Q2 2024 Gold Royalty Corp Earnings Call

David Garofalo: today are actually about half of what they were in the mid-1990s when gold was only $250 an ounce. So we have not seen a significant rotation of capital into gold equities, but we think that's inevitable. It will happen. And if you look at crises in the past and how the gold commodity and gold equities have performed in each of those financial crises, eventually, there is a significant rotation of capital into gold equities. Take, for example, the tech crash back in 2000.

We're in the mid 19 nineties when gold was only $250 an ounce. So we have not seen a significant rotation of capital into the gold equities, but we think that's inevitable that will happen and if you look at crises in the past and how the gold commodity in the gold equities are performed in each of those financial crises.

David Garofalo: So we have not seen a significant rotation of capital into the gold equities, but we think that's inevitable. That will happen. And if you look at crises in the past and how the gold commodity and the gold equities have performed in each of those financial crises, eventually there is a significant rotation of capital into the gold equities.

Speaker Change: Eventually there is a significant rotation of capital into the goal that when you take for example, the tech crash back in 2000. Initially it was a baby in the Bath water type of market, even the gold equities was sold off dramatically. The gold commodity was initially but as the governments started to ease monetary policy lower interest rates.

David Garofalo: Initially, it was a baby in the bathwater type of market; even the gold equities were sold off dramatically; the gold commodity was initially, but as the government started to ease monetary policy, lower interest rates, and expand money supply, we started to see gold perform dramatically. And the gold equities, in particular, provided leverage to the gold price. And so we saw, for example, in the great tech crisis or the tech crash in 2000, that gold equities outperformed the S&P 500 by over 200%.

David Garofalo: Take, for example, the tech crash back in 2000. Initially it was a baby in the bough water type of market. Even the gold equities were sold off dramatically. The gold commodity was initially, but as the governments started to ease monetary policy, lower interest rates expand, money supplied, we started to see gold perform dramatically. And the gold equities in particular provided leverage to the gold price. And so we saw, for example, in the great tech crisis or the tech crash in 2000, that the gold equities outperform the S&P 500 by over 200%.

Expand money supply, we started to see gold performed dramatically and the gold equities in particular provided leverage to the gold price and so we saw for example in the great Tech crisis or the tech crash in 2000 and that's.

Speaker Change: The gold equity to outperform the S&P 500 by over 200% and if you look at the great financial crisis in 2008 again it was abating the bathwater type of market. Initially were both the commodity and the gold equities were sold off with the general equity market, but eventually again as the governments and the.

David Garofalo: And if you look at the great financial crisis in 2008, again, it was a baby in the bathwater type of market initially where both the commodity and gold equities were sold off with the general equity market. But eventually, again, as governments and central banks, in particular, started to ease money and lower interest rates, we saw an allocation of capital not only to the commodity but also to gold equities, which significantly outperformed the S&P 500.

David Garofalo: And if you look at the great financial crisis in 2008, again, it was a baby in the bough water type of market. Initially, we're both the commodity and the gold equities were sold off with the general equity market. But eventually, again, as the governments and the central banks in particular started to ease money and lower interest rates, we saw an allocation capital not only to the commodity, but also to the gold equities to significantly perform the S&P 500.

Central banks in particular ease money.

Speaker Change: And lower interest rates, we saw in allocation of capital not only to the commodity but also to the gold equities was significantly outperformed the S&P 500.

David Garofalo: We saw a similar phenomenon in the pandemic. Initially, as you saw, early on in the pandemic, there was a massive sell-off of equities. We started to see capital allocated to the commodity and to gold equities, again with a significant outperformance of gold equities compared to the general equity market. This general equity market is very narrowly focused on the big seven technology companies.

David Garofalo: We saw a similar phenomenon in the pandemic. Eventually, initially, as you saw early on the pandemic, there was a massive solo of equities. We started to see capital allocated to the commodity and to the gold equities. Again, a significant outperformance of gold equities to the general equity market.

Speaker Change: We saw a similar phenomenon in the pandemic. Eventually initially as you saw early on in the pandemic endemic there was a massive selloff of equities, we started to see capital allocated to the commodity and to the gold equities again, a significant outperformance of gold equities to the general equity market. This general equity market has been near very narrowly focused.

David Garofalo: This general equity market has been very narrowly focused on the big seven technology companies where, certainly, see the market chip away at those valuations. We'll start to see a rotation at capital not only is the commodity, but the gold equities. And the gold equities are actually should be performing because they're performing as businesses. They're starting to demonstrate clear leverage to the gold price. Year-to-date, even though the gold price is up 20 percent, the gold equities, both the large cap and the small cap and disease, underperforming the commodity.

Speaker Change: <unk> on the Big seven technology companies were starting to see the market chip away at those valuations will start to see a rotation of capital not only is the commodity but of the gold equities and the gold equities are actually should be performing because theyre performing as businesses. They are starting to demonstrate clear leverage to the gold price year to date, even though the <unk>.

David Garofalo: We're starting to see the market chip away at those valuations. We will start to see a rotation of capital, not only to the commodity but to gold equities. And the gold equities are actually, should be performing because they're performing as businesses. They're starting to demonstrate clear leverage to the gold price. Year-to-date, even though the gold price is up 20%, the gold equities, both the large cap and the small cap indices, are underperforming the commodity. That makes no sense given the massive leverage and profitability that these companies are providing to an increased gold price. We've seen that in our own results.

Speaker Change: Gold prices up 20% the gold equities, both the large cap small cap indices.

We're performing the commodity that makes no sense, given the massive leverage and profitability that these companies are providing increased gold price and we've seen that in our own results as we've started to see some of our growth projects come into production. We have seen a significant increase in our revenues. This quarter. In fact, we saw a group leaning our revenue versus last year.

David Garofalo: That makes no sense, given the massive leverage and profitability that these companies are providing to increase gold price. And we've seen that in our own results. As we've started to see some of our growth projects come into production, we've seen a significant increase in our revenues this quarter. In fact, we saw a quadrupling in our revenue versus last year driven by the gold price, but also by the fact that we've seen a number of our projects come into production and starting to deliver positive pre-cashable for the first time in our history.

David Garofalo: As we've started to see some of our growth projects come into production, we've seen a significant increase in our revenues this quarter. In fact, we saw a quadrupling of our revenue versus last year, driven by the gold price but also by the fact that we've seen a number of projects come into production and start to deliver positive pre-cash flow for the first time in our history. So we are poised to provide significant performance, and when I think the general equity markets will start, gold equity markets will start to provide significant performance, not only to the S&P 500 but with leverage to the gold price.

Speaker Change: Driven by.

Speaker Change: By the gold price, but also by the fact that we've seen a number of projects come into production and starting to deliver positive free cash flow for the first time in our history. So we are poised to provide significant performance and why I think the general equity markets will start to global gold equity markets start to provide significant performance our performance not only the S&P 500.

David Garofalo: So, we are poised to provide significant performance. And I think the general equity markets will start, the gold equity markets start to provide significant performance. Of performance not only can they SMP 500 but leverage to the gold price. We think that eventually that rotation will lead to outside returns relative to the commodity price given the leverage and profitability of these companies enjoy.

Speaker Change: But leverage to the gold price, we think that eventually that location will lead to.

David Garofalo: We think that eventually, that rotation will lead to outsized returns relative to the commodity price, given the leverage and profitability that these companies enjoy. What we've been able to do in three and a half years is remarkable, I think, and we've steadily built out our business, starting with 18 non-cash flowing royalties in our IPO and steadily adding to the portfolio in terms of projects at the production stage but also development stage projects.

Speaker Change: Outsized returns relative to the commodity price given the leverage of profitability at these companies enjoy.

David Garofalo: While we've been able to do in three and a half years, I think, is remarkable in steadily building out our business, starting with 18 non-cashable royalties in our IPO and steadily adding to the portfolio in terms of projects at the production stage, but also development stage projects. We now have seven cashable royalties, 14 royalties in various stages of construction, but over 240 royalties are all to provide significant growth, a pipeline across the life cycle of a mine, but also provide our shareholders a significant optionality in a market that we think eventually will pay for that optionality as we start to see a rotation of capital out of the general equity markets into the gold equity.

Well, we've been able to do in three and a half years I think is remarkable and steadily building out our business starting with 18 non cash flowing royalties in our IPO and steadily adding to the portfolio in terms of.

Speaker Change: Projects at the.

Speaker Change: The production stage, but also development stage projects, we now have seven cash flowing royalties 14 royalties in various stages of construction, but over 240 royalties overall to provide significant growth our pipeline across the lifecycle of a mine, but also provide our shareholders a significant optionality in a market that we think eventually.

David Garofalo: We now have seven cash-flowing royalties, 14 royalties in various stages of construction, but over 240 royalties overall to provide significant growth, a pipeline across the life cycle of a mine, but also provide our shareholders with significant optionality in a market that we think eventually will pave the way for that optionality as we start to see a rotation of capital out of the general equity markets into gold equities. We're poised to significantly outperform not only because of that optionality but because of our outsized growth and revenue-free cash flow in the coming quarters and years as a result of our robust pipeline of projects, where we've seen a 14-fold increase in the number of royalties in our portfolio since our IPO and a five-fold increase in our net asset value on a gross basis since our IPO. And I understand that net asset value can be an esoteric metric, hard to understand, but what we think everybody can understand is the growth in our revenue.

Speaker Change: We will keep that optionality as we start to see a rotation of capital out of the general equity markets into the gold equities were poised to significantly outperform not only because of that optionality, but because of our outsized growth in revenue free cash flow in the coming quarters and years as a result of our robust pipeline of projects.

David Garofalo: We're poised to significantly outperform not only because of that optionality, but because of our outsized growth and revenue free cashflow in the coming quarters and years as a result of our robust pipeline of projects where we've seen a 14 fold increase and a number of royalties are a portfolio since our IPO and a five fold increase in our net asset value on a growth basis since our IPO. And I understand that net asset value can be an asset characteristic hard to understand, but what we think everybody can understand is the growth in our revenue.

Speaker Change: Where we've seen a 14 fold increase in the number of royalties or a portfolio since our IPO and a fivefold increase in our net asset value.

Speaker Change: On a gross basis since since our IPO and I understand the net asset value can be an esoteric metric hard to understand but what we think everybody can understand is the growth in our revenue as I said in Q2, we saw a fourfold increase in our revenue relative to where we were a year ago and the second consecutive quarter.

David Garofalo: As I said in Q2, we saw a four fold increase in our revenue relative to where we were a year ago, and the second consecutive quarter of positive operating cashflow and reports with a very strong second half with a number of our major projects coming into full production to deliver again significant growth in what is now a positive operating cashflow profile in our portfolio. And what we think that ultimately will lead to as a significant re-rate opportunity for our shoulders and a consensus basis, we're trading at about 0.5 times net asset value.

