Earnings Call InsightsGold Royalty outlines 62% gold equivalent ounce growth target for 2026 while expanding cash-generating asset baseMar 19, 2026, 4:03 PM ETGold Royalty Corp. (GROY) Stock, GROY.WS StockAI-Generated Earnings Calls InsightsCommentsEarnings Call Insights: Gold Royalty Corp. (GROY) Q4 2025 Management View CEO David Garofalo highlighted the company’s transformation over five years from 18 nonproducing assets and no revenue to a portfolio of 258 royalties and streams, including 8 cash-flowing ...

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Financial Data and Key Metrics Changes - The company reported record revenue and Adjusted EBITDA for both the fourth quarter and the full year 2025, with Adjusted EBITDA reaching $3.2 million in Q4, up from $2.5 million in the previous quarter and $1.9 million in Q4 2024 [4][5] - Total revenue for Q4 was $5.2 million, translating to 1,255 gold equivalent ounces, while total revenue for the year was $17.8 million, marking a 38% increase from 2024 [5][3] - Adjusted EBITDA for the full year was $9.8 million, reflecting a 104% increase from the previous year [5] Business Line Data and Key Metrics Changes - The company has expanded its portfolio to 258 royalties and streams, including eight cash-flowing assets, demonstrating significant growth from its initial 18 royalties at IPO [3] - The acquisition of Pedra Branca and an additional royalty in Borborema were highlighted as key additions to the portfolio, enhancing cash flow potential [3][10] Market Data and Key Metrics Changes - The company expects to report 7,500-9,300 gold equivalent ounces (GEO) in 2026, representing a 62% increase from the 2025 production of 5,173 GEO [13] - The guidance for 2026 assumes an average gold price of $5,150 per ounce and an average copper price of $5.75 per pound, consistent with market expectations [13] Company Strategy and Development Direction - The company aims to maintain a modest cash balance while allocating additional cash generated from operations towards growth opportunities and evaluating capital returns to shareholders [8] - The strategy includes a disciplined approach to acquisitions, focusing on high-quality cash-flowing assets and maintaining a strong balance sheet [10][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current volatility in commodity prices due to geopolitical risks but emphasized a disciplined approach to decision-making [24][25] - The long-term fundamentals for gold remain strong, with expectations of continued debasement of fiat currencies driving demand for gold [34][35] Other Important Information - The company ended the year with no debt, over $12 million in cash, and a fully undrawn credit facility, positioning it well for future acquisitions [4][7] - The company has a healthy pipeline of activities and continues to pursue growth opportunities across its four pillars: third-party acquisitions, operator financings, corporate M&A, and its royalty generator model [12] Q&A Session Summary Question: Thoughts on M&A in the current geopolitical environment - Management emphasized a disciplined approach to M&A, focusing on consensus commodity prices rather than spot prices, and noted that 85% of net asset value is in North America, reducing the need to invest in higher-risk regions [22][25] Question: Focus on copper and gold in asset evaluation - The company confirmed its focus remains on precious metals, particularly gold and copper, and noted the opportunistic sale of a tungsten asset as part of this strategy [28][30] Question: Commentary on recent gold price fluctuations - Management attributed recent gold price declines to broader market risk-off sentiment due to geopolitical turmoil, asserting that fundamentals will eventually prevail [33][34]

Financial Data and Key Metrics Changes - The company reported record revenue and adjusted EBITDA for both the fourth quarter and the full year 2025, with adjusted EBITDA reaching $3.2 million in Q4, up from $2.5 million in the previous quarter and $1.9 million in Q4 2024 [5][6] - Total revenue for Q4 was $5.2 million, translating to 1,255 gold equivalent ounces, while total revenue for the year was $17.8 million, marking a 38% increase from 2024 [5][6] - Adjusted EBITDA for the full year was $9.8 million, reflecting a 104% increase from the previous year [5][6] Business Line Data and Key Metrics Changes - The company has expanded its portfolio to 258 royalties and streams, including 8 cash-flowing assets, demonstrating significant growth from its initial 18 royalties at IPO [3][4] - The acquisition of Pedra Branca and Borborema royalties contributed to the positive cash flow and revenue growth [3][9] Market Data and Key Metrics Changes - The company expects to report 7,500-9,300 gold equivalent ounces (GEO) in 2026, representing a 62% increase from the 2025 production of 5,173 GEO [12][14] - The guidance for 2026 assumes an average gold price of $5,150 per ounce and an average copper price of $5.75 per pound [12] Company Strategy and Development Direction - The company aims to maintain a modest cash balance while allocating additional cash generated from operations towards growth opportunities and evaluating capital returns to