Okay. Jackie, why don't we get started? I'd like to welcome people for attending the meeting here with Gold Royalty. My name's Peter Sidoti. I'm sorry for any confusion. I had to step in here to monitor at the last minute, and God knows they shouldn't let me touch a computer. But we have Jackie here now, and we're going to let her kick off and talk about the company. Go ahead. Thanks very much. At the end of the presentation, we'll have the ability to ask questions. Please feel free to send your questions and we will certainly talk about them. Go ahead, Jackie. Thanks very much, Peter. I'll try and keep a few minutes at the end for questions if anybody has any. My name is Jackie Przybylowski. I'm Vice President, Capital Markets and Sustainability for Gold Royalty. Thanks very much for tuning in today. I'll give you a quick update, intro to our company. Gold Royalty was founded in 2020, went public in 2021. We trade under the symbol GROY on the NYSE American. In 2021, we IPO'd with 18 royalties. They were written from one of our associated companies, a company called GoldMining Inc. Eighteen royalties, $0 in revenue, and a lot of opportunity for future potential. The IPO went very well. The share price and the company valuation came out very strongly. We used that strong currency to continue to grow the company, through acquisition of several of our competitor or peer companies, Ely Gold, Golden Valley and Abitibi Royalties in 2021. With that, we acquired significant growth in the number of royalties we have in assets, including what is still our flagship asset royalty, a 3% royalty on the Canadian Malartic mine that Agnico Eagle operates in Quebec, as well as a royalty generator model that we will talk about in a little bit more detail, which is a key differentiator for us. Since 2021, we have continued to grow, albeit a little bit more slowly. More sort of single asset, one-off transactions, including some of the biggest assets, some of the biggest mines in the world, Côté Gold, one example of that. We have recently acquired the Pedra Branca royalty in late 2025. The Boquerão royalty, we had some component of that in 2023. We acquired a new Boquerão royalty earlier this year as well. So continuing to grow. Very focused on discipline, very focused on making sure our growth is accretive to our shareholders. At this point, we have about 260 assets in our portfolio, so a very large portfolio. A lot of long-term optionality in that portfolio as well, which we are very excited about. We do have four pillars of our growth. The first is royalty financing. We can provide financing for construction or balance sheet repair or whatever the operator needs. One example that we have done this is with that first Boquerão royalty. We did that royalty directly with the operator. That was to help finance construction of that Boquerão mine in Brazil. Third-party acquisitions has been a key source of growth for us. This could be royalties that are held by the original prospector or the family of the original prospector. It could also be royalties that are held in companies like, for example, we have acquired royalty from BlackRock, and from Orion, the private equity group. We have acquired royalties from the Quebec government branch, and other third parties like that. So third-party acquisitions continue to be a great source of royalties for us. Corporate M&A, this is what we did in 2021. We acquired Ely, Golden Valley and Abitibi. We have not done corporate M&A since then, but we continue to look to see if any kind of mergers or consolidation makes sense. Royalty generation, as I mentioned before. Jerry Baughman, our colleague in Nevada, he came to us with the acquisition of Ely. He continues to stake ground in Nevada. Hold that ground until an operator is looking to acquire it. We do not put any money into drilling or exploration, so all of the activity we do is staking the ground, and maintaining those claims. It is very low cost to us. It is a revenue source for us because when we do transfer the ownership of those claims to an operator, we get an upfront payment, and we get a royalty in perpetuity on that as well. So a very unique business model to us, and one that has continued to generate long-term optionality and very early-stage royalties, so very excited about that business. One of the key differentiators in our portfolio is that we have most of our exposure to gold. If you are looking for gold exposure, we will offer that. By book value, so sort of long-term valuation, we are over 90% exposed to gold with a little bit of copper. In the near term, this is on 2025 revenue on the right-hand side. You can see we have had more exposure to copper because we have so much gold optionality that is not cash flowing yet. The copper does have a bigger component of our near-term valuation, but long-term, we are very exposed to gold. Another very exciting differentiator for us is our jurisdictional exposure. We have most of our value in very high-quality