Gold Royalty at 2025 Precious Metals Summit: Strategic Growth in Focus

On Tuesday, 09 September 2025, Gold Royalty Corp. (NYSE:GROY) presented at the 2025 Precious Metals Summit - Beaver Creek, offering insights into its strategic growth and future prospects. The company, with a strong focus on gold assets, aims to expand its production significantly by the end of the decade. However, challenges such as debt repayment and market competition remain in focus.

Key Takeaways

• Gold Royalty Corp. anticipates producing 5,700 to 7,000 gold equivalent ounces in 2025, translating to over $20 million in revenue.
• By 2029, production is expected to rise to 23,000 to 28,000 gold equivalent ounces, aiming for nearly $100 million in revenue.
• The company plans to prioritize debt repayment while exploring growth opportunities and shareholder distributions.
• Strong support from GoldMining Inc. and Nevada Gold Mines, holding 12% and 6% of the stock respectively, bolsters the company’s capital structure.
• Key projects like Canadian Malartic, Ren, and Borboryma are poised to drive future cash flows and growth.

Financial Results

• Gold Royalty Corp. projects 2025 production of 5,700 to 7,000 gold equivalent ounces, generating over $20 million in revenue.
• By 2029, production is expected to reach 23,000 to 28,000 gold equivalent ounces, with revenue approaching $100 million at spot commodity prices.
• The company holds $3 million in cash and has drawn $27 million from a $75 million credit facility.
• A fully diluted market cap is estimated near $800 million, with a focus on debt repayment to enhance free cash flow.

Operational Updates

• Over 90% of Gold Royalty’s portfolio is concentrated in gold assets, with significant operations in Quebec, Ontario, and Nevada.
• The portfolio includes 248 assets, with key projects like Canadian Malartic transitioning to underground operations, potentially increasing royalty coverage.
• Borboryma is expected to achieve commercial production soon, while Vares aims to expand throughput significantly.
• Operating partners plan to drill over 350,000 meters across properties in 2025, continuing a five-year trend of extensive exploration.

Future Outlook

• The company targets production growth to 23,000 to 28,000 gold equivalent ounces by 2029, driven largely by brownfield assets.
• Strategic priorities include debt reduction and evaluating growth opportunities versus shareholder distributions.
• Key catalysts include commercial production at Borboryma, throughput expansion at Borboryma and Vares, and increased production at Canadian Malartic and Ren.

Q&A Highlights

• No questions were asked during the conference call.

Readers are encouraged to refer to the full transcript for a more detailed understanding of Gold Royalty Corp.’s strategic initiatives and financial outlook.

Full transcript - 2025 Precious Metals Summit - Beaver Creek:

Peter Behncke, Director of Corporate Development, Gold Royalty Corp.: Good afternoon, everyone. My name is Peter Behncke, Director of Corporate Development at Gold Royalty Corp. It’ll just be me up here today and not a group of three of us chatting about Gold Royalty like the last one. Disclaimer available on our website. Please review it as I will be making some forward-looking statements. As our name indicates, not very original, Gold Royalty Corp. We are a gold-focused royalty and streaming company. Over 90% of our portfolio is focused on gold. We do have a small component of copper, but that is one of the highest concentrations to gold amongst our peers in the royalty and streaming space.

With that, we provide one of the strongest correlations or the highest beta to the gold price that we’ve seen in recent months, which, as you can imagine, as we’ve gone from $2,000 to close to $3,700 an ounce, has been very favorable for our share price. With this crowd, I won’t belabor the benefits of the royalty and streaming model. Expiration and expansion upside, very scalable business with fixed operating costs, and insulation from inflation, whether that be capital or operating costs at the operating level. All these benefits are true at Gold Royalty Corp. What I really want to get into today is our world-class portfolio and what we’ve built over the last four years in relatively short order. At Gold Royalty, we believe the portfolio we have assembled is anchored by some of the best royalty investments that you could ask for.

