NSR - Nomad Royalty: Buy The Dips

• Nomad released its preliminary Q1 results this week, reporting record quarterly gold-equivalent ounce deliveries of ~6,600 GEOs.
• This was helped by a meaningful contribution from Caserones, and an improvement in the ramp-up at the Blyvoor Mine where Nomad holds a gold stream.
• While the increase in revenue is nice to see, this is a mere blip when compared to the triple-digit growth rate Nomad will enjoy if its partners can execute successfully.
• Given Nomad's track record of focusing on near-term producing/producing royalties, its ability to punch above its weight for deals, and its industry-leading growth, I would view any pullbacks as buying opportunities.

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