Q1 2026 Elemental Altus Royalties Corp Earnings Call

May 14, 2026

Speaker #1: Anthony Background Noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, please press star 1 on your telephone keypad.

Speaker #1: For those of you viewing online, you can submit questions at any time using the component on the webcast console. I would now like to turn the conference over to David Cole, CEO.

Speaker #1: You may begin.

Speaker #2: Yeah, thank you very much, and thanks to everybody for joining. particularly pleased to be here today. Representing this great company, what a wonderful time to be in the mining business with these strong metal prices.

Speaker #2: But I've had a chance to reflect on that when I woke up this morning, and I was thinking about when I started my career, the mining industry was not very popular.

Speaker #2: And we're in a situation today where there's been a paradigm shift, and I'm sure we've all seen this, of people recognizing the strong contribution that we make to society across the globe.

Speaker #2: And that is recognized in commodity prices, but it's also been recognized in the capital markets. Where, mining companies are starting to get the recognition that they deserve, for, their production.

Speaker #2: And more and more people are focused on understanding of strategic metals and base metals etc. And we're in a, particularly good situation to take advantage of that.

Speaker #2: Those of you that heard us, speak before, you know that, you know, we understand that royalties are phenomenal financial instruments. the value of mineral rights augments over time, and the best way to be exposed to that is through royalties.

Speaker #2: And specifically, the optionality that the royalty instrument, affords to us as the owner of that. And, and, one way that we've done that and to create further portfolio effect, as scale is rewarded within the royalty space, is to affect the merger between EMX Royalty Corporation and Elemental Altus Royalty.

Speaker #2: And I'm very pleased with, how that, merger has come to fruition and the results that we're seeing, which are producing the numbers that we have seen today.

Speaker #2: In the quarterly report. And, and near and dear to my heart is the team, and it's my pleasure to introduce, Frederick Bell, and Stefan Wenger, a great example of the integration of the two teams.

Speaker #2: coming forward with an immense amount of experience base, to put us in a position where we can make the right decisions to allocate your capital, moving forward.

Speaker #2: The, so if we look at some of the highlights, you know, we are we are gold-focused. Well, we're we will remain gold-focused. But, but, I'm very pleased that we, as per announcement today, we are augmenting our silver exposure.

Speaker #2: I believe that silver is a strong commodity in the current world from an industrial demand perspective. But also from an investment perspective. And, to, to ensure that we remain precious metals focused, so that we have the, the strong potential to be GDXJ index included in other various index funds that are focused on, on precious metals, we'll make sure that we stay over 50%.

Speaker #2: Right now we're over 60%, in fact, precious metals, on a ongoing revenue basis. We have, 300 mineral property assets in the world, in 20-some countries.

Speaker #2: and, 200 of those are, are royalties. And, this is a portfolio that has an immense amount of, of, over $100 million a year in exploratory drilling ongoing, creating that discovery optionality which is the real reason why you want to own royalties and royalty portfolios long-term.

Speaker #2: We have crossed an important boundary from my perspective, in the last quarter where we ha have reached the point where we feel very comfortable paying a dividend.

Speaker #2: And our inaugural dividend gives our shareholders the op the option to take that, dividend, with an in-kind instrument, with the XAUT Tether Gold Stablecoin.

Speaker #2: this is we're the first company to do this. I wouldn't be surprised if this ends up becoming popular within the business. And, it's a nice option for our shareholders to have to be able to take the dividend in cash, or in, XAUT, which is fully convertible into physical metal, on demand.

Speaker #2: I'll point out that our dividend payout ratio is modest. And that is because we're confident that we can continue to allocate capital within the space to augment our portfolio and do exactly what you want us to do.

Speaker #2: We've also increased our revolving credit facility. To 200 million dollars. And this is a good example of how the gaining of scale through the merger is increased our capital availability and decreased our cost of capital, enabling us to further, our business transactions.

Speaker #2: In today's a great example, with the deal that we have announced today. the, we've also uplisted now onto the, TSX Big Board from the TSX Adventure Exchange.

Speaker #2: And I'll point out that the augmentation of, of our liquidity, trading liquidity, on NASDAQ, which is addition to now on the Big Board on the TSX, our trading liquidity is multiples ahead of where the two companies were combined pre-merger.

Speaker #2: And, we're very pleased to see that. And once again, that is very likely adding to the probability of us being included in a number of index funds in the near future, which is a salient point.

Speaker #1: Simply the optionality that the rope instrument, affords to us as the owner of that, and, and, one way that we've done that integrate for the portfolio effect as scale is rewarded within royalty space is to affect a merger between EMS World Corporation and Elemental Altus Royalty, and I'm very pleased with, how that, merger has come to fruition.

Speaker #2: There's a whole host of smaller deal flows that, are ongoing within the company. And I'm pleased that even though we're in a competitive environment, we don't bemoan that competition.

Speaker #2: We're confident that we have the alpha to be able to outperform our competitors. And that's exemplified by the deals that we continue to do, both ba-based hit, small individual deals that we're doing, in addition to, M&A such as the one that was announced today.

Speaker #1: And the results that we’re seeing, which we’re producing in numbers that we have seen today in the quarterly report, and, and near and dear to my heart is the team, and my pleasure to introduce Frederick Bell and Stephan Weingart, a great example of the integration of the two teams.

Speaker #2: And I will point out that there will be a call specifically for this transaction, with, with Bisla. after this call later in, in an hour after this call, in fact.

Speaker #1: coming forward with an immense amount of experience base to put us in a position where we can make the right decisions to allocate your capital, moving forward.

Speaker #2: And so, we will focus on that. This call is to highlight the quarterly results. And with those quarterly results, I want to introduce the very capable Stefan Wenger, who will walk us through, the record-breaking numbers that we have today.

Speaker #1: The, so if we look at some of the highlights, you know, we are we are gold-focused, but we're we'll remain gold-focused, but, but, I'm very pleased that we as per announcement today, we are augmenting our silver exposure.

Speaker #1: I believe that silver is a strong commodity in the current world from an industrial demand perspective, but also from an investment perspective. And, to, to ensure that we remain pressure mills-focused so that we have the, the strong potential.

Speaker #1: it's, it's a little bit funny that these fantastic financial results are going to get overshadowed by a really fantastic deal we announced this morning.

Speaker #1: But as a CFO, I'll take that any day. And, excited to share with you, Q1 of 2026, that we reported last night is really the first quarter of our combined results as the new combined Elemental, following the EMX merger.

Speaker #1: and I'm really pleased to report that the results are, tracking even better than we anticipated when we did the deal. today we're re-reporting a record quarterly revenue, record EBITDA and cash flow, and we're well on track to meet our 2026 guidance.

Speaker #1: and on this slide you can see that our revenue of 24.3 million, is an 83% increase over the prior year for Elemental. And, if you annualize that number, you know we're, we're pushing up towards that $100 million run rate for revenue, which is, which is, advanced beyond our guidance on revenue basis.

Speaker #1: from a GEO perspective, just about 5,000 GEOs sold during the quarter. which is right, slightly just under our guidance for the full year. but we're on track to meet that.

