GROY - Earnings call transcript Q2 2024

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Joanne Jobin

Good morning. I'm Joanne Jobin, your VID Media host. Welcome to the Gold Royalty Quarterly Investor Town Hall 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.

David Garofalo

Well, good morning, everybody, and thanks for the introduction, Joanne, and I'm joined today by our Chief Financial Officer, Andrew Gubbels who will take us through our second quarter financial results. has our you Investor we the a that, thought Behncke, Development, and get gold Peter to I provide custom very, will portfolio as market, then which Director fundamentals very Relations of Corporate into discuss remains And the my robust. of been update. But before is not And recent this phenomenon. a occurring really since years, significant of performance XX the The U.S. gold for price has been the early globally banks from gold XXXXs. decoupled the government and central standard the in trade. one-way really a It has been to print this great where historical to temptation the for inflation governments, to debt at last too The is just XXX% cycle. debt continue money are relative global particularly environment highs, to big GDP in XXX% levels lower interest and capital fundamentals is one gold, driving are the rates, which driving into those instrument printed. and really be the that central can't monetary governments that's And particular, the banks, in it And debt on yielding negative yields reality other and the basis. sovereign while is is real X%, a treasuries

So of exorbitant owning there continue the really is is their this foreseeable these currencies the way is governments future, with appreciating inflate an unabated to for all gold long-term deal to will into only particularly levels to away. fiat And gold. where against environment debt no it opportunity cost phenomenon

point for this in is that perform extremely gold environment. cycle, a well are we to and equities. So in well, performed What inflationary prolonged gold unfortunately will has not

not phenomenon was markets gold general is the junior the lower. years its haven't the of that's blue ago seen remains the which ounce unique about the a see back out equities, to equity you here, that's which per the $X,XXX into below We XX and a XX% still allocation evidenced And line at significant price gold all-time highs of stocks. when GDXJ, that's by capital

today was $XXX the bellwether they the an when industry, gold half actually their and Barrick Newmont, at for only price mid-XXXXs look what were our in in example, are stocks levels about you If of ounce.

inevitable. not happen. equities, have if capital there policy, the expand provided a leverage how tech equities the crash capital look into rotation type of commodity gold started the gold baby the you we But significant of see That government and crises, a the and money equities equities, will the Initially, a rates, even gold was seen significant the monetary dramatically. initially. gold in XXXX. was we the dramatically, the of into eventually, performed financial interest it each that's bathwater equities. those And started is perform supply, back in in past gold in price. as crises gold market, the the lower gold the So rotation were sold think for we in of but Take, gold have particular, example, to commodity ease to off And to at gold

general general to only gold a makes narrowly leverage see valuations. rotation massive price. And the the the again, was that to the the equities you gold They're to cap, chip start the significantly equities to companies up sell-off is where of at And both commodity, allocation equities. by endemic XX%, banks equities, central the the commodity, to so pandemic results projects away see significant gold gold tech of lower cap or initially, commodity we equities you start that the profitability equities, but phenomenon increase a price. the the actually performing crisis a early the with our particular if gold S&P equity the these not gold to crash a sold gold We there the the capital, seen price governments saw large are saw the tech gold to of growth look commodity eventually which in XXX%. And in should no That market. This market -- the has big as a also the starting of in demonstrate equities were started Year-to-date, equity as saw technology the our market on But we've revenues again, at not market market. allocated though XXX performing initially, quarter. and X are some to been see an the this equities, leverage those we S&P We're over the financial the both saw, because for example, they're that the outperformed crisis And the in equities gold the the -- outperformance XXXX, the come very in capital XXXX in massive great great off ease of as capital bathwater production, into be of given and see We'll even an and companies. on the we've to seen starting similar we we've rates, sense, outperformed and was to equity clear type the our underperforming significant in businesses. there and again, to the focused in eventually, to interest money of XXX. as own gold but the commodity. baby to small a gold increased general indices, only started in providing

driven our a a into and time fact starting come saw flow we quadrupling the by the but projects deliver fact, in price, our number to revenue we've the that positive cash also production history. versus first In by in gold of seen free last for year

