Gold Royalty Corp. (GROY) 2025 Q4 法說會逐字稿

Good day and welcome to the Gold Royalty Corps fourth quarter 2025 results conference call. All participants will be in a listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded.

大家好，歡迎參加 Gold Royalty Corp 2025 年第四季業績電話會議。所有與會者將以僅收聽模式參與。(接線員指示) 在今天的簡報結束後，將有提問時間。請注意，本活動正在錄音。

I would now like to turn the conference over to Mr. David Garofalo, Chairman and CEO. Please go ahead, sir.

現在我想把會議交給董事長兼執行長 David Garofalo 先生。先生，請開始。

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our fourth quarter and 2025 results. Please note for those not currently on the webcast, a presentation accompanying this conference call is available on the presentations page of our website.

謝謝，接線員。各位女士、先生早安，感謝各位參加今天的電話會議，一同回顧我們第四季及 2025 年度的業績。請注意，若您目前未透過網路直播收看，本次電話會議搭配的簡報可於我們網站的「簡報」頁面取得。

Some of the commentary in today's call will include forward-looking statements, and I would direct everyone to review slide 2 of the presentation, which includes important cautionary notes. Speaking alongside me on today's call will be Andrew Goebbels, Chief Financial Officer, John Griffith, Chief Development Officer, Jackie Prespalowski, Vice President of Capital Markets.

今天電話會議中的部分評論將包含前瞻性陳述，我建議各位查閱簡報第 2 頁，其中包含重要的警示說明。今天與我一同出席電話會議的還有：財務長 Andrew Goebbels、開發長 John Griffith，以及資本市場副總裁 Jackie Prespalowski。

Last week, we marked the 5-year anniversary of gold royalties, IPO. I'm so proud of our team and what we've accomplished in our short history. We started in March 2021 with 18 royalties on non-producing assets and no revenue.

上週，我們迎來 Gold Royalty 上市（IPO）滿 5 週年的里程碑。我為我們的團隊以及在短短歷史中所達成的成果感到非常自豪。我們於 2021 年 3 月起步，當時僅有 18 項位於未投產資產上的權利金，且沒有任何營收。

Today we boast a portfolio of 258 royalties and streams, including 8 cash flowing assets, and we continue to selectively acquire accrete of assets including Pedro Branca in late 2025 and an additional royalty in Berbarama, as John will walk through shortly.

如今我們擁有 258 項權利金與金屬流（streams）組合，其中包含 8 項具現金流的資產；我們也持續有選擇性地收購具增益（accretive）的資產，包括 2025 年底的 Pedro Branca，以及在 Berbarama 的一項額外權利金，John 稍後將進一步說明。

From no revenue in 2021, we passed through an important inflection point in 2025. We are proud to report a third consecutive quarter of positive free cash flow, as well as another quarter of record revenue, adjusted EBITDA, and operating cash flow. These cash flows are a manifestation of the tremendous potential we saw from the assets as we've been carefully curating our portfolio over the past 5 years potential which is not yet fully realized as we have tremendous growth and value creation still to come.

從 2021 年沒有營收，到 2025 年我們跨越了一個重要的拐點。我們很自豪地報告：自由現金流已連續第三季為正，同時營收、調整後 EBITDA 與營運現金流也再度創下單季新高。這些現金流反映了我們在過去 5 年審慎打造投資組合時，從資產中所看見的巨大潛力；而這些潛力尚未完全實現，未來仍有可觀的成長與價值創造空間。

Our balance sheet has been strengthened, as Andrew will discuss later on this call. We ended the year with no debt or convertible to ventures over $12 million in cash, a fully undrawn credit facility, and outstanding common share purchase warrants that continue to be deeply in the money.

我們的資產負債表也已強化，Andrew 稍後會在本次電話會議中說明。我們在年底時沒有任何債務或可轉換債；現金超過 1,200 萬美元；循環信貸額度（credit facility）完全未動用；且尚未行使的普通股認購權證仍然處於深度價內（deeply in the money）。

This strong balance sheet will allow us to continue to opportunistically acquire accretive assets and to consider returning capital to our shareholders.

