Gold Royalty(US:GROY) Prnewswire·2024-05-13 23:15Core Insights - Gold Royalty Corp. achieved record revenue of $2.9 million for Q1 2024, a 112% increase compared to Q1 2023, driven by acquisitions and increased royalty payments [5][3] - The company reported its first positive operating cash flow of $0.3 million, marking a significant milestone in its financial performance [5][2] - The outlook for continued revenue growth is supported by high gold prices and the ramp-up of the Côté Gold Mine expected in the second half of 2024 [2][24] Financial Performance - Revenue for Q1 2024 was $2,894,000, compared to $767,000 in Q1 2023 [3] - General, administrative, and project evaluation costs decreased to $2,875,000 from $3,424,000 year-over-year [3] - The net loss narrowed to $1,405,000 in Q1 2024 from $3,083,000 in Q1 2023, with net loss per share improving to $(0.01) from $(0.02) [3][5] Revenue Breakdown - Total Revenue, Land Agreement Proceeds, and Interest for Q1 2024 reached $4,185,000, up from $1,970,000 in Q1 2023 [3][39] - The company generated 2,019 Gold Equivalent Ounces (GEOs) in Q1 2024, compared to 1,043 GEOs in the same period last year [3][38] - Cash Operating Expenses decreased by 10% to $2,260,000 from $2,523,000 in Q1 2023 [5][40] Strategic Developments - A strategic alliance was formed with Taurus Mining Royalty Fund L.P. to enhance deal origination and competitiveness for high-quality investments [6] - Key development projects include the Côté Gold Mine, which is ramping up towards commercial production, and the Odyssey Mine, which is ahead of schedule in its underground development [11][8] Future Outlook - The company anticipates producing between 5,000 and 5,600 GEOs in 2024, translating to projected revenues of approximately $10.0 million to $11.2 million at a gold price of $2,000 per ounce [24][25] - Continued positive cash flow is expected as growth projects come online, including contributions from the recently acquired Cozamin and Borborema royalties [25][24]