We're provide to markets royalties, that poised will business, projects. flowing XXX, gross to seen the royalties in as the of is -- companies revenue. now of our IPO. And to X value metric, hard increase S&P I XX production equity basis also pipeline provide to to leverage we've do non-cash optionality have of the the are price. start projects net in see where as for in a enjoy. What capital to XX to we've been market a of starting a our optionality profitability IPO over that value of out eventually coming can rotation understand markets stage royalties equities. our outperformance eventually, and commodity to life leverage a that the We IPO think not flowing outperform is not cash returns general gold only projects our only in outsized asset relative of cash stages but price in XX-fold equity we lead gold also and in overall I the poised net in our our but everybody remarkable growth we but the and robust pipeline since across to of think our XXX in rotation on in royalties understand gold fivefold able given start X.X number -- to of out the of optionality, that steadily since a general a start significant asset portfolio various growth increase mine, significantly significant in portfolio can of markets the but will because growth flow pay performance of our the adding our that years we significant be think, to result quarters years, think think but free into provide shareholders I at performance. with outsized revenue, what And We steadily the So will that and building our the development and in the significant construction. But we equity cycle a the a stage, understand, an provide because to royalties these esoteric terms

this production As QX, and inhereting ] point, full of [ significant of see will strong up our a the a now us the our what relative analysts projects or operating trading the that's second we in think our but this growth, looking achieving growth to X.Xx were our consecutive that quarter poised to happening opportunity cash fourfold at positive half our measure, with growth. consensus basis, for we're point ultimately to market very cash saw I of year a Again, projects at risk undervalued. today. or They we positive has what again, second because ago now that and it's full-scale peers, And shareholders. On significant not with we're a revenue our in I major said, revenue significantly been to we cover a a into X many paying been production value. we're about growth at net is increase flow our And a that in number think relative in own rerate and asset where is production, profile lead to deliver, it's as coming are coming for flow operating portfolio. into

far as happening forward. started again, quarters our company we off for current today. It and free our when growth, go as prospect positive about being growth coming and flow talking cash a is well shareholders the cash Our years quarters, that positive is we delivering the crystallized growth flow in this free in ago was but several we think earnings

at look price. asset So in with results. production on value our our we also you pipeline to sophisticated deliver it flow about some of terms understand understands value robust significant of I'd stage able growth of the cash share in to our our the optionality the talk that, value sector. at if They could our the most register, we're the investors projects in per and like as opportunity share the in shareholder attract basis and of share and portfolio. And in development an earnings excellent to to net been a in But of pass we've the a and coming a financial that rerate on position intrinsic in result Andrew have per the business,

Andrew Gubbels

Dave. Thanks,

This comparable revenue a supplemented total royalties, come revenue due our further far the initial by worth XXXX. of QX is we generates transitioned in quarter royalty seen Gold you've a referenced, great XX land our company flow. is and IPO-ed consistently short XXX flow already period mineral non-cash of million, for X in XXX% strong accretive that period in projects production. the of in proceeds, from including was that positive development GEOs cash XXXX which second highlights from was our flows royalty approximately starting receipts achievement operations. Dave delivered additional into we've a become Higher a Dave cash QX, for results, as cash $X.X In Royalty, calculation quarter, multiple As ago to to a for mentioned. QX cash such operating from against company. credit company the largely how consecutive was that's $X.X our -- higher agreement as in acquisitions another our with than years million truly properties, flow, period time. It's and the pipeline

Project quarter of second saw $XX compared copper Bosnia approximately to assets. in The with a X% Mine in Orion further the bilateral period, Gold This Vares of asset million. transaction costs down cash discipline high-return from Finance foundation to the cost operating the long-life also in same continued for Royalty the period secured our XXXX. Notably, stream our acquisition a producing strengthen completed on

