Gold Royalty(GROY) - 2025 Q3 - Earnings Call Transcript

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $2.5 million in Q3 2025, an increase from $2.4 million in the previous quarter and up from $779,000 in Q3 2024 [5] - Total revenue for the quarter was $4.6 million, translating to 1,323 gold equivalent ounces [5] - The company reduced its debt from $27.3 million at the end of June to $20.5 million as of the call date [6] Business Line Data and Key Metrics Changes - The company generated positive free cash flow for the second consecutive quarter, improving its liquidity position [5][6] - The production forecast for Gold Royalty's account is expected to be around or modestly below the bottom end of the previously disclosed guidance range of 5,700-7,000 gold equivalent ounces for 2025 [13] Market Data and Key Metrics Changes - Tether disclosed acquiring a 10% position in Gold Royalty, which the company views as validation of its asset value [8] - The competitive landscape includes at least 30 public royalty and streaming companies and an estimated 20 private entities seeking to acquire royalties and streams [10] Company Strategy and Development Direction - The company prioritizes debt repayment while considering strategic growth opportunities in a disciplined manner [4] - The company aims to be essentially debt-free by the end of 2026, enhancing balance sheet flexibility for long-term strategy execution [4] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the medium and long-term outlook despite short-term disruptions from the Vares Mine [19] - The company maintains a five-year guidance of 23,000-28,000 gold equivalent ounces by 2029, focusing on mature and brownfield operations [19] Other Important Information - The company has grown its portfolio 14-fold in under five years to over 250 assets, with seven currently cash flowing [9] - The company is not prioritizing pre-construction royalties but is focusing on cash-flowing royalties [11] Q&A Session Summary - No questions were posed during the Q&A session, and management encouraged shareholders to reach out directly for any inquiries [22][23]