GOLD ROYALTY REPORTS THIRD QUARTER 2024 RESULTS; RECORD REVENUE FOR THE FIRST NINE MONTHS OF 2024
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) ha registrato entrate record per il terzo trimestre del 2024, con un aumento del 160% dei ricavi a $2,06 milioni rispetto al terzo trimestre del 2023. L'azienda ha raggiunto un reddito netto positivo di $3,42 milioni ($0,02 per azione) nel terzo trimestre del 2024, rispetto a una perdita netta di $1,82 milioni nel terzo trimestre del 2023. Nei primi nove mesi del 2024, il fatturato totale ha raggiunto $6,75 milioni. L'azienda ha confermato le previsioni per il 2024 di $13-14 milioni di fatturato totale, proventi da contratti di terra e interessi, aspettandosi benefici dall'arrivo alla piena capacità della Vares Mine e della Côté Gold Mine entro la fine dell'anno. Il modello di generazione di royalties ha contribuito con $0,4 milioni in proventi da contratti di terra durante il terzo trimestre.
Gold Royalty Corp (NYSE: GROY) reportó ingresos récord para el tercer trimestre de 2024, con un aumento del 160% en los ingresos a $2.06 millones en comparación con el tercer trimestre de 2023. La compañía logró un ingreso neto positivo de $3.42 millones ($0.02 por acción) en el tercer trimestre de 2024, en comparación con una pérdida neta de $1.82 millones en el tercer trimestre de 2023. En los primeros nueve meses de 2024, los ingresos totales alcanzaron los $6.75 millones. La compañía reafirmó su guía para 2024 de $13-14 millones en ingresos totales, ingresos por acuerdos de tierras e intereses, esperando beneficiarse de la mina Vares y la mina Côté Gold al alcanzar plena capacidad para finales de año. El modelo generador de regalías aportó $0.4 millones en ingresos por acuerdos de tierras durante el tercer trimestre.
Gold Royalty Corp (NYSE: GROY)는 2024년 3분기 기록적인 매출을 보고했으며, 2023년 3분기 대비 매출이 160% 증가하여 $2.06백만에 이르렀습니다. 회사는 2024년 3분기에 $3.42백만의 긍정적인 순이익 ($0.02 주당)을 달성했으며, 2023년 3분기에는 $1.82백만의 순손실을 기록했습니다. 2024년 첫 9개월 동안 총 매출은 $6.75백만에 달했습니다. 회사는 2024년 총 매출, 토지 계약 수익 및 이자에 대해 $13-14백만의 가이드를 재확인하며, 연말까지 Vares Mine와 Côté Gold Mine이 완전 가동됨에 따라 혜택을 볼 것으로 기대하고 있습니다. 로열티 생성 모델은 3분기 동안 토지 계약 수익으로 $0.4백만을 추가했습니다.
Gold Royalty Corp (NYSE: GROY) a annoncé des revenus records pour le troisième trimestre de 2024, avec une augmentation de 160 % de son chiffre d'affaires à 2,06 millions de dollars par rapport au troisième trimestre de 2023. L'entreprise a réalisé un bénéfice net positif de 3,42 millions de dollars (0,02 $ par action) au troisième trimestre 2024, contrairement à une perte nette de 1,82 million de dollars au troisième trimestre 2023. Au cours des neuf premiers mois de l'année 2024, le chiffre d'affaires total a atteint 6,75 millions de dollars. L'entreprise a réaffirmé ses prévisions pour 2024, qui s'élèvent à 13-14 millions de dollars en chiffres d'affaires total, en revenus d'accords fonciers et en intérêts, s'attendant à bénéficier de l'exploitation de la mine de Vares et de la mine de Côté Gold atteignant leur pleine capacité d'ici la fin de l'année. Le modèle de génération de redevances a permis d'ajouter 0,4 million de dollars en revenus d'accords fonciers au cours du troisième trimestre.
Gold Royalty Corp (NYSE: GROY) berichtete über Rekordumsätze für das 3. Quartal 2024, mit einem Anstieg des Umsatzes um 160 % auf $2,06 Millionen im Vergleich zum 3. Quartal 2023. Das Unternehmen konnte einen positiven Nettogewinn von $3,42 Millionen ($0,02 pro Aktie) im 3. Quartal 2024 erzielen, im Vergleich zu einem Nettoverlust von $1,82 Millionen im 3. Quartal 2023. In den ersten neun Monaten des Jahres 2024 erreichten die Gesamteinnahmen $6,75 Millionen. Das Unternehmen bestätigte seine Prognose für 2024 von $13-14 Millionen an Gesamteinnahmen, Einkünften aus Landverträgen und Zinsen und erwartet, von der Vares Mine und der Côté Gold Mine zu profitieren, die bis Ende des Jahres ihre volle Kapazität erreichen werden. Das Royalty-Generator-Modell brachte im 3. Quartal $0,4 Millionen aus Landverträgen ein.