David Garofalo: As I said, in Q2, we saw a four-fold increase in our revenue relative to where we were a year ago and, for the second consecutive quarter, a positive operating cash flow. We're poised for a very strong second half, with a number of our major projects coming into full production to deliver again, significant growth in what is now a positive operating cash flow profile in our portfolio. And what we think that will ultimately lead to a significant re-rate opportunity for our shareholders. On a consensus basis, we're trading at about 0.5 times net asset value. Again, it's not our own measure.

Speaker Change: A positive operating cash flow and we're poised with a very strong second half with a number of our major projects coming into full production to deliver again significant growth in what is now a positive operating cash flow profile and our portfolio and what we think that ultimately will lead to a significant re rate opportunity for our shows.

Speaker Change: <unk> shareholders on a consensus basis, we're trading at about <unk> five times net asset value again, it's not our own measure is looking at the six analysts that cover us relative to our peers were significantly undervalued and I think that's been.

David Garofalo: Again, it's not our own measure, it's looking at the six analysts that cover us relative to our peers, we're significantly undervalued. And I think that's been because at this point or up to this point, the market hasn't been peeing for growth they see at Risk and Harrington Growth. But many of our projects now are coming into production or achieving full scale production and that revenue growth is happening today. Our free cash flow growth is happening today.

David Garofalo: It looks at the six analysts that cover us relative to our peers, and we're significantly undervalued. And I think that's because at this point or up to this point, the market has been craving growth, risk-inheriting growth. But many of our projects now are coming into production or achieving full-scale production. And that revenue growth is happening today. And our free cash flow growth is happening today. It was a far-off prospect when we started this company several years ago and talked about our growth.

Because at this point or up to this point the market hasnt been paying for growth they see risk.

Speaker Change: Risk inherent in growth, but many of our projects narrow coming into production or achieving full scale production and that revenue growth is happening today, our free cash flow growth is happening today.

David Garofalo: It was a far off prospect when we started this company several years ago talking about our growth. But again, that growth is being crystallized in the current quarters, in the coming quarters and delivering positive free cash for our shareholders. And we think positive earnings as well as we go forward.

Speaker Change: It wasn't far off prospect when we started this company several years ago talking about our growth, but again that growth has been crystallized in the current quarters in the coming quarters and delivering positive free cash flow for our shareholders and we think positive earnings as well as we go forward. So we're in an excellent position that could deliver.

David Garofalo: But again, that growth is being crystallized in the current quarters and in the coming quarters and delivering positive free cash flow for our shareholders, and we think positive earnings as well as we go forward. So we're in an excellent position to deliver a re-rate opportunity in our share price. But also, if you look at our shareholder register, we've been able to attract some of the most sophisticated investors in the sector that understand the intrinsic value of our business, understand the value on a per share basis through CADA in terms of net asset value and the coming growth in cash flow and earnings per share as a result of the robust pipeline of projects in And with that, I'd like to pass it on to Andrew, talk a bit more when you see both of us. Thanks, Dave.

David Garofalo: So we're an excellent position that could deliver a rewrite opportunity in our share in our share in our share price. But also, if you look at our shareholder register, we've been able to track some of the most sophisticated investors in the sector that understand the intrinsic value or business understand the value on a per share basis through catering in terms of net asset value and the coming growth and cash flow and earnings per share as a result of the robust pipeline of projects. And the production and development stage and the significant optionality we have in our portfolio.

Speaker Change: <unk> and our share and our <unk>.

Speaker Change: Sure.

Speaker Change: In our share price.

Speaker Change: But also if you look at our shareholder register we've been able to attract some of the most sophisticated investors in the sector that understand the intrinsic value of our business understands the value on a per share basis through Kate in terms of net asset value in the coming growth in cash flow and earnings per share as a result of the robust pipeline of projects.

The production and development stage and the significant Optionality, we have in our portfolio.

David Garofalo: And with that, I'd like to pass it on to Andrew, it's not going to be up for any of these multiple trips.

And with that I'd like to pass it onto Andrew talked about.

Speaker Change: No.

Andrew Gubbels: Thanks, Dave. As a reference, Q2 was another strong quarter for the company. Gold Royalty, as you've seen in our results, is truly transition to become a royalty company that consistently generates cash from our investors.

Andrew: Thanks, Dave.

Andrew Gubbels: As a safe reference, Q2 was another strong quarter for the company. Gold Royalty, as you've seen in its results, is truly transitioning to become a royalty company that consistently generates cash from operations. In key two, we delivered $1.2 million in cash flow, including land agreement proceeds, and credit against multiple mineral properties, which is our second consecutive quarter of positive operating cash flow. It's a great achievement for a company that went public three years ago with 18 non cash flow royalties, as they've already mentioned. Q2 total revenue of $2.2 million, that's 947 geos, per our calculation was approximately 300% higher than the comparable period in 2023.

Andrew: As.

Speaker Change: Let's say preference Q2 was another strong quarter for the company.

Speaker Change: Gold royalty.

Speaker Change: As you have seen in our results is truly transition to become.

Speaker Change: Royalty company that consistently generates cash from operations in.

Speaker Change: In Q2, we delivered.

$1 $2 million worth of cash flow, including land agreement proceeds credit against multiple mineral properties, which is our second consecutive quarter.

Speaker Change: Our positive operating.

Andrew Gubbels: It's a great achievement for a company that IPO three years ago with 18 non-cashable and Royalty says they've already mentioned Q2 total revenue of 2.2 million. That's 947 Geo's for our calculation was approximately 300% higher than the comparable period in 2023. This further highlights how far we've come in such a short period of time. Higher revenue in the period was largely due to the additional royalty receipts from our creative acquisitions and supplemented by initial cash flows from development projects in a pipeline starting into production.

Speaker Change: Cash flow, it's a great achievement for a company that IPO three years ago with 18 noncash one royalties since they've already mentioned.

Speaker Change: Q2 total revenue of $2 2 million, that's 947 Geos per our calculation was approximately 300% higher than the.

Speaker Change: The comparable period in 2023 or 'twenty.

Speaker Change: 23. This further highlights how far we've come in such a short period of time.

Andrew Gubbels: This further highlights how far we've come in such a short period of time. Higher revenue in the period was largely due to the additional royalty receipts from our creative acquisitions and supplemented by initial cash flows from development projects in a pipeline starting into production. The second quarter also saw continued cost discipline with our cash operating costs down approximately 9% compared to the same period in 2023. In the period, Gold Royalty completed the acquisition of a copper stream on the mine finance for $50 million.

Speaker Change: Higher revenue in the period was largely due to the additional royalty receipts from our accretive acquisitions and supplemented by initial cash flows from development projects in our pipeline starting starting into production the.

Andrew Gubbels: The second quarter also saw continued cost discipline with our cash operating costs down approximately 9% compared to the same period in 2023. Notably, in the period, Gold Royalty completed the acquisition of a copper stream on the various project in Bosnia from Orion mine finance for $50 million. This bilateral transaction secured a high return long life asset, the further strengthen our foundation of producing assets. Aside from Barris, the existing portfolio has continued to perform well.

Speaker Change: Second quarter also saw continued cost discipline with our cash operating costs down approximately 9% compared to the same period in 2023.

Speaker Change: Notably in the period gold royalty completed the acquisition of a copper stream on the various project in Bosnia from Orion mine finance for $50 million.

Andrew Gubbels: This bilateral transaction secured a high return, long-life asset to further strengthen our foundation of producing assets. Aside from Barris, the existing portfolio has continued to perform well, and Peter will talk more about this in the subsequent pages. We've earned our first Royalty Revenue at I Am Gold's Coté Project and benefited from a full quarter of cash flow from the Borborema and Cozumel royalties that we acquired last year. That complements strong revenue generation from Canada, Malartic, and Borden. Finally, in Q2,

Speaker Change: This bilateral transaction secured a high return long life asset to further strengthen our foundation of producing assets.

Speaker Change: Aside from Paris.

Speaker Change: The existing portfolio has continued to perform well and Peter will talk more about this in the subsequent pages.

Andrew Gubbels: Peter will talk more about this in the subsequent pages. We've earned our first royalty revenue at IAM Gold's Co-Tech project and benefited from a full quarter of cash flow from the borough repayment and cosmoned royalties that we acquired last year. That compliment's strong revenue generation from Canadian Mallartic and Borden.

Peter: We've earned our first royalty revenue at <unk>.

Peter: <unk> project and benefited from a full quarter of cash flow from the Bobble Raimo.

Speaker Change: Cozman royalties that we acquired last year that Kaufman strong revenue generation from Canadian Malarchuk and Borden.

Andrew Gubbels: Finally, in Q2, Gold Royalty published its second annual sustainability report which highlights our ESG performance and ongoing commitments. A pride report that we had one of the lowest carbon intensive portfolios in the Royalty and Streaming sector in 2023. With $6.4 million of total revenue in the first six months of 2024, now it's inclusive a land agreement proceeds and interest, we've already exceeded our full year 2023 total revenue of $5.2 million and we're approximately halfway to achieving a 2024 guidance of 13 to 14 million of total revenue.

Speaker Change: Finally in Q2.

Andrew Gubbels: Gold Royalty published its second annual sustainability report, which highlights our ESG performance and ongoing commitment. I'm proud to report that we had one of the lowest carbon intensive portfolios in the world human streaming sector in 2023, with 6.4 million of total revenue in the first six months of 2024, now inclusive of land agreement proceeds and interest.

Speaker Change: Gold royalty published its second annual sustainability report, which highlights our ESG performance and ongoing commitments.

Speaker Change: Prior to report that we had one of the lowest carbon intensive portfolios in the royalty and streaming sector in 2023.

Speaker Change: With $6 4 million of total revenue in the first six months of 2024.

Speaker Change: <unk> land.

Speaker Change: Agreement proceeds and interest.

Speaker Change: We've already exceeded our full year 2023 total revenue of $5 2 million.

Andrew Gubbels: We've already exceeded our full year 2023 total revenue of 5.2 million, and we're approximately halfway to achieving our 2024 guidance of 13 to 14 million in total revenue to help achieve our full year objective. We do expect the second half of 2024 to benefit from further revenue from the Cote mine as it ramps up and also initial revenue from the Varus mine through the copper stream, which will meaningfully ramp up in Q3 and Q4 2024.

Speaker Change: And we're approximately halfway to achieving our 2024 guidance of $13 million to $14 million of total revenue.

Andrew Gubbels: To help achieve our full year objective, we do expect the second half of 2024 to benefit from further revenue from the co-tain mine as it ramps up and also initial revenue from the various mine through the Copper Stream which will meaningfully ramp up in Q3 and Q4 2024. Further, as those who follow the company are aware, with a reduced and stabilized GNA and of course no exposure to operating capital costs inflation as a royalty company, the approximate 160% expected revenue growth from 2023 to 2024 should have a positive impact on the company's bottom line and cash generation through the rest of the year.

Speaker Change: To help achieve our full year objective.

Speaker Change: We do expect the second half of 2024 to benefit from further revenue from the <unk> mine as it ramps up and also initial revenue from the virus.

Speaker Change: Through the copper stream.

Speaker Change: Well, meaning meaningfully ramp up in Q3 and Q4 2024.

