Gold Royalty Corp.

Gold Royalty Corp. (GROY) reported record revenue of $15.6 million for FY 2025, a 55% increase from $10.1 million in FY 2024, driven by higher production at Côté Gold and Vareš mines, increased contributions from Borborema and Borden royalties, and elevated gold and copper prices. Gross profit rose to $11.9 million from $6.6 million, reflecting improved margins at 76.3% versus prior year. Operating profit turned positive at $1.5 million, up from a $4.1 million loss, aided by cost controls reducing G&A to $7.4 million. However, net loss widened slightly to $4.1 million ($0.02 per share) from $3.4 million, impacted by $22.4 million impairments (none in 2025), $8.3 million finance costs, and $4.2 million make-whole payment on debentures redemption. Balance sheet strengthened with total assets at $822.8 million (up from $737.5 million), equity $699.2 million, and no debt post-repayment. Operating cash flow hit $6.2 million positive, second consecutive year, versus $2.5 million prior. Key moves: acquired Pedra Branca royalty for $70 million, fully repaid credit facility, positioning for growth amid strong commodity outlook.

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