shareholders [7] - The focus remains on acquiring high-quality cash-flowing assets and maintaining a disciplined approach to M&A, particularly in North America [9][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current volatility in commodity prices due to geopolitical risks but emphasized a disciplined approach to evaluating opportunities [23][24] - The fundamentals for gold are expected to remain strong despite short-term fluctuations, with a focus on the long-term debasement of fiat currencies [33][34] Other Important Information - The company ended the year with no debt, over $12 million in cash, and a fully undrawn credit facility, positioning it well for future acquisitions [4][6] - The company has a healthy pipeline of activities and continues to pursue growth opportunities across various pillars, including third-party acquisitions and operator financings [11] Q&A Session Summary Question: Thoughts on M&A in the current geopolitical environment - Management emphasized a disciplined approach to M&A, focusing on consensus commodity prices rather than spot prices, and noted that 85% of net asset value is in North America, reducing the need to invest in higher-risk areas [21][24] Question: Focus on copper and gold in asset evaluation - The company remains focused on precious metals, particularly gold and copper, and the sale of a tungsten asset was seen as opportunistic, aligning with their strategy [27][30] Question: Commentary on recent gold price fluctuations - Management attributed recent gold price declines to broader market sell-offs due to geopolitical turmoil, asserting that fundamentals will eventually prevail [32][34]

Financial Data and Key Metrics Changes - The company reported record revenue and adjusted EBITDA for Q4 2025, with adjusted EBITDA at $3.2 million, up from $2.5 million in the previous quarter and $1.9 million in Q4 2024, representing a significant year-over-year increase [5] - Total revenue for Q4 2025 was $5.2 million, translating to 1,255 gold equivalent ounces, while total revenue for the year was $17.8 million, a 38% increase from 2024 [5][6] - Adjusted EBITDA for the full year 2025 was $9.8 million, reflecting a 104% increase from the previous year [5] Business Line Data and Key Metrics Changes - The company has expanded its portfolio to 258 royalties and streams, including 8 cash-flowing assets, demonstrating significant growth from its initial 18 royalties at IPO [3] - The acquisition of Pedra Branca and Borborema royalties contributed to the positive cash flow and revenue growth, indicating successful asset curation [3][10] Market Data and Key Metrics Changes - The company expects to report 7,500-9,300 gold equivalent ounces (GEO) in 2026, a 62% increase from the 2025 production of 5,173 GEO [13] - The guidance for 2026 assumes an average gold price of $5,150 per ounce and an average copper price of $5.75 per pound, aligning with market expectations [13] Company Strategy and Development Direction - The company aims to maintain a modest cash balance while allocating additional cash generated from operations towards growth opportunities and evaluating capital returns to shareholders [8] - The strategy includes a disciplined approach to acquisitions, focusing on high-quality cash-flowing assets and maintaining a strong balance sheet [9][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current volatility in commodity prices due to geopolitical risks but emphasized a disciplined approach to decision-making [24][25] - The long-term outlook remains positive, with expectations of continued growth driven by a diversified portfolio and strong fundamentals in the gold market [18][34] Other Important Information - The company ended the year with no debt, over $12 million in cash, and a fully undrawn credit facility, positioning itself well for future acquisitions [4][6] - The company has a healthy pipeline of activities and continues to pursue growth opportunities across various pillars, including third-party acquisitions and operator financings [12] Q&A Session Summary Question: Thoughts on M&A in the current geopolitical environment - Management emphasized a disciplined approach to M&A, focusing on consensus commodity prices rather than spot prices, and noted that 85% of net asset value is in North America, reducing exposure to volatile regions [21][25] Question: Focus on copper and gold in asset evaluation - The company confirmed its focus remains on precious metals, particularly gold and copper, and noted the opportunistic sale of a tungsten asset as part of this strategy [28][31] Question: Commentary on recent gold price fluctuations - Management attributed recent gold price declines to broader market risk-off sentiment due to geopolitical turmoil, asserting that fundamentals will eventually prevail [32][34]

Fourth Quarter and 2025 Results March 19, 2026 1 Disclaimer Cautionary Note Regarding Forward-Looking Statements The information contained herein includes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements") concerning the business, operations and financial performance of Gold Royalty Corp. ("GRC" or the "Company") and, in some instances, the business, mining operations and performance o ...

