| Dear Reader, You've probably never heard of David Garofalo… He's the General of a Commando unit moving at lightning speed... Snapping up multiple smaller gold royalty companies and hundreds of royalties. Their aggressive moves—more than a 1,300% increase in total number of royalties since their March 2021 IPO—have moved them firmly toward the mid-tier of the market. Here's why that's important… Companies that stay in the low tier range become zombies. They can't raise money, and they can't deploy capital. Meanwhile mid-tier companies get higher valuations, and it's easier for them to raise money to buy new royalties. David is the CEO of Gold Royalty Corp (NYSE: GROY) With a laser focus on premium asset acquisition, consensus analyst estimates the company has bolstered its Net Asset Value from $97.4M at IPO to over $452M today. - The current share price gives Gold Royalty a 0.45 price/NAV (Consensus NAV) ratio.
And Gold Royalty Corp is trading at a discount to analyst consensus asset values. … for now. 
And positive cash flow is expected in early 2024 based on operator's disclosure of ramping up production. In fact, their cash flow numbers are based on near $1,700 per ounce gold. That's almost 15% LOWER than where its currently trading. Click here for all the details. Regards, Marin Katusa and The Katusa Research Special Situations Team DISCLOSURES/DISCLAIMER:
IMPORTANT DISCLAIMER: Katusa Research, as a publisher, is not a broker, investment advisor, or financial advisor in any jurisdiction. Please do not rely on the information presented by Katusa Research as personal investment advice. If you need personal investment advice, kindly reach out to a qualified and registered broker, investment advisor, or financial advisor. The communications from Katusa Research should not form the basis of your investment decisions. Examples we provide regarding share price increases related to specific companies are based on randomly selected time periods and should not be taken as an indicator or predictor of future stock prices for those companies.
Gold Royalty Corp. has reviewed and sponsored this article. The information in this newsletter does not constitute an offer to sell or a solicitation of an offer to buy any securities of a corporation or entity, including U.S. Traded Securities or U.S. Quoted Securities, in the United States or to U.S. Persons. Securities may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom. Any public offering of securities in the United States may only be made by means of a prospectus containing detailed information about the corporation or entity and its management as well as financial statements. No securities regulatory authority in the United States has either approved or disapproved of the contents of any newsletter.Katusa Research nor any employee of Katusa Research is not registered with the United States Securities and Exchange Commission (the "SEC"): as a "broker-dealer" under the Exchange Act, as an "investment adviser" under the Investment Advisers Act of 1940, or in any other capacity. He is also not registered with any state securities commission or authority as a broker-dealer or investment advisor or in any other capacity.
HIGHLY BIASED: In our role, we aim to highlight specific companies for your further investigation; however, these are not stock recommendations, nor do they constitute an offer or sale of the referenced securities. Katusa Research has received cash compensation from Gold Royalty Corp. in the amount of $250,000 in Nov 2023 and second payment of $250,000 in Dec 2023 and is thus extremely biased. Members of Katusa Research also own shares in Gold Royalty Corp.
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FORWARD-LOOKING STATEMENTS: Certain of the information contained herein and in the Company's disclosures referenced herein constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws ("forward-looking statements"), which involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements respecting the Company's strategies, expectations regarding gold markets, expectations regarding the operations and results of the operators of the projects underlying the Company's interests and expectations regarding future production and revenues from the Company's royalties. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions relating to commodities prices and the business of the Company. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including those set forth in the Company's Annual Report on Form 20-F and its other publicly filed documents under its profiles at www.sedarplus.ca and www.sec.gov. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Readers should review Gold Royalty's public disclosures at www.sedarplus.ca and www.sec.gov for important information regarding it and its assets.
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