- Revenue increased 160% year-over-year to $2.06 million in Q3 2024
- Net income of $3.42 million in Q3 2024 vs. loss of $1.82 million in Q3 2023
- Total Revenue, Land Agreement Proceeds and Interest up 90% to $2.60 million in Q3 2024
- Positive operating cash flow of $1.28 million for first nine months of 2024
- Seven new royalties added in first nine months of 2024
- General and administrative costs increased to $2.43 million in Q3 2024 from $2.22 million in Q3 2023
- Negative operating cash flow of $42,000 in Q3 2024
Insights
Gold Royalty Corp. delivered a strong third quarter with
Key growth drivers include new royalty payments from Côté Gold Mine and continued contributions from Borborema, Canadian Malartic, Cozamin and Borden mines. The company maintains its 2024 guidance of 6,500-7,000 GEOs, translating to
The royalty generator model continues to be effective, adding 7 new royalties in the first nine months of 2024 with minimal operating costs of
David Garofalo, Chairman and CEO of Gold Royalty, commented: "The third quarter of 2024 marked an important inflection point for Gold Royalty. Our outlook continues to grow increasingly positive with the ramp up and construction of several key assets across our portfolio. We achieved record revenues, a stable expense profile, and positive net income through the first nine months of 2024 and have reiterated our full year guidance for expected Total Revenue, Land Agreement Proceeds and Interest* of
Third Quarter 2024 Results Summary:
The following table sets forth selected financial information for the three and nine months ended September 30, 2024:
For the three months | For the nine months ended | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(in thousands of dollars, except per share amounts) | ($) | ($) | ($) | ($) | ||||
Revenue | 2,060 | 797 | 6,748 | 2,032 | ||||
General, administrative and project evaluation costs | (2,428) | (2,217) | (7,436) | (8,307) | ||||
Net income (loss) | 3,423 | (1,817) | (218) | (7,396) | ||||
Net income (loss) per share, basic | 0.02 | (0.01) | (0.00) | (0.05) | ||||
Net income (loss) per share, diluted | 0.02 | (0.01) | (0.00) | (0.05) | ||||
Cash provided by (used in) operating activities | (42) | (1,751) | 1,281 | (5,149) | ||||
Non-IFRS and Other Measures | ||||||||
Total Revenue, Land Agreement Proceeds and Interest* | 2,601 | 1,370 | 9,001 | 3,897 | ||||
Cash Operating Expenses* | (1,963) | (1,642) | (5,878) | (5,987) | ||||
Adjusted Net Income (Loss)* | 4,238 | (1,095) | 1,571 | (4,900) | ||||
Adjusted Net Income (Loss) Per Share, basic* | 0.03 | (0.01) | 0.01 | (0.03) | ||||
Adjusted Net Income (Loss) Per Share, diluted* | 0.02 | (0.01) | 0.01 | (0.03) | ||||
Total Gold Equivalent Ounces ("GEOs")* | 1,051 | 711 | 4,017 | 2,036 |
* Total Revenue, Land Agreement Proceeds and Interest, Cash Operating Expenses, Adjusted Net Loss, Adjusted Net Loss Per Share, basic and diluted and Total 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, 2024, copies of which are available under the Company's profile at www.sedarplus.ca and www.sec.gov.
Third Quarter 2024 Highlights:
- Approximate
160% increase in revenue and90% increase in Total Revenue, Land Agreement Proceeds and Interest in the third quarter of 2024 from the same period in 2023. - In the third quarter of 2024, the Company recorded its second consecutive quarterly royalty payment from the Côté Gold Mine and continued to benefit from its existing cash flowing royalties on the Borborema Project and the Canadian Malartic, Cozamin, and Borden Mines. The Company's royalty generator model added
in land agreement proceeds in the quarter.$0.4 million - Net income per share and Adjusted Net Income Per Share in the third quarter of 2024 was
and$0.02 , respectively, compared to a net loss per share and Adjusted Net Loss Per Share in the third quarter of 2023 of$0.03 and$0.01 , respectively.$0.01 - The Company remains on track to achieve its annual guidance of between 6,500 and 7,000 GEOs for 2024, which equates to approximately
to$13 million in forecasted Total Revenue, Land Agreement Proceeds and Interest, as it expects to benefit from the Vares Mine and Côté Gold Mine achieving full capacity by the end of the year and strong commodity prices. See "Notice to Investors" below for further information.$14 million
Portfolio Update:
Odyssey Mine (
On October 30, 2024, Agnico Eagle announced its results for the third quarter of 2024, disclosing that ramp development and shaft sinking activities were progressing on-schedule, having reached a depth of 873 meters and 839 meters, respectively. Exploration drilling was conducted at the East Gouldie, Odyssey North and Odyssey South deposits, with surface drill holes intersecting the Odyssey Internal Zones with positive assay results. Agnico Eagle highlighted that this demonstrated the potential to add new mineral reserves and resources to the Odyssey Internal Zones and that they could be brought into production with existing infrastructure.
