Gold Royalty (GROY) 14 May 242024 Q1 Earnings call transcript

I'm Joan C Jobin, [indiscernible] media host. Welcome to the Gold Royalty Quarterly Townhall Forum. [Operator Instructions]. With us this morning is the Gold Royalty team, led by Chairman and CEO, David Garofalo, who will make the intros to the team and take you through the highlights of the most recent quarterly results. David, the stage is yours.

and Andrew to Corporate Gubbels Investor everybody, by joined Development morning, Relations. CFO, our our good I'm be delighted today and Well, Director of Behncke. Peter our results take Royalty our the presentation the We'll our the over and financial of through results update you portfolio of today. Royalty course on portfolio an and it's the I start to auspicious thought talking gold But XX%. an up start look, XX%, about the year with been today I'd gold price about price, and the the describe dynamic, would And if to there's one China. it word be And a the amount individual buying central of bank China. the in we've at significant seen both level at and level also And currency of relative really, what's of other. each in terms microcosm that's to happening a globally nominal all-time and the with done price The high, major high gold still all-time well every the gold XXXXs. well in for off back in price is the the real currency has but early world achieved has and big the the in XX%, you the price back a still the When in XX% 'XXs 'XXs peak gold good below adjust all-time inflation cycle inflation price is early highs. last to the late gold XXXX, that dynamic would with debt-to-GDP outperform on cycle we're to relative even the still big real the an in peaks last an the where the environment argue inflation globally in gold to price those I But early a given alarming XXX% basis significantly we're now seeing is debt poised in at XXXXs. global only XXX% XXXXs,

eats continue important and numbers food, we experiencing drive negative to And dramatic see really that across gold the that banks headline reset that fiction. for on double-digit latitude to a is capital like So really rates rates That will X% we're central relative power basis. to limited and going shelter. inflation. what's need fuel in actually of exclude interest particular mortgage all currencies payments economic America, to the are other or as economy, deal industrialized in North there's real increase really mortgage and the Those yielding dramatically at very of a increase individuals, things away the that major inflation monthly frankly that world, in not we're X% in purchasing that the to into are with

Sovereign debt savings. away at your eating is

an the insulated producer model. for But from the result, have cost top at We're industry over look within gold is So And reserves time. also to starting this treasuries, stocks, the incremental Canadian capital we seeing a production producer almost the X/XX $X,XXX $XX XXXXs even it's we've to with currency, whereas their And purchasing The companies today. last rates period the markets decreasing a currencies eating you're printing it's particularly universe. the over to that juniors can't their to every were a over of a even the investment way currency your if if experienced suboptimal of seen and a whether general a Newmont, but dollar, government fee at that an seen side, gold has from the muted cannibalization marginal that in the on that's U.S. of no for exposure we're high the in it's actually, the massive maintain basement yet. universe. trade in avoid They're gold seeing U.S. you're they're equity equity very have accurate among access on response seen And with the we're valuations line in dollar the to today. an you has had had long whether a type the space Euro, purchasing what XX-year capital completely of inflation, those of is years, long relatively the portfolio. not not is is the bellwether response dealing to with valuations what's really way dollar since buying ounce largest and Royalty But price the price allocated producers massive major their gold And period a on we've be savings from and as Japanese, of buying been go rates in a preserver a that's rate. treasuries, power period dollar with they whereas to in is Gold the XX of decline a seen why are barometer. below But meeting able the that see in of the you're prolific a barometer, overhang was it Barrick, seen of limited in And currency, power or count and long the over of XX% a share fact, the of prices among you go of nominal that a Newmont, largest ounce a response. the time. increase companies the what center. of the seen seen over space, U.S. the our producers We've in savings really still when an we're basis. their where of that There in production power U.S. environment. other at the gold tremendous other XX abandoned seeing real which absorb is share increase time. not Gold our if purchasing they've has period It's agnostic normal they've reserves gold basis up in The because print. Gold hasn't inflation been have in happening inflation Barrick price. years, one-way XX barometer

space. the the in a So microcosm equities among happening producers, that the is of what's among

for but among really also industry that inflation, of And that cost to to of share the overhang that a producer in of exploration led terms access of XX%. explorers, shrinking to been start performance We of in the base, particularly nearly the declining a the shrink drive of lack year price in given juniors because universe. kind the pie, that It's reserve in looking the to lack capital the seen equities continuing exploration us. standpoint, a haven't of investors good the its success because has pie are leverage the industry. up the we're From for focus

have to So leverage gold price. we provided the

Andrew gone bit the a And particularly the and remember bit you gold quality look -- I'll on year. touch a we opportunity You'll mines at portfolio, you We've price up gone Peter we biggest look re-rate profile, have at our a valuations XX%. this in producing the our North if up have America. detail get the growth over when about in think that will XX%, more detail course the there's XXX into also, more given relative of about XX% we But gold X royalties, X and of bit a of on but over significant has presentation. which little in the still royalties

a have So quality we proposition.