Speaker #1: And demonstrating, you know, we're what we're going to be, at that 20,000 GEO a year level, solidly. And from a cash flow perspective, nearly 18 million dollars in adjusted EBITDA, I'll discuss our cost side on the next slide.

Speaker #1: but that EBITDA, I see strengthening even more because this quarter we had quite a, quite a higher cost number, than our anticipated annual run rate, just as you can imagine from all of the closing deal costs.

Speaker #1: The uplist on the TSX and the NASDAQ, our inaugural dividend, upsizing the credit facility, we had quite a busy quarter and that doesn't even speak to the fact that we're, we are spending, and quite active, with respect to new loyalty acquisitions, which we also expensed during the quarter for, for most of those costs.

Speaker #1: so really excited about the 18 million in adjusted EBITDA, 55% increase over the prior year. operating cash flow of nearly 15 million dollars, a substantial increase.

Speaker #1: And then, as, as, Dave mentioned, we upsized our credit facility, during the quarter as well. We have 150 million dollar draw, undrawn credit facility with a 50 million dollar, accordion feature, so 200 million dollar potential available.

Speaker #1: And add that to 70 million dollars on the balance sheet. Even after, the cash component of the Bisla transaction, we announced this morning, we'll be cash, net cash positive.

Speaker #1: and fully ready to continue to transact in our space. and as we look a little deeper into the financials, just to follow up on my comment on, on, a couple of the items, revenue continues to be strong.

Speaker #1: our G&A expenses at 5 and a half million, are above our annualized run rate that I would expect, I would expect us to be closer to a 16 million dollar annualized run rate on the G&A.

Speaker #1: royalty generation expenses are, are right on, on budget and on track for a full year, expectation there. we continue to generate strong cash flow.

Speaker #1: There were a couple non-cash items in the net income, including a mark-to-market on some warrants, that, that are outstanding. and taxes and others. but we continue to generate strong results on the cash flow basis.

Speaker #1: you also see the first full quarter of, full casserones reflected in our, revenue line item as a royalty. instead of as an investment. so on a comparative basis, we continue to show sort of that revenue plus, attributable share of casserones, but all of casserones is baked into our revenue line for this quarter.

David Cole: With those quarterly results, I want to introduce the very capable Stefan Wenger, who will walk us through the record-breaking numbers that we have today.

Speaker #1: and we're quite, pleased to have casserones along with T-Mach, Bonacro, and Carlo Linda really driving these results, from our cornerstone assets. Casserones with copper at $6.20 a pound right now.

Speaker #1: we're not going to argue with that either. And just moving forward to the cash flow bridge, we really had tremendous, cash flow during the period.

Stefan Wenger: It's a little bit funny that these fantastic financial results are gonna get overshadowed by a really fantastic deal we announced this morning. As the CFO, I'll take that any day and excited to share with you. Q1 of 2026 that we reported last night is really the first quarter of our combined results as the new combined Elemental, following the EMX merger. I'm really pleased to report that the results are tracking even better than we anticipated when we did the deal. Today we're re-reporting record quarterly revenue, record EBITDA and cash flow, and we're well on track to meet our 2026 guidance. On this slide, you can see that our revenue of $24.3 million is an 83% increase over the prior year for Elemental.

Stefan Wenger: It's a little bit funny that these fantastic financial results are going to get overshadowed by a really fantastic deal we announced this morning. As the CFO, I'll take that any day and excited to share with you. Q1 of 2026 that we reported last night, is really the first quarter of our combined results as the new combined Elemental, following the EMX merger. I'm really pleased to report that the results are tracking even better than we anticipated when we did the deal. Today we're re-reporting record quarterly revenue, record EBITDA, and cash flow, and we're well on track to meet our 2026 guidance. On this slide, you can see that our revenue of $24.3 million is an 83% increase over the prior year for Elemental.

Speaker #1: And, you know, ri-driven by collection of royalties primarily from our December quarter, some transaction costs related to the credit facility and some deal costs that came out of it.

Speaker #1: We also had a, a quite a positive impact from, stock option exercises for some options that were expiring during, during the quarter. but a very clean, flow, that we're quite pleased with.

Speaker #1: I'm not going to spend a lot more time. It was a fantastic quarter. really driven by our assets. And I, I'd like to ask, Fred Bell to go ahead and give you an update on the portfolio.

Speaker #1: And again, invite you all to join us for the conference call on the transaction, in about 45 minutes' time. Focus of these quarterly presentations when we go, when we go through the financials there.

Stefan Wenger: If you annualize that number, we're pushing up towards that $100 million run rate for revenue, which is, which is advanced beyond our guidance on a revenue basis. From a GEO perspective, just about 5,000 GEOs sold during the quarter, which is right, slightly just under our guidance for the full year. But we're on track to meet that and demonstrating, we're going to be at that 20,000 GEO a year level solidly. From a cash flow perspective, nearly $18 million in adjusted EBITDA. I'll discuss our cost side on the next slide, but that EBITDA, I see strengthening even more because this quarter we had quite a higher cost number than our anticipated annual run rate.

Stefan Wenger: If you annualize that number, we're pushing up towards that $100 million run rate for revenue, which is advanced beyond our guidance on a revenue basis. From a GEO perspective, just about 5,000 GEOs sold during the quarter, which is right, slightly just under our guidance for the full year. But we're on track to meet that and demonstrating we're going to be at that 20,000 GEO a year level solidly. From a cash flow perspective, nearly $18 million in adjusted EBITDA. I'll discuss our cost side on the next slide, but that EBITDA, I see, strengthening even more because this quarter we had quite a higher cost number than our anticipated annual run rate.

Speaker #1: the real focus of our, our presentation here is on, on the producing assets. And we touch on a few of the, the development assets that are really progressing.

Um, it's a little bit funny that these fantastic financial results are going to get overshadowed by a really fantastic deal we announced this morning, but as a GFL, take that any day and I got to share with you, um, Q1 2023-6. Uh, we reported last night, really the first quarter of our combined results as the new combined Elemental, uh, following the EMX merger. Um, and I'm really pleased to report that the results are trending to be even better than we anticipated when we did the deal. Um, today we're recording a record quarterly revenue, whether that and cash flow, and we're well on track to meet our 2026 guidance. Um, and on this slide, you can see that our revenue of $4.3 million is an 83% increase over the prior year for Elemental. And, uh, if you annualize that number, you know, we're, we're pushing that towards the $100 million run rate for revenue, which is advanced beyond our guidance for a revenue basis. From a GEO perspective, just about 5,000 GEOs sold in the quarter, um, which is right, kind of slightly just under our guidance for the

Speaker #1: But I think that one thing that, that often gets underappreciated is that greater portfolio of, call it, 200 royalties at various stages. And we are seeing record investment and record exploration dollars going into those projects by our counterparties around the world.

School year, we're on track to meet that and demonstrating that we're going to be.

Speaker #1: So I think for that, it, it doesn't always make the, the front page of the news, but that is a really important, level of optionality that is inherent in our portfolio.

