Business
Gold Royalty Provides Update On The Côté Gold Mine Royalty; First Gold Pour Supports 100% Revenue Growth In 2024
VANCOUVER, BC, April 1, 2024 /CNW/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce that IAMGOLD Corporation
About this update from Gold Royalty Corp.
[{"type":"text","content":" VANCOUVER, BC, April 1, 2024 /CNW/ - Gold Royalty Corp. (\"Gold Royalty\" or the \"Company\") (NYSE American: GROY) is pleased to announce that IAMGOLD Corporation (\"IAMGOLD\") has completed its first gold pour at the Côté Gold Mine (\"Côté Gold\" or \"Côté\"), located in Ontario, Canada. Gold Royalty holds a 0.75% net smelter return (\"NSR\") royalty over the southern portion of the mine, which is expected to be incorporated into phase I of the mine plan. David Garofalo, Chairman and CEO of Gold Royalty, commented: \"We are thrilled to see IAMGOLD achieve first gold pour at Côté and are excited to see the continued ramp up of the mine through the remainder of the year. For Gold Royalty, this is a significant catalyst as Côté will be a meaningful contributor to our 100% growth in expected revenue in 2024. As one of our cornerstone assets, Côté represents the high-quality, long-life, and reliable operations which build the foundation of our portfolio and underpin our industry leading growth profile which extends towards the end of the decade.\" As announced by IAMGOLD on March 31, 2024, commissioning activities at Côté have been progressing well, with performance achieved in the crushing, HPGR and processing circuits within expectations, including power consumption. IAMGOLD stated with first gold pour now achieved, the next step and focus is on the ramp up of the operation to commercial production in the third quarter, and towards the goal of exiting the year at a 90% throughput rate. IAMGOLD's production guidance from Côté this year, on a 100% basis, is unchanged at 220,000 to 290,000 ounces of gold, assuming the remaining milestones are achieved. At steady run-rate, Côté Gold is expected to be one of the largest operating gold mines in Canada with an expected mine life exceeding 18 years and significant opportunities for growth. About Gold Royalty Corp. Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its 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 our shareholders. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properti...