Aside last talk the Cozamin continued acquired more from Borborema Vares, earned revenue revenue cash well in about we this and Cote to our IAMGOLD's will has portfolio Borden. the Peter of Malartic existing and that Canadian from and That from strong a full at pages. We've royalties and generation benefited perform from complements quarter first subsequent project year. royalty flow the

and from XXXX $XX that's Cote aware, from in XXXX, also approximately our Vares annual should second of royalty benefit objective, With Further, full mine report exposure to QX initial total XXXX ESG in inclusive of approximate and have stream, a as expect stabilized full exceeded Finally, growth $X.X carbon G&A to achieving sector XXXX of capital course, and in million proud $XX of in from those XXXX. bottom will XXXX. as help on its and revenue half had year our the We've QX, it with the and company's do up cost XXX% ramp streaming revenue the published and operating sustainability performance million positive no revenue line impact XXXX one lowest to highlights inflation company, revenue the of of expected and second of million the which of from we I'm of report, the meaningfully the agreement the and to XXXX interest. a as the are company ongoing portfolios intensive Gold halfway and through the royalty million to ramps that who months up X which cash year first we through the revenue commitments. total total year. already revenue. To QX $X.X generation further of a land our proceeds in follow our copper to mine the rest Royalty achieve we're reduced guidance

creating Now for earlier. as management growth-oriented quality, transition Dave the Orion finally, of operators. vendors months portfolio resource we've And see business, that accretive reputable a of were achieved from XX second, and has in result acquisitions, any self-sufficient really of a private as We back the strategy a they we focused I we've made flow group, sector and really future-proof of prospects the have is as a generating in providers to Taurus long-term of mentioned the such and company. shares leading equity And execution mentioned, project investors attracted to as some that's then to we've rarely assets taking XX providers Gold acquisitions mine date. The building on point public in also Royalty what this last to largely and with that capital of cash investors our the finance shares. do and issue strategic these done QRC,

scale and investors, others, on the the sector. way we continue that curve. streaming upside really the vision Royalty's build as be royalty value well and these shares moving Gold and company's fact, to our amongst supportive in of relevance In to in up do valuation We're company strategic fundamental see

update pass on portfolio. will through I'll the our who So step over with an Peter, to that, presentation

Peter Behncke

Andrew. Thanks,

snapshot on portfolio comments pipeline driven provide and recent speaking today. zoom revenue I a to it that year building the in growth and by as acquisitions. to some profile our of of So Andrew's our this stands wanted a our out reminder

acquisitions, Vares, agreement Cote supplemented can XXXX the that land been flowing by asset Gold, assets cash and have Borborema, the and all really Cozamin, green You total recent highlighted over years. our are acquired acquisitions see the box, the in driving revenue several assets X individual proceeds our last yellow

which outlined Gold the into of details of diving in are metrics Before more really do specific portfolio that the differentiate reminder Royalty. updates, portfolio our MD&A, comprehensively

XX% American Quebec, second focused of quality that the We operators our Ontario portfolio in the majority forward and assets are still to are of over are with North our and driving Nevada none.

is producers. fueling our forward growth, capitalized, precious Newmont, those key for stage development and specifically, increasingly today's Barrick, environment extremely Eagle, driving Agnico well really metals future assets which important in developers

complex, first asset largest an the provide is Canada's to asset Canadian over underground highlight the update mine. on future So flagship of and underground be to our Malartic the Odyssey gold mine, going the

incorporates As a deposit, the Canadian of of had Malartic part northern Odyssey excitingly, really zones, approximately known resource quarter plan the the Odyssey of on that is mine, the in importantly, strong that towards royalty term. of the plan. Agnico of covering which Malartic majority out portion over could royalty But XXXX portions North mine internal South half a near NSR a part reminder, updated specifically only Malartic, East Odyssey Canadian mine X% second Based the was the we and our supplement into the relatively plan, and that. life success the see XXXX. a a mine of mine

mill really exploration potentially and mining a across are key at second expected are project, project, potential we around explicit the deposit, program. All XX,XXX rates package, a through with the is aim highlights due development the to on the complexes East seeing the the in North they been existing are mineralization incremental fill Midway Agnico's approximately the only what's recently potential conversion and exploration current we the reiterate, given XX% benefit this Gold to the out more exploration of where to to South to exploration coming that delivered And X regional East plan at Odyssey for internal shaft increasing also drilling just and Some is mine East, specifically key to part significant their X.X% success, which again, Gouldie with online the truly plan. that hold mine Gouldie area. success then regional Odyssey South potential Agnico's the meters the if Odyssey of focused exploration our resource incorporates the benefits of And factor. mine, Malartic these us increase of and resources, view sooner resources rates at increase exceed right that of investigation to But is Canadian spend the which indirectly coverage expansion. mine expectations Malartic rates and updates, to that drilling Agnico's within conversion NSR and truly mining continuing And Odyssey Royalty, on just are really are the at Malartic, objectives: you detail then further two shaft currently, the drilling grow targeting, of going use the quite bit Royalty. benefit conversion to development focused they've now. first again, ahead continue zones royalty on East the the mine strong. A Canadian more to that lies success on targets Gold Odyssey exploration Odyssey Again,

