Gold Royalty Announces Amended and Upsized Revolving Credit Facility of up to US$150 Million at Reduced Interest Cost and Provides an Update on Selected Portfolio Assets

Rhea-AI Summary

Gold Royalty (NYSE American: GROY) amended and upsized its secured revolving credit facility to US$125 million with a US$25 million accordion (total capacity US$150 million), reduced margin by 25 bps to SOFR+2.25%-3.25% and set maturity to November 2028.

The company also reported portfolio progress: significant QoQ production gains at Borborema, drilling and feasibility updates at multiple assets, shaft and development progress at Ren and Odyssey, and restarted production at Vareš.

Positive

• Facility upsized to US$150 million total capacity
• Interest cost reduced by 25 basis points to SOFR+2.25%-3.25%
• Borborema production +54% QoQ in Q4 2025
• Barrick's Ren expected 140,000 oz/year in 2027 (100% basis)
• Odyssey 233,754m drilled in 2025 supporting reserves growth

Negative

• Revolving Facility is secured and may impose collateral constraints
• Facility matures November 2028, creating near-term refinancing risk
• Ren project spend US$167 million of a US$410–470 million estimate (cost exposure)

Key Figures

Revolving credit facility: US$150 million Revolver size: US$125 million Accordion feature: US$25 million +5 more

8 metrics

Revolving credit facility US$150 million Total borrowing capacity under amended facility

Revolver size US$125 million Secured revolving credit line within the facility

Accordion feature US$25 million Additional capacity subject to conditions

Interest margin SOFR + 2.25%–3.25% Reduced margin on amended facility

Rate reduction 25 basis points Interest rate reduction on the facility

Borborema Q4 production 15,777 GEO Fourth-quarter gold equivalent ounces, up 54% QoQ

Ren project capex spent US$167 million Barrick project spend as of Dec 31, 2025

Ren average production 140,000 oz/year Anticipated annual gold production at full production, 100% basis

Market Reality Check

Price: $4.30 Vol: Volume 2,036,512 is about...

low vol

$4.30 Last Close

Volume Volume 2,036,512 is about 52% of the 20-day average, indicating relatively muted trading ahead of this update. low

Technical Price 4.30 is trading above the 200-day MA 3.33, reflecting a pre-existing upward bias before this announcement.

Peers on Argus

GROY was up 0.23% while key peers like GAU (+7.12%), DC (+4.53%), and CMCL (+1.7...

GROY was up 0.23% while key peers like GAU (+7.12%), DC (+4.53%), and CMCL (+1.71%) also rose. Despite multiple peers moving higher, the momentum scanner did not flag a coordinated sector move, suggesting this update is more company-specific.

Historical Context

5 past events · Latest: Jan 21 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 21	Results & acquisition	Positive	+0.0%	Record 2025 results and completion of Borborema royalty acquisition.
Jan 14	Royalty acquisition	Positive	+1.5%	Agreement to acquire additional Borborema net smelter royalty for US$45M.
Jan 06	Peer exploration update	Positive	+4.3%	GoldMining drill results at São Jorge highlighting new exploration potential.
Jan 02	Management change	Neutral	+1.0%	GoldMining management role changes with continued São Jorge exploration.
Dec 12	Royalty acquisition	Positive	-0.2%	Completion of Pedra Branca gold and copper royalty acquisition.

Pattern Detected

Recent history shows generally constructive reactions to acquisition and growth updates, with occasional divergences when positive royalty news did not translate into immediate price gains.

Recent Company History

Over the past few months, Gold Royalty has emphasized portfolio expansion and royalty growth. On Dec 12, 2025, it completed the Pedra Branca royalty acquisition, followed by a US$45M Borborema royalty deal announced on Jan 14, 2026. Preliminary 2025 results on Jan 21, 2026 highlighted record total revenue of $17.7M. Against this backdrop, today’s upsized US$150M revolving facility and detailed operator updates reinforce the same growth and cash-flow scaling narrative built around a broadening royalty portfolio.

Market Pulse Summary

This announcement combines a larger, cheaper revolving facility of up to US$150M with a broad set of...

