Q1 2024 Gold Royalty Corp Earnings Call

Unknown Executive: those peaks on a real basis, given the debt dynamic we're seeing globally, with global debt to GDP still at an alarming 350%, relative to only 100% in the last big inflation cycle in the 1970s and early 1980s. So there's very limited latitude for central banks to really increase interest rates dramatically to deal with what's really double-digit inflation that we're experiencing in the economy, not the three or 4% headline numbers that, frankly, are economic fiction. Those exclude all the important things that we need, like food, fuel, and shelter.

On a real basis, given the debt dynamic, we're seeing globally with global debt to GDP. So at an alarming, 350% relative to only a 100% of lost big inflation cycle than the 19 seventies early 1980, so theres very limited latitude for central banks to really increase interest rates dramatically to deal with.

unknown: What's really double digit inflation that we're experiencing the economy not the three or 4% headline numbers that frankly are economic fiction. Those exclude all of the important things that we need like food fuel and shelter and as mortgage rates reset across the industrialized world in particular in North America, we're going to see a dramatic increase in monthly mortgage payment.

Unknown Executive: And as mortgage rates reset across the industrialized world, in particular North America, we're going to see a dramatic increase in monthly mortgage payments, and that is inflation that eats away at the purchasing power of individuals. And that really will continue to drive capital into gold, relative to other major currencies that are actually yielding negative on a real basis. Sovereign debt is eating away at your savings. So if you're buying US Treasuries, if you're buying Canadian Treasuries, Euro, Japanese, you're not seeing your savings go up, even with nominal rates at relatively high rates.

Speaker Change: And that is inflation that eats away at the purchasing power of individuals and that really will continue to drive capital into gold.

Speaker Change: <unk> to other major currencies that are actually.

Speaker Change: Yielding negative on a real basis sovereign debt is eating away at your your savings. So if youre buying U S. Treasuries, if youre buying Canadian treasuries Euro Japanese youre not senior savings go up even with nominal rates at relatively high rates with inflation eating away at the purchasing power of our currency we're starting.

Unknown Executive: With inflation eating away at the purchasing power of our currency, we're starting to see savings being eaten away, whereas gold is a tremendous preserver of capital in that type of environment. And gold is a barometer, an accurate barometer; it's an agnostic barometer of what's really happening to inflation on a real basis. And that's why gold has been a one-way trade for over 50 years. Whereas the US dollar has seen a decline of 96% of its purchasing power over that 50-year period since the US government abandoned the gold standard, we've seen the gold price go from $35 an ounce on a nominal basis to almost $2,400 an ounce today. Gold is the currency you can't print.

Speaker Change: See you.

Speaker Change: Savings being eaten away, whereas gold is a tremendous preserver capital and that type of environment and goal as a barometer and accurate barometer I think ignostic barometer of what's really happening inflation on a real basis and that's why gold has been a one way trade for over 50 years, whereas the U S. Dollar has seen a decline of 96% of its <unk>.

Peter Schiff: <unk> power over that 50 year period since the U S government abandon the gold standard we've seen the gold price go from $35, an ounce on a nominal basis to almost $2400 an ounce today gold is the currency can't print the U S. Dollar and every other major currency has seen prolific printing and debasement of the purchasing power of those.

Unknown Executive: The US dollar and every other major currency has seen prolific printing and debasement of the purchasing power of those fiat currencies over a long period of time. But what we're not seeing is a massive response in the gold valuations on the equity side, particularly among the producer universe. The juniors have had very limited access to capital for a long period of time. They're still not seeing that incremental dollar, that marginal dollar of investment allocated from the general equity markets yet. There hasn't been a response yet.

Speaker Change: Those via currencies over a long period of time.

Speaker Change: But what we're not seeing is a massive response and the and the valuations on the equity side, particularly among the producer universe. The Juniors have had very limited access to capital for a long period of time. They are still not seeing that incremental dollar that marginal dollar of investment allocated from the general equity markets yet there hasnt.

Speaker Change: Been a response, but even among the largest producers in the space. We've seen him a muted response to the gold price and in fact, if you look at the bellwether stocks, whether its newmont, whether it's barrick theyre valuations actually their share prices are below where they were in the 19 nineties when the gold price was a 10th of what it is today and they are dealing with the overhang of <unk>.

Unknown Executive: But even among the largest producers in the space, we've seen a muted response to the gold price. And in fact, if you look at the bellwether stocks, whether it's Newmont or Barrick, their valuations, actually, their share prices are below where they were in the 1990s when the gold price was a tenth of what it is today. And they're dealing with the overhang of cost inflation, which we're able to avoid in the royalty model. We're completely insulated from that with the top line exposure that we have within our portfolio.

Speaker Change: Inflation.

Speaker Change: Which we're able to avoid in the royalty model, where completely insulated from that with the top line exposure that we have within our portfolio. But also this is an industry that has experienced decrease in reserves over a long period of time and as a result, we've seen a cannibalization of companies and the producer universe, Barrick and newmont the largest.

Unknown Executive: But also, this is an industry that's experienced decreasing reserves over a long period of time, and as a result, we've seen a cannibalization of companies in the producer universe. Barrick and Newmont, the largest producers in the space, have really seen no increase in their production or reserves over the last 25 or 30 years, but they've seen a massive increase in their share count because they've had to absorb other companies to maintain a suboptimal production rate.

Speaker Change: Producers in the space have really seen no increase in their production or reserves over the last 25 or 30 years, but they've seen a massive increase in their share count because they've had to absorb other companies to maintain a suboptimal production rates. So that is a microcosm of what's happening among the producers among the equities in the space, we haven't seen that kind of led.

Unknown Executive: So that is a microcosm of what's happening among the producers among the equities in the space. We haven't seen that kind of leverage that investors are looking for in the equities, because of the overhang of cost inflation, but also because of the industry continuing to shrink in terms of its reserve base. Particularly given the lack of access to capital among the explorers, the juniors really drive the exploration focus in the industry, and that lack of exploration success has led to a declining pie, and a shrinking pie in the producing universe.

Speaker Change: <unk> that investors are looking for in the equities.

Speaker Change: Because of the overhang of cost inflation, but also because of the industry continuing to shrink in terms of its reserve base.

Speaker Change: Particularly given the lack of access to capital among the explores the juniors really drive.

Speaker Change: The exploration focus in the industry and that lack of exploration success has led to a declining pie shrinking pie and the producer universe.

Unknown Executive: It's been a good start to the year for us. From a share price performance standpoint, we're up nearly 30%. So we have provided leverage to the gold price. You'll remember the gold price has gone up about 14, 15%. This year, we've gone up about 30%, and we still think there's a significant re-rate opportunity when you look at the relative valuations, particularly given our growth profile, which I'll touch on a little bit in a bit more detail. And Andrew and Peter will get into that in a bit more detail over the course of the presentation.

Speaker Change: It's been a good start to the year for us from a share price performance standpoint were up nearly 30%. So we have provided leverage to the gold price Youll remember the gold price has gone up about 14%, 15%. This year, we've gone up about 30% and we still think Theres a significant re rate opportunity. When you look at the relative valuations, particularly given our growth.

Speaker Change: Profile, which I'll touch on a little bit in a bit more detail and Andrew and Peter will get into that a bit more detail over the course of the presentation. But also you can look at the quality of our portfolio. We have over 240 royalties, but we have brokers on three of the five biggest producing gold mines in North America. So we have a quality proposition we have long reserve lives we have.

Unknown Executive: But also, if you look at the quality of our portfolio, we have over 240 royalties, but we have royalties on three of the five biggest producing gold mines in North America. So we have a quality proposition. We have long reserve lives.

Unknown Executive: We have a long profile of revenue growth right through the end of the decade, peer-leading revenue growth, which we think will continue to drive a re-rate in our story and provide a strong relative performance relative to our peers, given the quality of our portfolio, the location of our portfolio, with the vast majority of our royalties in the best jurisdictions in the world from a mineral potential standpoint, low political risk, and low regulatory risk. And I have to say that revenue growth is no longer theoretical.

Speaker Change: A long profile of revenue growth right through the end of the decade peer leading revenue growth, which we think will continue to drive a re rate in our story.

Speaker Change: And provide a strong relative performance relative to our peers given the quality of our portfolio.

Speaker Change: The location of our portfolio with the vast majority of our royalties and the best jurisdictions in the world from a mineral potential standpoint, low political risk and low Gregory Tory risk.

Speaker Change: And I have to say that revenue growth is no longer theoretical we've been talking about that revenue growth since our inception three years ago. That's starting to happen now we saw more than a doubling in our revenue in the first quarter of this year driven by the acquisition of <unk> late last year in getting the full first full year of benefit from those.

Unknown Executive: We've been talking about revenue growth since our inception three years ago, and that's starting to happen now. We saw more than a doubling in our revenue in the first quarter of this year, driven by the acquisition of Borborema and Cozumel late last year and getting the full first full year of benefit from those. And those are quality assets and quality jurisdictions providing meaningful leverage to gold and copper prices and performance improvement at Canadian Malartic, where we have some exposure in royalties in the open pit. And we're starting to see a bit of a catch up.

Speaker Change: And those are quality assets and quality jurisdictions, providing meaningful leveraged the gold and copper prices.

Canadian <unk>: Performance improvement at Canadian <unk>, where we have some exposure in royalties in the open pit and we're starting to see a bit of a catch up some underperformance last year in the Barnett pit, but also we're starting to see underground production from Canadian <unk>, we have substantial.

