Business
Gold Royalty Reports Second Quarter 2024 Results; Continued Growth In Operating Cash Flow
VANCOUVER, BC, Aug. 13, 2024 /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. 13, 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 and six months ended June 30, 2024. All amounts are expressed in U.S. dollars unless otherwise noted. David Garofalo, Chairman and CEO of Gold Royalty, commented: \"The second quarter of 2024 was transformational for Gold Royalty as we meaningfully enhanced our growth outlook through the Vares Copper Stream transaction. We are now on the cusp of several key development stage assets ramping up to full capacity such as Côté, which recently achieved commercial production, Vares which is set to achieve commercial production in the fourth quarter, and Borborema, which is on track for initial production in the first quarter of 2025. Our strategic acquisitions over the past twelve months and effective cost management have reinforced our robust financial outlook and resulted in our second consecutive quarter of positive operating cash flow. Beyond this exceptional portfolio performance, we also published our second annual Asset Handbook and Sustainability Report during the quarter, highlighting Gold Royalty as one of the lowest carbon intensity portfolios in the royalty and streaming sector.\" Second Quarter 2024 Results Summary: The following table sets forth selected financial information for the three and six months ended June 30, 2024: For the three months ended June 30 For the six months endedJune 30 2024 2023 2024 2023 (in thousands of dollars, except per share amounts) ($) ($) ($) ($) Revenue 1,794 468 4,688 1,235 General, administrative and project evaluation costs 2,133 2,666 5,008 6,090 Net loss (2,236) (2,496) (3,641) (5,579) Net loss per share, basic and diluted (0.01) (0.02) (0.02) (0.04) Cash provided by (used in) operating activities 987 (1,337) 1,323 (3,398) Non-IFRS and Other Measures Total Revenue, Land Agreement Proceeds and Interest(1) 2,215 557 6,400 2,527 Cash Operating Expenses(1) (1,655) (1,8...