Gold Royalty Corp: Investment Case

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