jurisdictions. Specifically, Canada, that would be Ontario and Quebec. United States, that would be Nevada primarily. And then Europe and Brazil. Very high-quality jurisdictions, very low risk from a geopolitical perspective. Again, in the near term, more of our revenue comes from Bosnia in Europe and from Brazil. In the long term, the optionality really is in Quebec and Ontario and Nevada. Another big differentiator between us and some of our royalty and streaming peers is our growth. So 2026, we have guidance that we put out in March, 7,500 gold equivalent ounces -9,300 gold equivalent ounces. That is our volume that we are expected to produce this year. That is a 60%, 60% increase at the midpoint of our guidance range versus the 2025 actual. So 60% growth this year versus last year. And that does not come from any high-risk projects. Essentially, that comes from assets that have already been built. The assets that we acquired either late last year or early this year, that is the Borborema royalty and the Pedra Branca royalty, specifically. But very low risk to that growth outlook. We are very confident in that guidance for this year. If you look at our 2030 guidance, very excited there as well. We are looking for around 30,000 gold equivalent ounces by 2030. So over five years, our growth is multiple times where we were in 2025, about 5x or 6x. And again, that does not come from assets that are very high risk. Often, mining companies will talk about growth and it sounds very good, but it is based on one project being permitted, financed, and constructed. And that is not the case with us. You can see we have broken down, in the arrows on this chart, the assets that contribute to that growth. And there is, first of all, a very diversified group of those assets, so it is not reliant on any one property. Second of all, the mature operations and the brownfield expansions or ramp-ups represent 70%, 70% of that growth. We are not looking for any single asset, early-stage company to really drive the growth. It is coming from assets that are already permitted, already financed, and already built, at least to a first phase of construction. So they may need expansion. They may need to be fully commissioned to their long-term run rate. But very much already de-risked. If you include the satellite deposits, County Line and Ren, that represents 90% of our growth. So satellite deposits mean the mine has to be built, but they are in an existing area of infrastructure. So, only the mine has to be built. County Line, that mine is essentially already constructed. It has not started producing yet, but that should happen very shortly. And Ren, that is the Nevada Gold Mines or the Barrick-Newmont joint venture in Nevada. That mine should be in first production by the end of this year. So very low risk. Our advanced development bucket is the more high risk of the categories that we have classified. That represents less than 10% of our total growth. South Railroad, that was a project that was developed by Orla. Orla has just been acquired or merged with a company called Equinox Gold. They announced this week that they have received permits and are starting construction already. Already moving towards development, moving towards production. Tonopah West, that is the asset that we generated in our royalty generator model. We staked that in 2021. It could be in production as early as 2030, so very quickly. That would be an infinite return to us because it costs us absolutely nothing to develop that asset. In fact, we got an upfront payment when we did. So very low-risk portfolio with a tremendous amount of growth. This next slide really underscores how that growth compares with our peers. On the left-hand side, we are showing the midpoint of our 2026 guidance versus 2025, and the midpoint of our peers' 2026 guidance versus 2025. You can see that our growth, 60% growth year over year, is second only to Versamet, another royalty and streaming company, in terms of year over year growth. We are very proud of the fact that we have quite a bit of growth this year. But this pales in comparison to our 2030 growth. If you look at the chart on the right-hand side, our growth between 2030 and 2025 is about 500%, 6x, the growth at the midpoint of our 2030 guidance. That is well above our peers in terms of their growth outlooks. Now, granted, many of our peers, especially the smaller companies, don't give the 2030 outlook. We are comparing ourselves against much bigger companies here, and, of course, the much bigger companies would be growing from a larger base. It makes it more difficult. But this does show that we have more leverage to gold than the larger peers that we are competing against. We are really the only junior company that decided to show that five-year outlook, and we did it because, number one, we are very confident in that growth. Like I said, it's very de-risked already. Number two, we are very excited. We wanted to highlight to the market how tremendous our growth is over the next five years. The next question we always get asked is, what does that translate to in terms of revenue or cash flow? You can see on this chart, we don't give guidance every single year. Our lawyers won't let us. But you can see here, this is the consensus median. We have seven analysts who cover us. This is their average forecast in the yellow bars for volume, so gold equivalent ounce volume. Same metric as we use in our guidance. Our guidance is shown for 2026 and 2030 by the little blue bars. That's the top and the bottom end of our guidance range. You can see in 2026, the consensus median is in our guidance range. 