Additionally, regional exploration work has accelerated in the eastern portion of the Canadian Malartic Property, with widely spaced diamond drilling totaling over 15,000 meters during the third quarter of 2024 (41,700 meters during 2024) on the Rand Malartic and Malartic Goldfields properties. Gold Royalty holds a
For further information see Agnico Eagle's news release dated October 30, 2024, available under its profile on www.sedarplus.ca.
Vares Mine (
For further information see Adriatic's ASX Announcement dated October 28, 2024.
Côté Gold Mine (
For further information see IAMGOLD's news release dated October 15, 2024, available under its profile on www.sedarplus.ca.
Granite Creek Mine Project (
On September 18, 2024, i-80 announced the appointment of Richard Young as CEO and director, disclosing that he brings strong experience in
For further information see i-80's management discussion and analysis for the three and six months ended June 30, 2024, and news release dated September 18, 2024, available under its profile on www.sedarplus.ca.
Cozamin Mine (
For further information see Capstone's news release dated October 31, 2024, available under its profile on www.sedarplus.ca.
Whistler Gold-Copper Project (
For more information, refer to U.S. GoldMining's news release dated October 7, 2024, available under its profile at www.sedarplus.ca.
Tonopah West Project (
For further information see Blackrock Silver's news release dated September 4, 2024, available under its profile on www.sedarplus.ca.
South Railroad (
Significant permitting progress at the South Railroad Project has been made at the federal and state levels to advance the posting of the Notice of Intent in early 2025, with Orla targeting a Record of Decision by mid-2026. Following this approval, construction on the South Railroad Project would commence, with first gold production anticipated by Orla in 2027.
For further information see Orla's news release dated October 31, 2024, available under its profile on www.sedarplus.ca.
Royalty Generator Model Update
Our royalty generator model continues to generate positive results with seven new royalties added in the nine months ended September 30, 2024. We have generated 47 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 through this model.
We currently have 32 properties subject to land agreements and 6 properties under lease generating land agreement proceeds. The model continues to incur low operating costs with only
Third Quarter 2024 Results Conference Call Details
A conference call will be held on Tuesday, November 5, 2024, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:
Webinar: Click Here
US (toll-free): 1-866-652-5200
International: 1-412-317-6060
The third quarter 2024 presentation materials 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
Qualified Person
Alastair Still, P.Geo., Director of Technical Services of the Company, is a "qualified person" as such term is defined under Canadian National Instrument 43-101 ("NI 43-101") and has reviewed and approved the technical information disclosed in this news release.
Notice to Investors
For further information regarding the project updates regarding properties underlying the Company's royalties, stream and other interests, please refer to the disclosures of the operators thereof, including the news releases referenced herein and the other disclosures of such operators. Disclosure relating to properties in which Gold Royalty holds interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. The Company generally has limited or no ability to verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.
Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared by the project operators in accordance with Canadian National Instrument 43-101, which differs significantly from the requirements of the
The 2024 outlook, including forecasted total GEOs, is based on public forecasts, expected development timelines and other disclosure by the owners and operators of the properties underlying our interests and our assessment thereof.
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
Non-IFRS Measures
The Company has included in this document, certain performance measures, including: (i) Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share; (ii) Total GEOs; (iii) Total Revenue, Land Agreement Proceeds and Interest; and (iv) Cash Operating Expenses, 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.
