Q2 2026 Gold Royalty Corp Earnings Call

August 6, 2026

Speaker #1: Welcome to the Gold Royalty Corps second quarter 2026 results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

Operator: Welcome to the Gold Royalty Corp Q2 2026 Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to David Garofalo, Chair and CEO. Please go ahead.

Speaker #1: After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to David Garofalo, Chair and CEO.

Speaker #1: Please go ahead.

Speaker #2: Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our second quarter 2026 results. Please note, for those not currently on the webcast, a presentation accompanying this conference call is available on the presentations page of our website.

David Garofalo: Thank you, operator. Good morning, ladies and gentlemen, thank you for participating in today's call to review our Q2 2026 results. Please note for those not currently on the webcast, a presentation accompanying this conference call is available on the presentations page of our website. Some of the commentary in today's call will include forward-looking statements, I would direct everyone to review slide two of the presentation, which includes important cautionary notes. All dollar values in today's call are expressed in US dollars unless otherwise noted. Speaking alongside me this morning will be our President, John Griffith, Andrew Gubbels, Chief Financial Officer, and Jackie Przybylowski, Vice President, Capital Markets and Sustainability. For the Q1 in several years, the gold price was down, falling by 13%, or nearly $600 per ounce in the Q2 2026.

Speaker #2: Some of the commentary in today's call will include forward-looking statements and I would direct everyone to review slide 2 of the presentation which includes important cautionary notes.

Speaker #2: All dollar values in today's call are expressed in US dollars unless otherwise noted. Speaking alongside me this morning will be our President, John Griffith; Andrew Gubbels, Chief Financial Officer; and Jackie Przybylowski, Vice President, Capital Markets and Sustainability.

Speaker #2: For the first quarter and several years, the gold price was down, followed by a 13% increase and earned nearly $600 per ounce in the second quarter of 2026.

Speaker #2: However, to put this price movement in the proper perspective, the commodity was still up strongly year-over-year by nearly 18%, or over $700 per ounce.

David Garofalo: However, to put this price movement in the proper perspective, the commodity was still up strongly year-over-year by nearly 18%, or over $700 per ounce. Reflecting the risk-off sentiment that has prevailed in our sector since the onset of the Ukraine war, gold mining equities levered to gold fared even worse than the commodity price. The GDX and the GDXJ, VanEck's gold miners and junior gold miners ETFs, each fell 18% in the Q2. Gold Royalty is a small cap and liquid stock which has outperformed our peers through 2025, was down 23%. This downward movement in the gold price equities, and in our share price in particular, are severely overdone and reflect neither the fundamentals of the commodity nor those of the robust and accelerating growth of Gold Royalty's business. All the key drivers for gold remain in place.

David Garofalo: However, to put this price movement in the proper perspective, the commodity was still up strongly year-over-year by nearly 18%, or over $700/oz. Reflecting the risk-off sentiment that has prevailed in our sector since the onset of the Iran war, gold mining equities levered to gold fared even worse than the commodity price. The GDX and the GDXJ, VanEck's gold miners and junior gold miners ETFs, each fell 18% in the Q2. Gold Royalty is a small cap and liquid stock which has outperformed our peers through 2025, was down 23%. This downward movement in the gold price equities, and in our share price in particular, are severely overdone and reflect neither the fundamentals of the commodity nor those of the robust and accelerating growth of Gold Royalty's business. All the key drivers for gold remain in place.

Speaker #2: Reflecting the risk-off sentiment that has prevailed in our sector since the onset of the Iran War, gold mining equities, lever to gold, fared even worse than the commodity price.

Speaker #2: The GDX and the GDXJ VanEck's gold miners and junior gold miners ETFs each fell 18% in the second quarter. And Gold Royalty is a small-cap and liquid stock which has outperformed our peers through 2025, was down 23%.

Speaker #2: This downward movement in the gold price, equities, and in our share price in particular are severely overdone and reflect neither the fundamentals of the commodity nor those of the robust and accelerating growth of Gold Royalty's business.

