last 2 years is further illustrated by the evolution of our balance sheet. We never spoke about debt being a particular issue in the past, a year ago.

We did, however, primarily use debt in the form of our revolver as well as convertible debentures given that they became in the money throughout the period that we had them, arguably debt or equity, but you can -- given the fixed charges involved, you can call it debt to finance the acquisitions of the cash-generating assets to really supplement the existing world-class development portfolio. And those were Cozamin, Borborema and Vares in particular.

In 2025, this past year, we're able to equitize those convertible debentures, repay our revolver completely and then also add another top-quality royalty in Pedra Branca, while also seeing assets in our portfolio such as Cote ramp up. So a number of factors which contributed to this deleveraging to put us in a very strong position.

Moving forward, we'll principally look to use the cash on our balance sheet and draw on our revolver for corporate development initiatives while repaying any outstanding debt if we do draw down the debt with quarterly free cash flows. This is that self-sustaining flywheel model that the sector's largest peers currently employ. It's taken us a few years to get there, but now we've finally made it, we can enjoy some of the benefits that the larger peers do in the market in terms of financing our growth.

Now Gold Royalty's relative lack of debt outstanding is an advantage. I benchmarked leverage against the junior peer set here. No debt service costs means that we generate more free cash flow for every dollar of revenue than many of our peers who carry debt on their balance sheet. And as I mentioned before, yes, debt will be utilized, revolver will be utilized for corporate development purposes with the view of repaying it in the near term.

So this debt figure will fluctuate over time. But at this period in time, in particular, we have one of the strongest financial positions among the peer universe. We're also relatively better placed to use available leverage to continue to grow the company as compared to our peer set right at this period of time.

Now you've heard from Jackie already about growth, but I'll emphasize it again. Gold Royalty does have a market-leading organic growth profile. To show this another way from what Jackie had shown previously, we just simply benchmark the average of broker revenue estimates for the small-cap peer set from 2026 to 2028 and looked at the compound annual growth rate. Gold Royalty is once again at or near the top, and this is over a 3-year period. If there were estimates, more reliable estimates 5 years out, I know it's more tricky to do that. We put out 5-year guidance, and you saw that graph that shows how strong our growth is over a 5-year period.

I'm very confident that Gold Royalty would have an even higher CAGR and would be at the top of the peer set. That's certainly when we start to see assets such as Odyssey coming into the mix and contributing in a more meaningful way. What this growth means from a financial perspective is the potential for even higher operating margins as operating costs are kept in check, which we've proven to be able to do the past number of quarters, even more cash and leverage available or said another way, an even better financial performance in the future and an even stronger financial position.

Now finally, I'll just add another point, a unique advantage of Gold Royalty relative to some of the other peers in the universe, especially on the smaller end of the spectrum is a strong market presence that we have. With 7 research analysts covering Gold Royalty and approximately $10 million of shares traded every day on the New York Stock Exchange, there's a meaningful market for Gold Royalty and its investors.

In fact, it takes fewer days to turn our float than any other of the peers in the sector, and that includes the majors. One of the reasons why we listed on the New York Stock Exchange at IPO was to provide investors with a well-followed liquid royalty opportunity, and that's certainly what you have in Gold Royalty.

Just to sum it up from a financial perspective, -- in Gold Royalty, investors are really getting a leader in many categories. We're a leader in margins, as I showed previously. Balance sheet, our financial position is amongst the strongest of our peer set, top line growth and really bottom-line growth, which most of our organic growth will fall through the bottom line without capital commitments and trading liquidity. So with that, I'll conclude on the financial section and pass it back to Jackie.

So I promise I'm not going to spend too much time on this. But before we wrap up the management portion of the session, I did want to highlight a few modeling notes to the analysts, the associates and the investors who have joined us today.

So just to talk about a few assets. We're going to talk about Borborema, REN, a little bit about Granite Creek and then Tonopah West. So to start with Borborema. Borborema operated by Aura Minerals, in our most recent survey of the 7 analysts that cover us, we saw a fairly consistent trend. Many of you are forecasting declining production beginning in about 2029 and into 2030. We just wanted to highlight that the operator Aura Minerals did announce on February '26 that it has received the full permits to relocate a highway that crosses a portion of the ore body, the Borborema ore body. And under the S-K 1300 rules, the receipt of that permit did allow Aura to increase the reserves at Borborema by about 82% or 1.5 million ounces of gold. Our royalty covers the entire ore body, and that includes the new area unlocked by the highway relocation, and the ore body at Borborema remains open along strike and down dip. So concurrent with the highway relocation work, Aura has committed to doubling capacity of the Borborema plant to 4 million tonnes per year, and that capacity expansion is expected to approximately offset the step down of a portion of our royalty, which leaves production to us relatively flat between 2028 and that 2029 and 2030 period.

Just quickly on REN. As John has already mentioned and as we press released on Monday, I just wanted to reiterate, we have acquired an additional royalty on REN, 0.1875% NSR, that was USD 6.25 million, which brings our total royalty coverage to 1.6875% NSR and a 3.5% NPI. REN is the new ore deposit at Goldstrike underground and is a key expansion project at Carlin, which is part of Nevada Gold Mines as you all know. As of March 31, according to Barrick, the project spend was about USD 193 million, and that includes $26 million spent in Q1. Of the total estimated capital cost of $410 million to $470 million on a 100% basis. REN will start production later this year, and it will reach its full production run rate sometime in 2027. However, REN does not start to pay us until the capital is recovered, the initial capital for the project is recovered. It's a low capital intensive project, as I mentioned, $410 million to $470 million. And that's thanks to the fact that it's a satellite deposit around existing infrastructure. But please keep in mind that there will be a delay before Gold Royalty sees revenue from the asset. A lot of the analysts are assuming production to us in 2027, that's probably too soon. So 2028, 2029 is more realistic for Gold Royalty.

And similarly with Granite Creek, we have a 10% NPI and the operator, i-80 will recover the initial capital before our NPI royalty is paid. So we assume that Granite Creek is a modest contributor to our 2030 guidance but not significantly before that. In the meantime, i-80 is expected to continue development and optimization of the complex. Following the extensive recapitalization plan that was completed in Q1 2026.

And Tonopah West, we talked about Tonopah West a little bit earlier today. It's a great example of the power of our royalty generator model. Jerry staked this claim in 2021, vended it to Blackrock Silver, and Blackrock Silver, as you can see by this Gantt chart is moving the project through permitting and then construction. It could be in production by about 2029 or 2030. We do assume a modest contribution from Tonopah West in our 2030 guidance. And as John mentioned, there's not many of the analysts who have modeled Tonopah West yet, but it is, in our view, upside to those consensus estimates.

Finally, one other housekeeping item before we move into the next Q&A session. Historically, Gold Royalty has pre-released the revenue results ahead of earnings by a few weeks normally. As we've grown larger, the timing of the information that we receive from some of our newer royalties and our newer operating partners means it's now challenging for us to provide that information meaningfully before financial results. And so as a result, we've decided beginning with the second quarter of this year, we've decided to discontinue the practice of pre-releasing our revenue results, effective in August. So our full financial results will be released Wednesday, August 5, after market close, and we'll have a conference call on Thursday, August 6, but there will not be a revenue pre-release this quarter and for the future quarters until you hear otherwise from us. Just nothing to read into that, except we want to make sure we're providing you with the highest quality information as we have it. So please reach out if you have any questions on that.

But with that, we will move to Q&A if there are any questions on Andrew's presentation or anything you've heard so far today? And again, if you have any questions online, please feel free to type them into the text box.

Can you talk a little bit about Vares under DPM. I know that there was a little bit of an operational reset under the new operator. And I'm just wondering if you guys have any insights on the current pace of that?

DPM is going to be presenting after the break. So maybe a question to ask them. I know we've been really happy with DPM's results so far. And we've seen them consistently overdeliver to what they've guided us. So in our view, they've done a terrific job. I don't know if anybody else has anything to add? Definitely, they'll address that, I'm sure.

We'll take another quick break, assuming there's nothing online. We'll take another quick break. So maybe we'll come back here around 11:00, if that works for everyone, 11:00 Eastern time. Thank you.

[Break]

So we're very, very pleased to have 3 of our operating partners present today. And I'm going to echo what Dave said earlier, thank you guys for taking time out of your schedules to come and present at our Investor Day. Our first presenter, I think, will be very interesting for everyone, Lucas Loureiro. He's now COO at CoreX. CoreX is not a company that's probably as well known to many of you as some of the publicly traded companies. So it's a real privilege to have Lucas come and tell us a little bit about CoreX and then, of course, to tell us a little bit about Pedra Branca. Thanks, Lucas.

Thank you, Jackie. Good morning, everyone. And thank you for the Gold Royalty team for having us here today in the Investor Day. Congratulations, Dave and the entire team for celebrating 5 years. It has been a tremendous journey. I'm sure you guys are going to achieve much more to come. I'm Lucas Loureiro, Chief Operating Officer for the Americas for CoreX Metals and Mining. Shortly after the announcement of our acquisition of the Carajas copper portfolio, Gold Royalty also announced the acquisition of the Pedra Branca royalty. They happen to close first. Perhaps this is a testament of the efficiency of the royalty model.

We do appreciate the vote of confidence that, that transaction, the acquisition of the Pedra Branca royalty shows, both in the asset, in us as the operator, but also of the geological potential of the region. Over the next few minutes, I will share some insights about who we are. The asset we now run and our plans to grow it. I'll let the notice speak for itself, but one important thing to notice upfront is for investment purpose analysis, you shouldn't rely on information being disclosed by Gold Royalty, we are a private company, and the information being presented here should be taken only directionally.

So who's CoreX. As I mentioned, we're a private company, a global industrial group, dual headquarter in Amsterdam, Netherlands and Istanbul, Turkey. We operate in 25 countries, roughly 10,000 people work very hard to ensure the track record that we have showed, and we boast today over $2 billion in revenue. But what matter most in this room is not only those numbers, is the fact that we are a long-term owner operator with expertise and access to capital to continue growing. We're not new to this.

Our founder, Robert Yildirim, has spent about 35 years building metal, sports and chemicals at Yildirim Group whose roots date back to 1960s. He has established CoreX in 2024 to carry the platform forward. You can see the pace accelerating in the time line. In 2024, we did the CMB, a nickel DSO mine acquisition in Ivory Coast. Cerro Matoso, a ferronickel operation in Colombia and of course, Carajas in Brazil. Mining is at our core and our goal is to be a top 100 global miner within 5 years.

Today, in our platform, there are 4 key businesses. Yilport is a top 12 global container terminal operator in the world with 22 terminals across 12 countries, mainly Latin America and Europe. We hold a 12% strategic stake in CMA CGM, the world's #3 container liner and logistics company. In Chemicals, we're #1 U.S. chrome and chemical producer, and we're building a 0.5 million tonne soda ash plant in Kazakhstan. The point of all this diversification is simple. It gives us scale, real cash flow and deep operating know-how to put behind assets like Pedra Branca. In mining, we not only operate process develop, but we also create value in logistics and trading as well.

Now let me bring you back to the Americas, where we have most recently put capital to work. What we're good at is running mines and processing plants at scale. We buy undervalued complex assets often countercyclically, and we improve them. We have a disciplined approach to capital deployment. You can see that our 2 recent moves, we acquired Cerro Matoso, which was, at one point, the largest single site nickel producer in the world. We integrate our operations at the end of December. Right now, it's doing quite well. We have been able to change the metallurgical process to improve the product quality. We have lower cash costs and we have been able to increase production despite declining grades.