2030, it's on the low end of our guidance range. But even at that more conservative estimate, just under 30,000 ounces per year, by 2030, that does translate to really meaningful revenues. Depending on what gold price you use, we have shown the calculation here at a number of different gold prices. Somewhere around $4,000 or $5,000 gold, our revenue by 2030 would be in the $120 million-$150 million per year U.S. dollar range. Really tremendous growth from about the $25 million today. That also translates to free cash flow. Our G&A costs are about $7 million or $8 million per year, and that's infinitely scalable. We have a very small team, and we can manage a much bigger portfolio with the same number of people. We don't operate the mines. We're essentially just monitoring the contracts. G&A, we will be taxable probably in about 2028, so you'd have to deduct tax from that as well. You can still see that would translate to significant free cash flow by the end of the decade. Slide 11 here talks about catalysts. I'm not going to go through all the catalysts in the portfolio. This presentation is on our website, goldroyalty.com, and you're welcome to take a look at this later. The reason we show this is to say we have 260 assets in the portfolio, and with such a significant portfolio, there are always a number of exciting catalysts, things that move our news flow to the positive. Just to highlight that there are a number of assets that are in development, that are moving towards production, that are moving towards expansion. A constant steady stream of positive news flow expected in the near term, the medium term, and then the long term as well. A big differentiator for us, and we've talked about a number of our key differentiators already, but one of the big ones that we haven't talked about yet is just the quality of the asset portfolio that we do have. Really punches above our weight for a company of our size. We have royalties on three of North America's five largest gold mines. Nevada Gold Mines complex in Nevada, we have a royalty on the Ren portion of that mine that's operated by Barrick, jointly owned by Barrick and Newmont. The Canadian Malartic mine in Quebec that's operated by Agnico Eagle, one of the biggest and best gold mines in the world. Côté Gold, operated by IAMGOLD in Ontario. We're also very excited about some of the other assets in our portfolio that have seen ownership changes, ownership transitions. Sometimes when an ownership transition happens, the new owner really re-energizes the mine and can really recapitalize the mine or just pay a lot more attention to it in a different portfolio. That's the case with Borden as part of the Porcupine complex. It was owned by Goldcorp. Goldcorp was acquired by Newmont, and then Newmont sold Porcupine to Discovery in 2025. Since Discovery's owned it's done a lot more in terms of drilling, a lot more in terms of exploration. We're really seeing a lot more opportunity at Borden. So very excited about that. Vareš. Vareš was developed by a single asset company called Adriatic Metals. Adriatic was acquired by DPM Metals, formerly Dundee Precious Metals, last year as well, and has completely re-energized that mine. So very excited about what DPM is doing at Vareš. It recently just reannounced commercial production, so it's hit a production milestone. That was well ahead of the schedule. End of September was the target deadline for that. So very much ahead of schedule. We continue to see DPM underpromise and overdeliver on that mine. Pedra Branca, we acquired that asset in late 2025. At the time, it was owned by BHP. BHP and OZ Minerals before that developed and built the mine. It's sold to a private company called Corex now. It's very critical to Corex's mining portfolio, so we're really seeing a renewed focus under the new ownership there as well. We do have 260 assets in our portfolio. I won't go through all of them. We do have an asset handbook on our website, if anybody wants to dig through in more detail. To say we have about 10 cash-flowing assets today. A number that are in development that should be in production fairly soon. Odyssey, that's the underground part of Canadian Malartic. Jerritt Canyon, that's a mine that was previously operated that should be restarting in the next couple of years. Ren, as we've mentioned. South Railroad, which is just starting