Gold Royalty Corp. (GROY) 2026 Q1 法說會逐字稿

Welcome to the Gold Royalty Corp. first quarter 2026 results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to David Garofalo, Chairman and CEO. Please go ahead.

歡迎參加 Gold Royalty Corp. 2026 年第一季業績電話會議。（接線員指示）請注意，本活動將被錄音。我現在想把會議交給董事長兼執行長 David Garofalo。請開始。

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our first quarter 2026 results. Please note for those not currently on the webcast, a presentation accompanying this conference call is available on the Presentation page of our website. 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.

謝謝，接線員。各位女士、先生，早安，感謝各位參與今天的電話會議，一同回顧我們 2026 年第一季的業績。請注意，對於目前未透過網路直播收看的人士，本次電話會議搭配的簡報可於我們網站的「Presentation」頁面取得。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。

All dollar values mentioned on today's call are expressed in US dollars unless otherwise noted. Speaking alongside me this morning will be our President, John Griffith; Andrew Gubbels, Chief Financial Officer; and Jackie Przybylowski, Vice President, Capital Markets and Sustainability. The first quarter was another strong quarter for Gold Royalty as we reported another record quarterly revenue and adjusted EBITDA and as we continue to have a positive outlook for our business going forward.

除非另有說明，今天電話會議中提及的所有金額均以美元計。今天早上與我一同出席的有：總裁 John Griffith；財務長 Andrew Gubbels；以及資本市場與永續發展副總裁 Jackie Przybylowski。第一季對 Gold Royalty 而言又是強勁的一季，我們再度創下單季營收與調整後 EBITDA 的新高，且我們對未來業務前景仍維持正向看法。

Before we dive into the results, I wanted to start with an important announcement. I'm delighted to announce two appointments this morning. John Griffith has been named President in addition to his role as Chief Development Officer.

在深入業績之前，我想先宣布一項重要消息。我很高興今天早上宣布兩項任命。John Griffith 除了擔任開發長（Chief Development Officer）外，也已被任命為總裁。

The title is a true reflection of the value that John has brought to Gold Royalty over the company's life. We recently celebrated the five year anniversary of our listing and the tremendous accomplishments in building Gold Royalty's peer-leading portfolio.

這個職稱真實反映了 John 在公司成立以來為 Gold Royalty 帶來的價值。我們最近慶祝了上市五週年，並回顧了在打造 Gold Royalty 同業領先投資組合方面所取得的卓越成就。

And John was absolutely instrumental in making Gold Royalty in what we are today. His new role as President reflects the leadership position that John already fills in the company and will continue to fill going forward.

而 John 在將 Gold Royalty 打造成今日的樣貌上，確實扮演了關鍵角色。他的新職務「總裁」反映了 John 早已在公司中擔任、且未來也將持續擔任的領導地位。

We have also transitioned the responsibility for sustainability from Katherine Arblaster, our outgoing Vice President, Sustainability, to Jackie Przybylowski, who will be Vice President, Capital Markets and Sustainability effective July 1.

我們也已將永續發展的職責，從即將離任的永續發展副總裁 Katherine Arblaster，移交給 Jackie Przybylowski；Jackie 將自 7 月 1 日起擔任資本市場與永續發展副總裁。

We want to thank Katherine for her invaluable contributions to Gold Royalty. She has been with Gold Royalty in a part-time capacity since 2022, which is a great example of the overhead savings that we realized with our shared services model.

我們要感謝 Katherine 對 Gold Royalty 的寶貴貢獻。她自 2022 年起以兼職方式與 Gold Royalty 合作，這也很好地展現了我們透過共享服務模式所實現的管理費用節省。

Katherine will continue to work with Uranium Energy Corp. and Uranium Royalty Corp. moving forward, and Jackie will manage sustainability at Gold Royalty, adding no additional personnel to our team as a result of this transition.

