Gold Royalty Corp.

Welcome to the Gold Royalty Corp Third Quarter 2024 Results Conference Call. All participants will be in listen-only mode. If 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, Chairman and CEO. Please go ahead.

Thank you, Operator. Good morning, ladies and gentlemen. Thank you for participating in today's call to review our third quarter 2024 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 in PDF format. Some of the commentary on today's call will include forward-looking statements, and I will direct everyone to review slide two of the presentation, which includes important cautionary notes. Speaking alongside me on today's call will be Andrew Goebbels, Chief Financial Officer, and Jackie Presbolowski, Vice President, Capital Markets. The third quarter of 2024 marks an important inflection point for the company. Our outlook continues to grow increasingly positive with the ramp up in construction of several key assets across our portfolio. We achieved record revenues for the nine months ending September 30th, 2024. and have reiterated our full-year guidance for expected total revenue, land agreement proceeds, and interest of $13 to $14 million. We continue to be excited about the outlook for 2025 as well, with more cash-flowing assets, strong commodity prices, and our stable cost structure expected to translate to growing revenues and cash flows next year. With that, I will pass the call over to Andrew Goebbels to discuss the details of our third quarter results on slide four.

Thank you, David. And good morning, everyone. We had strong financial performance during the quarter with total revenue land agreement proceeds and interest of $2.6 million, a 90% increase relative to the third quarter of 2023. And we maintain stable cash offering expenses of below $2 million for the quarter. On a year-to-date basis, we have achieved a record $9 million in total revenue, land agreement proceeds, and interest, an over 130% increase relative to the comparable period in 2023, and against year-to-date cash operating expenses of $5.9 million. As a result, we're on track to deliver our first year of positive cash flow from operations with $1.3 million of cash provided by operating activities year to date, which excludes $1.5 million of land agreement proceeds credited against mineral properties. We also reported positive net income in the quarter after recognizing a $5.9 million non-cash deferred tax asset following an internal reorganization of the company's subsidiaries. By amalgamating certain previously acquired entities, each of which pay tax on a standalone basis we reduce our administrative burden and allow for a more fulsome utilization of the consolidated company's tax attributes. The primary driver of the deferred tax asset is the future tax savings from our ability to utilize built-up tax losses to shelter earnings from certain producing assets, predominantly Canadian Malartic, within the consolidated Gold Royalty Corp entity. Looking ahead, We expect to have a strong fourth quarter and have maintained our total revenue, land agreement proceeds, and interest guidance of $13 to $14 million for the year 2024. Primary drivers of our expected fourth quarter revenue growth will be the continued ramp-up of the Kote Gold Mine in Ontario, operated by IAM Gold, and the Varus Mine in Bosnia, operated by Adriatic Metals. We saw continued growth at Cote in the third quarter and expect to see further increases in production in the fourth quarter as IAM Gold progresses towards targeted nameplate production by the end of the year. At Veris, we expect to receive initial revenue in the fourth quarter from our stream on 100% of the mine's copper production. Veris is on track to achieve nameplate capacity by the end of the year. Expect to see full revenue growth from both these assets in 2025 as we benefit from a full year of production. Jackie will discuss these operational updates along with other catalysts across our portfolio later in the presentation. Moving to slide five, again, We continue to expect full-year total revenue land agreement proceeds and interest of $13 to $14 million, the midpoint of which represents an increase of 160% relative to 2023. Reiterating my prior comments, our expected fourth quarter revenue of $4 million to $5 million will be driven by increased revenue at Cote and initial revenue from Barris, as well as continued contributions from our existing cash flowing royalties at Canadian Malartic, Borden, Cozumel, and pre-production revenue and interest payments from Borborema. Now to discuss the portfolio in more detail, I'll pass the call to Jackie.