Company: GROY-WT
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042306
Chunk: 24

Company: Gold Royalty Corp.
Filing Date: 2025-03-20
Form: 20-F
Item: Item 4
Chunk 24
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. We believe the royalty generator model provides increased volume of potential royalty opportunities, targeting opportunities with potential exploration upside.
 The table below provides a comparison of royalty companies, mining companies, exchange traded funds and funds that hold physical commodities:
 
                                                                Royalty Companies   Operating Companies   Precious Metals ETFs   Physical
                                                                                                                                 Funds   
Exposure to Commodity Prices                                    √                   √                     √                      √       
Fixed Operating Costs                                           √                   X                     √                      √       
No Development or Sustaining Capital Costs                      √                   X                     X                      X       
Exploration and Expansion Upside Without the Associated Costs   √                   X                     √                      X       
Diversified Asset Portfolio                                     √                   X                     √                      √       
Ability to Grow Without Increased Management                    √                   X                     √                      √       
Competitive Strengths
 We believe that our competitive strengths include:
 •Significant and Diversified Royalty Portfolio. We currently hold 248 royalty and streaming interests of which 7 are on cash flowing assets. These interests are located in eight countries primarily across the Americas. Additionally, the properties underlying such royalties, streaming and similar interests are currently operated by over 93 different partners. This provides us with a relatively geopolitically stable and diversified portfolio base with significant future upside potential through our earlier stage royalties, streaming and similar interests.
 •Experienced Team with a Proven Track Record in Mining. Our management team, board of directors and advisory board have significant experience in the mining sector, including key expertise in exploration, development and operational areas, along with important capital markets acumen and extensive networks. We believe this enhances our ability to execute on opportunities and makes us an attractive partner to potential royalty and stream counterparties where our collective knowledge and experience could add value to their business. In addition, we believe our team's collective experience and network provide us with many of the capabilities of much larger companies, while allowing us to maintain a lean cost structure and a strong entrepreneurial culture. 
 •Lean but Scalable Operating Structure. While we maintain a lean operating profile, we retain sufficient flexibility to rapidly assess and respond to new investment opportunities. We intend to leverage external expertise when appropriate, which should give us the ability to expand our technical and geographic footprint well outside of our internal resources and maintain a high level of confidence that a comprehensive range of opportunities are evaluated to meet our objectives and long-term strategy.
 •Positioned to Execute on our Growth-Oriented Strategy. Since our IPO we have aggressively executed our