Speaker #2: All the key drivers for gold remain in place. Continued government fiscal deficits, elevated government spending, and persistent inflationary pressures have the potential, to further erode the purchasing power of the US dollar and other fiat currencies.

David Garofalo: Continued government fiscal deficits, elevated government spending, persistent inflationary pressures have the potential to further erode the purchasing power of the US dollar and other fiat currencies. In this environment, we believe gold remains well-positioned as a store of value, is expected to be driven vastly higher from increased investor and central bank demand. The improved outlook for gold and the growth Gold Royalty Corp is experiencing from our world-class portfolio will act as a tailwind for gold equities, in particular, for our share price. Unlike the gold miners, we have no inflationary pressures weighing on our operating margins. The increasing cost for oil, fuel, and other petroleum-derived products such as explosives, which have impacted operations this year, will continue to be fully borne by our operating partners, allowing our shareholders to enjoy unmitigated leverage to the gold price.

Speaker #2: In this environment, we believe gold remains well-positioned as a store of value and is expected to be driven vastly higher from increased investor and central bank demand.

Speaker #2: The improved outlook for gold and the growth Gold Royalty Corp. is experiencing from our world-class portfolio will act as a tailwind for gold equities and, in particular, for our share price.

Speaker #2: Unlike the gold miners, we have no inflationary pressures weighing on our operating margins. The increasing costs for oil, fuel, and other petroleum-derived products such as explosives which have impacted operations this year will continue to be fully borne by our operating partners, allowing our shareholders to enjoy unmitigated leverage to the gold price.

Speaker #2: One of the great features of our royalty model is that we are insulated from most sources of cost inflation. NSR royalties are royalties on revenues, and are not impacted by mine-site operating costs.

David Garofalo: One of the great features of our royalty model is that we are insulated from most sources of cost inflation. NSR royalties are royalties on revenues and are not impacted by mine site operating costs, nor do they have fixed or variable payments back to the operators. Nearly all of our royalties are NSR royalties, which gives us strong margins even compared with our royalty and streaming peers. The data in slide five show our strong operating margins versus peers, and we note that our margins continue to improve as we continue to realize our peer-leading revenue growth over the next few years. To be clear, our operating costs are essentially fixed. Every dollar of revenue growth has and will continue to fall right to the bottom line. Our operating margin is projected to continue to grow over the ensuing quarters and years.

Speaker #2: Nor do they have fixed or variable payments back to the operators. And nearly all of our royalties are NSR royalties, which gives us strong margins even compared with our royalty and streaming peers.

Speaker #2: The data in slide 5 show our strong operating margins versus peers. And we note that our margins continue to improve as we continue to realize our peer-leading revenue growth over the next few years.

Speaker #2: To be clear, our operating costs are essentially fixed. Every dollar of revenue growth has, and will continue to, fall right to the bottom line.

Speaker #2: Our operating margin is projected to continue to grow over the ensuing quarters and years. Our portfolio, which is weighted at 92% gold, is highly leveraged to gold prices and is poised to benefit from the expected improved outlook for gold that we've already discussed.

David Garofalo: Our portfolio, which is weighted at 92% gold, is highly leveraged to gold prices and is poised to benefit from the expected improved outlook for gold that we've already discussed. With strong gold growth in all key production and financial results expected over the next five years, and peer-leading trading liquidity, we are poised to outperform both gold producer equities and our royalty peers. Turning to the results for the quarter. Q2 was another strong one for Gold Royalty. We've reported record results for the H1 ended 30 June, with a more than doubling or 116% increase in total revenue, land agreement proceeds and interest to $17.3 million, and an over 40% increase in Gold Equivalent Ounces to 3,677 ounces, and a more than tripling or 212% increase in adjusted EBITDA to $12.6 million, as Andrew Gubbels will go through in more detail in a few moments.