Andrew Gubbels: Further, as those who follow the company are aware, with a reduced and stabilized GNA, and, of course, no exposure to operating capital costs or inflation as a royalty company, the approximate 160% and expected revenue growth from 2023 to 2024 should have a positive impact on the company's bottom line in cash generation through the rest of the year. Now, finally, as Dave mentioned, as a management group, we were focused on building a portfolio of quality growth-oriented assets to really future-proof the company. And second, what we've done in the last 12 to 18 months is really creating a self-sufficient cash flow generating business. And that's where the transition point I mentioned earlier comes in.

Further.

Speaker Change: Those who follow our company are aware with a reduced and stabilized G&A.

Speaker Change: And of course, no exposure to operating capital cost inflation is as a royalty company.

Speaker Change: Proximate, 160%.

Speaker Change: Expected revenue growth from 2023 to 2024 should have a positive impact on the company's bottom line and cash generation through the rest of the year.

Andrew Gubbels: Now finally, as Dave mentioned, as a management group we were focused on building a portfolio of quality growth oriented assets to really future-proof the company and then second what we've done in the last 12 to 18 months is really creating a self-sufficient cash flow generating business and that's where that transition point I mentioned earlier and we've largely achieved that as a result of the accretive acquisitions we've made to date. The execution of this strategy has attracted some of leading investors and finance providers in the resource sector.

Speaker Change: Now finally, as Dave mentioned as a management group, we were focused on on building a portfolio of quality growth oriented assets to really future proof the company.

Speaker Change: And then second what we've done in the last.

Dave: 12 to 18 months is really creating a self sufficient.

Dave: Cash flow generating business, and that's where the transition point I mentioned earlier.

Andrew Gubbels: We've largely achieved that as a result of the accretive acquisitions we've made today. The execution of this strategy has attracted some of the leading investors and finance providers in the resource sector, and from private capital providers such as QRC, Taurus, and Orion to reputable public equity investors and also strategic mine and project operators. We rarely have any issue with vendors taking back shares of Gold Royalty in these acquisitions, so they do see the long-term prospects of our shares.

Dave: And we've largely achieved that as a result of the accretive acquisitions, we have made to date.

Dave: The execution of this strategy has attracted some of the leading investors in finance providers in the resource sector.

Andrew Gubbels: From private capital providers such as QRC, Taurus and Orion to reputable public equity investors and also strategic mine and project operators, we rarely have any issue with vendors taking back shares of gold royalty in these acquisitions so they do see the long-term prospects of our shares. In fact, these investors among others continue to be supportive of gold royalty strategic vision and really do see the fundamental value upside in the company shares as we build scale and relevance in the royalty and streaming company and sector while on our way to moving up that valuation curve.

Dave: From private capital providers.

Dave: Such as QR C Taurus and Orion to reputable public equity investors and also strategic mining project operators.

Dave: We rarely have any issue with vendors taking back shares of gold royalty and these acquisitions. They do see the long term prospects of our shares.

Peter Behncke: In fact, these investors, amongst others, continue to be supportive of Gold Royalty's strategic vision and really do see the fundamental value upside in the company's shares as we build scale and relevance in the royalty and streaming company sector. We're well on our way to moving up that valuation curve. So with that, I'll pass the presentation over to Peter, and we'll step through an update on our portfolio. Thanks, Andrew.

Dave: In fact, these investors amongst others continue to be supportive of gold royalty strategic vision.

Dave: And really do see the fundamental value upside in the company shares as we build scale and relevance in the royalty and streaming company and sector. We are well on our way to moving up that valuation curve.

Peter Behncke: So with that, I'll pass the presentation over to Peter to step through an update on our portfolio. Thanks Andrew. So building on Andrew's comments, speaking to the growth in our revenue profile this year and that driven by some of our recent acquisitions, wanted to zoom out and provide a reminder a snapshot of our portfolio pipeline as it stands today. You can see the seven cash flowing assets that are driving our 2024 total revenue and land agreement proceeds have really been supplemented by our recent acquisitions.

Dave: So with that I'll pass the presentation over to Peter who will step through an update on our portfolio.

Peter Behncke: So building on Andrew's comments, speaking to the growth in our revenue profile this year and that driven by some of our recent acquisitions, I wanted to zoom out and provide a reminder, a snapshot of our portfolio pipeline as it stands today. You can see the seven cash-flowing assets that are driving our 2024 total revenue and land agreement proceeds have really been supplemented by our recent acquisitions. The assets highlighted in green and the yellow box, Ferris, Cote Gold, Orvarama, Cosiman, all individual asset acquisitions acquired over the last several years. Before diving into the specific portfolio updates, details of which are more comprehensively outlined in our MD&A, a reminder of the portfolio metrics that really do differentiate Gold Royalty.

Peter: Thanks, Andrew.

Peter: Building on Andrew's comments speaking to the growth in our revenue profile. This year and that's driven by some of our recent acquisitions wanted to zoom out and provide a reminder, a snapshot of our portfolio of pipeline as it stands today.

Peter: See the seven cash flowing assets that are driving our 2024 total revenue Atlanta agreement proceeds have really been supplemented by our recent acquisitions the assets highlighted in green and yellow box various kotte gold bar Braemar Cozman, all individual asset acquisitions acquired over the last several years.

Peter Behncke: The asset highlighted in green and the yellow box, Ferris, Cote Gold, Warburama, Cosiman, all individual asset acquisitions acquired over the last several years, before diving into the specific portfolio updates, details of which are more comprehensively outlined in our MDNA. Reminder of the portfolio metrics that really do differentiate Gold Royalty, we are still over 80% North American focused with the majority of our portfolio in Quebec, Ontario and Nevada, and the quality of operators that are driving forward our assets are second to non-Numon, Barrick, Niko Eagle specifically, really driving forward the key development stage assets fueling our future growth extremely well capitalized which is increasingly important in today's precious metals environment for developers and producers.

Speaker Change: Before diving into the specific portfolio updates details of which are more comprehensively outlined in our MD&A.

Speaker Change: Minder of the portfolio.

Speaker Change: Metrics that really do differentiate gold royalty, we are still over 80% North American focused with the majority of our portfolio in Quebec, Ontario in Nevada, and the quality of operators that are driving forward. Our assets are second to none newmont Barrick Agnico Eagle, specifically really driving forward those key development stage assets Julian are.

Peter Behncke: We are still over 80% North American focused, with the majority of our portfolio in Quebec, Ontario, and Nevada, and the quality of operators that are driving forward our assets is second to none. Newmont, Barrick, and Agnico Eagle, specifically, are really driving those key developments, age assets, fueling our future growth. Extremely well capitalized, which is increasingly important in today's precious metals environment for developers and producers. So the first asset to highlight and provide an update on is our flagship asset, the Odyssey Mine, the underground future of the Canadian malarctic complex, which is going to be Canada's largest underground gold mine.

Speaker Change: Future growth extremely well capitalized which is increasingly important in todays precious metals environment for developers and producers.

Peter Behncke: So the first asset to highlight and provide an update on is our flagship asset over the Odyssey mine, the underground future of the Canadian elected complex, going to be Canada's largest underground gold mine. As a reminder, our Royalty is a 3% NSR Royalty over the northern portion of the Odyssey mine specifically covering the Odyssey North deposit portions of East Malarctic, part of Odyssey South, and excitingly the majority of the internal zones which did supplement the Canadian Malarctic mine plan in the relatively near term.

Speaker Change: So the first asset to highlight and provide an update on is our flagship asset over the Odyssey mined underground future of the Canadian electric complex going to be Canada's largest underground gold mine.

Peter Behncke: As a reminder, our royalty is a 3% NSR royalty over the northern portion of the Odyssey mind, specifically covering the Odyssey, North Deposit, portions of the East melodic part of Odyssey, South and excitingly, the majority of the internal zones, which could supplement the Canadian melodic mind plan in the relatively near term.

Speaker Change: As a reminder, our royalty is up 3% MSR royalty over the northern portion of the Odyssey mind, specifically covering the Odyssey north deposit portions of Eastman Arctic.

Part of the Odyssey, so and Excitingly.

Speaker Change: The majority of the internal zones, which could supplement the Canadian <unk> mine plan.

Speaker Change: In the relatively near term.

Peter Behncke: Based on the 2023 updated mine plan, we see a mine life out towards 2042, but importantly that incorporates approximately only half of the known resource into that mine plan. Niko had a strong second quarter and Canadian Malarctic success was really a part of that. Some key highlights at the Odyssey mine which truly benefit gold royalty are the development and mining rates through Odyssey South are continuing to exceed Niko's expectations. Due to exploration success across the project, they are increasing their exploration spend with approximately 84,500 meters of incremental drilling expected.

Peter Behncke: Based on the 2023 updated mine plan, we see a mine life of towards 2042. But importantly, that incorporates only half of the known resource into that mine. Agnico had a strong second quarter, and Canadian Malarctic success was really a part of that.

Speaker Change: Based on the 2023 updated mine plan, we see a mine life out towards 2042.

Speaker Change: But importantly that incorporates approximate on behalf of the known resource into that mine plan.

Speaker Change: Agnico had a strong second quarter.

Speaker Change: Canadian <unk> success was really a part of that.

Peter Behncke: Some key highlights at the Odyssey Mine, which truly benefit Gold Royalty, are that development and mining rates through Odyssey Self are continuing to exceed ignico's expectations. Due to exploration success across the project, they are increasing their exploration spend with approximately 84,500 meters of incremental drilling expected around the Odyssey Mine and the Regional Exploration Package, specifically to the east, where we hold a 1.5% NSR, the Midway Project, part of the Canadian Malarctic Complex's Regional Exploration Program.

Speaker Change: Key highlights the Odyssey mine was truly benefit gold royalty.

Speaker Change: Development and mining rates throughout its yourself or continuing to exceed those expectations.

Speaker Change: Due to exploration success across the project, they're increasing their exploration spend with approximately 84500 meters of incremental drilling expected around.

Peter Behncke: They are increasing their exploration spend with around the Odyssey mine and the regional exploration package specifically to the East where we hold a 1.5% NSR, the midway project, part of the Canadian Malarctic complex's regional exploration program. All this is really with the aim to fill the mail and the Niko's being more explicit recently on the potential for a second shaft to increase mining rates out of the East Goldie deposit which also indirectly benefits us seeing Odyssey North and East Malarctic mineralization potentially coming online sooner in the mine plan.

Speaker Change: The Odyssey mine and the regional exploration package, specifically to the east where we hold a one 5% MSR. The midway project part of the Canadian Malarchuk complexes regional exploration program.

Peter Behncke: All this is really with the aim to fill the mill, and Agnico's been more explicit recently on the potential for a second shaft to increase mining rates out of the East Goldie deposit, which also indirectly benefits us, as Odyssey North and East Malarctic mineralization potentially coming online sooner in the mine plan. And then again, just to reiterate, the current mine plan only incorporates 57% of existing resources, so there is significant potential to increase that resource conversion factor.