這樣強健的資產負債表，將使我們能持續把握機會收購具增益的資產，並考慮向股東返還資本。

With that, I will pass the call over to Andrew Gubbels to discuss the details of our fourth quarter results and our outlook on slide 5.

接下來，我把電話交給 Andrew Gubbels，請他說明我們第四季業績的細節，以及第 5 頁所列的展望。

Thank you, David, and good morning, everyone. We're pleased to report new records for revenue and adjusted EBITDA in the quarter and for the full year 2025. Adjusted EBITDA was $3.2 million in the fourth quarter, up from $2.5 million in the previous quarter. And up from $1.9 million or $1.2 million in the comparable quarter in 2024.

謝謝你，David，各位早安。我們很高興在本季以及 2025 全年，營收與調整後 EBITDA 皆創下新高。第四季調整後 EBITDA 為 320 萬美元，高於上一季的 250 萬美元。也高於 2024 年同期的 190 萬美元或 120 萬美元。

Total revenue, land agreement proceeds, and interest was $5.2 million translating to 1,255 gold equivalent ounces in the quarter.

本季總營收、土地協議收益與利息合計為 520 萬美元，折合為 1,255 盎司黃金當量。

For the year ended in 2025, we generated $17.8 million in total revenue, land agreement proceeds, and interest, and $9.8 million of adjusted EBITDA, a 38% and 104% increase from the comparable period in 2024 respectively.

截至 2025 年止的年度，我們的總營收、土地協議收益與利息合計為 1,780 萬美元；調整後 EBITDA 為 980 萬美元，較 2024 年同期分別成長 38% 與 104%。

This record year reflects the contribution of higher cash flows from the assets we added to the portfolio over the past few years and a continued focus on maintaining consistent low operating costs.

這個創紀錄的年度表現，反映了我們過去幾年納入投資組合之資產所帶來的更高現金流貢獻，以及我們持續專注於維持一貫的低營運成本。

The consecutive quarters of positive free cash flow improves our liquidity position and importantly provides a solid foundation for funding the business moving forward.

自由現金流連續數季為正，改善了我們的流動性狀況，更重要的是，為未來業務資金需求奠定了穩固基礎。

Further, our balance sheet liquidity position was boosted meaningfully from the equitization of the $40 million convertible debentures held by Queen's Road Capital and Taurus funds in November and an upsized $103.5 million equity rise completed in December last year.

此外，我們的資產負債表流動性也因多項因素而顯著提升：包括 11 月由 Queen's Road Capital 與 Taurus 基金持有的 4,000 萬美元可轉換公司債完成股權化，以及去年 12 月完成、規模上調至 1.035 億美元的股權募資。

The equity raise funded our $70 million Peter Brenca acquisition, repaid the outstanding balance previously drawn on the RCF, brought in new institutional investors onto our share register and left us in a positive net cash position at year end.

該次股權募資為我們 7,000 萬美元的 Peter Brenca 收購案提供資金，償還先前自循環信貸（RCF）動用的未償餘額，引入新的機構投資人進入股東名冊，並使我們在年底呈現淨現金為正的狀態。

As we look forward to 2026, we remain well funded, having amended and upsized our credit facility to $150 million in February this year, and having acquired additional cash flowing royalty on Borba Rama, we enter the year in a very strong financial position.

展望 2026 年，我們仍具充足資金：我們已於今年 2 月修訂並將信貸額度提高至 1.5 億美元；同時也在 Borba Rama 收購了額外的具現金流權利金，因此我們以非常強健的財務狀況進入新年度。

As Dave alluded, with a self-funding business that generates consistent positive free cash flow and a clean balance sheet, we now have the flexibility to execute our strategy in the long-term.

