GOLD ROYALTY REPORTS RECORD REVENUE AND CASH FLOW IN THE FIRST QUARTER 2026
Rhea-AI Summary
Gold Royalty (NYSE American: GROY) reported record first-quarter 2026 results with $7.2 million revenue, $9.4 million total revenue, land agreement proceeds and interest, 1,920 GEOs, and adjusted EBITDA of $7.0 million (≈318% higher YoY). The company exited the quarter with $13.6 million cash, no debt and a fully undrawn $150 million credit facility. Management promotions and portfolio updates across multiple royalties were announced. The company reaffirmed its 2026 GEO outlook and scheduled a conference call and capital markets day in June 2026.
Positive
- Record revenue of $7.178 million in Q1 2026
- Record Adjusted EBITDA of $6.999 million (≈318% higher YoY)
- 1,920 GEOs produced in Q1 2026, supporting 2026 guidance
- Exited quarter with $13.6 million cash and no debt
- Fully undrawn $150 million credit facility, including $25 million accordion
Negative
- 14,653,827 outstanding warrants exercisable at $2.25 may be dilutive if exercised
- Cozamin reported 9% lower copper production in Q1 2026, which could affect related royalty streams
News Market Reaction – GROY
In the May 7 session, GROY gained 2.27%, reflecting a moderate positive market reaction. Argus tracked a peak move of +3.8% during that session. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 27 | Prelim Q1 2026 results | Positive | +2.3% | Record preliminary Q1 revenue and GEOs with reaffirmed 2026 guidance. |
| Mar 18 | Full-year 2025 results | Positive | -9.5% | Record 2025 revenue and strong 2026–2030 GEO growth outlook. |
| Feb 19 | Credit facility upsized | Positive | +3.7% | Amended and upsized revolving credit facility to US$150M at lower margin. |
| Jan 26 | Drill results update | Positive | -4.2% | São Jorge drilling results and identification of a large IP anomaly. |
| Jan 22 | Management appointment | Neutral | +0.0% | Appointment of VP Corporate Development and Investor Relations. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Record revenue and cash flow updates have often been positive catalysts, but major growth outlook announcements have sometimes seen negative next-day reactions.
This announcement continues a string of record results for Gold Royalty. On March 18, 2026, the company reported record 2025 revenue of $15.6 million and strong multi‑year GEO growth guidance. On February 19, 2026, it upsized its credit facility to US$150 million. Preliminary record Q1 2026 figures were released on April 27, 2026. Today’s full Q1 report confirms those records and adds detailed financials and portfolio updates.
Key Terms
adjusted ebidta financial
non-ifrs measures financial
gold equivalent ounces financial
nsr financial
npi financial
preliminary economic assessment technical
internal rate of return financial
npv(5%) financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
David Garofalo, Chairman and CEO of Gold Royalty, commented: "The Company celebrated the five-year anniversary of its initial public offering in the first quarter of 2026. We are very proud of the tremendous portfolio that our team has assembled in this short time. We are increasingly seeing the rewards from our company-building efforts over the past five years. With another quarterly record for cash flow and revenue, we continue to strengthen our balance sheet and cash position to fund further accretive growth."
First Quarter 2026 Highlights
- Record revenue of
$7.2 million $9.4 million - Record Adjusted EBITDA* of
$7.0 million 318% higher than the same period in 2025 - Exited the first quarter with over
$13.6 million $150 million $25 million - The Company remains on track to achieve its outlook of 7,500 - 9,300 GEOs in 2026. On an annualized basis, first quarter results exceed the low end of the previously disclosed guidance, and we continue to expect that production will be weighted towards the second half of the year
* See "Non-IFRS Measures" below.
Management Appointments
Gold Royalty is pleased to announce that John Griffith, Chief Development Officer, has been appointed President of the Company and, effective July 1, 2026, Jackie Przybylowski, Vice President Capital Markets, will expand her role to the Company's sustainability efforts as Vice President, Capital Markets and Sustainability. In her additional role, Ms. Przybylowski will be replacing Katherine Arblaster, Vice President Sustainability, who is stepping down to pursue other endeavours.