Speaker Change: All this is really with the aim to fill the mill in <unk> being more explicit recently on the potential for a second shaft to increase mining rates out of the east Goldie deposit.

Speaker Change: Which also indirectly benefits us seen Odyssey, North and East mill, Arctic mineralization potentially coming online sooner in the mine plan and then again just to reiterate current mine plan only incorporates 57% of existing resources significant potential to increase that resource conversion factor and given the exploration success.

Peter Behncke: And then again, just to reiterate, current mine plan only incorporates 57% of existing resources significant potential to increase that resource conversion factor and given the exploration success we view the potential to continue to grow resources is quite strong. A bit more detail on the development updates, the rates that are targeting again ahead of Niko's targets right now. And then the exploration success that they've delivered is really focused on these five key objectives first to focus on East Goldie conversion drilling and expansion.

Peter Behncke: And given the exploration success, we view the potential to continue to grow resources quite strong. A bit more detail on the development updates, the rates that are targeting again ahead of Ignicos targets right now, and then the exploration success that they've delivered is really focused on these five key objectives. The first two focused on East Goldie conversion drilling and expansion, but conversion drilling at Odyssey South and further investigation of the internal zones are what's truly going to benefit Gold Royalty.

Speaker Change: We view the potential to continue to grow resources is quite strong.

Speaker Change: A bit more.

Speaker Change: Tail on the development updates.

Speaker Change: The rates.

Speaker Change: Our targeting again ahead of <unk>.

Speaker Change: Targets right now.

Speaker Change: The exploration success that they've delivered is really focused on these five key objectives first to focused on east Goldie conversion drilling in expansion.

Peter Behncke: But conversion drilling at Odyssey South and further investigation of the internal zones are what's truly going to benefit gold royalty. Again, if you use the shaft at Canadian Malarctic Odyssey mine currently that lies just within our royalty coverage area, so we do have a smaller portion of Odyssey South, but everything on the right side of that middle picture the red internal zones the vast majority of which is reporting into our royalty coverage area. And this indicates the potential for further production between 2024 and 2029 from these zones, so we're quite excited as Niko's more explicit on what the production profile from the internal zones could. B.

Speaker Change: But conversion drilling at Odyssey, South and further investigation of the internal zones are what's truly going to benefit both royalty.

Peter Behncke: Again, if you use the shaft at Canadian Malarctic at Odyssey Mine currently, that lies just within our royalty coverage area. So we do have a smaller portion of Odyssey Soak, but everything on the right side of that middle picture, the red internal zones, the vast majority of which is reporting into our royalty coverage area.

Speaker Change: Again, if you use the shaft at Canadian Mill Arctic Odyssey mine currently that lies just within our royalty coverage area. So we do have a smaller portion of Odyssey, south but everything on the right side of that middle picture the red internal zones. The vast majority of which is reporting into our royalty coverage area.

Speaker Change: And this indicates the potential for further production between 2024 and 2029% from these zones. So we're quite excited.

Speaker Change: As <unk> blissett on what the production profile from the internal zones could be.

Peter Behncke: Moving on to our most recent acquisition, the various projects currently in its ramp-up phase. There has been some recent developments to clarify on the asset. So, reminder, we have a 100% copper stream with ongoing payments of 30% of the spot price. And looking at the resource at the bottom of the page here, we can see there's 18.3 million tons of indicated resources and 2.8 million tons of inferred resources under Jork standards at Barris, and currently only 13.8 million tons of those are incorporated in the mine plan.

Peter Behncke: And this indicates the potential for further production between 2024 and 2029 from these zones. So we're quite excited as IGNICO is more explicit on what the production profile from the internal zones could be. Moving on to our most recent acquisition, the Veris project, currently in its ramp-up phase, there have been some recent developments I would like to clarify on the asset. So, as a reminder, we have 100% copper stream with ongoing payments of 30% of the spot price, and looking at the resources at the bottom of the page here, we can see there are 18.3 million tons of indicated resources and 2.8 million tons of inferred resources under George standards at Barris, and currently only 13.8 million tons of those are incorporated in the mine plan.

Moving onto our most recent acquisition the various projects currently in its ramp up phase and there has been some recent developments I'd like to clarify on the asset as a reminder, we have 100% copper stream.

Ongoing payments of 30% of the spot price.

Speaker Change: And looking at the resource at the bottom of the page here. We can see there is $18 3 million tonnes of indicated resources and $2 8 million tonnes of inferred resources under <unk> standards.

Peter Behncke: So, similar to the Canadian Molarctic, there is strong potential to see increased resource conversion and extend that mine life beyond the current 18 year plan. Q2 2024 highlights at Veris. Ramp-up of production to nameplate capacities remains on track for the fourth quarter of 2024.

Speaker Change: Bearish and currently only $13 8 million tons of those are incorporated in the mine plan, So similar to Canadian mill Arctic.

Peter Behncke: So, similar to Canadian Malarctic, strong potential to see increased resource conversion and extending that mine life beyond the current 18-year plan. Q2, 2024 highlights at Barris, ramp-up of production to name plate capacities remains on track for the fourth quarter of 2024. In the second quarter, they achieved their initial concentrate sales and underground development has improved significantly of 31%. Quarter over quarter, they continue to look to expand the repeat shape deposit beyond that current mental resource estimate I mentioned on the previous slide.

Speaker Change: Strong potential to see increased resource conversion and extending that mine life beyond the current 18 year plan.

Speaker Change: Q2, 2024 highlights at various ramp up in production to nameplate capacities remains on track for the fourth quarter of 2024 in the second quarter. They achieved their initial concentrate sales and underground development has improved significantly up 31%.

Peter Behncke: In the second quarter, they achieved their initial concentrate sales, and underground development has improved significantly, up 31% quarter over quarter. They continue to look to expand the repeat shade deposit beyond that current mineral resource estimate I mentioned on the previous slide. One of the exciting areas of upside that Atriotic outlined is that they are currently completing studies evaluating a 1.3 million tonne per annum production scenario, up from 0.8 million tonnes, or 800,000 tonne per annum.

Speaker Change: Quarter over quarter, they continue to look to expand or PCA deposit beyond that current mineral resource estimate I mentioned on the previous slide one of the exciting areas of upside that Adriatic outlined is that they are currently completing studies evaluating a $1 trillion $1 3 million ton per annum.

Peter Behncke: One of the exciting areas of upside that Adriatic outlined is that they are currently completing studies evaluating a 1.3 million ton per annum production scenario up from 0.8 million tons, 800,000 tons per annum. So, that would be a significant increase in overall throughput, which would very much enhance the economics of the project and our investment. Now, since the end of the quarter, there was a ruling by the Bosnian court on the removal of trees from the planned expanded tailings facility at Barris, and having been in discussion with Adriatic management and looking at their public disclosures, they are outlining that there is no impact on the anticipated production due to the ruling.

Speaker Change: Reduction scenario up from point 8 million tonnes 800000 tonnes per annum, so that would be a significant increase in overall throughput.

Peter Behncke: So that would be a significant increase in overall throughput, which would very, very much enhance the economics of the project and our investment. Now, since the end of the quarter, there was a ruling by the Bosnian Court on the removal of trees from the planned expanded tailings facility at Barris.

Speaker Change: Which would.

Speaker Change: Very very much enhanced the economics of the project at our investment.

Peter Behncke: They are already evaluating alternatives for tailing storage facilities, and it is not the first instance of these types of discussions. So, there is less cause for concern than one would expect on a court ruling, but we are quite confident that there will be no impact on production for the Barris project due to this reason. And, in fact, since this announcement, we have seen significant investments by senior management and the board across Adriatic. So, they are quite confident in the outlook as they continue to track for that full name plate capacity in the fourth quarter of the year.

Peter Behncke: And having been in discussion with Adriatic Management and looking at their public disclosures, they are stating that there is no impact on anticipated production due to the ruling. They're already evaluating alternatives for tailing storage facilities. And it's not the first instance of these types of discussions.

Speaker Change: Now since the end of the quarter there was a ruling by the Bosnian Court.

Speaker Change: On the removal of trees from the planned.

Speaker Change: Expanded tailings facility at Paris, and having been in discussion with Adriatic management and.

Speaker Change: Looking at their public disclosures, they're outlining that there is no impact on the anticipated production due to the ruling there already evaluating alternatives for tailings storage facilities.

Speaker Change: And it's not the first instance of these types of discussions.

Peter Behncke: So there is less cause for concern than one would expect from a court ruling, but we're quite confident that there will be no impact on production for the Verus project due to this reason. And in fact, since this announcement, we've seen significant investment by senior management and the board across Adriatic, so they're quite confident in the outlook as they continue to track for that full nameplate capacity in the fourth quarter of the year.

Speaker Change: So.

Speaker Change: There is less cause for concern than than one would expect on a court ruling.

Speaker Change: But we're quite confident that there will be no impact on production from the various for the various project due to this reason and in fact.

Speaker Change: Since this announcement, we have seen significant investments by senior management and the board across Adriatic. So.

Speaker Change: We're quite confident in the outlook as they continue to track for that full nameplate capacity in the fourth quarter of the year.

Peter Behncke: Moving to our other key asset that is currently ramping up the IM Gold project where we hold a 0.75% NSR royalty over the southern portion of the mine. IM Gold has been developing this asset, and we are really on the cost of it achieving full name plate capacity at a similar timeline to Barris. Recent Q2 updates, IM Gold just achieved commercial production in August of this year, so a major milestone achieving 60% of name plate capacity for the required period there and continuing to ramp up in the fourth quarter.

Peter Behncke: Moving to our other key asset that's currently ramping up, the IAMGOLD project where we hold a 0.75% NSR royalty over the southern portion of the mine. IAM Gold's been developing this asset, and we're really on the cusp of it, achieving full nameplate capacity at a similar timeline to Veris. Recent Q2 updates

Speaker Change: Moving to our other key asset that is currently ramping up the <unk> Gold project, where we hold the 0.75% MSR royalty over the southern portion of the mine.

I am gold's been developing this asset and we're really on the cusp of it achieving full nameplate capacity at a similar timeline to various.

Peter Behncke: I am Gold just achieved commercial production in August of this year, so a major milestone achieving 60% of nameplate capacity for the required period there and continuing to ramp up in the fourth quarter. Their production guidance remains intact. They're targeting the lower end of 220 to 290000 ounces of gold for the year, and our royalty coverage is applicable to a meaningful portion of that phase one of the mine plan, which I'll provide some details on in the upcoming slides.

Speaker Change: Recent Q2 updates.

Speaker Change: I am gold just achieved commercial production in August of this year, so a major milestone achieving 60% of nameplate capacity.

Speaker Change: For the acquired period, there and continuing to ramp up in the fourth quarter.

Peter Behncke: Their production guidance remains intact. They are targeting the lower end of 220 to 290,000 ounces of gold for the year, and our Royalty coverage is applicable to a meaningful portion of that phase, one of the mind plan, which I'll provide some details on in the upcoming slides.

Speaker Change: Their production guidance remains intact theyre targeting the lower end of 220 to 290000 ounces of gold for the year.