That is operated by some of the best mining companies in the world, the likes of Agnico Eagle, Newmont, Barrick, and we’re located in the best jurisdictions. Quebec, Ontario, and Nevada represent over 85% of our business value, which truly differentiates us relative to peers. Briefly, how did we get to where we are today? We started in March of 2021 with just 18 royalties, all on longer-dated assets, no line of sight to revenue, let alone cash flow. Fast forward to today, 2025, we’ve grown through a mix of corporate M&A, consolidating other royalty and streaming companies, and then over the last few years, being more methodical, targeting cash flowing high-quality assets that we saw would increase the net asset value and cash flow of our business on a per-share basis.

As we sit today, 248 assets, almost at 250, and we’re expecting 5,700 to 7,000 gold equivalent ounces of production in 2025 at spot commodity prices. That’s north of $20 million in revenue this year. From a standing start to positive free cash flow and significant growth looking ahead, we’re very happy with the portfolio we’ve been able to assemble. As I mentioned, very favorable jurisdictional profile, over 85% in Canada and the U.S., specifically Quebec, Ontario, and Nevada. Very heavy gold concentration, 92% gold by book value. When you look at the value of our portfolio, from asset stage, it’s primarily in those cash-flowing and development stage assets. The exploration of the portfolio is really optionality, not something that we anchor a lot of value to. Now, how does this position us in the landscape?

In our last presentation, we highlighted the correlation between scale and multiple, and as you can see, Franco-Nevada, Wheaton Precious Metals, Royal Gold, all trading at premium multiples. The likes of Triple Flag and Osisko, closer to two times NAV now. At Gold Royalty, we’ve emerged as one of the leaders in the small cap space, with a fully diluted in-the-money market cap close to $800 million. We see the potential for further consolidation, further growth, and as we achieve that scale, beginning a stronger multiple in the relatively near term. Zooming out, looking at the portfolio, with 10 minutes left, I can’t get through all 248, but it’s really the key cash-flowing and development stage assets that drive the value in our business. The three flagship assets we always like to highlight are Canadian Malartic, Ren, and Côté.

These are three of the five largest gold mines in Canada and the U.S., Canadian Malartic being Agnico Eagle’s flagship asset in Quebec, Côté going to be Canada’s third largest gold mine, ramping up to full run rate by IAMGOLD in Ontario, and then Ren, the northern extension of the Goldstrike Mine, part of the Carlin Complex, the largest gold mining complex in the U.S. We have royalties on all of these assets, which are ramping up this year and towards 2029. We see cash flows, or expect to see cash flows from these assets for decades ahead. As I mentioned at the outset, a strong concentration of Canadian and U.S. flags, top-tier operating partners, and that long tail of optionality. It costs us nothing to hold those exploration and advanced exploration stage assets, but as our operating partners continue to work them, we benefit for that at no cost.

They’re free optionality within this portfolio, which helps justify that premium multiple. I mentioned we’re looking at 5,700 to 7,000 gold equivalent ounces here in 2025, but we’ve also outlined a five-year outlook towards 2029 with assets like Odyssey ramping up towards 2028, Ren expected to enter production in 2027, and the likes of Borboryma, Côté, and Vares all ramping up this year. We’re looking at between 23,000 and 28,000 gold equivalent ounces by 2029. Importantly, the reason that we had the conviction to provide this longer-term outlook was that over 80% of that growth is on the back of brownfield assets, satellite deposits, existing operations. We don’t need to wait for financing or permits for that growth to be delivered. It’s on existing operations already. Sensitizing that outlook to the gold price to put this in revenue figures, you can see the analyst consensus gold equivalent ounce production profile.

That’s the columns that you see on the chart. We’ve shown that against a range of gold prices between $2,800 and $4,000 an ounce. As you can imagine, we’ve had to increase those gold prices in recent months. As we approach the end of the decade, getting close to that 25,000 gold equivalent ounce production level at spot commodity prices, we’re approaching $100 million in revenue. The important aspect of the royalty and streaming model is our cost structure will be fixed. As this revenue growth is delivered, you can expect to see our costs stay stable and our cash flow to grow in line with our revenue. What are we going to do with all that cash? Priority use for us first is paying down our existing debt. Paying back debt, automatic rate of return, and improves our financial flexibility.

