Gold Royalty Corp.

Good day, and welcome to the Gold Royalty Corp. Third Quarter 2025 Results Conference Call. Today, all participants will be in a listen-only mode. Should you need assistance during today's call, 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 that today's 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 third quarter 2025 results. Please note that 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, 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, John Griffiths, Chief Development Officer, and Jackie Przybylowski, Vice President, Capital Markets. We are proud to report a second consecutive quarter of positive free cash flow, as well as another quarter of record revenue, adjusted EBITDA, and operating cash flow. These cash flows are a manifestation of the tremendous potential We saw from the assets as we've been carefully curating our portfolio over the past five years. Potential which is not yet fully realized as we have tremendous growth and value creation still to come. Growing cash flows and revenues continue to improve our balance sheet as Andrew will discuss in a moment. But first, I want to go over our approach to capital allocation. We have told you for the last few quarters that debt repayment is our top priority. and we're glad to be able to start paying it down with $2 million of our revolving credit facility being paid down in the third quarter and a further $5 million debt reduction subsequent to quarter end. Capital allocation continues to be an important strategic priority. Looking ahead, we maintain our focus on debt reduction while considering strategic growth opportunities in a disciplined manner. With our convertible debentures and outstanding common share warrants now deeply in the money, and the continued growth of our free cash flow, we could be in essentially debt-free position by the end of 2026. Balance sheet flexibility is a priority, and we believe this will position us well to continue executing our long-term strategy on all cylinders. With that, I will pass the call over to Andrew Goebbels to discuss the details of our first quarter results and our outlook on slide four.

Thank you, David, and good morning, everyone. We're pleased to report new records for revenue and adjusted EBITDA in the quarter and year-to-date. Adjusted EBITDA was $2.5 million in the third quarter, up from $2.4 million in the previous quarter, and up from $779,000 in the comparable quarter in 2024. Total revenue, land agreement proceeds and interest was $4.6 million, translating to 1,323 gold and copper ounces in the quarter. And through the impact of recognizing a meaningful deferred tax recovery due to the streamlining and reorganization of our subsidiaries in the third quarter of 2024, our net loss and adjusted net loss continues to improve quarter on quarter. As David mentioned, we again, generated positive free cash flow this quarter. We're very excited about this transition to positive free cash flow, which has improved our liquidity position. As anticipated, we have allocated excess cash, including proceeds from the exercise of outstanding warrants, to repay part of our evolving credit facility, bringing our debt down from $27.3 million at the end of June to $20.5 million as of today. As the revenues grow, operating costs remain consistently low, and fixed charges decrease. We expect to continue to deliver quickly. Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards debt repayment. As David alluded, we believe improving our balance sheet and reducing debt will give us the flexibility to execute our strategy in the long term. I'll now pass the call over to our Chief Development Officer, John Griffith.