Stefan Wenger: Just as you can imagine from all of the closing deal costs, the uplist on the TSX and Nasdaq, our inaugural dividend, upsizing the credit facility, we had quite a busy quarter, and that doesn't even speak to the fact that we are spending and quite active with respect to new royalty acquisitions, which we also expensed during the quarter for most of those costs. Really excited about the $18 million in adjusted EBITDA, 55% increase over the prior year. Operating cash flow of nearly $15 million, a substantial increase. As David Cole mentioned, we upsized our credit facility during the quarter as well. We have a $150 million draw, undrawn credit facility with a $50 million accordion feature, so $200 million potential available.

Stefan Wenger: Just as you can imagine from all of the closing deal costs, the uplist on the TSX and Nasdaq, our inaugural dividend, upsizing the credit facility, we had quite a busy quarter, and that doesn't even speak to the fact that we are spending and quite active with respect to new royalty acquisitions, which we also expensed during the quarter for most of those costs. Really excited about the $18 million in adjusted EBITDA, 55% increase over the prior year. Operating cash flow of nearly $15 million, a substantial increase. As Dave mentioned, we upsized our credit facility during the quarter as well. We have a $150 million draw, undrawn credit facility with a $50 million accordion feature, so $200 million potential available.

Speaker #1: That I think stands out versus a lot of other companies are, are size and scale. We'll, we'll talk through on the next slide then, just to, a couple of the, the key assets here.

Speaker #1: And we had record revenues this quarter from Carlo Winda, from, from Zeeville, from Bonacro, and from T-Mach. And you can see with casserones that it was a, it was a near record, quarter as well from that.

Speaker #1: And on the Carlo Winda front, one of the important, developments there that has been progressing over the last year has been this mine expansion.

Speaker #1: That they are looking to do 150,000 ounces per annum from H2 onwards. And as of their last results, that is on track for commissioning in Q3 of this year.

At 20,000 GTO a year level, uh, sorry, and from a cash flow perspective, nearly 18 million in adjusted. The, I'll discuss our cost on next slide, but that ibaa SG strength of the even more. Because this quote, we had quite a lot of higher cost number uh, than our anticipated annual run rate, just because you can imagine from all of the cooling deal costs up list on the TSX and the NASDAQ are now your visit end up sizing in the credit facility. Um, you have quite a busy quarter and that doesn't even speak to the fact that we, we are sending and quite active with respect to loyalty Acquisitions, which we also expense during the quarter for for most of those counts. So, really excited about the 185%, increase over the prior year, um, operating cash flow of nearly 50 million dollars of substantial increase and then as as Dave mentioned we upsized our credit facility during the quarter as well. We have 150 million dollar drop on credit facility with the 50 million dollar.

Stefan Wenger: Add that to $70 million on the balance sheet. Even after the cash component of the Vizsla transaction we announced this morning, we'll be cash net cash positive and fully ready to continue to transact in our space. As we look a little deeper into the financials, just to follow up on my comment on a couple of the items. Revenue continues to be strong. Our G&A expenses at $5.5 million are above our annualized run rate that I would expect. I would expect us to be closer to a $16 million annualized run rate on G&A. Royalty generation expenses are right on budget and on track for a full year expectation there. We continue to generate strong cash flow.

Stefan Wenger: Add that to $70 million on the balance sheet. Even after the cash component of the Vizsla transaction we announced this morning, we'll be cash net cash positive and fully ready to continue to transact in our space. As we look a little deeper into the financials, just to follow up on my comment on a couple of the items. Revenue continues to be strong. Our G&A expenses at $5.5 million are above our annualized run rate that I would expect. I would expect us to be closer to a $16 million annualized run rate on G&A. Royalty generation expenses are right on budget and on track for a full-year expectation there. We continue to generate strong cash flow.

Accordion features 200 million dollar potential available and add that to 70 million on the balance sheet.

Speaker #1: And, I think they're looking to, to complete the, the build-out around the middle of the year. And, and that is going to add, approximately, 30%, 30 cap, 30,000 geodes in terms of what they're doing, 30,000 ounces of production there, attributable to us on the royalty going forwards.

Even after the cash component of the Visa transaction we announced this morning, it will be cash—net cash positive, um, and fully ready to continue transacting in our space.

Speaker #1: casserones, we have broken it out here between the EMX and the elemental portions historically. So that you can see it on a like-for-like basis, but you can see both Q4 and Q1 there, as being historically high contributions from that asset.

Speaker #1: And it's, it's great to see alongside the gold price. It's great to see strong copper prices. And of course, after gold, copper is the second most material commodity for us and, and where we get our exposure.

Um, as we look a little deeper into the financials, uh, just a follow up on my comment, on on a couple of the items Revenue could be strong. Uh, our GNA expenses at 5 and a half million um, are above our annualized, run rate that I would expect. I would expect us to be closer to a 16 million dollar annualized rate on the GNA, royalty. Generation expenses are are right on budget on track for for your expectation there. Um,

Speaker #1: Going on to the next slide, we talk here to, to T-Mach. And that was a, a record quarter for T-Mach. And, and again, really important for, I think, people to, to appreciate that this is, this is just from the upper zone.

Stefan Wenger: There were a couple non-cash items in the net income, including a mark-to-market on some warrants that are outstanding, and taxes and others. We continue to generate strong results on a cash flow basis. You also see the first full quarter of full Caserones reflected in our revenue line item as a royalty instead of as an investment. On a comparative basis, we continue to show sort of that revenue plus an attributable share of Caserones, all of Caserones is baked into our revenue line for this quarter. We're quite pleased to have Caserones, along with Chimac, Bonikro, and Karlawinda really driving these results from our cornerstone assets. Caserones with copper at $6.20 a pound right now, we're not gonna argue with that either.

Stefan Wenger: There were a couple non-cash items in the net income, including a mark-to-market on some warrants that are outstanding, and taxes and others. We continue to generate strong results on a cash flow basis. You also see the first full quarter of full Caserones reflected in our revenue line item as a royalty instead of as an investment. On a comparative basis, we continue to show sort of that revenue plus an attributable share of Caserones, all of Caserones is baked into our revenue line for this quarter. We're quite pleased to have Caserones, along with Chimac, Bonikro, and Karlawinda, really driving these results from our cornerstone assets. Caserones with copper at $6.20 a pound right now, we're not going to argue with that either.

We continue to generate strong cash flow. There were a couple of non-cash items in the net income, including a mark-to-market on some warrants that are outstanding, um, and taxes and others. Uh, we continue to generate strong results on the capital basis.

Speaker #1: And they have been, over Zijin, have, have over the past, year, two years, they have been increasingly in development in the lower zone. And we're, we're looking forward to, to a site visit, shortly to the mine.

Speaker #1: And, and getting an update there on, on progress and development and as we have previously spoken to that, that lower zone at T-Mach is, is going to be an order of magnitude larger.

Speaker #1: Than, than what they are currently doing at the upper zone. And we'll be operating, in parallel with the upper zone and, and is all subject to our royalty.