Exhibit 99.1 GOLD ROYALTY REPORTS RECORD ANNUAL REVENUE AND OPERATING CASH FLOWS FOR 2025 AND STRONG OUTLOOK FOR GROWTH THROUGH 2030 Vancouver, British Columbia – March 18, 2026 – Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for year ended December 31, 2025. All amounts are expressed in U.S. dollars unless otherwise noted. David Garofalo, Chairman and CEO of Gold Royalty, commented: "We are incredibly prou ...

Core Insights - Gold Royalty Corp. reported record annual revenue and operating cash flows for 2025, marking a significant inflection point in the company's history with positive cash flow and Adjusted EBITDA [2][4] - The company anticipates continued growth, projecting over 60% year-over-year growth in 2026 and a five-year outlook indicating a potential increase of over 490% in gold equivalent ounces (GEOs) by 2030 [2][28] Financial Highlights - For the year ended December 31, 2025, Gold Royalty achieved record revenue of $15.6 million and total revenue of $17.8 million, with 5,173 GEOs produced [4][5] - The company exited 2025 with over $12 million in cash, no debt, and a fully undrawn credit facility increased to $150 million [4][5] - Operating cash flow for 2025 was $6.2 million, and Adjusted EBITDA was $9.8 million [4][5] 2026 and Five-Year Outlook - The company forecasts total GEOs to increase to between 7,500 and 9,300 in 2026, representing a mid-point increase of over 60% from 2025 results [4][25] - By 2030, GEOs are expected to rise to between 28,000 and 34,000, reflecting significant growth based on existing assets and new developments [28][29] Portfolio Updates - The Borborema mine is projected to have increased Probable Reserves of 40.7 million tonnes at 1.13 g/t gold, extending its mine life to over 20 years [9] - The Côté Gold mine achieved production of 399,800 ounces in 2025, with guidance for 2026 increased to 390,000 to 440,000 ounces [12] - The Granite Creek project reported total production of 22,977 ounces of gold in 2025, with further development activities planned [18]

Revenue and Financial Performance - Revenue increased by approximately 55% to a record $15.6 million for the year ended December 31, 2025, compared to $10.1 million in 2024[276]. - Total Revenue, Land Agreement Proceeds and Interest income increased by approximately 38% to a record $17.8 million from $12.8 million in 2024[276]. - Adjusted EBITDA increased by approximately 104% to a record $9.8 million, with a net loss of $4.1 million for the year[276]. - Cash flows from operations reported at $6.2 million, marking the second consecutive year of positive cash flows[276]. - For the year ended December 31, 2025, revenue increased by approximately 55% to $15.6 million from $10.1 million in 2024, primarily due to higher commodity prices and production at underlying mines[414]. - The average gold price for the year ended December 31, 2025, was $3,437 per ounce, representing a 44% increase compared to $2,387 per ounce in 2024[407]. - The average copper price for the year ended December 31, 2025, was $9,942 per tonne, reflecting a 9% increase from $9,150 per tonne in 2024[410]. - The company incurred a net loss of $4.1 million, or $0.02 per share, for the year ended December 31, 2025, compared to a net loss of $3.4 million, or $0.02 per share, in 2024[411]. - As of December 31, 2025, working capital was $17.9 million, a significant increase from $2.0 million as of December 31, 2024[411]. - The company recognized a depletion expense of $2.7 million in 2025, down from $3.2 million in 2024, due to a catch-up depletion adjustment[419]. - General and administrative costs decreased by approximately 10% to $7.4 million in 2025 from $8.3 million in 2024, driven by cost control initiatives[420]. - The company recognized other income of $4.1 million in 2025, compared to $0.1 million in 2024, primarily from a gain on the disposition of a royalty asset[426]. - In Q4 2025, revenue increased by approximately 34% to $4.5 million, up from $3.4 million in Q4 2024, driven by higher commodity prices and production at underlying mines[433]. - The company reported a net loss of $4.1 million in 2025, or $0.02 per share, compared to a net loss of $3.4 million, or $0.02 per share, in 2024[431]. - Adjusted Net Loss for 2025 was $1.7 million, or $0.01 per share, compared to an Adjusted Net Loss