Drew Clark of Summit Royalties Ltd. presents at Metals Investor Forum in Vancouver | May 2026

Added: 2026-05-19

[00:00:11]royalties are really special investments. They they are they last forever on the property and we're really excited what we've done. Tomorrow marks our our sixmonth anniversary since we started trading. I think you'll see what we've done in a year is something I'm very proud of what we've accomplished and you'll see where we're coming from.

[00:00:26]Just as a marker, this time last year we had no assets and we had 50 grand in the bank account. Today we have 50 royalties. We're generating cash flow and there's an unbelievable opportunity from an investment standpoint. How do I click this? Yeah.

[00:00:39]Green button. There we go. I'm going to make forward-looking statements today.

[00:00:42]Uh one that I have to preface is we're in the currently u buying another royalty company called Star. Uh so some of the forward-looking estimates that are in this uh will be you know forward-looking in the sense that it'll get closed. So from my position as a guy that is the founder of this company and built this from the ground up, here are all the building blocks of of things that matter to me and we think we check all of the boxes. Starting with management, everyone at this company has built a billion dollar company. We're about 120 US today as a marker. Um between myself and my right-hand man, we've done $2 billion worth of deals in the last decade. Um so we've got a team that knows how to find, finance, and promote these deals. Starting out of the gate, we have cash flowing assets. We have four assets in production and two that are being built this year and going to production next year. That revenue growth is the highest in the sector and it is underwritten by competent big companies that have permitted high-grade mines. This is the most and lowest risk growth in the business and we are already generating more revenue spent every day. The capital structure is airtight. When you start something from the beginning, there are no warrants ever issued in this company. No one's ever had holds and we've not done one race since we went public. The value proposition is probably the easiest part of the pitch. We are simply the cheapest on a nav and on a revenue basis and we think we have unbelievable catalyst coming up in the next little while that are really going to unlock a lot of that. The demonstrated execution for creative growth. Uh if I sound tired, this has been the hardest work I've ever done. And on the next slide, you'll see where we're at. And I guess most importantly from the last box to check and I know guys like Jeff talk about this. We own 15% of this company. This is 90% of my net worth is in this company. So, I think like a shareholder.

[00:02:20]Every time we do a deal, we have to make the per share value go higher. We don't do it. So, how do we get where we are today is a whirlwind of activity, but uh like I said, it's the hardest I've ever worked. We have focused on buying existing third party royalties in the market. So, this time last year, we were in the final throws of organizing a inaugural transaction with IM Gold where we bought a portfolio of royalties off of them. That gave us the nucleus to start building around. So, we bought that for 17.5 million. Everything's in US dollars today. I'm sorry if I didn't mention that earlier. 10 million in cash went to them and seven and a half in stock. They're now and currently are our largest shareholder. On the back of that, we then announced an RTO with another royalty company called Eagle.

[00:02:59]Eagle brought in 38 royalties, a listing, and most importantly, a royalty on the Banding Gold project that we think has tremendous value on our shares that no one's really talking about yet.

[00:03:08]While we're doing that RTO, we decided to do one more deal to really bring in some more revenue. and we bought an operating royalty on West Red Lakes Madson mine and we delivered this to the market on November 10th last year. We came out at 90 cents. Today we're trading about a buck 56. So we still got a lot of room left to go. We did a couple took a couple months off to do things like websites and board things like that. And then we got back to work and we bought a 1% royalty on GT Gold's Saddle North project. That is 9 million ounces of gold and almost 5 billion pounds of copper 8 km away from Newmont's Red Crisp mine. We are very excited to see, you know, the long-term optionality that comes out of that. We took the weekend off to get through with our lawyers and then we announced the biggest deal in the history of the company. We're buying a company called Star. Star has a bunch of assets in it.

[00:03:54]But what really gets us excited is a high-grade, fully permitted and financed mine in Arizona. We have a 4% gold stream on it that's going to announce a prefeasibility and funding investment decision this month. That is a near-term catalyst that I can't stress enough is really going to show the quality of the asset we got when we bought that. So, why did we do this deal with Star and what does it leave us with today? We now are a 50 asset company. We have the highest growth in the sector and we have uh unbelievably low GNA relative to our peers and this is just turning this thing into a cash machine. What also happens with this is we will now proform have six assets. We have the ability to use debt. we're going to have much more attractive uh terms of capital and we're getting more research coverage coming into the space. This just kind of launches the company sort of a second time over. I can't stress enough how much of a big deal it is. If there's one slide today I want to talk to you about, it is this one right here. What's exciting about this is a lot of companies they'll come up here and they all have this hockey stick of growth. We have that in spades. But what's special about this is this is underwritten by Jaguar Mining which has been operating in Brazil for 20 years has the capital and is operating a mine nearby and Monero Alamos that runs two mines currently and they're in the neighboring state. These are fully permitted financed with competent operators. It is the lowest risk growth and the most growth in the sector. And that growth is going to come at no additional cost to shareholders because we run a twoerson team at this company. We might go to three but the GNA is super tight. Like I said, 90% of my net worth is in this company. I want this company to succeed.