Um, you also see the First full quarter of uh full pepperonis reflected in our Revenue line item, as a realy um, instead of as investment as want to compare the basis, we continue to show sort of that Revenue plus attributable, share of Caster ones. But all of Caster ones is they give our Revenue line for this quarter? Um, they were quite pleased to have casaron along with Team Mark, bonnyco and Carl Linda really driving these results. Um,

Speaker #1: So as well as hitting record revenue, from the upper zone where they, they completed the expansion in December last year, they are also going to be going forwards, getting into that lower zone.

To Mark our assets. Testimony is a copper at 6 dollars and 20 cents a pound right now. We're not going to argue with that either.

Stefan Wenger: Just moving forward to the cash flow bridge, we really had tremendous cash flow during the period and, you know, driven by collection of royalties primarily from our December quarter. Some transaction costs related to the credit facility and some deal costs that came out of it. We also had quite a positive impact from stock option exercises for some options that were expiring during the quarter. But a very clean, very targeted growth in our cash flow that we're quite pleased with. I'm not gonna spend a lot more time. It was a fantastic quarter, really driven by our assets. I'd like to ask Fred Bell to go ahead and give you an update on the portfolio.

Stefan Wenger: Just moving forward to the cash flow bridge, we really had tremendous cash flow during the period and driven by the collection of royalties primarily from our December quarter. Some transaction costs related to the credit facility and some deal costs that came out of it. We also had quite a positive impact from stock option exercises for some options that were expiring during the quarter. But a very clean, very targeted growth in our cash flow that we're quite pleased with. I'm not going to spend a lot more time. It was a fantastic quarter, really driven by our assets. I'd like to ask Fred Bell to go ahead and give you an update on the portfolio.

Speaker #1: So really important asset for us there. We had record revenue at Bonacro, as, as the market is aware, that is allied gold currently being acquired by Zijin.

Speaker #1: And, and that has been, I believe, approved by shareholders and, and subjects, subject to, to getting that closed shortly. And then Leeville, where we were, we were fortunate to get an update from the operator there on, on the plans going forwards.

Speaker #1: And I think we remain really positive on the exploration upside, in that, in that royalty coverage area. And it was also a record quarter in terms of absolute revenue for us, from what they are currently mining.

Some options that were expiring during the quarter, but a very clean, very targeted growth in our cash flow. They were quite busy.

Um, I'm not going to spend a lot of time. It was fantastic work.

Stefan Wenger: Again, I invite you all to join us for the conference call on the transaction, in about 45 minutes' time.

Stefan Wenger: Again, I invite you all to join us for the conference call on the transaction in about 45 minutes' time.

Speaker #1: On the next slide here, we do just pull out a few of the assets here, that are, I think having experiencing key catalysts from that wider portfolio.

Really driven by our assets. And I I'd like to ask upside down to go ahead and do an update on the portfolio. And again invite you all to join us for conference, call on the transaction. I got 45 minutes time.

Speaker #1: And Laverton, have, have said, that, they're updating their five-year plan. And they will have that out around the middle of the year in, in, in Q3.

Frederick Bell: Focus of these quarterly presentations when we go, when we go through the financials there, the real focus of our presentation here is on the producing assets, and we touch on a few of the development assets that are really progressing. I think that one thing that often gets underappreciated is that greater portfolio of, call it, 200 royalties at various stages. We are seeing record investment and record exploration dollars going into those projects by our counterparties around the world. I think for that, it doesn't always make the front page of the news, but that is a really important level of optionality that is inherent in our portfolio that I think stands out versus a lot of other companies our size and scale.

Frederick Bell: Focus of these quarterly presentations when we go through the financials there, the real focus of our presentation here is on the producing assets, and we touch on a few of the development assets that are really progressing. I think that one thing that often gets underappreciated is that greater portfolio of, call it 200 royalties at various stages. We are seeing record investment and record exploration dollars going into those projects by our counterparties around the world. I think for that, it doesn't always make the front page of the news, but that is a really important level of optionality that is inherent in our portfolio that I think stands out versus a lot of other companies our size and scale.

Is a totally presentation when we go.

Speaker #1: And we expect that to show for the first time, some of the focus Laverton grounds, where we have our royalty, 2 to 4 percent royalty.

Speaker #1: To have that coming into the mine plan, as part of that. And I think there is one deposit in particular at Beasley Creek, where we have 4 percent royalty coverage, that they have highlighted, as being a, a key resource approximately double the grade of what their existing mining.

Um, when we go through the financials, that the real focus of our presentation here is on, on the producing asset, and we touch on a few of the development assets that are really progressing. But I think that 1 thing that often gets underappreciated is that greater portfolio of call it 200 royalty at various stages and we are seeing record Investments.

Speaker #1: that they would like to get into that mine plan straight away. So I think that will be, important update from, from Genesis there. At Cactus, we saw Arizona and Sonoran being, acquired by Hub Bay.

And the record expiration was going into those projects by our counterparties around the world. So I think for that it doesn't always make the front page of the news, but that is a really important.

Speaker #1: They, they had the shareholder vote 99 percent approval recently. So again, like allied gold to Zijin, we see the operator here, moving to a bigger, larger mining company.

Level of optionality. That is inherent in our portfolio, but I think stands out versus a lot of other companies are are side accounts.

Frederick Bell: We'll talk through on the next slide then just to a couple of the key assets here. We had record revenues this quarter from Karlawinda, from Laverton, from Bonikro, and from Timok. You can see with Caserones that it was a near record quarter as well from that. On the Karlawinda front, one of the important developments there that has been progressing over the last year has been this mine expansion that they are looking to do 150,000 ounces per annum from H2 onwards. As of their last results, that is on track for commissioning in Q3 of this year. I think they're looking to complete the build-out around the middle of the year.

Frederick Bell: We'll talk through on the next slide then just to a couple of the key assets here. We had record revenues this quarter from Karlawinda, from Laverton, from Bonikro, and from Timok. You can see with Caserones that it was a near-record quarter as well from that. On the Karlawinda front, one of the important developments there that has been progressing over the last year has been this mine expansion that they are looking to do 150,000 ounces per annum from H2 onwards. As of their last results, that is on track for commissioning in Q3 of this year. I think they're looking to complete the build-out around the middle of the year.

Speaker #1: Which I think will have positive read-through for the project development going forwards. We had Aber Silver's Diablos actually putting out a resource update this week.

well, we'll talk through on the next slide, then just to, uh, a couple of the, the key assets and we had record revenues this quarter from Carla window

Speaker #1: and they have guided to, feasibility study expected this year and a, and a construction decision alongside that. And, and that is, I, I think it's great to see the resource growth that we saw, just in the last week.

from from zelle, from micro and from timok, and

Speaker #1: And, it talks a bit to the quality of some of these underlying assets, that are out there. And, and, Diablios, a bit like the Pinuco royalty that we're acquiring today, is, is one of the assets in the portfolio that gives us some silver exposure.

Speaker #1: At McTong, this is a royalty we, we only acquired in, in the last couple of years. But they are updating the historical feasibility study, still continuing to expect that to come out in, in 2027.