construction now. Granite Creek, i-80 Gold's mine in Nevada, which is in production but hasn't been cash flowing to us just yet. Fairly soon, we expect that as well. A lot of near-term catalysts in our portfolio, and then a tremendous amount of optionality in the exploration and advanced exploration categories. All of the royalties in our portfolio are entirely bought and paid for. We don't have to make any additional capital calls. We don't have any risk of dilution if the project were to go over budget or behind schedule. So all of this is entirely fully paid for upside in our portfolio. In addition, any expansion work or any exploration success that the operators undertake is free to us as well. On this chart here in slide 14, we're showing how that sort of translates in exploration optionality. The mining companies that we work with spend a few million US dollars per year on exploration. Over 500,000 meters of drilling per year this year. We don't pay for that at all, and we get the full benefit of that if it's on our royalty property. Very exciting optionality for us. No risk of dilution. If you own a portfolio of junior mining companies, they would certainly have to finance the production or development of a mine, and there would be risk for the existing shareholders of dilution. With us, you're getting that portfolio of junior mining companies. You get the benefit of their development efforts with no risk of that dilution. Just a really quick note on the gold price. We have obviously seen volatility in the gold price over the last few months. We're very optimistic that gold price will continue to go up from here. We're expecting to see U.S. dollar weakness. We're expecting to see central banks and investors moving to gold as a preferred method of preserving their capital. That's going to benefit all gold companies, whether it's gold developers, operators of gold mines, or royalty streaming companies. What we're showing on the chart on the left-hand side is the gold price in the black line versus the area underneath the line is the cost per ounce of producing gold. So you can see over time, historically, since 1995, the cost to produce gold has been very close to the gold price. So margins have been quite tight on the operating side. That's changed in 2025. Of course, the gold price went up quite quickly and the cost didn't catch up. What we've seen so far in 2026 is the gold price has come down. Costs are clearly going up, whether that's labor, energy. Input costs are going up. We are expecting to see margins for the operators compress. We don't have any operating costs. We have minimal exposure to the operating costs of the mines that we have royalties on. Our exposure to gold will have much more benefit from the gold price because we will not have the margin compression that the operators do. We're very excited about that. Just really quickly on the royalty and streaming landscape, we are one of many royalty companies out there. We take a portion of the revenue from different mines around the world, as we've mentioned. That's largely a top-line revenue royalty for us. We're not alone in this space. There's some very large companies out there we've called the mega caps, Wheaton, Franco-Nevada, and Royal Gold. Very high-quality companies, but they don't have that same growth or leverage that we offer. Similar with the midcap companies, Triple Flag and OR. Again, they're getting to the size where they're too big to grow. We're in the small-cap bucket. There's a number of companies in that category. We feel that we have better exposure to gold. We have better high-quality assets in our portfolio. We have exposure to more favorable jurisdictions than the other companies in the small-cap category. On valuation, this is showing a price to net asset value, and this is all on a consensus basis. You can see Gold Royalty across the other smaller companies. We are trading at a discount now. This comes and goes. We actually were the best-performing royalty stock in the entire sector in 2025. We have not performed as well in 2026 as some of our shareholders have taken profits, which is totally fine. It does give you an attractive entry point right now. We are trading well-valued versus our peers, and these are peers that we don't think have the same asset portfolio quality that we do. As we get bigger and as the cash flows that we're expecting over the next five years materialize, we do expect that we'll move from the small cap into maybe the midcap category. That should give us a rerating potential as well. The larger companies tend to attract more investors, more institutional investors, and tend to trade at higher premiums as well. We are looking for a rerating potential as we do see our existing growth materialize. Of course, as we can continue to grow through the other pillars of growth that I mentioned. Just on our balance sheet really quickly, we have about $200 million in dry powder for which we can do transactions. We can do asset