This was recorded in March 2024.
/ Investor Presentation /
0:00 - Introduction to Gold Royalty Corp
0:51 - Gold Price Environment
6:12 - Valuations among Peers
8:44 - Value Proposition
11:52 - Key Royalties
13:18 - Overview of Royalties
14:21 - Revenue Growth Profile
15:15 - Jurisdictions
15:54 - Sustainability
16:22 - Investment Highlights
/ The People /
18:26 - CEO David Garofalo's Career
20:39 - CEO's Greatest Achievements
22:04 - Net Worth Allocated with Gold Royalty
22:53 - Board and Management
24:29 - How Are Employees Incentivized?
25:08 - Chief Development Officer John Griffith's Career
26:19 - Director Technical Services Alastair Still's Career
27:56 - Equity Stakes in Gold Royalty
29:12 - Director Corporate Development Peter Behncke's Career
/ Business Model /
30:01 - Business Model
/ Royalty Generation Model /
32:41 - Royalty Generation Model
36:09 - Preferred Deal Structure
/ Investment Process /
37:39 - Investment Screening Process
49:35 - Due Diligence Post-Screening
41:33 - Percentage of Royalty Deals Sourced from Connections
42:54 - Do You Attempt to Financially Model Exploration Upside?
45:34 - Value of Exploration Upside
47:31 - Metal Price Assumptions Used In Royalty Valuations
49:44 - Investment Return Requirements and Hurdle Rates
/ Portfolio Overview /
51:25 - Revenue Split Per Metal
52:16 - Expectation of Future Revenue Split
53:18 - Revenue and Operating Cash Flow Growth
56:45 - Overview of Royalties
57:20 - Top Three Royalties Ranked After NPV
58:31 - NAV Calculations
59:44 - Canadian Malartic (Odyssey)
1:04:48 - Revenue Expectation Pre-Odyssey North
1:05:40 - Exploration Potential
1:06:03 - Côté Gold
1:08:12 - Production from Zone 5 and 7 (Gold Royalty's Lands)
1:08:51 - REN
1:11:22 - Average Grade
1:11:43 - Steps After PFS
1:12:51 - NPI Royalty Calculation
1:13:50 - Borborema
1:18:29 - Cozamin
1:21:30 - Borden
1:23:02 - Granite Creek
1:25:41 - Fenelon
1:27:58 - Railroad-Pinion
1:28:52 - Gold Rock
1:30:05 - Whistler
1:30:40 - SOQUEM Royalty Deal
1:32:44 - Most Interesting/Advanced Project (from SOQUEM)
1:33:21 - Projects Expected To Come Online Within 7 Years
/ Capital Structure and Financial Position /
1:34:33 - Financial Position
1:36.19 - Available Capacity on Credit Facility
1:36:51 - Shareholder Base
1:37:31 - First Quarter of Positive Free Cash Flow
1:38:14 - G&A in 2024
1:38:28 - Evolving of G&A
/ Commodity Cycle /
1:39:07 - Where Do You Think We Are in The Broader Commodity Cycle?
1:41:11 - View On Acquiring Royalties On Non-Precious Metals
/ Royalty and Streaming Industry /
1:42:55 - View on Gold Royalty Corp's Share Price Development
1:44:24 - Valuations and Sentiment in The Royalty & Streaming Industry
1:45:29 - Definition of a Mid-Tier Royalty Company
1:46:08 - Do You See Gold Royalty Being Acquired or an Acquirer?
/ Investment Philosophy and Outlook /
1:47:13 - View on Diversification
1:48:42 - Willingness to Use Debt and Equity
1:50:08 - How Aggressive Do You See Gold Royalty Being in 2024?
1:52:03 - Do You See Gold Royalty Venturing into The Streaming Business?
1:53:30 - Capital Deployment Priorities
1:54:30 - Five-Year Vision for Gold Royalty Corp
