Gold Royalty Corp. Reports First Quarter 2025 Results Highlighting Continued Revenue Growth
VANCOUVER, BC, May 7, 2025 – Gold Royalty Corp. (NYSE American: GROY) has reported its operating and financial results for the first quarter ended March 31, 2025. The results indicate a positive trajectory for the company, with continued revenue growth and a robust operating cash flow.
1. Strong Year-Over-Year Growth
David Garofalo, Chairman and CEO of Gold Royalty, expressed satisfaction with the company's performance, emphasizing the year-over-year revenue growth. "We are pleased to report continued year-over-year revenue growth and another quarter of positive operating cash flow," Garofalo stated. He attributed these strong results to the inherent growth potential within Gold Royalty's portfolio. He highlighted that several key assets are currently in production ramp-up phases, including the recently acquired Borborema mine, which achieved initial production during the quarter.
2. First Quarter Highlights
Gold Royalty's financial highlights for Q1 2025 include:
- Revenue: $3.1 million, with total revenue including land agreement proceeds and interest totaling $3.6 million.
- Gold Equivalent Ounces (GEOs): 1,249 GEOs produced.
- Operating Cash Flow: A record positive operating cash flow of $2.5 million.
- Adjusted EBITDA: $1.7 million.
- Net Loss: $1.3 million, which is an improvement compared to a net loss of $1.4 million in Q1 2024.
The company remains on track to achieve its production outlook of 5,700 to 7,000 GEOs for the full year, with production expected to be weighted towards the latter half of 2025.
Selected Financial Metrics
| Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) |
|---|---|---|
| Revenue | $3,138 | $2,894 |
| Net Loss | $(1,255) | $(1,405) |
| Cash Provided by Operating Activities | $2,487 | $336 |
| Adjusted EBITDA | $1,663 | $2,020 |
| GEOs | 1,249 | 2,019 |
3. Portfolio Update
Gold Royalty's diverse portfolio continues to show promise, particularly with several projects nearing full production:
- Borborema Project: Aura Minerals Inc. has provided guidance for production between 33,000 to 40,000 ounces of gold in 2025, with expectations to achieve commercial production by Q3 2025.
- Côté Gold Mine: IAMGOLD Corporation has successfully started production at the Côté Gold mine, aiming for full capacity by Q4 2025.
- Other Key Projects: Updates from the Borden Mine, Canadian Malartic/Odyssey mine, and the Cozamin mine indicate ongoing development and production ramp-up.
4. Continued Growth Outlook for 2025
Gold Royalty expects 2025 to be another growth year, driven by the ramp-up of cash-generating assets, notably the Côté Gold mine and the Borborema project. The company anticipates achieving positive free cash flow as several projects reach their production targets.
5. Conference Call Announcement
Gold Royalty will hold a conference call on May 8, 2025, at 11:00 AM ET to discuss these results in greater detail. Investors and analysts are encouraged to participate and can access the call via the company's website.
6. About Gold Royalty Corp.
Gold Royalty Corp. is a gold-focused royalty company dedicated to providing creative financing solutions to the metals and mining industry. The company aims to build a diversified portfolio of precious metals royalty and streaming interests, generating long-term returns for shareholders.
As Gold Royalty continues to navigate the evolving landscape of the mining industry, its strategic focus on high-quality assets and operational excellence positions it well for sustained growth and value creation in the years to come.