You can see with C that it was a it was a near record um quarter as well from that and on the Carla winfr, 1 of the important development there that has been progressing over. The last year, has been this line expansion that they are looking to 150,000 ounces per month from H2O and out of their last results. That is on track for commissioning in Q3 of this year.

Frederick Bell: That is going to add approximately 30,000 ounces of production there attributable to us on the royalty going forwards. At Caserones, we have broken it out here between the EDMX and the Elemental portions historically, so that you can see it on a like-for-like basis. You can see both Q4 and Q1 there as being historically high contributions from that asset. It's great to see alongside the gold price. It's great to see strong copper prices. Of course, after gold, copper is the second most material commodity for us and where we get our exposure. Going on to the next slide, we talk here to Timok. That was a record quarter for Timok.

Frederick Bell: That is going to add approximately 30,000 ounces of production there attributable to us on the royalty going forward. At Caserones, we have broken it out here between the EDMX and the elemental portions historically so that you can see it on a like-for-like basis. You can see both Q4 and Q1 there as been historically high contributions from that asset. It's great to see alongside the gold price. It's great to see strong copper prices. Of course, after gold, copper is the second most material commodity for us and where we get our exposure. Going on to the next slide, we talk here to Timok. That was a record quarter for Timok.

And I think they're looking to to complete the build that around the year and, and that is going to add.

Speaker #1: And I think we've seen, a surge in Tungsten market interest, both in the commodity pricing, and, and look, this is the world's, largest, highest grade deposit, on a standalone basis.

in terms of what they're doing for 30,000 oz of production, their period August

Speaker #1: We expect it to be a, a material contributor to the West Tungsten demand in the coming decades. So that will actually be a really material royalty for us going forwards.

Speaker #1: And we look forward to seeing Farway's updates coming out later this year on it. On Dub Bay, an asset that I think historically has really been underlooked, we have a 2 to 2 and a half percent NSR on this.

Speaker #1: The previous feasibility was targeting 200,000 ounces plus a year of production. They are updating that feasibility study now. The majority shareholder acquired the company, consolidated their ownership.

We have broken out here between the EMX and the Elemental portion historically so that you can see it on our like-for-like basis. And you can see both Q4 and Q1. There have been historically high contributions from that asset and it's great to see. Alongside the gold prices, it's great to see strong copper prices, and of course, after gold, copper is the second most material commodity for us and where we are exposed.

Frederick Bell: Again, really important for, I think, people to appreciate that this is just from the upper zone. They have been over Zijin have over the past year, 2 years, they have been increasingly in development in the lower zone. We're looking forward to a site visit shortly to the mine and getting an update there on progress and development. As we have previously spoken to that lower zone at Timok is going to be an order of magnitude larger than what they are currently doing at the upper zone and will be operating in parallel with the upper zone and is all subject to our royalty.

Frederick Bell: Again, really important for, I think, people to appreciate that this is just from the upper zone. They have been over Zijin have over the past year, two years, they have been increasingly in development in the lower zone. We're looking forward to a site visit shortly to the mine and getting an update there on progress and development. As we have previously spoken to that lower zone at Timok is going to be an order of magnitude larger than what they are currently doing at the upper zone and will be operating in parallel with the upper zone, and it is all subject to our royalty.

Speaker #1: And, and that was done this quarter. So, in, in Q2. So, they are now wholly owned by Manta, which is a private operator in West Africa.

Going on to the next slide, we talk here to timok and that was a record quarter for timok and and again, really important for I think people to to appreciate that. This is, this is dust from the upper

Speaker #1: And they, they already operate the Carissa mine, it's about 100,000 ounces a year. And, they are looking to now develop Dub Bay and talking about a construction decision in H2 of this year.

Speaker #1: And, and look, it's, it's now, it's a private company. So there's limited visibility. But for us, this is an asset that, that if they get through to that final investment decision, and construction and, and fully financed, we are talking about a, a 2 to 2 and a half percent uncapped royalty.

Frederick Bell: As well as hitting record revenue from the upper zone where they completed the expansion in December last year, they are also going to be going forwards, getting into that lower zone. A really important asset for us there. We had record revenue at Bonikro. As the market is aware, that is Allied Gold currently being acquired by Zijin Mining Group, and that has been, I believe, approved by shareholders and subject to getting that closed shortly. Laverton, where we were fortunate to get an update from the operator there on the plans going forwards. I think we remain really positive on the exploration upside in that royalty coverage area. It was also a record quarter in terms of absolute revenue for us from what they are currently mining.

Frederick Bell: As well as hitting record revenue from the upper zone where they completed the expansion in December last year, they are also going to be going forwards, getting into that lower zone. A really important asset for us there. We had record revenue at Bonikro. As the market is aware, that is Allied Gold currently being acquired by Zijin Mining Group, and that has been, I believe, approved by shareholders and subject to getting that closed shortly. Laverton, where we were fortunate to get an update from the operator there on the plans going forward. I think we remain really positive on the exploration upside in that royalty coverage area. It was also a record quarter in terms of absolute revenue for us from what they are currently mining.

Speaker #1: On 200,000 ounce ounces a year plus of production on the last feasibility study. So, a potential to be a really, really material contributor to the portfolio going forwards.

Speaker #1: And then lastly, Biscaria where, they're working on, on the debt financing, and they have first production targeted for 2027. So, look, just taking those six projects alone in the portfolio, I think it, it contributes to our, our organic growth profile.

They have been over, have have asked year 2 years. They have been increasingly in development in low events. And we're, we're looking forward to, to a site visit, um, shortly to the line and getting update their on, on progress and development. And as we have previously spoken to that that lower Zone in terms, it's going to be in order of magnitude larger than than what they are currently doing at the other Zone. And we'll be operating in parallel with the upper Zone and and it all subject to our role too. So as well as sitting record revenue from the upload where they they complete the expansion to send last year. They are also going to be going forwards getting into that over time. So really important asset for us that we had record Revenue micro

As the market is aware, that is Allied goal currently being acquired by oxygen.

And approved by shareholders. And

Speaker #1: That we see, if you go to the next slide here, we, we highlighted a bit here. But if we're looking in, in the years ahead, we're seeing order of magnitude, I think 50 percent organic growth to 2029, just from our existing portfolio, before the addition of Pinuco and Vizla.

Speaker #1: And with that coming in, we are seeing the, the growth going up, you know, 75 percent in, in terms of organic growth from, from where we are today.

Frederick Bell: On the next slide here, we do just pull out a few of the assets here that are, I think experiencing key catalysts from that wider portfolio. Laverton have said that they're updating their 5-year plan, and they will have that out around the middle of the year in Q3. We expect that to show for the first time some of the focused Laverton grounds where we have our royalty, 2% to 4% royalty, to have that coming into the mine plan as part of that. I think there is 1 deposit in particular, Beasley Creek, where we have 4% royalty coverage that they have highlighted as being a key resource, approximately double the grade of what they're existing mining, that they would like to get into that mine plan straight away.

