Gold Royalty(US:GROY)2025-08-07 14:00Financial Performance & Outlook - The company reported record revenue of $3.8 million and Total Revenue, Land Agreement Proceeds and Interest of $4.4 million (1,249 GEOs)[22] - Adjusted EBITDA reached a record $2.4 million[22] - The company reiterates its 2025 guidance for total GEOs to be between 5,700 and 7,000[23] - The company forecasts peer-leading growth of over 360% in the next five years, with GEOs expected to increase to between 23,000 and 28,000 in 2029[23] Key Growth Assets & Catalysts - Côté Gold is operating at a steady-state nameplate throughput rate of 36,000 tons per day as of July 2025, ahead of the Q4 2025 target[24] - Production from Côté Gold is expected to approximately double in 2025 to 360,000-400,000 ounces of gold (100% basis)[24] - 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 83,000 ounces of gold[24] - Vareš is expected to ramp up to an 800ktpa run rate during H2 2025, with fully funded growth to 1.0Mtpa expected in 2026 and expansion to 1.3Mtpa expected in 2027, representing a total throughput increase of 63%[24] Valuation & Investment - The company's valuation is attractive, with significant potential for growth and re-rating[33] - The company offers a quality portfolio of Tier 1 royalties and an experienced management team[35]