GOLD ROYALTY REPORTS RECORD SIX-MONTH RESULTS WITH CONTINUED STRONG CASH FLOW AND EARNINGS GROWTH
Rhea-AI Summary
Gold Royalty (NYSE American:GROY) reported record results for the three and six months ended June 30, 2026, with Q2 revenue of $6.7 million, net income of $1.8 million and cash from operating activities of $3.7 million. Total Revenue, Land Agreement Proceeds and Interest* rose to $7.9 million and GEOs* to 1,757, up about 80% and 31% year-over-year, respectively. Adjusted EBITDA* reached $5.6 million, about 137% higher than Q2 2025. For the first half, revenue was $13.9 million, net income $3.6 million, Adjusted EBITDA* $12.6 million and GEOs* 3,677. The company ended the quarter with over $11.3 million in cash, no debt and a fully undrawn $150 million credit facility. It acquired an additional 0.875% NSR on the Ren project for $6.25 million and, after quarter-end, NSR royalties on the Sterling project and part of Granite Creek for $0.8 million. Gold Royalty maintained 2026 guidance of 7,500–9,300 GEOs, based on assumed gold and copper prices, and highlighted multiple portfolio advances across key royalty and streaming assets.
Positive
- Q2 2026 revenue $6.7 million vs. $3.8 million in 2025
- Q2 Total Revenue, Land Agreement Proceeds and Interest* $7.9 million, ~80% YoY increase
- Q2 Adjusted EBITDA* $5.6 million, ~137% higher year-over-year
- Six‑month revenue $13.9 million vs. $7.0 million in 2025
- Six‑month Adjusted EBITDA* $12.6 million vs. $4.0 million in 2025
- Balance sheet over $11.3 million cash, no debt, $150 million undrawn credit facility
Negative
- Borborema mine Q2 2026 production 14,251 GEOs, a planned 17% quarter‑over‑quarter decrease
- Granite Creek feasibility study timing shifted to Q3 2026 from Q2 2026
- Barnat open pit rock mass movement on July 1, 2026, with remediation into Q3 and mining restart expected Q4 2026
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 13 | Acquisition announcement | Positive | +1.2% | Announced second-quarter results date and acquired two Nevada NSR royalties. |
| Jun 15 | Royalty acquisition | Positive | +2.4% | Acquired additional Ren royalty interest and announced integrated report. |
| May 06 | Quarterly earnings | Positive | +2.3% | Reported record first-quarter revenue, cash flow, earnings and reaffirmed guidance. |
| Apr 27 | Preliminary earnings | Positive | +2.3% | Reported preliminary record revenue and reaffirmed 2026 GEO production guidance. |
| Mar 18 | Annual earnings | Positive | -9.5% | Reported record 2025 revenue, operating cash flow and growth outlook. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Gold Royalty's recent positive announcements generally aligned with positive 24-hour reactions, while the March annual-results release diverged negatively.
Key Terms
gold equivalent ounces technical
adjusted ebitda financial
net smelter return financial
preliminary economic assessment technical
net present value financial
internal rate of return financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
David Garofalo, Chairman and CEO of Gold Royalty, commented: "Gold Royalty's growth is in high gear with half-year revenues more than doubling year-over-year and over
Our strong performance in the first half of the year has laid the foundation for what is expected to be a catalyst-rich second half. We look forward to continued volume and cash flow growth and progress at key projects including first production from Ren, construction start at South Railroad, commercial and full production achieved at Vareš, and reports or studies outlining expansion potential at Borborema, Côté, Granite Creek, Jerritt Canyon, and a proposed second shaft at Odyssey."
Second Quarter 2026 Highlights
- Revenue of
$6.7 million 80% to$7.9 million 31% to 1,757 GEOs*, when compared to the second quarter of 2025. - Adjusted EBITDA* of
$5.6 million $1.8 million 137% higher than the same period in 2025 - Ended the quarter with over
$11.3 million $150 million $25 million - Acquired an additional
0.875% net smelter return ("NSR") royalty interest over the Ren project for$6.25 million $0.8 million Nevada, USA . - The Company remains on track to achieve its previously announced annual guidance of 7,500 - 9,300 GEOs in 2026.
* Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, and GEOs ("Gold Equivalent Ounces") are non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" below.
