Gold Royalty Reports Record Quarterly and Year-To-Date Revenue

Rhea-AI Summary

Gold Royalty (NYSE American: GROY) reported preliminary third-quarter 2025 results with record Total Revenue, Land Agreement Proceeds and Interest of $4.6 million (revenue $4.1 million), a ~76% increase versus Q3 2024, representing 1,323 GEOs. For the first nine months of 2025, Total Revenue rose ~40% to $12.6 million (revenue $11.1 million), equating to 3,918 GEOs. Management cited strong cash flow from royalties at Borden, Borborema, Côté and Cozamin, and a higher gold price, enabling debt reduction and a goal to be essentially debt free by end-2026. The company expects full-year 2025 GEOs to be around or modestly below the bottom of guidance (5,700–7,000 oz) and will release audited Q3 results on Nov 5, 2025 with a webcast on Nov 6, 2025.

Positive

• Q3 Total Revenue +76% to $4.6M
• YTD Total Revenue +40% to $12.6M
• Q3 production of 1,323 GEOs; YTD 3,918 GEOs
• Positive free cash flow enabled debt reduction; target: debt free by end-2026

Negative

• Full-year 2025 GEOs expected near or below 5,700-ounce guidance floor
• Vareš ownership transition may delay stronger copper production until H2 2026

Insights

Senior Royalty Analyst

Record revenue and YTD cash flow growth driven by growing royalty portfolio and higher gold prices; near-term GEOs guidance slightly trimmed.

Gold Royalty reported record third-quarter results with $4.6 million in Total Revenue, Land Agreement Proceeds and Interest (revenue $4.1 million), a roughly 76% increase versus Q3 2024, equating to 1,323 GEOs. Year-to-date through nine months the company reported a record $12.6 million (revenue $11.1 million) and 3,918 GEOs. Management cites operating contributions from Borden (Porcupine Operations), Borborema, Côté and Cozamin and a stronger gold price as drivers.

The company notes the new Vareš mine has provided meaningful copper revenue in 2025 but will shift to intensified underground development under new owner DPM Metals, with stronger production targeted by the second half of 2026. Management currently expects total 2025 GEOs to be around or modestly below the bottom of the prior guidance range of 5,700 - 7,000 ounces. The company also reports another quarter of positive free cash flow and a plan to be essentially debt free by the end of 2026.

The business impact hinges on realized commodity prices and operator execution at the named royalty assets; the statement that NSR royalties have no costs tied to higher gold prices is a factual structural point supporting higher cash flow when gold prices rise. Key items to watch are the formal Q3 2025 financial release on November 5, 2025, the earnings call on November 6, 2025, and delivery of production improvements at Vareš and other royalty operations through 2026.

VANCOUVER, BC, Oct. 23, 2025 /PRNewswire/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce its preliminary results for the third quarter of 2025, and details of its related quarterly filings and related earnings call. All amounts are expressed in U.S. dollars.

Preliminary Third Quarter 2025 Results

Gold Royalty has achieved record revenue and Total Revenue, Land Agreement Proceeds and Interest* for the third quarter of 2025. Total Revenue, Land Agreement Proceeds and Interest* in the third quarter of 2025 increased by approximately 76% to $4.6 million (revenue of $4.1 million) from the third quarter of 2024, equating to 1,323 gold equivalent ounces ("GEOs")*. For the first nine months of 2025, Total Revenue, Land Agreement and Proceeds and Interest also increased by 40% from the same period in 2024 to a record $12.6 million (revenue of $11.1 million), equating to 3,918 GEOs.

David Garofalo, Chairman and CEO of Gold Royalty, commented: "The record-breaking third quarter has continued to crystallize our peer-leading revenue growth from an increasingly diverse portfolio of cash-flowing royalties and streams, including the continued ramp up of new large-scale, long-life mines at Côté, Vareš and Borborema. In addition, another quarter of positive free cash flow has allowed us to reduce debt, and we remain on track to be essentially debt free by the end of 2026."

Strong cash flows were driven by the operating performances from our royalty interests in Borden (Porcupine Operations), Borborema, Côté and Cozamin, and a rapidly improving gold price. While the new Vareš mine has delivered meaningful copper revenue to Gold Royalty to date in 2025, the transition to new owner DPM Metals will see a focus on intensified underground development in the short-term to deliver stronger production by the second half of 2026 and beyond. As a result, the Company currently expects total 2025 GEOs around or modestly below the bottom of the 2025 guidance range of 5,700 - 7,000 ounces. The combined effect of an improved gold price in 2025 and Gold Royalty's exposure to primarily NSR royalties, which have no costs associated with higher gold prices, is expected to generate record-level cash flows in 2025, marking very significant revenue growth from 2024.

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

Third Quarter 2025 Results and Webcast Details

Gold Royalty plans to release its financial and operating results for the quarter ending September 30, 2025, after-market on Wednesday, November 5, 2025.

A conference call will be held at 11:00 a.m. EST (8:00 a.m. PST) on Thursday, November 6, 2025, 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 third 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 but not limited to statements regarding: expectations regarding the Company's royalty and stream interests, commodities prices and outlook for 2025. 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 September 30, 2025 and 2024, respectively:

		For the three months ended September 30				For the nine months ended September 30
		2025		2024		2025		2024
(in thousands of dollars)		($)		($)		($)		($)
Royalty		1,635		1,172		4,732		3,177
Streaming		1,212		—		2,416		—
Advance minimum royalty and pre-production royalty		1,099		807		3,054		2,250
Land agreement proceeds		212		335		1,244		2,788
Interest income credited against gold-linked loan		415		287		1,116		786
Total Revenue, Land Agreement Proceeds and Interest		4,573		2,601		12,562		9,001
Land agreement proceeds credited against other mineral interests		(10)		(254)		(337)		(1,467)
Interest income credited against gold-linked loan		(415)		(287)		(1,116)		(786)
Revenue		4,148		2,060		11,109		6,748

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 September 30, 2024		2,475		2,601		1,051
For the three months ended September 30, 2025		3,456		4,573		1,323
For the nine months ended September 30, 2024		2,241		9,001		4,017
For the nine months ended September 30, 2025		3,206		12,562		3,918

View original content:https://www.prnewswire.com/news-releases/gold-royalty-reports-record-quarterly-and-year-to-date-revenue-302593079.html

SOURCE Gold Royalty Corp.

FAQ

What did GROY report for Q3 2025 Total Revenue and GEOs?

GROY reported Total Revenue of $4.6M and 1,323 GEOs in Q3 2025.

How much did Gold Royalty's YTD revenue change through Q3 2025 (GROY)?

YTD Total Revenue increased ~40% to $12.6M through the first nine months of 2025.

What is Gold Royalty's (GROY) 2025 GEO guidance outlook after Q3 results?

The company expects 2025 GEOs to be around or modestly below the bottom of the 5,700–7,000 oz guidance range.

When will Gold Royalty (GROY) release its audited Q3 2025 financial results and webcast?

Financial results will be released after market close on Nov 5, 2025, with a webcast and call on Nov 6, 2025 at 11:00 a.m. EST.

How is Gold Royalty (GROY) addressing debt after Q3 2025 cash flows?

Positive free cash flow allowed the company to reduce debt and it remains on track to be essentially debt free by end-2026.

How will the Vareš ownership change affect GROY's near-term copper revenue?

Transition to new owner DPM Metals will focus on underground development and may limit stronger copper production until H2 2026.