Record 2025 revenue and $45M royalty deal at Gold Royalty (NYSE: GROY)
Rhea-AI Filing Summary
Gold Royalty Corp. reported record preliminary results for 2025 and the fourth quarter. Total Revenue, Land Agreement Proceeds and Interest reached $5.2 million in Q4 2025, about a 37% increase from $3.8 million a year earlier, and equated to 1,255 gold equivalent ounces (GEOs). For full-year 2025, this measure rose 38% to a record $17.7 million from $12.8 million, or 5,173 GEOs, reflecting stronger cash flows from key royalty interests and higher gold prices.
The company also completed the previously announced $45 million acquisition of a net smelter return royalty on the Borborema project from Dundee Corporation, paying $30 million in cash and issuing 3,571,429 shares. Taurus Mining Royalty Fund, L.P. elected to acquire a one-half indirect economic interest in this royalty for $22.5 million in cash, reducing Gold Royalty’s net outlay while adding another cash-flowing asset to its portfolio.
Positive
- None.
Negative
- None.
Insights
Record royalty revenue growth and a $45M deal expand Gold Royalty’s cash-flow base.
Gold Royalty Corp. delivered strong preliminary growth in its royalty and related income. Total Revenue, Land Agreement Proceeds and Interest rose to $5.2M in Q4 2025, up about 37% year over year, and to a record $17.7M for 2025, up 38%. Management attributes this to solid performance at Borden, Borborema, Côté and Cozamin royalties, supported by higher gold prices.
The company also completed a $45M net smelter return royalty acquisition on Borborema from Dundee, funded with $30M in cash plus 3,571,429 shares. Taurus Mining Royalty Fund, L.P. elected to purchase a one-half indirect economic interest for $22.5M in cash, which helps offset Gold Royalty’s capital outlay while keeping exposure to the asset. Management highlights positive free cash flow and a positive net cash position, implying capacity to support further portfolio growth if royalty performance and gold prices remain favorable.
FAQ
How did Gold Royalty Corp. (GROY) perform in Q4 2025?
In the fourth quarter of 2025, Gold Royalty Corp. generated Total Revenue, Land Agreement Proceeds and Interest of $5.2 million, an increase of about 37% from $3.8 million in the prior-year quarter, and this corresponded to 1,255 gold equivalent ounces (GEOs).
What were Gold Royalty Corp.’s full-year 2025 revenues and GEOs?
For 2025, Gold Royalty reported record Total Revenue, Land Agreement Proceeds and Interest of $17.7 million, up 38% from $12.8 million in 2024, equating to 5,173 GEOs.
What is the Borborema royalty acquisition mentioned by Gold Royalty Corp. (GROY)?
Gold Royalty completed the previously announced acquisition of a net smelter returns royalty on the Borborema project from Dundee Corporation for total consideration of $45 million, including $30 million in cash and 3,571,429 common shares issued at closing.
How is Taurus Mining Royalty Fund involved in Gold Royalty’s Borborema royalty deal?
Taurus Mining Royalty Fund, L.P. notified Gold Royalty that it elects to participate for a one-half indirect economic interest in the Borborema royalty for $22.5 million in cash.
What factors drove Gold Royalty Corp.’s revenue growth in 2025?
Management cites strengthened cash flows from royalty interests at Borden (Porcupine Operations), Borborema, Côté and Cozamin, along with a stronger gold price. GEOs were partially offset by lower-than-expected production at the Vareš mine and the impact of a higher gold price on converting non-gold revenue to GEOs.
When will Gold Royalty Corp. release full Q4 2025 results and guidance?
Gold Royalty plans to release financial and operating results for the quarter ended December 31, 2025, along with 2026 guidance and its longer-term outlook, after market close on March 18, 2026, followed by a conference call on March 19, 2026.
What non-IFRS measures does Gold Royalty Corp. (GROY) highlight in this update?
The company highlights two non-IFRS measures: Total Revenue, Land Agreement Proceeds and Interest, which adds certain proceeds and interest to total revenue, and GEOs, which are calculated by dividing that measure by the applicable average gold price for the period.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of January 2026
Commission File Number 001-40099
GOLD ROYALTY CORP.
(Registrant’s name)
1188 West Georgia Street, Suite 1830
Vancouver, BC V6E 4A2
(604) 396-3066
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
INCORPORATION BY REFERENCE
EXHIBITS 99.1 AND 99.2, INCLUDED WITH THIS REPORT, IS HEREBY INCORPORATED BY REFERENCE AS AN EXHIBIT TO THE REGISTRANT’S REGISTRATION STATEMENTS ON FORM F-3, AS AMENDED AND SUPPLEMENTED (FILE NOS. 333-280817, 333-280507, 333-276305, 333-267633, 333-270682) AND FORM S-8 (FILE NO. 333-267421), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| GOLD ROYALTY CORP. | ||
| Date: January 21, 2026 | By: | /s/ Andrew Gubbels |
| Name: | Andrew Gubbels | |
| Title: | Chief Financial Officer | |
EXHIBIT INDEX
| Exhibit | Description of Exhibit | |
| 99.1 | News Release | |
| 99.2 | Material Change Report |
Exhibit 99.1
Gold Royalty Reports Record Quarterly and Annual Revenue and Completion of Borborema Royalty Acquisition
Vancouver, British Columbia – January 21, 2026 – 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.
Gold Royalty Corp. Contacts
Jackie Przybylowski
Vice President, Capital Markets
Telephone: (833) 396-3066
Email: info@goldroyalty.com
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 | |||||||||