Speaker #2: With strong gold growth in all key production and financial results expected over the next 5 years, and peer-leading trading liquidity, we are poised to outperform both gold producer equities and our royalty peers.

Speaker #2: Turning to the results for the quarter. The second quarter was another strong one for Gold Royalty. We've reported record results for the half-year ended June 30th, with a more than doubling or 116% increase in total revenue land agreement proceeds and interest to 17.3 million dollars.

Speaker #2: And an over 40% increase in gold equivalent ounces to 3,677 ounces. And a more than tripling or 212% increase in adjusted EBITDA to 12.6 million dollars is Andrew will go through in more detail in a few moments.

Speaker #2: We also continue to be very optimistic about our outlook for organic growth for the second half of 2026, as Jackie will discuss shortly, and remain on track to meet our previously disclosed full-year production guidance of 7,500 to 9,300 geos.

David Garofalo: We also continue to be very optimistic about our outlook for organic growth for the H2 2026, as Jackie will discuss shortly, and remain on track to meet our previously disclosed full year production guidance of 7,500 to 9,300 GEOs. John will also lead you through the steady progress we were making in business development, as we added a second royalty on Barrick's Ren Project in June, and two additional royalties subsequent to quarter end to complement the consistent creation of cost-free royalties from our royalty generator model. These are in addition to two major acquisitions completed since late last year of the Pedra Branca and additional Borborema royalties. As a reminder, we published our updated integrated report, the combined asset handbook, and Sustainability report. You can find this report under the portfolio integrated report sections of our website on goldroyalty.com.

Speaker #2: John will also lead you through the steady progress we are making in business development, as we added a second royalty and Barrack's Wren project in June, and two additional royalties subsequent to quarter end to complement the consistent creation of cost-free royalties from our royalty generator model.

Speaker #2: These are in addition to two major acquisitions completed since late last year of the Peter Branka and additional Barbara Rama royalties. As a reminder, we published our updated integrated report, a combined asset handbook and sustainability report.

Speaker #2: You can find this report under the Portfolio Integrated Report sections of our website on goldroyalty.com. We also hosted Gold Royalty's annual Capital Markets Day in the second quarter, where we discussed in detail our exciting organic growth, already fully bought and paid for.

David Garofalo: We also hosted Gold Royalty's annual Capital Markets Day in Q2, where we discussed in detail our exciting organic growth already fully bought and paid for, our continued disciplined approach to accretive growth, and the high quality of assets in our portfolio. For those of you who are interested in learning more about our royalty generator model, Jerry Baughman took a deep dive into the royalty generator model and the opportunities we're seeing. We were joined by representatives of Corex, DPM and Orla to review some of the most exciting assets in our portfolio. A replay of the 18 June event can be found in the investors event section of our website. I'll now pass the call over to our CFO, Andrew Gubbels, to discuss the financial results for the quarter and the year to date.

Speaker #2: Our continued discipline approach to creative growth, and the high quality of assets in our portfolio. For those of you who are interested in learning more about our royalty generator model, Jerry Bofman took a deep dive into the royalty generator model and the opportunities we've seen.

Speaker #2: And we were joined by representatives of Corex, DPM, and Orla to review some of the most exciting assets in our portfolio. A replay of the June 18th event can be found in the investors and events section of our website.

Speaker #2: I'll now pass the call over to our CFO, Andrew Gubbels, to discuss the financial results for the quarter, and the year-to-date.

Speaker #3: Thanks, Dave. As Dave mentioned, we're pleased to report new records for revenue and adjusted EBITDA in the first half 2026. Specific to the second quarter, total revenue land agreement proceeds and interest was 7.9 million dollars, translating to 1,757 geos in the quarter.