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share
Adjusted Net Income (Loss) is calculated by adding land agreement proceeds credited against other mineral interests, loan interest earned on the gold-linked loan, convertible debentures-accretion, transaction related and non-recurring general administrative expenses* and share of (gain) loss in associate and deducting the following from net income (loss): dilution gain in associate, changes in fair value of derivative liabilities, embedded derivatives, short-term investments and gold-linked loan, gain (loss) on loan modification, foreign exchange gain (loss) and other income. Adjusted Net Income (Loss) Per Share, basic and diluted, have been determined by dividing the Adjusted Net Income (Loss) by the weighted average number of common shares for the applicable period. Management believes that they are useful measures of performance as they adjust for items which are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. The following is a reconciliation of net income (loss) to Adjusted Net Income (Loss), Per Share, basic and diluted for the periods indicated:
For the three months | For the nine months | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(in thousands of dollars, except per share amounts) | ($) | ($) | ($) | ($) | ||||
Net income (loss) after income taxes for the period | 3,423 | (1,817) | (218) | (7,396) | ||||
Land agreement proceeds credited against other mineral interests | 254 | 347 | 1,467 | 1,639 | ||||
Pre-acquisition royalty revenue credited against Cozamin purchase price | — | 226 | — | 226 | ||||
Gold-linked convertible loan interest from Borborema | 287 | — | 786 | — | ||||
Convertible debentures - accretion | 454 | — | 1,275 | — | ||||
Transaction related and non-recurring expenses | 141 | 64 | 416 | 699 | ||||
Share of (gain) loss in associate | 67 | (22) | (33) | (244) | ||||
Dilution gain in associate | — | — | (9) | (12) | ||||
Change in fair value of derivative liabilities | — | (3) | — | (242) | ||||
Change in fair value of gold-linked loan to Borborema | (400) | — | (1,350) | — | ||||
Change in fair value of short-term investments | 30 | 142 | (19) | 219 | ||||
Change in fair value of embedded derivatives | (99) | — | (469) | — | ||||
Foreign exchange (gain) loss | 103 | (30) | 116 | 77 | ||||
Loan modification (gain) loss | — | — | (310) | 249 | ||||
Other income | (22) | (2) | (81) | (115) | ||||
Adjusted Net Income (Loss) | 4,238 | (1,095) | 1,571 | (4,900) | ||||
Weighted average number of common shares | ||||||||
Basic | 169,152,636 | 144,970,285 | 156,162,298 | 144,609,320 | ||||
Diluted | 170,233,750 | 144,970,285 | 156,162,298 | 144,609,320 | ||||
Adjusted Net Income (Loss) Per Share | ||||||||
Basic | 0.03 | (0.01) | 0.01 | (0.03) | ||||
Diluted | 0.02 | (0.01) | 0.01 | (0.03) |
* Transaction related, and non-recurring general administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the nine months ended September 30, 2024, transaction related and non-recurring professional fees primarily related to an ongoing tax review and internal reorganization. |
Total GEOs
Total 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 | Total Revenue, | GEOs | |||
For the three months ended September 30, 2024 | 2,475 | 2,601 | 1,051 | |||
For the three months ended September 30, 2023 | 1,927 | 1,370 | 711 | |||
For the nine months ended September 30, 2024 | 2,241 | 9,001 | 4,017 | |||
For the nine months ended September 30, 2023 | 1,914 | 3,897 | 2,036 |
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 interest received under the gold-linked loan. The Company has 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 and nine months ended September 30, 2024, respectively:
For the three months | For the nine months | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(in thousands of dollars) | ($) | ($) | ($) | ($) | ||||
Royalty | 1,172 | 573 | 3,177 | 1,206 | ||||
Pre-acquisition royalty revenue credited against Cozamin purchase price | — | 226 | — | 226 | ||||
Advance minimum royalty and pre-production royalty | 807 | 153 | 2,250 | 509 | ||||
Land agreement proceeds | 335 | 418 | 2,788 | 1,956 | ||||
Gold-linked convertible loan interest from Borborema | 287 | — | 786 | — | ||||
Total Revenue, Land Agreement Proceeds and Interest | 2,601 | 1,370 | 9,001 | 3,897 | ||||
Land agreement proceeds credited against other mineral interests | (254) | (347) | (1,467) | (1,639) | ||||
Pre-acquisition royalty revenue credited against Cozamin purchase price | — | (226) | — | (226) | ||||
Gold-linked convertible loan interest from Borborema | (287) | — | (786) | — | ||||
Revenue | 2,060 | 797 | 6,748 | 2,032 |
Cash Operating Expenses
Cash Operating Expenses are determined by deducting depreciation and share-based compensation from general, administrative and project evaluation costs. The Company has included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry. The following is a reconciliation of Cash Operating Expenses to general, administrative and project evaluation costs.
For the three months | For the nine months | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(in thousands of dollars) | ($) | ($) | ($) | ($) | ||||
General and administrative costs | (2,413) | (2,188) | (7,389) | (8,029) | ||||
Project evaluation costs | (15) | (29) | (47) | (278) | ||||
General, administrative and project evaluation costs | (2,428) | (2,217) | (7,436) | (8,307) | ||||
Depreciation | 20 | 13 | 59 | 50 | ||||
Share-based compensation | 445 | 562 | 1,499 | 2,270 | ||||
Cash Operating Expenses | (1,963) | (1,642) | (5,878) | (5,987) |
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SOURCE Gold Royalty Corp.
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