In April 2026, we closed the acquisition of Carajas copper business from BHP now operating as CoreX Copper Brazil. In each case, the operations, the team, the contracts, licenses, all carry forward without interruption. Now to the ground itself. Carajas is a highly prospective copper gold province and if I may say, underdeveloped. And our position there is district scale. Roughly -- we have roughly 35 tenements and more than 65 exploration targets. The way we run it, we'll keep it low cost and capital efficient, one central plant per hub processing ore for many deposits. Today, we have Antas Hub operating the West East, over time, there is potential for a second hub in the West underpinned by Pantera. We sit right next to Vale infrastructure. The rail line to Ponta da Madeira port is nearby. That's a world-class logistics that we don't have to build ourselves. Now our royalty is, as you guys know and was discussed before, Gold Royalty holds a 25% NSR on gold and 2% on copper for both Pedra Branca, East and West.

Both of those deposits sit at the heart of our investment plans. This table is how we show the resources, reserves and how we're going to sequence growth. We are producing today at Pedra Branca East. We have a high-grade satellite deposit in Santa Lucia, that's shovel-ready, fully engineered ready to start construction in 2027. We have Pedra Branca West in pre-feasibility stage. It's the largest resource in our East Hub. Behind them Pantera, Grota Rica and Circular and dozens more targets. Just one caveat for the room with analysts, those contained metal figures are our estimates. They are not JORC or NI-43-101 compliant, and they may differ from previously published disclosures. We're actually going over exploration program to expand on both, expand on Pedra Branca, and we may have for internal uses updated MRR by middle 2027. So talking a little bit about the core, the reason why we're here talking is Pedra Branca East and Pedra Branca West.

But Pedra Branca East is established on the ground copper gold mine, first began production in 2020, achieved full production in 2022 and fed existing plant in Antas. It produced about 9,400 tonnes of copper in the year prior to June '25, which is under a previous ownership. Our plan here is straightforward, is we want to debottleneck the producing core this year and grow output next year. We are implementing several initiatives in terms of increasing mine fleet availability, creating stock -- strategic stockpiles so we can focus on processing also high-grade ore. And the ore body is still open at depth and along the strike. So there is room to extend it via the exploration plan that I just mentioned.

Beyond the core, there are three strategic or three clear moves that we will pursue. First, we want Santa Lucia very high-grade deposit with over 2.4% copper and it's already permitted and engineered. We plan to start construction around 2025 with production in 2028. Concurrently, we will expand the Antas processing plant from 0.8 million tonnes of throughput to about 2 million tonnes a year to take that new feed. And third, we look forward to advance Pedra Branca with potential first production in 2032. So the ground your royalty covers is not static. Pedra Branca is the core, we intend to grow. Pedra Branca East is the core we intend to grow. Pedra Branca West is the real pipeline project, not just a dot in the map.

Now we're also very focused in our responsibility as an operator, not only in Para, but across the world. This is important because for a royalty such as a long life mine royalty. It's very important that we maintain our social license to operate. In Carajas, we continued the practice already established by OZ Minerals and BHP. Around 95% of our tailings water is reutilized, the depleted Antas pit is being repurposed as an engineered tailings facility and particularly for Brazil, given some incidents in the past how to manage the tailings facility is very, very important. But we also have long-running community programs across a host of municipalities in Para.

As a corporate side, all this sits within the group framework. We have Net Zero emission target by 2050. We report within the EU's framework of CSRD, and we have a very active Chief ESG officer that is directly engaged in supporting our operations. So responsible operation is what will ensure us to remain both in Brazil and Colombia and throughout our other operations, operating for many years to come. So what all that means to you, three things. One continuity. The operation and license, the team are carrying on day-to-day operations, no disruptions there. Capital, we have access, we intend to invest and grow as a long-term owner. We're not here just to flip the asset quickly. And there is a clear plan on growing production, focus on first debottlenecking Pedra Branca East, bringing Santa Lucia into production, and advancing the development of Pedra Branca West. For the ground, I think that adds up to long durable production of both Pedra Branca, East and West.

With that, thank you, and I'm happy to take any questions or wait until the Q&A break.

No, we could do questions now for Lucas. Thank you very much, Lucas. That's great. Does anybody in the room have questions?

Just given the expansion that you're undergoing here, is there a scenario where maybe this royalty is not paying in an interim period if you decide to focus on the Santa Lucia because just given that it's higher grade, do you prioritize that ore over Pedra Branca East and there's a gap, the royalty is not paying?

No, because the way we're developing the project as shown in the slide, just from memory, it's about 5.3 million tonnes of reserves from Santa Lucia. We have to size the mining operation as well, and we're not sizing to produce 2 million tonnes a year. So that is a natural bottleneck. And the way we view too is we cannot turn off Pedra Branca for several years and then start producing. So our plan is run both operations concurrently and focus on blending. But we expect Pedra Branca East, we will be producing about 800,000 tonnes. So in other words, the existing line will take Pedra Branca East production and then the additional line will take Santa Lucia ore.

I'm not seeing anything online, but I will revert if something comes through, but thank you very much.

Our next speaker today, we're going to have Steve Tartaglia, he is the Director of Corporate Development for DPM, Dundee Precious Metals as it was formerly known. We have the only stream in our portfolio is the copper stream on Vares, and we are thrilled to see what DPM has done with Vares so far and the improvements that DPM has made. And I'm sure Steve will tell you are continuing to make going forward. So thank you very much, Steve, welcome.

Okay. Great. Thanks very much for having me and give me the opportunity to tell you a little bit about DPM Metals. And our Vares project, specifically in Bosnia.

Before we begin here. We may be making some forward-looking statements. Investors are cautioned not to place undue reliance on such statements. Perfect.

Okay. So for an overview on DPM Metals. DPM is primarily a European-based precious metals producer. We operate a portfolio of assets in Eastern Europe, our flagship asset has been the Chelopech gold mine in Bulgaria. The Chelopech mine has produced approximately 200,000 gold equivalent ounces over roughly the last 2 decades. It's been the backbone of the company for the last 2 decades, and you would think that an asset that's been producing at that level for so long, might be a little bit long in the tooth. But actually, I believe Chelopech's best days are ahead of it, and I'll get to a little bit more about that in the future.

We also operate the Ada Tepe gold mine in Bulgaria. This is an open pit mine that's actually nearing the end of its mine life. We'll begin remediation activities on Ada Tepe towards the end of this year. The third asset in our -- producing asset in our portfolio and probably most of interest is the Vares silver mine in Bosnia. We closed the acquisition of Vares in September of 2025. 2026 is very much a transition year for the Vares silver mine, whereby we'll be ramping up to design throughput of 850,000 tonnes per annum. In addition to our producing assets, we also have a high-quality development pipeline. The kind of the jewel in our crown there is the Coka Rakita gold project in Serbia. We -- Coka Rakita was an organic discovery that we made in 2023. We've advanced it through the feasibility stage in 2025, and we're excited to move that forward through to construction in 2027 with first gold pour towards the end of '28, early '29.

In addition to our development pipeline, we also have a peer-leading exploration portfolio. The team at DPM has made 4 major discoveries since 2023, all of which are located within close proximity to our existing assets. The first major discovery was Coka Rakita, which I've already talked about. Feasibility stage project with about 1.5 million ounces at 6.4 grams per tonne. So very high return high-margin projects in our portfolio.

The next major discovery was made in mid-2025. We call this asset Dumitru Potok. It's located within the Coka Rakita gold camp. We discovered that, as I said, in mid-2025. We advanced to a maiden mineral resource in December of 2025. That resource was just under 5 million gold equivalent ounces. And we're currently undergoing an intensive drill program at Dumitru Potok, and the Coka Rakita gold camp throughout this year. We expect this camp to meaningfully grow in terms of the size and scale of the resource. And as a company, we see real potential here within this camp to achieve what I would call a Tier 1 status being -- depending on how you define that, but loosely call it, 0.5 million gold equivalent ounces over 10 years. We're very excited about what we're finding into Coka Rakita.

The third major discovery we announced last year, it was a brownfield discovery within our Chelopech mine concession in Bulgaria. We call this one the Wedge Zone. There's two aspects of this discovery that are quite exciting to us. One is the proximity of the discovery, the existing workings at the Chelopech mine. And the second is the grades we're seeing. So right now, the grades at the Wedge Zone are approximately 3x the reserve grade at Chelopech. So not only do we see an opportunity to have to have the Wedge Zone contribute meaningfully to mine life extensions at Chelopech, but we also see the potential for incremental production as that higher grade material feed into the mill.

Fourth major discovery, and perhaps the most exciting is what we call the Brevene South Porphyry. So this discovery is adjacent to Chelopech mine on a license called Brevene. We announced this discovery in the first week of June, and that discovery drill hole was about 713 meters at 2.5 grams per tonne. And it is, in fact, still turning in mineralization. So currently, I think, we're making about 100 meters roughly of progress per week on that drill hole. I've been informed that from visual inspection, not only rein mineralization, but it's increasingly intensive mineralization which has myself and the team very excited. I don't think I've seen a drill hole like this in my entire career, and I probably won't be a part of one ever again. But in terms of what that means for the company, it's still very early days. But if you plug a drill hole like that into your favorite AI agent and tell me what it says, that's the reason why we're quite excited about it.

So, Coka Rakita and our development pipeline and our exploration portfolio, we'll be relying on these to drive the next phase of growth within the company, and we're well positioned to deliver that growth through organic cash flows from our existing assets as well as the $575 million that we have on our balance sheet. Okay.

Turning towards Vares specifically. The Vares mine is an underground mine with an off-site processing facility and a prospective 400-acre land package. It's located about 50 kilometers north of Sarajevo, which is the capital of Bosnia. It achieved first concentrate production in 2024 under the previous owner, and since then has been ramping up to full capacity, produces two saleable concentrates, the silver zinc concentrate as well as a lead silver gold concentrate. The thing that attracted us to Vares in terms of why we wanted to acquire that asset, was the logical fit that it made within our existing portfolio. Not only is it an underground mine, it's precious metals dominant. It's located within our region, and it's at a scale and produces final products that are within our line of expertise. So it was a natural fit within our portfolio, and we're very excited to have been able to acquire that last year.

I mentioned earlier that Vares is in a bit of a transition period. So when we acquired the asset, they were struggling to reach nameplate throughput at design criteria. And what we did is we took some time to pause a bit at some of those activities in 2025 to reconfigure the asset to be able to reliably deliver 850,000 tonnes per annum. And so with that, the integration and ramp-up activities at Vares continue to progress very well. Mine production restarted in January of this year, as planned, and we produced approximately 29,000 gold equivalent ounces during the first quarter at an all-in sustaining cost of $890 per gold equivalent ounce sold. Development rates underground have accelerated to plan and are consistently achieving 300 to 400 meters per month. Last week, I believe we actually achieved 450 meters per month. So everything is produced -- is progressing as planned. I'm told that we're less than 100 meters away from the main decline reaching the bottom of the ore body. And the reason why that's significant for us is because it's going to allow us to start opening up secondary stopes.

With those secondary stopes, it will allow us to increase our operational flexibility into the second half of the year. So as I mentioned, with the asset being in a transitionary period in 2026, there's a number of projects progressing on site. The first I'll mention is the construction of the paste and backfill plant. It's progressing well and expect it to be operational in Q4 of this year. The second item I'll mention is the aforementioned Q2 plant shutdown. You may remember on our Q1 call, we talked about a temporary shut at the mill, to integrate the second tailings filter press. That activity has been completed and the filter press has been successfully tied in. That will -- the filter press won't actually be operational towards the end of this year, but it will not require any future mill shutdowns.