如 Dave 所提到的，憑藉可自我資助、能穩定產生正向自由現金流的業務，以及乾淨的資產負債表，我們如今具備長期執行策略的彈性。

Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards growth opportunities where appropriate while evaluating capital returns to shareholders in future periods.

我們目前的意圖是維持適度的現金餘額，並在適當情況下，將營運所產生的額外現金配置於成長機會，同時評估在未來期間向股東進行資本回饋。

And I'll pass the call over to our Chief Development Officer, John Griffith.

接下來我把電話交給我們的開發長 John Griffith。

Thanks, Andrew.

謝謝你，Andrew。

Before the fourth quarter, Gold royalty had not announced a material asset acquisition in over 1 year, demonstrating our disciplined approach as we have waited patiently for the right assets at the right time.

在第四季之前，Gold Royalty 已超過 1 年未宣布重大資產收購，這展現了我們紀律嚴明的作風：我們耐心等待在適當時點取得合適的資產。

On December 8th, 2025, we announced the acquisition of royalties on Pedrorannca which entitled us to 25% of net smelter returns from gold and 2% of net smelter returns from copper for the life of the mine.

2025 年 12 月 8 日，我們宣布收購 Pedrorannca 的權利金，使我們在礦山壽命期間可取得黃金冶煉淨回收（NSR）的 25%，以及銅冶煉淨回收（NSR）的 2%。

The Pedrobranca mine in Brazil is currently operated by BHP. Although the asset has been sold to Korex Holding in a transaction which is expected to close this year, we're very excited to add this high-quality cash flowing asset to our portfolio.

Pedrobranca 礦位於巴西，目前由必和必拓（BHP）營運。儘管該資產已在一項預計於今年完成交割的交易中出售給 Korex Holding，我們仍非常興奮能將這項高品質、具現金流的資產納入投資組合。

And for more information about Pedro Brannca, please refer to our December 8th press release or our December 11th conference call. Links to both can be found on our website.

如需更多關於 Pedro Brannca 的資訊，請參閱我們 12 月 8 日的新聞稿或 12 月 11 日的電話會議。兩者連結皆可在我們網站上找到。

Subsequent to year end, on January 14th, 2026, Gold royalty announced that we had acquired an additional NSR royalty on Borbarama. The 1.5% NSR royalty importantly marked our first successful co-investment with tourist mining royalty Fund. Taurus acquired a 0.75% NSR and Gold Royalty acquired the same 0.75% NSR bringing our total to a 2.75% NSR plus the royalty convertible gold-linked loan.

在年底之後，於 2026 年 1 月 14 日，Gold Royalty 宣布我們已在 Borbarama 收購一項額外的 NSR 權利金。這項 1.5% 的 NSR 權利金，重要的是標誌著我們首次與 Taurus Mining Royalty Fund 成功共同投資。Taurus 收購 0.75% NSR，而 Gold Royalty 亦收購相同的 0.75% NSR，使我們合計達到 2.75% NSR，另加上該權利金可轉換的黃金連結貸款。

We often get asked if there are still opportunities to acquire royalties and streams in the current environment of strong prices for gold, copper, and other metals.

我們經常被問到：在目前黃金、銅及其他金屬價格強勁的環境下，是否仍有機會收購權利金與金屬流（streams）。

Our two recent transactions. And other recent royalty and stream deals announced by our peers show that there definitely are. It's worth noting that both of our recently acquired royalties were acquired from third parties. The Pedro Brannca royalty from BlackRock and the Barbarama royalty from Dundee Corporation.

我們最近的兩筆交易。以及同業近期宣布的其他權利金與金屬流（stream）交易顯示，市場上確實存在這類機會。值得注意的是，我們最近收購的兩項權利金皆是向第三方收購而來。分別是向貝萊德（BlackRock）收購的 Pedro Brannca 權利金，以及向 Dundee Corporation 收購的 Barbarama 權利金。

Both of these were acquired in quasi-bilateral processes where we negotiated directly with the sellers. Across our peer group, we have also recently seen new streams written by mine operators likely taking advantage of disparity between long-term outlooks for commodity prices between operators and streamers and we have also witnessed corporate level em and a.