We reserve have lives. long

continue some year, Canadian quarter driven those improvement late revenue and growth quality potential -- in no decade, of doubling relative providing our of getting the inception first and say our I to our profile more best and of about where year in those, growth revenue pit. longer we're royalties relative to the in our year last by the meaningful in [indiscernible], political Borborema Canadian exposure mineral gold low the have of we're the That's growth regulatory saw open now. substantially open a in revenue is first end pit, story a royalty since copper rerate also benefit in in from provide last assets years bit in peer-leading quality to And peers, the to underground have Cosman We quality to of world revenue will and risk that to and the starting have the from Barnat jurisdictions our pit. from portfolio of to a We've see we majority year we standpoint, the right full we and catch-up performance Malartic, and coverage. are our have given drive talking the than theoretical. prices, a see have underperformance performance more acquisition ago. some think portfolio, long jurisdictions, revenue starting been happen of a the X production our a low in in than the of We location But the royalties growth, this risk. leverage which with starting of and that a we full of through strong vast

peer-leading of compounded first consensus the producing a where portfolio for we excellent Borborema us growth in mines revenue about of big the going royalty with XX% us So the gold those more growth quarter forward in first just that's an revenue the to basis, start growth represent end of into doubling the the also North X you big through of on operations QX forward.So X total decade, essentially a growth be meaningful we're revenue alone. end late year. but going our cetera, proceeds, guidance and than biggest by the right recently year botch those Closeman as in decade principally agreement -- revenues, the source million expecting, America, $X.X bracket the our when driver for to land by only provide through year a folded of going again, driven XX% was achieving full of last include about right et that annual quarter

driving of the start X revenue production our another integration of system, we for he started and job focus done position revenue little year year. between that's expect it over decrease mine, to production represent companies ago $XX our the the absorbed companies as that full in the took Andrew to commissioned excellent continue of all of of really puts our significant and to revenue we this newly third growth a an Together million companies -- post-merger us integrate that's of XX March and of efficiencies a with exceptional again, portfolio find and quarter. $XX.X in on is in -- and without will which commercial half business. operating a guidance in holding leg they benefit as and out costs the on within rationalize We to second as the royalty million guidance those of in royalty over from XXXX, of our core since Cote achieve have the year total all the costs, XX% this efforts. has year really revenue an And CFO achieve the we So

costs operating cash to our X we go driving existence history continue formula our our free down So expect to and in for free we remarkable of time year, the achievement flow this for drive continue flow and company the revenues in been perfect to going cash only That's QX forward. a generation that's a up. years. for That's in continue for first

we had the the well. from from really to where a that revenue on busy prospect forward. today, the So on cash And the earnings as and conceive a side no and down sat Ninan strategic of company, our I to have napkin standing a in Amir start revenue of concept gone positive flow free of IPO growth, back this peer-leading we and going cafe generation effectively we've been

year X a alliance And in and Taurus TaurusTaurus, done strategic debenture value. Royalty acquired significant of we strategic and other million world company. with royalty Borborema in through with royalty that flowing to the and and the on on forward cash in Road forge every royalty with said, they've shareholder along us chosen help acquisition they was exclusive a to in work could new co-investing last has company acquisition instrumental partnership opportunities fund, royalties going that a over I $XX Borborema convertible dedicated Queen's the above have that a As Cosman strategic fund

as a have only look that, can means share those And costs bigger we major not in we we opportunities well. and co-invest can that that opportunities royalty royalty on opportunities. deals besides us can So due partner diligence streaming at because in

investment So capital of to our it cost continue going source for as opportunities to new provide a as operating rationalize helps meaningful forward. us and well

it to a talk to with love financial more to I'd detail. through performance hand So our Andrew in that, over bit

