Gold Royalty (GROY) Company Report

Gold Royalty Corp. upsized its revolving credit facility to US$75 million, with an accordion feature for an additional US$25 million, extending its maturity to November 2028. The interest rate on the facility was also improved, with the applicable margin now ranging from 2.5% to 3.5% based on the Company's leverage ratio.
As a condition for the expanded facility, the company completed an early redemption and conversion of its US$40 million outstanding 10% convertible debentures due in 2028, effectively eliminating this debt.
This strategic move is anticipated to improve the balance sheet, lower the cost of capital, and enhance liquidity for future growth.
The conversion of the debentures resulted in the issuance of 23,288,896 common shares to the debenture holders.

Nov 26, 2025, 5:46 PM

6-K

Gold Royalty announces amended and upsized credit facility and debt elimination

GROY

Debt Issuance

New Projects/Investments

Gold Royalty Corp. has upsized its revolving credit facility to US$75 million, with an accordion feature for an additional US$25 million, extending its maturity to November 2028.
The interest rate on the Facility has improved, now ranging from 2.5% to 3.5% based on the Company's leverage ratio, compared to the previous SOFR plus a fixed 3.0% margin.
The Company completed an early redemption and conversion of its outstanding 10% convertible debentures due in 2028, eliminating the US$40 million principal amount of debentures issued in December 2023.
This transaction resulted in the issuance of 23,288,896 common shares to the debenture holders.
Management expects these actions to significantly improve the balance sheet, lower the cost of capital, and enhance the Company's liquidity and cash flow profile.

Nov 26, 2025, 1:30 AM

Press Release

Gold Royalty Reports Q3 2025 Guidance and Operational Milestones

GROY

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Gold Royalty projects Attributable Gold Equivalent Ounces (GEOs) between 5,700 and 7,000 for 2025, with a long-term outlook of 23,000 to 28,000 GEOs by 2029.
Key assets reached significant milestones in Q3 2025, with Borborema expecting commercial production , Vareš announcing commercial production on July 1, 2025 , and Côté Gold achieving its steady-state nameplate throughput of 36,000tpd in June 2025.
A three-year cooperation agreement was established with Taurus Mining Royalty Fund LP for co-investment opportunities in asset transactions valued at US$30 million or more.
The company's portfolio comprises over 250 royalties/streams, with 92% of its book value in gold and 53% in cash-flowing assets, predominantly in low geopolitical risk jurisdictions.

Nov 6, 2025, 4:00 PM

Presentation

Gold Royalty Corp. Adopts Shareholder Rights Plan

GROY

Takeover Bid

M&A

Gold Royalty Corp. (GROY) announced the adoption of a Shareholder Rights Plan (the "Plan") on November 5, 2025, to ensure fair and equal treatment of shareholders in the event of unsolicited take-over bids and to provide the Board and shareholders adequate time to respond.
The Plan was not adopted in response to any specific take-over bid or proposal.
One right will be issued for each outstanding common share on the record date, November 17, 2025.
Each right becomes exercisable if a person acquires 15% or more of the outstanding common shares without complying with permitted bid provisions, or a 20% threshold for entities not party to standstill arrangements.
The Plan has an initial term of three years, provided it is ratified by shareholders within twelve months of its adoption.

Nov 6, 2025, 11:07 AM

6-K

Gold Royalty Corp. Adopts Shareholder Rights Plan

GROY

Takeover Bid

M&A

Gold Royalty Corp. (GROY) has adopted a shareholder rights plan, effective immediately, to ensure fair and equal treatment of shareholders in the event of any unsolicited take-over bid or attempt to acquire control of the Company.
The plan issues one right in respect of each outstanding common share, with a record date of November 17, 2025.
Rights become exercisable if a person acquires 15% or more of the outstanding common shares without complying with permitted bid provisions, entitling other holders to purchase additional shares at a discount. A higher 20% threshold applies to entities not party to a standstill agreement.
The plan has an initial term of three years, provided it is ratified by shareholders within twelve months of its adoption.

