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Gold Mining Royalty Companies

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ELY -etc ... update / Last:  $1.07/ WM: 0.69, GDXJ: 52.96, EXN: 4.64

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updated 2.24 > EXN is has a Silver mine, & may be a leader in this group:  $4.43 / ELY: 0.92 : R-4.82

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Ratio: ELY-to WM: C$1.07/ C$0.69= 155.1%

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Ratio: ELY-to GDXJ: C$1.07/ $52.96= 2.02%

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Ratio: ELY-to RGLD: C$1.07/ $52.96= 2.02%

xx

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Osisko Gold Royalties reports record revenues, declares dividend

Kitco News |

(Kitco News) - Net earnings attributable to Osisko’s shareholders were $16.9 million or $0.10 per share.

Osisko Gold Royalties (OR: TSX & NYSE) today announced that it has earned 66,113 GEOs in 2020, above the revised guidance of 63,500 – 65,500 GEOs.

The company said it has achieved record revenues from royalties and streams of $156.6 million (2019 – $140.1 million) and record cash flows from operations of $108.0 million, an increase of 18% compared to 2019.

Net earnings attributable to Osisko’s shareholders were $16.9 million or $0.10 per share; adjusted earnings were $43.7 million or $0.27 per basic share (2019 – $41.9 million, $0.28 per basic share).

Osisko also announced a first quarter 2021 dividend of C$0.05 per common share. The dividend will be paid on April 15, 2021 to shareholders of record as of the close of business on March 31, 2021.

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updated 2.24 > EXN is has a Silver mine, & may be a leader in this group:  EXN: $4.43 / ELY: 0.92 : R-4.82

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Ratio:  EXN: $4.43 / ELY: 0.92 : R-4.82

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==

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LOWS in place now?

RGLD etc... update : reverse / Last: $118.80, vs. ELY.v: C$1.09 (0.92% of RGLD)

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Ratio: ELY.v to-RGLD : xx

xx

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Consolidation is coming to the royalty and streaming sector - David Garofalo

Kitco News |

(Kitco News) - Garofalo said the sub-$1 billion market cap companies are “…all struggling to achieve relevance to investors because they don't have the liquidity and critical mass of investors.”

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ELY Royalties: 1.20. +0;19.  Takeover bid at 1.46.  I have a bunch, from 0.80 PP

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x

GOLD ROYALTY AND ELY GOLD TO COMBINE TO CREATE A LEADING GROWTH AND AMERICAS-FOCUSED PRECIOUS METALS ROYALTY COMPANY

Gold Royalty Corp. (GRC) and Ely Gold Royalties Inc. have entered into a definitive agreement, dated June 21, 2021, pursuant to which GRC will acquire all of the issued and outstanding common shares of Ely Gold by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia).

Under the terms of the agreement, which was negotiated at arm's length, each holder of Ely shares will have the option to receive consideration per Ely share of either (i) $1.46 in cash or (ii) 0.2450 of a GRC common share, subject to pro ration based on a maximum aggregate cash consideration of $84-million and a maximum aggregate number of GRC shares issued of approximately 41.5 million.

. . .

Transaction highlights:

  • Creation of a leading growth and Americas-focused precious metals royalty company: The transaction creates a new, sizable Americas-focused royalty company with a peer-leading resource endowment and a robust development pipeline, including nearly 100 royalties on various production, near-production, development and exploration assets.
  • Clear path to share price rerate: New GRC will have increased scale, diversification and growth, which may catalyze a significant share price rerating benefiting all shareholders of new GRC.
  • Enhanced balance sheet and access to capital: New GRC will have approximately $33-million (U.S.) in cash (pro forma as at June 18, 2021, assuming maximum aggregate cash consideration is elected and the exercise of all outstanding in-the-money securities), greater access to equity and debt capital markets, and the critical mass to drive significant growth through acquisitions.
  • Enhanced capital markets profile: New GRC will continue to be listed on the NYSE American and is expected to have increased trading liquidity and attract greater support from institutional investors.
  • Experienced management team: New GRC will have a highly credible and established management team with over 275 years of combined experience and a proven record of creating value and sourcing accretive deals.

... participation in a larger, well-funded and more diverse company that has the ability to acquire royalties in a variety of high-return projects globally. This transaction creates value for both Ely Gold and GRC shareholders -- with the further potential upside through a significant value rerating...

Trey Wasser, CEO, president and a director of Ely Gold, who will be joining new GRC's board of directors, commented: "This is a great outcome for Ely Gold shareholders. The transaction provides an immediate, compelling premium, a significant cash component and the opportunity to continue to participate in the growth of an outstanding combined asset portfolio.

