0001193125-26-114767
SEC filingGold 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.
Gold Royalty Corp. delivered record FY 2025 results with revenue surging 55% YoY to $15.6M from $10.1M, fueled by ramp-ups at Côté Gold (27.1% of revenue) and Vareš (20.7%), plus Borborema (23.3%) contributions amid gold prices averaging $3,437/oz (+44% YoY). Gross profit climbed 80% to $11.9M (76.3% margin vs. 65.6% prior), reflecting low cost of sales ($1.0M ex-depletion). Operating profit flipped to $1.5M from -$4.1M loss, with G&A down 10% to $7.4M via controls. Net loss edged to -$4.1M (-$0.02/share) from -$3.4M, pressured by $8.3M finance costs and $4.2M debenture redemption fee; no impairments vs. $22.4M prior. Cash from operations reached $6.2M (second positive year), supporting deleveraging to zero debt. Assets grew to $822.8M, equity $699.2M.
Revenue diversified across 8 producing assets: Borborema $5.2M (+48% YoY, pre-production royalties/loan interest), Côté Gold $4.2M (+270%, production ramp), Vareš $3.2M (+261%, copper stream), Cozamin $1.3M (+16%), Borden $1.0M (+56%). Geographic: Canada $5.4M (35%), Brazil $3.6M (23%), Bosnia $3.2M (21%), Mexico $1.3M (9%), USA $2.0M (13%). Land proceeds $1.6M (net $1.1M revenue). Growth tied to operator milestones (e.g., Borborema commercial production Q3 2025) and metals prices (gold +44%, copper +9% YoY).
Gross margin expanded to 76.3% from 65.6%, driven by fixed-cost leverage on higher volumes; depletion $2.7M stable. Operating margin 9.6% vs. negative prior, G&A $7.4M (-10% YoY) via efficiencies. Share-based comp $2.8M steady. Impairments nil (vs. $22.4M prior). Finance costs $8.3M (debentures/bank loan), offset by $4.1M other income (Pilot Mountain sale $4.0M gain). Tax recovery $0.2M.
Operating CF $6.2M (+144% YoY) from profitability, working capital. Investing -$68.7M (Pedra Branca $70M acquisition, offset $3.2M dispositions). Financing $72.6M (equity raise $107.2M, debt repayment -$26.2M). Cash $12.4M (up $10.1M). Assets $822.8M (+12%), royalties $786.7M core. Liabilities $123.6M (debt-free post-repayment). Equity $699.2M, shares outstanding 224.5M.
Deleveraged balance sheet, $125M credit facility (accordion to $150M). Key assets advancing: Odyssey shaft sinking ahead, Côté nameplate capacity, Vareš ramp to 850ktpa by 2026. Royalty generator added 9 royalties. Management eyes accretive acquisitions amid strong metals. Risks: operator dependency, metals volatility, exploration non-producing assets (246/258 portfolio).