這兩項收購皆是在準雙邊流程中完成，我們直接與賣方進行談判。在同業範圍內，我們近期也看到礦山營運商新簽訂的金屬流合約，可能是利用營運商與金屬流公司對大宗商品價格長期展望之間的差異；我們也目睹了公司層級的 em 以及 a。

We continue to see growth opportunities across each of our four pillars of growth, namely, third-party acquisitions, operative financings, corporate M&A, and our royalty generator model and we continue to actively pursue these opportunities in a disciplined manner. I'm pleased to say that we have a healthy pipeline of activities we're evaluating today.

我們持續在四大成長支柱上看到成長機會，分別為第三方收購、營運融資、企業併購（M&A），以及我們的權利金生成器（royalty generator）模式；並且我們將持續以嚴謹自律的方式積極追求這些機會。我很高興地表示，我們目前正在評估的事項管線相當健康。

And I'll now pass the call to Jackie Przybylowski to review our guidance and to talk about some of our key assets.

接下來我將把電話交給 Jackie Przybylowski，請她回顧我們的指引並談談一些關鍵資產。

Thanks, John. Along with our Q4 and 2025 results, we released our 2026 guidance and our longer-term 2030 outlook. We are expecting to report 7,500 to 9,300 GEO in 2026. At the midpoint of our guidance range, that's a 62% increase from our 2025 actual production of 5,173 GEO, including land agreement proceeds and interest.

謝謝你，John。隨同我們的第四季與 2025 年業績，我們也發布了 2026 年指引以及更長期的 2030 年展望。我們預期 2026 年將報告 7,500 至 9,300 GEO。以指引區間中點計算，較我們 2025 年實際產量 5,173 GEO（包含土地協議收益與利息）增加 62%。

2026 guidance assumes an average $5,150 per ounce gold price and an average $5.75 per pound copper price, which is consistent with consensus expectations. While our portfolio remains mostly gold-linked, our gold equivalent ounce guidance figure has some sensitivity to commodity price assumptions. We receive royalties on copper at Kozumin and Pedrorannca and a stream on copper from Veris, for example.

2026 年指引假設平均金價為每盎司 5,150 美元、平均銅價為每磅 5.75 美元，與市場共識預期一致。雖然我們的投資組合仍以黃金連動為主，但我們的黃金當量盎司（GEO）指引對大宗商品價格假設仍有一定敏感度。例如，我們在 Kozumin 與 Pedrorannca 取得銅的權利金，並且從 Veris 取得銅的金屬流（stream）。

Further, we have converted land agreement proceeds and interest, which are paid in US dollars into approximately 684 gold equivalent ounces in our 2026 guidance at our assumed average gold price. To give the market an idea of the effect of commodity prices on our guidance, we presented a sensitivity table in our press release last night and which we're also showing here on slide 9.

此外，我們已將以美元支付的土地協議收益與利息，依據假設的平均金價，折算為約 684 黃金當量盎司並納入 2026 年指引。為了讓市場了解商品價格對我們指引的影響，我們在昨晚的新聞稿中提供了敏感度表，並且也在此處第 9 頁投影片展示。

As you can see on this table, our guidance on a GEO basis would go up with lower gold price and would go down with higher gold price to the mechanics of calculating gold equivalent ounces.

如表所示，由於黃金當量盎司的計算機制，我們以 GEO 計的指引在金價較低時會上升，而在金價較高時會下降。

Longer-term, we have provided a five-year outlook for the second consecutive year. We expect 28 to 34,000 GEO in 2030, including approximately 600 GEO of land agreement proceeds and interest. At the midpoint, this represents a peer leading over 490% increase relative to actual 2025 results.