Andrew Gubbels: Thanks, Dave. As Dave mentioned, we're pleased to report new records for revenue and adjusted EBITDA in H1 2026. Specific to Q2, total revenue, land agreement proceeds, and interest was $7.9 million, translating to 1,757 GEOs in the quarter. Adjusted EBITDA was $5.6 million, more than doubling from the $2.4 million in the comparable Q2 2025. Our balance sheet also remains strong. We exited Q2 with over $11.3 million of cash, no debt, and a fully undrawn $150 million credit facility. As we continue to generate cash, our portfolio is expected to generate consistent positive free cash flow, positioning Gold Royalty well to self-fund its business going forward. With a clean balance sheet, we now have the flexibility to execute our long-term strategy.

Speaker #3: Adjusted EBITDA was 5.6 million dollars, more than doubling from the 2.4 million dollars in the comparable quarter in 2025. Our balance sheet also remains strong.

Speaker #3: We exited the second quarter with over 11.3 million dollars of cash, no debt, and a fully undrawn 150 million dollar credit facility. As we continue to generate cash, our portfolio is expected to generate consistent positive free cash flow positioning Gold Royalty well to self-fund its business going forward.

Speaker #3: With a clean balance sheet, we now have the flexibility to execute our long-term strategy. Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards growth opportunities where appropriate.

Andrew Gubbels: Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards growth opportunities where appropriate. As our cash flows continue to grow, a capital return policy is actively being considered for our board of directors and will be announced in due course. I will now pass the call to John Griffith to review our recent growth transactions.

Speaker #3: As our cash flows continue to grow, the capital return policy is actively being considered for our board of directors, and will be announced in due course.

Speaker #3: I will now pass the call to John Griffith to review our recent growth transactions.

Speaker #2: Thanks, Andrew. We have balance sheet and undrawn borrowing capacity. To make meaningful acquisitions. Potentially as large as 200 million. And larger in partnership with Taurus, under our cooperation agreement.

John Griffith: Thanks, Andrew. We have balance sheet and undrawn borrowing capacity to make meaningful acquisitions, potentially as large as $200 million and larger in partnership with Taurus under our cooperation agreement. Competition for larger transactions, especially with near-term cash flow prospects in good jurisdictions and with great operators, has been robust, negatively impacting implied returns. It is with this backdrop that we've remained disciplined in our pursuits of value-enhancing, accretive transactions. That is not to suggest the potential pipeline is not robust. We continue to pursue a significant number of exciting opportunities, and we maintain a deep pipeline of potential transactions to drive growth beyond our already peer-leading organic growth. We continue to be active on smaller transactions as well. In June and July, we made two separate acquisitions.

Speaker #2: Competition for larger transactions, especially with near-term cash flow prospects in good jurisdictions and with great operators, has been robust, negatively impacting implied returns. It is with this backdrop that we've remained disciplined in our pursuits of value-enhancing accretive transactions.

Speaker #2: That is not to suggest the potential pipeline is not robust. We continue to pursue a significant number of exciting opportunities, and we maintain a deep pipeline of potential transactions to drive growth beyond our already peer-leading organic growth.

Speaker #2: We continue to be active on smaller transactions as well. In June and July, we made two separate acquisitions. The first was an additional 0.1875% NSR royalty on the Wren project, operated by Barrack, and jointly owned by Barrack and Newmont under the Nevada Gold Mines Joint Venture.

John Griffith: The first was an additional 0.1875% NSR royalty on the Ren Project operated by Barrick and jointly owned by Barrick and Newmont under the Nevada Gold Mines joint venture. This royalty, which we acquired for $six and a quarter million, is in addition to the existing 1.5% NSR and 3.5% NPI royalties that we already hold. Barrick continues to expect that Ren will achieve first production by year-end

Speaker #2: This royalty which we acquired for 6.25 million is in addition to the existing 1.5% NSR and 3.5% NPI royalties that we already hold. Barrack continues to expect that Wren will achieve first production by year-end and will ramp up to its full 140,000 ounces per year production run rate by 2027 year-end.