Speaker Change: And our royalty coverage is applicable to a meaningful portion of phase one of the mine plan, which I'll provide some details on in the upcoming slides.

Peter Behncke: Finally, as a reminder, Kote Gold is another multi-decade mind life, 18 years on the current resource alone, so similar to Odyssey and Varys, very long mind life, which provides robust economics for us as a royalty or streamholder. So as I mentioned, benefits of the first phase of the mind plan here at Kote, you can see zone five and seven on the left map here, showing the path work of royalties, and that's covering a meaningful portion of the measurement indicated ounces.

Peter Behncke: Finally, as a reminder, Cote Gold is another multi-decade mine life (18 years on the current resource alone), so similar to Odyssey and Barris, a very long mine life, which provides robust economics for us as a royalty or stream holder. So, as I mentioned, the benefits of the first phase of the mine plan here at Kote, you can see zones five and seven on the left map here, showing the patchwork of royalties, and that's covering a meaningful portion of the measure I'm going to indicate it now.

Speaker Change: Finally, as a reminder.

Speaker Change: Cotai gold is another multi decade mine life of 18 years on the current resource alone. So similar to Odyssey in various very long mine life.

Speaker Change: Which provides robust economics for us as a royalty or stream colder.

Speaker Change: So as I mentioned benefits of the first phase of the mine plan here at <unk>, you can see zone, five and seven on the left not pure showing the patchwork of royalties and thats covering a meaningful portion of the measured and indicated ounces.

Peter Behncke: The important part is that the southern portion of the mine is phase one for IM Gold's mine plan, so we're expecting increased coverage in the first six years of phase one and then gradually seeing our coverage gradually trail off as they mine the more northern, deeper portions of the mine, which are somewhat lower grade. This image here illustrates that pit phase one. Now the orientation has been shifted. So the southern portion would be the top right corner of the 3D model here.

Peter Behncke: The important part is that the southern portion of the mind is phase one for I am Gold's mind plan, so we're expecting increased coverage in the first six years in phase one, and then seeing our coverage gradually trail off as they mind the more northern deeper portions of the mind, which are somewhat lower grade. This image here illustrates that pit phase one, now the orientation has been shifted, so the southern portion would be the top-right corner of the 3D model here, and you can see that pit phase one is almost entirely focused on the southern edge of the Kote pit, with pit phase two expanding after year six, then starting to see stripping on the northern edge of the Kote pit. So just an illustration of why we're so excited to see Kote ramp up here in the very near term.

Speaker Change: The important part is that the southern portion of the mine is phase one for Iron Gold's mine plan. So we are expecting increased coverage in the first six years in phase one and then CNR coverage gradually trail off as they mined the more northern deeper portions of the mine, which are somewhat lower grade.

Peter Behncke: And you can see that pit phase one is almost entirely focused on the southern edge of the Coté pit, with pit phase two expanding after year six, then starting to see stripping on the northern edge of the Coté pit. So just an illustration of why we're so excited to see Coté ramp up here in the very near term. Our other cornerstone asset is our royalty over the Wren project, part of the Carlin complex, the largest gold mining complex in the USA. We have a 1.5% NSR and a 3.5% NPI over the entirety of the Wren deposit, currently just shy of 1.7 million ounces, around 7 grams per ton.

Speaker Change: This image here illustrates that pit phase one now the orientation has been shifted so the southern portion would be the top right corner of the <unk> model here.

Speaker Change: And you can see the pit phase one is almost entirely focused on the southern edge of the <unk> pit with Pip phase two expanding after year. Six then starting to see stripping on the northern edge of the Cotai pet so just.

Speaker Change: The illustration of why we're so excited to see coach a ramp up here in the very near term.

Peter Behncke: Our other cornerstone asset, our royalty over the REN project, part of Carlin complex, the largest gold mining complex in the USA, we have a 1.5% NSR, a 3.5% NPI over the entirety of the REN deposit currently just shy of 1.7 million ounces, around 7 grams per ton. Within Barrett's overall portfolio, a relatively small project, but an important part of supplemental feed, a high grade supplemental feed to the Carlin complex. Q2 updates, REN remains on track, they're driving it forward.

Peter Behncke: Within Barrick's overall portfolio, a relatively small project but an important part of supplemental feed, high-grade supplemental feed to the Carlin complex. Q2 updates. REN remains on track.

Speaker Change: Our other cornerstone asset our royalty over the rent project part of the Carlin complex.

Speaker Change: The largest gold mining complex in the USA, we have a one 5% MSR and a three 5% NPI over the entirety of the rent deposit currently just shy of $1 7 million ounces around seven grams per tonne.

Speaker Change: Within <unk> overall portfolio of relatively small projects, but an important part of supplemental feed.

Speaker Change: High grade supplemental feed to the Heartland complex.

Peter Behncke: They're driving it forward. They reiterated that they were completing advanced detailed engineering studies for that PFS that they announced would be coming out towards 2026 with near-term production expected relatively shortly thereafter. Project capital expenditures at Carlin did increase, primarily due to the REN project investments with the continuation of dewatering and detailed engineering at the assets. And then, finally, highlighting our Royalty over the Borborama Project, Aura Minerals continues to advance this. The most recent update at Q2 is that it is now 40% complete construction, with production still on track for Q1 2025.

Speaker Change: Q2 update.

Speaker Change: <unk> remains on track, they're driving it forward.

Peter Behncke: They reiterated that they're completing advanced detailed engineering studies for that PFS, that they announced from becoming out towards 2026, and near term production expected relatively shortly thereafter. Project capital expenditures at Carlin did increase primarily due to the REN project investments with continuation of watering and detailed engineering at the asset.

Speaker Change: Reiterated that they're completing advanced detailed engineering studies for that PFS.

Speaker Change: They announced becoming out towards 2026 and near term production expected relatively shortly thereafter.

Speaker Change: Project capital expenditures at Carlin did increase primarily due to the <unk> project investments with continuation of dewatering and detailed engineering at the asset.

Peter Behncke: And then finally highlighting our royalty over the Borborama project. Aura minerals continue to advance this. The most recent update at Q2 is that it is now 40% complete construction with production still on track for Q1 2025. And then importantly, similar to what we saw at Canadian Milarchic, similar to what we see at Barris with relatively low resource conversion, the current 2.1 million ounces of indicated resources and 400,000 ounces of inferred resources are much larger than the 748,000 ounces currently in the mine plan.

Speaker Change: And then finally.

Highlighting our royalty over the <unk> project.

Speaker Change: Our our minerals continued to advance this the most recent update at Q2 is that it is now 40% complete construction with production still on track for Q1 2025.

Peter Behncke: And then importantly, similar to what we saw at Canadian Malarctic, similar to what we see at Varys with relatively low resource conversion, the current 2 million, 2.1 million ounces of indicated resources and 400,000 ounces of inferred resources are much larger than the 748,000 ounces currently in the mine plan.

Speaker Change: And then importantly, similar to what we saw at Canadian <unk> similar to what we see at various with relatively low resource conversion. The current 2 million $2 1 million ounces of indicated resources and 400000 ounces of inferred resources are much larger than the 748000 ounces currently in the mine.

Peter Behncke: And that's primarily due to the potential increase of mineable mineral reserves after a road is moved near the project. And approval for that road relocation is expected later this year with licensing in 2025 based on Aura's Q2 results. So that would be a major catalyst to see those mineral reserves increase significantly and the overall mine plan increasing the company as well at Borborama.

Speaker Change: Plan and Thats, primarily due to the potential increase of minable mineral reserves.

Speaker Change: After a road has moved near the project and approval for that road relocation is expected later this year with licensing in 2025 based on our Q2 results. So that would be a major catalyst to see.

David Garofalo: And that's primarily due to the potential increase in mineable mineral reserves after a road is moved near the project. And approval for that road relocation is expected later this year with licensing in 2025 based on our Q2 results. So that would be a major catalyst to see those mineral reserves increase significantly and the overall mine plan increase significantly as well at Barbarayma. So with that, there are other updates across the 200 plus assets we have in the portfolio.

Speaker Change: Those mineral reserves increased significantly in the overall mine plan.

Speaker Change: The increase significantly as well as Barbara Rimer.

Peter Behncke: So with that there are other updates across the 200 plus assets we have in the portfolio. Those are some major catalysts across our recent acquisitions and key assets and I'll pass it back to David at this point before we enter our Q&A session.

David: So with that there are other updates across the 200 plus assets, we have in the portfolio, but those are some major catalysts across our recent acquisitions in key assets and I'll pass it back to David at this point before we enter our Q&A session.

David Garofalo: Those are some major catalysts across our recent acquisitions and key assets. And I'll pass it back to David at this point before we enter our Q&A session. Well, thanks, Peter. And thanks, everybody, for your kind attention.

David Garofalo: Well, thanks Peter and thanks everybody for your kind attention. We're going to stay on to take some Q&A but I think Peter's point on Borborema to me as a microcosm of what's happening in the broader portfolio and that the operators continue to optimize and explore the assets in the case of Borborema. The permit to move the highway will unlock significant resource to not only expand production but extend the mind life and that optionality comes for free because all of our 240 royalties are completely bought and paid for.

David Garofalo: We're going to stay on to do some Q&A, but I think Peter's point on Borborema is, to me, a microcosm of what's happening in the broader portfolio in that the operators continue to optimize and explore the assets. In the case of Borborema, the permit to move the highway will unlock significant resources to not only expand production but extend the mine life. And that optionality comes for free because all of our 240 royalties are completely bought and paid for.

David: Well, thanks, Peter and thanks, everybody for your kind attention, we're going to stay on to take some Q&A, but I think Peter's point on <unk> to me is a microcosm of what's happening in the broader portfolio not the operators continue to optimize and explore the assets in the case of <unk>.

Speaker Change: The permit to move the highway will unlock significant resource.

Speaker Change: To not only expand production, but extend the mine life and that Optionality comes for free because all of our 240 royalties youre completely bought and paid for and not only is that work happening borborygm and when you look at the broader portfolio over $200 million per annum is spent on exploration on that underlying portfolio of which we contribute nothing to that exploration budget.

David Garofalo: And not only is that work happening at Borborema, but when you look at the broader portfolio, over $200 million per annum is spent on expiration on that underlying portfolio, of which we contribute nothing to that expiration budget. We get the benefit of that upside. And that portfolio now has over 120 million ounces of gold equivalent exposure. That's significant optionality within the portfolio that you get for free as a shareholder. And I think that's an important element of the story, in addition to the significant growth that we're realizing and accelerating right now in terms of revenue, operating cash flow, and free cash flow for share growth over the coming quarters and years. With that, Joanne, I'd be delighted to take questions, and Peter and Andrew will join me to help field those. Thank you very much.

