Gold Royalty is a Vancouver-based precious metals royalty and streaming company. Rather than mining gold itself, Gold Royalty holds financial interests in mines operated by third parties, collecting royalty and stream payments as those mines produce metal. Gold Royalty holds 258 royalty and streaming interests, of which 8 are currently cash-flowing. The portfolio is heavily weighted toward gold, with some copper exposure, and is concentrated in Canada and Nevada, with additional interests in Brazil, Mexico, and Bosnia. Key cash-flowing assets include a 3% NSR on portions of the Canadian Malartic mine in Quebec (operated by Agnico Eagle), a 0.75% NSR on the Côté Gold mine in Ontario (IAMGOLD), a 2% NSR on the Borborema mine in Brazil (Aura Minerals), and a 100% copper stream at the Vareš mine in Bosnia. Gold Royalty's royalties are structured primarily as NSRs, paying Gold Royalty a percentage of net metal sale revenues with no obligation to fund operating or capital costs at underlying mines. Gold Royalty also operates a royalty generator model, acquiring mineral properties in Nevada and optioning or selling them to third-party miners while retaining a royalty. Gold Royalty measures revenue in gold equivalent ounces (GEOs). Management's near-term priority is harvesting cash flow from existing assets as Côté, Borborema, Vareš, and several development-stage assets ramp up, with M&A focused on royalties with a clear near-term path to production.