David Garofalo, Chairman and CEO of Gold Royalty, commented: "The continued ramp-up of our portfolio, with new mines entering production, has delivered another quarter of record revenue and record Total Revenue, Land Agreement Proceeds and Interest. With positive cash flow and additional proceeds from warrant exercises, we have further reduced debt, lowered interest costs, and strengthened our balance sheet. Our disciplined approach keeps us on track to continue using cash generated from operations to de-lever throughout 2026."
Third Quarter 2025 Results Highlights:
Record revenue of $4.1 million and Total Revenue, Land Agreement Proceeds and Interest* of $4.6 million from 1,323 gold equivalent ounces (GEOs)*in the quarter.
Record Adjusted EBITDA* of $2.5 million and record positive cash flow from operations of $2.4 million in the quarter.
Responsible capital allocation. Gold Royalty repaid $2.0 million to our existing revolving credit facility in the third quarter and has repad a further $5 million to the facility subsequent to quarter end. We expect to continue using cash generated from operations to de-lever throughout 2026.
*ˆSee "Non-IFRS Measures" below.
Third Quarter 2025 Results Summary:
The following table sets forth selected financial and operating information for the three and nine months ended September 30, 2025 and 2024.
For the three months ended September 30
For the nine months ended September 30
2025
2024
2025
2024
(in thousands of dollars, except per share and GEO amounts)
($)
($)
($)
($)
Revenue
4,148
2,060
11,109
6,748
Net (loss) income(1)
(1,133)
3,423
(3,210)
(218)
Net (loss) income per share, basic and diluted
(0.01)
0.02
(0.02)
(0.00)
Cash provided by (used in) operating activities
2,438
(42)
5,994
1,281
Non-IFRS
Total Revenue, Land Agreement Proceeds and Interest(2)
4,573
2,601
12,562
9,001
Adjusted EBITDA(2)
2,517
779
6,553
3,539
Adjusted Net (Loss) Income(2)
(415)
4,238
(1,727)
1,571
Adjusted Net (Loss) Income Per Share, basic(2)
(0.00)
0.03
(0.01)
0.01
Adjusted Net (Loss) Income Per Share, diluted(2)
(0.00)
0.02
(0.01)
0.01
GEOs(2)
1,323
1,051
3,918
4,017
Notes:
(1)
Net income for the three months ended September 30, 2024, includes $5.9 million deferred tax recovery that was recognized as a result of our internal reorganizations to streamline operations, which was completed in the third quarter of 2024. See the Company's management's discussion and analysis for the three and nine months ended September 30, 2025 for further information.
(2)
Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, Adjusted Net (Loss) Income, Adjusted Net (Loss) Income 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" for further information.
For further detailed information, please refer to the Company's unaudited condensed interim consolidated financial statements and management's discussion and analysis for the three and nine months ended September 30, 2025, copies of which are available under the Company's profile at www.sedarplus.ca and www.sec.gov.
Portfolio Update:
Borborema project (2.0% NSR): On September 23, 2025, Aura Minerals ("Aura") announced that commercial production had been achieved in the third quarter, on schedule. On October 10, 2025, Aura disclosed that total production for the three months ended September 30, 2025, at Borborema totaled 10,219 gold equivalent ounces. For further information see Aura's news releases dated September 23, 2025 and October 10, 2025, available under its profile on www.sedarplus.ca.
Borden mine (0.5% NSR, partial royalty coverage): On August 12, 2025, Discovery Silver Corp. ("Discovery") released its second quarter 2025 results, highlighting quarterly production from Borden of 27,286 ounces of gold at an average grade of 5.62 g/t gold and a 90.6% recovery. Discovery also outlined the exploration program targeting near-mine and regional extensions, with resource conversion drilling planned across Hoyle Pond, Borden, and Pamour. For further information see Discovery's news releases dated August 12, 2025, available under its profile on www.sedarplus.ca.
Canadian Malartic / Odyssey mine (3.0% NSR, partial royalty coverage): On October 29, 2025, in its third quarter financial results, and on its October 30 conference call Agnico Eagle Mines Limited ("Agnico Eagle") reported that both underground development and shaft sinking are proceeding ahead of schedule, and the company continues to expect initial production in the second half of 2026. Agnico Eagle has also approved a 70-metre extension to Shaft #1 at depth. Engineering for this new layout commenced in the third quarter of 2025 and the excavation of the second loading station is now expected to begin in early 2026. The extension is expected to improve operational flexibility and efficiency in the early 2030s, reduce reliance on truck haulage, and further unlock significant exploration potential at depth. For further information see Agnico Eagle's news release dated October 29, 2025, available under its profile on www.sedarplus.ca.