Mr. Garofalo commented: "I am delighted to recognize John'
Selected Financial Highlights
The following table sets forth selected financial information for the three months ended March 31, 2026:
For the three months ended | |||||
(in thousands of dollars, except per share and GEOs amounts) | March 31, 2026 ($) | March 31, 2025 ($) | |||
Revenue | 7,178 | 3,138 | |||
Net income (loss) | 1,771 | (1,248) | |||
Net income (loss) per share, basic and diluted | 0.01 | (0.01) | |||
Cash provided by operating activities | 4,474 | 2,487 | |||
Non-IFRS and Other Measures | |||||
Total Revenue, Land Agreement Proceeds and Interest(1) | 9,362 | 3,577 | |||
Adjusted EBITDA(1) | 6,999 | 1,673 | |||
Adjusted Net Income (Loss)(1) | 3,273 | (1,246) | |||
Adjusted Net Loss Per Share, basic and diluted(1) | 0.01 | (0.01) | |||
GEOs(1) | 1,920 | 1,249 | |||
Statement of Financial Position | |||||
Total assets | 846,869 | 822,756 | |||
Total non-current liabilities | 119,914 | 118,943 | |||
__________ | |
Note: | |
1) | Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Share, basic and diluted and GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" below for further information. |
Portfolio Update
Borborema Mine (
For further information see Aura's news releases dated April 1 and 10, 2026, available under its profile on www.sedarplus.ca.
Borden Mine (
Canadian
Agnico Eagle also reconfirmed that it is advancing an internal technical evaluation of a potential second shaft at Odyssey. Current work is focused on mine design and planning, surface layout, headframe design, and preparatory activities to support the permitting process. The evaluation is expected by Agnico Eagle to be completed in the fourth quarter of 2026. In addition, exploration drilling generated further positive results throughout numerous areas around Odyssey.
For further information see Agnico Eagle's news release dated April 30, 2026, available under its profile on www.sedarplus.ca.
Côté Gold Mine (
For further information see IAMGOLD's news release dated February 17, 2026, available under its profile on www.sedarplus.ca.
Cozamin Mine (
For further information see Capstone's news release dated April 29, 2026, available under its profile on www.sedarplus.ca.
Granite Creek Project (
For further information see i-80's news release dated March 24, 2026, available under its profile on www.sedarplus.ca.
Pedra Branca Mine (
For further information see BHP's news release dated April 22, 2026, available on BHP's corporate website.
Ren Project (
For further information see Barrick's management's discussion and analysis for the three and twelve months ended December 31, 2025, available under its profile on www.sedarplus.ca.
South Railroad Project (
For further information see Orla's news release dated March 19, 2026, available under Orla's profile on www.sedarplus.ca.
Tonopah West Project (
The results of the PEA are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
For further information see Blackrock Silver's news release dated March 31, 2026.
Vareš Mine (
For further information see DPM's announcement dated April 8, 2026, available under its profile on www.sedarplus.ca.
Whistler Project (
For further information, please see the S-K 1300 Report titled "Whistler Gold-Copper Project, S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis,
Royalty Generator Model Update
Our royalty generator model continues to generate positive results. We have generated 56 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 through this model. We currently have 38 properties subject to land agreements and six properties under lease generating land agreement proceeds. The model continued to incur low operating costs to maintain the mineral interests in the first quarter of 2026.
2026 Outlook
The Company maintains its previously announced forecast of between 5,700 and 7,000 GEOs in 2026, which includes approximately 600 GEOs relating to Land Agreement Proceeds credited against other mineral interest and interest payments, and is based on an assumed gold price of
Commodity prices will affect calculation of gold equivalent ounces from copper (and other metals) stream and royalties and from Land Agreement Proceeds and other payments. Please see our news release dated March 18, 2026 for a sensitivity table to illustrate the potential variability of our 2026 guidance to gold and copper metal prices.
First Quarter 2026 Results Conference Call Details
A conference call will be held at 11:00 a.m. ET (8:00 a.m. PT) on Thursday, May 7, 2026 to discuss these results. To participate, please use one of the following methods:
Webinar: Click Here
US and
International: 1-412-206-6408
The first quarter 2026 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.