Analysis

This announcement combines a larger, cheaper revolving facility of up to US$150M with a broad set of positive operator updates across key royalty and stream assets. It reinforces the company’s focus on turning a growing project pipeline into cash-flowing assets from 2026 onward. Investors may track execution on the new credit capacity, ramp-up performance at Borborema and Vareš, and technical milestones at Granite Creek, Odyssey, Ren, South Railroad, and Tonopah West as indicators of medium-term revenue durability.

Key Terms

sofr, nsr, npi, geo, +2 more

6 terms

sofr financial

"The Facility will bear a reduced interest rate based on SOFR plus a margin of 2.25%-3.25%"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

nsr financial

"Borborema (2.75% NSR) – Aura Minerals announced on January 12, 2026 that production totalled 15,777"

NSR, or Net Service Revenue, is the total income a company earns from its core services after subtracting any discounts, refunds, or allowances. It reflects the actual money coming in from the main operations, similar to how a store’s sales revenue shows what it gains from selling products, minus returns or discounts. For investors, NSR provides a clearer picture of a company's true earning power from its primary business activities.

npi financial

"Granite Creek (10% NPI) – i-80 Gold reported high grade assay results from its infill drill program"

New product introduction (NPI) is the organized process a company uses to bring a new product from idea to market, covering design, testing, manufacturing setup, and launch. Investors watch NPI because it drives future sales and profitability much like a baker introducing a new bread — it can attract customers, change production costs, and signal how well the company can innovate and scale. Successful NPIs often translate into revenue growth, while delays or failures can hurt earnings and stock value.

geo technical

"production totalled 15,777 gold equivalent ounces ("GEO") in the fourth quarter, up 54%"

A “geo” is a geographic market or region—such as a country, group of countries, or continent—used to describe where a company sells products, earns revenue, or operates. Investors care because different geos can have very different growth prospects, regulations, costs and risks; thinking of them like separate rooms in a house helps: problems or opportunities in one room don’t always affect the others, so knowing a company’s geo exposure clarifies where its strengths and vulnerabilities lie.

ni 43-101 regulatory

"an optimized National Instrument 43-101 ("NI 43-101") feasibility study on January 15, 2026"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

vertimill technical

"It further disclosed that installation of an additional Vertimill is planned for early 2027."

A vertimill is a type of vertical grinding machine used in mining and mineral processing to crush and grind ore into finer particles so valuable minerals can be separated and recovered. Think of it as a tall blender that uses a stirred, slower-moving action to break up rocks more efficiently and with less energy than some traditional tumbling mills; for investors, that can mean lower operating costs, higher throughput and better metal recovery in processing plants.

AI-generated analysis. Not financial advice.

VANCOUVER, BC, Feb. 19, 2026 /PRNewswire/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce that it has entered into an agreement to upsize and amend its existing credit facility ("the Facility") to up to US$150 million with a syndicate of banks consisting of the Bank of Montreal, National Bank Capital Markets, and the Royal Bank of Canada.

The amended and upsized Facility now consists of a US$125 million secured revolving credit line with an accordion feature allowing for an additional US$25 million, subject to certain conditions, for total borrowing capacity of US$150 million. The Facility will bear a reduced interest rate based on SOFR plus a margin of 2.25%-3.25%, reflecting a 25-basis points interest rate reduction. The Facility matures in November 2028.

Andrew Gubbels, Chief Financial Officer, commented: "Following our recent acquisitions, we are pleased to announce this increased Facility with a growing syndicate of supportive lenders. In addition to reducing our cost of capital, the Facility positions us to execute our growth strategy efficiently in the future."

Gold Royalty is also pleased with recent positive progress updates disclosed by the owners and operators of assets on which it holds royalties or streams. These include:

