Gold Royalty(US:GROY)2025-05-08 11:12First Quarter 2025 Financial Highlights - The company reported revenue of $3.1 million and Total Revenue, Land Agreement Proceeds and Interest of $3.6 million (1,249 GEOs)[22] - The company achieved record positive operating cash flow of $2.5 million and Adjusted EBITDA of $1.7 million[22] - General and administrative costs were $1.8 million[22] 2025 Guidance and Five-Year Outlook - The company expects total GEOs between 5,700 and 7,000 in 2025, with three cash flowing assets ramping up[23] - The company anticipates peer-leading growth of over 360% in the next five years, forecasting GEOs to increase to between 23,000 and 28,000 in 2029[23] Key Growth Assets - Commercial production at Vareš is expected in Q2 2025, with a ramp-up to 800ktpa run rate expected in H2 2025, and a potential throughput increase of 63% by 2027[30] - Côté Gold's ramp-up remains on track to achieve a steady-state nameplate throughput rate of 36,000tpd in Q4 2025, with production expected to approximately double in 2025 to 360,000-400,000oz gold (100% basis)[30] - Borborema achieved initial production in Q1 2025, with commercial production expected in Q3 2025, and is expected to reach between 40% and 48% of designed nominal capacity in 2025, equivalent to an annualized rate of 83,000oz Au[30] Valuation and Growth Potential - The company's valuation is approximately 0.57x Consensus median P/NAV, compared to a sector average of approximately 1.3x P/NAV[35]