就更長期而言，我們連續第二年提供五年期展望。我們預期 2030 年為 28,000 至 34,000 GEO，其中包含約 600 GEO 的土地協議收益與利息。以中點計算，這相較於 2025 年實際結果代表同業領先、超過 490% 的成長。

I also want to emphasize that our 2030 outlook continues to be mainly based on assets that are already largely de-risked. Over 70% of our growth to 2030 includes assets that are already permitted, financed and built, at least to a first phase and including the low-risk construction of satellite deposits, de-risk assets represent over 90% of that growth.

我也想強調，我們的 2030 年展望仍主要建立在已大幅去風險（de-risked）的資產之上。到 2030 年的成長中，超過 70% 來自已取得許可、已完成融資並已建成（至少第一期）的資產，並包含衛星礦床的低風險建設；若納入去風險資產，則占該成長的比例超過 90%。

We also have a number of exciting updates in our earnings report, and I'll just highlight a few on this call. Ora Minerals has signed its road relocation agreement which immediately unlocked mineral reserves at Bobarea and will support expansion to 4 million tons per year from the current 2 million tons per year run rate.

我們在財報中也提供了多項令人振奮的更新，我在本次電話會議僅挑幾項重點說明。Ora Minerals 已簽署道路改線協議，立即解鎖 Bobarea 的礦產儲量，並將支持年產能由目前每年 200 萬噸的運轉率擴增至每年 400 萬噸。

DPM Metals has restarted the Varrus mine and expects to reach its full production run rate by year end 2026. And on the project's front, Orla Mining released an updated feasibility study on the South Railroad and expects to start construction mid-year 2026 on receipt of final project permits, and Black Rock Silver received its Class 2 Air Quality and Surface Disturbance permit, and the company believes that the permitting process is on schedule and expects to receive all permits by mid-2027.

DPM Metals 已重啟 Varrus 礦山，並預期在 2026 年底前達到完整產能運轉率。在專案方面，Orla Mining 發布了 South Railroad 的更新可行性研究，並預期在取得最終專案許可後於 2026 年年中開始施工；此外，Black Rock Silver 已取得 Class 2 空氣品質與地表擾動許可，公司認為許可流程按計畫進行，並預期於 2027 年年中前取得所有許可。

Please see our earnings release for additional asset updates. With over 250 assets in our portfolio, we continue to expect a steady stream of exciting positive news flow. I'll pass the floor back to David for closing remarks.

更多資產更新請參閱我們的財報新聞稿。我們的投資組合包含超過 250 項資產，仍預期將持續有穩定且令人振奮的正面消息流。我把時間交回 David 做結語。

Thank you, Jackie. There's indeed lots to get excited about as you look across our portfolio and the various high-quality assets ramping up and entering production.

謝謝你，Jackie。確實，當你檢視我們的投資組合，以及各項高品質資產正在爬坡並進入生產階段時，有很多值得期待的地方。

One of the key benefits to the diversified portfolio that we have assembled over the last 5 years is the steady flow of exciting growth catalysts at our underlying assets. These near, medium, and long-term catalysts will contribute to peer leading growth that Jackie highlighted in our 2026 and 2030 outlooks.

我們在過去 5 年建立的多元化投資組合，其中一項關鍵優勢，就是底層資產能持續帶來令人振奮的成長催化劑。這些短期、中期與長期的催化劑，將推動 Jackie 在我們 2026 與 2030 年展望中所強調的同業領先成長。

We continue to see compelling upside to our share price as our portfolio assets continue to develop and as the market gives us credit for this organic growth.

隨著我們的投資組合資產持續開發，以及市場開始認可這些內生成長，我們仍看到股價具有相當吸引人的上行空間。

Our valuation could be further boosted by accretive growth, but we emphasize that we will remain patient and disciplined as we consider any acquisitions and as we review our capital allocation options going forward.

