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Gold Royalty Corp. (NYSE American: GROY) is a gold-focused royalty company that offers creative financing solutions to the metals and mining industry. The company's 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 shareholders.
The company’s core business involves the acquisition of royalties, streams, and similar interests at various stages of the mine life cycle. Gold Royalty Corp’s portfolio primarily consists of net smelter return (NSR) royalties on gold properties located throughout the Americas. This diversified portfolio not only mitigates risk but also positions the company to benefit from various mining operations and projects.
In recent developments, Gold Royalty Corp announced a three-year mutual cooperation agreement with Taurus Mining Royalty Fund L.P. This partnership provides both parties the ability to co-invest in specific precious metals royalties and streams sourced by each other, enhancing their ability to pursue high-quality investments and gain access to new geographic regions.
Financially, the company has achieved significant milestones. In the first quarter of 2024, Gold Royalty Corp generated positive operating cash flow for the first time, driven by recent acquisitions and a peer-leading long-term growth outlook. Key contributors to this achievement include the Côté Gold Mine, the Odyssey Mine, and other flagship royalties.
Gold Royalty Corp. continues to strengthen its portfolio through strategic acquisitions. It recently secured a copper stream in respect of the Vares Silver Project, operated by a subsidiary of Adriatic Metals plc. This acquisition is expected to boost the company's total revenue and gold equivalent ounces (GEOs) in 2024 significantly.
GoldMining Inc (TSX: GOLD) (NYSE: GLDG) has renewed its at-the-market equity program (ATM Program), allowing the distribution of up to US$50 million worth of common shares. The shares will be sold at prevailing market prices through a syndicate of agents led by BMO Nesbitt Burns Inc. and BMO Capital Markets Corp.
The proceeds will fund exploration and development of mineral properties, complete minimum work programs, maintain property rights, fund future acquisitions, and provide working capital. The program will be effective until December 24, 2025, or until the aggregate gross sales reach US$50 million. This ATM Program replaces the previous one that expires on December 31, 2024.
GoldMining reports additional high-grade drilling results at its 100% owned São Jorge Project in Brazil. The 2024 auger drilling program identified several new gold-in-bedrock targets, with peak assays exceeding expectations. Highlight intercepts include 1 meter at 10.2 g/t Au from 14m depth, 5m at 2.78 g/t Au from 10m depth, and 3m at 1.05 g/t Au from 12m depth. Only 13% of the broad gold-in-soil anomalies across the project have been tested to date. The company plans further drilling in 2025 to delineate additional targets and potentially discover new gold resources. The São Jorge property, located in the Tapajós gold district, covers 45,997 hectares and has significant exploration potential. The project benefits from nearby infrastructure, including a paved highway and a new powerline corridor.
Gold Royalty Corp (NYSE: GROY) reported record revenues for Q3 2024, with a 160% increase in revenue to $2.06 million compared to Q3 2023. The company achieved positive net income of $3.42 million ($0.02 per share) in Q3 2024, compared to a net loss of $1.82 million in Q3 2023. For the first nine months of 2024, total revenue reached $6.75 million. The company reaffirmed its 2024 guidance of $13-14 million in Total Revenue, Land Agreement Proceeds and Interest, expecting to benefit from the Vares Mine and Côté Gold Mine reaching full capacity by year-end. The royalty generator model added $0.4 million in land agreement proceeds during Q3.
Gold Royalty Corp (NYSE: GROY) reported significant growth in Q3 2024, with revenue increasing approximately 160% and Total Revenue, Land Agreement Proceeds and Interest rising 90% to $2.6 million compared to Q3 2023. The company achieved record nine-month revenues of $9.0 million for 2024, representing a 130% increase year-over-year. Strong performance was driven by cash-flowing royalties from Canadian Malartic, Côté, Borborema, and Cozamin mines.
The Côté Gold Mine continues its successful ramp-up, achieving a record daily throughput of 40,900 tpd, 14% above nameplate capacity. The company maintains its 2024 guidance of 6,500-7,000 GEOs, equivalent to $13-14 million in forecasted Total Revenue.
GoldMining's subsidiary, U.S. GoldMining, has updated its Mineral Resource Estimate (MRE) for the Whistler Gold-Copper Project in Alaska. Key highlights include:
- Indicated Mineral Resource: 294 million tonnes (Mt) at 0.68 grams per tonne (g/t) gold equivalent (AuEq) for 6.48 million ounces (Moz) AuEq.