Unknown Executive: There are some underperformance last year in the Barnap pit, but also we're starting to see underground production from Canadian Malartic. We have substantially more royalty coverage, than we have in the open pit. So that's going to be a big driver for growth for us going forward. So again, more than doubling our revenue in the first quarter and peer leading growth right through the end of the decade, we're expecting on a consensus basis, both 60% compounded annual growth right through the end of the decade driven by principally by those big bulge bracket operations that represent three of the five biggest producing gold mines in North America, but also Borborema and Kozmin provide us a meaningful source of revenue growth going forward, as we just only recently folded those into the portfolio late last year.

Speaker Change: Substantially more royalty coverage there.

Speaker Change: And then we have in the open pit so that's going to be big driver for growth for us going forward. So again more than doubling our revenue in the first quarter and peer leading growth right through the end of the decade, we were expecting.

Speaker Change: On a consensus basis, both 60% compounded annual growth rate through the end of the decade driven by.

Speaker Change: Principally by those big bulk bulge bracket operations that represent three of the five biggest producing gold mines in North America, but also borborygm and close them and provide us a meaningful source of revenue growth going forward as we just only recently folded those into the portfolio late last year.

Speaker Change: Q1 was an excellent start to the year with $4 $2 million of total revenue. When you include land agreement proceeds royalty revenues et cetera, essentially achieving about 40% of our full year guidance in the first quarter alone. So it puts us in an excellent position to achieve our revenue guidance total revenue guidance of <unk>.

Unknown Executive: Q1 was an excellent start to the year with $4.2 million of total revenue, when you include land agreement proceeds, royalty revenues, etc., essentially achieving about 40% of our full-year guidance in the first quarter alone. So it puts us in an excellent position to achieve our revenue guidance, total revenue guidance of between $10 and $11.2 million for the full year. And that's really without the benefit of royalty revenue from the newly commissioned Cote mine, which started production on March 31 of this year and will represent a significant leg of royalty revenue growth in the second half of this year, as it expects to achieve commercial production in the third quarter. Together with another 10% decrease in our operating costs. Again, Andrew's done an exceptional job since he took over as CFO a little over a year ago driving costs out of the system.

Speaker Change: <unk> 10, and $11 2 million for the full year.

Speaker Change: And that's really that is without the benefit of royalty revenue from the newly commissioned coal mine, which started production on March 31 of this year and will represent a significant leg up royalty revenue growth in the second half of this year as they expect to achieve commercial production in the third quarter.

Andrew Bell: Together with another 10% decrease in our operating costs again, Andrew has done an exceptional job since he took over as CFO.

Andrew: A little over a year ago and driving costs out of the system. That's our post merger integration efforts, we absorb III companies in 2021, and we continue to find efficiencies as we integrate all of those companies and rationalize all of the holding companies we have within the portfolio and really focus on the core of our business. So we continue to drive down our operating cash.

Unknown Executive: That's our post merger integration efforts. We absorbed three companies in 2021, and we continue to find efficiencies as we start to integrate all of those companies and rationalize all of the holding companies we have within the portfolio and really focus on the core of our business. We continue to drive down our operating costs, and our revenues continue to go up. That's the perfect formula for driving free cash flow for the first time in our history in Q1 of this year. We continue to expect free cash flow generation going forward.

Andrew: And our revenues continue to go up that's the perfect formula for driving free cash flow for the first time in our history in Q1 of this year and we continue.

Andy: Do you expect free cash flow generation going forward, that's a remarkable achievement for a company. It's only been in existence for three years or so from a concept effectively on the back of a napkin and the cafe that EMEA and Andy and I sat down and conceived of this company and we've gone from really a standing start where we had no revenue in our IPO to today peer.

Unknown Executive: That's a remarkable achievement for a company that's only been in existence for three years. From a concept on the back of a napkin in the cafe that Amir, Anani, and I sat down to conceive of this company, we've gone from really a standing start where we had no revenue in our IPO to today, peer-leading revenue growth, free cash flow generation, and the prospect of positive earnings going forward. We have been busy on the strategic side as well.

Unknown Attendee: Leading revenue growth free cash flow generation and the prospect of positive earnings going forward and we have been busy on the strategic side as well as I said, we acquired two cash flowing royalties last year Borborygm on closing men and instrumental to that acquisition of the Borborygm a royalty with a strategic partnership with tourists tourists hub.

Andrew W. Gubbels: As I said, we acquired two cash-flowing royalties last year in Borborema and Cozumel. Instrumental to that acquisition of the Borborema royalty was a strategic partnership with Taurus. Taurus helped fund that acquisition through a convertible debenture along with Queen's Road, another significant strategic shareholder in the company. Taurus has a dedicated royalty fund, and they've chosen us over every royalty company in the world that they could have done work with to forge a strategic, exclusive alliance on co-investing in new royalty opportunities going forward above $30 million in value.

Unknown Attendee: That acquisition through a convertible debenture, along with Queens Road, another significant strategic shareholder in the company.

Tourists: And tourists has a dedicated royalty fund and they've chosen us over every royalty company in the world that they could have done work with to forge a strategic exclusive alliance on co investing a new royalty opportunities going forward above $30 million in value. So that means we can look at bigger deals because we have a partner besides.

Andrew W. Gubbels: That means we can look at bigger deals because we have a partner beside us that can co-invest in those royalty opportunities. Not only that, but we can share due diligence costs on major royalty opportunities and streaming opportunities as well. It helps us continue to rationalize our operating costs as well as provide us with a source of meaningful capital for investment and new opportunities going forward. So with that, I'd love to hand it over to Andrew to talk through our financial performance in a bit more detail.

Tourists: That can co invest in those royalty opportunities and not only that we can share and due diligence costs, our major royalty opportunities streaming opportunities as well. So it helps with continue to rationalize our operating costs as well as providing a source of meaningful capital for investment and new opportunities going forward.

Andrew: So with that I'd love to hand, it over to Andrew to talk through our financial performance in a bit more detail.

Andrew W. Gubbels: Thanks, David. As you would have seen in our reported results, it was a very solid quarter, our record revenue, which you see here on a reported basis and was higher in the first quarter of 2024, really due to stronger production from areas of the Canadian Malarctic mine covered by our Royal. And importantly, as compared to 2023, in the first quarter, we had included the first full quarter of pre-production payments from Borborema, as well as the recently acquired Kozman Royal.

Andrew: Thanks, David.

Andrew: As you would've seen in our reported results it was a very solid quarter.

Andrew: Our record revenue, which you see here on a reported basis.

Andrew: Was higher in the first quarter 2024, really due to stronger production.

Andrew: From areas of the Canadian Arctic mines covered by our royalty.

Andrew: And importantly, as compared to 2023 in the first quarter.

Speaker Change: That included the first full.

Speaker Change: Or a preproduction payments from <unk>.

Andrew: As well as the recently acquired Cozman royalty.

Speaker Change: So that's a testament to our acquisition strategy.

Andrew W. Gubbels: So it's a testament to our acquisition strategy, yielding benefits in the top line for the first quarter of this year. When looking at total revenue from land agreement proceeds and interest, which is the figure we like referring to because it's inclusive of all our cash inflow sources. Now, that includes the full amount of land agreement proceeds and the interest income from the Pobrema Goldlink loan.

Speaker Change: The benefits.

Speaker Change: And the top line for the first quarter of this year.

Speaker Change: When looking at total revenue land agreement proceeds and interest which is the figure we like referring to because it's inclusive of all our cash inflow sources.

Goldman clone: No that includes the full amount of land agreement proceeds and the interest income from the corporate name of Goldman clone.

Andrew W. Gubbels: Now that number was $4.2 million, which again was an 112% increase from Q1 2023, and was higher again, as I mentioned, from the contribution from the Canadian Malartic Board of Raymond Kloserman, but also from larger scheduled payments received from certain operators within the company's royalty generation business in Nevada. So again, that part of the business is really paying dividends, and in the first quarter of 2024. Once again, cash operating expenses were lower, 10% lower in the first quarter as compared to the first quarter last year.

Goldman clone: Now that number was $4 2 million, which again is 112% increase from Q1 2023.

Goldman clone: <unk> was higher again as I mentioned from the contribution from Canadian <unk> closing then but also from larger scheduled payments received from certain operators within the company's royalty generation business in Nevada, So again that part of the business really paying dividends and the <unk>.

Speaker Change: First quarter of 2024.

Speaker Change: Once again cash operating expenses were.

Goldman clone: Lower.

Speaker Change: 10% lower in the first quarter as compared to the first quarter last year.

Andrew W. Gubbels: As a company, we continue to deliver on our disciplined cost management efforts and expect to see steady operating costs going forward through the rest of the year. As a result of the higher revenue and the moderated costs in the quarter, further to what David mentioned, Gold Royalty did report its first positive cash flow from operations of $0.3 million. Now that excludes 1.1 million of land agreement proceeds which is accredited against the mineral properties in our reported numbers. Now, if we did use the total revenue and agreement proceeds and interest instead of reporting them as revenue, our operating cash flows would be closer to 1.4 million.

Speaker Change: As a company we continue to deliver on disciplined cost management efforts and expect to see.

Speaker Change: Steady operating costs going forward through the rest of the year.

David: As a result of the higher revenue in the moderate cost in the quarter further to what David mentioned go royalty did recorded its first positive cash flow from operations.

David Smith: <unk> 3 million.

Speaker Change: Now that <unk>.

David Smith: Excludes $1 1 million of land agreement proceeds, which as a credit against the mineral properties in our reported numbers and.