Katherine 未來將持續與 Uranium Energy Corp. 與 Uranium Royalty Corp. 合作；而 Jackie 將負責管理 Gold Royalty 的永續發展工作，此次交接不會因此為團隊增加任何額外人員。

I'll now pass the call over to our President, John Griffith.

接下來我把電話會議交給我們的總裁 John Griffith。

Thanks, Dave. The past five plus years at Gold Royalty has been both personally and professionally rewarding as we've grown the company from 18 royalties and zero revenue in 2021 to over 250 royalties and meaningful revenues and cash flows today.

謝謝，Dave。在 Gold Royalty 過去五年多的時間，無論在個人或職涯層面都讓我收穫良多；我們已將公司從 2021 年的 18 項權利金、零營收，成長到今天擁有超過 250 項權利金，以及具規模的營收與現金流。

The depth, breadth and quality of the portfolio that we've assembled exceeds my expectations, and I'm so proud of the work that our team has done to get to this point. But our story is really just beginning. After celebrating our five year anniversary in the first quarter, we're incredibly encouraged by our growth outlook for the next five years as well.

我們所建立投資組合的深度、廣度與品質超出我的預期，我也為團隊一路走到今天所完成的工作感到非常自豪。但我們的故事其實才正要開始。在第一季慶祝五週年之後，我們也對未來五年的成長展望感到非常振奮。

The guidance that we provided on March 18 shows that Gold Royalty expects production to grow to 28,000 to 34,000 GEOs by 2030. At the midpoint, this represents nearly 500% growth compared against our 2025 actual results of 5,173 GEOs.

我們在 3 月 18 日提供的指引顯示，Gold Royalty 預期到 2030 年產量將成長至 28,000 至 34,000 GEOs。以中位數計算，這相當於相較我們 2025 年實際結果 5,173 GEOs 的近 500% 成長。

This growth is all from royalties and streams already fully bought and paid for in our portfolio. And I would emphasize that if we did nothing at all, if we only sat on our hands for the next five years, we still would have peer-leading growth.

這些成長全部來自我們投資組合中已完成收購、且已全額支付對價的權利金與串流合約。我想強調，即使我們什麼都不做、未來五年完全按兵不動，我們仍將擁有同業領先的成長。

Of course, we're not planning to sit on our hands for the next five years. Our team continues to investigate acquisition opportunities each and every day. In the current environment with strong gold prices, we're seeing less emphasis on balance sheet repair.

當然，我們並不打算在未來五年按兵不動。我們團隊每天都持續評估收購機會。在目前金價強勁的環境下，我們看到市場對修復資產負債表的重視程度有所降低。

Most of the opportunities we're seeing now are sales of existing third-party royalties where sellers could potentially be looking to take advantage of high commodity price environment that I mentioned earlier.

我們目前看到的大多數機會，是既有第三方權利金的出售案；賣方可能希望把握我先前提到的高商品價格環境。

We're committed to accretive transactions, and we will stay disciplined to ensure we're not overpaying for the sake of growth. We continue to look for double-digit returns using conservative commodity price assumptions, and we continue to favor precious metals in low-risk jurisdictions.

我們致力於具增益性的交易，並將保持紀律，確保不會為了成長而付出過高代價。我們持續以保守的商品價格假設尋求雙位數報酬，並且仍偏好位於低風險司法管轄區的貴金屬資產。

With that in mind, I look forward to continuing to build upon the great platform we've built in our first five years. I'll now pass the call to our CFO, Andrew Gubbels, to discuss the details of our first quarter results and our outlook on slide 5.

基於上述，我期待在我們前五年所建立的優秀平台上持續再接再厲。接下來我把電話會議交給財務長 Andrew Gubbels，請他說明第一季業績細節，以及第 5 頁所列的展望。

Thank you, John, and good morning, everyone. We are pleased to report new records for revenue and adjusted EBITDA in the first quarter. Total Revenue, Land Agreement Proceeds and Interest was $9.4 million, translating to 1,920 gold equivalent ounces in the quarter.