2026 Capital Markets Day
Gold Royalty will host its 2026 capital markets day on June 18, 2026 at 9:30 a.m. ET (6:30 a.m. PT). The event will be held in-person in
2026 capital markets day registration: Click Here
A replay of the event will be available following the presentation.
Outstanding Warrants
As of March 31, 2026, the Company had 14,653,827 outstanding share purchase warrants (the "Warrants"), with each Warrant exercisable into a common share of the Company, in accordance with their terms, at an exercise price of
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
Qualified Person
Alastair Still, P.Geo., Director of Technical Services of the Company, is a "qualified person" as such term is defined under Canadian National Instrument 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 referenced herein and the other disclosures of such operators. 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. The Company generally has limited or no ability to verify such 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.
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
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
Non-IFRS Measures
We have included, in this document, certain performance measures, including: (i) Total Revenue, Land Agreement Proceeds and Interest; (ii) Adjusted EBITDA; (iii) Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share, basic and diluted; and (iv) 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 Accounting Standards. These non-IFRS measures do not have any standardized meaning prescribed by IFRS Accounting Standards 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 adjusting revenue for the impact of: land agreement proceeds credited against other mineral interests, interests earned on gold-linked loan, one-time adjustment related to the purchase of Pedra Branca Royalty, and royalty revenue earned through Borborema Royalty Limited Partnership ("Borborema LP") joint venture. 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 March 31, 2026 and 2025:
For the three months ended | ||||
2026 | 2025 | |||
(in thousands of dollars) | ($) | ($) | ||
Royalty | 7,033 | 1,116 | ||
Streaming | 973 | 484 | ||
Advance minimum royalty and pre-production royalty | 346 | 1,078 | ||
Land agreement proceeds | 508 | 573 | ||
Interest income credited against gold-linked loan | 502 | 326 | ||
Total Revenue, Land Agreement Proceeds and Interest | 9,362 | 3,577 | ||
Land agreement proceeds credited against other mineral interests | (20) | (113) | ||
Interest income credited against gold-linked loan | (502) | (326) | ||
One-time adjustment related to the purchase of Pedra Branca Royalty(1) | (1,000) | — | ||
Royalty revenue earned through Borborema LP joint venture(2) | (662) | — | ||
Revenue | 7,178 | 3,138 | ||
__________ | |
Notes: | |
1) | Consist of portion of royalty payments in the first quarter of 2026, which relates to the sales of residual ore produced in the last quarter of 2025 in the Pedra Branca mine, and was due to the former holder of the royalty. |
2) | Represents our proportionate share of revenue from our |
Adjusted EBITDA
Adjusted EBITDA is determined by adjusting net income (loss) for the impact of: depletion, depreciation, finance costs, current and deferred tax expenses, interest earned on gold-linked loan, one-time adjustment related to the purchase of Pedra Branca Royalty, and royalty revenue earned through Borborema LP joint venture, transaction related and non-recurring general and administrative expenses(1), non-cash share-based compensation, share of loss in associate, share of profit in joint venture, change in fair value of gold-linked loan, change in fair value of short-term investments, change in fair value of embedded derivative, foreign exchange loss (gain), loss (gain) on loan modification and other income. 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 table below provides a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended March 31, 2026 and 2025.
