Gold Royalty Corp.

Welcome to the Gold Royalty Fourth Quarter 2024 Results Conference Call. All participants will be in a listen-only mode. Should you need assistance, please say no to a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to David Garofalo, Chairman and CEO. Sir, please go ahead.

Thank you, Operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our fourth quarter 2024 results, as well as our 2025 and five-year outlook. Please note, for those not currently on the webcast, a presentation accompanying this conference call is available on the presentation pages of our website. Some of the commentary on today's call will include forward-looking statements, and I would direct everyone to review slide two of the presentation, which includes customary cautionary notes. Speaking alongside me on today's call will be Andrew Goebbels, Chief Financial Officer in Jackie Price-Belowski, Vice President, Capital Markets. 2024 was a year of significant growth for gold royalty, and we are pleased to report record revenues and positive operating cash flows over the last 12 months. These strong results demonstrate the built-in growth of our portfolio, and we continue to be excited about the outlook for 2025, where we expect to receive between 5,700 and 7,000 geos. With more cash-flowing assets, strong commodity prices, and our stable and low-cost structure, we expect to see growing revenues and cash flow this year. Our portfolio's growth profile was achieved through transformative value-accretive acquisitions made over the company's four-year history. These acquisitions secured royalties on large-scale, long-life mines in the late development, near-production, and ramp-up stages. As several key development stage assets have been advanced and significantly de-risked over the past year, we are happy to provide our five-year outlook of 23,000 to 28,000 geos in 2029 and over 360% increase from our 2024 geos. We are excited about this longer-term growth outlook and we're confident in the potential of our portfolio as we continue to see our operating partners deliver quarter over quarter. Capital allocation will come into focus as we reach an inflection point to positive free cash flows in 2025, supported by strong production growth and buoyed by record gold prices. We will continue to emphasize discipline, prioritizing debt repayment and accretive strategic growth when appropriate. With that, I will pass the call over to Andrew Goebbels to discuss the details of our fourth quarter results and outlook 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 $3.8 million, a 192% increase relative to the fourth quarter of 2023, and an approximate 50% increase relative to the third quarter of 2024. This is primarily due to the continued ramp up of the Cote goldmine, strong commodity prices and initial revenues from the Varus copper stream during the quarter. We achieved a record $12.8 million in total revenue, land agreement proceeds and interest for the full year 2024, a 146% increase relative to 2023. With this revenue growth and our stable operating costs, 2024 was our first full year achieving positive operating cash flows of $2.5 million, as well as positive adjusted EBITDA of $4.8 million. Looking ahead, we expect to see further GEO growth in 2025 to 5,700 to 7,000 GEOs forecasted for the year. Our guidance represents a midpoint increase of 16% relative to 2024. It's important to note that 2025 is a ramp-up year at three of our key assets, Cote, Bovarema, and Veris, while our other cash-flowing assets are expected to deliver relatively consistent cash flows for the year. We are also happy to present our inaugural five-year outlook. we are forecasting 23,000 to 28,000 geos in 2029. This five-year outlook reflects continued contributions from our cornerstone producing assets, as well as additional production from assets currently under development, including Inigo Eagle's Odyssey Underground at Canadian Malartic, Nevada Goldmine's Wren, Orla's South Railroad, and I80's Granite Creek, amongst others. It also reflects near-term expansion growth amongst assets already in production, including Adriatic's Varus Mine, IAM Gold's Cote Mine, and Aura's Borborema project, which is expected to achieve first production by the end of the current quarter. Moving to slide five, We'll walk through the key inputs that drive our 2025 guidance range. At Borden, we hold a 0.5% NSR royalty over the Eastern portion of the mine. Discovery Silver has published a PEA over the Porcupine complex, which outlined 124,000 ounces of expected gold production from Borden. Note that the current underground mine workings are plunging further to the east with Discovery's targeted future exploration plans fully covered by our royalty. At Borborema, where we hold a 2% NSR royalty and provided a GoldLink loan, Aura Minerals forecasts 33,000 to 40,000 ounces of gold production this year. Gold royalty will continue to receive 250 GOs per quarter in pre-production payments until commercial production is achieved, as well as 110 GOs per quarter in gold-linked interest payments from Aura Minerals. At Canadian Malartic, where we hold a 3% NSR, over the north area of the Odyssey underground mine and eastern portion of the Barnett pit, our guidance is based on relatively consistent year-over-year attributable production. 2025 production is expected to come entirely from the Barnett pit, and any potential underground production from the internal zones, Odyssey North and East Malartic represents upside to our forecast. At Cote Gold, where we hold a 0.7% NSR royalty over the southern portion of the pit, IAM Gold has provided guidance of 360,000 to 400,000 ounces of production on a 100% basis. At Cozumel, Capstone Copper has provided guidance that is slightly up from 2024. We expect our attributable geos to be relatively consistent year over year. Isabella Pearl is expected to conclude operations by mid 2025, and Fortitude Gold is now focused on neighboring projects to supplement production. Of note is a nearby county line project, which Jackie will discuss later in the presentation. And finally, Veras, where we received initial revenues in Q4 2024 from our 100% copper stream. Adriatic Metals has provided guidance of 625,000 to 675,000 tons milled in 2025. Our stream has fixed payability of 24.5% and ongoing payments of 30% of the spot copper price. In addition to the cash flowing royalties in our guidance, We also expect to receive $1.6 million in land agreement proceeds, which equates to approximately 600 geos at the consensus 2025 gold price of $2,668 per ounce. We also assume a copper price of $4.23 per pound in developing our 2025 guidance. Now looking at our five-year outlook on slide six, We expect to see significant growth in GOs to 23,000 to 28,000 by 2029, which represents an over 360% increase from our 2024 GOs. Key assets ramping up to support this five-year outlook include Odyssey, Ferris, Cote, and Borborema. Both Ferris and Borborema are well-advanced and funded to expand planned throughput these operations and Inigo Eagle is preparing a study expected in 2026 which contemplates a second shaft to increase underground production. Recall that Inigo Eagle has indicated that Canadian Malartic is expected to shift to a fully underground operation by 2028. Note we also hold royalties ranging from 1.5% to 2% in the surrounding area, including the Midway property to the east, as well as properties to the south of the mine. Beyond our currently producing assets, our operating partners have provided more clarity around the development and production timelines for Wren, Granite Creek, South Railroad, and County Line, which are all expected to supplement our cash flow profile by 2029. This longer-term outlook is based on assets already held in our portfolio and is based on public forecasts, expected development timelines, and other disclosures by the owners and operators of the properties underlying our interests. We assume a gold price of $2,212 per ounce and a copper price of $4.24 per pound in developing our five-year outlook. Lastly, I'd like to emphasize that as this outlook materializes, we expect our operating cost structure to remain relatively stable. This will result in higher future operating margins and increased cash reserves. As this occurs, we will continue to review our capital allocation alternatives, which includes paying down a revolving credit facility to reduce our interest costs and boost free cash flows. With that said, I will pass the call to Jackie to discuss some recent portfolio updates in more detail.