Due to the shutdown in Q2, we're expecting production to be similar or slightly below Q1, sorry, Q2 production will be similar or slightly below Q1. And but it will position us very well in H2 as we start to ramp and be able to hit that nameplate throughput of 850,000 tonnes per annum. So throughout the H2, we'll see a steady ramp from this point forward as we progress up towards 850,000 tonnes.

Okay. One of the reasons why I spent a little extra time talking about our exploration success, even though it's not specific to Vares is because of the implications that we think it has for Vares and that land package. So the same team that's been highly successful with 4 major discoveries since 2023, has had a chance to dig through and digest the historical exploration data at Vares. And they're very excited about what they see within that land package. And the way I'll segment that exploration potential is maybe in 3 main areas. So the first is what I'll call in mine. And so there's significant potential to add additional resources towards the periphery of the ore body. So adding additional resources from the peripheries, converting resources into reserves. This isn't going to, I would say, move the needle in terms of scaling up the potential value there in a meaningful way, but it's highly value-generative incremental ounces that we can quickly integrate into the mine plan.

The second main area is what I'll call near mine, although if you look at the deposit geometry, it's almost in mine, and that specifically relates to what we call the Rupice Northwest. So if you look at the deposit geometry, there's a main area called Rupice Main and then down dip and slightly Northwest towards the Kakanj license boundary is what we call Rupice Northwest. And that portion of the deposit is artificially constrained by the license boundary. And so what you'll see is the Rupice Northwest portion of the deposit is actually higher grade and with greater widths, but it comes to an abrupt end at the license boundary. So the previous owner was not able to obtain permission to extend the drilling there. But we've been very, very active with our efforts in progressing that. So one of the initiatives in order to be able to drill there is obviously to develop over to that portion of the ore body. And we expect that we'll have completed that development in Q3. that would release the final technical constraint on being able to do the drilling. And the last bit that is required is permission from Kakanj specifically, and I'll talk a little bit about that when I talk about stakeholder engagement.

The third major area of prospectivity across the Rupice, sorry, across the Vares land package has to do with what we're seeing in that 22-kilometer corridor. And so the Rupice deposit sits within the prospective deformation belt, hosting several barite and massive sulfide occurrences over a 22-kilometer corridor, all of which are in close proximity to Vares infrastructure in the operating facilities. If you look -- if you ever looked at a Google map or a top-down view of the map, you can see a number of historic pits where they've really just scratched the surface, but our team is very excited about the prospectivity along the entire 22-kilometer corridor. And due to that, we budgeted about $10 million to $11 million for exploration activities at Vares. We have 2 to 3 drill rigs mobilizing, and we expect them to be in a position to start drilling in Q3.

Okay. So to elaborate a little bit more on the stakeholder engagement front. Since taking over Vares, our focus has very much been engaging with stakeholders and to build trust and introduce DPM to the local communities. We've built on that strong foundation that was set out by the previous owners. And so far, our engagement has been well received by the surrounding communities. We've also extended our presence in the surrounding facilities by opening an information center Kakanj. Just to remind you, Kakanj, is that municipality that borders on the Rupice Northwest deposit. And we believe this has been very helpful to help facilitate transparent 2-way engagement and communication with that community.

We've also -- we're also in a very unique position in that we're able to leverage our proximity to our existing operations. Due to the proximity of Bosnia into our existing operations in Bulgaria, we've been able to host about over 100 members of the surrounding community at Vares to our Bulgarian operations on a series of site visits to both Chelopech and Ada Tepe which provided them an opportunity to see firsthand the way DPM operates, the benefits that our operations bring to local communities and the high environmental standards and performance that DPM maintains. On these visits, not only do they get to see the operations, but they're allowed to speak to mayors, various community officials in Bulgaria. So they can get a first-hand view as to what their experience has been like partnering with DPM and the values we bring to the community.

So in summary, it's a very active year at Vares this year. We're highly confident that we're going to be able to deliver the nameplate throughput of 850,000 tonnes per annum by Q4. And we're excited about the contribution that Vares will make to DPM's portfolio going forward. So with that, if there's any questions, happy to take them.

Thank you very much. I'm not as familiar with the project, but perhaps you can just provide some context or some insights when you were looking at this project, what gave you confidence that you'd be able to turn it around or provide value -- surface value?

Yes. Excellent question. So when we looked at what was going on at the operation prior to us taking over, there were a number of things that we identified that were inconsistent with our existing operations that we would do differently. I think a lot of those came from the previous owner being capital constrained. They weren't able to invest the capital to achieve an operation that would produce a lot of consistency that we wanted. So one of those was they're mining from a top-down approach, which was providing them with a number of issues that would be remedied if they were to go from a bottoms up approach. So immediately, we slowed operations, progressed on developing the decline to the bottom of the deposit, so we could switch into a bottoms-up approach. That was on the mining front. And that was essentially their biggest issue.

The other was a number of infrastructure upgrades. So we mentioned the paste and backfill plant. So that -- by getting that paste backfill plant into production, it's going to allow us to open up a number of -- open up the primary and secondary stopes, with a level of consistency that can deliver that throughput without the issues that they've been having in the past. Did that help answer your question?

Speaking of the paste backfill plant, I mean, how much did it cost? And just to confirm everything is -- you said you don't need another plant shutdown, but -- everything is on site. There is no issues with getting anything into the country at this point, right?

No. We've had no issues bringing their acquired infrastructure into the country and equipment. Everything is on site. I don't have the numbers specifically for the paste and backfill plant, but we did announce an incremental amount of capital for this year, not only for the paste backfill plant, the water facility, but also advancing a number of the planned capital that was supposed to take place over the life of mine. We're bringing that forward so we can achieve higher production earlier in the mine plan.

And then completely different question. I'm not that familiar with that part of the world. And operations there. Can you walk me through your governmental relations and how all that is going? It seems like community relations are going quite well, but just governmental, please?

Yes. I haven't been party to a number of the discussions at site, but essentially, the permits -- the way the whole permitting regime works is very similar to surrounding areas. All those areas were part of the former Yugoslavia and so all of their mining code descended from that common base. So you'll see a lot of similarities with Bulgaria, Serbia, Bosnia and Herzegovina. They're not as modern or as advanced as some of those areas, which we think is an opportunity for us to help influence the way some of the permitting and relations work. By bringing it up to sort of modern standards, not just what we see in Bulgaria and the region, but also globally. And so to do that, we've had a very good dialogue with the surrounding communities and with the government in terms of what we think should happen and we have an ability to influence that process. So that's still an ongoing process. You still need to have good relationships with the surrounding communities. We're making progress on that front. And so we're very excited about the potential to work with the communities, and the government to advance the projects in the future.

I'm going to ask you a question, Steve, if you don't mind, sorry to put you on the spot. I know under the previous owner, Adriatic, there was an expansion plan. So going from 800,000 tons per year to 1.1 million to 1.3 million tons per year. I know DPM is talking about 850,000 tons per year. Can you talk a little bit about how you're maybe seeing expansion? What your view is maybe differing from Adriatic or maybe if you see that opportunity in the future? And I know I know that would be sort of long term outside of your guidance, but anything that you see that's opportunity.

Yes, that's a great question. So we looked at those expansion cases as part of our due diligence as well as evaluating what we could do with the asset going forward when we took it over. I think our view right now is that the primary -- our primary goal is to achieve the 850,000 tonnes per annum and a level of consistency that can deliver that before we would look at any kind of an expansion. And through some of the studies we've done internally, we actually think there is an ability to increase production without necessarily expanding the mill. We would probably see ourselves doing something like that, whether it's with some kind of ore sorting or other ways of optimizing the throughput of the mill before we would undergo any major expansion to 1.1 million or 1.3 million tons per annum. So we see there being a number of opportunities to increase production prior to any kind of major mill expansion. But those are sort of, like you said, a little bit more midterm dated.

So we have one final speaker left in our presentation today before we wrap up. We're very pleased to welcome Jason Simpson, he's the CEO of Orla Mining. As David mentioned earlier, Orla Mining is going through a bit of a transition now. There's a proposed merger with Equinox coming up. However, I know Jason will talk about that, but we are very excited. South Railroad is one of the growth projects that we highlighted earlier, hopefully, the combined Equinox Orla will continue to see that as a major priority. And it certainly is for us, represents some exciting growth over the next 5 years. Jason, thanks very much for coming.

I will start with a thank you, Jackie, for the invitation and also appreciate all the conversations and guidance you've given to a young aspiring banker, also known as my son. So I really appreciate that. David and team, thanks for hosting. Congratulations on 5 years. And to confirm, yes, South Railroad is an important part of the go-forward company, and I'll focus my remarks on that today.

Before we get into South Railroad, you'll expect I'm going to be talking about a mine, I haven't built yet and talking about a company I haven't merged with yet. So lots of forward-looking statements. So you guys will reference that cautionary language and make sure you're aware of the risks.

So I'll just start very quickly about the combination with Equinox and then I'll drive right into the specifics around South Railroad. So the shareholder vote will be on July 22. The leadership team, combined leadership team met this week here in Toronto. So we're full steam ahead with the combination, tremendously excited about the company that we're creating. Out of the gate, 1.1 million ounce producer growing to -- towards 2 million ounces. Part of that growth is what we're going to talk about today, South Railroad.

Importantly also, we are retaining our sort of geographic exposure in 4 countries, Canada, United States, Mexico and now Nicaragua with the combination with Equinox. So the platform, of course, has 3 producing Canadian mines. As my partner, I like to describe 2 of them ramping up in Valentine and Greenstone and one that's been sort of rebirthed and recapitalized and is growing in production as well. So that's tremendous strong platform. But really, a lot of our growth is part of what we're going to talk about today in the United States, starting with South Railroad and then progressing to Castle Mountain. So a big part of that 800,000 ounces that you can see there is the growth pipeline is based in the U.S. I won't spend time on it today. But of course, we have growth opportunities in Mexico and Nicaragua as well.

One of the things I will reference about Mexico, I know David spoke to it at the beginning, the similarity between Camino Rojo and South Railroad cannot be mistaken, another open pit heap leach. Camino Rojo oxides really was a beachhead for Orla and the genesis of the company, of course, which has led to the ability of us to combine with Equinox. South Railroad very similarly, also in open-pit heap leach and also seen as a beachhead into Nevada. Why is Nevada important? We heard some great remarks about some of the royalty work that Gold Royalty is doing with the genesis of the projects they have there. Clearly in Nevada with our founding shareholder, Pierre Lassonde's interest in Goldstrike, our Chairman's interest in Glamis back in the day and each of the management team's time there. Nevada seen as a great jurisdiction. That applies to all 4 nations, but we'll spend most of our time talking about today. In addition to the producing assets, of course, we have tremendous reserves and resources that will represent opportunities of further growth outside of that 800,000 ounces. So a pretty compelling company that I'm proud to be a part of going forward.

So let's talk about the growth. It is represented by multiple projects, but you'll notice on the second line there South Railroad, and that's what we're going to talk about today. We're going to double the production scale in Newfoundland in terms of ton and throughput to 5 million tons, from our perspective as well as Equinox is probably what should have been the first mine built there, but we'll go ahead and expand it now. That will be the first piece of work that's underway now, and we're going to talk about the second project which is South Railroad. I won't get into Castle Mountain, but another open pit heap leach across the border in California.

Well capitalized to deliver it. We're going to talk about a modest capital sum of just under $400 million with South Railroad at $395 million over -- and this is consensus numbers, by the way. The consensus numbers show us producing in the time frame there out to 2030, about $10 billion, $2 billion of those billions will be in the growth. And so we're very comfortably capitalized to build certainly South Railroad and things much bigger. So let's focus on South Railroad and our conversation going forward and what we're doing there and how far we've gotten.

