Gold Royalty Reports Record Quarterly and Annual Revenue and Completion of Borborema Royalty Acquisition

Rhea-AI Summary

Gold Royalty (NYSE American: GROY) reported preliminary Q4 2025 and full-year 2025 results and completed the acquisition of a Borborema net smelter returns royalty.

Q4 2025 Total Revenue, Land Agreement Proceeds and Interest rose ~37% YoY to $5.2M (revenue $4.2M), representing 1,255 GEOs. For 2025, total revenue rose ~38% YoY to a record $17.7M (revenue $13.9M), or 5,173 GEOs. The company paid $30M cash and issued 3,571,429 shares as part of the $45M Borborema purchase; Taurus subscribed for a half interest for $22.5M cash. Full financials and 2026 guidance will be released March 18, 2026.

Positive

• Total revenue +38% year-over-year to $17.7M in 2025
• Q4 total revenue +37% YoY to $5.2M (1,255 GEOs)
• Completed acquisition of a cash-flowing Borborema royalty for $45M

Negative

• Paid $30M cash toward Borborema acquisition, reducing cash resources
• Issued 3,571,429 common shares as consideration, causing shareholder dilution
• GEOs reduced by lower-than-expected Vareš production due to development work

News Market Reaction

%

2 alerts

% News Effect

$1.16B Market Cap

0.0x Rel. Volume

On the day this news was published, GROY declined NaN%, reflecting a moderate negative market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Borborema royalty price: $45 million Cash portion: $30 million Share consideration: 3,571,429 shares +5 more

8 metrics

Borborema royalty price $45 million Total consideration for net smelter returns royalty acquisition

Cash portion $30 million Cash paid at closing for Borborema royalty

Share consideration 3,571,429 shares Common shares issued to Dundee as part of consideration

Taurus participation $22.5 million Cash for one-half indirect economic interest in royalty

Q4 2025 total metric $5.2 million Total Revenue, Land Agreement Proceeds and Interest in Q4 2025

Q4 2025 revenue $4.2 million Revenue component within Q4 2025 total metric

2025 total metric $17.7 million Total Revenue, Land Agreement Proceeds and Interest for full year 2025

2025 revenue $13.9 million Revenue for full year 2025

Market Reality Check

Price: $4.65 Vol: Volume 5,905,584 is 81% a...

high vol

$4.65 Last Close

Volume Volume 5,905,584 is 81% above the 20-day average of 3,265,309, indicating elevated trading interest into the news. high

Technical Price at $4.93 is above the 200-day MA $3.04 and sits 9.62% below the 52-week high $5.45.

Peers on Argus

GROY fell 5.37% on heavy volume while peers showed mixed moves: CMCL rose 4.86%,...

1 Up

GROY fell 5.37% on heavy volume while peers showed mixed moves: CMCL rose 4.86%, whereas GAU, ODV, IAUX and DC declined between roughly 3–7%. The combination of a sharp GROY drop alongside both positive and negative peer moves points to a stock-specific reaction rather than a clean sector-wide trade.

Historical Context

5 past events · Latest: Jan 14 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 14	Royalty acquisition	Positive	+1.5%	Announced additional Borborema net smelter royalty for US$45M.
Jan 06	Exploration results	Positive	+4.3%	Reported São Jorge drill results and completion of 9,533 m program.
Jan 02	Management change	Neutral	+1.0%	President role transition with focus on Brazilian projects.
Dec 12	Royalty completion	Positive	-0.2%	Completed acquisition of Pedra Branca gold and copper royalty.
Dec 11	Equity financing	Negative	+1.5%	Closed US$103.5M bought deal share offering at US$4.00.

Pattern Detected

Recent news has produced a balance of aligned and divergent reactions, with some acquisitions bid up and others, plus a large financing, seeing opposite price moves.

Recent Company History

Over the past few months, Gold Royalty has pursued a royalty growth strategy funded by equity. On Dec 8, 2025 it agreed to acquire the Pedra Branca royalty for $70 million cash, followed by completion of that deal on Dec 12, 2025. A US$103.5 million bought deal financing closed on Dec 11, 2025. Most recently, on Jan 14, 2026, Gold Royalty announced the additional Borborema royalty acquisition. Today’s article confirms closing of that Borborema transaction and reports record Q4 2025 and full-year 2025 revenue.

