Business
Gold Royalty Reports 2023 Financial and Operating Results and Forecasts Approximate 100% Growth in Revenue in 2024 Driven by Cornerstone Royalties Entering Production
VANCOUVER, BC, March 28, 2024 /CNW/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce the filing of its operat
About this update from Gold Royalty Corp.
[{"type":"text","content":" VANCOUVER, BC, March 28, 2024 /CNW/ - Gold Royalty Corp. (\"Gold Royalty\" or the \"Company\") (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for the three months and full year ended December 31, 2023. All amounts are expressed in U.S. dollars unless otherwise noted. David Garofalo, Chairman and CEO of Gold Royalty, commented: \"In just three years, we have grown rapidly from 18 development stage royalties to 240 royalties, including 5 producing projects. We feel our portfolio is poised to deliver one of the strongest revenue growth trajectories in the royalty and streaming sector. We executed several important acquisitions in 2023, including the Borborema and Cozamin royalties, which supplement our organic revenue growth from key assets entering and ramping up production, such as Côté and Odyssey. 2024 is expected to be a pivotal year, with approximately 100% growth expected in gold equivalent ounces and positive operating cash flow based on the public forecasts and other disclosure by the owners and operators of our assets. With gold at an all-time high, and several important potential catalysts across our portfolio, we are very excited by the outlook for 2024.\" 2023 Results Summary: The following table sets forth selected financial information for the three and full year ended December 31, 2023: For three months ended For the year ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (in thousands of dollars, except per share and GEO amounts) ($) ($) ($) ($) Revenue 1,016 582 3,048 3,993 Net loss (19,360) (2,204) (26,756) (12,709) Net loss per share, basic and diluted (0.13) (0.02) (0.18) (0.10) Operating cash flows before movements in working capital (995) (2,315) (5,049) (9,604) Non-IFRS and Other Measures Total Revenue, Land Agreement Proceeds and Interest* 1,319 1,131 5,216 5,837 Cash Operating Expenses* (2,017) (2,940) (8,004) (12,580) Adjusted Net Earnings/(Loss)*(1) 935 (2,824) (3,965) (11,254) Adjusted Net Earnings/...