of $1.2 million, or $0.01 per share, in 2024[431]. - General and administrative costs decreased by approximately 15% to $2.0 million in Q4 2025, down from $2.4 million in Q4 2024, due to cost control initiatives[439]. - The company recognized a fair value gain on its gold-linked loan of $0.7 million in Q4 2025, compared to $0.3 million in Q4 2024[445]. - Cash and cash equivalents increased to $12.4 million as of December 31, 2025, compared to $2.3 million at the end of 2024, primarily driven by increased revenue and proceeds from an offering[452]. - Total assets as of December 31, 2025, were $822.8 million, compared to $737.5 million at the end of 2024[452]. - The company completed an offering of 25,875,000 common shares at $4.00 per share, generating net proceeds of $99.0 million, which were used for the acquisition of the Pedra Branca Royalty and debt repayment[449]. - During Q4 2025, the company recognized other income of $4.5 million, including a gain of $4.0 million from the sale of a royalty asset[444]. - Short-term investments increased to $1.5 million as of December 31, 2025, compared to $0.2 million at the end of 2024, due to reclassification of interests in Val-d'Or Mining Corp.[453]. - As of December 31, 2025, working capital increased to $17.9 million from $2.0 million as of December 31, 2024, primarily due to higher cash and cash equivalents[456]. - Non-current liabilities decreased to $118.9 million as of December 31, 2025, down from $175.4 million at the end of 2024, due to repayment of outstanding principal and redemption of debentures[457]. - Operating activities generated cash of $6.2 million in 2025, compared to $2.5 million in 2024, despite a net loss of $4.1 million[459]. - Finance costs accounted for $8.3 million in 2025, with additional adjustments including $4.2 million for make-whole payments on convertible debentures[459]. - Interest income from the gold-linked loan provided $1.6 million in 2025, an increase from $1.1 million in 2024[459]. - Changes in non-cash working capital included a $1.8 million increase in prepaids and other receivables in 2025, compared to a $0.8 million decrease in 2024[459]. - Accounts receivable increased by $1.1 million in 2025, compared to a $0.7 million increase in 2024[459]. - Accounts payable and accrued liabilities provided $0.8 million in cash in 2025, up from $0.2 million in 2024[459]. Acquisitions and Investments - Completed the acquisition of a 1.5% NSR royalty on the Borborema mine for $45 million, consisting of $30 million in cash and 3,571,429 GRC Shares[274]. - Acquired the Pedra Branca Royalty for $70 million in cash, consisting of a 25% NSR on gold and 2% NSR on copper produced from the mine[277]. - Issued 25,875,000 GRC Shares in a public offering at $4.00 per share, raising gross proceeds of $103.5 million[278]. - Amended the existing Credit Facility to a $125 million secured revolving credit line, with a maturity date extended to November 25, 2028[283]. - Disposed of a 2% Gross Revenue Royalty related to the Pilot Mountain project for total consideration of $4.8 million, resulting in a gain of $4.0 million[286]. - The royalty generator model added nine new royalties during the year ended December 31, 2025, totaling 56 royalties since the acquisition of Ely Gold Royalties Inc. in 2021[404]. Production and Operational Updates - Agnico Eagle reported a quarterly record of 4,850 meters of development at Odyssey in Q2 2025, with initial production expected in the second half of 2026[291]. - A total of 78,640 meters were drilled in Q2 2025, targeting extensions of the East Gouldie deposit and new zones[293]. - Agnico Eagle provided a three-year guidance for Canadian Malartic, estimating 590,000 ounces of gold in 2026, 655,000 ounces in 2027, and 735,000 ounces in 2028, an increase from previous estimates[299]. - The company plans to spend approximately $32.6 million for 190,700 meters of drilling at Canadian Malartic in 2026, with up to 20 drill rigs active[301]. - The development of the second loading station is expected to begin in early 2026, with shaft sinking progressing ahead of plan, reaching a depth of 1,466 meters by December 31, 2025[296]. - The construction of phase two of the paste plant, designed for a capacity of 20,000 tons per day, is expected to be completed in 2027[297]. - Agnico Eagle