Gold Royalty NYSEAMERICAN: GROY reported record first-half revenue and adjusted EBITDA for 2026, while reiterating its full-year production guidance and outlining expected catalysts across its portfolio of more than 250 assets.
For the six months ended June 30, the company reported total revenue, land agreement proceeds and interest of $17.3 million, up 116% from the comparable period a year earlier. Gold equivalent ounces, or GEOs, increased more than 40% to 3,677, while adjusted EBITDA rose 212% to $12.6 million, Chair and CEO David Garofalo said during the company’s second-quarter earnings call.
Second-quarter total revenue, land agreement proceeds and interest totaled $7.9 million, representing 1,757 GEOs. Adjusted EBITDA for the quarter was $5.6 million, compared with $2.4 million in the second quarter of 2025, according to Chief Financial Officer Andrew Gubbels.
Balance Sheet and Cash Allocation
Gubbels said Gold Royalty ended the second quarter with more than $11.3 million in cash, no debt and a fully undrawn $150 million credit facility. He said the company expects its portfolio to generate consistent positive free cash flow and intends to maintain a modest cash balance while directing additional operating cash toward growth opportunities when appropriate.
The company is also considering a capital-return policy for its board, Gubbels said, adding that any such policy would be announced later. Garofalo said Gold Royalty reached positive free cash flow in mid-2025 and expects its balance sheet to strengthen as GEO volumes increase, interest costs remain eliminated and general and administrative expenses are rationalized.
Garofalo emphasized the company’s focus on net smelter return, or NSR, royalties, which are generally based on revenue rather than mine-site operating costs. He said the royalty model leaves Gold Royalty insulated from many forms of operating cost inflation borne by mine operators.
Guidance Maintained as Production Assets Ramp Up
Gold Royalty maintained its 2026 guidance of 7,500 to 9,300 GEOs. Vice President of Capital Markets and Sustainability Jackie Przybylowski said first-half production represented 44% of the midpoint of that guidance range, above the company’s expected 40% first-half weighting.
The company expects volumes to be more heavily weighted to the second half as the Vareš and County Line operations ramp toward full production rates. Gold Royalty also cited potential production growth at Borden, Côté and Pedra Branca. Przybylowski said processing and sale of stockpiled material from the Canadian Malartic Barnat pit could provide additional upside, though it was not included in guidance.
When asked whether the range could be narrowed after the third quarter, Przybylowski said the company would consider it but did not guarantee an update. She identified the ramp-up at DPM Metals’ Vareš mine and the progress at CoreX’s Pedra Branca operation as important factors to monitor.
Gold Royalty expects its production to rise to between 28,000 and 34,000 GEOs by 2030, or about six times its actual 2025 result, from assets already in its portfolio, Przybylowski said.
Recent Royalty Acquisitions
President John Griffith said Gold Royalty continues to pursue acquisitions but remains selective amid robust competition for larger royalty transactions, particularly those with near-term cash flow, favorable jurisdictions and established operators.
In June, the company acquired an additional 0.1875% NSR royalty on the REN project for $6.25 million. The project is operated by Barrick and jointly owned by Barrick and Newmont through the Nevada Gold Mines joint venture. Gold Royalty already held a 1.5% NSR royalty and a 3.5% net profits interest royalty on REN.
Barrick expects REN to reach first production by the end of 2026 and ramp to a production rate of 140,000 ounces annually by the end of 2027, Griffith said.
Subsequent to quarter-end, Gold Royalty acquired two Nevada royalties: a 2% NSR royalty on AngloGold Ashanti-operated Sterling and a 0.5% NSR royalty on portions of i-80 Gold-operated Granite Creek. Griffith said the Granite Creek royalty covers portions of the Felix and Blue Bell pits, which are not included in the initially envisioned eight-and-a-half-year mine plan but represent longer-term optionality.
Portfolio Catalysts
The company highlighted several expected second-half developments, including DPM Metals’ planned achievement of commercial production at Vareš by the end of September and full production by year-end. Gold Royalty holds a stream on all copper produced at Vareš.
Other anticipated milestones include first production at REN by year-end; a third-quarter study on doubling plant capacity at Aura Minerals’ Borborema project; a third-quarter feasibility study for i-80 Gold’s Granite Creek underground project; and fourth-quarter studies related to First Majestic Silver’s Jerritt Canyon restart and Canadian Malartic’s Odyssey project.
Garofalo said the company will continue to prioritize accretive growth while maintaining discipline in capital allocation decisions.
About Gold Royalty (NYSEAMERICAN:GROY)
Gold Royalty Corp is a precious metals royalty and streaming company that focuses on acquiring and managing royalty interests in gold, silver and other metal assets. The company provides upfront funding to mining operators in exchange for a percentage of future metal production, offering an alternative financing model that can reduce capital requirements and accelerate development timelines for mining projects.
The firm's diversified portfolio spans royalty and stream agreements across the Americas, with interests in operating mines, development‐stage assets and advanced exploration projects.
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