Market Pulse Summary

This announcement combines two themes: confirmation of record Q4 2025 and full-year 2025 revenue and...

Analysis

This announcement combines two themes: confirmation of record Q4 2025 and full-year 2025 revenue and the completion of the Borborema royalty acquisition. It builds on a recent sequence of royalty deals, including Pedra Branca, alongside a large equity financing. Investors following the story may focus on how new cash-flowing royalties translate into future revenue metrics, the balance sheet impact of past financings, and execution at underlying mines such as Vareš and Borborema.

Key Terms

net smelter returns royalty, gold equivalent ounces, non-IFRS financial measures

3 terms

net smelter returns royalty financial

"completed the previously announced acquisition of a net smelter returns royalty from Dundee"

A net smelter returns (NSR) royalty is a contractual right to receive a percentage of the revenue generated from mined minerals after the ore has been processed and sold, with common deductions for refining, smelting and transport costs. Think of it like a landlord taking a slice of a tenant’s monthly sales after the tenant pays basic operating bills. Investors care because an NSR affects the future cash flow and valuation of a mining project and shifts some upside and downside risk away from the operator to the royalty holder.

gold equivalent ounces financial

"equating to 1,255 gold equivalent ounces ("GEOs")*."

Gold equivalent ounces express the combined output or reserves of a mine by converting other metals (like silver, copper or zinc) into the amount of gold they would be worth at current market prices, so everything is shown as a single “gold” number. For investors this provides a common yardstick to compare production, value and growth across projects that produce multiple metals—like converting several currencies into one familiar money unit.

non-IFRS financial measures financial

"Total Revenue, Land Agreement Proceeds and Interest and GEOs are each non-IFRS financial measures."

Non-IFRS financial measures are company-reported numbers that modify or exclude items from standard accounting results so management can highlight what it sees as underlying business performance—common examples are adjusted EBITDA or adjusted earnings per share. They matter to investors because they can make trends clearer by removing unusual or noncash items, like cleaning lens smudges off a camera, but they require scrutiny since companies decide what to exclude and comparisons across firms may not be uniform.

AI-generated analysis. Not financial advice.

VANCOUVER, BC, Jan. 21, 2026 /PRNewswire/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce its preliminary results for the fourth quarter of 2025, and details of its related quarterly filings and related earnings call. All amounts are expressed in U.S. dollars.

The Company is also pleased to announced that, further to its news release dated January 14, 2026, it has completed the previously announced acquisition of a net smelter returns royalty from Dundee Corporation for total consideration of $45 million, $30 million of which was paid in cash and the balance of which was satisfied by issuing 3,571,429 common shares at closing. As previously announced, the Company has received notification from Taurus Mining Royalty Fund, L.P. that it elects to participate for a one-half indirect economic interest in the royalty for $22.5 million in cash.

Preliminary Fourth Quarter 2025 Results

Gold Royalty achieved another record quarter of revenue and Total Revenue, Land Agreement Proceeds and Interest^* for the fourth quarter of 2025. In the fourth quarter of 2025, Total Revenue, Land Agreement Proceeds and Interest^* increased by approximately 37% from the fourth quarter of 2024 to $5.2 million (revenue of $4.2 million), equating to 1,255 gold equivalent ounces ("GEOs")^*. For 2025, Total Revenue, Land Agreement and Proceeds and Interest also increased by 38% from 2024 to a record $17.7 million (revenue of $13.9 million), equating to 5,173 GEOs.

Strengthened cash flows through 2025 were driven by, among other things, the operating performances from our royalty interests in Borden (Porcupine Operations), Borborema, Côté and Cozamin, and the stronger gold price. GEOs were negatively impacted by lower-than-expected production from the Vareš mine as the new owner focused on intensified underground development to achieve the design ore production rate of 850,000 tonnes per year by the second half of 2026.  In addition, a much higher than budget gold price resulted in lower gold equivalent ounces from the conversion of non-gold revenue.

David Garofalo, Chairman and CEO of Gold Royalty, commented: "We are pleased to again report record quarterly revenues, including record quarterly revenue again in the fourth quarter, and record annual revenue for 2025. These records were achieved despite a transitional period at the Vareš mine through the quarter, thanks to strong performance across our broadly diversified portfolio of cash-flowing royalties and streams.

