Business
Gold Royalty Announces Record Total Revenue, Land Agreement Proceeds And Interest And GEOs
First Quarter Results to be Released on May 13, 2024 VANCOUVER, BC, April 22, 2024 /CNW/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American:
About this update from Gold Royalty Corp.
[{"type":"text","content":" First Quarter Results to be Released on May 13, 2024 VANCOUVER, BC, April 22, 2024 /CNW/ - Gold Royalty Corp. (\"Gold Royalty\" or the \"Company\") (NYSE American: GROY) is pleased to announce record quarterly Total Revenue, Land Agreement Proceeds and Interest*, driven by the Company's cornerstone royalties, recent royalty acquisitions and its unique royalty generator model. All amounts are expressed in U.S. dollars unless otherwise noted. Preliminary Q1 2024 Results Gold Royalty recorded Total Revenue, Land Agreement Proceeds and Interest* of $4.2 million (Revenue of $2.9 million), equating to 2,019 gold equivalent ounces (\"GEOs\")*, in the first quarter of 2024, representing an increase of 112% from the first quarter of 2023. In the first quarter of 2024, the Company had its first full quarter of pre-production and gold payments under the Borborema royalty and gold-linked loan financing completed in December 2023. Additionally, other existing cash flowing royalties on the Canadian Malartic, Cozamin, and Borden Mines produced stronger revenues than the prior quarter. The Company's royalty generator model added $2.1 million in land agreement proceeds in the quarter. While quarterly land agreement proceeds from the royalty generator model are expected to be lower for the remainder of the year, strong commodity prices and the expected ramp up of Côté towards commercial production in the third quarter of 2024 are expected to continue to fuel growth in royalty revenue through the remainder of 2024. The Company remains on track to meet its previously disclosed forecast for 2024 of between approximately 5,000 and 5,600 GEOs, which equates to approximately $10.0 million to $11.2 million in forecasted Total Revenue, Land Agreement Proceeds and Interest, and was based on a gold price of $2,000 per ounce. The 2024 outlook regarding 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. * Total GEOs and Total Revenue, Land Agreement Proceeds and Interest are non-IFRS financial measures. See \"Non-IFRS Measures\" below. Q1 2024 Results Webcast Details Gold Royalty will release its quarterly financial and operating results for the quarter ending March 31, 2024 on Monday, May 13, 2024, after market c...