我們的估值也可能因具增益性的成長而進一步提升，但我們強調，在考量任何收購以及檢視未來資本配置選項時，我們將保持耐心並維持紀律。

The share price has now been comfortably above our warrant exercise price for some time. We think it's prudent to highlight this to any warrant holders on today's call. As of September 30th, 2025, the company had approximately 17 million outstanding share purchase warrants, with each warrant exercisable into common shares at US 2025 per share exercise price. The warrants are listed on the NYC American under the symbol G Roy. WS G R O Y.WS, and they expire May 31, 2027. For more information on exercising warrants, please see our second quarter earnings press release.

我們的股價在一段時間內一直穩健高於認股權證的行使價。我們認為在今天的電話會議上提醒所有認股權證持有人注意此事是審慎之舉。截至 2025 年 9 月 30 日，公司約有 1,700 萬份流通在外的普通股購股認股權證，每份認股權證可按每股 US 2025 的行使價轉換為普通股。該等認股權證於 NYC American 交易所上市，代號為 G Roy。WS G R O Y.WS，並於 2027 年 5 月 31 日到期。關於行使認股權證的更多資訊，請參閱我們第二季財報新聞稿。

We invite you all to join our Q1 2026 earnings call on May 7th and our annual Capital Markets Day in Toronto and online on June 18th. Thank you everyone for tuning to the Ernie's call. We'll now open up the call to Q&A operator.

我們邀請各位參加 5 月 7 日的 2026 年第一季財報電話會議，以及 6 月 18 日在多倫多並同步線上舉行的年度資本市場日。感謝各位收聽本次財報電話會議。接下來我們將開放 Q&A，交由接線生。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（接線生指示）

Heiko Ihle, H.C. Wainwright.

Heiko Ihle，H.C. Wainwright。

Hey there, thanks so much for taking my questions. I mean, we're in an environment of $4,600 gold. Obviously volatility in the last 24 hours has been insane. Crazy news all over the newspapers, wars, geopolitical risks. You want to just walk us through your thought process that you apply to potential M&A and the discount rates that you assigned to assets given current geopolitical turmoil and building on all of that, now I'll leave you to that one question given that's probably like 4 and 1. And and building on all of that, are you, is there certain countries that you may be more focusing on than you were, call it 6 months ago or even 3 months ago than today?

嗨，感謝讓我提問。我的意思是，我們正處於金價 4,600 美元的環境。顯然，過去 24 小時的波動非常瘋狂。報紙上到處都是驚人的新聞、戰爭、地緣政治風險。你們能否帶我們了解一下，在目前地緣政治動盪的情況下，你們對潛在併購（M&A）的思考流程，以及你們在給資產設定折現率時採用的方式；基於以上，我就先把問題留在這裡，因為這大概已經像是 4 合 1 的問題了。另外延伸上述，你們是否會比起例如 6 個月前甚至 3 個月前，更聚焦於某些特定國家？

Thanks, Haikong, and good morning. I'll hand that off to John Griffith, to respond to. Thank you.

謝謝你，Haikong，早安。我把這個問題交給 John Griffith 來回應。謝謝。

Haiko, I think you're absolutely right about the, volatility and uncertainty in the current environment, but I don't think we can let that noise, really influence our decision making. We typically look at commodity prices on a consensus basis when we're evaluating opportunities.

Haiko，我認為你對於目前環境中的波動與不確定性判斷完全正確，但我不認為我們能讓那些雜音真正影響我們的決策。我們在評估機會時，通常會以市場共識的商品價格作為基礎來看。

And because of that and the dislocation between consensus and spot prices, we've seen that in many instances, others have been willing to accept much lower rates of return on transactions than we otherwise would have. In other words, we're we're really staying disciplined and focused. And we will remain that way during these uncertain times. So, I don't think, the current aberrations really change our view or strategy.

