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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 has announced promising preliminary results from the geophysical survey reprocessing of its Rea uranium project in the Western Athabasca Basin. The Company, which owns 75% of the project, has identified over 70 km of prospective trends within three distinct corridors. The project encompasses approximately 125,328 hectares and surrounds Orano Canada's Dragon Lake prospect. Notable findings include anomalous uranium values and pathfinder elements in multiple drill holes across the Maybelle River, Net Lake, and Keane Lake corridors. CEO Alastair Still emphasized the cost-efficiency and strategic relevance of this work towards unlocking shareholder value. Future exploration will focus on refining targets for drilling.
Gold Royalty Corp. (NYSE American: GROY) published its 2023 Sustainability Report and 2024 Asset Handbook, highlighting significant growth and sustainability milestones. CEO David Garofalo noted the company's transformation due to recent acquisitions and a firm commitment to responsible resource development. Key achievements include a $300,000 sustainability-linked contribution to the Borborema mine, maintaining one of the lowest carbon intensities in the sector at 0.25 T CO2E/GEO, and extensive ESG due diligence. The 2024 Asset Handbook outlines a robust royalty portfolio, enhanced by acquisitions in Borborema, Cozamin, and Québec, with over 80 operating partners and 240 royalties. An investor day webcast is scheduled for June 12, 2024.
Gold Royalty Corp. (NYSE American: GROY) has successfully completed the acquisition of a copper stream on the Vares Silver Project in Bosnia and Herzegovina, managed by Adriatic Metals plc. The deal, worth $50 million, was finalized with a payment of $45 million in cash and the issuance of nearly 2.91 million common shares to OMF Fund III (Cr) , a subsidiary of Orion Mine Finance Management LP. This acquisition is expected to enhance Gold Royalty's free cash flow and strengthen its portfolio of long-life, low-cost mining royalties. Additionally, Gold Royalty has expanded its secured revolving credit facility by $5 million, totaling $30 million, with an extra $5 million available under certain conditions.
Gold Royalty Corp (NYSE American: GROY) has updated its 2024 guidance, projecting a 27% increase in total revenues due to the acquisition of a copper stream in the Vares Silver Project in Bosnia and Herzegovina. The company foresees revenue between $13.0 million and $14.0 million, driven by an expected production of 6,500 to 7,000 Gold Equivalent Ounces (GEOs). This update is based on an assumed gold price of $2,000 per ounce and a copper price of $4.25 per pound. The latest projection marks a 160% increase in revenue from 2023. The acquisition is expected to enhance Gold Royalty's cash flow profile. The management will discuss the acquisition's impact in an investor webcast on June 4, 2024. CEO David Garofalo emphasizes the strategic value of the Vares Stream, contributing significantly to the company's portfolio and cash flow growth.
Gold Royalty Corp. (NYSE American: GROY) has successfully closed its public offering of 20,058,300 units, raising approximately US$34.5 million. Each unit, priced at US$1.72, includes one common share and one warrant, exercisable at US$2.25 for 36 months. The company plans to list the warrants under 'GROY.WS' on the NYSE American. Proceeds will help fund the acquisition of a copper stream in the Vares Silver Project, Bosnia and Herzegovina. The offering included notable underwriters such as National Bank Financial and BMO Capital Markets. Some company insiders participated, purchasing 796,514 units.
GoldMining has commenced drilling at its São Jorge Gold Project in Brazil, spanning 45,997 hectares. The project includes 1,000 meters of diamond core drilling and 3,000 meters of power auger drilling. Objectives include confirming structural controls on high-grade mineralization and exploring new targets along a NW-SE high-strain corridor. The drilling will test surficial geochemical anomalies within a 12 km x 7 km area, comprising gold, copper, and molybdenum. The project sits within the Tapajos Gold District, noted for producing over 20 million ounces of gold. A new geological model may optimize mineral resource estimates, potentially leading to new discoveries.
Gold Royalty Corp. (NYSE American: GROY) has announced a US$30 million bought deal financing agreement with National Bank Financial and BMO Capital Markets. The deal involves selling 17,442,000 units at US$1.72 per unit, each unit comprising one common share and one warrant. Warrants are exercisable at US$2.25 for 36 months. An over-allotment option is available for up to US$4.5 million. Proceeds will fund part of the US$50 million acquisition of a copper stream from Orion Mine Finance related to the Vares Silver Project in Bosnia and Herzegovina. The offering is set to close around May 31, 2024, pending necessary approvals, and the shares and warrants will be listed on NYSE American.
Gold Royalty announced a binding agreement to acquire a copper stream on the Vares Silver Project from Orion Mine Finance for $50 million. The payment includes $45 million in cash and $5 million in shares. The Vares Stream covers 100% of copper production with ongoing payments at 30% of LME spot copper price, and first production began in February 2024. Commercial production is expected by Q4 2024. The Vares Project, located in Bosnia and Herzegovina, has a projected mine life of 18 years and includes high-quality assets with expansion potential. The acquisition is expected to boost Gold Royalty's revenue and cash flow and benefit from high copper prices. Funding for the acquisition will come from an equity offering and an expanded credit facility with the Bank of Montreal and the National Bank of Canada.
GoldMining announced the voting results of its annual general meeting held on May 16, 2024. The meeting saw a quorum of 32.49% of outstanding shares represented. All nominees listed in the management's information circular dated March 25, 2024, were elected as directors. Significant votes were cast for Amir Adnani (92.02%), David Garofalo (92.07%), Garnet Dawson (94.45%), David Kong (94.26%), Gloria Ballesta (68.38%), Hon. Herb Dhaliwal (94.13%), Mario Bernardo Garnero (94.52%), and Anna Tudela (93.95%). Additionally, PricewaterhouseCoopers LLP was reappointed as the auditor for the ensuing year. Detailed voting results are available on SEDAR+.
Gold Royalty Corp. (GROY) announced its Q1 2024 results, showcasing a record quarterly revenue of $2.9 million, driven by recent acquisitions and flagship royalties. Operating cash flow turned positive at $0.3 million. Cash operating expenses decreased by 10% YoY to $2.3 million. Despite positive revenue and cash flow, the company reported a net loss of $1.4 million, an improvement from a $3.1 million loss in Q1 2023. The company expects continued growth due to high gold prices and key projects like the Côté Gold Mine and the Odyssey Mine progressing well.
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