謝謝你，John，各位早安。我們很高興在第一季創下營收與調整後 EBITDA 的新紀錄。總營收、土地協議收益與利息合計為 940 萬美元，換算本季為 1,920 盎司黃金當量。

Adjusted EBITDA was $7 million, up from $3.2 million in the previous quarter and up from $1.7 million in the comparable quarter in 2025. Our results for the first quarter include contributions from the Pedra Branca royalty, which we acquired in December 2025, and our second royalty on the Borborema mine, which was acquired through a 50-50 partnership with Taurus Funds in January 2026.

調整後 EBITDA 為 700 萬美元，高於上一季的 320 萬美元，也高於 2025 年同期的 170 萬美元。我們第一季的業績包含 Pedra Branca 權利金的貢獻（該權利金於 2025 年 12 月收購），以及我們在 Borborema 礦山的第二項權利金（該權利金於 2026 年 1 月透過與 Taurus Funds 的 50/50 合作夥伴關係取得）。

Due to the structure of this partnership, we are equity accounting for the contribution from this royalty. In other words, revenue from the second Borborema royalty, a net 0.75% NSR to Gold Royalty Corp. is not included in the IFRS revenue line on our income statement, but is included in other operating income on the income statement and has been added to the $9.4 million total revenue land agreement proceeds and interest reported in the quarter.

由於此合作夥伴關係的架構，我們以權益法認列該權利金的貢獻。換言之，來自第二項 Borborema 權利金、Gold Royalty Corp. 淨享 0.75% NSR 的收入，並未列入我們損益表中的 IFRS 營收項下，而是列入損益表中的其他營業收入，並已加回至本季所報告的 940 萬美元「總營收、土地協議收益與利息」之中。

Our balance sheet also continues to strengthen. We exited the first quarter with over $13.6 million of cash, no debt and a fully undrawn $150 million credit facility. As we continue to generate cash, our portfolio is expected to generate consistent positive free cash flow, positioning Gold Royalty Corp. well to self-fund its business going forward. With a clean balance sheet, we now have the flexibility to execute our long-term strategy.

我們的資產負債表也持續強化。我們在第一季結束時持有超過 1,360 萬美元現金、無負債，且 1.5 億美元的循環信貸額度完全未動用。隨著我們持續創造現金，我們的投資組合預期將產生穩定且為正的自由現金流，使 Gold Royalty Corp. 能夠在未來以自有資金支持業務發展。憑藉乾淨的資產負債表，我們現在具備執行長期策略的彈性。

Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards growth opportunities where appropriate. As our cash flows continue to grow, capital returns will become increasingly topical for us. This is a subject that we intend to evaluate in more detail later this year. I will now pass the call to Jackie Przybylowski to review our guidance and to talk about some of our key assets.

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。隨著我們的現金流持續成長，資本回饋將成為我們越來越常討論的議題。這是我們打算在今年稍晚更詳細評估的主題。接下來我將把電話交給 Jackie Przybylowski，請她回顧我們的指引並談談我們的一些關鍵資產。

Thanks, Andrew. Looking at our portfolio in more detail, we reported 1,920 gold equivalent ounces in the first quarter 2026. If we simply annualize our Q1 results, we would reach 7,680 GEO in the year, above the low end of our guidance range of 7,500 to 9,300 GEO in 2026.

謝謝你，Andrew。更深入檢視我們的投資組合，我們在 2026 年第一季報告了 1,920 金當量盎司（GEO）。如果我們僅將第一季的結果年化，全年將達到 7,680 GEO，高於我們 2026 年 7,500 至 9,300 GEO 指引區間的低端。

We're already very encouraged with this result because we expect that volumes will be more heavily weighted to the second half of the year as Vares and County Line ramp up to their full production run rates through the year. And just a quick reminder that our 2026 guidance was set at a gold price of $5,150 per ounce for the full year.

