Vancouver, BC-based Gold Royalty Corp. (NYSE American: GROY) has announced impressive financial results for the fourth quarter and full year 2024 in a press release dated March 20, 2025. The company reported record revenues and positive operating cash flows, highlighting a deliberate growth strategy underpinned by significant acquisitions over the past four years.

David Garofalo, Chairman and CEO of Gold Royalty, expressed optimism about the future, stating, "We are pleased to report record revenues and positive operating cash flows for 2024. These strong results demonstrate the built-in growth of our portfolio, which we expect to continue in 2025."

Fourth Quarter Highlights

Record Revenue: The company achieved revenue of $3.4 million for Q4 2024, with total revenue, including land agreement proceeds and interest, amounting to $3.8 million.

Gold Equivalent Ounces (GEOs): Gold Royalty reported 1,445 GEOs for the quarter.

Positive Cash Flow: Operating cash flow was positive at $1.3 million, and Adjusted EBITDA stood at $1.2 million.

Full Year 2024 Highlights

Annual Revenue: Total revenue reached $10.1 million, while total revenue including land agreement proceeds and interest was $12.8 million.

Annual GEO Production: The company produced a total of 5,462 GEOs throughout the year.

Operating Cash Flow: Full-year operating cash flow was reported at $2.5 million, with an Adjusted EBITDA of $4.8 million.

2. Growth Expectations for 2025 and Beyond

2025 Outlook

Looking ahead, Gold Royalty expects a significant increase in GEOs for 2025, projecting a range between 5,700 and 7,000. This forecast reflects approximately 16% growth from 2024 levels, driven by three of the company's seven cash-flowing assets ramping up towards full production.

Five-Year Forecast

The company anticipates a staggering growth of over 360% from 2024 levels over the next five years. By 2029, Gold Royalty expects GEOs to increase to between 23,000 and 28,000, bolstered by contributions from both existing producing assets and new projects currently under development.

Garofalo stated, "The projected five-year outlook reflects continued contributions from our cornerstone producing assets, as well as new production from assets currently in development."

3. Strengthening the Balance Sheet

Gold Royalty's balance sheet is poised for enhancement, with expectations of increased cash flow generation and stable, low operating costs. The company has also improved its credit terms, allowing for greater flexibility in capital allocation to pursue growth opportunities while prioritizing debt repayment.

4. Portfolio Update: Key Projects

Gold Royalty's portfolio is diverse, including significant projects such as:

Borborema Project: Expected to achieve commercial production in the second half of 2025, with projected gold production of 33,000 to 40,000 ounces.

Borden Mine: Part of the Porcupine Complex, with an extended mine life until 2033 following a recent acquisition by Discovery Silver Corp.

Côté Gold Mine: IAMGOLD Corporation has successfully started production, targeting operational stability and increased output.

Vareš Mine: Anticipated to commence commercial production in early 2025, contributing positively to Gold Royalty's cash flows.

5. Conclusion

Gold Royalty Corp. has demonstrated strong financial performance in 2024, with ambitious growth plans set for 2025 and beyond. The company's strategic acquisitions and diversified portfolio position it well for continued success in the gold royalty market. As Gold Royalty moves forward, stakeholders and investors will be keenly watching how these developments unfold in the coming years.

Original press release