Andrew W. Gubbels: So, very healthy operating performance in the quarter. Now, we have frequently stated that 2024 will be a transitional year for the company, whereby we become a cash flow generator, which is very important. And this first quarter really demonstrates our considerable progress over the prior quarters and really sets us up for a strong fiscal year in 2024. But what hasn't changed is the company's strong revenue growth trajectory beyond this current calendar year.

David Smith: And if we did use the total revenue and agreement proceeds and interest instead of reported revenue.

Speaker Change: Our operating cash flows will be closer to $1 4 million, so very healthy operating performance in the quarter.

Company spokesperson: Now we have frequently stated that 2024 will be a transitional year for the company will buy we become a cash flow generator.

Speaker Change: Which is very important in this first quarter really demonstrates our considerable progress.

Speaker Change: Over the prior quarters, and really sets us up for a strong fiscal year 2024.

Speaker Change: Now what Hasnt changed is the company's strong revenue growth trajectory beyond this current calendar year.

Andrew W. Gubbels: In fact, this profile you see here, and you've seen this page before, has improved considerably since adding assets such as Borla Raymond and Kozeman, in the near to medium term, in particular, but also having core assets such as Cote, Forg, First Gold, at the end of Q1 of this quarter, really coming into fruition through 2025, six and seven within this cash flow profile. We will continue to have the best revenue growth profile in the sector over the next five years.

Speaker Change: In fact this profile you see here and you've seen this page before.

Speaker Change: As improved considerably since adding assets such as Paul Raymond Cosan.

Speaker Change: The near to medium term in particular.

Speaker Change: But also having core assets such as Kotte poured first gold at.

Kotte: At the end of Q1, this quarter and really coming into fruition through.

Paul Raymond: 2025, six and seven within this cash flow profile.

Speaker Change: We do continue to have the best revenue growth profile in the sector over the next five years that message hasn't changed and this is per the average broker estimates.

Andrew W. Gubbels: That message hasn't changed, and this is per the average broker estimate. Now, using broker estimates, the long-term gold price, if you recall, is around $1,900 an ounce, so below current gold prices. So looking forward, if you do expect positive gold prices to continue, we could see even further upside to this growth profile. Also recall that revenues within our pipeline are really driven by and underpinned by large, fully funded projects being developed by the likes of Ineque Legal and Odyssey.

Speaker Change: Now using broker estimates of long term gold price. If you recall is around $1900, an ounce well below current gold prices.

Speaker Change: So looking forward if you do expect.

Speaker Change: Positive gold prices to continue we could see even further upside to this this growth profile.

Speaker Change: Also recall that revenues within our.

Speaker Change: Our pipeline are really driven by and underpinned by large fully funded projects being developed by the likes of Agnico Eagle and Odyssey.

Andrew W. Gubbels: Barrick in Wren and I Am Gold and Cote Lake, amongst others, your term and also well-capitalized partners such as Aura Minerals and the Borborema project. So, we are very comfortable and confident that this is an achievable and low-risk revenue growth profile that you'll see coming to fruition as we move forward a year.

Speaker Change: Barrick and ran an iron gold and hotel Lake amongst others.

Speaker Change: Term and also well capitalized partners such as.

Speaker Change: Or a minerals in the board room of projects so.

Speaker Change: We are very comfortable and confident that this is an achievable.

Speaker Change: And low risk revenue growth profile.

Speaker Change: Youll see.

Speaker Change: Coming to fruition as we move forward year on year.

Peter: Now with that I think it's ideal natural time to pass over to Peter who can give you an update on the company's asset pipeline going forward.

Unknown Executive: Perfect. Well, thanks, Andrew.

Speaker Change: Perfect.

Peter: Thanks, Andrew So building on what Andrew is saying in terms of our pure leading revenue growth or we can really see that a lot of that is driven by the cornerstone assets that David mentioned earlier.

Unknown Executive: So, building on what Andrew was saying, in terms of our peer-leading revenue growth, we can really see that a lot of that is driven by the cornerstone assets that David mentioned earlier. Odyssey, the underground extension of the Canadian Malarctic Mine, which is going to be Canada's largest underground gold mine, is still our cornerstone asset. And while providing moderate revenue over the next several years, we'll really be kicking in towards 2027, 2028 when that complex shifts to a fully underground operation. And I'll dive into some of the recent Q1 updates from AgnicoEagle on that asset later. From a big picture perspective, as you can see on this slide, the main aspects of our portfolio are unchanged.

David Smith: Odyssey the underground extension of the Canadian electric mind going to be Canada's largest underground gold mine is still our cornerstone asset.

David Smith: And while providing moderate revenue over the next several years will really be kicking in towards 2027 2028, when that complex shifts to a fully underground operation and I'll dive into some of the recent Q1 updates from agnico Eagle on that asset later.

Agnico Eagle: From a big picture perspective, you can see on this slide the main aspects of our portfolio are unchanged. We are one of the strongest to jurisdictional profiles of any royalty and streaming company over 80% of the business in Quebec, Ontario, and Nevada.

Unknown Executive: We have one of the strongest jurisdictional profiles of any royalty and streaming company, with over 80% of the business in Quebec, Ontario, and Nevada, partnering with the premier operators in the sector, Newmont, Barrett, and Cognico Eagle driving forward our cornerstone assets, and exceptional optionality across the portfolio. In the past three years, we're approaching nearly 2 million meters of drilling. And with that comes significant optionality, and all at no cost to Gold Royalty as a royalty and streaming company.

Agnico Eagle: Partnering with the premier operators in the sector Newmont, Barrick Niko Niko driving forward our cornerstone assets.

Agnico Eagle: And exceptional optionality across the portfolio.

Agnico Eagle: In the past three years, we're approaching nearly 2 million meters of drilling and with that comes significant optionality and all at no cost to gold royalty as a royalty and streaming company.

Unknown Executive: In 2024, we're still compiling filing figures, and despite a much more difficult equity market for juniors and developers, we're still seeing hundreds of thousands of meters being drilled across the portfolio this year again. If you look at the green assets highlighted on our pipeline slide, you see Cote Gold, Orberaima, and Cozumel. These are all acquisitions we've made over the past couple years and are representing a very meaningful portion of our revenue in 2024.

Agnico Eagle: In 2024, we're still compiling filing figures.

Agnico Eagle: And despite a much more difficult equity market for juniors and developers, we're still seeing hundreds of thousands of meters being drilled across the portfolio and this year again.

Unknown Executive: The near-term revenue is really being supplemented by those acquisitions we completed through 2022 and 2023. And finally, from a portfolio perspective, I'd reiterate that we have over 90% gold exposure across the portfolio. We did pick up some copper exposure last year with the Cozumel Royalty, but we do provide that concentrated focus on precious metals to our investors, which does differentiate us from some royalty and streaming peers. Now diving into some of the updates across the portfolio in Q1, as I mentioned, the Odyssey Mine continues to perform and Feed Expectations to the Upside.

Agnico Eagle: If you look at the Green assets highlighted on our pipeline slide you see cotai gold or Braemar Cosma and these are all acquisitions. We've made over the past couple of years and are representing a very meaningful portion of our revenue in 2024 at the near term revenue is really being supplemented.

Agnico Eagle: By those acquisitions, we completed through 2022 and 2023.

Agnico Eagle: And finally from a portfolio perspective, I'd reiterate that we are over 90% gold exposure across the portfolio. We did pick up some copper exposure last year with the cozman royalty, but we do provide that.

Speaker Change: Concentrated focus on precious metals to our investors, which does differentiate us from some royalty and streaming peers.

Agnico Eagle: Now diving into some of the updates.

Agnico Eagle: Across the portfolio in Q1, as I mentioned, the Odyssey mine continuing to perform and beat expectations for the upside ramp development has progressed ahead of schedule by Agnico Eagle.

Unknown Executive: Ramp development has progressed ahead of schedule by Neko Eagle, and given some changes in the plans for shop development, they're now expecting to be able to utilize the shop six months ahead of schedule. The longer-term outlook for the Odyssey mine is relatively unchanged.

Agnico Eagle: And given some changes in the plans on shop development. They are now expecting to be able to utilize the shop six months ahead of schedule.

Agnico Eagle: The longer term outlook for the Odyssey mine is relatively unchanged 2027, and 2028 is really when this asset comes online and makes that meaningful step change in gold royalties revenue profile, but it's very reassuring to see.

Unknown Executive: 2027-2028 is really when this asset comes online and makes that meaningful step change in Gold Royalty's revenue profile. But it's very reassuring to see Agnico Eagle continuing to advance this on time, on schedule. They have been a bit more aggressive in some of their marketing on the potential upside of the Odyssey Underground mine. Recently, you've seen the likes of our Piero Cisco Royalties highlight the potential for a second or even a third shaft to be sunk at the Odyssey mine.

Agnico Eagle: We are continuing to advance this on time on schedule they have been a bit more aggressive in some of their.

Cisco royalties: Marketing on the potential upside of the Odyssey underground mine recently, you've seen the likes of <unk> Cisco royalties highlight the potential for a second or even a third shaft to be sunk. The Odyssey mind. This would greatly increase the capacity.

Unknown Executive: This would greatly increase the capacity for production. Right now, only less than a third of the processing plants or the mill capacity is being utilized in the current mine plan. The ability to fill that mill and increase annual production well beyond the 500,000 ounces per year currently envisioned is something that gets us quite excited through our 3% NSR over the property. At Cote, as David mentioned, the first gold pour March 31 was a great Easter Sunday news release.

Unknown Attendee: For production right now on a less than a third of the processing plants or the mill capacity is being utilized in the current mine plan. So the ability to fill that mill and increase annual production well beyond the 500000 ounces per year currently envisioned as something that gets us quite excited through our 3%.