我們對這個結果已經非常振奮，因為我們預期隨著 Vares 與 County Line 在今年內逐步爬坡至其完整的生產運轉率，產量將更偏重於下半年。並且快速提醒一下，我們的 2026 年指引是以全年每盎司 5,150 美元的金價為基礎所制定。

Lower gold prices would work in our favor as conversion of the land agreement proceeds and interest and conversion of revenue from copper and other metals would translate to higher GEO values at lower gold prices. Please see our March 18 2026 press release for a table showing the sensitivity of our guidance to gold prices.

較低的金價反而會對我們有利，因為土地協議款項的換算，以及利息與來自銅及其他金屬的收入之換算，在較低金價下將轉換為更高的 GEO 值。請參閱我們 2026 年 3 月 18 日的新聞稿，其中有一張表格顯示我們指引對金價的敏感度。

And reiterating John's comment from earlier, Gold Royalty expects production to grow to 28,000 to 34,000 GEOs by 2030 or approximately 6x our actual 2025 result from assets already fully bought and paid for in our portfolio. Our extensive portfolio continues to offer exciting news flow and catalysts, and we have a number of exciting asset updates in our earnings report.

並重申 John 先前的評論，Gold Royalty 預期到 2030 年產量將成長至 28,000 至 34,000 GEO，約為我們 2025 年實際結果的 6 倍，而這些成長來自我們投資組合中已完全買入並支付完成的資產。我們龐大的投資組合持續帶來令人振奮的消息流與催化劑，我們在財報中也提供了多項令人期待的資產更新。

I'll just highlight a few on this call. i-80 announced a complete recapitalization, which means the company is now fully funded for Phases 1 and 2 of its development plan, which includes the Granite Creek underground and open pit operations on which Gold Royalty holds a 10% NPI. Acquisition of the Pedra Branca mine by CoreX was completed on April 2. Gold Royalty holds a 25% NSR on gold and a 2% NSR on copper on all material mined at Pedra Branca East and Pedra Branca West.

我在本次電話會議中只重點提幾項。i-80 宣布完成全面再資本化，這表示公司目前已為其開發計畫的第 1 與第 2 階段提供完整資金，該計畫包含 Granite Creek 的地下與露天礦作業，而 Gold Royalty 持有其 10% 的 NPI。CoreX 對 Pedra Branca 礦山的收購已於 4 月 2 日完成。Gold Royalty 對於在 Pedra Branca East 與 Pedra Branca West 所有開採的重大礦石，持有黃金 25% 的 NSR 以及銅 2% 的 NSR。

And we're looking forward to working with CoreX as it optimizes operations at what will be an important asset for Gold Royalty. Blackrock Silver published a PEA for the Tonopah West project on which we hold a 3% NSR and US Gold Mining published a PEA on its Whistler project on which we hold a 1% NSR.

我們也期待與 CoreX 合作，協助其最佳化營運，使其成為 Gold Royalty 的重要資產。Blackrock Silver 已發布 Tonopah West 專案的 PEA，我們在該專案持有 3% 的 NSR；US Gold Mining 也發布其 Whistler 專案的 PEA，我們在該專案持有 1% 的 NSR。

And a few notes to watch for over the next couple of months. Orla Mining continues to plan to start construction on South Railroad in mid-2026, pending receipt of final permits, and that mine could be in production in late 2027 or early 2028.

另外，未來幾個月有幾點值得關注。Orla Mining 仍計畫在 2026 年年中開始 South Railroad 的建設，前提是取得最終許可；該礦可能在 2027 年底或 2028 年初投產。

We hold a 0.44% NSR in South Railroad. DPM Metals has restarted the Vares mine on which we had a stream on all copper produced. The operator expects to reach its full production run rate by year-end 2026. But in the meantime, it's important to note that the processing plant will be shut down for approximately 20 days in the second quarter for installation tie-ins for the second tailings filter.

