The following is a summary of the Gold Royalty Corp. (GROY) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Record revenues were achieved in the first nine months of 2024, with total revenue, land agreement proceeds, and interest of $9 million, marking a 130% increase from the previous year.

• For Q3 2024, total revenue, land agreement proceeds, and interest amounted to $2.6 million, a 90% increase compared to Q3 2023.

• Positive net income was reported in Q3 after recognizing a $5.9 million non-cash deferred tax asset.

• The company reiterated its total revenue, land agreement proceeds, and interest guidance of $13 million to $14 million for the year 2024.

Business Progress:

• Increased production and revenue growth expectations are set for Côte Gold Mine and Vares Mine, both expected to reach nameplate production by the end of the year.

• Several key mines are in the process of ramping up or approaching production, including Vares Mine in Bosnia and IAMGOLD's Côte Gold Mine in Ontario.

• The company is on track to deliver its first year of positive cash flow from operations in 2024.

Opportunities:

• The current strong commodity price environment and leverage to gold price promise robust revenue and free cash flow growth towards the end of the decade.

• Several royalties and streaming agreements, notably with Côte Gold Mine and Vares Mine, are beginning to generate significant returns and are expected to increase further in line with production ramp-ups.

Risks:

• Operations at Vares Mine faced a delay in revenue recognition due to a lag in concentrate sales.

• Certain development projects like Orla's South Railroad might face delays in production relating to permitting and studies, despite potential acceleration due to favorable commodity prices.

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