So similar to Castle Mountain, South Railroad is a covered project in the FAST-41 process. For those of you who don't know what that means, it gives you the benefit of a representative at the Department of Interior gives you oversight from the federal government on the schedule, gives you transparency via their public website of when record decision date is and helpful is their influence in the various cooperating agencies required to deliver permit in the United States, and their intensity and vigorous pursuit of holding schedule. So that's been tremendously helpful for us. That's important because it enables us to follow our model that we followed at Camino Rojo, which is to begin spending money on the project before we have the permit. We're only willing to put that investment at risk if we're confident that we're going to be able to receive the permit. We did that at Camino Rojo and that's why we're able to construct it in 14 months because we did a lot of the work ahead of the time. We bought everything ahead of time. Everything was on site before we were on site effectively. And so that's what enabled that. You can only do that if you're confident in the permitting and under FAST-41 process, we're confident. I referenced these other projects, which I'm happy to talk about outside of the room.

So let's focus on South Railroad. It's ready to go, and it won't take long to get to production. These open pit heap leaches are -- have many benefits, and that is certainly one of them. As I mentioned, with the line of sight to permitting expected in the beginning of the second half of this year, we could begin work on execution plans, engineering and going further into procurement and contract signing. So a number of things I'll reference. We've already purchased the energy solution LNG energy solution. We've already purchased the crushers. We've already signed the major earthworks contracts. So David and team, you can be confident we are building this thing, so that Gold Royalty and other stakeholders can benefit.

We have had many, many site visits with the various contractors, have all of our execution plans in place and are ramping up. What does the project look like? I describe it as a beachhead into Nevada. So oxide heap leach project has tremendous attributes. Mine life is not always one of them. But what it does do is produce tremendous cash and it enables us to do other things. Camino Rojo enabled us to build Orla, allowed us to acquire this asset in 2022, acquired the land package, which I'm going to talk about further on in the presentation that gives us the opportunity and that optionality, as Pierre likes to talk about for discovering more gold. And of course, we have discovered plenty of gold since the acquisition in 2022. We'll talk about that.

So the headline numbers, a decade, 130,000 ounces for the first 5 years at very humble all-in costs that you'd expect from an open pit heap leach. Greater stripping than Camino Rojo certainly, but still a very profitable mine. And importantly, what I'll refer to in the second half of the presentation is the expansion possibilities, not only of the heap leach that's on the screen now, but also, of course, sulfide and other opportunities on our 30-kilometer land package. So here's where it is. Everybody will recognize those big mines in the North Carlin. We're in the South Carlin, on a tremendously large land package. There 25,000-hectare land package with the project that we're referring to, smack in the middle of that land package. We have discovered gold to the north of the existing construction project, into the south of the construction project. No surprise to Pierre, Chuck and all of us that have spent time in Nevada that there's lots more gold in Nevada. And this first project at beachhead, it will give us infrastructure, management team is focused in on site and allow us to work off of brownfield site and grow the district.

Should go back one here. Just talk about the road. Will be based on Elko, why is that important back in the '90s when I was in Nevada, most of the stuff is over on the Winnemucca side, tax paying into those counties. This will be one of the first producing mine that will contribute to the Elko County. So important from a stakeholder conversation perspective that will provide taxes for that county as well as in Nevada, one of the challenges you have is human capital. So the ability to attract people that can drive home in Elko is certainly going to work in our favor rather than getting on a bus and heading over to the Winnemucca of the trend.

So predictably, open-pit heap leach has very robust project fundamentals at any gold price you'd like to consider. But certainly, at the ones that we considered, it generates a lot of cash. The life of mine we're going to -- I'll show you the standard graph, high production in the first 5 years, lower in the last 5, backfilled, of course, by expiration that I'm going to reference, but the life of mine is just over 100,000 ounces. One of the questions Darren and I often get is interesting. We haven't been merged yet, but we're already asked questions about divestitures. We have a very clear answer about that. And it relates to this project or any others in Mexico or Nicaragua. We have no interest in divestitures at this point. A combination of all the assets, including this one, is what contributes to our out of the gate plus 1 million-ounce production profile, if we're going to grow to 2 million ounces, we need all of these contributions, including this one.

Of course, as we conclude the transaction, and move into our planning stage. We will continue to be active in this space. And as companies come in and want to offer lots of money, I parrot my partner, Darren, he says, we love all of our children, but they're all for sale at the right price. And so I'm not going to commit to every project in our portfolio remaining. Obviously, the shareholders need to be considered in that conversation and we certainly will, but we're actively building Nevada and intend to grow Nevada. Nevada like Canada, like Mexico and like Nicaragua, all represent jurisdictions we want to be in and we want to grow and not shrink in. We do not subscribe to the model of selling our way to success.

So pick a gold price, it's been -- it's had a bit of a pullback recently, but certainly in between those 2 numbers, $4,000 gold, very robust economics and these open pit heap leaches are not a challenge from that front. Here's the life of mine that I described and as a mining engineer, I can tell you, our job is, as now mining executives is to backfill the back end of that, you do that through the drill bit. And so very comfortable 130,000 ounces a year, would have been the second largest operation for Orla, will be a different part of the portfolio for combined Equinox, but still an important contributor. And our view is that we can grow the production profile in Nevada. We're sizing equipment to achieve that, and we intend to roll in some of the already discovered gold ounces that aren't part of this project. Why?

Because when you're within a permitting process, particularly in the United States, it's unhelpful to reengineer the operation in the mine halfway through a permitting process or you just have to reinitiate which is certainly not what you want to do. So get the mine up and running, this is what I would describe as the Phase 1 mine, then you can start expanding the size and contributors to the mine, and I'll talk about and certainly backfilling the back end of the production profile is already -- we already have clear line of sight to that. So what are we doing? And where are we on the road map?

So as I mentioned, and visible on the federal website. If you're interested, we have an August 8 record of decision, and we're getting prepared for that. We hired the EPCM in 2024, M3, same company that built Torex for me, same company that built Camina Rojo for me, is going to build this one for me. Interestingly, is also the engineer for Castle. So we get a very familiar crew. So we're working with people we know. They have been busy engineering. We're approaching 50% engineered, detailed engineered now. And we have already, as I mentioned, secured the packages for big things like earthworks, crushers and energy solution and so on. We're now into the part of the process where we're ramping up the operator team as well as preparing for construction and takeover. I anticipate that will be ending construction at the end of '27 ideally first gold in the early part of 2028.

So how are we developing it? I talked a bit about the permitting, the NEPA process is certainly one part of it. There are other state permits as you would expect, different things that we need to feather into the process as well. And like any construction project that I've been through, will start on the road this year -- or this quarter, I should say, and work our way in. And then once we're on site, we'll work where we can and permitted to us as we continue to expand. All of the risks, some of the changes between the project we acquired and the project that we just announced, the completely updated feasibility study in Q1 of this year is largely enhancements from an environmental perspective. How we're handling the water and the pads and so on, needed to meet our standards. And so we reengineered all of that and make sure that we've got a robust project that's not only environmentally sustainable but also expandable. Okay?

Strong stakeholder support. I already mentioned Elko and the local communities, but we had almost unanimous positive support in the consultation process as required under the NEPA process. And of course, we have our own ESG framework under Orla, very similar to what is applied at Equinox, will be applied here. So I mentioned advance the engineering, further ahead, I would offer than most construction projects and part of our always model to build things, the procurement I've already mentioned. And we've got our complete execution plans finalized now. The project team is on the ground currently as we start that road work into site and working on critical path activities.

So here's the interesting part. So as I mentioned, a couple of different points. I said beachhead. I just talked about Phase 1. So what are we really after in Nevada. This is what we're after. This is a zoom-in of that 30-kilometer land package. Again, the projects in red are right in the middle of the graphic here. What we're really interested in is the predictable gold endowment that exists in the Carlin trend, both north of the project and south of the project, but differentiated between oxides and sulfides as you need to do. So we focus most of our efforts on oxides with the approach that we can get satellite pits or expansions of the existing pits to further contribute to the infrastructure that we're building right now. And we have already discovered and I'll show you a few graphics the potential to expand the pits. This is regardless of commodity price. Of course, the commodity price gives you a second lever that can also help expand the pits. But absent commodity price, there's more gold surrounding Dark Star and Pinion, which we've already discovered, but did not change the pit size during the permitting process. So we'll get the pits started and then submit for expansion of the existing pits.

The second opportunity on the oxide front is satellite pits in places like [ Dixie ], Pony and other parts of the property that are truckable to the heap leach facility, then they'll become a distance that's too far. And what we'll do there is we'll set up pads down closer to those pits, bring them to the carbon stage and get them back up to the processing facility. The second opportunity, more distal in time, would be, of course, sulfides. When we purchased the project in 2022, everybody knows about the North Bullion sulfide opportunity, certainly there. We've expanded it. It represents a future stage of our Nevada platform. Here's a zoom in on that package and some of the places that I talked about, Jasperoid Wash would be a representation of one of those satellite pits proximal to the existing project right there in the center. The most interesting and recent one is Firebox, which is visible from the existing infrastructure, that we discovered last year and are following up on this year. And that sulfide opportunity that I mentioned is in that North Bullion up towards the North. And anybody who knows the area knows the historic mines of Rain and Emigrant are just across our border on the north side.

And if you look -- and anybody who's familiar with the geologic pyramid, what this should signify to you as we have plenty of targets and opportunities in Nevada will be there for a very long time. Look forward to getting started there this year, but we'll be there, evolving these targets up to that triangle into production. And so this, I would offer, proves our thesis of acquiring the asset, which is there's a lot more gold around the Dark Star and Pinion area, and all of these targets represent that. So we look forward to being in Nevada for a long time, starting with the South Railroad project. We are ready to go. I think even this slide is a bit dated. We're already on the ground. So we're kind of already going, and we look forward to making announcements throughout the construction phase as we have on all previous projects. You go through the cycle of questions of when you get going, to get the permits, to how is construction going, we'll go through those conversations. And then once you completed construction for first gold, how is ramp-up going, and we look forward to that. And then the cycle moves into -- have you found any more and how can you expand? So we look forward to all those future questions. And I'll pause now and see if anybody has any for me?

You're in an extremely well-known mining district, obviously. What are you seeing with labor costs, labor supply? I mean it sounds like you got some competitive advantages in regards to travel time. But I mean there's also a lot of guys demanding a lot of workers out there.

Yes. Yes, labor costs are high, and it's highly competitive. So the easiest answer is we can't pay anybody any less. So we're going to pay the same thing Nevada Gold Mines is paying. The things we're going to need to leverage to our advantage are -- I used to say, size of company. It's not as true anymore, but there's some appetite to work for a smaller company, we would still, of course, be smaller. The Elko advantage and then just the cultural advantage and it would be the sort of intangible -- or the softer things that we can use to attract people. But the hard things like financial -- we're going to pay the same thing Nevada Gold Mines is paying and trying to offer a different work experience for folks. The good news about Nevada is you can get the talent, but the bad news is there's a lot of competition for talent. So in a place like Mexico, you can get the talent and it's available. And so that's tremendously helpful. In places like Nevada, don't get that luxury.

So you'll either need to import it. So for construction, M3 is going to bring in everybody they need, most of them from Arizona and Hermosillo, Mexico. That will get us through the construction stage. And then it's a contractor base as any project is. So that part isn't a problem. The part going forward, we also don't need as many people, right? We're not running a huge mega pit here. These are 2 small open pits and modest by any measurement. And as we know, the heap leach and processing plant also doesn't take a lot of human capital.