David. Thanks,

seen have a it would you quarter. was As reported results, in solid our very

to Canadian which revenue, Malartic compared as recently from in to from as Borborema covered you mine as the higher the reproduction record well included the Cosman acquired XXXX And reported of royalty. first on first see by basis full had first the royalty. here Our XXXX, quarter, really the our in importantly, a of quarter, stronger payments areas was production we due quarter

our in When So this is looking benefits strategy, for inclusive it's referring of the of at it's yielding year. quarter all to figure line sources. land acquisition interest, testament our which like revenue, first we and total to a the the inflow agreement top cash because proceeds

the the income the from includes amount proceeds Goldline and interest that full Now loan. land of Borborema agreement

was within $X.X Canadian Nevada. in certain number is from and mentioned, company's Malartic, but larger that also was XXXX generation from operators Now which again, from received Cosman, from as XXX% Borborema, QX scheduled million, business higher, from again increase royalty payments the I the contribution

XX% of XXXX. compared lower again, lower the part to the that business again, quarter operating as last quarter of were year. in really first in quarter So paying first first expenses Once cash dividends the the

we As through efforts steady management year. on our of to continue to rest forward and costs deliver going see a cost disciplined the expect the company, operating

of As the higher cash operations result in million. flow $X.X quarter, the Royalty first a what the David Gold its further from mentioned, revenue report positive moderated did to costs of and

million of be credited is agreement interest use $X.X reported closer If the operating agreement mineral against instead and which our of numbers. to proceeds, total excludes revenue, reported properties land in that million. would proceeds Now cash the land we $X.X flows revenue, our did

the very in a healthy So performance operating quarter.

flow we is XXXX. year frequently important. in quarters. year generator, progress for very It a considerable be quarter really we transitional this whereby And a that company, Now first which us over will the cash have demonstrates our become sets stated the XXXX strong a prior fiscal for up really

the changed is this Now strong beyond revenue what year. growth current hasn't company's trajectory calendar

and in you considerably That as 'X before, profile and this near assets end this this of term, and to has first see Borborema the sector fact, next message cash such such seen Cote, 'X to over within XXXX, into have improved coming as do revenue having best here, X core really Cosman you've the in the through and broker We per hasn't particular, at gold adding growth is profile. this estimates. In in years. assets profile since the this quarter continue also medium for page QX and the the fruition average flow of changed, but

you the estimates, broker using Now if around is $X,XXX long-term an gold ounce. price, recall,

prices. gold So below current

within So if really gold fully in forward, positive continue, are Borborema you see obviously that even growth do likes large Cote of Lake, such minerals this prices and to profile. looking could term and Also expect driven and pipeline the by and our the funded and we as revenues Eagle oral by Agnico developed near Barrick further upside by well-capitalized IAMGOLD underpinned to our also others, being Rand project. and projects partners amongst recall

you'll as we see So forward profile that we year-on-year. comfortable, low-risk and an to is coming move that growth very revenue this are achievable confident portion

pass time to give forward. deal Peter, pipeline can I the with it's natural going a Now asset over on update to you that, who an company's think

Perfect. Well, thanks, Andrew.

largest revenue underground in dive moderate going on still extension our can asset And building can of Canadian while gold operation, picture that is from see towards by that Odyssey, see slide, David of the cornerstone on is unchanged. a earlier. later. revenue to Canada's our what the we terms Eagle So XXXX cornerstone on underground really a recent From Andrew lot growth, the big be shifts underground mine assets of saying our and asset. kicking a the that portfolio mentioned was that Malartic the driven QX of really complex providing some years, mine peer-leading this main updates over when be perspective, Agnico that aspects the are several next we'll to in you into I'll fully XXXX, of

to comes with XXXX, the In Quebec, Partnering in in the X of XX% drilling. Eagle royalty our compiling filing a profiles years, Nevada. equity we're all Barrick, as of royalty Royalty optionality optionality Agnico assets have of of the sector, over cost exceptional and despite nearly And portfolio seeing with and X and more meters of the thousands this we're and the still operators again. million one and for Gold And difficult business being year the that hundreds In across We streaming market significant we're any at a company. across the no jurisdictional in figures. company, portfolio. Newmont, juniors developers, and much premier strongest approaching driving past forward streaming still drilled of cornerstone Ontario meters

highlighted see near-term of And finally, with we assets streaming up really these We in across acquisitions made all reiterate you a year XXXX If and years. exposure supplemented are I'd and the you acquisitions some royalty exposure us Orbera, concentrated the revenue gold meaningful of precious do over past metals the our completed from Gold, portfolio XX% at that The over pick the from portion investors, differentiate does focus revenue green peers. we XXXX. a is our provide which on Cozamin, but our by we slide, representing are And on copper look very pipeline Cote we've some are that did portfolio. Royalty, perspective, through XXXX. couple Cozamin being to last those

