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Gold Royalty (GROY) investor relations material
Gold Royalty Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record revenue, adjusted EBITDA, and positive free cash flow in Q3 2025, driven by strong gold prices and a diversified portfolio exceeding 250 assets, with a focus on low-risk jurisdictions and premier operators.
Portfolio growth is supported by new mines entering production, ongoing ramp-up, and a disciplined strategy prioritizing cash-flowing assets and long-term value creation.
Institutional and strategic backing is robust, with leading financiers and a well-experienced management team.
Financial highlights
Adjusted EBITDA reached $2.5 million in Q3 2025, up from $2.4 million in Q2 2025 and $779,000 in Q3 2024; Q3 2025 revenue was $4.1 million, with total revenue, land agreement proceeds, and interest totaling $4.6 million.
Nine-month revenue rose to $11.1 million from $6.7 million year-over-year; nine-month Adjusted EBITDA reached $6.6 million, up from $3.5 million.
Positive free cash flow generated, improving liquidity and supporting debt reduction.
Commercial production achieved at Borborema in Q3 2025; Vareš and Côté Gold ramping up production.
Outlook and guidance
2025 production is expected to be at or modestly below the lower end of 5,700–7,000 GEOs guidance, mainly due to higher gold prices and temporary production shifts at Vareš.
Five-year guidance maintained at 23,000–28,000 GEOs by 2029, with over 80% of growth from permitted and built assets, minimizing execution risk.
Cash generated from operations is expected to be used to further reduce debt throughout 2026.
No future capital calls or milestone payments required for portfolio assets.
How do warrant exercises aid debt reduction?
Reason for 9M GEOs decrease YoY?
Borborema's Q3 GEOs contribution?
Current debt repayment pace and targets?
Targeted royalty acquisition criteria?
What offsets Vareš production impact?
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Next Gold Royalty earnings date
Q4 202520 Mar, 2026
Next Gold Royalty earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
Gold Royalty Corp is a precious metals-focused royalty company that provides financing to mining companies in exchange for royalties or other similar interests tied to the production of gold and other metals. The company's portfolio consists of royalty agreements on various mining projects, primarily gold, across North and South America. Gold Royalty Corp focuses on generating long-term revenue by investing in exploration, development, and production-stage mining operations. The company is headquartered in Vancouver, Canada, and its shares are listed on the NYSE.
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