I should know this, but how many people are you employing right now?

So it grows by the day. And I think the last time I checked, not including contractors and EPCM, we're in the 40s, but that's just the owner-operator team growing and will be several hundred once we turn it over to operations. And that doesn't, of course, count anything that we're contracting.

For those of you who are interested, it is seasonal for exploration in this project. So we're just launching our exploration in Nevada this quarter. So although we've been able to give updates in Mexico, which is not seasonal, the updates for exploration in Nevada will come later this year because we're just getting started with the drills there now.

Our GEO and future GEO with the combined company [ Sylvain Guerard ] just came back from site last week.

Well, I'm here to wrap things up. I want to thank our operating partners who came here to present today. Our assets are very important, but we're only as good as our operating partners who are clearly very confident and we're -- we have an enviable portfolio of operating partners, all the biggest gold companies in the world and the emerging biggest gold companies in the world as well. And so we're delighted that you were able to come and present today. I'd also like to thank all of our team.

They all did a brilliant job presenting today. But behind them, there's a small merry band in Vancouver. We have a Toronto Chapter here between Jackie and John. But I'm really, really proud of our team and what they've been able to accomplish over a short period of time. And I'm really, really happy to have many of our investors here either online or in person. Thank you for your support. It's been quite a journey over the last 5 years. We're just getting started. Thank you very much.

Welcome to the Gold Royalty Corp. First Quarter 2026 Results Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to David Garofalo, Chairman and CEO. Please go ahead.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our first quarter 2026 results. Please note for those not currently on the webcast, a presentation accompanying this conference call is available on the Presentation page of our website. Some of the commentary in today's call will include forward-looking statements, and I would direct everyone to review Slide 2 of the presentation, which includes important cautionary notes.

All dollar values mentioned on today's call are expressed in U.S. dollars unless otherwise noted. Speaking alongside me this morning will be our President, John Griffith; Andrew Gubbels, Chief Financial Officer; and Jackie Przybylowski, Vice President, Capital Markets and Sustainability. The first quarter was another strong quarter for Gold Royalty as we reported another record quarterly revenue and adjusted EBITDA and as we continue to have a positive outlook for our business going forward.

Before we dive into the results, I wanted to start with an important announcement. I'm delighted to announce 2 appointments this morning. John Griffith has been named President in addition to his role as Chief Development Officer. The title is a true reflection of the value that John has brought to Gold Royalty over the company's life. We recently celebrated the 5-year anniversary of our listing and the tremendous accomplishments in building Gold Royalty's peer-leading portfolio. And John was absolutely instrumental in making Gold Royalty in what we are today. His new role as President reflects the leadership position that John already fills in the company and will continue to fill going forward.

We have also transitioned the responsibility for sustainability from Katherine Arblaster, our outgoing Vice President, Sustainability, to Jackie Przybylowski, who will be Vice President, Capital Markets and Sustainability effective July 1. We want to thank Katherine for her invaluable contributions to Gold Royalty. She has been with Gold Royalty in a part-time capacity since 2022, which is a great example of the overhead savings that we realized with our shared services model. Katherine will continue to work with Uranium Energy Corp. and Uranium Royalty Corp. moving forward, and Jackie will manage sustainability at Gold Royalty, adding no additional personnel to our team as a result of this transition. I'll now pass the call over to our President, John Griffith.

Thanks, Dave. The past 5-plus years at Gold Royalty has been both personally and professionally rewarding as we've grown the company from 18 royalties and 0 revenue in 2021 to over 250 royalties and meaningful revenues and cash flows today. The depth, breadth and quality of the portfolio that we've assembled exceeds my expectations, and I'm so proud of the work that our team has done to get to this point. But our story is really just beginning. After celebrating our 5-year anniversary in the first quarter, we're incredibly encouraged by our growth outlook for the next 5 years as well.

The guidance that we provided on March 18 shows that Gold Royalty expects production to grow to 28,000 to 34,000 GEOs by 2030. At the midpoint, this represents nearly 500% growth compared against our 2025 actual results of 5,173 GEOs. This growth is all from royalties and streams already fully bought and paid for in our portfolio. And I would emphasize that if we did nothing at all, if we only sat on our hands for the next 5 years, we still would have peer-leading growth.

Of course, we're not planning to sit on our hands for the next 5 years. Our team continues to investigate acquisition opportunities each and every day. In the current environment with strong gold prices, we're seeing less emphasis on balance sheet repair. Most of the opportunities we're seeing now are sales of existing third-party royalties where sellers could potentially be looking to take advantage of high commodity price environment that I mentioned earlier.

We're committed to accretive transactions, and we will stay disciplined to ensure we're not overpaying for the sake of growth. We continue to look for double-digit returns using conservative commodity price assumptions, and we continue to favor precious metals in low-risk jurisdictions. With that in mind, I look forward to continuing to build upon the great platform we've built in our first 5 years. I'll now pass the call to our CFO, Andrew Gubbels, to discuss the details of our first quarter results and our outlook on Slide 5.

Thank you, John, and good morning, everyone. We are pleased to report new records for revenue and adjusted EBITDA in the first quarter. Total Revenue, Land Agreement Proceeds and Interest was $9.4 million, translating to 1,920 gold equivalent ounces in the quarter. Adjusted EBITDA was $7 million, up from $3.2 million in the previous quarter and up from $1.7 million in the comparable quarter in 2025. Our results for the first quarter include contributions from the Pedra Branca royalty, which we acquired in December 2025, and our second royalty on the Borborema mine, which was acquired through a 50-50 partnership with Taurus Funds in January 2026.

Due to the structure of this partnership, we are equity accounting for the contribution from this royalty. In other words, revenue from the second Borborema royalty, a net 0.75% NSR to Gold Royalty Corp. is not included in the IFRS revenue line on our income statement, but is included in other operating income on the income statement and has been added to the $9.4 million total revenue land agreement proceeds and interest reported in the quarter. Our balance sheet also continues to strengthen. We exited the first quarter with over $13.6 million of cash, no debt and a fully undrawn $150 million credit facility.

As we continue to generate cash, our portfolio is expected to generate consistent positive free cash flow, positioning Gold Royalty Corp. well to self-fund its business going forward. With a clean balance sheet, we now have the flexibility to execute our long-term strategy. Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards growth opportunities where appropriate. As our cash flows continue to grow, capital returns will become increasingly topical for us. This is a subject that we intend to evaluate in more detail later this year. I will now pass the call to Jackie Przybylowski to review our guidance and to talk about some of our key assets.

Thanks, Andrew. Looking at our portfolio in more detail, we reported 1,920 gold equivalent ounces in the first quarter 2026. If we simply annualize our Q1 results, we would reach 7,680 GEO in the year, above the low end of our guidance range of 7,500 to 9,300 GEO in 2026. We're already very encouraged with this result because we expect that volumes will be more heavily weighted to the second half of the year as Vares and County Line ramp up to their full production run rates through the year. And just a quick reminder that our 2026 guidance was set at a gold price of $5,150 per ounce for the full year.

Lower gold prices would work in our favor as conversion of the land agreement proceeds and interest and conversion of revenue from copper and other metals would translate to higher GEO values at lower gold prices. Please see our March 18 2026 press release for a table showing the sensitivity of our guidance to gold prices. And reiterating John's comment from earlier, Gold Royalty expects production to grow to 28,000 to 34,000 GEOs by 2030 or approximately 6x our actual 2025 result from assets already fully bought and paid for in our portfolio. Our extensive portfolio continues to offer exciting news flow and catalysts, and we have a number of exciting asset updates in our earnings report.

I'll just highlight a few on this call. i-80 announced a complete recapitalization, which means the company is now fully funded for Phases 1 and 2 of its development plan, which includes the Granite Creek underground and open pit operations on which Gold Royalty holds a 10% NPI. Acquisition of the Pedra Branca mine by CoreX was completed on April 2. Gold Royalty holds a 25% NSR on gold and a 2% NSR on copper on all material mined at Pedra Branca East and Pedra Branca West.

And we're looking forward to working with CoreX as it optimizes operations at what will be an important asset for Gold Royalty. Blackrock Silver published a PEA for the Tonopah West project on which we hold a 3% NSR and U.S. Gold Mining published a PEA on its Whistler project on which we hold a 1% NSR. And a few notes to watch for over the next couple of months. Orla Mining continues to plan to start construction on South Railroad in mid-2026, pending receipt of final permits, and that mine could be in production in late 2027 or early 2028. We hold a 0.44% NSR in South Railroad.

DPM Metals has restarted the Vares mine on which we had a stream on all copper produced. The operator expects to reach its full production run rate by year-end 2026. But in the meantime, it's important to note that the processing plant will be shut down for approximately 20 days in the second quarter for installation tie-ins for the second tailings filter. Please see our earnings release for additional asset updates. With over 250 assets in our portfolio, we continue to expect a steady stream of exciting positive news flow. I'll pass the floor back to David for closing remarks.

Thank you, Jackie. There is indeed lots to get excited about as you look across our portfolio and the various high-quality assets ramping up and entering production. We continue to see compelling upside to our share price as our portfolio of assets continue to develop and as the market gives us credit for this organic growth. Our valuation could be further boosted by accretive growth, but we emphasize that we will remain patient and disciplined as we consider any acquisitions and as we review our capital allocation options going forward.

We continue to prioritize accretive growth as always. However, as we continue to build cash, we view a modest capital return as a signal to the market that we will remain disciplined on our growth and that we have matured as a company. We reached first positive free cash flow in mid-2025, and we expect to continue to strengthen our balance sheet with higher GEO volumes, stronger gold prices and lower costs as we have eliminated the interest costs as we continue to rationalize our G&A.

As our share price has now been comfortably above our warrant exercise price for some time, we think it's prudent to highlight this to any warrant holders on today's call. As of March 31, 2026, the company had approximately 14.7 million outstanding share purchase warrants with each warrant exercisable into a common share at a $2.25 exercise price per share. The warrants are listed on the NYSE American under the symbol GROY.WS and expire May 31, 2027. For more information on exercising warrants, please see our first quarter earnings press release. Thank you, everyone, for tuning in to the earnings call, and we invite you all to join our Annual Capital Markets Day in Toronto and online on June 18. We'll now open up the call to Q&A.

[Operator Instructions] There are no questions at this time. I would like to turn the conference back over to David Garofalo for any closing remarks.

Thank you. I appreciate it's a very busy time for all of you. And if -- in the fullness of time, if you have follow-up questions, please don't hesitate to reach out to any one of us. I think you all know how to reach us, and we'd be delighted to answer any questions you have. But thank you for your kind attention today, and we'll see you shortly. Thank you.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Good day, and welcome to the Gold Royalty Corp. Fourth Quarter 2025 Results Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Mr. David Garofalo, Chairman and CEO. Please go ahead, sir.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our fourth quarter and 2025 results. Please note, for those not currently on the webcast, a presentation accompanying this conference call is available on the Presentations page of our website. Some of the commentary on today's call will include forward-looking statements, and I would direct everyone to review Slide 2 of the presentation, which includes important cautionary notes. Speaking alongside me on today's call will be Andrew Gubbels, Chief Financial Officer; John Griffith, Chief Development Officer; Jackie Przybylowski, Vice President, Capital Markets.

Last week, we marked the 5-year anniversary of Gold Royalty's IPO. I'm so proud of our team and what we've accomplished in our short history. We started in March 2021 with 18 royalties on nonproducing assets and no revenue. Today, we boast a portfolio of 258 royalties and streams, including 8 cash flowing assets, and we continue to selectively acquire accretive assets, including Pedra Branca in late 2025 and an additional royalty in Borborema, as John will walk through shortly. From no revenue in 2021, we passed through an important inflection point in 2025.

