NSR:TSX; NSRXF:OTCQX

Nomad Royalty Company Ltd.

Nomad Royalty Company Ltd. is a gold and silver royalty company that purchases rights to a percentage of the gold or silver produced from a mine, for the life of the mine. Nomad owns a portfolio of 13 royalty, stream, and gold loan assets, of which six are on currently producing mines. Nomad plans to grow and diversify its low-cost production profile through the acquisition of additional producing and near-term producing gold & silver streams and royalties.

NSR:TSX NSRXF:OTCQX

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Expert Comments:

Rene Cartier, BMO Capital Markets

(4/14/21)

"Nomad Royalty Company Ltd.'s preliminary gold equivalent ounces were slightly above our expectations during Q1/21. . .the company realized preliminary revenue of $9.7M during the quarter, a bit above our estimate for $9.4M, with a preliminary cash operating margin of $7.9M. . .Nomad received its first gold delivery from the Blyvoor gold mine."

Alex Hunchak, CIBC World Markets

(4/13/21)

"As of April 13, 2021, we initiate coverage of Nomad Royalty Company Ltd. with a Neutral rating. . .by year-end, the company should have seven cash-flowing assets. . .patient investors could be rewarded with a peer-leading dividend (greater than 2% yield versus peers at about 1.1%) as Nomad delivers organic growth."

Rene Cartier, BMO Capital Markets

(4/8/21)

"The amendments to Nomad Royalty Company Ltd.'s stream agreements are incrementally positive following the closing of the acquisition by Equinox Gold of Premier Gold and the formation of i-80 Gold. . .further, we see the change in accounting for the gold prepay agreement as simplifying the reporting for Nomad Royalty."

Precious Metals Streaming & Royalty Co. Posts FY20 Sales of 14,870 Oz Gold Equivalent
(2/22/21)

Nomad Royalty Co. Ltd. reported Q4/20 and FY/20 financial results that displayed growth in gold equivalent ounces sold, total revenues and net income.

Kerry Smith, Haywood Securities

(2/18/21)

"Nomad Royalty Company Ltd. delivered a good Q4/20 with all metrics announced in line with our expectations, including gold equivalent deliveries, sales, revenue, costs, cash flow per share and adjusted earnings per share. . .we are expecting gold equivalent ounces to grow to 25,100 in 2021 from 16,607 this year following the start-up of Blyvoor in Q1/21."

Rene Cartier, BMO Capital Markets

(2/18/21)

"Nomad Royalty Company Ltd. reported Q4/20 adjusted earnings per share that was relatively in line with consensus and our estimate. . .the Woodlawn strategic process is ongoing. At Blyvoor, all eyes will be on the start of gold sales, stream deliveries and the results of an updated technical report."

Rene Cartier, BMO Capital Markets

(1/29/21)

"We continue to view the culmination of the strategic process by Heron Resources for Woodlawn as providing improved clarity for shares of Nomad Royalty Company Ltd. . .the update on the strategic process underway highlights that activities continue to move along, including nonbinding proposals expected to be received in the quarter and efforts to identify and remedy challenges previously experienced at the operation."

Royalty Company Announces 2020 Metals Deliveries and Sales Totals

(1/26/21)

Nomad Royalty Company also provides an update on its royalty and streaming assets.

Royalty Firm Makes 'Small But Accretive Acquisition' in British Columbia

(1/25/21)

Nomad Royalty Company's newest royalty and the gold project it is on are detailed in a Haywood Capital Markets report.

Precious Metals Small-Cap Royalty Company Yielding 1.9%, the 'Highest Dividend in the Royalty Sector'

(1/12/21)

Nomad Royalty, founded by three veterans in the royalty and streaming sector, has been quickly adding assets.

Rating on Royalty Company Upgraded to Outperform, 'Risk/Reward Looks More Compelling'

(12/22/20)

The recent transaction involving Nomad Royalty Company shares and upcoming catalysts are addressed in a BMO Capital Markets report.

Royalty Company Finalizes Acquisition of Precious Metals Explorer

(11/25/20)

Nomad Royalty Company Ltd. reported it has completed the purchase of Coral Gold Resources Ltd.

