And what clearly has been demonstrated in the market is, scale matters. The biggest companies in royalty sector get the bus multiples, but the biggest companies are also challenged to grow. And we think the absence of a mid-tier company represents a significant opportunity for many of the smaller-cap royalty companies in the space, including Gold Royalty to fill that void, where we can create something that’s big enough to be institutionally relevant and attract capital, but small enough to grow, because the multiples of the seniors in the royalty space are enjoying currently, imply that they have significant growth ahead of them, but they clearly do not. They have high-quality portfolios, but are significantly challenged to grow given their absolute scale.
And that’s the opportunity the smaller-cap universe can start to create in the royalty space as they continue to consolidate and create critical mass over the course of the next little while. So I’d say watch that space over the next little while. So with that, I’d like to pass it on to Peter to walk through our portfolio, our growth plans in a bit more detail, and then we’ll have some Q&A that Andrew Gubbels, our CFO and Peter and I can answer at the end of the presentation. Thank you for your attention.
Peter Behncke: Thanks, David. So, speaking to the growth that we’ve had across the portfolio, with the pro forma closing of our recently announced SOQUEM acquisition, it brings our portfolio to over 240 royalties. That’s a 13.5 fold increase in less than three years since our IPO in March of 2021, the fastest rate of growth of any royalty and streaming company in the sector. But, so you don’t think it’s just been a focus on quantity at Gold Royalty. We really have been focused on a key metric and that’s growing the underlying net asset value per share. As David noted, when we had a stronger currency in 2021, we were very aggressive on the growth front. And to that end, we did issue stock in the context of several acquisitions, and that has been the only context that we have issued any material quantity of shares is in growing the portfolio.
To that end, we’ve grown our overall gross net asset value by 5 times in less than three years, while only increasing our underlying share count by 3.5 times over the same period. This translates into a 40% increase in the underlying net asset value per share of the business, a significant increase and a significant creation of value for Gold Royalty shareholders, albeit it has not been translated across the share price. When we look at the consensus average figures, that’s where that 0.4 times price to net asset value metric comes from. I’d also highlight, the average price target of our seven analyst is 225% above where our current share price is. So we’ve created significant value in this business albeit it’s not being translated into market performance.
But, in time, that cash flow will start to crystallize and we’ll start to see a rerating in the stock as cash flow starts to come in. So, to that end, the overall revenue profile of the company is materially unchanged for the quarter. We saw several positive advancements on our key assets. But the big picture is really the same. Leading revenue growth within the sector, key assets well on track to enter production over the near and mid-term. As David mentioned, expected to have 5 million tonnes of stockpile at Cote to see a smooth ramp-up in 2024, which will be a meaningful step change in our revenue profile next year. 2025 and 2026, you start to see some upside potential at the Odyssey Project, especially with the internal zones and the potential incorporation there.
And then assets like Granite Creek, REN, Fenelon supplementing our revenue profile towards the end of the decade. One thing that we found very encouraging this quarter, was the continued efforts on our cost savings, 50% year-over-year decrease in cash operating costs in Q3 2023 and that really translates well to this revenue profile chart. Every dollar that you see in revenue growth is driving towards the bottom line as we maintain that disciplined approach to our expenses. So getting into the portfolio in a bit more granularity, as I mentioned, largely the main assets, the core assets that are driving the value of our business are on track and unchanged. We did supplement our cash flowing end of the portfolio with the addition of Cozamin this quarter.
But Cote, Odyssey, REN are the true value drivers of the business over the next several years. The SOQUEM portfolio primarily fits into the green exploration bucket, albeit with very strong operating partners and in one of the best mining jurisdictions in the world. A bit more detail on the recent acquisition. The SOQUEM portfolio is just north of 20 royalties, all located in Quebec with quality operating partners such as IAMGOLD, Agnico Eagle, Osisko Mining, Probe and several others. Interestingly, with this portfolio, there was CAD18.2 million in associated milestone payments and buyback proceeds. So relative to our very attractive bargain purchase price of CAD1 million in Gold Royalty stock, we have the potential to benefit with multiples of that in terms of proceeds from these buybacks and milestone payments before we even consider the exploration and the optionality associated with the remaining royalty after those buybacks has been exercised.