We are proud to report a third consecutive quarter of positive free cash flow as well as another quarter of record revenue, adjusted EBITDA and operating cash flow. These cash flows are a manifestation of the tremendous potential we saw from the assets as we've been carefully curating our portfolio over the past 5 years, potential which is not yet fully realized as we have tremendous growth and value creation still to come. Our balance sheet has been strengthened, as Andrew will discuss later on in this call. We ended the year with no debt or convertible debentures, over $12 million in cash, a fully undrawn credit facility and outstanding common share purchase warrants that continue to be deeply in the money. This strong balance sheet will allow us to continue to opportunistically acquire accretive assets and to consider returning capital to our shareholders.

With that, I will pass the call over to Andrew Gubbels to discuss the details of our fourth quarter results and our outlook on Slide 5.

Thank you, David, and good morning, everyone. We're pleased to report new records for revenue and adjusted EBITDA in the quarter and for the full year 2025. Adjusted EBITDA was $3.2 million in the fourth quarter, up from $2.5 million in the previous quarter and up from $1.2 million in the comparable quarter in 2024. Total revenue, land agreement proceeds and interest was $5.2 million, translating to 1,255 gold equivalent ounces in the quarter. For the year ended 2025, we generated $17.8 million in total revenue, land agreement proceeds and interest and $9.8 million of adjusted EBITDA, a 38% and 104% increase from the comparable period in 2024, respectively.

This record year reflects the contribution of higher cash flows from the assets we added to the portfolio over the past few years and a continued focus on maintaining consistent low operating costs. The consecutive quarters of positive free cash flow improves our liquidity position and importantly, provides a solid foundation for funding the business moving forward. Further, our balance sheet liquidity position was boosted meaningfully from the equitization of the $40 million convertible debentures held by Queen's Road Capital and Taurus Funds in November and an upsized $103.5 million equity raise completed in December last year. The equity raise funded our $70 million Pedra Branca acquisition, repaid the outstanding balance previously drawn on the RCF, brought in new institutional investors onto our share register and left us in a positive net cash position at year-end.

As we look forward to 2026, we remain well funded, having amended and upsized our credit facility to $150 million in February this year and having acquired additional cash flowing royalty on Borborema, we entered the year in a very strong financial position. As Dave alluded, with a self-funding business that generates consistent positive free cash flow and a clean balance sheet, we now have the flexibility to execute our strategy in the long term. Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards growth opportunities where appropriate, while evaluating capital returns to shareholders in future periods.

I'll now pass the call over to our Chief Development Officer, John Griffith.

Thanks, Andrew. Before the fourth quarter, Gold Royalty had not announced a material asset acquisition in over a year, demonstrating our disciplined approach as we have waited patiently for the right assets at the right time. On December 8, 2025, we announced the acquisition of royalties on Pedra Branca, which entitled us to 25% of net smelter returns from gold and 2% of net smelter returns from copper for the life of the mine. The Pedra Branca mine in Brazil is currently operated by BHP, although the asset has been sold to Corex Holding in a transaction which is expected to close this year. We are very excited to add this high-quality cash flowing asset to our portfolio. And for more information about Pedra Branca, please refer to our December 8 press release or our December 11 conference call. Links to both can be found on our website.

Subsequent to year-end, on January 14, 2026, Gold Royalty announced that we had acquired an additional NSR royalty on Borborema. The 1.5% NSR royalty importantly marked our first successful co-investment with Taurus Mining Royalty Fund. Taurus acquired a 0.75% NSR and Gold Royalty acquired the same 0.75% NSR, bringing our total to a 2.75% NSR plus the royalty convertible gold-linked loan.

We often get asked if there are still opportunities to acquire royalties and streams in the current environment of strong prices for gold, copper and other metals. Our 2 recent transactions and other recent royalty and stream deals announced by our peers show that there definitely are. It's worth noting that both of our recently acquired royalties were acquired from third parties, the Pedra Branca Royalty from Blackrock and the Borborema Royalty from Dundee Corporation. Both of these were acquired in quasi-bilateral processes where we negotiated directly with the sellers.

Across our peer group, we have also recently seen new streams written by mine operators, likely taking advantage of disparity between long-term outlooks for commodity prices between operators and streamers. And we have also witnessed corporate level M&A. We continue to see growth opportunities across each of our 4 pillars of growth, namely third-party acquisitions, operator financings, corporate M&A and our royalty generator model. And we continue to actively pursue these opportunities in a disciplined manner. I'm pleased to say that we have a healthy pipeline of activities we're evaluating today.

And I'll now pass the call to Jackie Przybylowski to review our guidance and to talk about some of our key assets.

Thanks, John. Along with our Q4 and 2025 results, we released our 2026 guidance and our longer-term 2030 outlook. We are expecting to report 7,500 to 9,300 GEO in 2026. At the midpoint of our guidance range, that's a 62% increase from our 2025 actual production of 5,173 GEO, including land agreement proceeds and interest. 2026 guidance assumes an average $5,150 per ounce gold price and an average $5.75 per pound copper price, which is consistent with consensus expectations. While our portfolio remains mostly gold-linked, our gold equivalent ounce guidance figure has some sensitivity to commodity price assumptions. We received royalties on copper at Cozamin and Pedra Branca and a stream on copper from Vareš, for example.

Further, we have converted land agreement proceeds and interest, which are paid in U.S. dollars into approximately 684 gold equivalent ounces in our 2026 guidance at our assumed average gold price. To give the market an idea of the effect of commodity prices on our guidance, we presented a sensitivity table in our press release last night and which we're also showing here on Slide 9. As you can see on this table, our guidance on a GEO basis would go up with lower gold price and would go down with higher gold price due to the mechanics of calculating gold equivalent ounces. Longer term, we have provided a 5-year outlook for the second consecutive year. We expect 28,000 to 34,000 GEO in 2030, including approximately 600 GEO of land agreement proceeds and interest.

At the midpoint, this represents a peer-leading over 490% increase relative to actual 2025 results. I also want to emphasize that our 2030 outlook continues to be mainly based on assets that are already largely derisked. Over 70% of our growth to 2030 includes assets that are already permitted, financed and built, at least to a first phase. And including the low-risk construction of satellite deposits, derisked assets represent over 90% of that growth.

We also have a number of exciting updates in our earnings report, and I'll just highlight a few on this call. Aura Minerals has signed its road relocation agreement, which immediately unlocked mineral reserves at Borborema and will support expansion to 4 million tonnes per year from the current 2 million tonnes per year run rate. DPM Metals has restarted the Vareš mine and expects to reach its full production run rate by year-end 2026. And on the project front, Orla Mining released an updated feasibility study on the South Railroad and expects to start construction midyear 2026 on receipt of final project permits. And Blackrock Silver received its Class II Air Quality and Surface Disturbance Permit, and the company believes that the permitting process is on schedule and expects to receive all permits by mid-2027. Please see our earnings release for additional asset updates. With over 250 assets in our portfolio, we continue to expect a steady stream of exciting positive news flow.

I'll pass the floor back to David for closing remarks.

Thank you, Jackie. There's indeed lots to get excited about as you look across our portfolio and the various high-quality assets ramping up and entering production. One of the key benefits to the diversified portfolio that we have assembled over the last 5 years is a steady flow of exciting growth catalysts at our underlying assets. These near, medium and long-term catalysts will contribute to peer-leading growth that Jackie highlighted in our 2026 and 2030 outlooks. We continue to see compelling upside to our share price as our portfolio assets continue to develop and as the market gives us credit for this organic growth. Our valuation could be further boosted by accretive growth, but we emphasize that we will remain patient and disciplined as we consider any acquisitions and as we review our capital allocation options going forward.

As our share price has now been comfortably above our warrant exercise price for some time, we think it's prudent to highlight this to any warrant holders on today's call. As of September 30, 2025, the company had approximately 17 million outstanding share purchase warrants with each warrant exercisable into common shares at USD 2.25 per share exercise price. The warrants are listed on the NYSE American under the symbol GROY.WS, and they expire May 31, 2027. For more information on exercising warrants, please see our second quarter earnings press release. We invite you all to join our Q1 2026 earnings call on May 7 and our Annual Capital Markets Day in Toronto and online on June 18. Thank you, everyone, for tuning in to the earnings call.

We'll now open up the call to Q&A. Operator?

[Operator Instructions] And our first question will come from Heiko Ihle with H.C. Wainwright.

I mean we're in an environment of $4,600 gold, obviously, volatility in the last 24 hours has been insane. Crazy news all over the newspapers, wars, geopolitical risks. Do you want to just walk us through your thought process that you apply to potential M&A and the discount rates that you assign to assets given current geopolitical turmoil? And building on all of that, now I'll leave it to that one question given that's probably like 4 in 1. And building on all of that, are you -- is there a certain countries that you may be more focusing on than you were, call it, 6 months ago or even 3 months ago than today?

Thanks, Heiko. I'll hand that off to John Griffith to respond to you. Thank you.

Heiko, I think you're absolutely right about the volatility and uncertainty in the current environment. But I don't think we can let that noise really influence our decision-making. We typically look at commodity prices on a consensus basis when we're evaluating opportunities. And because of that and the dislocation between consensus and spot prices, we've seen that in many instances, others have been willing to accept much lower rates of return on transactions than we otherwise would have.

In other words, we're really staying disciplined and focused. And we will remain that way during these uncertain times. So I don't think the current aberrations really change our view or strategy. And I think regarding geographies, we're very fortunate to have 85% approximately of our net asset value in North America and the remaining 15% in several jurisdictions as well. And I think we have no real pressure to go and deploy capital in parts of the world where risk is perceived to be volatile and a lot higher.

The next question will come from Tate Sullivan with Maxim Group.

In your MD&A, you highlight the sensitivities to copper and gold prices given your current producing assets. Are you still focused mostly on copper and gold in terms of evaluating assets going forward? And did you demonstrate this consistency by selling the tungsten-related asset in the U.S. in the fourth quarter?

Thanks, Tate. I'll hand that off to John again.

Sorry, the question, Tate, could you just repeat it, please?

Still focusing on copper and gold predominantly and what you're evaluating going forward? And just I noted your the tungsten asset-related sale in the fourth quarter as a demonstration of that strategy.

Yes, sorry. The -- I guess the focus for us remains very much on precious metals. We do feel very comfortable looking at what I would describe as the conventional or larger value LME traded commodities such as copper, zinc and nickel. And I think it also ties in nicely with our skill set, both management and Board have a lot of experience in building and operating mines in those various commodities. I don't think you're going to see us depart materially from that strategy unless we were potentially to acquire a larger portfolio of assets, which had smaller commodity-focused assets that fell outside of that ambit, if you will.

And yes, I think for us, the sale of the tungsten asset was certainly opportunistic. The party that acquired that asset is really focused on a more sort of esoteric perspective of building a non-precious metal, nondiversified royalty company, and they were willing to pay up for an asset that had very low value, little to no value in our portfolio.

Okay. And second for me, if I may. I mean, today's gold price moved down as much as 7%. Can you comment on just what you think is behind that? And are you willing to comment on short-term market fluctuations, please?

Yes, I think that's a great question. Ironically, I think it is because of the political turmoil. Quite often, I get asked, why isn't the gold responding to war events or significant economic calamities. And I think typically what happens when those events occur is it becomes a risk-off trade and risk assets are sold regardless of the underlying fundamentals. So I actually see events like this, like the Iran war or economic calamities like the great financial crisis or COVID for that matter, as distractions from the underlying fundamentals of the commodity.