Saar: Saar over the property.

Unknown Executive: And they're well on track to achieve commercial production in Q3. They came out with their Q1 results recently and reiterated that guidance for later this year. Their annual production guidance is 220 to 290,000 ounces per year or in 2024, so we expect our 0.75% NSR to benefit from that in the second half of the year. At the REN project, while this is a relatively small deposit in the grand scheme of Barrick's very large portfolio, they have been continuing to advance REN at the Carlin Complex.

David Smith: At <unk> as David mentioned first gold pour March 31.

David Smith: Was a great Easter Sunday News released.

Unknown Attendee: And they are well on track.

David Smith: To achieve commercial production in Q3, they came out with their Q1 results recently and reiterated that guidance for later this year.

David Smith: Their annual production guidance is 220 to 290000 ounces per year or in 2024. So we expect our zero point, 75% MSR to benefit from that in the second half of the year.

David Smith: At the <unk> project, while this is a relatively small deposit in the Grand scheme of Barrick's very large portfolio that had been continuing to advance ran at the Carlin complex recent news results, while less definitive have continued to increase our confidence that they are on track for.

Unknown Executive: Recent news results, while less definitive, have continued to increase our confidence that they're on track for a pre-feasibility study in early 2026, with production expected very shortly thereafter, with REN being incorporated into the overall Carlin Complex mine plan. As it currently sits, the Wren deposit has an inferred mineral resource of approximately 1.6 million ounces at just shy of seven grams per tonne grade, and Barrick has indicated that there's significant exploration upside to grow that resource quite meaningfully over the next couple of years before they start production at the deposit.

Barrick: A pre feasibility study in early 2026 with production expected very shortly thereafter with rent being incorporated into the overall Carlin complex mine plan.

Barrick: As it currently sits the Ren deposit has an inferred mineral resource of approximately 1.6 million ounces at just shy of seven grams per tonne grade.

Barrick: And Barrick has indicated.

Barrick: That there is significant exploration upside to grow that resource.

Barrick: Quite meaningfully over the next couple of years before they start production at the deposit.

Unknown Executive: Our most recent acquisition, the Borba-Rema investment, our 2% NSR, which has pre-production payments, and our gold-linked royalty convertible loan with Oura Minerals has just completed its first quarter of providing revenue to us. 250 gold equivalent ounces through the pre-production payments in Q1 and 110 ounces through coupons on the GoldLink loan. We'll be expecting approximately $3 million in revenue through these pre-production payments and coupon payments in 2024, before the assets even enter production.

Barrick: Our most recent acquisition the Barbara Rimer investment, but our 2% MSR, which has preproduction payments and our gold linked ROI.

David Smith: Royalty convertible loan with or our minerals.

Barbara Rimer: <unk> just completed its first quarter of providing revenue to us too.

Barbara Rimer: 250 gold equivalent ounces through the preproduction payments in Q1, and 110 ounces through coupons on our gold linked loan will be expecting approximately $3 million in revenue through these preproduction payments and coupon payments in 2024.

Speaker Change: Before the assets even entered production.

Unknown Executive: On that note of entering production, ORA reiterated that they are on track for production at Pobrema in early 2025, with construction 25% complete as of March 31st, 2024. Ora has a track record of completing mines on time and on budget with the recent completion of the Balamas mine, also in Brazil. So they are a proven operator.

Speaker Change: On that note of entering production or are reiterated that they are on track for production at <unk> in early 2025 with construction, 25% complete.

David Smith: As of March 31, 2024.

Speaker Change: Or has a track record of completing mines on time and on budget with the recent.

David Smith: Completion of the <unk> mine also in Brazil. So they are a proven operator. They know this jurisdiction and that's one of the main reasons, we partnered with them late last year, and making that investment and funding Barbara Rimer.

Unknown Executive: They know this jurisdiction, and that's one of the main reasons we partnered with them late last year in making that investment in funding Borborema. At Cozumel, we had a positive start to the year, higher grades were achieved by Capstone, but this is an asset that's been steadily achieving exploration success and strong production results since 2006, and Q1 2024 was no different. This acquisition made through the second half of last year is one that we're excited to see them continue to deliver on that production profile and see what exploration upside is there to expand the reserve life beyond 2030.

I Cozman: I Cozman, we had a positive start to the year higher grades were achieved by capstone, but this is an asset that's been steadily.

Barbara Rimer: Achieving exploration success and strong production results since 2006.

Barbara Rimer: And Q1 2024 was no different this acquisition made during the second half of last year is one that we're excited to see them continue to deliver on that production profile and see what exploration upside is there to expand the reserve life beyond 2030.

Unknown Executive: And finally, Granite Creek, the royalty we picked up from Nevada gold mines at the end of 2022. I-80 Gold recently completed their bought deal financing, really addressing the balance sheet risk that was associated with the company, and then outline their plan for the Granite Creek mine for the remainder of 2024, which includes expansion drilling, continued underground development, test mining, and the publication of a feasibility study, which incorporates the high-grade South Pacific zone later this year.

David Smith: And finally granite Creek.

Speaker Change: The royalty we picked up from Nevada gold mines at the end of 2022.

Speaker Change: I 80 gold recently completed their bought deal financing really addressing some balance sheet risk that was associated with the company.

Speaker Change: And then outline their plan for the Granite Creek mine for the remainder of 2024, which includes expansion drilling continued underground development test mining and the publication of a feasibility study, which incorporates the high grades up specific zone later this year.

Speaker Change: We do have a production threshold associated with our 10% net profit interest granite Creek.

Unknown Executive: We do have a production threshold associated with our 10% net profit interest at Granite Creek. As of Q1, we were approaching 10,000 ounces credited against 120,000 ounces total, but I would note that given the significant grade and mining rates achieving closer to 1,000 tons per day in the not-too-distant future, we would achieve that production threshold quite quickly at Granite Creek. This could be a major revenue contributor in what I would call the mid-term for a few years.

Speaker Change: As of Q1, we were approaching 10000 ounces.

David Smith: Credit it against the 120000 ounces total, but I would note that given the significant grade and mining rates achieving closer to 1000 tonnes per day.

Speaker Change: In the not too distant future, we would achieve that production threshold quite quickly at granite Creek. So this could be a major revenue contributor.

Speaker Change: And what I would call the mid term.

Speaker Change: In a few years.

Unknown Executive: Beyond that, with 240 assets, there are various other catalysts across the portfolio. Our Royalty Generator model had great success, with the likes of the Dauntless property being sold and the Tonopah West option payment being received in Q1. We're continuing to generate those royalties, and, as I mentioned previously, another nearly 400,000m of drilling is expected in 2024. In addition to that, almost 2Mm of drilling over the last three years. A lot of catalysts that may not be represented immediately but will translate into positive developments across the portfolio over the coming quarters and years. So with that, I'd hand it back to Dave to summarize, and before we open things up to Q and A.

Speaker Change: Beyond that with the 240 assets theres various other catalysts across the portfolio our royalty generator model had great success with the likes of the <unk> property being sold in the tone of the call West option payment being received in Q1, and we're continuing to generate those royalties and as I mentioned previously.

Speaker Change: Another nearly 400000 meters of drilling expected in 2024. In addition to those almost 2 million meters of drilling over the last three years. So a lot of catalysts that may not be represented immediately Bo will translate into positive developments across the portfolio.

Speaker Change: Over the coming quarters and years.

Speaker Change: So with that I'll hand, it back to Dave to summarize and before we open things up to Q&A.

David A. Garofalo: Thanks, Peter. And thank you for your attention today.

Speaker Change: Thanks Peter.

Speaker Change: And thank you for your attention today look I think the important.

Unknown Attendee: <unk> here, particularly in this rising gold price environment with cost being a significant pressure point for the producers you best position and a royalty company that provides you optimum leverage to the gold price leverages, the expertise and success of our underlying operators, who invest about $200 million a year.

David A. Garofalo: Look, I think the important message I hear, particularly in this rising gold price environment, with costs being a significant pressure point for the producers, is your best position in a royalty company that provides you optimum leverage on the gold price, leverage of the experts, and success of our underlying operators who invest about $200 million a year in the underlying assets underneath our royalties, which we get the benefit of. And also, we can give you ETF-like exposure to the juniors.

Speaker Change: On the underlying assets underneath our royalties, which we get the benefit of AR and also we could give you an ETF like exposure to the juniors. We have so many early stage royalties many of which we generated ourselves effectively for free we're providing exposure to multiple juniors in the exploration space and as they start to get attention in the market.

David A. Garofalo: We have so many early stage royalties, many of which we've generated ourselves effectively for free. We're providing exposure to multiple juniors in the exploration space. And as they start to get attention in the marketplace, you're going to get the benefit of that exposure without having to worry about dilution that comes from juniors raising money because our royalties are at the asset level, and they're undiluted by anything they would do to raise equity to finance their exploration activities.

Speaker Change: Place Youre going to get the benefit of that exposure without having to worry about dilution that comes from juniors raising money because our royalties are at the asset level and they are undiluted by anything maybe they reduced to raise equity.

Speaker Change: To finance our exploration activities.

Speaker Change: Again, a quality portfolio with tier one royalties North America that provide us pure leading revenue growth right through the end of the decade.