we portion further from on XXXX reporting which everything and right production these internal And of for our side of but majority potential So this royalty indicates picture, zones. middle between smaller have the the XXXX into the that coverage zones, of area. a South, is vast Odyssey do the red

explicit could be. So on we're internal what quite excited the Agnico as profile the from more is production zones

million acquisition, currently at copper It's of those clarify stream of million spot XXX% the some And here, on only to resources we And and project recent price. we of page X.X the in can our inferred asset. currently, I'd have ongoing the Moving XX.X been with tonnes on XX% JORC of the the tonnes developments, phase. like has in standards Vares. ramp-up to at at plan. are its recent is the looking see incorporated of XX.X resources the Vares mine most million under resource payments indicated There of reminder, tonnes bottom there a

So of resource beyond production In to to see conversion current XXXX similar underground previous concentrate potential They ramp-up Canadian improved mentioned XXXX. [ achieved the nameplate XX% to Vares, highlights estimate ] look significantly, mine beyond plan. QX on initial mineral to of XX-year continue expand the increased Malartic, to I the life development the and shade current capacities Rupice they for on deposit fourth and quarter quarter, extending the strong up that quarter-over-quarter. sales remains track second resource their at that slide. has

One of annum. are currently that outlined of the annum million X.X tonne production studies exciting areas Adriatic million they per per a that tonnes, tonnes XXX,XXX upside evaluating is from scenario, X.X up completing

So increase and throughput, much our of a would in project the economics that would overall the very be significant which enhance investment.

And the court having the been on end at looking a quarter, there from by of was the and discussion management Adriatic of since with tailings expanded removal the in planned ruling Bosnian at trees Vares. facility the disclosures, on are that public is alternatives anticipated first types the evaluating of they discussions. their ruling. for production facilities. there instance already the tailings They're of due not it's And the outlining to these storage impact no Now

investments for across So be the Adriatic. a impact that due one this in And production management on there we've confident and ruling, since seen the is fact, -- the there than from by to no senior will on but expect we're less court for announcement, significant this concern cause Vares reason. project Board Vares would quite

nameplate for So as full capacity in fourth quarter confident the the that they year. in to track of they're quite continue the outlook

southern ramping over developing and of achieved remains time updates, our mine. of X.XX% portion IAMGOLD line other and of it, plan, up been XX% production the our milestone, hold fourth end And we that's the They're the this where IAMGOLD's of in lower year. the XXX,XXX of upcoming at X to targeting a just royalty is August provide nameplate cusp the Vares. Recent asset continuing period the currently of Phase coverage project a the of quarter. for in achieving capacity major the this the NSR production portion ramp Moving some to we're a royalty asset of achieving intact. key mine slides. nameplate on full commercial similar IAMGOLD details which in capacity guidance so for ounces to year, that QX really I'll up a there required on XXX,XXX to the meaningful Their to applicable gold

Cote the years reminder, on a current as mine is resource XX Finally, Gold multi-decade alone. another life,

Vares, similar us life, mine for and very robust holder. which to Odyssey long or as stream provides economics a So royalty

the mine Cote, So X portion that's showing of of here royalties, as at the and you plan ounces. a map the and see on the and can of covering I patchwork benefits measured the mentioned, first here of left X Zone meaningful phase indicated

IAMGOLD's of part is portion that X for Phase The the the mine important is southern plan. mine

expecting And you portion the then right lower northern model southern the image almost then mine, the we're Phase the our top Phase Cote of would pit. seeing on with increased Pit that the edge coverage of year has after deeper been years northern here which as Pit Phase X, the trail the gradually pit X see first X of and Cote focused is orientation X, coverage X edge stripping grade. This mine So portions starting here. of on are see they off expanding the Phase to be shifted, in more Pit XD can entirely corner the in somewhat the now so that the southern X illustrates