And I think in gold's case, like every other risk asset being sold today, it is being sold off. But inevitably, what happens and invariably what's happened after these calamities in the past is when the risk trade comes back on and capital starts to be put back to work, fundamentals come back into play. And the fundamentals for gold, in my view, are irrefutable in that we're going to see continued and relentless debasement of the occurrences given the absolute amount of debt that's being strapped on. In spite of the fact that we're seeing record revenues, fiscal revenues in the U.S., we're seeing still record fiscal deficits and continued compounding of unsustainable debt at the U.S. government level and for that matter, across the Western world.

And inevitably, that will lead to continued debasement of the underlying fiat currency to debase the debt. And I think those fundamentals will come back into play and gold being the one currency that can't be printed, can't be debased, will inevitably go up as it has relentlessly for the last 50 years in spite of the volatility in the short to medium term.

And this will conclude the question-and-answer session. I would like to turn the conference back over to Mr. David Garofalo for any closing remarks.

Well, thank you all for your kind attention. If you have any follow-up questions, of course, Jackie is available at [email protected] or any of us, first initial last name at @goldroyalty.com, if you have any other follow-up questions, we'll be delighted to hear from you. I hope you have a good rest of your day in spite of the volatility in the markets.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Welcome to the Gold Royalty conference call regarding the acquisition of the Pedra Branca Copper and Gold Royalty. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to David Garofalo, Gold Royalty Chair and CEO. Please go ahead.

Thank you, operator. Welcome all, and thank you for joining us to discuss our Pedra Branca Royalty acquisition as announced on Monday, December 8. Please note that a presentation accompanying this conference call is available on the Presentations page of our website. Some of the commentary on today's call will include forward-looking statements, and I would direct everyone to review Slide 2 of the presentation, which includes important cautionary notes.

We are very pleased with this acquisition of a cash flowing royalty, which will immediately add materially to our revenues. This is an existing royalty, which we acquired from BlackRock World Mining Trust plc for USD 70 million in cash. Some notable highlights of this acquisition and related equity financing are the royalty is a 25% gold NSR and 2% copper NSR on BHP's long-life Pedra Branca mine in the Carajás region in Brazil's Pará State, which has been in production since 2020. This complements our gold-focused portfolio, which already has meaningful copper exposure in the best low-risk jurisdictions in the world.

We estimate that this acquisition is approximately 10% accretive to net asset value per share to Gold Royalty, inclusive of the impact of the equity issuance. On a cash flow per share basis, we estimate 45% accretion in 2026 and lower but still meaningful 15% accretion on cash flow per share in 2029 when we expect to realize meaningful growth from the rest of our high-quality diversified royalty portfolio. We enjoyed overwhelming support from a diverse group of international institutional and retail investors, which delivered a near 2x oversubscribed equity issuance and a deal that was upsized to $90 million and resulted in gross proceeds of $103.5 million, including the exercise of the overallotment option.

Included in this group of new and returning investors was a lead order from BlackRock from whom we purchased the Pedra Branca royalty, demonstrating BlackRock's confidence in the asset and the existing high-quality diversified royalty portfolio of Gold Royalty and its peer-leading growth. As a result of the acquisition and this related equity financing, Gold Royalty is now completely debt-free and has nearly $100 million of cash and unutilized credit lines available for further growth opportunities.

Based on production over the 12 months to the end of June 30 of this year, attributable production will be over 2,800 GEOs to Gold Royalty or over $12 million of royalty revenue at current gold and copper prices. While our CFO, Andrew Gubbels, will soon talk about our equity raise in more detail, our Chief Development Officer, John Griffith, will first give some detail on Pedra Branca.

Thanks, Dave. We're very pleased to share the details of this transaction with you today. Pedra Branca is an IOCG deposit relatively similar to other Carajás region IOCG deposits such as the nearby Salobo and Sossego mines. Pedra Branca was developed by OZ Minerals and started production in 2020 with the Pedra Branca East underground mine reaching its full production run rate in 2022. OZ Minerals was then acquired by the mining giant BHP in 2023, who continues to operate the mine today.

The asset is expected to be acquired by CoreX Holding in a transaction announced August 15, 2025, and expected to close in early 2026. Pedra Branca is part of a hub-and-spoke model feeding the Antas mill. Pedra Branca East is currently in production, while Pedra Branca West is at a feasibility study stage with that 2019 study envisaging Pedra Branca West to start production in 2031. The hub-and-spoke model also envisages potential future production from the Santa Lucia, Pantera, Grota Rica and circular deposits. We note that our royalty does not include these other deposits. However, none of these are currently producing.

BHP's most recent resource disclosure for Pedra Branca shows measured and indicated resources of over 14.4 million tonnes at an average copper grade of 1.5% and an average gold grade of 0.41 grams per tonne with a further 11 million tonnes at an average copper grade of 1.29% and an average gold grade of 0.40 grams per tonne in the inferred category. Based on the mine design and historical throughput rates of approximately 800,000 tonnes per annum, the current resource is expected to support a 15-plus year mine life before accounting for any additional exploration upside.

As Dave mentioned, for the 12 months ended June 30, the royalty paid BlackRock approximately $7.9 million, equivalent to approximately 2,800 gold equivalent ounces, an amount that would represent a meaningful contribution to our near-term revenues and GEOs. The royalty will start to contribute to Gold Royalty in January 1, 2026, and the Royalty will pay us quarterly. Using back of the napkin math at spot commodity prices, assuming measured and indicated head grade is mined and assuming a throughput rate expands to the original design capacity of 1 million tonnes per annum, we would expect an initial IRR from the project of approximately 20%. And this is before any upside from further life of mine extension or capacity expansion.

This diagram published by OZ Minerals in 2022 shows that the previous owner saw mineralization growth potential down plunge to the east for both the Pedra Branca East and Pedra Branca West ore bodies. This represents the potential for exploration upside, which could support future mine life extensions or justify throughput expansions at the Antas mill. Importantly, our royalty has no buybacks, step-downs or other contractual elements that would hinder our exposure to the longer-term optionality of the project. Just a few notes on CoreX, the future owner of Pedra Branca.

CoreX Holding is a global, highly diversified industrial conglomerate. It operates across a wide range of industries, including metals and mining, ports and terminals, green energy, shipping and logistics and other sectors. The company operates in over 55 countries with a workforce exceeding 20,000 employees. CoreX Metals & Mining, the metals and mining subsidiary of CoreX Holding, is one of the world's largest chromite and ferrochrome producers and also has operations in nickel, copper and gold.

I'll now pass the call on to our CFO, Andrew Gubbels, to talk about the equity raise in further detail.

Thanks, John. As David mentioned at the start of the call, we announced a $70 million equity raise on Monday, December 8, at a price of $4 per share to fully fund the acquisition of the Pedra Branca Royalty. With strong demand, the offering was later upsized to $90 million plus a 15% overallotment option for total gross proceeds of $103.5 million. The equity raise not only introduced several new institutional and retail shareholders onto our register, it also strengthened our relationship with many of our most supportive previous shareholders.

With this equity raising and the conversion of our convertible debentures in late November, our share count now stands at 223 million basic shares and 252 million fully diluted shares outstanding. Accounting for the proceeds from the equity raising, net of the purchase price of the Pedra Branca Royalty and the $5 million voluntary debt repayment in October, Gold Royalty has moved from a net debt position of approximately $60 million at the end of Q3 2025 to a net cash position of approximately $14 million as of today.

I'll now turn the call back to David to talk about capital allocation.

Thanks, Andrew. With our Pedra Branca Royalty and the bought deal financing, Gold Royalty has strengthened both our balance sheet and expected incremental revenues. We achieved one of our long-stated goals, catapulting our market value to over USD 1 billion on a pro forma and fully diluted basis. And when combined with our outstanding trading liquidity, we expect that this threshold will make us an increasingly attractive holding for large institutional investors.

It's important to emphasize that this transaction and our strengthened balance sheet doesn't change our core strategy. We continue to watch for accretive growth opportunities, and we also continue to be very disciplined in how we approach growth. Through 2025, we deployed excess capital to debt repayment. As a result of the recent conversion of our convertible debentures and debt repayments from free cash flow and the equity issuance, Gold Royalty is completely debt-free. In the meantime, we look forward to seeing the significant incremental revenues from Pedra Branca and the transformative effect of this royalty to Gold Royalty in 2026 and through the long term.

Operator, we would like to turn the call over to you for any questions.

[Operator Instructions] The first question is from Heiko Ihle with H.C. Wainwright.

You mentioned that the deal was meaningfully oversubscribed and obviously, you increased the size as it went along. I mean just thinking out loud, should we expect more large-scale deals like this? I mean you sort of hinted at it in the last sentence of your prepared remarks. I mean the market interest is clearly there. And then building on all of that, can you walk us a bit through the bidding process, how competitive was it? And were there any people that maybe joined the bidding that we wouldn't know about like names I haven't heard before besides the obvious ones?

Yes, I'm happy to answer both those questions. So it was not a competitive process. We've actually engaged with BlackRock over the last several years on this opportunity. I think the catalyst for them to sell at this point was the sale of the underlying asset by BHP, which provided them, I guess, a proxy for the underlying value of the asset and allowed them to put a pin in terms of what value made sense for them to transact at this point. But they obviously still see a lot of upside in the asset, which is why they subscribed into the equity offer. We see a lot of upside in our existing portfolio as well.

In terms of what's in the pipeline, we're always actively looking for opportunities. And I have to say that we've been extremely disciplined in that regard because it's been 1.5 years between deals. We tried to do more deals over the last 1.5 years. It's not that we haven't been looking to try to transact on accretive deals, but we've been priced out of virtually everything generally because most of those processes were competitive, and there's always somebody with a lower cost of capital or a higher assumed gold price, and we have to stay disciplined to using consensus long-term gold prices and making sure that we're getting attractive double-digit rates of return on opportunities. So if we have to wait to get the right deal, then we will, but we will continue to actively look for new opportunities.

Got it. And speaking of other opportunities, and I'm not too familiar with the site, so bear with me if this question is a little out there. The other deposits that were talked about earlier in the prepared remarks that you don't have the royalty on, is there maybe an interest in creating a royalty package for them? And if so, and I guess that's the real question, do you have a ROFR on the rest of the site?

I'm happy to hand that over to John, are you able to take the question, John Griffith?

Yes. Dave. Yes, there is no ROFR on the other deposits. I think that's really a question that I think one would have to ask CoreX in terms of their intentions for the asset. I think certainly, we look forward to developing a strong working relationship with CoreX once they become the owner of the asset, the transaction scheduled to close, the underlying asset sale scheduled to close in early 2026. So we'll certainly develop that relationship with CoreX and to the extent that there is an opportunity, we'll certainly be there as a strong partner and potential capital provider.

[Operator Instructions] Showing no further questions, this concludes the question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

Okay. Thanks, operator, and thanks, everybody, for attending today. We wish you all a very happy holiday, a happy New Year, a successful New Year. And we're delighted that we were able to end the year with such a significant acquisition and financing to cap off what's been an exceptional performance in terms of our share price this year, which has increased more than threefold. And we're hoping for more of the same, particularly given the growth that we expect to crystallize over the course of 2026 and beyond. There's significant free cash flow growth in our future, and we're delighted to take any questions you might have offline if you want to reach out to any of us individually. Thank you very much.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Good day, and welcome to the Gold Royalty Corp. Third Quarter 2025 Results Conference Call. [Operator Instructions] Please note that today's event is being recorded.

