Gold Royalty(US:GROY)2026-03-19 01:03Revenue 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].