Royalty Company Posts 77% Increase in Q3 Revenue and Declares Q4 Dividend

(11/11/20)

Nomad Royalty Company reported Q3/20 financial results that included a 26.5% increase in the number of gold ounces earned along with a 47.9% increase in silver ounces.

Coverage Initiated on Royalty Firm 'Growing Cash Flow at the Right Price'

(11/6/20)

The investment case for Nomad Royalty Company is made in a Velocity Trade Capital report.

Coverage Initiated on 'New Midtier Royalty Company with Cash Flow'

(11/5/20)

The investment highlights of Nomad Royalty Company are presented in a Cormark Securities report.

Coverage Initiated on Firm with 'Proven, Value-Generating Royalty Business Model'

(11/4/20)

The rationale for early buying into Nomad Royalty Company is explained in an iA Securities report.

Coverage Initiated on New Royalty Company with 'Cash Flow Starter Pack'

(11/3/20)

The noteworthy points for investors about Nomad Royalty Company are presented in a BMO Capital Markets report.

Coverage Initiated on 'New Royalty and Streaming Hunter' with 'Best-in-Class Cash Flow and Production Growth'

(10/30/20)

The reasons why Nomad Royalty Co. makes an attractive investment are presented in a Scotiabank report.

More Expert Comments

	Kerry Smith, Haywood Securities (1/22/21) "Nomad Royalty Company Ltd.'s Q4/20 gold equivalent ounce deliveries were in line with our expectations, and the Blyvoor mine, which accounts for about 25% of our net asset value, continues to ramp up. Blasting is now underway underground; process plant construction is complete, and ore processing has commenced."

Rene Cartier, BMO Capital Markets (1/21/21) "Nomad Royalty Company Ltd.'s preliminary gold equivalent ounces were above our expectations during Q4/20, and as a result, we have moved our Q4/20 estimates higher. At Blyvoor, the process plant construction is complete, and ore processing has commenced."

	Kerry Smith, Haywood Securities (1/12/21) "Nomad Royalty Company Ltd. announced that it has completed a royalty purchase agreement with private vendors to acquire an existing net smelter returns royalty on Artemis Gold's Blackwater gold project located in British Columbia for total consideration of approximately US$3M, including $1.7M in cash and the issuance of 1,583,710 shares. The 0.21% royalty covers all metals produced over a portion of both the start pit and the ultimate pit. . .the acquisition was very attractive as we value it at over two times the purchase price."

Rene Cartier, BMO Capital Markets (1/11/21) "Despite a relatively small net smelter returns (NSR) royalty purchase, the acquisition continues to highlight the ability of Nomad Royalty Company Ltd. to transact; further, bigger picture, the royalty asset purchase enhances the portfolio in a quality mining jurisdiction while also continuing to diversify the shareholder base as partial consideration was made via the company's shares. Overall, we estimate the NSR royalty as accretive to our net asset value estimate with resource extensions representing further upside."

	Ingrid Rico, Stifel (1/5/21) "We are initiating coverage on Nomad Royalty Company Ltd. with a Buy. . .the company began trading on May 29, 2020 and has been checking off several goals to establish itself as a true contender in the precious metals royalty space. We believe the emerging royalty company offers excellent opportunity for valuation rerate/multiple expansion."

Rene Cartier, BMO Capital Markets (12/17/20) "Following a period of research restriction owing to a CA$25M secondary offering of Nomad Royalty Company Ltd.'s shares by Yamana Gold, we are resuming coverage on close of the transaction. . .in our view, the risk/reward looks more compelling for the company, particularly with the targeted production growth in 2021, and we are upgrading shares to Outperform."

	Kerry Smith, Haywood Securities (11/11/20) "Nomad Royalty Company Ltd. is on track to achieve guidance for the year of 17 Koz gold equivalent delivered. . .during Q3/20, the company announced its inaugural dividend policy, and a second quarterly dividend of CA$0.005/share is payable on Jan. 15, 2021 to shareholders."

Mike Kozak, Cantor Fitzgerald (10/22/20) "We are initiating coverage of Nomad Royalty Company Ltd. with a Buy recommendation. . .the company completed its Toronto Stock Exchange listing in May of this year, and its current portfolio is comprised of 10 royalties and streams and two deferred payment streams. . .moreover, Nomad has comparatively lower risk relative to its operating counterparts, and given its earlier stage, currently commands a valuation far more attractive than its larger tier peers."