David A. Garofalo: And again, a quality portfolio with tier one royalties in North America that will provide us with peer-leading revenue growth right through the end of the decade. And this experienced management team, I think, has delivered time and again, leveraging relationships to bring in new opportunities in the portfolio, and accessing capital creatively from some of the biggest strategic investors in the industry, not only in the royalty space but in the money industry generally. And that's evidenced by the strategic relationship we've forged with Barrick, which is our second biggest shareholder, with Queens World Capital and Taurus, which have provided us with and continue to provide us with a source of capital to finance our growth going forward. So with that, Joanne, I'd be delighted to take questions. And Peter, Andrew, and I are here to answer any questions that our investors and shareholders may have.

Speaker Change: This experienced management team I think is delivered time and again leveraging relationships to bring in new opportunities in the portfolio axis capital creatively from some of the biggest strategic investors.

Joanne: In the industry not only in the royalty space, but in the mining industry generally and that's evidenced by the strategic relationship we forced with Barrick, which is our second biggest shareholder with Queens Road capital and Taurus, which provided us and continue to provide us a source of capital to finance our growth going forward, so with that Joanne I'd be delighted to take questions and Peter.

Joanne Jobin: It is wonderful. Thank you, David. And thank you. Thank you, gentlemen, for a great update. As usual, we have another full house today with over 111 interested stakeholders in the room. So, thank you, everyone, for tuning in this morning. Of course, we really appreciate it. Now, before we take the questions, please do submit your questions in the Q&A tab located at the top of the screen. And our first question today is, What is the likelihood of Walbridge becoming a significant asset for GROI?

Andrew: Andrew and I are here to answer any questions that our investors and shareholders might have.

Joanne: Wonderful. Thank you David and thank you. Thank you gentlemen for great update.

Joanne: As per usual, we have another full house today with over 111 interested stakeholders in the room. So thank you everyone for tuning in this morning of course, we really appreciate it now before we take before we take the question. Please do place your questions in the Q&A tab located at the top of.

Speaker Change: The screen and our first question today is what is the likelihood of walbridge, becoming a significant asset for <unk>.

Unknown Executive: Benelon has always been an asset that really excited us. Our 2% NSR royalty covers all areas of mineralization in the current mine plan. I think the challenge for Walbridge right now is something that plagues most early advanced exploration companies, access to capital in advancing the project, but that really doesn't take away the technical merits of Benelon. 212,000oz for over a 12-year mine plan. Our 2% NSR will provide us with significant revenue once that asset is advanced.

Speaker Change: Yes, so I think that alone has always been an asset that really excited us are 2% MSR royalty covers all areas of mineralization in the current mine plan I think the challenge for Walbridge right now is something that plagues most.

Unknown Attendee: Early advanced exploration companies as access to capital.

Walbridge: And advancing the project, but that really doesn't take away.

Speaker Change: The technical merits of <unk> 212000 ounces for over 12 years mine plan are 2% MSR will provide us significant revenue once that asset has advanced its in a great jurisdiction with some good strategic shareholders already of that company, but not one that we're relying on in terms of our near term production.

Unknown Executive: It's in a great jurisdiction with some good strategic shareholders already at that company, but not one that we're relying on in terms of our near-term production. That's an asset that really fuels that growth sometime in the next decade, based on our estimates.

Speaker Change: An asset that really fuels that growth.

Speaker Change: Sometime in the next decade based on our estimates.

David A. Garofalo: Thank you. The next question is from Heiko Ely at HC Wainwright. And this question is for you, David. Can you provide some color on what you're seeing in the M&A environment, given current interest rates and some of your peers seemingly cutting back a bit with acquisitions? Are sellers getting a bit more desperate? And how are you taking advantage of that?

Speaker Change: Thank you. The next question is from Heiko Ely at H C. Wainwright.

Speaker Change: And this question is for you David can you provide some color of what you're seeing in the M&A environment given current interest rates.

David Smith: And some of your peers seemingly cutting back a bit with acquisition.

David Smith: Our sellers getting a bit more desperate and how are you taking advantage of that.

David A. Garofalo: I really think it depends on where you look in the sector. Among the larger cap producers, they had to significantly increase their M&A activity in order to replace declining reserves and declining production. And we've seen that in multiple mega mergers among the largest cap producers in the space over the last several decades. But as I said earlier, or after over the last several years, but as I said earlier, over the last several decades, their production profiles have not gone up.

David Smith: I really think it depends on where you look in the sector among the larger cap producers.

David Smith: Add to significantly increase their M&A activity in order to replace declining reserves declining production.

David Smith: And we've seen that in multiple mega mergers among the largest cap producers in the space over the last several decades, but as I said earlier on.

Speaker Change: Over the last several years, but as said earlier on over the last several decades their production profiles have not gone up their share counts have gone up because <unk> necessarily have to go out and acquire companies that maintain production profiles that frankly, werent sustainable, particularly given the decline in reserves, we've seen over the last 12 years with the lack of access to capital for the Juniors, who do all of the.

David A. Garofalo: Their share counts have gone up because they necessarily had to go out and acquire companies to maintain production profiles that frankly weren't sustainable, particularly given the decline in reserves we've seen over the last 12 years and the lack of access to capital for the juniors who do all of the exploration work that the industry vitally needs to replace depleting reserves. So you're seeing a lot more M&A activity, and I think it is necessarily and existentially required to happen among the producers in order to maintain their production and reserve profiles.

Juniors: Exploration work that the industry vitally needed to replace depleting reserves. So so you're seeing a lot more M&A activity and I think necessarily next essentially required to happen among the producers in order to maintain their production and reserve profiles. The juniors have a different dynamic there are quite desperate for capital they have not had consistent.

David A. Garofalo: The juniors have a different dynamic. They're quite desperate for capital. They have not had consistent access to capital markets for a dozen years, which has led to that decline in reserves. They're the ones that do all the heavy lifting on the exploration side, the discoveries, if you will, and they're becoming more desperate. But that presents opportunities for us to look for royalties on some of the highest quality deposits in the world because of the lack of access to capital for smaller explorers and early stage developers.

Juniors: Just the capital markets for a dozen years, which has led to that decline in reserves. They are the ones that do all the heavy lifting on the exploration side. The discoveries if you will and they are becoming more desperate but that presents opportunities for us to look for royalties on some of the highest quality deposits in the world because of the lack of access to capital for this smaller explorers.

Unknown Attendee: Early stage developers.

David A. Garofalo: Thank you, David. The next question, as you progress with each quarter representing bigger revenue for the company, how do you expect to minimize expenses? Since inflation rises, it affects operating expenses.

Unknown Attendee: Thank you David the next question as it progressed with each quarter, representing bigger revenue for the company. How do you expect to minimize the expenses since inflation rises it effects the operating expenses.

David Smith: I can take that.

David Smith: One.

David A. Garofalo: So look, I am As we grow the business, one thing that's nice about royalty companies is that you don't need to have an excessively large team and, I think our team at Gold Royalty is a full team. It's a well-built out team, it's able to fully function in executing our strategy, reviewing opportunities, as well as operating the company. I'm of the view that we can grow our business materially without further investment in adding personnel.

David Smith: So the guy.

David Smith: As we grow the business.

David Smith: One thing Thats nice about royalty companies is that.

Speaker Change: You don't need to have.

Speaker Change: Excessively large team and.

Speaker Change: I think our team of coal royalty is.

Coal Royalty: As a full team, it's a well built team thats able to.

Speaker Change: Fully function in executing our strategy reviewing opportunities as well as operating the company.

Speaker Change: I'm of the view that we can grow our business materially without further investment.

David A. Garofalo: I don't think that's the same for all the peers in the sector, especially smaller groups may need to retool and add. We're not a big team, we control our costs, but we do have good control over how we execute our strategy with the folks that we have on board, which is good.

Speaker Change #105: And adding personnel I don't think thats the same.

Speaker Change: For all the peers in the in the sector, especially smaller groups may need to retool and that we're not a we're not a big team we control our costs, but we do have.

Speaker Change: Good control over over how we execute our strategy with the focus that we have on board.

David A. Garofalo: In terms of inflation, how we move forward. Again, as not being an operator, we are subject to inflation, yes, but maybe not in the same regard as operating mining companies, which is great. There are variable cost components that can be controlled. I mean, a portion of our business is spent on marketing, insurance, etc. There are areas that are necessarily required.

Speaker Change: Which is good in terms of inflation, how we move forward.

Speaker Change: Again.

Speaker Change: Nothing and operator, we are subject to inflation, yes, but maybe not in the same regard as as operating mining companies, which is great. There is.

Speaker Change: There is a.

Speaker Change: Variable cost components that can be controlled.

Speaker Change: I mean, a portion of our business is spent on.

Speaker Change #101: On marketing and terms et cetera.

David A. Garofalo: But our areas that if we absolutely needed to scale back, we could look to scale back. But all in all, I'm fairly comfortable with the investment we've made and the ability to control costs in a rising environment. And rest assured, I think if there is a situation where our business is growing materially, you're going to see outsized margin growth and outsized generation of cash flows well in excess of our operating costs, which I expect to be fairly steady with the team we have.

Speaker Change #102: There are areas that are necessary required, but our area said, if we absolutely needed to scale back we could look to scale back.

Speaker Change: But all in all.

Speaker Change: Fairly comfortable with the investment we've made and the ability to control costs and in a rising environment and rest assured.

Speaker Change: I think if there is a situation where our business is growing materially youre going to see outsized margin growth and outsized generation of cash flows well in excess of our operating costs, which I expect to be fairly steady with the team we have.

Speaker Change: Thank you.

David A. Garofalo: Seems like the street is not rewarding your revenue growth story. When would you expect to reinstate a dividend now that free cash flow generation is achieved?