Nov 6, 2025, 2:55 AM

Press Release

Gold Royalty reports record Q3 2025 revenue and adjusted EBITDA

GROY

Earnings

Guidance Update

New Projects/Investments

Gold Royalty Corp. reported record revenue of $4.1 million and record Adjusted EBITDA of $2.5 million for the three months ended September 30, 2025.
The company generated positive cash flow from operations of $2.4 million in Q3 2025 and repaid $2.0 million on its revolving credit facility during the quarter, with an additional $5 million repaid subsequent to quarter end.
Total Revenue, Land Agreement Proceeds and Interest reached $4.6 million from 1,323 gold equivalent ounces (GEOs) in the quarter, driven by the continued ramp-up of its portfolio with new mines entering production.
As of September 30, 2025, the company had 16,935,990 outstanding share purchase warrants exercisable at $2.25 per share and expiring May 31, 2027.

Nov 6, 2025, 2:24 AM

6-K

Gold Royalty Corp. Reports Record Q3 2025 Revenue and Adjusted EBITDA

GROY

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Gold Royalty Corp. reported record revenue of $4.1 million and record Total Revenue, Land Agreement Proceeds and Interest of $4.6 million from 1,323 gold equivalent ounces (GEOs) for the third quarter ended September 30, 2025.
The company achieved record Adjusted EBITDA of $2.5 million and record positive cash flow from operations of $2.4 million in the third quarter of 2025.
Gold Royalty Corp. repaid $2.0 million on its revolving credit facility in Q3 2025 and an additional $5 million subsequent to quarter end, with plans to continue de-leveraging throughout 2026.
The Borborema project achieved commercial production in the third quarter of 2025, contributing to the company's portfolio ramp-up.

Nov 6, 2025, 1:59 AM

Press Release

Gold Royalty Corp. Reports Record Q3 2025 Revenue and Positive Operating Cash Flow

GROY

Earnings

Revenue Acceleration/Inflection

Debt Issuance

Gold Royalty Corp. reported record revenue of $4.1 million for the three months ended September 30, 2025, marking a 101% increase compared to the same period in 2024, primarily driven by increased production at the Côté Gold and Vareš mines and higher commodity prices. Commercial production was also achieved at the Borborema mine during this period.
The company generated $2.4 million in positive cash flows from operations for the three months ended September 30, 2025, representing its third consecutive quarter of positive operating cash flow. Additionally, Gold Royalty Corp. repaid $2.0 million in principal on its revolving credit facility during Q3 2025, with an additional $5.0 million repayment occurring subsequent to the quarter end.
For the nine months ended September 30, 2025, revenue increased to $11.1 million from $6.7 million in the same period of 2024, but the company reported a net loss of $3.2 million (or $0.02 per share basic and diluted).

Nov 6, 2025, 1:54 AM

6-K

Gold Royalty Corp. Reaches 250th Asset Milestone and Provides Portfolio Update

GROY

New Projects/Investments

Guidance Update

Gold Royalty Corp. announced it reached a milestone of 250 assets in its portfolio with the sale of the Spanish Moon Project to Kinross Gold Corporation, retaining a 3% net smelter return royalty (NSR).
The company's royalty generator model, which created the 250th asset at minimal cost, has generated 51 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 and currently includes 36 properties under land agreements.
Gold Royalty anticipates 367% gold equivalent ounce (GEO) growth by 2029.
Key asset updates include commercial production at Borborema (2% NSR) as of September 23, 2025 , and an updated mineral resource estimate for Tonopah West (3% NSR) on September 8, 2025, reporting 21.1 Moz silver equivalent in indicated resources.

Oct 1, 2025, 10:50 AM

6-K

Gold Royalty Corp. Reaches 250th Asset Milestone and Provides Portfolio Updates

GROY

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Gold Royalty Corp. announced the addition of its 250th asset, the Spanish Moon Project, to its portfolio, retaining a 3% net smelter return royalty (NSR) after its sale to Kinross Gold Corporation.
The company has grown its portfolio from 18 royalties at its March 2021 IPO to 250 royalties and streams today, attributing this expansion to four growth pillars, including its royalty generator model.
Gold Royalty projects 367% gold equivalent ounce (GEO) growth by 2029.
Key portfolio assets have shown recent progress, including Borborema achieving commercial production on September 23, 2025, and County Line receiving construction and operation approvals on September 30, 2025.