> https://www.stockwatch.com/News/Item/Z-C!ELY-3100888/C/ELY

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RATIOS

RGLD etc... update : reverse / Last: $110.23, vs. ELY.v: C$1.20 (91.9x, was 109x ELY.v)

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Ratio: ELY.v to-RGLD : R-91.9x

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US quotes; $110.23, vs. ELYgf: us$0.96 > R-114.5x

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NSR / Nomad Royalty ... update: $9.25 +0.50

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Nomad asset: Blyvoor Mine stream

Legendary South African 23Moz gold mine is back in the game

Mining_Truck2.png(Kitco News) - Nomad Royalty (TSX: NSR) (OTCQX: NSRXF), an owner of a gold stream on the Blyvoor mine in South Africa, today announced that it has filed on a voluntary basis an independent technical report for Blyvoor. 

The Blyvoor mine is located on the Witwatersrand Gold Belt in Gauteng Province of South Africa. The Blyvoor mine commenced production in 1942 and in 1951 was the mine that produced the greatest amount of gold globally. The Blyvoor mine has produced approximately 38 million ounces of gold historically and production is currently ramping-up again.

According to a press-release, Blyvoor technical report highlighted a 22-year life of mine based on mineral reserves, with 242 koz average annual gold production and 5.32 million oz of total payable gold production. Average life of mine all-in sustaining cost is expected to be low at US$570/oz.

The mine has 5.50 million oz of gold in proven & probable mineral reserves (18.84Mt at 9.09g/t Au), 11.37 million oz of gold in measured & indicated mineral resources (50.08Mt at 7.06g/t Au) inclusive of mineral reserves, and 11.29 million oz of gold in inferred mineral resources (79.77Mt at 4.40 g/t Au).

Nomad added that ramp-up procedures at the Blyvoor mine have continued to progress and that the Blyvoor mill is expected to reach its initial production target of 20kt per month by the end 2021.

Nomad owns a 10% gold stream on the Blyvoor mine on the first 160koz of gold production within a calendar year, and 5% on any additional gold production within the same calendar year. Following the delivery of 300koz of gold to Nomad under the stream agreement, the stream percentage shall be 0.5% on the first 100koz of production within a calendar year until gold production reaches 10.32 million ounces. Nomad will make ongoing payments of $572 for each ounce of gold delivered under the stream agreement.

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Ely Gold assures holders of time to decide re merger

2021-06-25 07:43 ET - Shareholders Letter

Ely Gold, in co-operation with Gold Royalty, is preparing a management information circular to be mailed to Ely Gold shareholders in mid-July, together with proxies/voting instruction forms to allow shareholders to vote on the transaction. To proceed, the transaction must receive a special majority of at least two-thirds of the votes cast at the Ely Gold shareholder meeting.

We cannot predict, at this time, what all shareholders will choose but, consider these ratios:

  • If between 16 and 28 per cent of shareholders choose the all-cash option, everyone will receive all cash and all stock as requested.
  • If less than 16 per cent of shareholders choose all cash, those that choose all cash will receive all cash. Those that choose all stock will receive mostly stock and an increasing amount of cash (as the percentage drops).
  • If greater than 28 per cent of shareholders choose all cash, those that choose all cash will receive less cash and an increasing amount of stock (as the percentage increases). Those that choose all stock will receive all stock (less the minimum 0.01 cent per share).
  • Also important is that at 16 per cent or less all cash, Gold Royalty will only be paying out $46.8-million in cash, leaving $37.2-million in the treasury.
  • \ More: --
  •  

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Gold Royalties is buying Ely Gold Royalties

GROY.T  ... All-data: 1yr: 6mo: 10d / Last

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Gold Royalties is buying Ely Gold Royalties

GROY.T etc ... All-data: w/FNV:  1yr: 6mo: 10d / Last: C$4.98 vs ELY: C$1.30 (26.1%)

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Updated:  w/FNV:  1yr: 6mo: 10d / Last: C$4.85 vs ELY: C$1.29 (26.6%), 8.07. 113.85. 73.4% of 155.14 at 8.12.21

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==

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Franco-Nevada ups net income 86% in Q2 2021, declares dividend

Franco-Nevada, the leading gold-focused royalty and streaming company, announced today that its gold equivalent ounces (GEOs) sold in Q2 2021 were 166,856, an increase of 60% from the 104,330 sold in Q2 2020.

The company said that higher contributions from its largest streams as well as the additions of the Vale Royalty Debentures and Condestable stream were slightly offset by lower production from Hemlo. Also, the company noted that the impact of COVID-19 on its assets continued to be minimal this quarter, in comparison to Q2 2020, where a number of the company’s assets were impacted by suspensions of production.