So an Cote the of up illustration here why we're excited to in see term. ramp so just near very

part of Carlin complex Complex, the asset, our U.S.A. gold Project, largest Our the the Ren royalty the other mining over cornerstone in

but is around X.X% important did We driving with Project of Carlin royalty high-grade at supplemental of project XXXX highlighting that relatively have They a ounces detailed out updates, continuation forward. relatively the shy capital and feed production on this. entirety Aura XX% track. saw the update conversion, Minerals tonne. continue to the million The X.X still what it to XXXX. increase of most an grams to Canadian overall track complete primarily QX million importantly, production see now on per what dewatering it and for Carlin remains with advance Malartic, Ren currently detailed of ounces at construction studies Within for Ren the the we small over -- to with low PFS at finally, resource relatively X.X at Vares They're near-term recent that to reiterated And the is similar we just engineering of deposit Borborema then portfolio, project, Barrick's similar QX supplemental current advanced and NPI X at resources that million moved engineering feed they're our over Ren X that later asset. And then ounces part NSR investments that's a towards are coming expected minable Complex. QX thereafter. they a much the after shortly inferred due And larger expected expenditures licensing completing be XXXX resources announced X.X% project. indicated results. in QX currently to the on road that approval the than plan. increase the this ounces is mineral due based Aura's year the with a And road for XXX,XXX of and is in mine project. XXX,XXX reserves near relocation potential primarily of of

to those mine reserves and as So well increase significantly be major increase that catalyst mineral at a Borborema. the would plan significantly overall see

I'll XXX-plus key acquisitions some there point major this to updates other are Q&A across are and session. it David have assets our And assets. we across portfolio. the back recent before in at we enter that, with the Those So our pass catalysts

David Garofalo

attention. that expand the on to bought will now at happening in that is annum the underlying a contribute highway is portfolio, gold of shareholder. think happening the significant an of broader has look XXX that royalties portfolio work of and But kind exploration over me [ is significant the the all life, because for. optionality not that, And optionality when permit get benefit at important only production within per our I point portfolio free equivalent over broader stay some we that on get comes that your on resource to going mine only budget. We not that's case exposure, optimize of the Borborema, you on for spent that's that portfolio the ounces nothing to exploration and continue are the ] element which upside, free growth terms take cash of extend for million the in coming and will $XXX million in as flow right Borborema, the the to and Borborema, to and for and everybody, free to that, microcosm Peter's think share that revenue, operating delighted paid thanks, me unlock of I and the And a now Andrew quarters those. we're and of Peter, portfolio, help realizing, We're flow crystallizing story significant I'd years. With that to in but In join explore assets. to and move to growth operators per XXX Peter you completely addition cash questions take Joanne, to what's the thanks, over Q&A. be field Well,

Joanne Jobin

stellar have as for house certainly per Thank usual. another full a you, We today global gentlemen, update. audience

expand wherever is, for morning in you're you G&A XXXX? thank on to our reduction cost time to this the compared [Operator to So Instructions] And in first you the question can XX% audience or listen afternoon, taking the today for this located.

Andrew Gubbels

take I that Yes. could one.

operating we've Last then, acquisitions So the This really closely XXXX, company an costs. manage focused made since was company eliminating in to year, and continues following the been has on been ongoing streamlining its redundancies really effort process. the most add and to et possible renewing a the general respect operating really structure view just to office, the trying cetera. the have IT, targeting insurance pricing, vendor value costs, contracts of more with to simplifying efficient extent effective and the with

the contributed which costs. the recorded a to streamlining the a operating continued costs to in result in operating on the focus continued spent capitalized transaction-related costs the on So simplification on of was are there big portion the QX, period, group, as we transaction, the and executing decrease streamlining. Also really, the moderate as in well, notes, and as It's a a Vares as addition result. the financial salaries time of the decrease that a those a statements in in portion in of focus were period costs

Joanne Jobin

Next question.