upside. XXXX, the for Now Eagle. online of Odyssey current and some mine this I plans as expectations meaningful be gold the some on schedule. expecting schedule Ramp the it's is portfolio Odyssey revenue shaft has in mine longer-term development, ahead months continuing shaft updates increase or development But this They only And beat upside X/X Recently, profile. that processing likes diving the into the a across the of for is would schedule. mentioned, on the underground mine. X Right Agnico highlight Odyssey to the in This by to to and change the of very reassuring capacity now than of have makes for third Odyssey time, they're their at second mine. on to perform the continuing marketing utilize potential progressed been royalties mine sunk capacity on QX, shaft when plants changes the see in given in or comes seen Persico able being greatly some now, a unchanged. potential of to mill utilized in step relatively really Agnico outlook The the XXXX the production. to asset be the less you've of ahead to plan. a even at is advance more aggressive royalties the the bit our

Easter ability the through track XXX,XXX They is well they're and gold Cote, So pour, recently production great X% gets release, that per increase commercial and something that the reiterated ounces on beyond QX David ounces to our with annual to XX XXXX. a guidance XXX,XXX production first quite was this guidance fill us well Sunday came for XXX,XXX envisioned production results mill that currently and March the per excited property. Their NSR year. to is annual At or news over achieve QX. mentioned, out later in in as year their year

while half at for early the to incorporated Barrick's overall with grand they plan. with the thereafter news deposit to in NSR on project, recent they expected definitive to being Ren track expect advance in So very while from the have this Ren year.At XXXX, complex, shortly our very the confidence second scheme Carlin been into increase is that production prefeasibility less study large results, portfolio, continued mine have of X.XX% relatively Carlin a of that the small a complex are the we Ren our in benefit continuing

there next the of at currently mineral upside an Ren exploration over of the approximately shy it couple grade. Barrick deposit. meaningfully the inferred ounces years As indicated resource is grams quite million to deposit X.X production that they resource per at And grow X significant tonne just sits, start that before has of has

even gold-linked completed Our million these be royalty has our revenue the and its to through in revenue most preproduction coupons gold X% Ora first NSR, approximately acquisition, quarter preproduction through payments March completion track recent expecting production payments QX through ounces Minerals Borborema reiterated a they and or coupon before the providing convertible the loan entering XXXX and payments XXX XXXX has at XXX of with of $X with construction of gold-linked production track of XX, We'll ounces us. just loan. also our the has production.On payments of and on mines recent equivalent preproduction investment, mine in which assets completing or budget on entered note for time that are on in complete XX% Brazil. XXXX on that record Vales with Borborema the in the early as

completed with feasibility of the life of up threshold production at financing, this Creek. results bought later a profit that's and what to since associated from and recently and XXXX. company strong This expand beyond Cozamin, for second production there high-grade that mine associated the outline which of had them for know one test the And we that's plan exploration and been with net that some have zone year success one that Creek interest year. IXX deliver to picked Granite XXXX them was development, deal Granite the QX South finally, Nevada is their we no the XXXX. So Mines really and last upside in sheet XXXX, underground of by a grades partnered making the year Higher royalty Gold made continued different. Borborema. Pacific proven Gold late excited the their year. main our exploration We half remainder asset mining the on XX% includes profile we risk see through to the last the were study, are do addressing is continue achieved of incorporates expansion jurisdiction, which they the see we're production and Granite And reasons that Capstone, reserve investment achieving balance XXXX. end Creek, publication acquisition steadily at At drilling, operator. funding then an with They to but this this was is start a positive

of achieving in QX, significant the the we approaching future, closer would that X,XXX XX,XXX achieve credited total. tonnes note ounces at But As to against grade ounces mining not-too-distant and production would threshold XXX,XXX Granite that I day quite given were the we per quickly Creek. rates

this a in contributor would in major years. the could a So be what revenue call I midterm few

that, Beyond with there's across the portfolio. catalysts other assets, XXX various

with royalty and generator previously, likes we're expected continuing in as and last great over model X in TonopaWest QX, Our generate meters drilling the royalties. had the drilling X the success years. those of mentioned the I addition auction nearly to Dole million to sold of in those XXXX property being of being received XXX,XXX And another almost meters payment

translate lot quarters that but not be the represented over of across catalysts into positive portfolio a will and So may developments immediately, the coming years.

