Gold Royalty Corp. operates by investing in mining operations without taking on the direct operational risks and capital costs associated with traditional mining. The company's portfolio consists of over 250 royalties and streams, primarily net smelter return (NSR) royalties on gold properties. Its assets span various stages of development, from early-stage exploration to advanced development and producing mines. Key producing assets in its portfolio include royalties on the Canadian Malartic Complex (Odyssey Underground), Borborema, and Côté Gold mines. By utilizing a royalty generator model and acquiring established royalty portfolios, Gold Royalty provides exposure to precious metals production and exploration upside.