也正因如此，加上共識價格與現貨價格之間的錯位，我們看到在許多情況下，其他人願意在交易上接受遠低於我們通常要求的報酬率。換句話說，我們會保持紀律並專注。在這些不確定的時期，我們也會維持這樣的作法。所以，我不認為目前的異常狀況會真正改變我們的觀點或策略。

And I think, regarding geographies, we're very fortunate to have 85% approximately of our net asset value in in North America. And the remaining 15% in in in several jurisdictions as well. And I think, we have no real pressure to go and deploy capital in parts of the world where, risk is perceived to be, volatile and a lot higher.

另外我想，就地理分布而言，我們非常幸運，約有 85% 的淨資產價值位於北美。其餘 15% 則分布在數個司法管轄區。而且我認為，我們並沒有任何真正的壓力，必須到那些被認為風險更高且波動更大的世界地區去部署資本。

It's a very comprehensive answer. I appreciate it and I'll get back to you.

這是非常全面的回答。我很感謝，我再跟你聯繫。

Tate Sullivan, Maxim Group.

Tate Sullivan，Maxim Group。

Hi, thank you very much. In your MD&A, you highlight the sensitivities to copper and gold prices given your current producing assets. Are you still focused mostly on copper and gold in terms of evaluating assets going forward, and did you demonstrate this consistency by selling the tungsten related asset in the US in the fourth quarter?

嗨，非常感謝。在你們的 MD&A 中，你們強調了在目前生產資產下，對銅價與金價的敏感度。展望未來，在評估資產方面你們是否仍主要聚焦於銅與黃金？另外，你們在第四季出售美國的鎢相關資產，是否也展現了這項策略的一致性？

Thanks, Tate and. Good morning. I'll hand that off to John again.

謝謝你，Tate。早安。我再把這個問題交給 John。

Sorry, the question could take, could you just repeat it, please?

抱歉，這個問題可能需要……你可以再重複一次嗎？

Still focusing on copper and gold predominantly in what you're evaluating going forward and just I noted your the Tungsten asset related sale in the fourth quarter as a demonstration of that strategy.

你們未來在評估上是否仍以銅與黃金為主；另外我注意到你們第四季出售了鎢資產相關項目，這是否是該策略的展現。

Yeah, sorry, the, I guess the focus for us remains very much on precious metals. We do feel very comfortable looking at what I would describe as the conventional, or larger valued LME traded commodities such as copper, zinc, and nickel. And I think it also ties in nicely.

是的，抱歉。我想我們的重點仍然非常聚焦在貴金屬。我們也很有信心去看我所稱的傳統、或價值較大、在 LME 交易的商品，例如銅、鋅與鎳。我認為這也能很好地相互呼應。

With our skill set, both management and board gave a lot of experience in building and operating mines in those various commodities. I don't think you're going to see us depart materially from that strategy unless we were potentially to acquire a larger portfolio of assets which had, smaller commodity-focused assets that fell outside of that ambit, if you will. And yeah, I think for us, the sale of the of the tungsten asset was certainly opportunistic.

這也符合我們的技能組合；無論是管理團隊或董事會，在建設與營運上述各類商品的礦山方面都有豐富經驗。除非我們可能收購一個更大型的資產組合，其中包含一些較小、以特定商品為主、且落在該範疇之外的資產（如果你要這麼說的話），否則我不認為你會看到我們在策略上有實質偏離。而且是的，對我們而言，出售鎢資產確實是一次機會性的交易。

The party that acquired that asset, is really focused on a more sort of esoteric. Perspective of building, a non-precious metal, non-diversified royalty company, and they were willing to pay up for a, an asset that had very low value, little to no value in our portfolio.

收購該資產的那一方，確實更聚焦於一種較為小眾的方向。他們的角度是要打造一家非貴金屬、且不多元化的權利金公司，因此他們願意為一項在我們投資組合中價值很低、幾乎沒有價值的資產支付更高的價格。

Okay, thank you. And second for me if I may, on, I mean today's gold price move down as much as 7%. Can you comment on just what you think is behind that and or are you willing to comment on short-term market fluctuations, please?