Frederick Bell: On the next slide here, we do just pull out a few of the assets here that are, I think experiencing key catalysts from that wider portfolio. Laverton have said that they're updating their five-year plan, and they will have that out around the middle of the year in Q3. We expect that to show for the first time some of the focused Laverton grounds where we have our royalty, 2% to 4% royalty, to have that coming into the mine plan as part of that. I think there is one deposit in particular, Beasley Creek, where we have 4% royalty coverage that they have highlighted as being a key resource, approximately double the grade of what they're existing mining, that they would like to get into that mine plan straight away.

Okay, let's get to um to getting that closed shortly and then leave Bill where we were we were fortunate to get an update from the operator there, on the plan, to go forward. And I think we remain really positive on the expiration side in that in that full coverage area, and it will also record a call to in terms of absolute revenue for us from what they are currently mining.

Speaker #1: So that is one of the strongest, if not the strongest absolute growth profile, in the industry, in the royalty space in the coming years.

On the next slide here we do just pull out a few of the assets here. The I think

Experiencing key catalysts from that y, double failure.

And labor turn have have.

Speaker #1: And the great position that we're in today is that even after closing this acquisition, we will be in a net cash position. We will have an undrawn credit facility.

Speaker #1: We have a very supportive shareholder base that would like to see us continue to grow the company. so with that, I'll, I think hand over to the next slide.

Of the focus labor and Browns where we have our royalty 2 to 4% royalty, to have that coming into the home plan.

Speaker #1: And, and let Dave take it from here. Thank you very much. And, I'd like to point out that in a conversation I had with Mike Pettingill, the CEO of Vizla, I was, we were, we were negotiating and, and talking about the merits of a potential merger.

Frederick Bell: I think that will be important update from Genesis there. At Cactus, we saw Arizona Sonoran being acquired by Hudbay. They had the shareholder vote 99% approval recently. Again, like Allied Gold to GEO, we see the operator here moving to a bigger, larger mining company, which I think will have positive read-through for the project development going forwards. We had Avino Silver's Diablos actually putting out a resource update this week. They have guided to a feasibility study expected this year and a construction decision alongside that. That is I think it's great to see the resource growth that we saw just in the last week, it talks a bit to the quality of some of these underlying assets that are out there.

Frederick Bell: I think that will be an important update from Genesis there. At Cactus, we saw Arizona Sonoran being acquired by Hudbay. They had the shareholder vote 99% approval recently. Again, like Allied Gold to GEO, we see the operator here moving to a bigger, larger mining company, which I think will have positive read-through for the project development going forward. We had Avino Silver's Diablos actually putting out a resource update this week. They have guided to a feasibility study expected this year and a construction decision alongside that. That is, I think it's great to see the resource growth that we saw just in the last week, it talks a bit to the quality of some of these underlying assets that are out there.

As part of that. And I think there is 1 deposit in particular easily Creek where we have 4% rule coverage that they have highlighted as being a key resource approximately, double the grade of what their existing mining um, that they would like to get into that mind maps trade away. So I think that would be important update from Genesis there. A cactus, we saw Arizona during being

Speaker #1: And I started in talking about this portfolio that we have. And Mike interrupted me and he says, "Dave, we're familiar with the portfolio. We know how great it is.

Speaker #1: You don't need to convince me." And that was music to my ears. And it's always good to see, recognition of the portfolio that we have from outside sources.

Acquired out today. They, they had their shareholders open 99% recently. So again like Ally talk decision, we see the operator here, moving to a bigger larger mining company, which I hate why I positively read through for the project development going forward.

We had our resellers diagnose, actually bring out a resource update this week.

Speaker #1: And, it's producing the results that we're seeing and the numbers today. And enabling us to be able to attract such strong merger candidates as Vizla.

and they invited to, uh, feasibility study expected this year and then I can

Speaker #1: And that's going to, enable us to do exactly what Fred just said, and that is further this portfolio, even beyond what the numbers from the, from the existing portfolio suggest.

Like that. And that is I think it's great to see the resource growth that we saw just in the last week and it talks a bit the quality of some of these underlying assets.

Frederick Bell: Diablos, a bit like the Panuco royalty that we're acquiring today, is one of the assets in the portfolio that gives us some silver exposure. At Mactung, this is a royalty we only acquired in the last couple of years, but they are updating the historical feasibility study, still continuing to expect that to come out in 2027. I think we've seen a surge in tungsten market interest, both in the commodity pricing and look, this is the world's largest, highest grade deposit. On a standalone basis, we expect it to be a material contributor to the West tungsten demand in the coming decades. That will actually be a really material royalty for us going forward, and we look forward to seeing Far West updates coming out later this year on it.

Frederick Bell: Diablos, a bit like the Panuco royalty that we're acquiring today, is one of the assets in the portfolio that gives us some silver exposure. At Mactung, this is a royalty we only acquired in the last couple of years, but they are updating the historical feasibility study, still continuing to expect that to come out in 2027. I think we've seen a surge in tungsten market interest, both in the commodity pricing and look, this is the world's largest, highest-grade deposit. On a standalone basis, we expect it to be a material contributor to the West tungsten demand in the coming decades. That will actually be a really material royalty for us going forward, and we look forward to seeing Far West updates coming out later this year on it.

that are out there and

off.

Speaker #1: and, so just continuing to march forward, with our management team. And I would like to point out specifically that a real catalyst for our advancement has been the investment from Tether.

A bit like the onuka royalty that we're acquiring today is is 1 of the Assets in portfolio, that it gives us some silver exposure.

Speaker #1: And as a significant shareholder and, and highly supportive shareholder, and specifically Juan Sartori has a passionate chairman of the board. Who believes in this business model even more than we do.

A Mac tongue. This is a royalty. We we only advise in in the last couple of years, but they are updating the historical feasibility study, still continuing to exactly have to come out in in 2027. I think we've seen a surge in pumps in markets interests both in the commodity pricing. And and look, this is the world's largest highest rate deposit.

Speaker #1: And it's just, it's just a delight to work with Juan and to have the support of, one of the most profitable private companies in the world, Tether.

Frederick Bell: On Dugbe, an asset that I think historically has really been overlooked. We have a 2 to 2.5% NSR on this. The previous feasibility was targeting 200,000 ounces plus a year of production. They are updating that feasibility study now. The majority shareholder acquired the company, consolidated their ownership. That was done this quarter, so in Q2. They are now wholly owned by Mansa, which is a private operator in West Africa, and they already operate the Karissa mine. It's about 100,000 ounces a year. They are looking to now develop Dugbe and talking about a construction decision in H2 of this year. Look, it's now a private company, there's limited visibility.

Frederick Bell: On Dugbe, an asset that I think historically has really been overlooked. We have a 2- 2.5% NSR on this. The previous feasibility was targeting 200,000 ounces plus a year of production. They are updating that feasibility study now. The majority shareholder acquired the company, consolidated their ownership. That was done this quarter, so in Q2. They are now wholly owned by Mansa, which is a private operator in West Africa, and they already operate the Karissa mine. It's about 100,000 ounces a year. They are looking to now develop Dugbe and talking about a construction decision in H2 of this year. Look, it's now a private company, there's limited visibility.