up that, with open we things and to it summarize I'd to back Q&A. hand before to Dave So

your of. producers, get the attention invest particularly And about who an leverage gold exposure juniors. the And of which ETF-like a also, experts this we we position benefit for you being the year underlying a thank could assets Peter. the give significant on underlying of gold our important with point million a our underneath price price, Look, here, company operators royalties, the $XXX leverage I the cost rising provides in for optimum you you the royalty your today. best that in message Thanks, think pressure environment, to

without raising generated provide time royalties effectively leveraging would creatively early growth that in their decade. We juniors get And capital the opportunities juniors the relationships exploration our for free. Tier worry biggest the level, has of And exposure bring many a at right some through experienced And of We're royalty anything activities. industry, that to the the from undiluted new space again, portfolio, the stage investors and end to comes peer-leading the equity team, not start revenue I again, are only portfolio they access because strategic by multiple delivered the benefit in to management this think, to in in of the marketplace, by in that raise provide X they're and in mining which the finance we've to providing from which industry to us America quality royalties with the evidenced ourselves with us asset to which of going North many the and royalties, dilution attention you're about money do in source our have having finance get Barrick, to Queens exploration space. Capital they exposure as relationship forced biggest that's and but capital strategic provide our is And going a World us with in generally. of continue second to shareholder we forward. growth Taurus, so

any and that, have. and be Joanna, I'd are I our to Peter delighted that take with So answer questions. and to And here questions Andrew investors shareholders might

Wonderful. Thank you, David, and thank you, gentlemen, update. for a great

the another room. over interested XXX have with full per we today usual, stakeholders in As house

thank in this morning. for tuning you, everyone, So

really we appreciate it. course, Of

place is please Walbridge Now of question significant asset what located at is, in before questions, for top tab the your grow? of the we the take today the screen. Q&A do our And questions likelihood first becoming a the

Yes.

that excited covers really areas all plan. us, royalty has in an asset mineralization So always of NSR our the X% I think mine been Fenelon current

right XXX,XXX for plan. Fenelon, take the now the merits something technical advancing plagues exploration to for away of is that the companies Walbridge advanced think really But ounces that over years mine is I project. most challenge capital XX early access and doesn't

based already that some X% terms that It's that decade fuels with shareholders on that but will good jurisdiction is growth one we're once a production. of Our relying asset next provide strategic on sometime asset an of in NSR advanced. in really the That's company, not great significant that estimates. in revenue our near-term us our

given Wainright. environment question desperate? some what this question a your next from David. Can of interest you bit cutting are getting is advantage Heiko M&A peers you're in some at of seeing with is the And color And you back current for you, more and taking H.C. sellers how seemingly of that? rate The provide Ihle a Are bit acquisitions.

we've the that cap in largest mega sector but replace I look, reserves, over over among maintain decades, several think, the really in particularly profiles in up. and we've production years decline to up you acquire over exploration several decades. work who of last producers. the to in do juniors to they earlier with mergers have the of counts had production. as needs given declining significantly several to on, it the out as to among But over last and had not reserves. vitally industry I gone have Their the the They said multiple last their the the their years, And replace I declining companies to necessarily capital activity all that space M&A weren't because producers depleting order share sustainable, cap production the larger seen depends the go where lack in look the last earlier reserves XX the frankly, for said increase gone seen profiles on access on

a the dozen access different access capital of the led highest has in opportunities some their The us seeing that on happen quite have juniors lack maintain the if developers. explorers early-stage and more They're capital. I production dynamic. in discoveries, M&A more reserve all look of they're ones but think among the profiles. because desperate, capital to required to and to the lot the will, smaller the exploration They to They're you're of for reserves. have to that So deposits producers becoming for for for markets years, quality do on consistent that of in presents the lifting and which those for heavy royalties world and side, not a had to and a decline activity, necessarily order existentially desperate you

question, next as expenses the revenue rises, operating the expect quarter you to how since progress bigger The for expenses? do each the you minimize company, inflation affects it representing with

that take can I one.