I would now like to turn the conference over to David Garofalo, Chairman and CEO. Please go ahead.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our third quarter 2025 results.

Please note that those not currently on the webcast, a presentation accompanying this conference call is available on the Presentations page of our website. Some of the commentary on today's call will include forward-looking statements, and I would direct everyone to review Slide 2 of the presentation which includes important cautionary notes.

Speaking alongside me on today's call will be Andrew Gubbels, Chief Financial Officer; John Griffith, Chief Development Officer; and Jackie Przybylowski, Vice President, Capital Markets.

We are proud to report a second consecutive quarter of positive free cash flow as well as another quarter of record revenue, adjusted EBITDA and operating cash flow. These cash flows are a manifestation of the tremendous potential we saw from the assets as we've been carefully curating our portfolio over the past 5 years, potential, which is not yet fully realized as we have tremendous growth and value creation still to come. Growing cash flows and revenues continue to improve our balance sheet, as Andrew will discuss in a moment.

But first, I want to go over our approach to capital allocation. We have told you for the last few quarters that debt repayment is our top priority, and we're glad to be able to start paying it down with $2 million of our revolving credit facility being paid down in the third quarter and a further $5 million debt reduction subsequent to quarter end. Capital allocation continues to be an important strategic priority. Looking ahead, we maintain our focus on debt reduction while considering strategic growth opportunities in a disciplined manner.

With our convertible debentures and outstanding common share warrants now deeply in the money and the continued growth of our free cash flow, we could be an essentially debt-free position by the end of 2026. Balance sheet flexibility is a priority, and we believe this will position us well to continue executing our long-term strategy on all cylinders.

With that, I will pass the call over to Andrew Gubbels to discuss the details of our first (sic) [ third ] quarter results and our outlook on Slide 4.

Thank you, David, and good morning, everyone. We're pleased to report new records for revenue and adjusted EBITDA in the quarter and year-to-date. Adjusted EBITDA was $2.5 million in the third quarter, up from $2.4 million in the previous quarter, and up from $779,000 in the comparable quarter in 2024. Total Revenue, Land Agreement Proceeds and Interest was $4.6 million, translating to 1,323 gold equivalent ounces in the quarter. Excluding the impact of recognizing a meaningful deferred tax recovery due to the streamlining and reorganization of our subsidiaries in the third quarter of 2024, our net loss and adjusted net loss continues to improve quarter-on-quarter.

As David mentioned, we again generated positive free cash flow this quarter. We're very excited about this transition to positive free cash flow, which has improved our liquidity position. As anticipated, we have allocated excess cash, including proceeds from the exercise of outstanding warrants to repay part of our revolving credit facility, bringing our debt down from $27.3 million at the end of June to $20.5 million as of today.

As the revenues grow, operating costs remain consistently low and fixed charges decrease, we expect to continue to delever quickly. Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards debt repayment. As David alluded, we believe improving our balance sheet and reducing debt will give us the flexibility to execute our strategy in the long term.

I'll now pass the call over to our Chief Development Officer, John Griffith.

Thanks, Andrew. On October 24, the stablecoin company, Tether, disclosed in the 13D filing with the SEC that it has required 13.8 million share position in Gold Royalty or 8% of our outstanding share float. Days later, it made a further disclosure that it increased its position to approximately 10% of our outstanding shares. We want to declare that we were unaware of Tether's position before this disclosure. We see this as a validation of the immense value in our existing assets and business plan.

However, we must also protect and maximize value for all our shareholders. To this end, our Board and a special committee of independent directors just recently approved the adoption of a rights plan. Details can be found in our recent press release on the matter. We cannot comment further at this time. But what we can do and what we are doing is continuing to work to maximize and preserve the utmost value for all Gold Royalty shareholders.

Gold Royalty was acquisitive when we had the currency to be competitive, acquiring Ely Gold, Golden Valley and Abitibi Royalties in 2021. We have further built on this foundation, having grown our portfolio 14-fold in just under 5 years to more than 250 assets, 7 of which are cash flow. We continue to evaluate growth opportunities. Our strengthening share price and growing cash balance has made us more competitive in pursuing transactions and M&A opportunities.

However, the same is true for many of our peers, the landscape for transactions remains very competitive with at least 30 public royalty and streaming companies and by our estimates, the further 20 private entities, all seeking to deploy capital and acquire royalties and streams, given how attractive the business model is.

As we have noted many times in the past, Gold Royalty is most successful when we can leverage our deep management and Board experience in bilateral transactions. And this continues to be true. While we regularly evaluate growth opportunities, we will certainly continue to remain disciplined in our growth.

We often get asked what opportunities we're seeing in the market. Of course, the higher gold price has not only raised revenues and cash flows for most producing companies, but also opened up multiple financing avenues which means operating companies have alternatives to selling royalties and streams to finance producing gold mines. At the same time, the current environment both in terms of permitting and in terms of mine financing is extremely conducive to mine construction, and we're seeing some miners and developers offering royalties for sale as part of a larger construction financing package. At this time, we're not necessarily prioritizing targeting these preconstruction royalties.

Given our existing deep pipeline of early-stage royalties, we are prioritizing royalties, which are currently cash flowing. We can generate early-stage royalties for no cost in-house through our royalty generator model. And so we have less of a need to buy these earlier-stage assets. The same market conditions supportive of mine development outside of our portfolio should also create value inside our portfolio as these early-stage assets in which we hold royalties will move through development and towards cash flow.

One area where we are seeing acquisition opportunities is in the purchase of existing royalties from prospectors or third-party holders, we might be more open to crystallizing value and historically reasonably high gold price environment.

I'll now pass the call over to our Vice President of Capital Markets, Jackie.

Thanks, John. Turning to Slide 7, I'll review a few of the key developments in our asset portfolio. Starting with the most significant impact to our production forecast. We noted in our October 23 revenue pre-release, that production to Gold Royalty's account could be around or modestly below the bottom end of our previously disclosed guidance range of 5,700 to 7,000 gold equivalent ounces or GEOs, in 2025. There are a couple of reasons for that.

First, it's partly a function of higher gold commodity prices so far this year. We have provided our guidance on a volume basis to introduce as few assumptions as possible into our guidance. However, in calculating the GEOs, we have converted revenues that come from our royalty generator model, which we call land agreement proceeds. These revenues are paid in dollars, and we divide by gold price to drive a gold equivalent ounce number. When we set our guidance in March of this year, we assumed a gold price of $2,668 per ounce through 2025, which was the spot gold price at the time, which converted $1.6 million in revenue to approximately 600 GEOs at that time.

The gold price has been significantly higher than $2,668 per ounce year-to-date. So the $1.244 million in land agreement proceeds that we've received in the first 9 months contribute significantly less on a GEO basis than we had expected. In fact, this would translate to only 388 GEOs at the average gold price of $3,200 per ounce as shown in yesterday's MD&A, rather than the 466 GEOs, which would have been assumed under the March gold price estimate.

The second reason for caution on our 2025 full year guidance is a well-telegraphed temporary shift from mining to development at DPM Metals' Vareš mine on which we hold a copper stream. Even before DPM completed the acquisition of Adriatic Metals, they had messaged that it would change the mining sequence of Vareš. Mining was previously sourced from the upper levels of the deposit and the change involves establishing mining from the lower bottom elevation, which is more efficient and effective as it avoids leaving behind stockpiled ores. Access to the bottom elevation will require extensive underground development, which is expected to displace mine production activity for approximately 6 months.

DPM first released this plan in a NI 43-101 technical report effective April 1, 2025. Of course, at that time, DTM didn't own Vareš and the timing and impact of the change to 2025 production wasn't clear, and so we didn't update our guidance then. But we did choose to reflect the near-term impact in our guidance after the transaction closed on September 3, and after DPM gave more granular detail about the timing of the production disruption on October 9, when it noted that it continues to expect minimal production at Vareš over the balance of 2025.

As Vareš continues to produce from stockpiled ore and given the natural lag and payments between the operator and our stream, we could continue to see stream payments in early Q4. And in fact, we have received some stream payments quarter-to-date. Further revenues from royalties in our portfolio and the royalty generator model could also continue to partially offset the impact of the Vareš closure.

Aura Minerals declared commercial production at Borborema on September 23, on schedule and after first production on March 28. This is great news and shows the quality of Aura as an operator and Borborema as an asset. This also marks a change to our royalty at Borborema, with commercial production, we moved from our preproduction payments and into our 2% NSR long-term arrangement. As the mine continues to ramp up, we expect our revenue contributions from Borborema to grow. We continue to be excited about further upside to Borborema as well. For example, government approval to relocate a highway near the mine would meaningfully grow reserves and will justify an expansion to the operation, providing free value growth to Gold Royalty.

Speaking of expansion and long mine lives, the Canadian Malartic shaft recently reached a depth of 1,179 meters ahead of schedule and received the approval for deepening of the shaft to extend an additional 70 meters to a total depth of 1,870 meters when the shaft is complete. Engineering work of the shaft expansion started in the third quarter of 2025. In our view, the expansion represents upside to our royalty as it is an investment decision, which was justified based on a longer mine life, potentially accessing deposits such as East Gouldie at deeper depths. While East Gouldie is not located within our royalty property foundry as it is delineated today, it does trend towards our property at depth.

Also, development of a second shaft is still under study, and that represents potential for additional future upside at our flagship royalty asset over the next couple of years. Despite the potential short-term disruption of Vareš, we remain confident in our medium and longer-term outlook. We maintain our 5-year guidance at 23,000 to 28,000 GEOs by 2029, and we continue to note this longer-term outlook is fully bought and paid for, is comprised of mostly mature and brownfield operations and is owned by experienced and well-funded operators.

I'll pass the call back to CEO, David Garofalo, for closing remarks.

Thanks, Jackie. There's indeed lots to get excited about as you look across our portfolio and the various high-quality assets ramping up and entering production. One of the key benefits to our diversified portfolio is the steady flow of exciting growth catalysts at our underlying assets. These near-, medium- and long-term catalysts contribute to peer-leading growth that Jackie highlighted in our 2029 outlook. We continue to see compelling upside to our share price as our portfolio assets continue to develop according to our 2029 outlook and as the market gives us credit for this organic growth.

Our valuation could be further boosted by accretive growth, but we emphasize that we will remain patient and disciplined as we consider any acquisitions as we review our capital allocation options going forward. Paying down our revolving credit facility would continue to be one of our priority uses of capital as you have seen in the third quarter and our subsequent debt reduction.

As the share price has now been comfortably above our warrant exercise price for some time, we think it's prudent to highlight this to any warrant holders on today's call. As of September 30, 2025, the company had approximately 17 million outstanding share purchase warrants, with each Warrant exercisable into a common share at USD 2.25 exercise price per share. The Warrants are listed on the NYSE American under the trading symbol GROY.WS and they expire May 31 and 2027. For more information on exercising warrants, please see our second quarter earnings press release.

Thank you, everyone, for tuning in to the earnings call. And with that, I'd be happy to open up the call to Q&A. Operator?

[Operator Instructions] And at this time, we are showing no questions in the queue. So I would like to turn it back to management for any closing remarks.

Thank you, operator, and thank you to our shareholders for joining us today. Of course, if you'd like to follow up with any direct questions, don't hesitate to reach out to us through our 1-800 number or through our e-mails. My e-mail is [email protected]. Jackie is [email protected], and everybody else you've heard on the phone, is first initial, last name @goldroyalty.com. By all means, don't hesitate to reach out. We'd be delighted to you hear from you and answer any questions you might have.

Thank you. Today's event has concluded. Please disconnect your lines, and have a pleasant day.