John Griffith: Will ramp up to its full 140,000 ounces per year production run rate by 2027 year-end. The second transaction was announced subsequent to the end of Q2 on 13 July. We acquired two Nevada royalties in that transaction, a 2% NSR on the Sterling property operated by AngloGold Ashanti, located south of its Arthur Gold Project, previously known as Expanded Silicon Project, and a 0.5% NSR on portions of Granite Creek operated by i-80 Gold. This Granite Creek royalty covers portions of the Felix and Blue Bell pits. Neither Felix nor Blue Bell are included in the proposed mine sequence over the initially envisaged eight and a half year mine life at the Granite Creek open pit, as per the March 2025, National Instrument 43-101 PEA study. These deposits do represent longer-term optionality to us.

Speaker #2: The second transaction was announced subsequent to the end of the second quarter, on July 13. We acquired two Nevada royalties in that transaction. A 2% NSR on the Sterling property operated by Anglo-Gold Ashanti.

Speaker #2: Located south of its Arthur project, previously known as Expanded Silicon, and a 0.5% NSR on portions of Granite Creek operated by IAT Gold. This Granite Creek royalty covers portions of the Felix and Bluebell pits.

Speaker #2: Neither Felix nor Bluebell are included in the proposed mine sequence over the initially envisaged 8.5-year mine life at the Granite Creek open pit, as per the March 2025 43101 PEA study.

Speaker #2: But these deposits do represent longer-term optionality to us. I'll now pass the call to Jackie Przybylowski to review our guidance and key catalysts underpinning our peer-leading organic growth.

David Garofalo: I'll now pass the call to Jackie Przybylowski to review our guidance and key catalysts underpinning our peer-leading organic growth.

John Griffith: I'll now pass the call to Jackie Przybylowski to review our guidance and key catalysts underpinning our peer-leading organic growth.

Speaker #4: Thanks, John. Looking at our portfolio in more detail, as David noted, we reported 1,757 gold-equivalent ounces in the second quarter 2026, and 3,677 geos in the first half, or 44% of the midpoint of our guidance range, of 7,500 to 9300 geos in 2026.

Jackie Przybylowski: Thanks, John. Looking at our portfolio in more detail, as David noted, we reported 1,757 gold equivalent ounces in Q2 2026 and 3,677 GEOs in H1, or 44% of the midpoint of our guidance range of 7,500 to 9,300 GEOs in 2026. We're already very encouraged with this result because it's better than the 40% H1 weighting that we were expecting for this year. We continue to expect that volumes will be more heavily weighted to H2 of the year as Vares and County Line ramp up to their full production run rates through the year, and as we could see production growth at Borden, Côté and Pedra Branca. Finally, while it's not factored into our guidance, the rock mass movement at the Canadian Malartic Barnat pit could bring forward processing and sale of stockpiled material under our royalty coverage.

Speaker #4: We're already very encouraged with this result because it's better than the 40% first-half waiting that we were expecting for this year. We continue to expect that volumes will be more heavily weighted to the second half of the year as far as and county line ramp up to their full production run rates through the year.

Speaker #4: And as we could see production growth at Boarden, Kote, and Pedro Branca. Finally, while it's not factored into our guidance, the rock mass movement at the Canadian Malartic Barnett pit could bring forward processing and stale of stockpiled material under our royalty coverage.

Speaker #4: Just a quick reminder that our 2026 guidance was set at 5,150 dollars per ounce gold price assumption for the full year, lower gold prices would work in our favor as conversion of the land agreement proceeds and interest and conversion of revenue from copper and other metals, which translate to higher geo values.

Jackie Przybylowski: Just a quick reminder that our 2026 guidance was set at $5,150 per ounce gold price assumption for the full year. Lower gold prices would work in our favor as conversion of the land agreement proceeds and interest and conversion of revenue from copper and other metals would translate to higher GEO values. Please see our 18 March 2026 press release for a table showing the sensitivity of our guidance to gold prices. Reiterating John's comment from earlier, Gold Royalty expects production to grow to 28 to 34,000 GEOs by 2030, or approximately six times our actual 2025 result from assets that are already fully bought and paid for in our portfolio. Our extensive portfolio continues to offer exciting news flow and catalysts, and we have a number of exciting asset updates in our earnings report.