Trevor Turnbull, Scotiabank (10/21/20) "We have initiated coverage on the common shares of Nomad Royalty Co. Ltd. with a Sector Outperform rating. . .this year the company expects eight assets to contribute to cash flow, constituting 74% of our valuation, a far greater proportion of active projects than its peer group. . .Nomad's founders are already an experienced team with an enviable history of past success."

	Kerry Smith, Haywood Securities (10/15/20) "We are initiating coverage of Nomad Royalty Co. Ltd. with a Buy rating. . .the company holds a portfolio of 11 precious metals royalties and streams plus a gold prepay loan and one commercial production payment, which includes six assets that are currently in production, one that is on care and maintenance and one that is expected to be in production late this year or early 2021. Nomad is focused on free cash flow generation."

Rene Cartier, BMO Capital Markets (10/12/20) "We are initiating coverage of Nomad Royalty with a Market Perform rating. The company was formed following a reverse takeover transaction and vend-in of two royalty and stream portfolios from Orion and Yamana Gold. . .led by an experienced management team, the company quickly accomplished its goals of executing on new transactions, establishing a dividend and bringing in new shareholders."

Puneet Singh, iA Securities (9/23/20) "We are initiating coverage on the mining sector's newest royalty/streaming entrant Nomad Royalty Co. Ltd. with a Buy rating. In its first year of operations, the company is already producing gold equivalent ounces and will pay a dividend. . .management has been aggressive from the onset, adding to its portfolio through acquisitions."

	Jay Taylor, Hotline (9/15/20) "Nomad Royalty Company Ltd. has existing cash flow due to its four currently paying assets and two expected to come online in 2021. Not like some of its competitors, the company has no direct operating (equity) interests and invests exclusively in precious metal assets (86% gold and 14% silver). . .it has a CA$0.02/share annual dividend, payable quarterly."

Nicolas Dion, Cormark Securities (8/20/20) "Nomad Royalty Co. Ltd. is a pure precious metals royalty/streaming company with immediate cash flow due to its four currently paying assets (35% of net asset value [NAV]) and two expected to come online in 2021 (41% of NAV). We are initiating on Nomad with a Buy rating."

Michael Siperco, Velocity Trade Capital (7/7/20) "We are initiating coverage of Nomad Royalty Co. Ltd. with an Outperform recommendation. . .the company offers a pure play, precious metals royalty portfolio at a discount to peers, focused on near term cash flow and return, with rerate and growth potential that rivals producers in a higher margin, more diversified, lower risk investment."

Experts Following This Company

Rene Cartier, Analyst – BMO Capital Markets
Nicolas Dion – Cormark Securities
Alex Hunchak, Director, Institutional Equity Research, Mining – CIBC World Markets
Mike Kozak, Analyst – Cantor Fitzgerald
	Ingrid Rico – GMP Securities
Puneet Singh – iA Securities
Michael Siperco, Analyst – Velocity Trade Capital
	Kerry Smith, Analyst – Haywood Securities
	Jay Taylor, Author – Gold, Energy & Tech Stocks
Trevor Turnbull, Analyst – Scotia Capital Inc.

Company News

4/14/2021 – Nomad Announces Q1 2021 Record Deliveries, First Delivery from Blyvoor Gold Stream and Provides Asset Updates

4/7/2021 – Nomad Announces Amended Terms for the Mercedes Gold and Silver Stream With Equinox and for the South Arturo Silver Stream With i-80 Gold

2/22/2021 – Nomad Royalty Company Declares Dividend for First Quarter 2021

2/18/2021 – Nomad Royalty Company Reports 2020 Annual and Q4 Results

1/21/2021 – Nomad Announces Q4 2020 Deliveries & Provides Asset Updates

The information provided above is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.See disclaimer for more details.

Investing Highlights

	Highly Experienced Team fully aligned with investors through high ownership
	Lower risk, Diversified and Cash Flowing Portfolio
	100% Gold and Silver focused

catalyst Calendar

Q4 2020	Assets coming online & production starts (Blyvoor and Woodlawn)
Q4 2020	Secondary trades from large owners and increasing institutional ownership.
Q4 2020	Increasing asset base and portfolio through further acquisitions