• Borborema (2.75% NSR) – Aura Minerals announced on January 12, 2026 that production totalled 15,777 gold equivalent ounces ("GEO") in the fourth quarter, up 54% quarter-over-quarter reflecting progress as the operation continues to ramp up to its full production run rate. In a December 2025 investor presentation, available on its website, Aura disclosed that it expected to complete studies to approximately double plant capacity to 4 million tonnes per annum ("Mtpa") and water system upgrades in the second quarter of 2026.
• Borden (0.5% NSR, partial coverage) – Discovery Silver announced on February 10, 2026 that it continues to get encouraging results from underground drilling along a 300m strike length of the Main Zone, with mineralization being extended both along trend to the east and northeast.
• Côté Gold (0.75% NSR, partial coverage) – IAMGOLD announced on February 17, 2026 that it will focus on the stability and efficiency of its mining and milling practices at Côté in 2026. It also disclosed that installation of the additional secondary crusher was completed in November 2025 and commissioned in December 2025 with both cone crushers tested and operating in parallel. It further disclosed that installation of an additional Vertimill is planned for early 2027. IAMGOLD also plans to complete a technical report by the end of 2026; the study will consider a larger scale Côté Gold Mine with a conceptual mine plan targeting both the Côté and Gosselin zones over the life of mine.
• County Line (3% NSR) – Fortitude Gold announced on January 7, 2026 that its County Line mine had commenced operations and had made its first shipment of mineralization to the Isabella Pearl gold processing facility. It also disclosed that it plans to deliver gold to the processing facility from three different sources – Isabella Pearl (Gold Royalty 0.375% gross revenue royalty), County Line, and Scarlet South – in 2026.
• Granite Creek (10% NPI) – i-80 Gold reported high grade assay results from its infill drill program at the Granite Creek underground on January 20, 2026. It disclosed that the results support its geological model, confirming the continuity and high-grade nature of the deposit. It further states that the South Pacific Zone remains open to the north and at depth and will continue to be tested through additional drilling. It also disclosed that it expected that an updated Granite Creek Underground feasibility study will be released in the second quarter of 2026.
• Jerritt Canyon (0.5% NSR) – First Majestic disclosed on January 15, 2026 that it had completed 5,889m of drilling in the fourth quarter of 2025 and 18,410m of drilling in 2025. It further disclosed that it plans to release the 2025 drill program results in the first quarter of 2026.
• Odyssey (0.5% - 3.0% NSR, partial coverage) – Agnico Eagle reported on February 12, 2026 that the shaft sinking project at Odyssey remains ahead of schedule; completion of the first phase is expected in the first quarter of 2027 and extension to its final depth in 2031. It further disclosed that it is advancing a technical evaluation of a potential second shaft, with such evaluation expected to be completed at the end of 2026 and formal permit submission expected in early 2027. It also disclosed that, subject to permitting and board approval, construction, shaft sinking, and development of the associated underground material-handling and production infrastructure would be expected to take place over a four-year period, positioning the project for potential initial production in 2033. Exploration drilling at Odyssey totalled 233,754m in 2025 leading to overall growth of mineral reserves and resources.
• Ren (1.5% NSR & 3.5% NPI) – Barrick disclosed in its Management's Discussion and Analysis for the year ended December 31, 2025 that work continues at the Ren project, the underground extension of the Goldstrike Mine along the Carlin Trend in Nevada, USA. It disclosed that the ventilation shaft excavation is nearly complete to pre-sink target depth, and site sinking facility construction and Galloway erection is nearing completion. It further disclosed that, as of December 31, 2025, its project spend was US$167 million (including US$29 million in the fourth quarter of 2025) of an estimated capital cost of US$410 to US$470 million on a 100% basis. Barrick continues to expect that Ren will be in full production in 2027, with anticipated average production of 140,000oz gold per year on a 100% basis.
• South Railroad (0.44% NSR, partial coverage) – Orla Mining released highlights of an optimized National Instrument 43-101 ("NI 43-101") feasibility study on January 15, 2026 which it said reaffirms South Railroad's robust economics. It also disclosed that the project is advancing through federal and state approvals, with the BLM Record of Decision targeted for mid-2026.
• Tonopah West (3.0% NSR) – Blackrock Silver announced on January 8, 2026 that it closed a C$15 million financing. It disclosed that the net proceeds of the offering will be used to fund exploration, permitting, and pre-development activities on the Tonopah West project and for general working capital. Blackrock Silver announced on December 2, 2025 that its eastern expansion drill program identified at least three distinct mineralized structures. Blackrock Silver is on track to release a mineral resource estimate and preliminary economic assessment in February 2026.
• Vareš (100% copper stream) – DPM Metals reported on February 10, 2026 that production recommenced in January as planned at Vareš. It disclosed that production in 2026 is now expected to be better as compared to its most recent technical report with increased metal production due to tonnage and grades.

