- Approximate 160% increase in revenue and 90% increase in Total Revenue, Land Agreement Proceeds and Interest* in the third quarter of 2024 from the same period in 2023.
- Recent strategic acquisitions poised to deliver further revenue growth in the fourth quarter of 2024.
VANCOUVER, BC, Oct. 23, 2024 /PRNewswire/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE:GROY) is pleased to announce strong third quarter 2024 revenue , driven by the Company's cash flowing royalties over Canadian Malartic, Côté, Borborema, and Cozamin and further supported by strong commodity prices and its unique royalty generator model. All amounts are expressed in U.S. dollars unless otherwise noted.
Preliminary Third Quarter 2024 Results
Total Revenue, Land Agreement Proceeds and Interest* increased by 90% in the third quarter of 2024 from the same period of 2023 to $2.6 million (Revenue of $2.1 million), equating to 1,051 gold equivalent ounces ("GEOs")*. For the first nine months of 2024, Total Revenue, Land Agreement Proceeds and Interest* increased by over 130% from the same period of 2023 to a nine month record of $9.0 million (Revenue of $6.7 million), equating to 4,017 GEOs*.
In the third quarter of 2024, revenue from the Company's royalty on the Côté Gold Mine operated by IAMGOLD Corporation ("IAMGOLD") increased as the mine continued its ramp up. On October 15, 2024, IAMGOLD announced that the mine continued on track to achieve 90% of its 36,000 tonnes per day throughput by the end of 2024. It also announced that a record daily throughput of 40,900 tpd (+14% above nameplate capacity) was achieved at the mine after its September 2024 scheduled shutdown. Furthermore, the Company expects to receive first revenue from its copper stream over the Vares Mine in the fourth quarter as the asset ramps up to achieve nameplate capacity by the end of the year and first copper revenue is delivered.
As a result, the Company remains on track to achieve its previously announced guidance for 2024 of between 6,500 and 7,000 GEOs, which equates to approximately $13 million to $14 million in forecasted Total Revenue, Land Agreement Proceeds and Interest.
*Total GEOs and Total Revenue, Land Agreement Proceeds and Interest are non-IFRS financial measures. See "Non-IFRS Measures" below.
