If you want a gold vehicle that offers maximum leverage in a rising inflation environment, Gold Royalty Corp. (GROY.NYSE-A) could be just the play you’ve been looking for.

With dozens of royalties on some of the biggest gold projects in North America, Gold Royalty aims to carve out a lucrative niche as a mid-tier royalty company — and give its shareholders rich returns in the process.

Dear Fellow Investor,

Gold royalty companies have some powerful advantages over gold producers.

Because royalty and streaming companies make investments in projects in exchange for a percentage of top-line revenues, they avoid the cost increases producers face as part-and-parcel of an inflationary environment.

And as you scan the universe of royalty companies, Gold Royalty Corp. (GROY.NYSE-A) stands out as uniquely positioned to deliver shareholder returns in an inflation-fueled gold bull market.

Led by David Garofalo, the former CEO of Goldcorp (which merged in 2019 with Newmont in the industry’s biggest M&A transaction to date), Gold Royalty has an all-star board and management team and a clear strategy to stake its claim as the sector’s only mid-tier player.

As you’re about to see, Gold Royalty is a company purpose-built for an inflationary environment like today's — one that has grown by leaps and bounds over the past year and now boasts enormous upside.

An Investment Built For Double-Digit Inflation

The graphic below makes clear why royalty companies are a go-to investment in strong gold environments and weak ones.

In the gold bull market from 2007 to 2011, gold increased 138% while miners actually lagged physical gold, returning only 66% returns.

Royalty companies meanwhile surged 337% — nearly tripling investors’ leverage on gold.

In the current bull market between 2015 and today, gold has shot up 68%, the gold miners index has increased 140%...and gold royalty and streamers have increased by 209%.

Even during weak periods for gold, like 2011 to 2015, royalty companies lost less than either gold or the gold miners.

And, as you can also see from the chart, costs for producers go up when gold starts to rise, due to higher energy, labor and materials costs.

But royalty companies neatly side-step that cost increase problem, creating an investment built for double-digit inflation.

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Growth By Leaps And Bounds

It’s easy to see that royalty companies are great ways to invest in gold…but what makes Gold Royalty one of the best of them?

Consider that Gold Royalty began life in 2021 as a spin out of GoldMining Inc., starting out with royalties on that company’s 14 advanced-stage projects.

But Garofalo and team immediately saw the advantages of building scale in the market. They subsequently used M&A to add three smaller royalty companies to the mix.

In the process, Gold Royalty’s portfolio grew massively — from 14 royalties to fully 192. Better still, those new acquisitions included royalties on two of the biggest mines in Canada and one of the biggest in the U.S.

Those royalties include a 3.0% Net Smelter Royalty (“NSR”) on the Canadian Malartic Mine’s Odyssey Underground operation in Quebec, a 1.5% NSR and 3.5% NPI on Barrick/Newmont’s Ren project in Nevada and a 0.75% NSR on IAMGOLD/Sumitomo’s Cote project in Ontario.

These are foundational assets that offer multi-decade returns. And they also happen to be in some of the world’s best jurisdictions for operating gold mines.

An All-Star Management Team

How has Gold Royalty managed to pull together such an impressive collection of assets in such a short period of time? In a word: Connections.

David Garofalo has worked in the sector for more than 30 years, most recently as CEO of Goldcorp. His Rolodex is truly gold-plated and he’s not alone.

Gold Royalty’s Chief Development Officer John Griffith is coming off nearly 30 years in the financial services industry, including a recent stint as Managing Director and the Head of Americas Metals & Mining Investment Banking for Bank of America.

The chairman of Gold Royalty’s advisory board is Ian Telfer, former Chairman of Goldcorp and the man who built and led Wheaton River and Wheaton Precious Metals, one of the leading precious metals royalty companies in the sector.

Simply put, this is a group that can get access to deals that other companies simply can’t. It’s a crucial advantage in a competitive space.

Filling A Gap In The Royalty Sector

Right now, the royalty sector is filled with a few big players and a series of emerging-stage players.

Gold Royalty’s goal is to break out of the emerging-stage pack and become the sole company in the mid-tier royalty space.

Reaching that goal would see Gold Royalty’s market cap multiply from here.

Not only is the goal readily achievable, given the foundational assets Gold Royalty has to build on, but it’s one that’s firmly in sight given the company’s financial abilities and aggressive stance on the M&A front.

It’s a strategy for growth that makes Gold Royalty Corp. a near-perfect investment for the next phase of this gold bull market.

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