Gold Royalty Corp.

Good day and welcome to the Gold Royalty Corp fourth quarter 2025 results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal conference specialists 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 Mr. David Garofalo, chairman and CEO. Please go ahead, sir.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our fourth quarter and 2025 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. Some of the commentary of 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 Griffith, Chief Development Officer, Jackie Prespelowski, Vice President, Capital Markets. Last week, we marked the five-year anniversary of Gold Royalty's IPO. I'm so proud of our team and what we've accomplished in our short history. We started in March 2021 with 18 royalties on non-producing assets and no revenue. Today, we boast a portfolio of 258 royalties and streams, including eight cash-flowing assets, and we continue to selectively acquire accretive assets, including Pedro Branca in late 2025, and an additional royalty in Borborema, as John will walk through shortly. From no revenue in 2021, we've passed through an important inflection point in 2025. We are proud to report a third 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. Our balance sheet has been strengthened as Andrew will discuss later on this call. We ended the year with no debt or convertible ventures, over $12 million in cash, a fully on drawn credit facility and outstanding common share purchase warrants that continue to be deeply in the money. This strong balance sheet will allow us to continue to opportunistically acquire accretive assets and to consider returning capital to our shareholders. With that, I will pass the call over to Andrew Goebbels to discuss the details of our fourth quarter results and our outlook on slide five.

Thank you, David, and good morning, everyone. We're pleased to report new records for revenue and adjusted EBITDA in the quarter and for the full year 2025. Adjusted EBITDA was 3.2 million in the fourth quarter, up from 2.5 million in the previous quarter, and up from 1.2 million in the comparable quarter in 2024. Total revenue, land agreement proceeds, and interest was $5.2 million, translating to 1,255 gold equivalent ounces in the quarter. For the year ended 2025, we generated $17.8 million in total revenue, land agreement proceeds and interest, and $9.8 million of adjusted EBITDA, a 38% and 104% increase from the comparable period in 2024, respectively. This record year reflects the contribution of higher cash flows from the assets we added to the portfolio over the past few years and a continued focus on maintaining consistent low operating costs. The consecutive quarters of positive free cash flow improves our liquidity position and, importantly, provides a solid foundation for funding the business moving forward. Further, our balance sheet liquidity position was boosted meaningfully from the equitization of the $40 million convertible debentures held by Queen's Road Capital and Taurus Funds in November, and an upsized $103.5 million equity raise completed in December last year. The equity raise funded our $70 million pay-to-bank acquisition, repaid the outstanding balance previously drawn on the RCF, brought in new institutional investors onto our share register, and left us in a positive net cash position at year-end. As we look forward to 2026, we remain well-funded, having amended and upsized our credit facility to $150 million in February this year, and having acquired additional cash-flowing royalty on Borba Rema, we enter the year in a very strong financial position. As Dave alluded, with a self-funding business that generates consistent positive free cash flow and a clean balance sheet, we now have the flexibility to execute our strategy in the long term. Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards growth opportunities where appropriate, while evaluating capital returns to shareholders in future periods. And I'll pass the call over to our Chief Development Officer, John Griffith.