David Garofalo: And not only is that work happening at Borborema when you look at the broader portfolio, over 200 million dollars per annum is spent on expiration on that underlying portfolio, which we contribute nothing to that expiration budget. We get the benefit of that upside and that that portfolio now has over 120 million ounces of gold equivalent exposure that's significant optionality within the portfolio that you get for free as a shareholder and I think that's an important element of the story in addition to the significant growth that we're realizing crystallizing right now in terms of revenue, operating cash flow and free cash flow for share growth over the coming quarters and years.

Speaker Change: We get the benefit of that upside and that that portfolio now has over 120 million ounces of gold equivalent exposure that's significant optionality within the portfolio that you get for free as a shareholder and I think thats an important element of the story. In addition to the significant growth that were realizing crystallizing right now in terms of revenue.

Joanne: Operating cash flow and free cash flow per share growth over the coming quarters and years with that Joanne I'd be delighted to take questions and Peter and Andrew will join me to to help fuel does thank you very much and thank you gentlemen trend. Another stellar update we certainly have a global full house audience today as per usual.

Operator: With that you want to be delighted to take questions and Peter and Andrew will join me to help field those. Thank you very much and thank you gentlemen for another stellar update. We certainly have a global full house audience today as per usual. So thank you to the audience for taking the time to listen in this morning or this afternoon wherever you're located.

Joanne Jobin: And thank you, gentlemen, for another stellar update. We certainly have a global full house audience today, as usual. So thank you to the audience for taking the time to listen in this morning or this afternoon, wherever you're located.

Operator: Now before we take questions, just a reminder to please place your questions into the Q&A tab located at the top of your screens.

Speaker Change: So thank you to the audience for taking the time to listen in this morning or this afternoon wherever you are located now before we take questions. Just a reminder to please place your questions into the Q&A tab located at the top of your screen.

Joanne Jobin: Now before we take questions, just a reminder to please place your questions into the Q&A tab located at the top of your screen. And our first question for today is, Can you expand on the 20% cost reduction in GNA compared to 2023? Yeah, I can. I could take that one.

Andrew Gubbels: And our first question for today is can you expand on the 20% cost reduction in GNA compared to 2023. Yeah, I can I could take that one. So the company continues to closely manages operating costs. This has been an ongoing process last year, really the effort was eliminating redundancies and streamlining the company following the acquisitions made in 2021. Really since then we've been focused on on renewing vendor contracts with the view of trying to have more efficient effect of pricing, simplifying the operating structure to extend possible and really targeting the most value ads with respect to just general office I to insurance costs etc.

Speaker Change: And our first question for today is can you expand on the 20% cost reduction in G&A compared to 2023.

Speaker Change: Yes, I can I can take that one.

Andrew Gubbels: So the company continues to closely manage operating costs. This has been an ongoing process. Unknown Speaker, Last year, really, the effort was eliminating redundancies and streamlining the company following the acquisitions made in 2021. Really, since then, we've been focused on renewing vendor contracts with a view to trying to have more efficient and effective pricing, simplifying the operating structure to the extent possible, and really targeting the most value adds with respect to just general office, IT, insurance costs, etc. So really, the decrease in costs is a result of the continued focus on simplification and streamlining.

Speaker Change: So the company continues to closely manage operating costs and this has been ongoing process.

Speaker Change: Last year really the effort was.

Eliminating redundancies and streamlining the company.

Speaker Change: Following the <unk>.

Speaker Change: Acquisitions made in 2021 really since then we've been focused on.

Speaker Change: On.

Renewing vendor contracts with a view of.

Speaker Change: Trying to have more efficient and effective pricing.

Speaker Change: Simplifying the operating structure to the extent possible.

Speaker Change: Targeting the most value add.

Speaker Change: With respect to.

Speaker Change: Just general office site.

Speaker Change: Insurance costs et cetera. So.

Andrew Gubbels: So really that the decrease in in costs are as a result of the continued focus on on simplification and streamlining also in the period. And Q2 we spent a big portion of the time as a group executing on the on the the various transaction there was a portion of transaction related costs and salaries that were capitalized as a result. It's recorded in the notes of financial statements as well, which contributed to to a moderate decrease in the operating costs in the period is in addition to the continued focus on on streamlining those operating costs.

Really the decrease in costs are as a result of.

Speaker Change: We continue to focus on.

Speaker Change: On simplification and streamlining also in the period.

Andrew Gubbels: Also, in the period Q2, we spent a big portion of the time executing on the various transactions. There was a portion of transaction-related costs and salaries that were capitalized as a result. It's recorded in the notes to the financial statements as well, which contributed to a moderate decrease in operating costs in the period in addition to the continued focus on streamlining those operating costs. Thank you, Andrew.

Speaker Change: Q2, we spent a big portion of the time.

Speaker Change: As a group executing on the.

Speaker Change: On the bearish transaction there was a portion of.

Speaker Change: Transaction related costs and salaries that were capitalized as a result.

It's Rick.

Speaker Change: <unk> recorded in the notes the financial statements as well which contributed to.

Speaker Change: To a minor decrease in the operating costs in the period. In addition to the continued focus on on streamlining those operating costs.

Operator: Thank you, Andrew.

Andrew: Thank you Andrew.

Operator: Next question. Okay, here we go.

Speaker Change: Next question.

David Garofalo: Next question. Okay, here we go. Well, well-known mining newsletter writer Lobo Tigre said he does not recommend GROI because of the excessive issuance of shares.

Speaker Change: Okay here, we go well well known mining newsletter writer logo Tee Gray said, he does not recommend growing because of excessive issuance of shares.

Unknown Attendee: Well, well-known mining newsletter writer Lobo Tigre said he does not recommend Groy because of excessive issuance of shares.

David Garofalo: Can you address how even with issuing more shares, the long-term value is still a net benefit to shareholders. Oh, and by the way, David, I guess, Jo was very impressed with your interview while jogging yesterday. The percentage of shareholders that can talk Turkey on a run is likely in the 1% category. So bravo on that. Well, thanks very much for your question. In each and every case, when we have issued shares and I should add that we've only issued shares in the IPO and more recently in the body of financing that we did in order to acquire the stream, the copper stream on the bar, sink, silver mine, and Bosnia, we had a use of proceeds at any chamber case.

David Garofalo: Can you address how even with issuing more shares, the long-term value is still a net benefit to shareholders? Oh, and by the way, David, I guess Jo was very impressed with your interview while jogging yesterday. The percentage of shareholders that can talk about Turkey on a run is likely in the 1% category. So bravo on that.

Speaker Change: Can you address how even with issuing more shares the long term value is still a net benefit to shareholders.

Speaker Change: And by the way David I guess.

Speaker Change: Joe was very impressed with your interview while jogging yesterday.

Speaker Change: The percentage of shareholders that can talk Turkey on a run is likely in the 1% category. So bravo on that.

David: Well, thanks very much for your question.

David Garofalo: [inaudible] Well, thanks very much for your question. In each and every case when we have issued shares, and I should add that we only issued certain shares in the IPO and more recently in the body of financing that we did in order to acquire the stream, the copper stream on the bars, sink silver mine, and Bosnia, we had a use of proceeds in any chamber case.

Speaker Change: In each and every case when we have issued shares and I should add that was only secured in the IPO and most recently in the bought deal financing that we did in order to acquire the stream the copper stream on the birth zinc silver mine in Bosnia we had a use of proceeds at any cheaper case, it added significant accretion to or not.

David Garofalo: It added significant accretion to not only our net asset value per share, but more importantly, our most recent acquisitions over the last year have added appreciably to our cash flow per share growth. The biggest criticism we faced a year ago was that the gap to growth was long. The market wasn't willing to pay for growth. Our growth was too long dated. So we went about looking at cash flowing royalty opportunities that we thought would add immediate accretion on the cash flow per share basis, but also add net asset value per share accretion.

Speaker Change: Our net asset value per share, but more importantly, our most recent acquisitions over the last year have added appreciably to our cash flow per share growth.

David Garofalo: It added significant accretion to not only our net asset value for the share, but more importantly, our most recent acquisitions over the last year contributed appreciably to our cash flow for sure. The biggest criticism we faced a year ago was that the gap to growth was long. The market wasn't willing to pay for growth. Our growth was too long dated.

Speaker Change: The biggest criticism, we faced a year ago was that the gap to growth was along the market wasn't willing to pay for growth. Our growth was too long dated so we went about looking at cash lean royalty opportunities that we thought would add immediate accretion on a cash flow per share basis, but but also add net asset value per share accretion.

David Garofalo: So we went about looking at cash flowing royalty opportunities. We thought we would add immediate accretion on the cash flow for sure basis, but also add net asset value for share accretion. So I would assure you that we're not issuing equity willy-nilly. We're not doing it for the sake of issuing equity and putting cash on the balance sheet.

David Garofalo: So I would assure you that we're not issuing equity willingly. We're not doing it for the sake of issuing equity and putting cash on the balance sheet. We're putting that capital to work with long life deposits with significant expiration upside that offer significant cash flow per share accretion in the short term by adding to the net asset value per share. And that's been true in each and every one of the cases of acquisitions we made over the last year in order to again supplement the cash flow in the short term, but again, introducing assets that have significantly long lives and significant expiration upside.

Speaker Change: So I would assure you that we're not issuing equity Willy Nilly, we're not doing it for the sake of issuing equity and putting cash on the balance sheet, we're putting that capital to work with long life deposits with significant exploration upside that offer significant cash flow per share accretion in the short term, we're adding to the net asset value per share and that's been true in each and every one of the key.

Operator: Okay.

David Garofalo: We're putting that capital to work with long-life deposits with significant expiration upside that offer significant cash flow per share accretion in the short term by adding to the net asset value per share. And that's been true in each and every one of the cases of acquisitions we've made over the last year in order to, again, supplement the cash flow in the short term but again, introducing assets that have significantly long lives and significant expiration upside. Okay.

Speaker Change: <unk> of acquisitions, we've made over the last year in order to again supplement the cash flow in the short term, but again introducing assets that have significantly long lives and significant exploration upside.

Speaker Change: Okay.

David Garofalo: And the next question is with the new land agreements coming online. And this is again in line with the share question. And revenue and proving are there further dilution coming on the horizon. Again, we have not diluted our shareholders.

Speaker Change: Okay and.

Unknown Attendee: And next question is with the new land agreements coming online, and this is again in line with the share question.

Speaker Change: Next question is with the new land agreements coming online and this is again in line with the share question.

David Garofalo: And revenue and proving, is there further dilution coming on the horizon? Again, we have not diluted our shareholders. When we've issued equity, it's been in the context of having a use of proceeds where we've actually accreted value per share of those net asset value, and most recently, and the most recent act was significant cash flow per share accretion. So if we had a use of proceeds where we could demonstrate that there was significant accretion, of course, we'd go back to our shareholders and ask for more capital for an opportunity to add value. And the absence of that we don't issue equity.

Speaker Change: And revenue improving is there further dilution coming on the horizon.

David Garofalo: When we've issued equity, it's been in the context of having a use of proceeds where we've actually accreted value for shareholders' net asset value. And most recently, and the most recent act, was significant cash for share accretion. So if we had a use of proceeds where we could demonstrate that there was significant accretion, of course, we'd go back to our shareholders and ask for more capital for an opportunity to add value. And in the absence of that, we don't issue access. Excellent. When can we expect the share price to improve? You know, it's a good question.