Revenue from Franco-Nevada’s Energy assets increased to $47.3 million in Q2 2021 compared to $14.6 million in Q2 2020. Revenues were positively impacted by higher realized prices across the portfolio compared to Q2 2020 which were historically low.

Franco-Nevada said it generated adjusted EBITDA of $290.0 million in Q2 2021, an 83% increase over Q2 2020. The company’s net income was $175.3 million in Q2 2021, which is 86% more than in Q2 2020.

Additionally, Franco-Nevada announced that its Board of Directors has declared a quarterly dividend of $0.30 per share...

/ 2 / Empress Royalty becomes revenue-generating company
Kitco News | Aug 12
 - Empress Royalty (TSXV:EMPR) today announced receipt of the first revenue from the Sierra Antapite gold mine in Peru, a deal executed on July 28th.  > https://www.kitco.com/news/2021-08-12/Empress-Royalty-becomes-revenue-generating-company.html

 

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Top Gold Royalty stocks (FNV-$155, RGLD-$116) have outperformed Gold, even 2x Gold etf . update

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Ratio:  RGLD to UGL: RGLD-$116 / UGL-$57.40 = 2.02x > 2.00 is possible mid-point

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Ely Gold Royalties Open Letter To Shareholders

ratio of .2450 per Ely Gold share.. GROY $4.80 x 0.245= US$1.176 x 1.252= C$1.47
("we are expecting maybe 1/3 cash. 2/3 shares")
"maybe 50 cents a share ....
xx
 
June 25, 2021
Ely Gold Shareholders,
On June 21, 2021 we announced the business combination of Ely Gold Royalties and Gold Royalty Corp. (NYSE American: GROY). The transaction values Ely Gold at approximately $295 million and ranks as one of the most significant royalty mergers in recent years. This also represents an exciting chapter in the growth of Ely Gold. I would like to provide some background on the genesis of the deal as well as address some questions regarding the announcement.
. . .
The Record Date for voting at the Ely Gold shareholder meeting to consider the transaction is July 14, 2021. Holders of record on that date will have the right to vote their shares at the special general meeting (“Meeting”) scheduled for August 17, 2021.
 
Ely Gold shareholders will have the choice to tender their shares for either “all cash” at CAN$1.46 per share or “all Gold Royalty stock” at a ratio of .2450 per Ely Gold share. However, there is a maximum amount of cash that can be distributed and that is CAN$84,000,000 and there is a maximum amount of Gold Royalty shares that can be distributed and that is 41,455,194. The deadline for shareholders to make an election as between the Gold Royalty stock and the cash option is 4:30 p.m. on August 12, 2021.
 
Ely Gold, in cooperation with Gold Royalty, is preparing a Management Information Circular to be mailed to Ely Gold shareholders in mid-July, together with proxies/voting instruction forms to allow shareholders to vote on the transaction. To proceed, the transaction must receive a special majority of at least 2/3rds of the votes cast at the Ely Gold shareholder meeting.
We can’t predict, at this time, what all shareholders will choose but, consider these ratios:
* if between 16-28% of shareholders choose the “all cash” option, everyone will receive “all cash” and “all stock” as requested;
* If less than 16% of shareholders choose “all cash”, those that choose “all cash” will receive all cash. Those that choose “all stock” will receive mostly stock and an increasing amount of cash (as the percentage drops);
* If greater than 28% of shareholders choose “all cash”, those that choose “all cash” will receive less cash and an increasing amount of stock (as the percentage increases). Those that choose “all stock” will receive all stock (less the minimum $.0001/per share); and
* Also important is that at 16% or less “all cash”, Gold Royalty will only be paying out $46.8MM in cash leaving $37.2MM in the treasury.

> More: https://elygoldinc.com/news/2021/ely-gold-royalties-open-letter-to-shareholders

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ELY > GROY is done !

Final ELY price : Close 2021-08-20 C$ 1.30. x 177.5 M = C$230.8 Million

Tuesday close, GROY:   US$4.85 +0.45 + 10.23%, as merger completes.  (x 0.245 * 1.26= C$1.497), (C$1.474)

At $4.85, that's a $2.88 cost, and a 70% gain for those who exercised wts, and took the All cash option.

( 70,000 shs + 35,000 wts = 115,000 ELY shs = C$91.4k + 10,395 shs, at cost of $2.88)

10d / YTD: etc /   Yr.L was $4.16   (x 0.245 * 1.26= C$1.284)...  (C$0.869 + x0.099* 1.26= $0.519; C$1.388)

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Ely Gold completes acquisition by Gold Royalty

2021-08-23 09:15 ET - News Release

Mr. Trey Wasser reports

GOLD ROYALTY AND ELY GOLD COMPLETE COMBINATION TO CREATE A LEADING GROWTH AND AMERICAS-FOCUSED PRECIOUS METALS ROYALTY COMPANY

Gold Royalty Corp. (GRC) and Ely Gold Royalties Inc. have completed the previously announced business combination between GRC and Ely Gold by way of a plan of arrangement under the Business Corporations Act (British Columbia).

