Slide 1: Full Year & Q4 2024 Results
FULL YEAR & Q4 2024 RESULTS February 20, 2025 Amounts presented are in United States Dollars, except where otherwise noted
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Ca
Slide 3: On Today's Call
ON TODAY’S CALL… Jason Attew Frédéric Ruel Iain Farmer President & CEO CFO & VP Finance VP Corporate Development …Also Available: André Le Bel Dr. Guy Desharnais Grant Moenting Heather Taylor VP Legal Affairs & VP Project Evaluation VP Capital Markets VP Sustainability & Corporate Secretary Communic
Slide 4: 2024 Highlights
2024 HIGHLIGHTS(i) RECORD ANNUAL 80,740 GOLD CASH BALANCE OF REVENUES OF EQUIVALENT OUNCES $59.1 MILLION & SHAREHOLDER $191.2M & ANNUAL RETURNS (“GEOs1”) EARNED NET DEBT(i) OF CASH MARGIN OF ~$34.8 MILLION Q1 2025 dividend (vs. 94,323 GEOs earned in 97%2 declared of C$0.065 per 2023) As at December
Slide 5: Full Year 2024 Financial Performance
FULL YEAR 2024 FINANCIAL PERFORMANCE RECORD ANNUAL REVENUES NET (LOSS) EARNINGS FROM CONTINUING OPERATIONS Mostly non-cash impairment charges on royalties, streams, & investments $0.09 per basic share $(0.20) per basic share �16.3 �183.2 �191.2 �(37.4) 2023 2024 2023 2024 CASH FLOWS GENERATED BY OPE
Slide 6: Producing Royalties and Streams
PRODUCING ROYALTIES AND STREAMS COPPER & OTHERS 5,325 2024 2024 6.6% GEOs1 BY ASSET GEOs1 BY COMMODITY 32,588 SILVER 21,610 80,740 26.8% GEOs1 GOLD 53,805 66.6% 9,430 5,273 5,407 4,286 3,011 2,857 2,456 2,419 2,132 2,679 1,737 1,340 869 1,529 1,117 416 120 719 175 180 COPPER & (R) = Royalty (S) = St
Slide 7: A High-Quality Portfolio
A HIGH-QUALITY PORTFOLIO PRODUCING ASSETS INTEREST OPERATING PARTNERS 1 CANADIAN MALARTIC 5% NSR AGNICO EAGLE 2 MANTOS BLANCOS 100% Ag Stream CAPSTONE COPPER 3 CSA 100% Ag & 3-4.875% Cu Streams METALS ACQUISITION LIMITED 6 7 4 4 ÉLÉONORE 2.2-3.5% NSR NEWMONT 8 5 3 5 SASA 100% Ag Stream CENTRAL ASIA
Slide 8: Highest Exposure to Tier 1 Mining Jurisdictions vs. Peers
HIGHEST EXPOSURE TO TIER 1 MINING JURISDICTIONS(i) vs. PEERS 100% 90% 80% 70% 60% 50% NAV % 40% 30% 20% 10% 0% OR RGLD TFPM FNV WPM SSL Canada USA Australia Latin America (Incl. Mexico & Caribbean) Europe Africa Asia Tier-1 Jurisdictions Data Source: Canaccord Genuity Capital Markets Precious Metals
Slide 9: Island Gold District
One of Canada’s highest-grade and lowest-cost underground ISLAND GOLD DISTRICT gold mines located near Wawa, Ontario February 2025 MRE Update expected to result in 9th consecutive year of growth in combined Mineral Reserves and Resources6 Island Gold Phase 3+ Expansion expected to increase undergrou
Slide 10: Canadian Malartic Complex
CANADIAN MALARTIC COMPLEX Flagship royalty on Canada’s 2nd largest operating gold mine From 2025- 27, production is expected to be sourced from the Barnat Pit (to be exhausted in 2028) and increasingly complemented by ore from Odyssey and low-grade stockpiles. Updated overall CMC production guidance
Slide 11: Canadian Malartic Complex
Complex expected to have ~40ktpd of excess mill capacity CANADIAN MALARTIC COMPLEX starting in late 2028 or 20299 Shaft #2 at Odyssey Underground currently in concept phase; additional clarity on potential Shaft #2 and Agnico Eagle’s “Fill the Mill” strategy expected over the next 1-2 years11 A po
Slide 12: Mantos Blancos