to writer, go. issuance a long-term more not Okay, talk The in shareholders? Oh, of here you is while Tiggre, very and of with value still Turkey recommend even he by impressed was the address said way, jogging your the newsletter percentage Well, benefit does that is [ shares, shareholders likely David, excessive we can the GROY because I category. shares. X% Joe with a on issuing guess, Can mining run yesterday. interview of ] net well-known Lobo how

on bravo that. So

David Garofalo

every wasn't most case, and net most The in year case, gap IPO not the more have issued long. [indiscernible] the to and of and I acquire value was significant to a share, importantly, asset criticism for our cash to share willing only did Bosnia. And every our the ago growth growth. The accretion last but pay recent market to over our added per per biggest adds faced that a bought was appreciably on mine stream to copper it acquisitions recently, proceeds. flow growth. the year we when shares, We we should the that that only have Barrick issued in order use had we in financing stream, in each share silver deal and the each In the add we've

also royalty immediate opportunities long-dated, but add flow accretion share would at asset per a per too on cash was went so growth cash net basis, about we Our looking share flowing thought we add value accretion.

balance it offer upside capital per long-life cash sake and term equity while exploration true significant we're the introducing share made per sheet, in for again, significant adding last I with deposits we assure So short in putting term, of the each cases issuing We're not issuing on flow the of share. that you that to, that acquisitions we're the every not with the to the but value lives flow to short have accretion in significantly of over significant willy-nilly. equity would asset net work putting order cash doing been cash year the long one upside. in supplement exploration that the that's And and assets again, and

Joanne Jobin

there land is the question line new Okay. is, dilution and share improving, in the And this is coming question, agreements the next horizon? again with revenue with further coming on and online,

David Garofalo

context in the equity, for acquisition accretion. significant shareholders. our of and use our having flow share shareholders, [ issued accreted a most Again, per it's recently When value in where we cash we've net recent of have diluted proceeds asset most value the been ] actually we've not

had we'd use ] our ask of we [ significant that So back we that, and of more absence issue for that capital don't demonstrate go there proceeds was could course, opportunity to if In the value. we equity. of shareholders accretion adds an a where for

Joanne Jobin

share Excellent. can the to And we when improve? price expect

David Garofalo

that I'd that able cash love date question. a pinpoint share flow to a share when would we're per And -- say the expecting good an experiencing lives, that experience I growth. operators over coming to earnings It's in We're I'd production happens. see again, growth, the growth months given grow are per that to love be these significant on assets And are long years. per flow that well-capitalized excellent earnings to cusp have position from and and the share. of cash --

environment. in to I type think that attribute market the price performance will to of share start attribute accretion,

We're fruition same significant position. rate this to X. of excellent all a next an a in of coming our as we're the on the time since all growth been think we've the delivering the result at course of promising over cusp IPO or I year of

Joanne Jobin

Excellent. on And few questions to have I'm those -- we a do have try all going Vares, gather quite together. to we so

Vares So the the in this the the production is the on first between quarter? For production following is with payments reported time copper the quarter, revenue associated one stream? lag stream would be what in production

Andrew Gubbels

require of it produced our certain pay stream does able first us to There of contract, up copper With and to to be take built lag the that the concentrate I one. amount be between could a is payment. produced copper that's in amount that respect copper concentrate. stream is a the to

is the receive that for stream will project our we year. the third Our of first expectation Vares payment in this quarter

Joanne Jobin

I about you what, And again. talk will Describe recent operating perhaps the but the you on impact, Vares know this if court in it ruling your presentation, the line? answered can on have royalty any

David Garofalo

Yes, you go Peter. ahead,

Peter Behncke

planned advanced and commentary production discussions no recent there's that potential have facility the from the is court reiterate Adriatic Really, operations plans or could ruling. to our alternative the impact They from need get on well discussions tailings also, to expanded well. continuing as substitute tailings Yes. tailings just on is chop some has are that but they to trees expanded originally facility it, as ongoing that facility place they in down that currently

did shifts highlight this experts recent and connected as have management bring freight in-country well that at is involved to key think they are Adriatic production. as one the are I principles full other into well asset

So we're quite confident as in them to deliver outlined. on the production profile

David Garofalo

all during have to just They whatsoever within tailings that on We tailings. and look need Adriatic's at would they sites process. urge disposition rely I Yes. land in they've do of this diligence their adamant site to don't quite been government by due alternative own order land. on disclosure were dispose own means, shareholders, our on public

with will in site Adriatic's who will ruling. the to We site. should shareholder be key to that subsequent I the largest add September on ownership their XX% Bosnian the visiting shareholders in company court be doubled And the actually announcement again other on about

the in So own diligence their they position. the and took they've their this with sell-off slight on the weight done opportunity up to stock

Joanne Jobin

projection Can of the X-year company GEOs ramp-up? publish a

Peter Behncke

Yes.