transactions. We could do consolidation across our peer sector. None of that is imminent right now, but we continue to look. Our balance sheet, we have $150 million available on our credit facility that's completely undrawn. At the moment, we are entirely debt-free. We have a positive cash position and expecting to receive additional cash from the proceeds of warrants. If you're interested, we have warrants that are publicly trading, GROY.WS, and they are in the money at the moment. They expire May 2027. Our ownership, we have a large position with Tether. That's the stable coin company. That's been entirely a passively acquired position entirely in the market. They have been a good shareholder to us. GoldMining, the company we were initially spun out of, has never sold a share. GoldMining remains a strong shareholder of ours. Queen's Road Capital and Taurus, they previously held convertible debentures that we had issued. Those have converted into equity, and they've been very strategic, very long-term supportive shareholders as well, and we appreciate their support. We have a number of institutional investors that have taken positions in us over the last little while as well. VanEck, the GDXJ has been a shareholder. BlackRock, T. Rowe, Wellington, some of the largest institutional investors in the resource space, and we're very proud of our shareholder registry. We're covered by seven analysts. All have an outperform or buy rating. All have a target price well above our current, I think, about $3.20 share price at the moment. Our team, very strong, both on the technical side and the capital market side. Our board. That's the story. Positive cash flow, strong balance sheet. Highest quality assets that we have royalties on. Very strong exposure to gold. Very strong peer-leading growth. Peter, I will leave it there. Hopefully, I've left some time for questions. Yes, we have, and we have quite a few questions. Okay. I'm going to start with my own couple first. Could you first talk about what are the factors that are limiting your growth now? Is it availability of financing? Is it finding properties? What's the biggest limit to your growth at this point? I think one of the challenges that we have is finding royalties that are accretive. We do have a cost of capital, of course, between the debt and the equity, that we want to make sure that our transactions have an IRR that is well better than our cost of capital. We have been quite disciplined on that. There are always a lot of royalty opportunities that we do look at, but we want to make sure we are not doing deals just for the sake of doing deals. We want to make sure they are accretive, and that is probably the biggest limiting factor. As I showed, there is a large peer group that also are looking at the same transactions, and something that has been working for us over our five-year history is doing bilateral or quasi-bilateral deals, so deals on which we have existing relationships that are not well marketed to our entire peer set. But the ones when they are well marketed, we lose those on a fairly regular basis because somebody else has always got a lower cost of capital and willing to pay more for those deals. I would say that competition for transactions is probably the biggest challenge. I am just sorry, how do you find the transactions that you are looking for. Do you go out or is it shopped? I am just curious how it. There is a real range. Sometimes we know royalties exist and we will approach the royalty holder. Sometimes investment bankers engage to run a process, and so we will participate in those processes. We do, like I said, generate some royalties ourselves as well. So sometimes we get them through our own means. Okay. Again, in terms of managing the company, when you manage a company, is it trying to drive NAV? How do you manage the company? Just a thought process or I mean, most- Per share growth, definitely. Yeah. Per share growth is the most important. We don't want to dilute our shareholders, unless there's an accretive deal, which wouldn't be dilutive at that point. So per share net asset value, of course we look at IRR and the cost of capital versus the return we'd be expecting. But IRR and NAV are basically two sides of the same coin. And you talked about your gold price expectations in terms of where you are. Can you just put a little more meat, just near term and long term, in terms of gold? And really how the price of gold really affects your operations and the stock price. So any mining company will have two different ways of looking at things. We're very optimistic that the gold price will go higher because of the fundamentals. We think the U.S. government will continue to devalue currency to value its debt, essentially. From the fundamental macroeconomic perspective, we do think gold prices will go up from here. It's hard to say when or by how much, but $5,000 gold doesn't seem unreasonable to me or more, just given the macroeconomic climate right now. However, I