Speaker Change: It seems like the street is not rewarding your revenue growth starting when would you expect to reinstate a dividend now that free cash flow generation is achieved.

David A. Garofalo: Yeah, look, we would be delighted to have that conversation with our board as we get into a sustainable period of free cash flow going forward, about returning capital to shareholders in various forms. That's something I think that's intrinsic or really fundamental to any royalty story, to have a return of capital policy. And that's something that we continue to explore. As we start to achieve this growth, we're crystallizing that revenue growth for the first time and generating free cash flow. So again, that puts us in an excellent position to continue to have that dialogue with our board, and we'll be reporting back to shareholders in due course.

Speaker Change: Yes.

Speaker Change: We'll be delighted to have that conversation with our board as we get into a sustainable period of free cash flow going forward about returning capital to shareholders in various forms that's something I think thats intrinsic or really fundamental to any royalty story has to have.

Speaker Change: Our return of capital policy and Thats something that we continue to explore as we sought to achieve this growth. We are crystallizing that revenue growth for the first time and crystallizing free cash flow generation. So again that puts us in excellent position to continue to have that dialogue with our board and we'll be we'll be reporting back to shareholders in due course.

David A. Garofalo: Excellent. Where has the company been saving costs, and what makes up the $2.3 million in cash operating expenses?

Speaker Change: Excellent.

Speaker Change: Where it has the company been saving costs and what makes up the $2 3 million in cash operating expenses.

David A. Garofalo: Yeah, look, in the past few quarters, I've gone through some of the areas where cost savings have occurred. And really, what David had mentioned at the outset as well, that the company did transition from more of a phase of consolidating other entities and reducing redundancies throughout as the Salvation Plate played out. So we continue to do that throughout this last year.

Speaker Change: Yes.

Speaker Change: Over the past few quarters.

Speaker Change: Gone through some of the areas where cost savings have occurred in really with David had mentioned.

David Smith: Said as well the company did transition from.

David Smith: Mauro phase of consolidating.

Speaker Change #107: Other entities and reducing redundancies throughout.

David Smith: There is.

Speaker Change #108: The consolidation play it played out.

Speaker Change #108: So we continue to do that through.

David A. Garofalo: So when you look at the comparability between Q1 of this year and last year, it's still seeing some of those costs from the prior phase of our growth, really, the consolidation phase, so to speak, with Ely and Golden Valley Abitibi, start to decrease as we move forward. So that is an area where cost savings have occurred. I've spent quite a bit of time looking at trying to Unknown Attendee, John Griffith, Joanne Jobin, Alastair Still, Andrew Gubbels, Katherine Arblaster, So that's where some of the savings have come from.

Mauro: Through the last year. So when you look at the comparability between Q1 of this year and last year is still seeing some of those those costs.

Speaker Change #110: From the prior phase of our growth really the consolidation phase so to speak with with <unk> and <unk>.

Speaker Change #103: Start to start to decrease as you move forward. So that is an area where cost savings have occurred.

Speaker Change #103: I've spent quite a bit of time.

Speaker Change #106: Looking at.

Speaker Change #112: Trying to.

Speaker Change #100: Enhance certain service agreements and contracts extent that we can find savings with respect to our service providers working with our insurance providers to truly maximize.

Speaker Change #100: Premiums on insurance in other areas in general.

Speaker Change #100: So that's where some of the savings have come in terms of the breakdown of the operating expenses.

Speaker Change #100: Corporate administration line, where the includes.

David A. Garofalo: In terms of the breakdown of the operating expenses, the corporate administration line really includes the GNA that relates to marketing, office, and IT, regulatory, and mineral interest expenses. Unknown Speaker On the quarter, we were maybe marginally higher than the previous quarter or the comparable quarter, employee costs were more or less flat. This is, however, more than offset by lower professional fees in the quarter, and that sort of audit legal tax advisor, etc.

Speaker Change #114: The G&A that relates to marketing office, and <unk> regulatory mineral interest expenses.

Speaker Change #109: On the quarter. We were we were may be marginally higher than the previous quarter or the comparable quarter employee costs are more or less flat.

Speaker Change #113: This is however, more than offset by lower professional fees in the quarter and that sort of audit vehicle tax advisor et cetera, So really looking to balance and ensure that we keep with our.

David A. Garofalo: So really looking to balance and ensure that we keep with our view on where we want to be on costs going forward. All in all, operating costs, cash operating costs are down 10% compared to the previous quarter. And, you know, I'm confident that we'll be in line with our internal budgeting and expectations for the year.

Speaker Change #115: Our view on where we want to be on cost going forward. All in all operating costs cash operating costs were down 10% compared to the.

Speaker Change #100: Previous quarter.

Speaker Change #100: I'm confident that we'll be in line with our internal budgeting and expectations for the year.

Speaker Change #100: Thank you.

Unknown Executive: Gentlemen, can you discuss the recent share price performance?

Speaker Change #100: Gentlemen, can you discuss the recent share price performance.

Unknown Executive: Yeah, thanks, Joanne. So, as Dave started with the presentation, the disconnect between equities and the gold price has been a trend we've seen across the sector, and Gold Royalty is not immune to that. But with that said, given the strong fundamentals of Gold Royalty and Q1 and the conscious efforts we've made to market that to retail and institutional shareholders alike, we have seen a bit more credit relative to peers through the beginning of the year. But I think as this gold price continues to hold at close to $2,400 an ounce, and earnings continue to exceed expectations, it'll be something that we hope is corrected for the remainder of 2024.

John W. Griffith: Yeah. Thanks, John So I think as Dave started with the presentation of the disconnect between equities and the gold price.

John W. Griffith: Has been a trend we've seen across the sector and gold royalty is not immune to that but with that said given the strong fundamentals of gold royalty in Q1, and the conscious efforts we've made to market that.

John W. Griffith: To retail and institutional shareholders like we have seen.

Speaker Change #100: A bit more credit relative to peers through the beginning of the year.

Speaker Change #100: But I think as this gold price continues to hold and close to $2400 an ounce earnings continue to.

Speaker Change #100: Exceed expectations it'll be something that we hope is corrected through the remainder of 2024.

Unknown Executive: Thank you. Next question. Why do you think we haven't seen more M&A within the royalty space since the number of employees would not have to increase to manage a much larger portfolio that would benefit shareholders in that space?

Speaker Change #100: Thank you.

Analyst: Next question why do you think we haven't seen more M&A within the royalty space since the number of employees would not have to increase.

Speaker Change #116: To manage a much larger portfolio that would benefit shareholders in that space.

David A. Garofalo: Yeah, no, it's an excellent question, Joanne. And I think that M&A among the smaller cap players, you know, and when I say smaller cap, I'd say everybody below the big guys in Franco, Wheaton, and Royal, I think there's inevitably going to be significant consolidation in the space. Because it drives up multiples, it drives down costs of capital, and scale does matter in our industry. And I think we're going to see a resurgence of M&A in the space. It's hard for me to predict the order.

Unknown Executive: You know, it's an excellent idea.

Joanne: Yes, it's an excellent question Joanne and I think that.

Joanne Jobin: Think M&A among the smaller cap players.

Joanne Jobin: When I say smaller cap I'd say, everybody below that the big guys and Franco Wheaton Tomorrow, I think there is inevitably going to be significant consolidation in the space.

Speaker Change #122: Because it drives up multiples that drives down cost of capital scale does matter in our industry and I think we're going to see a restart of M&A in the space. It's hard for me to predict the sequencing.

David A. Garofalo: But I think it's become an economic imperative for the smaller players to start to look at consolidation. Because, by our estimation, 50 to $60 million of excess G&A in the industry can be driven out because we can run a business 10 times the size with the same employees that we have; we don't need to add anybody else. So if we ended up rolling up as we did in 2021, rolling up companies, then we're likely to realize almost 100% synergies in the G&A we inherited, which is, in fact, the track record we've been able to achieve in the three roll-ups we did over the course of 2021.

Speaker Change #111: But I think it's become an economic imperative for the smaller players start to look at consolidation because there's probably by our estimation $50 million to $60 million of excess G&A in the industry that can be driven out because we can run our business 10 times the size with the same employees that we have we don't need to add anybody else. So if we ended up rolling up as we did in 2000.

Speaker Change #111: 'twenty one.

Speaker Change #111: Rolling up companies, then we're likely to realize almost 100% synergies in the G&A, we'd heritage, which is in fact, the track record we've been able to achieve in the three roll ups. We did over the course of 2021. So there is a.

Speaker Change #111: And economically compelling argument both from a cost synergy standpoint, but also in terms of achieving scale and driving up multiples in driving down cost of capital, which is absolutely fundamental to the business and growing our business.

David A. Garofalo: So there is an economically compelling argument, both from a cost synergy standpoint but also in terms of achieving scale and driving up multiples and driving down costs of capital, which is absolutely fundamental to the business and growing our business.

Unknown Executive: Thank you. And what are the primary drivers of revenue for the remainder of 2024 for the company?

Speaker Change #111: Thank you.

Speaker Change #111: And what are the primary drivers of revenue in the for the remainder of 2024 for the company.

Unknown Executive: Yeah, so through Q1, we did have significant one-time land agreement proceeds, as I mentioned, Tonopah West and Dauntless making up a large chunk of that. For the remainder of the year, Cote coming online in the second half of 2024, and then continued revenue growth from Borba-Rama, Cozumel, and Canadian Malartic really driving the remainder of our revenue this year. And I'd note that the average gold price through Q1 was around $2,070 an ounce. So we should see an uptick with our royalty-related revenue due to that higher gold price.

Speaker Change #111: Yes.