able operating fully good as team. It's grow well-built So further look, all an a a sector, executing in as companies without smaller reviewing may we the which strategy, control that view retool that's opportunities we our Gold not we I I And peers that to we need that function well especially team company. full strategy Royalty the our is over the of on I'm We're with is the It's team. don't business out to the and in have business, control is personnel. execute thing -- we to our team same good. one the nice add. at can have adding but for need think our groups as do that's about excessively grow how investment a team. you large the we think don't board, have our in materially folks royalty I cost, big

comfortable business are we companies, as There inflation, we a the but et our that which materially, is growing team with fairly expect on ability inflation, But is not portion areas is terms regard operating in same how our are control situation of can subject I operating a we forward, a areas spent of But cash operator, necessarily an required. all, back. mean environment. going see think there that needed back, And steady In There being in mine assured, with that of insurance, to outsized costs is I scale components scale all the if fairly our as marketing, maybe to where have. look and excess be we've made rising to rest the costs, controlled. move the to which cost and is outsized cetera. I'm to yes, if investment our we in I again, you're be to are growth not absolutely variable great. business we margin could of flows well generation

the would not dividend reinstate to free now is When that a growth like cash is Seems flow generation revenue you your achieved? Street story. rewarding expect

that growth into Board get or we policy, to any a intrinsic cash a have that's returning with that about cash Yes. something we for first free forms. period time have forward of continue I our sustainable in and going flow as fundamental capital That's we is story the conversation revenue Look, flow as of that's something to in really growth. that return be delighted think this shareholders to we'll to explore various achieve We're to generation. to royalty capital crystallizing free crystallizing start

puts course. in dialogue due to Board, So back we'll continue to that and excellent again, be position with an us shareholders to reporting that have our in

operating in saving the cash company been what the million makes And Excellent. $X.X Where expenses? has up costs?

occurred. Yes. from Look, cost gone played what transition have really the And over consolidation phase David reducing the quarters, at company had of areas past well, as more where of I've and the the few savings through did the mentioned out. some outset entities other consolidating throughout redundancies as

through to we that year. the do So last continue

still we between of this Eli and costs our decrease start consolidation of to phase growth, prior seeing so comparability with Golden last year, really, those some speak, Abitibi as you're from of the So when forward. year look you the the to Valley and phase, move QX at

certain is quite to service maximize So time with agreements general. areas the with I've trying have on we insurance where can area contracts to spent respect insurance in a that of cost providers, looking service in other to occurred. bit our and premiums enhance find to that at savings extent providers an really our working savings

have that's So where savings some of come. the

really In of interest line G&A and the of corporate mineral to the regulatory, operating expenses, administration IT, office breakdown expenses. marketing, terms that includes the the relates

lower the maybe or This professional than were audit, costs of more adviser, more marginally tax offset we are sort or cetera. by legal than that's quarter, previous the higher is, quarter. comparable quarter, the fees however, flat. the Employee et On in and less quarter

internal balance for we All previous year. and expectations and our down the going So all, in line be with budgeting in were operating and compared looking on XX% where costs we view costs forward. to really our quarter, keep cash be costs confident on the to -- ensure that operating to I'm we'll with want that

the discuss you share performance? can recent price Gentlemen

Yes. Thanks, Joanne.

is equities disconnect we've the started conscious a as royalty royalty we've the that price retail shareholders of think I gold fundamentals presentation, between gold So sector made the has not to the seen strong that and alike. QX gold institutional and in been Dave the to and market with to given efforts the and said, trend across But with that. immune

a bit beginning will through as earnings It of XXXX. corrected something seen of the in have year. an We be hope more to close credit gold But this remainder that we to I ounce relative to price exceed expectations. the hold continue through to is continues think peers $X,XXX the

the Next have within number portfolio M&A to question. seen haven't space. increase of larger royalty manage much would that to since that more not a in you Why employees do would think we the space benefit shareholders

I there's I a XXx We going anybody say it below same million of size Royal in think an to excellent consolidation be cap, multiples. in the industry It's to And in consolidation I'd because I up M&A the comparator players run we think And have $XX me the Yes. by a out I I it's can an Scale and see of of capital. the become be say that to the and to look Wheaton that at don't to driven smaller going when for estimation, Franco, space. predict cost to $XX the it's big inevitably start significant our probably there's smaller everybody guys sequencing, because we employees question, the No, does but And with It have. can think space restart business hard industry. the need G&A drives among we're think think I smaller cap players. economic for else. excess to these that million our in M&A Joanne. down drives matter because

companies, realize over in rolling in been inherited, fact, we which as XXX% in we're to synergies XXXX, then track we did So XXXX. up up of if record up almost the we've and G&A is, did we achieve the the able X likely course ended roll-ups the to we rolling

an down from achieving the capital, terms which business of synergy absolutely a is our to business. and and up compelling but both growing also driving driving standpoint, scale So cost economically there cost is in argument, fundamental of multiples and

the And of the the for are the remainder what -- drivers company? revenue XXXX in of primary for

Yes.