Speaker #4: Please see our March 18, 2026 press release for a table showing the sensitivity of our gold prices of our guidance to gold prices. And reiterating John's comment from earlier, gold royalty expects production to grow to 28 to 34,000 geos by 2030, or approximately 6 times our actual 2025 result for methods that are already fully bought and paid for in our portfolio.

Speaker #4: Our extensive portfolio continues to offer exciting news flow and catalysts, and we have a number of exciting asset updates in our earnings report. I'll just highlight a few on this call that we're expecting in the second half.

Jackie Przybylowski: I'll just highlight a few on this call that we're expecting in H2. First, DPM Metals has restarted the Vares Mine, on which we have a stream on all copper produced. The operator expects to achieve commercial production by the end of September and full production run rate by year-end 2026. Second, first production at Ren, jointly owned by Barrick and Newmont, is expected by year-end. Third, Equinox Gold continues to plan to start construction on South Railroad in mid-2026, pending receipt of final permits, and the mine could be in production in late 2027 or early 2028. We hold a 0.44% NSR on South Railroad. A study to double plant capacity at Aura Minerals' Borborema Project to 4.4 million tons per year is expected to be completed in Q3 this year.

Speaker #4: First, DPM Metals has restarted the various mine on which we have a stream on all copper produced. The operator expects to achieve commercial production by the end of September and full production run rate by year-end 2026.

Speaker #4: Second, first production at Wren, jointly owned by Barrack and Newmont, is expected by year-end. Third, Equinox Gold continues to plan to start construction on South Railroad in mid-2026, pending receipt of final permits and the mine could be in production in late 2027 or early 2028.

Speaker #4: We hold a 0.44% NSR on South Railroad. A study to double plant capacity at Aurum Minerals Boulder in my project to 4.4 million tons per year is expected to be completed in the third quarter of this year.

Speaker #4: An updated mine plan to reflect the integration of iron gold's Kote and Goslin zones at Kote in Q4, 2026. While we don't have any exposure to Goslin in our royalty coverage, pushback of the Kote pit wall to accommodate a super pit design could add additional material from our zones 5 and 7 coverage into the mine plan.

Jackie Przybylowski: An updated mine plan to reflect the integration of IAMGOLD's Côté and Gosselin zones at Côté in Q4 2026. While we don't have any exposure to Gosselin in our royalty coverage, pushback of the Côté pit wall to accommodate a super pit design could add additional material from our zones 5 and 7 coverage into the mine plan. A feasibility study for i-80 Gold's Granite Creek underground is expected in Q3 this year. A pre-feasibility study by First Majestic Silver on a Jerritt Canyon restart is expected to be completed in Q4. Finally, a shaft number 2 technical evaluation at Canadian Malartic's Odyssey Project is to be completed by Agnico Eagle also in Q4 this year. Please see our earnings release for additional asset updates. With over 250 assets in our portfolio, we continue to expect a steady stream of exciting positive news flow.

Speaker #4: A feasibility study for I80 Gold's Granite Creek Underground is expected in the third quarter of this year. A pre-feasibility study by First Majestic Silver on a Jarret Canyon restart is expected to be completed in Q4.

Speaker #4: And finally, a Shaft #2 technical evaluation at Canadian Malartic's Odyssey Project is to be completed by Agnico Eagle, also in the fourth quarter of this year.

Speaker #4: Please see our earnings release for additional asset updates. With over expect a steady stream of exciting positive news flow. I'll pass the floor back to Dave for closing remarks.

Jackie Przybylowski: I'll pass the floor back to Dave for closing remarks.

Speaker #2: Thank you, Jackie. There's indeed lots to get excited about as you look across our portfolio and the various high-quality assets ramping up and entering production.