我們在 South Railroad 持有 0.44% 的 NSR。DPM Metals 已重啟 Vares 礦山，我們對其所生產的全部銅持有一項金屬流（stream）。營運方預期在 2026 年底達到完整的生產運轉率。但同時需要注意的是，為了第二套尾礦濾餅機的安裝接管，第二季加工廠將停機約 20 天。

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。我把時間交回給 David 作結語。

Thank you, Jackie. There is indeed lots to get excited about as you look across our portfolio and the various high-quality assets ramping up and entering production. We continue to see compelling upside to our share price as our portfolio of assets continue to develop and as the market gives us credit for this organic growth. 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.

謝謝你，Jackie。確實，當你放眼我們的投資組合，以及多項高品質資產正在爬坡並進入生產階段時，有很多值得期待之處。隨著我們的資產組合持續開發，且市場開始認可這種內生成長，我們仍看到股價具有吸引人的上行空間。我們的估值也可能因具增值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，我們將保持耐心與紀律。

We continue to prioritize accretive growth as always. However, as we continue to build cash, we view a modest capital return as a signal to the market that we will remain disciplined on our growth and that we have matured as a company. We reached first positive free cash flow in mid-2025, and we expect to continue to strengthen our balance sheet with higher GEO volumes, stronger gold prices and lower costs as we have eliminated the interest costs as we continue to rationalize our G&A.

我們一如既往，持續將具增值性的成長列為優先。然而，隨著我們持續累積現金，我們認為適度的資本回饋可向市場傳達：我們在成長上將保持紀律，且公司已更趨成熟。我們在 2025 年年中首次達成正的自由現金流，並預期隨著 GEO 產量提高、金價走強以及成本下降，持續強化資產負債表；同時，隨著我們持續精簡一般及行政費用（G&A），我們也已消除利息成本。

As our 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 March 31, 2026, the company had approximately 14.7 million outstanding share purchase warrants with each warrant exercisable into a common share at a $2.25 exercise price per share.

由於我們的股價在一段時間內已穩定高於我們的認股權證行使價，我們認為在今天的電話會議中提醒所有認股權證持有人是審慎之舉。截至 2026 年 3 月 31 日，公司約有 1,470 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 2.25 美元的行使價轉換為一股普通股。

The warrants are listed on the NYSE American under the symbol GROY.WS and expire May 31, 2027. For more information on exercising warrants, please see our first quarter earnings press release. Thank you, everyone, for tuning in to the earnings call, and we invite you all to join our Annual Capital Markets Day in Toronto and online on June 18.

該等認股權證於 NYSE American 以代號 GROY.WS 上市，並於 2027 年 5 月 31 日到期。關於行使認股權證的更多資訊，請參閱我們第一季財報新聞稿。感謝各位收聽本次財報電話會議，也誠摯邀請各位於 6 月 18 日在多倫多及線上參加我們的年度資本市場日。

We'll now open up the call to Q&A.

我們現在開放問答（Q&A）。

(Operator Instructions) There are no questions at this time. I would like to turn the conference back over to David Garofalo for any closing remarks.

（接線員指示）目前沒有問題。我想把會議交回給 David Garofalo，請他做任何結語。

Thank you. I appreciate it's a very busy time for all of you. And if -- in the fullness of time, if you have follow-up questions, please don't hesitate to reach out to any one of us. I think you all know how to reach us, and we'd be delighted to answer any questions you have. But thank you for your kind attention today, and we'll see you shortly. Thank you.

謝謝。我理解這對各位而言是非常忙碌的時期。若日後在適當時機有後續問題，請隨時與我們任何一位聯繫。我想各位都知道如何聯絡到我們，我們也很樂意回答各位的任何問題。再次感謝各位今天的關注，我們很快再見。謝謝。

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

本次會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。