Operator: Excellent.

Speaker Change: Again, we have not diluted our shareholders. When we issued equity it's been in the context of having a use of proceeds where we've actually accretive value for our shareholders net asset value and most recently in the most recent acquisition is a significant cash flow per share accretion.

Speaker Change: So if we had a use of proceeds where we could demonstrate that there were significant accretion of course, we'd go back to our shareholders and ask for more capital for an opportunity to add value and the absence of that we don't issue equity.

Speaker Change: Excellent.

Unknown Attendee: When can we expect the share price to improve? You know, it's a good question.

Speaker Change: And when can we expect the share price to improve.

David Garofalo: I'd love to see them. I'd love to be able to pinpoint a date when that happens. And I would say that given the casual per share growth earnings per shared growth experience and what we expect to experience over the coming months and years. And again, these are from assets that have long lives, well-capitalized operators that are on the cost of significant production growth. We're in an excellent position to grow cash on earnings per share. I think the market will start to attribute accretion to share price performance in that type of environment. I think we're in an excellent position.

It's a good question I would love to see love to be able to pinpoint a date when that happens.

David Garofalo: I'd love to see, I'd love to be able to pinpoint a date when that happens. And I would say that given the cash flow per share growth, earnings per share growth, experiencing, expecting experience over the coming months and years, again, these are from assets that have long lives, well capitalized operators that are on the cost of a significant production growth. We're in an excellent position to grow cash flow and earnings per share.

Speaker Change: I'd say that.

Speaker Change: Given the cash flow per share growth earnings per share growth that we expect experiencing expecting experience over the coming months and years and again. This is these are from assets that have long lives with well capitalized operators that are on the cost with significant production growth. We're in an excellent position to grow grow cash flow and earnings per share I think the market will start to attribute.

David Garofalo: I think the market will start to attribute accretion and attribute share price performance in that type of environment. I think we're in an excellent position. We're on the cost with delivering a significant re-rate as a result of all of this growth.

Speaker Change: Accretion attribute share price performance in that type of environment I think we're in an excellent position where on the cost with delivering a significant rate as a result of all of this growth we've been promising since our IPO coming to fruition. All at the same time, we will of course of the next year or two.

David Garofalo: We're on the cost of delivering a significant rate as a result of all of this growth. We've been promising since our IPO coming to fruition all at the same time during the course of next year. Excellent. And we do have quite a few questions on bearers, so I'm going to try to gather those all together. So the first one is what is the lag time between production payments on the bearer's copper stream for production reported in the quarter with the stream revenue associated with this production being in the following quarter. I can take that one.

Operator: We've been promising since our IPO coming to fruition all at the same time with, of course, the next year. Excellent.

Unknown Attendee: And we have, we do have quite a few questions on bearers, so I'm going to try to gather those all together.

Speaker Change: Excellent and we have we do have quite a few questions on barron's, so I'm going to try to.

Speaker Change: Gathered that was all together so the first one is what is the lag time between production payment on the <unk> copper stream.

Andrew Gubbels: So the first one is, what is the lag time between production payments on the bear's copper stream for production reported in the quarter with the stream revenue associated with this production, be in the following quarter. I can take that one. The, with respect to the copper stream contract, it does require a certain amount of copper to be produced in concentrate. The, there is a lag between the concentrate that is produced and the amount of copper that's built up to build the pay us our first stream payment. Our expectation is that we will receive our first stream payment for the bearers project in the third quarter of this year.

Speaker Change: <unk> reported in the quarter with the stream revenue associated with this production.

Speaker Change: And the following quarter.

Speaker Change: Yes.

Andrew Gubbels: Thank you. And I know you answered this in your presentation, but perhaps you can talk about it again. I'm going to ask you a question.

Speaker Change: I can I can take that one.

Andrew Gubbels: With respect to the copper stream contract, it does require a certain amount of copper to be produced in concentrate. There is a lag between the concentrate that is produced and the amount of copper that's built up to be able to pay us our first stream payment. Our expectation is that we will receive our first stream payment for the Verus project in the third quarter of this year. Thank you.

Speaker Change: The with respect to the copper stream contract it does require a certain amount of copper.

Speaker Change: <unk> produced in concentrate.

Speaker Change: The.

Speaker Change: There is a lag between the.

Speaker Change: The concentrate that is produced and the amount of copper that's.

Speaker Change: Built up to be able to pay us our.

Speaker Change: Stream payment our expectation is that we will receive our first stream payment for the various project in the third quarter.

Speaker Change: This year.

Peter Behncke: And I know you answered this in your presentation, but perhaps you can talk about it again. Describe what, if any, impact the recent court ruling on the various royalties will have on the operating mind. Yeah, really?

Speaker Change: Thank you.

Speaker Change: And I know you answered this a newer presentation, but perhaps.

You can talk about it again.

Speaker Change: Describe what if any impact the recent court ruling on the various royalty will have on the operating mine.

Andrew Gubbels: Describe what, if any impact, the recent court ruling on the bearers royalty will have on the operating mind. Yeah, really? Yeah, really just to reiterate the commentary from Adriatic and our discussions is there's no impact on production from the recent court ruling. They have well-advanced alternative tailing facility operations or potential plans that could substitute the expanded tailing facility that is currently has some trees that they need to chop down on it, but also they are continuing ongoing discussions to get that expanded tailings facility in places originally planned as well.

Peter Behncke: Yeah, you go ahead, Peter. Yeah, really, just to reiterate the commentary from Adriatic and our discussions is that there's no impact on production. From the recent court ruling, they have well advanced alternative tailings facility operations or potential plans that, substitute, the expanded tailings facility that currently has some trees that they need to chop down on it, but also they are continuing ongoing discussions to get that expanded tailings facility in places originally planned as well.

Speaker Change: Yes, yes.

Speaker Change: Yes, you go ahead, Peter I really just to reiterate the commentary from Adriatic and our discussions as there is no impact on production.

Peter: The recent court ruling.

Speaker Change: Well advanced alternative tailings facility operations, our potential plans.

Speaker Change: Could.

Speaker Change: Substitute the expanded tailings facility that is currently has some trees that may need to chop down on it but also they are continuing ongoing discussions to get that expanded tailings facility.

Speaker Change: And place as originally planned as well I think one other highlight at Adriatic as they did have a recent managing management shifts as well and the key principles involved our in country experts involved that are connected.

Andrew Gubbels: I think one other highlight at Adriatic is they did have a recent managing management shifts as well, and the key principles involved are in country experts as well that are connected to bring this asset into full, full freight production. So we're quite confident in them to deliver on the production profile as outlined. Yeah, we just heard shareholders by all means look at Adriatic's own public disclosure on this. And they've been quite adamant that they do have alternative tailings disposition sites within their own land. They don't need to rely on government land whatsoever in order to dispose of tailings.

Peter Behncke: I think one other highlight at Adriatic is that they did have recent management shifts as well, and the key principles involved are in-country experts as well that are connected to bring this asset into full freight production. So we're quite confident in them to deliver on the production profile. I would just urge shareholders, by all means, look at Adriatic's own public disclosure on this, and they've been quite adamant that they do have alternative tailings disposal sites within their own land. They won't need to rely on government land whatsoever in order to dispose of killings.

Speaker Change: To bring this asset into full rate production. So we're quite confident in them to deliver on the production profile.

Speaker Change: As outlined.

David Garofalo: We were on site during our due diligence process. We will be on site again in September with other key shareholders visiting the site, and I should add that Adriatic's largest shareholder actually doubled their ownership in the company to about 11% subsequent to the announcement by the Bosnian court ruling.

Speaker Change: I would just urge shareholders by all means look at Adriatic zone public disclosure on this and they've been quite adamant that they do have alternative tailings disposition sites within their own land.

Speaker Change: Need to rely on government land whatsoever in order to dispose of tailings we were on site during our due diligence process. We will be on site again in September with other key shareholders, who will be visiting the site and I should add that Adriatic largest shareholder actually doubled their ownership in the company to about 11%.

David Garofalo: We were on site during our due diligence process. We will be on site again in September with other key shareholders will be visiting the site. And I should add that Adriatic's largest shareholder actually doubled their ownership in the company to about 11% subsequent to the announcement on the Bosnian court, Bosnian court ruling. So they've done their own diligence on this and they took the opportunity with the slight sell off in the stock to wait up their position.

Operator: Thank you, David.

David Garofalo: So they've done their own diligence on this, and they took the opportunity with the slight sell-off in the stock to strengthen their position. Thank you, David. Um, Can the company publish a five-year projection of GEO's ramp? Yeah, so our guidance for 2024 is for that 6,500 to 7,000 geos. But across the six analysts that cover us, and given those key ramp-ups, ramp-up of development stage assets like Odyssey, like Cote, consensus figures see us approaching north of 30,000 geos towards the end of the decade. So on that five-year timeline, they inquired on. Excellent. And when do you expect positive free cash flow?

Speaker Change: Subsequent to the announcement on the <unk> positive court rulings, so they've done their own diligence on this.

Speaker Change: And they took the opportunity with the slight selloff in the stock to wait up their position.

Speaker Change: Thank you David.

Unknown Attendee: Can the company publish a five year projection of GEOs ramp up? Yeah, so our guidance in in 2024 is for that 6,500 to 7,000 Geos, but across the six analysts that cover us and given those key ramp up ramp up of development stage assets like Odyssey, like Kote consensus figures.

Speaker Change: Can the company published a five year projection of Geo's ramp.

Speaker Change: Yes, so our guidance in 2024 as for that 6500 to 7000.

Speaker Change: <unk>, but across the six analysts that cover us and given those key ramp up.

Speaker Change: Ramp up of development stage assets like Odyssey like Kotte.

Unknown Attendee: Yes, approaching north of 30,000 Geos towards the end of the decade. So on that that five year timeline inquired on. Excellent.

Speaker Change: Census figures see us approaching north of 30000 Geos.

Speaker Change: Towards the end of the decade, so on that five year timeline enquired on.

Speaker Change: Excellent and when do you expect positive free cash flow.

Andrew Gubbels: And when do you expect positive free cash flow? So at the moment, we are generating positive operating cash flow. It's contingent on the backup of this year, but we are starting, we're getting close to being at the cost of generating positive free cash flow.

Andrew Gubbels: So at the moment, we are generating positive operating cash flow. It's contingent on the backlog of this year, but we are starting we're getting close to being at the cost of generating positive free cash flow. And we'll see how the rest of the year shapes up.

Speaker Change: So at the moment, we are generating positive operating cash flow.

Speaker Change: It's contingent on the back half of this year, but we are starting we are getting close to being at the cost of generating positive free cash flow.

Operator: We'll see how the rest of the year shapes up, but it's really through 2024, 2025, I expect positive free cash flow to be a reality for the company. Excellent.

Speaker Change: We'll see how.