David Garofalo: Thank you, Jackie. There's indeed lots to get excited about as you look across our portfolio and the various high-quality assets ramping up and entering production. We continue to see compelling upside to our share price as our portfolio assets continue to develop as the market gives us credit for this organic growth. Our valuation could be further boosted by accretive growth. We emphasize that we will remain patient and disciplined as we consider any acquisitions as we review our capital allocation options going forward. We continue to prioritize accretive growth as always. As we continue to build cash, we view a modest capital return as a signal to the market that we will remain disciplined on our growth and that we have matured as a company.

Speaker #2: We continue to see compelling upside to our share price as our portfolio assets continue to develop and as the market gives us credit for this organic growth.

Speaker #2: Our valuation could be further boosted by a creative growth, but we emphasize that we will remain patient and disciplined as we consider any acquisitions as we review our capital allocation options going forward.

Speaker #2: We continue to prioritize a creative growth as always. However, as we continue to build cash, we view a modest capital return as a signal to the market that we will remain disciplined on our growth and that we have matured as a company.

Speaker #2: We reached first positive free cash flow in mid-2025, and we expect to continue to strengthen our balance sheet with higher geo volumes, stronger gold prices, and lower costs as we've eliminated interest costs and we continue to rationalize our G&A.

David Garofalo: We reached first positive free cash flow in mid 2025. We expect to continue to strengthen our balance sheet with higher GEOs volumes, stronger gold prices, and lower costs as we've eliminated interest costs, and we continue to rationalize our G&A. Thank you everyone for tuning in to the earnings call. We'll now open up the call to Q&A.

Speaker #2: Thank you, everyone, for tuning in to the earnings call. We'll now open up the call to Q&A.

Speaker #4: We will now begin the question and answer session. To ask a question, you may press star, then 1 on your touch-tone phone. If you are using a speakerphone, please pick up the handset before pressing the keys.

Operator: We will now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up the handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw the question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Heiko Ihle with H.C. Wainwright & Co. Please go ahead.

Speaker #4: If, at any time, your question has been addressed and you would like to withdraw the question, please press star, then 2. At this time, we will pause momentarily to assemble our roster.

Speaker #4: Our first question comes from Eco Isle with HC Wainwright. Please go ahead.

Speaker #5: Hi, David. It's Kay stepping in for Heiko. Congrats on the successful quarter and for taking our questions.

[Analyst] (H.C. Wainwright): Hi, David. It's Kees stepping in for Heiko. Congrats on the successful quarter and for taking our questions.

Speaker #2: Thank you.

David Garofalo: Thank you.

Speaker #5: So first question, you still have a fairly wide range in your guidance, 7,500 and 9,300 geos for the year. I assume we're going to see this range narrowed with the next quarter, and building on that, which assets are you watching the most, and in turn, I guess which one should we be watching the most that could get you to either end of the guidance range?

[Analyst] (H.C. Wainwright): First question, you still have a fairly wide range in your guidance, 7,500 and 9,300 GEOs for the year. I assume we're going to see this range narrowed with the next quarter. Building on that, which assets are you watching the most? In turn, I guess, which ones should we be watching the most that could get you to either end of the guidance range?

Speaker #2: Yeah, well, thanks for the question. I'll pass it on to Jackie to address.

David Garofalo: Yeah. Well, thanks for the question. I'll pass it on to Jackie to address.

Speaker #4: Yeah, thanks, Dave. Thanks, Kay. Good to hear from you. Yeah, we've kept the guidance range as is. I think there's still a lot of time left in the year, I'll say, and a lot of things can happen.

Jackie Przybylowski: Yeah. Thanks, Dave. Thanks, Kees. Good to hear from you. We've kept the guidance range as is. I think there's still a lot of time left in the year, I'll say, a lot of things can happen. One thing that we're definitely watching for would be the ramp-up of certain assets that are starting production. Vares is probably the best example. That's probably the most meaningful example. DPM, since it's taken over the operation of Vares, has done a tremendous job, so we're very optimistic that Vares could meet or exceed the guidance that DPM has given. In addition, because that's a copper stream, it will also have an impact from the commodity prices, the relative commodity prices when we're calculating gold equivalent ounces. The relative copper and gold price movements will certainly make a difference there as well.