Speaker #1: We'd be happy to take questions, Matt.

Speaker #2: Thank you. If you have dialed in and you would like to ask a question, please press star one on your telephone keypad. Your first question from the phones comes from Brian MacArthur with Raymond James.

Speaker #2: Your line is open.

Um, on the, on the line basis, be expected to be out and material contributor to the West Hunting demand in the coming decades. So that will actually be a really miserable quality for USA force and we look forward to seeing how we update coming out later on today. An asset that I think historically, has really been overlooked. We have a due to 2 and a half percent Sr on this. The previous visibility was targeting 200,000 Oz possible production, they are updating that feasibility study. Now, the majority shareholder acquired, the company can follow day to their ownership and and that was done this quarter. So um in so they are now having owned by

Speaker #3: Good morning. And thank you for taking my questions. I'll keep them away from the transaction until the next call. But just on two assets, you mentioned Bonacro did very, very well.

Speaker #3: but that, if I remember that royalty doesn't cover everything and it moves around a fair bit. Would the outperformance gold price only, or were you just on a better part of royalty land?

Frederick Bell: For us, this is an asset that if they get through to that final investment decision and construction and fully financed, we are talking about a 2% to 2.5% uncapped royalty on 200,000 ounces a year plus of production from the last feasibility study. A potential to be a really material contributor to the portfolio going forward. Lastly, Viscaria, where they're working on the debt financing, and they have first production targeted for 2027. Look, just taking those six projects alone in the portfolio, I think it contributes to our organic growth profile that we see if you go to the next slide here, and we highlighted a bit here.

Speaker #3: And how does that look for the rest of this year?

Speaker #4: Fred, do you wanna take that call? That i that question from Brian. And good morning, Brian.

Speaker #3: Good morning.

Private operator in West Africa and they they already operate. The Carissa mine about 100,000 ounces a year. And um, they are looking to now develop the base and talk about a construction decision in H2 of this year and and look, it's it's now it's a private company, so there's limited visibility. But for us this is an asset that that if it gets through to that final investment decision uh and construction and availability, financed, we are talking about 2 to 3 and a half percent uncapped royalty on 200,000 Oz.

Speaker #1: Appreciate, appreciate the, appreciate the question. look, I think it's, I think it's partly related. to the, the timing of, of some of the sales.

Speaker #1: that, you know, fluctuate from, from quarter to quarter. I in terms of the, in terms of the, the, the oil that went through, I think that was, that was relatively, consistent.

A year plus of production and last feasibility studies. So a potential will be a really, really material contributor to the portfolio, going forward. And then lastly, for this area, where they're working on the debt financing, and they have first production targeted at 2027.

Speaker #1: So I think it was, it was partly just sales falling into the quarter. more than, more than displacement or coming in and out of the royalty area.

Frederick Bell: If we're looking in the years ahead, we're seeing order of magnitude, I think 50% organic growth to 2029 just from our existing portfolio before the addition of Panuco and Vizsla. With that coming in, we are seeing the growth going up, you know, 75% in terms of organic growth from where we are today. That is one of the strongest, if not the strongest absolute growth profile, in the industry in the royalty space in the coming years. The great position that we're in today is that even after closing this acquisition, we will be in a net cash position. We will have an undrawn credit facility. We have a very supportive shareholder base that would like to see us continue to grow the company.

Speaker #3: Got it. And do you expect it to kind of remain the same the rest of this year?

Speaker #1: look, I, I think we're in, in terms of, in terms of where it is, I think there, there is, I think we're sticking with the sort of, the guidance we had for, for the year.

So look just taking those 6 projects alone in the portfolio. I think it it contributes to our our organic growth profile that we see if you go to the next slide here and we highlighted over here. But if we're looking in in a year ahead we're seeing order of magnitude I think 50% organic growth to 2029 just from our existing portfolio before the addition of anewgo and with that coming in

Speaker #1: So I think that was a strong quarter for us. versus where we expect it to be. but it's, it's, it's, it's, it is, it has it has fluctuated sometimes quarter to quarter in terms of the timing of sales.

We are seeing the the growth going up um you know 75% in in terms of organic growth from where we are today, so that's 1 of the strongest. If not the strongest absolute great profile in the industry in the world, space in the coming years and the great position that we're in today is that even after closing the acquisition, we will be in a net cap position.

Speaker #1: and where it is. But yeah, ahead of, ahead of where we had it for the year, certainly on a quarterly basis.

Frederick Bell: With that, I'll, I think hand over to the next slide and let Dave take it from here.

Speaker #3: Great. Thanks. And my other one is Corelli Stud where you got zero. And I know it's supposed to be down. H-how should I think about that for the rest of the year?

We will have an undrawn credit facility. We have a very, sort of, shareholder base that would like to see us continue to grow the company. Um, so with that, uh, I think— and go to the next slide— and, um, and that— they take from here.

Speaker #3: And are there any of those payments still left that, you could get anytime soon?

David Cole: Thank you very much. I'd like to point out that in a conversation I had with Mike Peddle and the CEO of Vizsla, we were negotiating and talking about the merits of a potential merger, and I started in talking about this portfolio that we have. Mike interrupted me. He says, "Dave, we're familiar with the portfolio. We know how great it is. You don't need to convince me." That was music to my ears, and it's always good to see recognition of the portfolio that we have from outside sources. It's producing the results that we're seeing in the numbers today and enabling us to be able to attract such strong merger candidates as Vizsla.

Speaker #1: So yeah, that's a good question. Look, I think in terms of the, the mine planning, I think obviously there is a with the residual coming in.

Speaker #1: there is a, there, there's, there's probably gonna be a, a, a sort of refresh mine plan alongside that deal closing. we do expect some further payments, from that relating to, both already mined royalty revenue and, and some of the milestone payments.

You very much and uh um I'd like to point out that in a conversation. I had with my patent girl on CEO of bisla, I was uh, we were negotiating and talking about the merits of a potential murder.

I started in talking about this portfolio that we have.

And Mike interrupted me. He says, Dave

Portfolio. We know how great it is. You don't need to convince me.

And I was music to my ears.

Speaker #1: so that is something that we, we are, are working on in parallel. But in, in terms of the mine plan, look, we, we don't have something, that is up to date from the new operator yet.

David Cole: That's going to enable us to do exactly what Frederick Bell just said, and that is further this portfolio even beyond what the numbers from the existing portfolio suggest. Just continuing to march forward with our management team. I would like to point out specifically that a real catalyst for our advancement has been the investment from Tether Investments. As a significant shareholder and highly supportive shareholder, and specifically Juan Sartori as a passionate Chairman of the Board who believes in this business model even more than we do. It's just a delight to work with Juan and to have the support of one of the most profitable private companies in the world, Tether Investments. We'd be happy to take questions, Matt.

Speaker #1: we do have certain rights on the royalty agreement. but I think that given the, the, the, the acquisition of Allied, and, and, the new ownership coming in, we are, we're waiting to get an updated plan there.