Côté Gold mine (0.75% NSR, partial royalty coverage): On November 4, 2025, IAMGOLD released its third quarter 2025 results, highlighting that Côté Gold had produced 106,000 ounces on a 100% basis in the quarter, marking the second consecutive quarter averaging over 30,000 ounces per month. IAMGOLD also reiterated cost guidance for Côté Gold with expected full-year cash costs of $1,100-$1,200/oz and all-in sustaining costs to $1,600-$1,700/oz. For further information see IAMGOLD's news releases dated August 7, 2025, available under its profile on www.sedarplus.ca.
County Line project (3% NSR): On September 30, 2025, Fortitude Gold Corp. ("Fortitude Gold") announced that it has received all approvals from the Bureau of Land Management and the Nevada Division of Environmental Protection to construct and operate the County Line project, located approximately 16 miles northeast of Fortitude Gold's Isabella Pearl gold mine (0.375% GRR). The operator intends to mine and truck County Line mineralization to Isabella Pearl, leveraging the existing heap leach pad and gold processing facilities. For further information see Fortitude Gold's news release dated September 30, 2025, available under its profile on www.sedarplus.ca.
Cozamin mine (1.0% NSR, partial royalty coverage): On October 30, 2025, Capstone Copper Corp. ("Capstone") reported copper production of 6,145 thousand tonnes of copper at Cozamin in the third quarter 2025, 2% higher than the same period of 2024 as mine sequencing resulted in higher grades. It stated that Cozamin's copper production is trending towards the upper end of its previously disclosed 2025 production guidance of 23,000 to 26,000 tonnes as well as the lower end of costs. Production is expected by Capstone to be consistently weighted through the year. For further information see Capstone's news release dated October 30, 2025, available under its profile on www.sedarplus.ca.
Ren project (1.5% NSR and 3.5% NPI): In its management's discussion and analysis for the three months ended June 30, 2025, Barrick reiterated its targeted production of 140,000 ounces of gold per year (100% basis) in 2027 at Ren. It disclosed that, as at June 30, 2025, project spend was $115 million (including $20 million in the second quarter of 2025) of an estimated capital cost of $410 to $470 million (100% basis). Ren was also highlighted in a Nevada Gold Mines site visit, hosted by Barrick on September 18, 2025, where the operator published updated gold production forecasts through 2033 and noted that the Ren life of mine extends past 2040. For further information see Barrick's management's discussion and analysis for the three months ended June 30, 2025, available under its profile on www.sedarplus.ca and presentation materials dated September 18, 2025 on www.barrick.com.
South Railroad project (0.44% NSR, partial royalty coverage): On August 11, 2025, Orla Mining Ltd. ("Orla") released its second quarter 2025 results highlighting that exploration activities continue at the South Railroad project with the focus to increase resources at the Dark Star and Pinion deposits, as well as other satellite deposits. Exploration activities are expected to continue through 2025. Orla also stated that the Notice of Intent is expected to be published shortly after the news release, with the company targeting a Record of Decision ("ROD") approximately 12 months after. Following approval of the ROD, construction on the South Railroad project would begin, with first gold produced targeted for 2028. For further information see Orla's news release dated August 11, 2025, available under its profile on www.sedarplus.ca.
Tonopah West project (3.0% NSR): On October 27, 2025, Blackrock Silver Corp. announced the first assay results from its Eastern Expansion Drill Program at Tonopah West, a follow-up of the Scout Program that had identified strong mineralization up to 1.2 kilometres east of the current resource area. The Eastern Expansion Program returned with multiple high-grade intercepts across the drilled area. These results confirm the continuity of mineralization well beyond the existing deposit footprint and highlight the potential for further extensions along the eastern trend of the Tonopah West project. For further information see Blackrock Silver's news releases dated October 27, 2025, available under its profile on www.sedarplus.ca.
Vareš mine (100% copper stream with ongoing payments of 30% of the spot copper price): On October 9, 2025, DPM Metals Inc. ("DPM") announced its preliminary third quarter 2025 results, wherein it disclosed that integration activities at the Vareš mine were progressing well and that it expects the operation to achieve 850,000 ...