Andrew Gubbels: But it's it's really through to 2024 2025 that we expect positive free cash flow to be a reality for the company. Excellent. Thank you, Andrew.

Speaker Change: The rest of the year shapes up but it's really through 2020 for 2025 and expect positive free cash flow to be a reality for the company.

David Garofalo: What are some of the major catalysts that the company is looking forward to? Well, Peter touched on that in his presentation with significant ramp-ups in production at Cote, which achieved commercial production a month ahead of schedule. Continued underground development at Canadian Malartic and the Odyssey project in particular, where we have significantly more royalty coverage. And that's a multi-year proposition where we get cashflow growth not only in the current year but going forward, particularly as a transition from open pit mining to exclusively underground, where we have much more royalty coverage.

Andrew: Excellent. Thank you Andrew.

David Garofalo: Thank you, Andrew. What are some of the major catalysts that the company is looking forward to? Well, we touched on, Peter touched on that as presentation with significant ramps up some production at Cote, which achieved commercial production, a month ahead of schedule.

Speaker Change: What are some of the major catalyst that the company is looking forward to.

Speaker Change: Well, we touched on Peter touched on that in his presentation with significant ramp ups in production at <unk>, which achieved commercial production a month ahead of schedule.

David Garofalo: I continued on the ground development act at Canadian melodic and the Odyssey project in particular, where we have significantly more royalty coverage, and that's a multi year proposition, where we're getting casual growth, not only in the current year, but going forward. Particularly as a transition from open pip mining to exclusively underground, where we have much more royalty coverage, we're getting the benefit of bars. We're going to get our first royalty revenue in the second half or streaming revenue, I should say in the second half of the year.

Speaker Change: Underground development at <unk>.

Speaker Change: Canadian melodic.

Speaker Change: And the Odyssey project in particular, where we have significantly more royalty coverage and that's a multiyear proposition, where we're getting cash flow growth not only in the current year, but going forward, particularly as they transition from open pit mining to exclusively underground, where we have much more royalty coverage.

David Garofalo: We're getting the benefit of Boris. We're going to get our first royalty revenue, or streaming revenue, I should say, in the second half of the year. Borborema is expected to achieve commercial production in the first half of next year.

Speaker Change: Getting the benefit of virus.

Speaker Change: We're going to get our first royalty revenue in the second half for streaming revenue I should say in the second half of the year.

David Garofalo: Borburema is expected to achieve commercial production, and the first half of next year, we're actually generating pre production royalty payments and interest payments that are convertible gold loan this year while we're waiting for that production ramp up.

Speaker Change: Borborygm.

As expected to achieve commercial production in the first half of next year.

David Garofalo: We're actually generating pre-production royalty payments and interest payments that are convertible gold loans this year while we're waiting for that production ramp-up. So looking across the portfolio, we have multiple assets with very strong capitalized operators that will continue to deliver growth for years to come. Excellent. And when do you expect to model the first geos from Odyssey Underground? Thanks for the question. First, Geos, we model in line with the Ignico Eagle production profile, so that's seen Odyssey North and East Malarctic coming online in 2027-2028 based on the recent updates.

Speaker Change: Actually generating preproduction royalty payments and interest payments on our convertible gold loan this year, while we're waiting for that production ramp up.

Peter Behncke: So looking across the portfolio of multiple assets with very strong capitalized operators, it'll continue to deliver growth for years to come. Excellent, and when do you expect to model first Geo's from Odyssey underground? Yeah, so Kerry, thanks for the question. First Geo's, we model in line with the, the ignico-eagle production profile, so that's seen Odyssey North and East Mallard, coming online towards 2027, 2028 based on the recent updates, and then we do view those Odyssey internal zones as potential upside.

Speaker Change: So looking across the portfolio of multiple assets with very strong capitalized operators. It will continue to deliver growth for years to come.

Speaker Change: Excellent and when do you expect to model first Geos from Odyssey underground.

Speaker Change: Yes, so thanks for the question.

Speaker Change: First first Geos, we model in line with the.

Speaker Change: Agnico Eagle production profile, so that's seen Odyssey, north and east markets coming online towards 2027 2028 based on the recent updates and then we do view those Odyssey trials zones as potential upside and Odyssey South here coming online immediately our current revenue from Canadian mill Arctic in the Odyssey minus as from the <unk>.

Peter Behncke: And Odyssey South here, coming online immediately, our current revenue from Canadian Mallard tick and the Odyssey minus is from the Barnabt pit currently. So the remaining open pit mine life out towards 2028, but it is in line with ignico-eagles current mine plan.

David Garofalo: And then we do view those Odyssey internal zones as potential upside, and Odyssey South here coming online immediately. Our current revenue from Canadian Malarctic and the Odyssey mine is from the Barnett pit currently, so the remaining open pit mine life is out towards 2028, but it is in line with Ignico Eagle's current mine plan. Excellent. Let's talk about the guidance range.

Speaker Change: <unk> currently.

Speaker Change: So the remaining open pit mine LIFO towards 2028.

Speaker Change: But it is in line with Agnico Eagle's current mine plan.

David Garofalo: Excellent, and let's talk about the guidance range. Are you still tracking to perform within that range provided earlier in the year? Yes, we are on track, as Andrew noted, well on track based on our first half revenue, and seeing those key assets ramp up in the second half to meet guidance.

Peter Behncke: Are you still tracking to perform within that range provided earlier in the year? Yes, we are, as Andrew noted, well on track based on our first half revenue and seeing those key assets ramp up in the second half to meet guidance. Okay, and one more question regarding share performance. And I know you've answered this already, David, but we are getting a lot of questions on it.

Speaker Change: Excellent.

Speaker Change: And let's talk about the guidance range.

Speaker Change: Still tracking to perform within that range provided earlier in the year.

Speaker Change: Yes, we're on track as Andrew noted.

Speaker Change: Well on well on track based on our first half revenue.

Speaker Change: And seeing those key assets ramp up in the second half two to meet guidance.

Peter Behncke: So why isn't the share price performing despite the improving cash flow? Yeah, look, I think it's just a matter of this is a market where you get paid for growth that's in the rearview mirror, as opposed to anticipating. It's not that kind of market. As I said, the GDXJ is 75% below its peak, and the smaller cap players in the universe have not seen any love from the capital markets. But inevitably, as we start to achieve positive free cash flow, and positive earnings growth, the market will pay for that. We'll start to pay more on the price of earnings multiples as opposed to the price of asset values.

David Garofalo: Okay, and one more question regarding share performance, and I know you've answered this already, David, but we are getting a lot of questions on it. So why isn't the share price performing despite the improving cash flow? Yeah, look, I think it's just a matter, this is a market where you get paid for growth that's in the rearview mirror as opposed to anticipating. It's not that kind of market as I said, the GDXJ is 75% below its peak.

Speaker Change: Okay, and one more question regarding share performance and I know you've answered this already David but where are we are getting a lot of questions on it so why isn't the share price performing despite the improving cash flow.

Speaker Change: Yes look I think it's just a matter. This is a market where you get paid for growth. That's in the rearview mirror as opposed to anticipating and it's not that kind of market as I said, the <unk> is 75% below its peak the smaller cap players in the universe have not seen any love from the capital markets.

David Garofalo: The smaller cap players in the universe have not seen any love from the capital markets, but inevitably as we start to achieve positive pre-cashable positive earnings growth, the market will pay for that. We'll start to create more on price-cashable and price-curdied multiple of the post-curdied assets out of it.

Speaker Change: Inevitably as we start to achieve positive free cash flow positive earnings growth the market will pay for that will start to fade.

Speaker Change: More on price the actual earning multiples right.

Speaker Change: Alright.

David Garofalo: I think we'll start to see that really start to get delivered in the second half of the year with such significant growth coming from some of the largest gold mines in North America.

I think we'll start to see that really start to get delivered during the second half of the year.

David Garofalo: I think we'll start to see that really start to get delivered during the second half of the year, with such significant growth coming from some of the largest gold mines in North America. Thank you, gentlemen. And as we are now at the top of the hour, we will end our Q&A session. If you have any other questions, please forward them directly to Peter at peakbenke at goldworldt.com.

Speaker Change: So significant welcoming some of the largest gold mines in North America.

Operator: Thank you, gentlemen, and as we are now at the top of the hour, we will end our Q&A session. If you have any other questions, please forward them directly to Peter at P. Behncke at GoalsWorldt.com.

Joanne Jobin: And David, before we close the forum today, would you like to say a few words before we sign off? Well, thank you again for your kind attention this quarter and your questions, and we're always available to answer any Q&A offline as well, through our emails or directly to our 1-800 number if you'd like to reach out. By all means, we can make ourselves available. Thank you, David and team. And just remember that this town hall will be available on the Gold Royalty website and across all of our social media within the next 24 hours. Before we sign off, please ensure that you fill in the short questionnaire at the end of the presentation. This really helps us and the company communicate more effectively with you in the future.

Speaker Change: Thank you gentlemen, and as we are now at the top of the hour. We will end our Q&A session. If you have any other questions. Please forward them directly to Peter at peak Benki at Gold's royalty Dot Com and David before we close the forum.

David Garofalo: And David, before we close the forum today, would you like to say a few words before we sign off? Well, thank you again for your kind attention this quarter and your questions, and we're always available to answer any Q&A offline as well through our emails or directly through our 1-800 number if you'd like to reach out by all means we can make yourself available. Thank you, David and team.

Speaker Change: Today would you like to say a few words before we sign off.

David: Thank you again for your kind attention this quarter and your questions and we're always available to answer any Q&A offline as well.

Speaker Change: Our E mails are directly through our one 800 number if you'd like to reach out by all means we can make yourself available.

Joanne Jobin: Thank you for joining us, and we will see you at the next town hall forum. Goodbye for now. Thanks for joining us, and we will see you on the next one. Better rap, Yeah, Joanne, are we offline now, or not? I think she's dropped. Well, we can Peter, do you want to initiate a quick team call? We'll do a quick postmortem. Okay.

Speaker Change: Thank you, David and team and just remember that this town hall will be available on the gold royalty website and across 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 the presentation. This really helps us and the company.

Operator: And just remember that this town hall will be available on the Gold Royalty website and across all of our socials within the next 24 hours.

Operator: Before we sign off, please ensure that you fill in the short questionnaire at the end of the presentation. This really helps us and the company communicate more effectively with you in the future.

Kate: Kate more effectively with you in the future. Thank you for joining us and we will see you on the next town Hall Forum Goodbye for now.

Operator: Thank you for joining us and we will see you on the next town hall forum. Goodbye for now. Yeah, Joanna, are we offline now? No, no, we're not. I mean, she's dropped.

Kate: Okay.

Kate: Yeah.

Kate: Rob.

Rob: Yes, Joanna we offline now or.

Speaker Change: And then excuse trough.

Operator: Well, we can Peter, do you want to initiate a quick team call? We'll do a quick post-mortem. Okay.

Speaker Change: We can Peter do you want to initiate.

A quick can you just call, we'll do a quick post merger.

Speaker Change: So later.

Speaker Change: Okay.