Speaker #4: One thing that we're definitely watching for would be the ramp-up of certain assets that are starting production: various is probably the best example. That's probably the most meaningful example.

Speaker #4: DPM, since it's taken over the operation of various, has done a tremendous job, and so we're very optimistic that various could meet or exceed the guidance that DPM is given.

Speaker #4: In addition, because that's a copper stream, it will also have an impact from the commodity prices, the relative commodity prices, when we're calculating gold equivalent ounces.

Speaker #4: And so the relative copper and gold price movements will certainly make a difference there as well. Corex is another one that, because it's a fairly new asset in our portfolio, we're still sort of understanding the cadence of that operation.

Jackie Przybylowski: Corex is another one that, because it's a fairly new asset in our portfolio, we're still sort of understanding the cadence of that operation. Fairly new to Corex as well, as it ramps up the Pedra Branca operation to full run rate as it optimizes things like fleet utilization. We're certainly watching what Corex can do at Pedra Branca. Again, very optimistic that it could meet or exceed expectations at that asset. Unfortunately, we don't have as much visibility given that Corex is a private company. We're watching a number of those assets. I think narrowing guidance is something that we could look at for Q3, but I wouldn't necessarily guarantee that we'll do that. I think that it's still going to be very much a let's wait and see. We absolutely want to make sure we do hit our guidance range this year.

Speaker #4: Fairly new to Corex as well as it ramps up the Pedro Branca operation to full run rate as optimizes things like fleet utilization. So we're certainly watching what Corex can do at Pedro Branca.

Speaker #4: And again, very optimistic that it could meet or exceed expectations at that asset unfortunately, we don't have as much visibility given that Corex is a private company.

Speaker #4: So we're watching a number of those assets. I think narrowing guidance is something that we could look at for third quarter, but I wouldn't necessarily guarantee that we'll do that.

Speaker #4: I think it's still going to be very much a 'let's wait and see.' We absolutely want to make sure we do hit our guidance range this year, and so giving ourselves a bit more room to play with is helpful as we get closer to the end of the year.

Jackie Przybylowski: Giving ourselves a bit more room to play with is helpful as we get closer to the end of the year.

Speaker #5: Thanks, Jackie. That was really helpful. Speaking of various, would you mind walking us through your longer-term views on copper and gold? Obviously, the name of the company insinuates a pretty strong favor for gold, but just so many growing use cases for copper these days.

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

Speaker #5: Should we be shocked to have your firm maybe take a bit more of a focus towards copper over the intermediate or longer term?

Speaker #2: I think it would only be in the context of precious bearing polymetallic deposits, where we have particular expertise. If you look at our board of management, we've come from mine development and operating backgrounds with a particular emphasis on gold bearing BMSs and copper gold porphyries.

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

Speaker #2: In our operating history, so in the context of looking at those types of precious metal bearing deposits, if we end up with significant copper exposure, we're very comfortable bringing that into the portfolio.

Speaker #5: Thank you, David. Really helpful. I'll hop back into Q. Thank you very much.

[Analyst] (H.C. Wainwright): Thank you, David. Really helpful. I'll hop back in the queue. Thank you very much.

Speaker #2: Thank you.

David Garofalo: Thank you.

Speaker #4: Again, if you have a question, please press star, then 1. At this time, there are no further questions. I would like to turn the call back over to David Garofalo for any closing remarks.

Operator: If you have a question, please press star then one. At this time, there are no further questions. I would like to turn the call back over to David Garofalo for any closing remarks.

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

Speaker #2: Well, thank you, everybody, for participating. I know it's a busy day with a lot of companies reporting, and if you have any follow-up questions, please don't hesitate to reach out to Jackie or myself, or any of our team.

Speaker #2: At your leisure.

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

Q2 2026 Gold Royalty Corp Earnings Call

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