Gold Royalty(US:GROY)2025-03-20 10:22Production Forecasts - Barrick Gold Corporation's Ren project is expected to produce an average of 140,000 ounces of gold per year at full production by 2027[14] - Orla Mining Ltd. anticipates first gold production from the South Railroad project in 2027, following a Record of Decision expected by mid-2026[15] - Blackrock Silver Corp. plans to commence exploration at Tonopah West in 2027, with an updated mineral resource estimate expected in Q3 2025[16] - Adriatic Metals plc expects record production for Vareš in Q4 2024, with commercial production starting in Q1 2025 and an expansion to 1.0 Mtpa by 2026[17] Financial Projections - Gold Royalty Corp. forecasts GEOs between 5,700 and 7,000 for 2025, based on a gold price of $2,668 per ounce and a copper price of $4.23 per pound[21] - By 2029, Gold Royalty Corp. anticipates GEOs to increase to between 23,000 and 28,000, representing a 367% increase compared to 2024[23] - The five-year outlook assumes a gold price of $2,212 per ounce and a copper price of $4.24 per pound[25] Revenue and Income - Total Revenue for the year ended December 31, 2024, is projected to be $12,847,000, a significant increase from $5,216,000 in 2023[36] - Adjusted EBITDA for the year ended December 31, 2024, is expected to be $4,779,000, compared to a loss of $4,440,000 in 2023[37] - For the three months ended December 31, 2024, Total Revenue, Land Agreement Proceeds, and Interest reached $3,846,000, up from $1,319,000 in the same period of 2023[36] - The company reported a net loss of $3,193,000 for the three months ended December 31, 2024, an improvement from a net loss of $19,360,000 in 2023[37] Expenses and Costs - Gold-linked loan interests for the year ended December 31, 2024, amounted to $1,081,000, compared to $33,000 in 2023[36] - Depletion expenses for the three months ended December 31, 2024, were $1,771,000, significantly higher than $249,000 in the same period of 2023[37] - The company recorded $2,188,000 in finance costs for the three months ended December 31, 2024, compared to $814,000 in 2023[37] Land Agreements and Royalties - The company added eight new royalties in the twelve months ended December 31, 2024, totaling 48 royalties since the acquisition of Ely Gold Royalties Inc. in 2021[19] - Land agreement proceeds for the year ended December 31, 2024, totaled $3,085,000, up from $2,347,000 in 2023[36] Market Outlook - The company anticipates continued growth in revenue and EBITDA as it expands its operations and explores new market opportunities[35] - The average gold price per ounce for the three months ended September 30, 2023, was $1,927, with a total of 711 GEOs produced[34] Adjusted Income - Adjusted Net Income for the year ended December 31, 2024, was a loss of $1,150,000, with an Adjusted Net Income Per Share of -$0.01[33]