MANTOS BLANCOS Phase I expansion (MBCDP) commercial production achieved in December 202213 Processing rate increased to 20ktpd or 7.3 Mtpa (from 4.2 Mtpa) & mine life extended to 203813 Plant & process bottlenecks worked through in mid-202414 Phase I steady-state throughput of 20ktpd achieved in
Slide 13: An Important Phase of Growth
AN IMPORTANT PHASE OF GROWTH GUIDANCE AND 5-YEAR OUTLOOK1,17 (oz AuEq) Expansions Odyssey Shaft #2 Mantos Blancos Phase II Island Gold District Expansion CSA Expansion Project(s) + Development Amulsar Costa Fuego Cariboo Casino Renard is Shut Down Cascabel + 110,000 - 125,000 Copperwood Hammond Reef
Slide 14: Key Near-Term Catalysts
KEY NEAR-TERM CATALYSTS13 CANADIAN Ongoing exploration results to convert East Gouldie Inferred to Indicated + expand East Gouldie (2025) MALARTIC 3.0-5.0% NSR Abitibi Optimization Canadian Malartic Complex: 2nd Shaft, Marban Alliance & Wasamac (2025+) (Au) CSA 100% Ag + 3-4.875% Continued integra
Slide 15: Balance Sheet Strength
BALANCE SHEET STRENGTH CREDIT FACILITY(i) (C$ M) As at December 31, 2024 BALANCE SHEET ITEMS December 31, 2024 �200 Cash $59.1 Investments18 $109.5 AVAILABLE �415 CREDIT: $615 M19 Debt $93.9 �135 Basic Shares Outstanding (M) 186.1 UNDRAWN DRAWN ACCORDION (UNCOMMITTED) FINANCIAL FLEXIBILITY FOR ACCRE
Slide 16: Full Year & Q4 2024 Results Presentation Appendix
FULL YEAR & Q4 2024 RESULTS PRESENTATION APPENDIX
Slide 17: 2024 Results
2024 RESULTS YEARS ENDED (US$ 000) Dec 31, 2024 Dec 31, 2023 GOLD PRODUCTION (oz) 53,805 61,605 SILVER PRODUCTION (oz AuEq) 21,610 22,920 COPPER & OTHER PRODUCTION (oz AuEq) 5,325 9,798(i) TOTAL PRODUCTION (oz AuEq) 80,740 94,323 REALIZED GOLD PRICE $2,361 $1,943 REVENUES $191,157 $183,228 GROSS PRO
Slide 18: 2024 Revenues Breakdown
2024 REVENUES BREAKDOWN YEARS ENDED (US$ 000) Dec 31, 2024 Dec 31, 2023 ROYALTIES: Revenues $130,375 $118,829 Cost of Sales $(413) $(379) CASH MARGIN2: $129,962 $118,450 STREAMS: Revenues $60,782 $64,399 Cost of Sales $(6,325) $(11,956) CASH MARGIN2: $54,457 $52,443 TOTAL CASH MARGIN: $184,419 $170,
Slide 19: Q4 2024 Financial Performance
Q4 2024 FINANCIAL PERFORMANCE RECORD QUARTERLY REVENUES NET EARNINGS (LOSS) $0.04 per $(0.28) per basic share basic share �7.1 �56.7 �47.8 �(51.2) Mostly non-cash impairment charges on royalties, streams, & investments Q4 2023 Q4 2024 Q4 2023 Q4 2024 CASH FLOWS GENERATED BY OPERATING ADJUSTED EARNIN
Slide 20: Equity Portfolio Breakdown
EQUITY PORTFOLIO BREAKDOWN As at December 31, 2024 OTHERS �12.8 �54.2 | 24.4% OWNERSHIP ASSETS INTEREST CARIBOO (Au) 5.0% NSR ROYALTY MARKET TINTIC (Au, Ag, Cu) 2.5% METALS STREAM VALUE: SAN ANTONIO (Au, Ag) 15% STREAM �42.5 | 4.85% OWNERSHIP $109.518 ASSET INTEREST 100% Ag STREAM + CSA (Cu, Ag) 3-4
Slide 21: Unlocking Value
UNLOCKING VALUE SENIOR-QUALITY LOW-RISK PROLONGED EXISTING ASSET ACTIVE PORTFOLIO WITH PRECIOUS PERIOD OF NAV EXPECTED TRANSACTION HIGH METALS GROWTH FROM TO GROW, AS MARKET FOR REPLACEMENT EXPOSURE TO ASSETS ALREADY WELL AS RE- NEW GROWTH VALUE ‘TIER 1’ MINING PAID-FOR RATE OPPORTUNITIES JURISDICTI
Slide 22: ...Even More Near-Term Catalysts
…EVEN MORE NEAR-TERM CATALYSTS13 MARIMACA MOD Definitive Feasibility Study (H1 2025) – targeting 50-60ktpa Cu production vs. 36ktpa in PEA 1.0% NSR (Cu) DIA submitted Dec 27, 2024; Receipt of Environmental Qualification Resolution (Q4 2025) COSTA FUEGO 1.0% Cu + 3.0% Au MRE Update after ongoing 30,0
Slide 23: Endnotes
ENDNOTES 1. GEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes by the average silver price per ounce or copper