1) | Transaction related and non-recurring general and administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the three months ended March 31, 2026, transaction related and non-recurring general and administrative expenses primarily consisted of professional fees related to accounting advisory services. |
For the three months ended | ||||
2026 | 2025 | |||
(in thousands of dollars) | ($) | ($) | ||
Net income (loss) | 1,771 | (1,248) | ||
Depletion | 1,391 | 91 | ||
Depreciation | 21 | 19 | ||
Finance costs | 343 | 2,205 | ||
Current tax expense | 16 | 71 | ||
Deferred tax expense | 1,011 | 360 | ||
Land Agreement Proceeds credited against other mineral interests | 20 | 113 | ||
Interest income credited against gold-linked loan | 502 | 326 | ||
One-time adjustment related to the purchase of Pedra Branca Royalty(1) | 1,000 | — | ||
Royalty revenue earned through Borborema LP joint venture(2) | 662 | — | ||
Share of profit in joint venture(2) | (453) | — | ||
Transaction related and non-recurring general and administrative expenses | 33 | 61 | ||
Share-based compensation | 735 | 692 | ||
Share of loss in associate | — | 30 | ||
Change in fair value of gold-linked loan | (592) | (290) | ||
Change in fair value of short-term investments | 136 | 74 | ||
Change in fair value of embedded derivative | — | (100) | ||
Foreign exchange loss (gain) | 5 | (29) | ||
Loss (gain) on loan modification | 500 | (693) | ||
Other income | (102) | (9) | ||
Adjusted EBITDA | 6,999 | 1,673 | ||
__________ | |
Notes: | |
1) | Consist of portion of royalty payments in the first quarter of 2026, which relates to the sales of residual ore produced in the last quarter of 2025 in the Pedra Branca mine, and was due to the former holder of the royalty. |
2) | Represents our proportionate share of revenue from our |
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share, basic and diluted
Adjusted Net Income (Loss) is calculated by adjusting net income (loss) for the impact of: land agreement proceeds credited against other mineral interests, interests earned on gold-linked loan, one-time working capital adjustment related to the purchase of Pedra Branca Royalty, accretion of convertible debentures, transaction related and non-recurring general and administrative expenses(1), share of loss in associate, changes in fair value of embedded derivative, short-term investments and gold-linked loan, loss (gain) on loan modification, foreign exchange loss (gain) and other income. Adjusted Net Income (Loss) Per Share, basic and diluted, have been determined by dividing the Adjusted Net Income (Loss) by the weighted average number of common shares for the applicable period. Management believes that they are useful measures of performance as they adjust for items which are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. The following is a reconciliation of net income (loss) to Adjusted Net Income (Loss), Per Share, basic and diluted for the periods indicated:
1) | Transaction related and non-recurring general and administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the three months ended March 31, 2026, transaction related and non-recurring general and administrative expenses primarily consisted of professional fees related to accounting advisory services. |
For the three months ended | ||||
2026 | 2025 | |||
(in thousands of dollars, except per share amount) | ($) | ($) | ||
Net income (loss) | 1,771 | (1,248) | ||
Land Agreement Proceeds credited against other mineral interests | 20 | 113 | ||
Interest income credited against gold-linked loan | 502 | 326 | ||
One-time adjustment related to the purchase of Pedra Branca Royalty(1) | 1,000 | — | ||
Accretion of convertible debentures | — | 519 | ||
Transaction related and non-recurring general and administrative expenses | 33 | 61 | ||
Share of loss in associate | — | 30 | ||
Change in fair value of gold-linked loan | (592) | (290) | ||
Change in fair value of short-term investments | 136 | 74 | ||
Change in fair value of embedded derivative | — | (100) | ||
Foreign exchange loss (gain) | 5 | (29) | ||
Loss (gain) on loan modification | 500 | (693) | ||
Other income | (102) | (9) | ||
Adjusted Net Income (Loss) | 3,273 | (1,246) | ||
Weighted average number of common shares | ||||
Basic | 229,394,670 | 170,325,913 | ||
Diluted | 240,950,256 | 170,325,913 | ||
Adjusted Net Income (Loss) Per Share | ||||
Basic | 0.01 | (0.01) | ||
Diluted | 0.01 | (0.01) | ||
__________ | |
Note: | |
1) | Consist of portion of royalty payments in the first quarter of 2026, which relates to the sales of residual ore produced in the last quarter of 2025 in the Pedra Branca mine, and was due to the former holder of the royalty. |
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 | Total Revenue, Land | GEOs | |||
For the three months ended March 31, 2025 | 2,865 | 3,577 | 1,249 | |||
For the three months ended March 31, 2026 | 4,875 | 9,362 | 1,920 |
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SOURCE Gold Royalty Corp.