NSR - Nomad Royalty: Greenstone Streaming Deal Is A Game-Changer

• Nomad Royalty released its Q3 results last week, reporting quarterly volume of ~4,800 gold-equivalent ounces, pushing year-to-date GEOs earned to ~13,100.
• This has translated to a single-digit increase in revenue year-to-date vs. the year-ago period, with further revenue growth on deck as Blyvoor ramps up towards initial 40,000-tonne per month capacity.
• The biggest news subsequent to quarter-end was a massive streaming deal announced on the Greenstone Gold Mine, with this deal potentially pushing Nomad's compound annual GEO growth rate to ~26% looking out to FY2025.
• Given Nomad Royalty's enviable growth pipeline and continued focus on cash-flowing assets vs. other peers in the junior royalty space, I would view any pullbacks below US$7.05 as low-risk buying opportunities.

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