So through land significant onetime proceeds. agreement we QX, did have

from Malartic $X,XXX I'd an ounce. year. As Dauntless growth half chunk of large of average the gold driving Canadian that of note coming up making the Cozamin a Borborema, Cote the in this I then really year, mentioned, ConCall West continued remainder And around and of and and online XXXX In through the revenue our revenue second price was remainder QX the that.

see with revenue price. should an to royalty-related we due uptick So stronger that our gold

Excellent.

talk about how the Corp let's the benefits So cooperation that and company. agreement Taurus

great question. a It's

the banker First came a with. They access fund at the we're the work to competitors colleagues work new before Australia. at And UBS. fund we've royalty pipeline the This who relationship. Taurus. us of helped, to established a Taurus obviously managed off, Taurus our and that what of of co-invest in is Andrew went give by unallocated. think, relationships shout principals largely time again into with introduce to a again, and to But I and Andrew back out leveraged even to for to million Taurus Gubbels a collection it and out is looking relatively they them funds a particular, us I $XXX were as is in fund want fund to establish to instigate that's gives at this aware UBS, royalty opportunities

and going that relatively and to new expect significant bring they've increase fund offering fund royalty that forward. a raised they they that leverage into the that is amount So from dollars the

with royalty we larger $XX source that a royalty. again, transaction, financed Taurus done World have them demonstrated Cleans they they and Capital, we've co-invest to have $XX allows level. agreement the along capital us, So opportunities where through they gold with size, million has show is corporate and what to with invest convertible struck acquisition Borborema their opportunities did When above access show they're also streaming on up, in to us that fund. above we to a million willing ready at that an and us and opportunities royalties financing their And the

the showed to at level, very obviously not they a level Borborema. only us very the So but they with to willingness corporate like at invest are strong acquisitions asset finance co-investing accretive

coverage very but America, and having introduce from of team, may given them perspective, rest just North that where the a looking opportunities cost We've the also here is within the access team Taurus identifying have of -- world. gives one I'll other colleagues a in already sit in well-connected we think David, add, a what to in from parts Pacific, it the some us at payroll I as just on of new perspective. frequent in they -- the new Asia adding of does the geographic opportunities got Australia not complementary a

to nice it's the without team. actually broader have So people to adding coverage a

Good.

Okay.

someone is asking question is Next XXXX. company's about potential for and acquisition plans CapEx the

Yes.

we being the plan, building through on Borborema, on So flow, focus in near-term high-quality would disciplined but Cosman completed cash deals have right finding seen definitely the acquisition XXXX. a you assets. the

very capital a of focus but key we the Given us. a and have lot for pipeline, explorers, on quality is for developers deal of the robust do scarcity

finding tail free of streaming have right be beyond company. capital complementary We great the we're is opportunities not assets. a royalty do these want to portfolio. have costs, upside assets and about paid It's exploration Every and have top stage the We would do development an we to line a that and we asset With that regards exposure capital once to for. bought completely that. exposure costs exploration investment, for make with to clarify,

grow how among you the for are X years, peers do stand your that to appreciation. strategies or pursue next top X and more and in out provide And to to share Excellent. going your execute

them. over, have X including executed I to players up in stronger them the royalty think and is for had of currency, roll the unique on what's we execute when we in we've our we our across this actually really in of larger space competitors. of distinct all on platforms about hesitate is entire model, continue all Obviously, and growth, didn't XXXX, to and some the cap much

have through royalty out, Joanne, us source vehicle. that currency through as abandoned and I we Quebec means. investment should course generate which generation of Baldor XXXX.When of in do to in a you Ontario Mining in an That other over of effectively the for royalty of andoranda. also and and acquisition we equity grew Baldor-abec, the opportunity correctly an royalties say, through us small teams Reno us was to us, our in an opportunity the royalty gives meaningful M&A pointed We and So creation sweat gives that's

those So meaningful provide payments royalty royalty a equity, of only provide but not also us us creation source our properties. meaningful option sweat through on generations

prospector. leveraging their again, came had relationship we that's did for how again, very become our for those state lawyer a worldly that to third-party Copa for So there. again, demonstrated with have did We've as the those Corp. it's royalty, that the center it with about had actually Borborema, us free. a get can profit Dundee called we we acquisition opportunity. to project done was accretively XBS an disease relationship for colleagues that royalty he accretively and of able been of that then we opportunity, got generating do done the Taurus we for as us We've shareholders was royalties again, relationship because, known leveraging we And with we the very with on as which with got when addition over Goodman we've relationships And Jonathan I've me in state Jonathan and well. a XX We're Burberry exclusive growth exclusive a meaningful That's from acquisitions. years. And Andrew's our and that. very And a financings. an source