David Garofalo, Chairman & Chief Executive Officer, commented: "We are pleased with the development progress of our operators in 2025 and the trajectory of their plans in 2026 and are excited to see significant progress being made on cornerstone assets in 2026 and we anticipate further positive updates throughout the year. In only five years since our IPO, our portfolio has expanded and matured significantly. More assets are moving through development and towards production. We expect that these cash-flowing assets will drive meaningful revenue and cash flow growth for Gold Royalty in 2026 and through the medium-term, including through ongoing development at Granite Creek, Odyssey, Ren, South Railroad, and Tonopah West, which are expected to contribute significant revenues and cash flows in 2027-2030 based on expected timelines as announced by their operators."

About Gold Royalty Corp.

Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to invest in high-quality, sustainable, and responsible mining operations to build a diversified portfolio of precious metals royalty and streaming interests that generate superior long-term returns for our shareholders. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas.

Qualified Person

Alastair Still, P.Geo., Director of Technical Services of the Company, is a "qualified person" as such term is defined under NI 43-101 and has reviewed and approved the technical information disclosed in this news release.

Notice to Investors

For further information regarding the project updates regarding properties underlying the Company's royalties, stream and other interests, please refer to the disclosures of the operators thereof, including the news releases, announcements and other disclosures of such operators referenced herein. Disclosure relating to properties in which Gold Royalty holds interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. In some cases, the Company's royalties and other interests do not apply to the entirety of the applicable operator's project areas.

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared by the project operators in accordance with Canadian National Instrument 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission applicable to domestic issuers. Accordingly, the scientific and technical information contained or referenced in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

Forward-Looking Statements

Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"), including expectations regarding future revenues from royalties and the Company's business plans. Such statements can be generally identified by the use of terms such as "may", "will", "expect", "intend", "believe", "plans", "anticipate" or similar terms. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions of management regarding the accuracy of the disclosure of the operators of the projects underlying the Company's projects, their ability to achieve disclosed plans and targets, macroeconomic conditions, commodity prices, and the Company's ability to finance future growth and acquisitions. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements including, among others, any inability to any inability of the operators of the properties underlying the Company's royalty interests to execute proposed plans for such properties or to achieved planned development and production estimates and goals, risks related to the operators of the projects in which the Company holds interests, including the successful continuation of operations at such projects by those operators, risks related to exploration, development, permitting, infrastructure, operating or technical difficulties on any such projects, the influence of macroeconomic developments, the ability of the Company to carry out its growth plans and other factors set forth in the Company's Annual Report on Form 20-F for the year ended December 31, 2024 and its other publicly filed documents under its profiles at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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SOURCE Gold Royalty Corp.

FAQ

What did Gold Royalty (GROY) announce about its credit facility on February 19, 2026?

Gold Royalty announced an amended, upsized secured revolving facility to US$150 million total capacity. According to Gold Royalty, the US$125 million line includes a US$25 million accordion, bears SOFR+2.25%–3.25%, and matures in November 2028.

How does the reduced interest rate on GROY's facility affect the company's cost of capital?

The 25 basis-point margin reduction modestly lowers Gold Royalty's borrowing cost and cash interest expense. According to Gold Royalty, the facility now carries a margin of SOFR+2.25%–3.25%, improving financing economics for growth activity.

Which GROY portfolio asset showed the largest short-term production gain in the update?

Borborema reported a 54% quarter-over-quarter production increase in Q4 2025. According to Gold Royalty, Borborema produced 15,777 GEO in Q4 as the operation advances toward full run rate and planned capacity expansion.

What timeline did Barrick disclose for the Ren project linked to GROY royalties?

Barrick expects Ren to be in full production in 2027 with ~140,000oz/year on a 100% basis. According to Gold Royalty, project spend was US$167 million of an estimated US$410–470 million as of December 31, 2025.

How did Gold Royalty describe progress at Odyssey and its potential schedule for production?

Odyssey's shaft sinking remains ahead of schedule with first-phase completion expected in Q1 2027. According to Gold Royalty, extension to final depth targets 2031 and potential initial production could occur around 2033 subject to approvals.