Gold Royalty Corp.

Welcome to the Gold Royalty Corp First Quarter 2025 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, Chairman and CEO. Please go ahead.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our first quarter 2025 results. Please note that for those not currently on the webcast, a presentation accompanying this conference call is available on the presentation page 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 important cautionary notes. Speaking alongside me today will be Andrew Goebbels, Chief Financial Officer, and Jackie Prezbolowski, Vice President, Capital Markets. We are very excited about 2025 and believe the company is uniquely positioned for a transformative year. We are proud to report that this quarter we have achieved another record operating cash flow, and we expect to see a steady improvement over the coming quarters to the successful ramp-ups of the Cote, Varus, and Borborema mines. We look forward to continued momentum as production increases towards full nameplate run rates at these operations. We've also benefited from a positive gold price environment. Spot gold prices have reached record highs, recently exceeding $3,300 per ounce, and the fundamentals for gold continue to be supportive of strong gold prices in the near and medium term. At Gold Royalty, strong gold prices boost both our top and bottom line in what is an already exciting inflection year. As production and revenues grow, as our scalable business model keeps G&A and other costs flat, we expect to report positive free cash flows later this year for the first time. Capital allocation continues to be an important strategic priority and will be even more important as we harvest cash through the year. Looking ahead, we maintain a clear focus on debt reduction while considering capital returns to shareholders and pursuing strategic growth opportunities when appropriate. With that, I'll pass the call over to Andrew Goebbels to discuss the details of our first quarter results and our outlook on slide number four.

Thank you, David, and good morning, everyone. We had strong financial performance during the quarter with total revenue land agreement proceeds in interest of $3.6 million, translating to 1,249 gold equivalent ounces for the quarter. Additionally, this quarter, we set a record for positive operating cash flows of $2.5 million, representing an increase of over 180% compared to the previous quarter. as well as an adjusted EBITDA of $1.7 million, representing an increase of over 30% compared to the previous quarter. This is primarily due to the continued ramp-up of the Veras and Cote gold mines, an improved gold price environment, and lower G&A costs of $1.8 million during the quarter. Looking ahead, our 2025 and five-year outlooks are unchanged from the guidance that we provided with our Q4 results in March. Reduction in the first quarter equates to approximately 20% of the midpoint of our full-year guidance range of 5,700 to 7,000 geos in 2025. We remain comfortable with our guidance as we expect to see geo growth during the year as the projects in our portfolio continue to ramp up and de-risk. Looking ahead beyond 2025, on slide five, we're also excited to reiterate our inaugural five-year outlook. We forecast 23,000 to 28,000 gold equivalent ounces by 2029, representing an over 360% increase from our 2024 GEOs and showcasing our significant growth potential. This longer-term outlook is derived from the assets already held in our portfolio and is based on the public forecast, expected development timelines, and other disclosures by the 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 increase our cash reserves. As this transpires, we will continue to review our capital allocation alternatives, which includes paying down our revolving credit facility to reduce our interest costs and boost free cash flows. With that said, I will now pass the call to Jackie to discuss some recent portfolio updates in more detail.