Speaker Change #126: Yes. So through Q1, we did have significant one time land agreement proceeds as I mentioned kind of core Western don't list, making up a large chunk of that in the remainder of the year coach Ada coming online in the second half of 2024, and then continued revenue growth from Barbara Rimer Cozman.

Speaker Change #129: And Canadian Mill, Arctic really driving the remainder of our revenue this year and I would note that the average gold price through Q1 was around 2070.

Speaker Change #111: <unk>.

Speaker Change #111: So we should see an uptick.

Speaker Change #111: With our royalty related revenue due to the stronger both price.

Unknown Executive: Excellent. So let's talk about the Taurus Corp cooperation agreement and how that benefits the company.

Speaker Change #111: Excellent.

Speaker Change #123: So let's talk about the tourist Corp, cooperation agreement and how that benefits the company.

David A. Garofalo: You know, it's a great question. First off, I want to give a shout out to Andrew Gubbels, who helped, I think, initiate this relationship. And again, we've leveraged relationships time and again to introduce opportunities in the pipeline before competitors are even aware of them. And Andrew worked with the principals at Taurus back in his day as a banker at UBS. They were colleagues at UBS, and Andrew obviously came to work for us, and they went to establish the Taurus Fund and, particularly, the Royalty Fund that we were looking to co-invest with.

Andrew W. Gubbels: It's a great question first off I want to give a shout out to Andrew <unk>.

Andrew: Helped I think instigate this relationship and again, we leverage relationships time, and again to introduce opportunities in the pipeline before our competitors, even aware of them and work with the principals at tourist Bakken is he is a banker at UBS. They were they were colleagues at UBS and Andrew obviously came to work for us and they went to the established tourist fund in particular the royalty.

Andrew: Upon that.

Andrew: We're looking to co invest with but what it gives us is access to a $200 million funded largely our unallocated and this is a relatively new royalty fund established by tourist tourist is a collection of funds managed out of Australia. So.

David A. Garofalo: But what it gives us is access to a $200 million fund that's largely unallocated. This is a relatively new Royalty Fund established by Taurus. Taurus is a collection of funds managed out of Australia, so the Royalty Fund is a relatively new offering that they've raised significant funds from, and they expect to leverage that and increase the amount that they bring into that fund going forward. So what we've done is struck an agreement where we show them royalty opportunities and streaming opportunities above $30 million in size, and they have to show us their opportunities that they source above $30 million and up, and that allows us to co-invest on larger royalties with them, again, giving us ready access to their capital fund.

Andrew W. Gubbels: So the royalty.

Andrew: <unk> is a relatively new offering that they have raised significant dollars from and they expect to leverage that and increase the amount that they bring into that.

tourist: That fund going forward, so where are we what we've done is struck an agreement where we show them royalty opportunities as streaming opportunities above $30 million in size and they have to show us.

Speaker Change #125: There are opportunities that they source above $30 million.

Speaker Change #127: And that allows us to co invest.

Speaker Change #124: On larger royalties with us again have ready access to their <unk>.

Capital Fund: Capital Fund.

David A. Garofalo: And Taurus has demonstrated it's also willing to invest at the corporate level. When we did the Barbarima transaction, along with Queen's World Capital, they financed that acquisition through a convertible financing with Gold Royalty. So not only are they co-investing with us at the asset level, but they obviously showed a very strong willingness to invest at the corporate level to finance very accretive acquisitions like Barbarima.

Speaker Change #133: <unk> has demonstrated they are also willing to invest at the corporate level. When we did the <unk> transaction, along with Queens Road capital. They have finance that acquisition through a convertible financing with gold royalties. So not only are they co investing with us at the asset level, but obviously showed a very strong willingness to invest at the corporate level to finance very.

Speaker Change #130: <unk> acquisitions like Bob Arena.

David A. Garofalo: I think I'll just add, David, one of the things that from a cost perspective, what it also gives us is complementary coverage, looking at identifying new opportunities in other parts of the world. We've got a very well-connected team already here in North America, but adding some of the colleagues within the tourist team without having them on the payroll does introduce new opportunities that we may not have as frequent access to in Australia and the West Asia Pacific, given just where they sit from a geographic perspective. So it's nice to have broader coverage without actually adding people to the list.

Speaker Change #130: I think I'll just add David one of the from a cost perspective, what it also gives us is.

David Smith: Is it complementary.

Capital Fund: Coverage.

David Smith: Looking at identifying new opportunities in other parts of the World, We've got a very well connected team already here.

David Smith: In North America, but adding some of the colleagues in within the tourists team without having them on the payroll does introduce.

David Smith: New opportunities that we may not have as is.

Speaker Change #131: As frequent access to in Australia, and the rest of Asia Pacific given just where they sit from a geographic perspective. So it's nice to have broader coverage without actually adding people to the team.

Unknown Executive: Good. Okay. The next question is, Someone is asking about the company's acquisition plans and potential CapEx for 2024.

Speaker Change #131: Good. Okay next question is.

Speaker Change #131: Someone is asking about the company's acquisition plans and potential capex for 2024.

Capital Fund: Yeah. So.

Unknown Executive: Building on the acquisition plan, you would have seen the deals we completed through 2023. Kozman, Borba-Reima, definitely a focus on near-term cash flow, but being disciplined and finding the right high-quality assets. Given the scarcity of capital for a lot of developers and explorers, we do have a very robust deal pipeline, but the key focus for us is on quality. We have a great portfolio of exploration and development stage assets. It's about finding the right opportunities that would be complementary to the portfolio.

Capital Fund: Building on the acquisition plan you would assume the deals we completed through 2023, Cozman Borborygm definitely a focus on near term cash flow, but being disciplined in finding the right high quality assets given the scarcity of capital for a lot of developers and explore as we do have a revert very robust deal pipeline, but the key.

Cozman Borborygm: Key focus is on quality for us we have a great tale of exploration development stage assets, it's about finding the right opportunities that would be complementary to the portfolio with regards to capital costs do you want to clarify where our royalty and streaming company every asset is completely bought and paid for we do not have exposure to capital costs with these assets once we make an investment.

Unknown Executive: With regard to capital costs, I do want to clarify that we're a royalty and streaming company. Every asset is completely bought and paid for. We do not have exposure to capital costs with these assets. Once we make an investment, we have that top-line exposure for free, and exploration upside beyond that.

Speaker Change #132: We have that topline exposure for free.

Speaker Change #132: Exploration upside beyond that.

Speaker Change #132: Excellent.

Unknown Executive: And your top three strategies or more to pursue and execute for GROI in the next three years. How are you going to do that to stand out among your peers and provide share appreciation? I think what's really important

Speaker Change #132: And your top three strategies or more to pursue and execute for growing in the next three years. How are you going to do that to stand out among your peers.

Speaker Change #132: And provide share share appreciation I think what's really unique about our model and this is across the entire royalty universe, including the larger cap players in the space.

David A. Garofalo: I think what's really unique about our model, and this is across the entire royalty universe, including the larger top players in the space, is that we actually have four distinct platforms for growth. And we've executed on all of them, and continue to execute on all of them.

Capital Fund: We actually have four distinct platforms for growth and we've executed on all of them and continue to execute on all of them. Obviously in 2021, when we had much stronger currency, we didnt hesitate to roll up some of our competitors. So M&A was a meaningful source.

David A. Garofalo: Obviously, in 2021, when we had a much stronger currency, we didn't hesitate to roll up some of our competitors. So M&A was a meaningful source of royalty creation and royalty acquisition for us over the course of 2021. But when the currency abandoned us, we grew through other means.

Speaker Change #134: Royalty creation and royalty acquisition for us over the course of 2021 when the currency abandon thus we grew through other means we do royalty generation as you correctly pointed out you and thats effectively to the sweat equity of our small teams in Reno and also through an investment we have in Belger mining.

David A. Garofalo: We do royalty generation, as you correctly pointed out, Joanne, and that's effectively the sweat equity of our small teams in Reno, and also through an investment we have in Val-d'Or mining in Rwanda. That gives us an opportunity, or Val-d'Or Quebec, I should say, which gives us an opportunity to generate royalties in Ontario and Quebec through that vehicle. So royalty generations provide us not only a meaningful source of royalty creation through our sweat equity but also provide us meaningful option payments on those properties.

Capital Fund: And Rand Noranda that gives us an opportunity for Val d'or, Quebec, I should say, which gives us an opportunity to generate royalties.

Speaker Change #137: Ontario, Quebec through that vehicle, so royalty generations provide us not only a meaningful source of royalty accretion through our sweat equity, but also provide us meaningful option payments on those properties. So it's actually become a profit center for US in addition to generating those royalties for free we've done project financings. We've demonstrated we can do those vary across.

David A. Garofalo: So it's actually become a profit center for us in addition to generating those royalties for free. We've done project financing. We've demonstrated we can do those very creatively, as we did with Barbarima, again, leveraging a relationship that we had with Dundee Corp. And I've known Jonathan Goodman for over 30 years, and when Jonathan called me about the Barbarima acquisition opportunity, we got an exclusive on that. We were able to get that royalty very creatively for our shareholders because, again, leveraging a relationship as we did with Taurus and Andrew's relationships with the ex-UBS colleagues that he had there.

Dundee Corp: <unk> as we did with Borborygm again, leveraging our relationship that we have with Dundee Corp, and <unk>.

Capital Fund: No Jonathan Goodman for over 30 years, and when Jonathan called me about the Burberry acquisition opportunity. We got an exclusive on that we're able to get that royalty very accretively for our shareholders because again leveraging our relationship as we did with tourists and Andrew its relationships with the ex UBS colleagues that he had there and then we've done third party <unk>.