is evaluating a potential second shaft at the Odyssey mine, which could support an operation of 8,000 to 10,000 tons per day, with technical evaluation expected to be completed by the end of 2026[298]. - The Odyssey mine achieved a 90% replacement rate in mineral reserves, with total meters drilled at Canadian Malartic amounting to 233,754 meters[300]. - The first mining area development is complete, with production expected to start from East Gouldie in Q2 2027[296]. - Agnico Eagle's exploration drilling program remains focused on lateral extensions of key zones, with significant advancements in operational efficiency being assessed[292]. - IAMGOLD achieved a successful start-up of Côté Gold, with production expected to be between 360,000 to 400,000 oz of gold in 2025[324]. - Côté Gold reached a nameplate capacity of 36,000 tpd for an average of thirty consecutive days, with March throughput averaging 90% of this capacity[326]. - In Q3 2025, Côté Gold produced 106,000 ounces, marking the second consecutive quarter averaging over 30,000 ounces per month[327]. - IAMGOLD's Côté Gold production for 2025 was 399,800 ounces, achieving the top-end of its guidance[328]. - Expected cash costs for Côté Gold in 2026 are projected to be between $900 to $1,050 per ounce sold, with all-in sustaining costs of $1,775 to $1,925 per ounce sold[328]. - Capstone's Cozamin mine produced 25,348 tonnes of copper in 2025 at C1 cash costs of $1.32 per payable copper pound[338]. - Cozamin's copper production guidance for 2025 is between 23,000 to 26,000 tonnes, with expected grades of approximately 1.87%[332]. - i-80's Granite Creek mine produced 22,977 oz of gold in 2025, within the guidance of 20,000 to 30,000 oz[349]. - The feasibility study for the Granite Creek underground is planned for completion in Q2 2026, with an updated resource estimate to follow[348]. - Adriatic Metals' Vareš Mine has a production guidance for 2025 of 12,000 to 13,000 koz of silver equivalent, weighted towards the second half of the year[356]. - The Vareš mill processed a record 68 kt of ore in Q1 2025, producing 1.3 Moz AgEq, an increase from 0.9 Moz AgEq in Q4 2024[358]. - Adriatic's commercial production expectation for Vareš has shifted to Q2 2025 from Q1 2025[358]. - DPM expects the Vareš operation to achieve an operating rate of 850,000 tonnes per year by the end of 2026[363]. - DPM anticipates minimal production at Vareš for the remainder of 2025, with integration activities progressing well[363]. - Barrick's Ren Project is projected to produce an average of 140,000 oz of gold per year starting in 2027, with project spending reaching $138 million as of September 30, 2025[375]. - Orla plans to invest $15 million in its 2025 exploration program, targeting 18,000 m of drilling to expand resources at South Railroad[380]. - Orla expects to complete an updated Mineral Resource estimate and technical report in the second half of 2025, with first production targeted for 2027[381]. - Blackrock Silver expanded its drilling programs by an additional 15,000 m at Tonopah West, with an updated NI 43-101 mineral resource estimate expected in Q3 2025[390]. - Blackrock Silver aims to convert up to 1.0 million tonnes of material from inferred to measured and indicated mineral resources through its drilling program[393].

Core Insights - Gold Royalty Corp. (NYSEAM:GROY) is recognized as one of the best gold stocks to buy according to analysts [2][8] - The company has amended its existing credit facility, increasing it to up to $150 million, which includes a secured credit line of $125 million and an additional $25 million subject to conditions [2][3] Financial Performance - In Q4 2025, Gold Royalty Corp. reported a 37% increase in total revenue, reaching $5.2 million, equivalent to 1,255 gold equivalent ounces [4] - For the full year, revenue grew by 38% to a record $17.7 million, driven by strong performance across a diversified portfolio of cash-flowing royalties and streams [4] Strategic Moves - The amended credit facility is expected to reduce the company's cost of capital and support its growth strategy [3][4] - The company operates by acquiring and managing net smelter return (NSR) royalties and streaming interests, primarily in the Americas, providing capital to mining companies in exchange for future revenue [5]