Gold Royalty Corp.

Good day, everyone, and welcome to the Gold Royalty Corp second quarter 2025 results conference call. All participants will be in a 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 also note today's event is being recorded. At this time, I would like to turn the conference call over to David Garofalo, chair 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 second quarter 2025 results. Please note, 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 on today's call will be Andrew Goebbels, Chief Financial Officer, and Jacqui Price-Belowski, Vice President, Capital Markets. We are proud to report that this quarter we have firmly reached our inflection point, achieving positive free cash flow and another record quarterly revenue adjusted EBITDA and operating cash flow. We also continue to expect steady improvement over the coming quarters through the successful ramp-ups of several of our key assets, including Boris, which achieved commercial production on July 1st, Cote, which announced on June 23rd that it had reached its steady state run rate, and Borborema, which started operations on March 28th and continues to progress towards commercial production later this year. Growing cash flows and revenues. continue to improve our balance sheet, as Andrew will discuss in a moment. But first, I want to talk about our approach to capital allocation. Capital allocation continues to be an important strategic priority and will be even more important as we harvest cash through this year. Looking ahead, we need to gain a clear focus on debt reduction while considering capital returns to shareholders and pursuing strategic growth opportunities when appropriate. With our convertible debentures and outstanding common share warrants now deeply in the money and our growing free cash flow, we could be in an essentially net debt-free position by the end of 2026. We continue to monitor the landscape of consolidation across the royalty space. With the entry of new strategic capital into our sector and the recent announcement of two major mergers in the royalty space this year already, we do expect the pace of consolidation in the royalty sector to accelerate. While we can't predict the sequence or participants in industry consolidation, we believe the drive to create a mid-tier royalty company with organic growth in sufficient scale to attract global institutional equity investors while also realizing cost synergies will be a big driver of continued merger activity. While we believe the re-rate being experienced by Gold Royalty and some of our peers is partly reflective of this dynamic, We also expect that the realization of gold royalties peer-leading revenue and cash flow growth this year has been a large driver of our share price performance in 2025. The better news is that this is just the beginning of a minimum five-year period of pronounced attributable gold equivalent production growth across a portfolio of royalties and streams on large scale and long life mines in some of the best jurisdictions in the world. We spent significant time on our June 12th capital markets day discussing our capital allocation strategy and our views on consolidation. If you weren't able to attend the event live, I would encourage you to view the replay, which is archived on our website under investors and corporate presentation. With that, we'll pass the call over to Andrew Goebbels to discuss the details of our first quarter results and our look on slide four.

Thank you, David. Good morning, everyone. We're pleased to report new records for revenue and adjusted EBITDA in the quarter and half year. Adjusted EBITDA was $2.4 million in the quarter, a nearly 50% increase compared to the previous quarter. Total revenue, land agreement proceeds and interest was $4.4 million, translating into 1,346 gold equivalent ounces in the quarter. Our reported revenue included the recognition of $0.3 million in revenue related to royalties payable for prior periods after we received a favorable judgment in a previously announced dispute with the operator of the Jarrett Canyon mine regarding our per ton royalty interest. This judgment will not impact future royalty revenues should Jarrett Canyon restart. As David mentioned, We reported both positive operating cash flow and free cash flow this quarter. We are very excited about this transition to positive free cash flow, which is primarily due to the contribution of the Varus and Cote gold mines, strong gold prices, which averaged $3,279 per ounce in the quarter, and relatively flat Q2 G&A costs of $1.8 million. Our operating costs, which include G&A, and project evaluation expenses continue to be in line with an average of our other small-cap royalty and streaming peers, as we showed at our June 12th Capital Markets Day. Looking forward, we reiterate our 2025 and five-year outlook. We will use excess cash, including any proceeds, from the exercise of outstanding warrants to opportunistically repay the $27.3 million outstanding on our revolving credit facility. As our EBITDA grows over the coming quarters, we expect to deliver quickly, such that gold royalty is effectively debt-free by the end of 2026. I'll now pass the call over to Jackie to review our key operations.