From there, evaluating continued growth versus shareholder distributions, and balancing that as we have stronger free cash flow. Now, it’s a bit of a laundry list here, and I won’t run through all of them, but to highlight some of the key catalysts that are really driving that growth over the next 12 months, within the next two years, and then beyond two years as we approach that 2029 outlook. In 2025, three key assets are really driving our ramp up, the first being Borboryma. This was an asset we financed in 2023. They’re expected to achieve commercial production later this quarter, and then we’ll benefit from a full year of run rate in 2026. Beyond 2026, into 2027, 2028, the operator there, Ora Minerals, has highlighted the potential to expand throughput from around 2 million tons per annum upwards to 3.5 million tons per annum.

That would be concurrent with them moving a local road, looking to increase reserves from around 800,000 ounces today to upwards of 2 million ounces along with that road relocation. The second asset I’d highlight in the near term is Vares. Topical right now, recently announced acquisition by Dundee Precious Metals, now being coined as DPM Metals. They are acquiring Adriatic Metals, and a lot of what we’ve heard is that Vares will be one of their flagship assets. This is a very high-quality silver project in Bosnia and Herzegovina. We hold a 100% copper stream, and similar to Borboryma, once they complete that full ramp up, we see the potential for them to increase throughput expansion from the current mine plan of 800,000 tons per annum right now to upwards of 1.3 million tons per annum. Significant, over 50% increase in throughput, which we benefit from at no cost.

In the medium term to longer term, it’s those flagship assets, those three of the five largest gold mines that are really driving our growth. At Canadian Malartic, Agnico Eagle has continued to drill this deposit aggressively, and as they transition from an open pit operation to a fully underground operation at Odyssey, our 3% NSR royalty coverage will increase significantly. It’s expected in 2026 that Agnico will be publishing a study that envisions a potential second shaft to further increase underground production and fill the vacant mill. As currently envisioned, only about one third of the throughput capacity of the Canadian Malartic mill is being utilized. The potential to fill the mill and really increase underground production would be a huge benefit for our royalty.

Finally, and again, not going through all of these, but Ren would be the asset that we really would like to highlight to the market. The northern extension of the Goldstrike Mine, largest gold mining complex in the U.S.A., we have a 1.5% NSR royalty and a 3.5% net profit interest here. Barrick has outlined that they expect to be producing 140,000 ounces of gold per year, starting in 2027. A year ago, there was very little information on this, so this is an asset that’s really just starting to come into the conscious of analysts that cover Gold Royalty. To capture the rest of the portfolio, the 240 some odd that I missed, we like to quantify that optionality by looking at the amount of exploration drilling that’s going into the portfolio.

In 2025, our operating partners have outlined that they expect to drill over 350,000 meters across the properties where we hold royalties. Over the last five years, we’ve seen over 2 million meters of drilling conducted across the portfolio. That’s a significant optionality benefit that comes to us at no cost. It means de-risked assets, increased resource, and it’s close to $1 billion in total exploration investment that we never had to spend a cent on. Getting into some of the nuts and bolts, capital structure, balance sheet, looking at our shareholder register, strong strategic support from our former parent company, GoldMining Inc., holds about 12% of the stock, and then Nevada Gold Mines holds another 6% as our second largest shareholder.

Insiders and individuals hold around 8%, and we’ve seen significant increases in our institutional side of our register as our free cash flow has come online and as our scale has increased with a rising share price. We do have about 53% unknown public other retail, and with that 53%, we have very strong trading liquidity on the NYSE American, another differentiating factor of Gold Royalty relative to other small cap peers. Currently, and this is a bit stale-dated, we’re trading closer to 3 million shares per day, closer to $10 million per day in traded value at our current share price. Another stale-dated metric in this volatile gold market is our share price. We’re now looking at a fully diluted market cap closer to $800 million where we currently stand. A good breadth of research coverage, six analysts cover the stock, all with a buy rating.

Looking at the balance sheet, about $3 million in cash, $27 million drawn on our credit facility, which is $75 million with BMO and National Bank. With that, now is a very exciting time for us, free cash flow inflection point driven by world-class assets, strongest concentration in North America, strongest exposure to gold of any small cap royalty and streaming company, and we see significant value upside when you look at the multiples that larger companies in the space are trading at. Thank you very much, and I think I’ve got a minute and a half left if there’s any questions.

Unidentified speaker: Any questions? All right, thank you very much. Oh, we got a question. No, you moved your hand. All right, thank you.

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