Selected Financial Highlights
The following table sets forth selected financial information for the three and six months ended June 30, 2026:
For three months ended | For the six months ended | |||||||
(in thousands of dollars, except per share and GEOs amounts) | 2026 | 2025 | 2026 | 2025 | ||||
($) | ($) | ($) | ($) | |||||
Revenue | 6,732 | 3,823 | 13,910 | 6,961 | ||||
Net income (loss) | 1,783 | (829) | 3,554 | (2,077) | ||||
Net income (loss) per share, basic | 0.01 | (0.00) | 0.02 | (0.01) | ||||
Net income (loss) per share, diluted | 0.01 | (0.00) | 0.01 | (0.01) | ||||
Cash provided by operating activities | 3,723 | 1,069 | 8,197 | 3,556 | ||||
Non-IFRS | ||||||||
Total Revenue, Land Agreement Proceeds and Interest(1) | 7,933 | 4,412 | 17,295 | 7,989 | ||||
Adjusted EBITDA(1) | 5,599 | 2,363 | 12,598 | 4,036 | ||||
Adjusted Net Income (loss)(1) | 1,790 | (66) | 5,063 | (1,312) | ||||
Adjusted Net Income (loss) Per Share, basic and diluted(1) | 0.01 | (0.00) | 0.02 | (0.01) | ||||
GEOs(1) | 1,757 | 1,346 | 3,677 | 2,595 | ||||
Statement of Financial Position | ||||||||
Total assets | 850,113 | 740,246 | 850,113 | 740,246 | ||||
Total non-current liabilities | 120,778 | 177,217 | 120,778 | 177,217 | ||||
__________ | |
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 release dated July 10, 2026, available under its profile on www.sedarplus.ca.
Borden Mine (
For further information see Discovery's news release dated May 14, 2026, available under its profile on www.sedarplus.ca.
Canadian
Agnico Eagle also noted that remediation work at the Barnat open pit is expected to be completed in the third quarter of 2026 after the July 1, 2026 rock mass movement which was previously disclosed on July 2, 2026. Mining activities are anticipated to resume in the fourth quarter of 2026.
For further information see Agnico Eagle's news release dated July 29, 2026, available under its profile on www.sedarplus.ca.
Côté Gold Mine (
For further information see IAMGOLD's news release dated June 1, 2026, available under its profile on www.sedarplus.ca.
Cozamin Mine (
For further information see Capstone's news release dated July 30, 2026, available under its profile on www.sedarplus.ca.
Granite Creek Project (
For further information see i-80's news release dated June 25, 2026, available under its profile on www.sedarplus.ca.
Jerritt Canyon Project (
For further information, see First Majestic's second quarter report released July 30, 2026, available under its profile on www.sedarplus.ca.
La Mina Project (
For further information see GoldMining's news release dated April 28, 2026 and GoldMining's technical report titled "NI 43-101 Technical Report and Preliminary Economic Assessment for the La Mina Gold-Copper Mineral Deposit, Antioquia,
São Jorge Project (
For further information see GoldMining's news release dated June 11, 2026 and GoldMining's technical report titled "NI 43-101 Technical Report and Preliminary Economic Assessment for the São Jorge Gold Project, Pará State,
South Railroad Project (
In a news release dated July 9, 2026, Orla stated that receipt of the final permits for South Railroad remained an important catalyst for the second half of 2026.
In a news release dated July 31, 2026, Equinox Gold Corp. and Orla announced the successful completion of their previously announced business combination.
For further information see Orla's news releases dated May 11, 2026, July 9, 2026, and July 31, available under its profile on www.sedarplus.ca.
Vareš Mine (
For further information see DPM's announcement dated July 30, 2026, available under its profile on www.sedarplus.ca.
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 our mineral interests in the second quarter of 2026.
2026 Outlook
The Company maintains its previously announced forecast of between 7,500 and 9,300 GEOs in 2026, which includes approximately 684 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 GEOs 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.
Second 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, August 6, 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 second 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.
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 Canadian National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.
Notice to Investors
The PEAs respecting the La Mina and São Jorge projects referenced herein are each preliminary in nature, and there is no certainty that the reported results will be realized. Mineral resources used for such PEAs include inferred mineral resources which are considered too speculative geologically to have the economic considerations applied that would enable them to be categorized as mineral reserves, and there is no certainty that the projected economic performance will be realized.
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 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 but not limited to statements regarding: the Company's outlook for 2026, including estimated future GEOs and contractual payments, expectations regarding the Company's portfolio growth, the operations and/or development of the projects underlying the Company's royalties, stream and other interests, including the estimates of the operators thereof and other statements regarding the Company's plans and strategies. 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 interests, 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 royalties, stream and other 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, commodity price and counterparty risks, 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, 2025 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; (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 and six months ended June 30, 2026 and 2025:
For the three months ended | For the six months ended | |||||||
2026 | 2025 | 2026 | 2025 | |||||
(in thousands of dollars) | ($) | ($) | ($) | ($) | ||||
Royalty | 6,136 | 1,981 | 13,169 | 3,097 | ||||
Streaming | 1,037 | 720 | 2,010 | 1,204 | ||||
Advance minimum royalty and pre-production royalty | 25 | 877 | 371 | 1,955 | ||||
Land agreement proceeds | 271 | 459 | 779 | 1,032 | ||||
Interest income credited against gold-linked loan | 464 | 375 | 966 | 701 | ||||
Total Revenue, Land Agreement Proceeds and Interest | 7,933 | 4,412 | 17,295 | 7,989 | ||||
Land agreement proceeds credited against other mineral interests | — | (214) | (20) | (327) | ||||
Interest income credited against gold-linked loan | (464) | (375) | (966) | (701) | ||||
One-time adjustment related to the purchase of Pedra Branca Royalty(1) | (284) | — | (1,284) | — | ||||
Royalty revenue earned through Borborema LP joint venture(2) | (453) | — | (1,115) | — | ||||
Revenue | 6,732 | 3,823 | 13,910 | 6,961 | ||||
__________ | |
Notes: | |
1) | Consist of portion of royalty payments 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 income credited against 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, dilution 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 periods indicated:
3) | 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 and six months ended June 30, 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 | For the six months ended | |||||||
2026 | 2025 | 2026 | 2025 | |||||
(in thousands of dollars) | ($) | ($) | ($) | ($) | ||||
Net income (loss) | 1,783 | (829) | 3,554 | (2,077) | ||||
Depletion | 1,754 | 418 | 3,145 | 509 | ||||
Depreciation | 19 | 20 | 40 | 39 | ||||
Finance costs | 161 | 2,236 | 504 | 4,441 | ||||
Current tax expense | 128 | 47 | 144 | 118 | ||||
Deferred tax expense (recovery) | 889 | (387) | 1,900 | (27) | ||||
Land Agreement Proceeds credited against other mineral interests | — | 214 | 20 | 327 | ||||
Interest income credited against gold-linked loan | 464 | 375 | 966 | 701 | ||||
One-time adjustment related to the purchase of Pedra Branca Royalty(1) | 284 | — | 1,284 | — | ||||
Royalty revenue earned through Borborema LP joint venture(2) | 453 | — | 1,115 | — | ||||
Share of profit in joint venture(2) | (310) | — | (763) | — | ||||
Transaction related and non-recurring general and administrative expenses | 48 | 40 | 81 | 101 | ||||
Share-based compensation | 715 | 650 | 1,450 | 1,342 | ||||
Share of loss in associate | — | 50 | — | 80 | ||||
Dilution loss in associate | — | 73 | — | 73 | ||||
Change in fair value of gold-linked loan | (444) | (425) | (1,036) | (715) | ||||
Change in fair value of short-term investments | (203) | (47) | (67) | 27 | ||||
Change in fair value of embedded derivative | — | (180) | — | (280) | ||||
Foreign exchange (gain) loss | (45) | 81 | (40) | 52 | ||||
Loss (gain) on loan modification | — | — | 500 | (693) | ||||
Other (income) expense | (97) | 27 | (199) | 18 | ||||
Adjusted EBITDA | 5,599 | 2,363 | 12,598 | 4,036 | ||||
__________ | |
Notes: | |
1) | Consist of portion of royalty payments 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, interest income credited against gold-linked loan, one-time 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, dilution loss in associated, 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 and six months ended June 30, 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 | For the six months ended | |||||||
2026 | 2025 | 2026 | 2025 | |||||
(in thousands of dollars, except per share amount) | ($) | ($) | ($) | ($) | ||||
Net income (loss) | 1,783 | (829) | 3,554 | (2,077) | ||||
Land Agreement Proceeds credited against other mineral interests | — | 214 | 20 | 327 | ||||
Interest income credited against gold-linked loan | 464 | 375 | 966 | 701 | ||||
One-time adjustment related to the purchase of Pedra Branca Royalty(1) | 284 | — | 1,284 | — | ||||
Accretion of convertible debentures | — | 555 | — | 1,074 | ||||
Transaction related and non-recurring general and administrative expenses | 48 | 40 | 81 | 101 | ||||
Share of loss in associate | — | 50 | — | 80 | ||||
Dilution loss in associate | — | 73 | — | 73 | ||||
Change in fair value of gold-linked loan | (444) | (425) | (1,036) | (715) | ||||
Change in fair value of short-term investments | (203) | (47) | (67) | 27 | ||||
Change in fair value of embedded derivative | — | (180) | — | (280) | ||||
Foreign exchange (gain) loss | (45) | 81 | (40) | 52 | ||||
Loss (gain) on loan modification | — | — | 500 | (693) | ||||
Other (income) expense | (97) | 27 | (199) | 18 | ||||
Adjusted Net Income (Loss) | 1,790 | (66) | 5,063 | (1,312) | ||||
Weighted average number of common shares | ||||||||
Basic | 230,811,330 | 170,553,644 | 230,106,914 | 170,407,047 | ||||
Diluted | 239,253,267 | 170,553,644 | 240,317,602 | 170,407,047 | ||||
Adjusted Net Income (Loss) Per Share | ||||||||
Basic | 0.01 | (0.00) | 0.02 | (0.01) | ||||
Diluted | 0.01 | (0.00) | 0.02 | (0.01) | ||||
__________ | |
Note: | |
1) | Consist of portion of royalty payments 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 | GEOs | |||
For the three months ended March 31, 2025 | 2,865 | 3,577 | 1,249 | |||
For the three months ended June 30, 2025 | 3,279 | 4,412 | 1,346 | |||
For the six months ended June 30, 2025 | 7,989 | 2,595 | ||||
For the three months ended March 31, 2026 | 4,875 | 9,362 | 1,920 | |||
For the three months ended June 30, 2026 | 4,516 | 7,933 | 1,757 | |||
For the six months ended June 30, 2026 | 17,295 | 3,677 |
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SOURCE Gold Royalty Corp.