好的，謝謝。如果可以的話，我還有第二個問題：今天金價一度下跌多達 7%。你能否評論一下你認為背後的原因是什麼？或者你是否願意就短期市場波動做一些評論？

Yeah, I think that's a great question. Ironically, I think it is because of the political turmoil. Quite often I get asked, why isn't the goal responding to, war events or significant economic calamities, and I think typically, What happens when those events occur is it becomes a risk off trade and risk assets are sold regardless of the underlying fundamentals. So I actually see events like this, like the Iran war or economic calamities like the great financial crisis or COVID for that matter, as distractions from the underlying fundamentals of the commodity.

是的，我認為這是個很好的問題。諷刺的是，我認為原因在於政治動盪。我常被問到，為什麼黃金沒有對戰爭事件或重大經濟災難做出反應；我認為通常當這些事件發生時，市場會轉為避險（risk-off）交易，不論基本面如何，風險資產都會被賣出。所以我其實把這類事件——例如伊朗戰爭，或像全球金融危機、甚至 COVID 這樣的經濟災難——視為對商品基本面的干擾。

And I think in gold's case, like every other risk asset being sold today, it is being sold off, but inevitably what happens and invariably what's happened after these calamities in the past is when the risk trade comes back on and capital starts to be put back to work, fundamentals come back into play, and the fundamentals for gold, in my view are irrefutable in that we're going to see continued and relentless debasement of fiat currencies given the absolute amount of debt that's being strapped on, in spite of the fact that we're seeing record revenues, fiscal revenues in the US, we're seeing still record fiscal deficits and continued compounding of unsustainable debt at the US government level and for that matter across the Western world.

而我認為，就黃金而言，像今天其他所有風險資產一樣，它正在被拋售；但最終會發生、而且過去每次災難之後一再發生的情況是：當風險偏好交易回來、資本開始重新投入運作時，基本面會重新發揮作用。就我看來，黃金的基本面是無可辯駁的：鑑於新增債務的絕對規模，我們將看到法定貨幣持續且無情地被稀釋（debasement）。即便我們看到美國創紀錄的收入、財政收入，我們仍看到創紀錄的財政赤字，以及在美國政府層級、乃至整個西方世界，持續複利式累積的不可持續債務。

And inevitably that will lead to continued debasement of the underlying fiat currency to debase the debt. And I think those fundamentals will come back into play, and gold being the one currency that can't be printed, can't be debased, will inevitably go up as it has relentlessly for the last 50 years in spite of the volatility in the short to medium term.

而這終將導致基礎法定貨幣持續被稀釋，以稀釋債務。我認為這些基本面會重新回到市場焦點；而黃金作為唯一不能被印出來、不能被稀釋的貨幣，最終將上漲——正如過去 50 年來它在短中期波動之下仍持續上行一樣。

Okay, thank you for the portfolio comments and the gold comments. Have a good day.

好的，謝謝你對投資組合以及黃金的評論。祝你今天愉快。

And this will conclude the question-and-answer session. I would like to turn the conference back over to Mr. David Garofalo for any closing remarks.

問答環節到此結束。我想把會議交回給 David Garofalo 先生，請他做結語。

Well, thank you all for your kind attention. If you have any follow-up questions, of course, Jackie's available at jackiep@goldroyalty.com or any of us, first initial, last name at goldroyalty.com. If you have any other follow-up questions, we'll be delighted to hear from you. I hope you have a good rest of your day in spite of the volatility in the markets.

好的，感謝各位的耐心聆聽。如果你們有任何後續問題，當然 Jackie 可透過 jackiep@goldroyalty.com 聯繫，或聯繫我們任何人：名字首字母加姓氏 @goldroyalty.com。若還有其他後續問題，我們很樂意收到你們的來信。儘管市場波動，我仍希望各位今天接下來一切順利。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。