David Garofalo, chief executive officer, president and chairman of GRC, stated: "We are delighted to have completed our acquisition of Ely Gold, which is an important milestone as we execute our business strategy since our IPO in March, 2021. With four producing royalties, 57 royalties on development-stage assets and 45 royalties on exploration-stage assets, the acquisition of Ely Gold creates a leading Americas-focused precious metals royalty company. The added scale, diversification, cash flow and access to capital provided by this transformative transaction well positions us to further execute on our strategy and become a leading consolidator in the royalty space. As this transaction demonstrates, we remain focused on opportunities to create shareholder value, and will continue to identify and evaluate attractive acquisition opportunities that are consistent with our core strategy."

... After prorationing and adjustments in accordance with the arrangement, each Ely share was acquired by GRC in exchange for 0.2450 of a GRC common share, plus 0.01 cents for Ely Gold shareholders who elected, or were deemed to have elected to receive the share alternative under the arrangement; and 0.099166 of a GRC share, plus 86.9053 cents for Ely Gold shareholders who elected to receive the cash alternative under the arrangement.

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Top Gold Royalty Cos. from 3.10.2020: 1yr: YTD: 10d / RGLD: $111, FNV: $145, GROY: $4.85. Buy RGLD at 76.6% fnv

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RGLD / FNV ratio;

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Royalty Options.
Options. last  : Strike : J’22. Pr : ATM-c:  Pct - / Op. range : size :
RGLD: $ 111.3: $110C: $  8.55 : $  7.90 : 7.10% / 8.40-8.70: 3.57%
FNV.  : $ 145.1: $145C: $10.35 : $10.30 : 7.10% / 10.4-10.7: 2.88%
GROY : $ 4.85 : $5.0 C : $  0.63 : $  0.70 : 14.0% / 0.40-0.85: 112%
UGL.  : $58.98: $ 59. C : $ 5.05 : $  5.06 : 8.58%  / 4.90-5.20: 6.12%
AGQ   : $37.69: $ 38. C : $ 5.35 : $  5.50 : 14.5%. / 5.20-5.50: 5.77%
======

Bought RGLD under $110, thru options / 188%= $58.50

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GROY etc ... update: US$4.12 ... x1.27= C$5.23 -0.01 (- C$0.00, 0.00% fall in 2 days)

GZZ: C$9.40 (+C$2.32, +32.8%, 2d) x2.14xGROY= C$11.19, +19.1% / RZZ: C$21.00, 4.61xGROY= $23.60, +23.8%

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RZZ: C$21.00, 4.61xGROY= $23.60, +23.8%

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Streamers Gold Royalty, Abitibi Royalties and Golden Valley to combine

Gold Royalty (NYSE American: GROY), Abitibi Royalties (TSXV: RZZ) (OTC PINK: ATBYF) and Golden Valley Mines and Royalties (TSXV: GZZ) (OTCQX: GLVMF) announced today that they were combining.

Abitibi Royalties will receive 4.6119 Gold Royalty common shares for each Abitibi Royalties share. Golden Valley will receive 2.1417 Gold Royalty Shares. Abitibi will see a 22% premium and Golden Valley will see an 86% premium based on 20-day volume weighted average price of their respective stocks.

After the completion of the deal, Gold Royalty "...will continue to be led by a highly credible and established management team with a track record of creating value and sourcing accretive transactions," according to the news release announcing the deal.

CEO of Gold Royalty is former Goldcorp head, David Garofalo.

> https://www.kitco.com/news/2021-09-07/Gold-Royalty-Abitibi-Royalties-and-Golden-Valley-to-combine.html

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GROY vs. GZZ.v,  RZZ.v ... 10d: 5d : C$10.90 / $5.12= 213% (future: 2.72 at c$1.27): 78.3%

Share: Ratio : FxAdj: Peak : 09.13
==== : ==== : C$1.27: ==== : C$val: Actual: Disc.2P
GROY: 1.000: 1.000 : $5.31 : $5.12: $5.12 :
rzz.v :  4.612: 5.857 : 31.10 : 29.99: 24.81 : -20.2%
gzz.v : 2.142: 2.720 : 14.44 : 13.92: 10.90 : -24.5%
Ratio : 46.4%:  ==== :  ==== : ==== : 43.9% :
Ratio : ===>% 272% :  ==== : gz/gr : 213% : 78.3%
=====

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GZZ, GROY, rzz... YTD: C$10.90 / $5.12= 213%

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