We also continued to strengthen our already peer-leading portfolio in the fourth quarter, adding the cash-flowing Pedra Branca royalty on December 8, 2025. We expect this royalty, as well as the subsequently acquired Borborema royalty, to meaningfully contribute to further revenue growth in 2026 and beyond. The positive free cash flows generated by our strong portfolio are expected to continue to strengthen our balance sheet, already in a positive net cash position."

^* Total Revenue, Land Agreement Proceeds and Interest and GEOs are each non-IFRS financial measures. See "Non-IFRS Measures" below.

Fourth Quarter 2025 Results and Webcast Details

Gold Royalty plans to release its financial and operating results for the quarter ending December 31, 2025, as well as 2026 guidance and our longer-term outlook, after market close on Wednesday, March 18, 2026.

A conference call will be held at 11:00 a.m. EDT (8:00 a.m. PDT) on Thursday, March 19, 2026, to discuss these results. To participate, please use one of the following methods:

Webcast: Click Here
USA (toll-free): 1-833-890-3060
Canada (toll-free): 1-855-669-9657
International: 1-412-206-6408

The fourth quarter 2025 results presentation will be available on Gold Royalty's website at www.goldroyalty.com and a replay of the event will be available following the presentation.

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.

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.

Non-IFRS Measures

We have included, in this document, certain performance measures, including: (i) Total Revenue, Land Agreement Proceeds and Interest; and (ii) GEOs which are each non-IFRS measures. The presentation of such non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently.

Total Revenue, Land Agreement Proceeds and Interest

Total Revenue, Land Agreement Proceeds and Interest are determined by adding land agreement proceeds credited against other mineral interests and interests earned on gold-linked loan to total revenue. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry.

The following is a reconciliation of Total Revenue, Land Agreement Proceeds and Interest to total revenue for the three months ended December 31, 2025 and 2024, respectively:

		For the three months ended  December 31				For the twelve months ended  December 31
		2025		2024		2025		2024
(in thousands of dollars)		($)		($)		($)		($)
Royalty		2,390		1,629		7,122		4,806
Streaming		808		893		3,224		893
Advance minimum royalty and pre-production royalty		1,158		732		4,212		2,982
Land agreement proceeds		369		297		1,613		3,085
Interest income credited against gold-linked loan		481		295		1,597		1,081
Total Revenue, Land Agreement Proceeds and Interest		5,206		3,846		17,768		12,847
Land agreement proceeds credited against other mineral interests		(224)		(196)		(561)		(1,663)
Interest income credited against gold-linked loan		(481)		(295)		(1,597)		(1,081)
Revenue		4,501		3,355		15,610		10,103

GEOs

GEOs are determined by dividing Total Revenue, Land Agreement Proceeds and Interest by the average gold prices for the applicable period:

(in thousands of dollars, except Average Gold Price/oz and GEOs)		Average Gold Price/oz		Total Revenue, Land Agreement Proceeds and Interest		GEOs
For the three months ended December 31, 2024		2,661		3,846		1,445
For the three months ended December 31, 2025		4,149		5,206		1,255
For the twelve months ended December 31, 2024		2,352		12,847		5,462
For the twelve months ended December 31, 2025		3,435		17,768		5,173

View original content:https://www.prnewswire.com/news-releases/gold-royalty-reports-record-quarterly-and-annual-revenue-and-completion-of-borborema-royalty-acquisition-302667197.html

SOURCE Gold Royalty Corp.

FAQ

What did GROY report for Q4 2025 revenue and GEOs?

GROY reported Q4 2025 Total Revenue, Land Agreement Proceeds and Interest of $5.2M, equating to 1,255 GEOs.

How much total revenue did Gold Royalty (GROY) generate in 2025?

Gold Royalty reported a record $17.7M in Total Revenue, Land Agreement Proceeds and Interest for 2025 (revenue $13.9M).

What were the terms of GROY's Borborema royalty acquisition announced January 22, 2026?

GROY acquired a Borborema NSR for $45M: $30M cash plus 3,571,429 shares; Taurus elected a half indirect interest for $22.5M cash.

When will Gold Royalty release final Q4 2025 results and 2026 guidance?

Final results and 2026 guidance will be released after market close on March 18, 2026, with a conference call on March 19, 2026.

Why did GROY's GEOs suffer in Q4 2025 despite record revenue?

GEOs were negatively impacted by lower-than-expected production at the Vareš mine as the new owner focused on underground development, and by conversion effects from a higher gold price.