Business
Gold Royalty Reports Second Quarter 2023 Financial and Operating Results
VANCOUVER, BC, Aug. 10, 2023 /CNW/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce the filing of its operati
About this update from Gold Royalty Corp.
[{"type":"text","content":" VANCOUVER, BC, Aug. 10, 2023 /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 six months ended June 30, 2023. The Company will be hosting an Investor Webcast to discuss these results and update on Friday, August 11 at 10:00 AM EDT. All amounts are expressed in U.S. dollars unless otherwise noted. David Garofalo, Chairman and CEO of Gold Royalty, commented: \"We have maintained our 2023 financial guidance and are encouraged by the expected near-term organic cash flow growth of our portfolio with assets such as Cote and Odyssey on the cusp of entering and ramping up production. Our team has continued to execute our growth strategy in a disciplined manner, having recently announced the agreement to acquire the Cozamin royalty while simultaneously achieving a 30% decrease in quarterly cash operating expenses year over year. We expect a strong second half of 2023 with increased production from Canadian Malartic, initial revenues from Cozamin, and Cote nearing completion of construction.\" Highlights for the three and six months ended June 30, 2023, include: Adjusted Net Loss Per Share* for the second quarter of 2023 was unchanged at $0.02 per share compared to the comparative period as lower Total Revenue and Land Agreement Proceeds in the second quarter 2023 were partially offset by an over 30% decrease in Cash Operating Expenses. Total Revenue and Land Agreement Proceeds* in the second quarter were lower than expected primarily due to resequencing of production at the Barnat Pit at Canadian Malartic. Full year Total Revenue and Land Agreement Proceeds* guidance of $5.5 million to $6.5 million is maintained as the shortfall in revenue from Canadian Malartic is expected to be substantially recovered in the second half of the year. On July 31, 2023, the Company announced it has entered into an agreement to acquire a 1% royalty on portions of the' producing Cozamin copper-silver mine in Mexico operated by Capstone Copper Corp. Completion of the transaction is subject to customary closing conditions. The Company generated two new royalties through the royalty generator model and has now created 37 royalties through the royalty generator model since 2021. *Adjusted Net Loss Per Share, Total Revenue and ...