will say us and I think all of our peers would not ever use that in terms of how we value transactions or how we run our business. So we would use a much more conservative gold price when we're looking to value new acquisitions. For example, generally we'll use a consensus long-term average of the different banks and brokers. Right now, that's about $3,600 per ounce gold. So although people say, "Why would you have low confidence in the gold price when you're running your business?" But it's really so that we're not paying peak top prices per gold in transactions. So there are different outlooks depending on the purpose of what we're doing. With over 250 investments, the two questions here are about specific projects you have. I just thought I'd throw them out quickly. One is what is the decision on the proposed second shift at Odyssey, and the other is what are the economics of the productions at Vareš? The second shift at Odyssey, Agnico Eagle has talked about that as being some way to expand the operation at Canadian Malartic. They have a large mill there that was built for a bigger open pit operation, and they're intending to utilize as much of that mill capacity as possible, and a second shaft will definitely help with that. It also will help bring our ore to surface and put it through the mill much more quickly. They have driven a pilot hole already, so they know where the second shaft is going to go, and they're working on the geotechnical engineering work around that second shaft now. I think we'll have a more detailed study on that by the end of this year, and then it would obviously take several years to sink that shaft. We're probably talking about 2035 to 2040 before we would see any real economic value from that shaft, is just my very rough guesstimate. But we'll get more information, I think, around year-end from Agnico Eagle. On Vareš is run by DPM Metals. We have a stream. That's the only stream we have in our portfolio. Vareš is a copper, lead, zinc mine, or sorry, silver, lead, zinc mine. Silver, lead, and zinc are the primary commodities that are produced, and those are all DPM Metals' commodities. We get 100% of the copper that comes out of that mine. Copper is a very small component of that mine, but all of the copper that comes is ours. Because it's not the main component of the mine, the mine, the milling, the smelting, none of that is optimized for copper. Approximately 24%, 25% of that copper is what they call payable, so it actually gets paid for about a quarter of the copper that comes out. And we fixed that in the contract. So it doesn't matter how optimal or suboptimal the smelting is, we'll get in that range, 25% of the copper payable to us. Then we pay back 30% of the spot price of copper back to DPM Metals, and that's just a standard stream contract. So that's how the economics of that stream work. So it's a very lucrative stream for us. It does increase our exposure to copper, particularly in the short term of our business. As I said, DPM Metals is doing a tremendous job of optimizing that mine. So right now, it's being targeted to run about 850,000 tons per year. They're expecting to hit that run rate by year-end. The way that DPM is going, I would not be surprised if they overachieve that target as well. The previous owner, Adriatic, had targeted additional expansions beyond that. DPM hasn't put that targets for additional expansions back into the market yet, but we do see opportunity for future upside to production there as well. Clearly you love talking about the business and what you're doing. We're a couple of minutes over, but I do have one last question is you are generating cash flow and your cash flow is starting to move up. How do you decide new projects, return to the shareholders, dividend, buying back equity? What are your thoughts? Yeah. Our preference would always be to continue to grow the business if we can do so in an accretive manner. We have actually presented to our board a capital returns policy. We did that just at the last board meeting in August, and so that is something that we are actively considering probably for early 2027. We'll see how the share price is, what the valuation is, whether we do a buyback or a dividend. But at this point, given we don't have a large block of cash that we would be able to deploy, maybe a small regular dividend makes more sense. But it will depend on what the share price is at the time. Something to keep in mind for future. But obviously, accretive growth will always be our preference. Peter, if anybody has any further questions, you can reach me directly at jackiep, J-A-C-K-I-E-P, @goldroyalty.com or visit our website, goldroyalty.com, and you'll get a lot more information there as well. Okay. I think we probably should end now, although there is still a bunch more questions. I really appreciate the time, and I appreciate the effort. Okay. I am sorry for the rough start. All right. Thank you. But have a great day. You too. Thank you very much. Bye.