Core Insights - Gold Royalty Corp. reported record revenue for the third quarter of 2025, driven by new mines entering production and positive cash flow [2][9] - The company has successfully reduced debt and interest costs while strengthening its balance sheet, with plans to continue de-leveraging through 2026 [2][9] Financial Performance - For the three months ended September 30, 2025, revenue reached $4.148 million, a significant increase from $2.060 million in the same period of 2024, representing a growth of 101.4% [6] - Net loss for the third quarter was $1.133 million, compared to a net income of $3.423 million in Q3 2024 [6] - Adjusted EBITDA for the quarter was $2.517 million, up from $779 thousand in Q3 2024, indicating a strong operational performance [6][9] - Total Revenue, Land Agreement Proceeds, and Interest amounted to $4.573 million for Q3 2025, compared to $2.601 million in Q3 2024, marking a 75.6% increase [6][9] Operational Highlights - The company reported production of 1,323 gold equivalent ounces (GEOs) in Q3 2025, an increase from 1,051 GEOs in Q3 2024 [6][41] - Cash provided by operating activities was $2.438 million for the quarter, a significant improvement from a cash usage of $42 thousand in Q3 2024 [6] - The company repaid $2 million to its revolving credit facility in Q3 and an additional $5 million post-quarter, demonstrating responsible capital allocation [9] Portfolio Updates - The Borborema project achieved commercial production in Q3 2025, contributing to the company's revenue growth [11] - The Côté Gold mine produced 106,000 ounces in Q3 2025, continuing its strong performance with expected cash costs of $1,100-$1,200 per ounce [14] - The Canadian Malartic / Odyssey mine is progressing ahead of schedule, with initial production expected in the second half of 2026 [13] Future Outlook - The company plans to continue leveraging cash generated from operations to reduce debt throughout 2026 [2][9] - The royalty generator model has added two new royalties in the nine months ended September 30, 2025, contributing to a total of 51 royalties since the acquisition of Ely Gold Royalties Inc. [22][23]

Core Insights - Gold Royalty Corp. has expanded its portfolio to 250 assets, highlighted by the sale of the Spanish Moon Project to Kinross Gold Corporation while retaining a 3% net smelter return royalty [1][2] - The company's growth is attributed to four pillars: direct financing to operators, purchasing assets from third parties, acquiring established royalty companies, and generating royalties in-house [2][3] - The royalty generator model has been instrumental in achieving this milestone with low operating costs and minimal expenditure [3] Asset Updates - Borborema (2% NSR): Aura Minerals announced commercial production with the mill operating above 80% capacity and gold recoveries above 90% [4] - County Line (3% NSR): Fortitude Gold received all necessary approvals for the County Line open pit gold project, which is an expansion of the Isabella Pearl mine [4] - Granite Creek (10% NPI): i-80 Gold reported robust high-grade mineralization from its drilling program, indicating potential for resource expansion [4] - Tonopah West (3% NSR): Blackrock Silver updated mineral resource estimates, indicating significant silver equivalent resources [4] - Vareš (100% copper stream): DPM Metals completed the acquisition of Adriatic Metals and plans to optimize the Vareš mine's potential [4] Financial Growth - The company anticipates a 367% growth in gold equivalent ounces (GEO) by 2029, showcasing strong revenue growth potential [3] - The diversified portfolio is expected to provide long-term optionality into the next decade and beyond [3] Company Overview - Gold Royalty Corp. focuses on providing creative financing solutions in the metals and mining industry, aiming to build a diversified portfolio of precious metals royalty and streaming interests [6] - The company primarily holds net smelter return royalties on gold properties located in the Americas [6]

Core Viewpoint - Gold Royalty Corp. reported continued year-over-year revenue growth and positive operating cash flow for Q1 2025, driven by advancements in key assets within its portfolio, including the Borborema mine which achieved initial production [2][5]. Financial Highlights - Total revenue for Q1 2025 was $3.138 million, up from $2.894 million in Q1 2024, representing an increase of approximately 8.4% [5]. - The net loss decreased to $1.255 million in Q1 2025 from $1.405 million in Q1 2024, indicating improved financial performance [5]. - Cash provided by operating activities was $2.487 million, a significant increase from $336,000 in the same quarter of the previous year [5]. - Adjusted EBITDA for Q1 2025 was $1.663 million, down from $2.020 million in Q1 2024 [5]. Portfolio Update - The Borborema Project is expected to produce between 33,000 to 40,000 ounces of gold in 2025, with initial production achieved in Q1 2025 [7][8]. - The company anticipates achieving a total of 5,700 to 7,000 Gold Equivalent Ounces (GEOs) in 2025, with production weighted towards the second half of the year [34][35]. - The Côté Gold Mine has achieved record throughput, with IAMGOLD targeting to reach nameplate capacity by the end of 2025 [14][35]. Operational Efficiency - The company maintains low operating costs, with only approximately $0.02 million spent on maintaining mineral interests in Q1 2025 [33]. - The royalty generator model has successfully added two new royalties in the first quarter of 2025, contributing to the overall growth strategy [32]. Future Outlook - The company expects to achieve positive free cash flow in 2025 as several cash-flowing projects ramp up, including the Côté Gold mine and Vareš mine [35]. - The forecast for 2025 includes an assumed gold price of $2,668 per ounce and a copper price of $4.23 per pound, supporting the growth outlook [34].