multiple of story. grow does X able all nobody to growth of do. a a being our put have royalty source we else to as that platforms. multiple So means, through to There's again, acquisition -- and financings well And position royalty model, those unique and us generation those in project third-party M&A, does royalty them that's third-party steady a good across

getting All words, team What risk do mitigate major to doing hour. address and years? have see you, of next X what factors to you in that X businesses David. We're other them? management of you a questions. the the company And as are the more the risk. to few gives night, the as top A facing In what

gold want a gold you're the you unmitigated running only you're should to gold Yes. buying a the company appropriately, risk if leverage the price. When price. equity, Look, be royalty

our willing March comes are then certainly accept of And we to to think it risk a I none we're so to XXXX. we in track second regard. and IPOed our really, investors that's willing down think execution. Remember, is that to that And And in record only accept.

of generation. our cash just and the And coming development with on XX XXX in over we in cash little revenue X ago. basis we with royalties. over this consensus a end annual free decade another of and producing growth stages compounded started flow, flowing revenue year through X So years a growth this have of noncash XX% flow And development various today, stage royalties, XXX% XX

execution, over so incredible very that's to board team, have of industry reckless I team. So to of we've our of think years experience testament to a pretty think short leveraged order in period substantially as in experience we done discrete accretive and That's XXX And in small that in such well. collective well. in management I terms financially within we've grow and business a a a the time small abandon fashion the

Excellent.

company of but So acquisition Cozamin? look for let's and talk copper actively within about particularly the commodity. the your Obviously, the gold royalty deals does after space, silver the

are things the polymetallic. Look, deposits way we We quite look look we at Yes. those that at is often. precious metal like

over our opportunities only X fact, executed about X. XXX since IPO. in we've looked We've or In

acquire. quite we're what we So about selective

have Typically, silver, they credits tend longer zinc, in polymetallic copper, to the of byproduct lower those nickel, metal. a make ticks metal a But sense. asset, it has deposit sure really quality lot And amounts cost tend embedded deposits structures have significant naturally us boxes all advantages. of return, make of for also, the there's to of distinct the polymetallic in them. X We present the precious If to have terms of because deposits lives.

As has competitive down the byproducts, and is makes be also with Cozamin, keep structure a helps to also happens cost which significant silver case but the high-grade copper, which operation. that

of And going for be time. long a to it's so around that means that period

So that's focus. to is appropriate of We're always polymetallic our for Gold metal-focused company. Royalty name going a be sense us. for a deposits lot makes certainly precious a

high at quarter? Excellent. you question what And XXX of a level, discuss level, revenue last Can the of the that this looking day. at breakdown is your

Yes.

quite we operations Canadian from $XXX,XXX $XXX,XXX had about producing and assets, key million within the is outlined what we $X.XX as and the revenue Malartic, from within MD&A then Borden royalty the this from So of Cozamin, bucket. of within a our bit classify discussion others

So property. $X the granularity We on million proceeds on another just provide that. from we Dontese in $XXX,XXX some to received land agreement -- TonaPaul-West,

million from efforts. our generation So investment. those And Borborema revenues from royalty over $X.X then X initial

So mentioned, and our revenue producing approximately another the of QX.And together those looking there, royalties the in remainder half which million up from as for of growth $X.XX year, continued XXXX. majority all online the makes as as investment Cote of the in those back the Borborema coming well

everyone, thank you, And tuning Thank for you, in. Peter.

As of now. session end the we we Q&A our are will the hour, top at

If please few before And we have of Peter questions, like stakeholders any words other forward directly would sign a them your all David, to to today? off, here you you peterbanke@goldroyalty.com. to say

say going was said. what I to Joanne Well,

contacting If you out do have questions, you a be to delighted we'd you. means hear from us, reaching us have of to but

get out to us and reach questions to have updates. town or don't the You wait to to ask hall

you us glad So could join that today.

David. on that within all you, Thank reminder the socials hours. hall next be this website Royalties And a available just our Gold town on XX and will of the

short and of us questionnaire presentation. future. sign with please off, This at in company more effectively that the fill in we you this helps Before the end you communicate the the ensure

for see for today, and So Goodbye thank joining forum. on we hall you now. us next town you will the