And it's always good to see recognition of the portfolio that we have from outside sources and it's producing the results that we're seeing the numbers today and enabling us to be able to attract such strong merger candidates as Tesla.

Speaker #1: But we, we do expect some, residual payments either from the royalty revenue or from the milestones this year.

Speaker #3: Great. Thanks. Thanks very much. And I'll send you the question. Paul. Thank you.

And that's going to, um, enable us to do exactly what Fred just said, and that's further this portfolio even beyond what the numbers from the existing portfolio suggest. Um, and, uh, so, um, just continuing to march forward with our management team, and I would like to point out specifically that,

Speaker #2: And there are no further questions from the phone line. I will turn it back to you.

Speaker #4: With that, there are no, there are no questions on the, on the webcast either. Dave Cole, would you like to close this up?

a real Catalyst for our advancement has been the investment from other and I say significant shareholder and highly supportive shareholder and specifically wants our Tori has a passionate

Uh, um, ter of the board who believe in this business model, even more than we do.

Speaker #1: Well, I just invite everybody to join us on the, on the call where we'll discuss this next, M&A deal with Vizla. We're very pleased.

And it's just it's just a light to work with 1 and to have the support of 1 of the most profitable private companies in the world together.

Speaker #1: We think it fits into the po portfolio, exceptionally well. And we're always driven by the potential for discovery optionality because that's what drives royalty valuation long term.

We'd be happy to take questions uh Matt.

Operator 1: Thank you. If you have dialed in and you would like to ask a question, please press star 1 on your telephone keypad. Your first question from the phones comes from Brian MacArthur with Raymond James. Your line is open.

Speaker #1: And we think this asset is an exceptional example. Thank you for joining us.

Thank you. If you have dialed in and you would like to ask a question, please press star 1 on your telephone keypad,

Speaker #5: Thanks, all.

Brian MacArthur: Good morning. Thank you for taking my questions. I'll keep them away from the transaction until the next call. Just on two assets, you mentioned Bonikro did very well. That, if I remember, that royalty doesn't cover everything, and it moves around a fair bit. Was the outperformance gold price only, or were you just on a better part of royalty land? How does that look for the rest of this year?

Your first question from the phones comes from Brian MacArthur with Raymond James. Your line is open.

Good morning. Thank you for taking my questions. I'll keep them away from the transaction until the next call but just on 2, you mentioned bonero did very, very well. Um, but that if I remember that role, he doesn't cover everything and it moves around the credit with the other form um gold price only or were you just on a better part of royalty land? And how does that look for the rest of this year?

David Cole: Fred, do you wanna take that call? That question from Brian. Good morning, Brian.

Brian MacArthur: Morning.

Do you want to take that? Call that question from Brian. Good morning, Brian.

Good morning.

Frederick Bell: Appreciate the question. Look, I think it's partly related to the timing of some of the sales that, you know, fluctuate from quarter to quarter. In terms of the ore that went through, I think that was relatively consistent. I think it was partly just sales falling into the quarter, more than displacement ore coming in and out of the royalty area.

Appreciate, appreciate you. Appreciate the question. Um, look, I think it's, I think it's partly related, um, to the the timing of, of some of the sales, um, uh, you know, fluctuate from from call to daughter. Um, in terms of the, um, in terms of the, the, the old that went through. Um, I think that was that was relatively, um, consistent. So I think it was, it was partly just failed swinging into the quarter, um, more than more than just placement or coming in out of the road area.

Brian MacArthur: Got it. Do you expect it to kind of remain the same the rest of this year?

Frederick Bell: Look, I think we're in terms of where it is, I think there is I think we're sticking with the sort of guidance we had for the year. I think that was a strong quarter for us versus where we expect it to be. It has fluctuated sometimes quarter to quarter in terms of the timing of sales and where it is. Yeah, ahead of where we have it for the year, certainly on a quarterly basis.

Got it. And do you expect it to kind of remain the same the rest of this year?

Uh look I think we're in in terms of um in terms of where it is. I think there there is I think we're sticking with the sort of um

The guidance we have for for years. So I think that was a strong quarter for us, um, versus where we affect it, too. Um, but it's it's, uh, it's it's, uh,

Brian MacArthur: Great. Thanks. My other one is Korali-Sud, where you got zero. I know it's supposed to be down. How should I think about that for the rest of the year? Are there any of those payments still left that you could get any time soon?

Frederick Bell: Yeah, that's a good question. Look, I think in terms of the mine planning, I think obviously there is with Allied Gold Corporation coming in, there is probably gonna be a sort of refreshed mine plan alongside that deal closing. We do expect some further payments from that relating to both already mined royalty revenue and some of the milestone payments. That is something that we are working on in parallel. In terms of the mine plan, look, we don't have something that is up to date from the new operator yet. We do have certain rights under the royalty agreement.

It is, uh, it has it has fluctuated. Sometimes quarter to quarter in terms of the timing of sales um and where it is. But yeah, ahead of where we have it for the year. Certainly great. Thanks and my other 1 is Corelli said, where you got zero and I know it's supposed to be down. How should I think about that for the rest of the year and are there any of those payments still left that? Um, you could get any time soon.

So yeah, that's a good question. I think, in terms of the the mind running, I think obviously there is a weird decision coming in. Um, there is a, there's probably going to be a, a sort of refreshed mind plan alongside the steel closing. Um, we do expect some further Pence, um, from that relating to um, both already mined royalty revenue and some of the Milestone payments. Um, so that is something that we, we are, um, are working on in parallel. But in, in terms of Mind plan,

We don't have something, um, that—

Speaker #1: Thanks, all.

Frederick Bell: I think that given the acquisition of Allied, and the new ownership coming in, we're waiting to get an updated plan there. We do expect some residual payments either from the royalty revenue or from the milestones this year.

Up to date from the new operator yet. Um, we do have some rights on the royalty agreement. Um, but I think that given the, the acquisition of Allied—

um, and

um,

Yeah.

Brian MacArthur: Great. Thanks very much.

Frederick Bell: Yeah.

Brian MacArthur: Thank you.

Great, thanks. Thanks very much. Thank you.

Operator 1: There are no further questions from the phone line. I will turn it back to you.

And there are no other questions from this online.

I will turn it back to you.

Operator 2: With that, there are no questions on the webcast either. David Cole, would you like to close this up?

There's no question on the, on the webcast either.

David Cole: Well, I just invite everybody to join us on the call where we'll discuss this next M&A deal with Vizsla Royalties. We're very pleased. We think it fits into the portfolio exceptionally well, and we're always driven by the potential for discovery optionality because that's what drives royalty valuation long term, and we think this asset is an exceptional example. Thank you for joining us.

A code. Would you like to pull this up?

Well, I just invite everybody to join us on the, on the call. Where we'll discuss this next

With this. We're very pleased with some of the portfolio exceptionally. Well and we're always driven by the potential for Discovery optionality because that's what drives royalty, evaluation long term and this method is an exceptional example.

Thank you for joining us.

Frederick Bell: Thanks all.

Operator 1: Thank you. This concludes today's meeting. You may-

Thank you. This include today's meeting you.