XXXX in X,XXX key time GEOs end X,XXX the north ramp us up guidance across like those cover on. development figures for that us of But X our line So so Cote, that see approaching Odyssey, that of like assets ramp-up XX,XXX analysts towards inquired is to -- the stage the X-year given and on decade, consensus of GEOs.

Joanne Jobin

do you And when flow? expect free cash positive

Andrew Gubbels

year, flow. a of to of really cusp positive the back close company. contingent I to through be are positive expect cash but shapes free up, half moment, how we're positive cash this we generating We'll free XXXX, generating getting cash we reality XXXX, starting It's operating the flow it's the at see being -- on for of the So at flow. rest the year are the but

Joanne Jobin

that to? are What company forward major the of looking the is some catalysts

David Garofalo

a we're touched more we continued commercial going had project revenue coverage a much flow We're the in to we Malartic the but growth, from get have with and more as year, revenue, coverage. We're say, we pit royalty which particular, second mining going in achieve while the loan is multiyear payments on half Well, only cash a I forward, year, not we're royalty Cote, royalty on commercial streaming a on production this that's or the up. that in production royalty that in getting significantly the underground ramp in particularly benefit development have significant open and first presentation our production production waiting at of payments where schedule, -- to in year Peter proposition where transition Canadian current exclusively our for Vares. gold where in expected Borborema we're second half and the half interest pre-production actually touched year. getting his of generating Odyssey should convertible to month at first next achieved of underground that ramp-ups the

looking across years capitalized assets with multiple for to the very continue portfolio deliver So growth it strong at to come. operators, will

Joanne Jobin

And when GEOs do to Odyssey first underground? you expect model from

Peter Behncke

Yes.

First, GEOs, we line Eagle with production in profile. the model Agnico

as XXXX, coming Odyssey the that's view So coming East here North seen online recent Malartic potential internal and upside Odyssey updates. we zones and then do those And XXXX online towards South based immediately. on Odyssey

Malartic and Pit the current Odyssey from revenue Barnat Our Canadian the mine is currently. from

current it is Agnico open remaining but [ with mine the mine pit line XXXX, in Eagle's towards life plan. So ]

Joanne Jobin

range to the about earlier Are provided Let's you that tracking within still the in range. talk guidance perform year?

Peter Behncke

Yes.

We on revenue on guidance. based in to seeing meet track well key the as assets second on half first Andrew noted, are half and up our those track, ramp

Joanne Jobin

answered share it. Okay. of questions performance. already, we And David, getting are one this And but regarding a on more know question lot I you've

the isn't performing improving the why flow? share price cash So despite

David Garofalo

I just rearview get anticipating. a growth a as for that this not Yes. -- it's Look, of you matter opposed paid to think market the mirror It's that's in is where kind market.

in seen more achieve trade to from of price Difficulty] earnings second start on of its mines as multiples start I and growth half some to achieve we delivered the We'll get have [ America. inevitably, cash North from gold But during markets. the below flow, think start in market love universe the peak. to to is The growth, XX% said, any ] really that. capital the free the pay not year earning will we the I [Technical to with the flow GDXJ will price cash significant largest As players positive positive smaller start for cap that

Joanne Jobin

Thank we are you, session. gentlemen. now end Q&A top And of at as will our the we hour, the

before you you to And forward have Peter words other say directly close David, forum them we like any would we please the to at a If pbehncke@goldroyalty.com. questions, off? today, few before sign

David Garofalo

through again quarter to kind make any like Q&A always your if as to all XXXX you this out, number, answer attention reach our available. our by can yourself and emails available directly for you'd we thank your and or through questions well we're Well, offline look, means

Joanne Jobin

of just the be Thank you, And this Town the on Hall remember our next Gold David socials and within across Royalty XX that team. website will available and hours. all

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Gold Royalty (GROY) 14 Aug 242024 Q2 Earnings call transcript