David A. Garofalo: And then we've done third-party royalty acquisitions, and again, that's been a very meaningful source of growth for us as well. That's how we got the Colte royalty, which came from the estate of a deceased prospector. And again, it was a relationship we had with their estate lawyer, and that was an exclusive opportunity. So being able to grow through those multiple means, M&A, third party royalty, third party royalty or royalty generation model, third party royalty acquisition, and project financing has put us in a good position to have a steady source of growth across multiple platforms. And again, that's unique to our story. There's nobody else that does all four of those things and does them as well as we do.

Andrew: With the acquisitions and again, that's been very meaningful source of growth for us as well that's how we got the <unk> royalty, which came from the state of a deceased prospector and again it was a relationship we have with their estate lawyer and that was an exclusive opportunity so being able to grow through those multiple means M&A.

Speaker Change #140: Third party royalty third party royalty or royalty generation model third party royalty acquisition and project financing has put us in a good position to have a steady source of growth across multiple platforms and again, that's unique to our story. There is nobody else. It does all four of those and does them well as we do.

David A. Garofalo: Thank you. A few more questions. We're getting to the top of the hour.

Andrew: Thank you TMR questions, we're getting to the top of the hour.

David Smith: All businesses have risk what do you as a management team see as the major risk factors facing the company and the next two to three years and what are you doing to address and mitigate them in other words, what keeps you up at night David Yeah.

David A. Garofalo: All businesses have risk. What do you as a management team see as the major risk factors facing the company in the next two to three years? And what are you doing to address and mitigate them? In other words, what keeps you up at night, David?

David A. Garofalo: Yeah, look, if you're running a royalty company appropriately, the only risk should be the goal. You know, when you're buying gold equity, you want unmitigated leverage on the gold price. And so that's a risk that we think our investors are willing to accept. And we're certainly willing to accept. And then, really, it comes down to execution.

David Smith: Yes look if you're running a royalty company appropriately the only risk should be the gold price.

David Smith: When youre buying a gold equity you want unmitigated leverage to the gold price and so that's a risk that we think our investors are willing to accept and we're certainly willing to accept.

Speaker Change #142: And then really it comes down to execution.

Speaker Change #136: And I think our track record is second to none in that regard remember we only IPO in March of 2021, So just a little over three years ago, and we started with 18 noncash going development stage royalties and today, we have over 240 royalties six producing cash flow. Another 14 in various stages of development and comp.

David A. Garofalo: And I think our track record is second to none in that regard. Remember, we only IPOd in March of 2021. So, just a little over three years ago, we started with 18 non-cash flowing development stage royalties. And today, we have over 240 royalties, six producing cash flow, another 14 in various stages of development, and compacted annual growth in our revenue on a consensus basis of 60% through the end of this decade with 100% revenue growth coming this year, and free cash flow generation.

Speaker Change #143: <unk> annual growth in our revenue on a consensus basis of 60% through the end of this decade with 100% revenue growth coming this year and free cash flow generation. So in terms of execution I think we've done pretty well and I think that's a testament to the over 400 years of industry experience, we have in our small board and management team.

David A. Garofalo: So in terms of execution, I think we've done pretty well. And I think that's a testament to the over 400 years of industry experience we have in our small board and management.

Speaker Change #146: That's incredible collective experience within a very small discrete team and we've leveraged that to reckless abandon to in order to grow the business. So substantially in such a short period of time and are financially accretive fashion as well.

David A. Garofalo: Excellent. So let's talk about the commodity. Obviously, you know, your gold royalty, but does the company actively look for deals within the copper and silver space, particularly after the acquisition of Kozeman?

Speaker Change #136: Excellent so let's talk about the commodity.

Speaker Change #136: Obviously, you know your gold royalty, but does the company actively looked for deals within the copper and silver space, particularly after the acquisition of Cogent.

David A. Garofalo: Yeah, look, the way we look at things is we like precious metal deposits that are polymetallic. We look at those quite often. In fact, we've looked at over 300 opportunities since our IPO, but we've only executed on about eight or nine.

Speaker Change #145: Yes look.

Speaker Change #141: We look at things as we like precious metal deposits that are poly metallic.

Speaker Change #147: We look at those quite often in fact, we've looked over 300 opportunities since our IPO, we've only executed in about eight or nine. So we are quite selective about what we acquire we have to make sure. It really ticks all the boxes for us in terms of return.

David A. Garofalo: So we're quite selective about what we acquire. We have to make sure it really ticks all the boxes for us in terms of return, quality of the asset, and the metal. But polymetallic deposits make a lot of sense. If there's a precious metal deposit that has significant amounts of copper, zinc, silver, and nickel, those present two distinct advantages. Typically, polymetallic deposits tend to have longer lives. And also, they tend to have naturally lower cost structures because of the byproduct credits embedded in them, as is the case with Cozumel, which happens to be high-grade copper but also has significant silver byproducts, which helps keep the cost structure down and makes that a competitive operation.

Speaker Change #139: Following the asset the metal, but poly metallic deposits make a lot of sense. If there is a precious metal deposit has significant amounts of copper zinc silver nickel.

Speaker Change #148: Those present, two distinct advantages typically poly metallic deposits tend to have longer lives and also they tend to have naturally lower cost structures because of the byproduct credits embedded in them as is the case with Cozman, which happens to be also high grade copper, but also has significant silver byproducts, which helps keeps the cost structure down.

David A. Garofalo: And so that means that it's going to be around for a long period of time. So polymetallic deposits certainly make a lot of sense for us. We're always going to be a precious metals focused company. Gold Royalty is a name that's appropriate for our focus.

Goldman clone: It makes it a competitive operation and so that means that it's going to be around for a long period of time, so poly metallic deposit certainly make a lot of sense for us, we're always going to be a precious metal focused company Goldman.

Goldman clone: Gold royalty is a name that's appropriate for our focus.

Unknown Executive: Excellent. And my last question of the day. Can you discuss, at a high level, looking at it from 2,000 feet above sea level, what is the breakdown of your revenue this quarter?

Goldman clone: Excellent and last question of the day.

Goldman clone: Can you discuss at a high level.

Goldman clone: Looking at 2000, what level what is the breakdown of your revenue this quarter.

Unknown Executive: Yeah, so this is outlined in the discussion of operations in our MD&A. Within the cube-producing royalty assets, we had $632,000 of revenue from Canadian Malartic, about a quarter million dollars from Cozumel, $179,000 from Borden, and then quite a bit within what we classify as the other bucket. So to provide some granularity on that, we received a million in land agreement proceeds on Tonopah West, another $725,000 from the Dauntless property, so over $1.7M from those two royalty generation efforts.

Goldman: Yes. So this is outlined within the discussion of operations in our MD&A within the key producing royalty assets at $632000 of revenue from Canadian <unk> about a quarter million dollars from Cozman 179000 from Gordon and then quite a bit within what we classify as the others.

Speaker Change #149: So just to provide some.

Speaker Change #150: Granularity on that we received $1 million in land agreement proceeds on <unk> West another 725000 from the dauntless property so over $1 seven from those two royalty generation efforts.

Speaker Change #151: And then initial revenues from our <unk> investments so another three quarter million dollars approximately there.

Unknown Executive: And then initial revenues from our Forborema investments, so another $3.25M approximately there, which all those together make up the majority of our revenue in Q1. And, as mentioned, looking for the remainder of the year, continued growth from those producing royalties and the Forborema investment as well as Cote coming online in the back half of 2024.

Speaker Change #139: Which.

Speaker Change #152: All of those together makes up the majority of our revenue in Q1 and as mentioned looking for the remainder of the year continued growth from those producing royalties and the <unk> investment as well as Cotai coming online in the back half of 2024.

Peter Behncke: Thank you, Peter. And thank you, everyone, for tuning in. As we are at the top of our hour, we will end the Q&A session now. If you have any other questions, please forward them directly to Peter at PeterBehncke at GoldRoyalty.com. And David, before we sign off, would you like to say a few words to all of your stakeholders here today?

Speaker Change #152: Thank you Peter and thank you everyone for tuning in as we are at the top of our hour. We will end. The Q&A session. Now if you have any other questions. Please forward them directly to Peter Peter banking at Golar, Arctic Dot Com and David before we sign off would you like to say a few words.

David: To all of your stakeholders here today.

David A. Garofalo: Well, I was going to say what Joanne said, you know, if you do have questions, now you have a means of contacting us, reaching out to us, but we'd be delighted to hear from you. You don't have to wait for the town hall to ask questions or reach out to us and get updates. So glad that you could join us today.

David: Well I was going to say what Joanne said, if you do have questions you have for means of contacting us reaching out to us, but we'd be delighted to hear from you and you don't have to wait to the town hall to ask questions or reach out to us and get updates. So glad that you could join us today.

Joanne Jobin: Thank you, David. And just a reminder that this town hall will be available on the Gold Royalties website and on all of our social media platforms within the next 24 hours. Before we sign off, please ensure that you fill in the short questionnaire at the end of this presentation. This will help us and the company communicate more effectively with you in the future. So thank you for joining us today, and we will see you at the next town hall forum. Goodbye for now.

David: Thank you David and just a reminder, that this town hall will be available on the gold royalties web site and on all of our social within the next 24 hours before we sign off please ensure that you fill in the short questionnaire at the end of this presentation. This helps us and the company communicate more effectively.

Speaker Change #153: With you in the future. So thank you for joining us today, and we will see you on the next town Hall Forum Goodbye for now.