[00:05:27]It's not about the salary. But what's exciting about this though is that when you look at the next slide, we are simply the cheapest on a price to nav and a price to revenue basis. These aren't my numbers. This is Heywood thirdparty estimates, but trading at less than 10 times our revenue when we've got peers trading at 30 and 40 times the revenue. And then we're at a 75 times our net asset value, which we think is extremely conservative when you actually look at some of the initiatives are going on our mind. Our counterparties have raised $400 million since we started this company and they're putting it in the ground and enhancing value for us. So there was a lot of upside there. When we started this company, one of the things that we wanted to do was not fall into the plague where we have this longdated optionality. Twothirds of our net asset value is going to be in production next year. It's easy to understand. It's easy to follow along. These is you're getting revenue participation right out of the gate. Jurisdictionally, it's also excellent by bringing on star. 85% of our NASA NASA value is going to be Brazil, Australia, Canada, and a uh did I say Australia? Anyway, tier one jurisdictions and we love Brazil, particularly when you think about the fact that these guys have been operating there for for 20 years as I mentioned.

[00:06:31]I'm going to skip the slide in the essence of time. So, what makes up our market cap today? This is our portfolio that really drives the bus. All of these assets on here at a full turn of NAV, at a 5% discount rate, a consensus prices makes up more than our current market cap. I'm going to quickly talk about all these, but I'll make one general comment. All of these assets have throughput expansion opportunities that are either being actively pursued or going to be in future studies. West Red Lakes Madson mine is running at 600 tons per day. The mills rated for 11. There's a PFS coming out this year. We think that will get bigger. It's going to do about 40,000 ounces this year. Bombore is a silver is a passive silver stream on a $2 billion company that has been running very successfully in West Africa. We get paid monthly on that. We get paid 37 a half thousand ounces annually. It is something we don't worry about. It just pays the bills every single month. And we love the fact that it settles monthly because some of these fun little silver spikes we've got to be the beneficiary of. Since we bought that mine, a bunch of very exciting things have happened. The first is silver price went up. It's it's up two and a half times. They've increased the gold production there, which obviously silver is associated with 50%. And we're also seeing increased silver per gold ounce as they go into the sulfide circuit.

[00:07:40]With the star transaction, we are buying a mineral sands royalty. I don't know a lot about the space. I can just put my hand up and say we're not going to spend a lot of time on less opaque minerals, but that, you know, will pay us five six hundred grand a year. We like Zancudo's a high-grade mine in Colombia. It's currently in operation. They're installing a mill later this year. We're excited to see how that ramps up. Those four assets are kind of what underpins things today. The excitement and the juice comes from Copperstone and Pitting. These are big companies that are putting real projects into production. Copper Stone is a 4% gold stream on a very high-grade mine that's permitted in Arizona. That is going to effectively double our revenue next year than when we before we did the transaction. And then Jaguar is putting the pitting deposit into into production and they're going to be shipping it to the nearby mill. That's going into development next year. So it's airtight um from an execution standpoint. What's not in our NAV that we talked about so far and one of and this is by the way guys this is our seventh of our 50 assets we're talking about today cuz we don't have enough time is we have a 2% on the high-grade of or the ORMAC deposit and a 1% on the western extension of the power line deposit.

[00:08:44]This is a worldclass infrastructure play in Canada 8 million ounces just under Graham. But what's exciting about this is we've been validated by a company called Franco Nevada. If you guys haven't heard of them they're really good at royalties. They bought a 1% for $40 million. We bought that whole company for 6 million US. But what we're excited about is there's a resource estimate coming out this quarter and then a PA next quarter where they're publicly calling for over 300,000 ounces. Just just say we have a 1%. I know we have a 2% one part of it. That's another 3,000 gold coin ounces potentially adding to our profile. Now that's longdated, but we think we're going to get credit for that down the road. The real catalyst today is going to be Copperstone capital structure here. This these are my friends that helped us build this company. You'll see some A+ investors. Delbrook, Libra, US Global, Adrian Day. Management's been buying in the open market. We've raised 23 million US without any warrants and any hold on any of our paper. We have an airtight capital structure. There's nothing to worry about from this coming up. But just an investor management insiders will own 11% when we close the deal. IM Gold will remain at 11.

[00:09:44]We don't have a lot of time to talk about people, but why why do I have the presence and the ability to build a royalty company? I was the first employee hired at Mattala. I've done over 40 royalty transactions. I'm flanked by Connor, but some of these named guys on my board are absolute hitters in the space. Gerald Lynette, Russ Mills, Steve Eddie, Blaires Ritzky.

[00:10:01]These are unbelievably talented individuals and I'm very happy to have them in and also all writing checks in at 90 cents. So, what are we going to do to drive value? I'm going to go to conferences like this. I'm going to talk about it. The portfolio is going to do a lot of heavy lifting for us. The catalyst coming up, Warmarmac, we touched on the PFS on copperstone is coming out this month. I think it's going to show a massive increase in in production and we're going to keep pushing on the research initiatives to get this thing going. So, it's cheap, it's very wellrun and it's a cash flow positive today and I love talking about the story. So, please come by the booth if you have any questions.