- Inferred Mineral Resource: 198 Mt at 0.65 g/t AuEq for 4.16 Moz AuEq.
- The indicated category has increased by 117% compared to the 2022 MRE.
- The updated Whistler MRE includes 2023 drilling data and excludes recent 2024 assays.
- U.S. GoldMining has concluded its 2024 drilling program, achieving 4,006 meters in 6 holes.
The Whistler MRE is constrained by conceptual pit design shells and includes three deposits: Whistler, Raintree, and Island Mountain, covering only 1% of U.S. GoldMining's land holdings. The company is exploring additional targets within the 'Whistler Orbit'.
GoldMining has announced promising results from their diamond and auger drilling programs at the São Jorge Project in Brazil's Tapajós gold district.
Key discoveries include:
- Diamond drilling: New gold and copper mineralization found 1 km from the main São Jorge deposit.
- Notable assay results: Drill hole SJD-123-24 yielded 10 m at 0.66 g/t gold, including 2 m at 1.65 g/t gold; SJD-124-24 returned 28 m at 275 ppm (0.0275%) copper.
- Auger drilling: Indicated new gold zones at the William South target, 2 km north of the deposit, with high-grade results such as 1 m at 17.14 g/t gold from 12 m depth.
These findings suggest potential for significant gold and copper mineralization in previously unexplored areas, supporting the hypothesis of an extensive high-strain corridor.
Gold Royalty Corp. (NYSE American: GROY) reported its Q2 2024 results, highlighting continued growth in operating cash flow. Key points include:
- Revenue increased 300% year-over-year to $1.8 million
- Positive operating cash flow of $1.0 million for the second consecutive quarter
- On track to achieve annual guidance of 6,500-7,000 GEOs ($13-14 million in Total Revenue)
- Completed acquisition of Vares Copper Stream for $50 million
- Published second annual Asset Handbook and Sustainability Report
The company's portfolio saw significant developments, including commercial production at IAMGOLD's Côté Gold Mine and progress at Adriatic Metals' Vares Silver Project. Gold Royalty expects further growth in H2 2024 with the ramp-up of key assets.
Uranium Energy Corp (NYSE American: UEC) has announced a succession plan for its Chief Financial Officer position. Josephine Man will be joining the company and succeeding Pat Obara as Treasurer and CFO, effective October 1, 2024. Obara, who has been with UEC since 2006, will transition to the role of Senior Vice-President, Administration after filing the company's Annual Report on Form 10-K for the current fiscal year.
CEO Amir Adnani praised Obara's 18-year contribution to UEC and expressed excitement about Man's appointment, citing her strong financial background and experience as valuable assets for the company's plans to ramp up operations and move into commercial production. Man brings extensive experience in financial reporting, corporate finance, M&A, and risk management, having previously served as CFO for Uranium Royalty Corp and Gold Royalty Corp.
Gold Royalty Corp. (NYSE American: GROY) reported strong second quarter 2024 revenue, with a 298% increase in Total Revenue, Land Agreement Proceeds and Interest to $2.2 million compared to the same period in 2023. The company's revenue growth was driven by cornerstone royalties, recent acquisitions, and its royalty generator model. Key highlights include:
- First royalty payment from IAMGOLD's Côté Gold Mine
- Continued benefits from existing cash-flowing royalties
- $0.4 million in land agreement proceeds from the royalty generator model
- On track to meet 2024 forecast of 6,500-7,000 GEOs ($13-14 million in Total Revenue)
- Expected growth in second half of 2024 due to strong commodity prices and new projects
GoldMining announced positive assay results from its São Jorge Project in Brazil. The completed diamond core drilling program, spanning 1,077 meters, revealed significant findings from two holes: SJD-122-24, which showed 19 meters grading 1.24 g/t gold, including 7 meters at 2.98 g/t gold, and SJD-121-24, which showed 18 meters grading 0.70 g/t gold, including 8 meters at 1.14 g/t gold. The drilling aims to confirm and explore new mineralization zones, bolstering resource confidence and potentially leading to new gold discoveries. São Jorge, located in the Tapajós gold district, benefits from its proximity to infrastructure and historical gold production.
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