David Garofalo, Chairman and CEO of Gold Royalty, commented: "We are incredibly proud of the company we have built over the past five years. 2025 was an important inflection point in the history of the Company as we reported positive cash flow and Adjusted EBITDA, added a highly coveted royalty on BHP's cash-flowing Pedra Branca mine in Brazil and materially strengthened our balance sheet. Our 2026 and five-year outlook demonstrate the continued peer-leading growth in our asset portfolio, including over 60% year-over-year growth expected in 2026."
Full Year and Q4 2025 Highlights
Fourth quarter 2025: Record revenue of $4.5 million, $5.2 million in Total Revenue, Land Agreement Proceeds and Interest*, and 1,255 gold equivalent ounces ("GEOs") for the quarter[*]
Full year 2025: Record revenue of $15.6 million and $17.8 million in Total Revenue, Land Agreement Proceeds and Interest for 5,173 GEOs for the year*
Positive full year 2025 operating cash flow of $6.2 million and Adjusted EBITDA* of $9.8 million
Exited 2025 with over $12 million in cash, no debt and a fully undrawn credit facility which was increased to $150 million, inclusive of a $25 million accordion feature as at February 19, 2026
2026 and Five-Year Outlook
2026 guidance: Total GEOs are currently expected to increase to 7,500-9,300 in 2026, thanks to the continued ramp-up of our cash flowing assets and incorporates the addition of the Pedra Branca and an additional royalty on Borborema in late 2025 and early 2026, respectively. This outlook represents a mid-point increase of over 60% from 2025 results.
Five-year outlook: GEOs are forecasted to increase to between 28,000 and 34,000 GEOs in 2030, representing peer-leading growth of over 490% based on the midpoint of guidance from 2025 results. The projected five-year outlook reflects continued contributions from our cornerstone producing assets, as well as new production from assets currently in development.
See "2026 Outlook" and "Five-Year Outlook" below for further information regarding the Company's outlook.
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* Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, and GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" for further information.
Selected Financial Highlights
The following table sets forth selected financial information for the three months and year ended December 31, 2025:
For the three months ended
For the years ended
December 31, 2025
December 31, 2024
December 31, 2025
December 31, 2024
(in thousands of dollars, except per share and GEOs amounts)
($)
($)
($)
($)
Revenue
4,501
3,355
15,610
10,103
Net loss(1)
(920)
(3,193)
(4,130)
(3,411)
Net loss per share, basic and diluted
(0.00)
(0.02)
(0.02)
(0.02)
Cash provided by operating activities
176
1,262
6,170
2,543
Non-IFRS
Total Revenue, Land Agreement Proceeds and Interest(2)
5,206
3,846
17,768
12,847
Adjusted EBITDA(2)
3,198
1,240
9,751
4,779
Adjusted Net Loss(1)(2)
(22)
(2,721)
(1,749)
(1,150)
Adjusted Net Loss Per Share, basic and diluted(2)
(0.00)
(0.02)
(0.01)
(0.01)
GEOs(2)
1,255
1,445
5,173
5,462
Statement of Financial Position
Total assets
822,756
737,515
822,756
737,515
Total non-current liabilities
118,943
175,353
118,943
175,353
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Notes:
1)
Net loss and Adjusted Net Loss for the year ended December 31, 2024, includes a $6.5 million deferred tax recovery that was recognized as a result of an internal reorganization to streamline operations, which was completed in the third quarter of 2024. See "Discussion of Operations" for further information.
2)
Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Share, basic and diluted and GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" below for further information.
Please refer to the Company's Annual Report Form 20-F, including the audited financial statements included therein, copies of which are available under the Company's profile at www.sedarplus.ca and www.sec.gov.
Portfolio Update
Borborema mine (2.75% NSR): On February 26, 2026, Aura Minerals Inc. ("Aura") issued a news release announcing the signing of a road relocation agreement at the Borborema mine. Aura also announced an updated feasibility study for the project, which increased Probable Reserves to 40.7 Mt at 1.13 g/t gold containing approximately 1,479 koz of gold and extends the mine life to over 20 years. These estimates were prepared by Aura under U.S. S-K 1300 definitions. For further information, please see Aura's news release dated February 26, 2026 and its technical report summary titled "Technical Report Summary on the Feasibility Study for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil" with an effective date of September 19, 2025, available under its profiles at www.sedarplus.ca and www.sec.gov.
Borden mine (0.5% NSR, partial royalty coverage): On February 19, 2026, Discovery Silver Corp. ("Discovery") reported its results for the year ended December 31, 2025 and noted that it is targeting a return to full capacity of the Dome Mill by 2027 or sooner. It has disclosed that the mill is a 12,000 tonne-per-day processing facility that in recent years has operated below its nominal production rate. For further information see Discovery's news release dated February 19, 2026, available under its profile on www.sedarplus.ca.
Canadian Malartic / Odyssey mine (3.0% NSR, partial royalty coverage): On February 12, 2026, Agnico Eagle Mines Limited ("Agnico Eagle") reported its financial and operational results for the year ended December 31, 2025. The company confirmed that development activities at Odyssey remain on schedule, with ongoing ramp development and shaft sinking progressing as planned. Agnico Eagle also reiterated the advancement of the technical evaluation of a potential second shaft at the Odyssey mine, outlining in their release that the technical evaluation will assess the potential for an 8,000 to 10,000 tpd operation and is expected to be completed at the end of 2026, potentially followed by permit submission in early 2027 and subject to a series of approvals, could be positioned for initial production in 2033. For further information see Agnico Eagle's news release dated February 12, 2026, available under its profile on www.sedarplus.ca.
Côté Gold mine (0.75% NSR, partial royalty coverage): On February 17, 2026, IAMGOLD Corporation ("IAMGOLD") reported its financial and operational results for the year ended December 31, 2025. IAMGOLD highlighted that the Côté Gold mine achieved the top-end of its production guidance having produced 399,800 ounces in 2025 relative to its guidance of 360,000, 400,000 ounces on a 100% basis. The 2026 guidance for the Côté Gold mine has increased to range from 390,000 to 440,000 ounces on a 100% basis, with the focus in 2026 being stabilization and optimization, improving the cost structure and preparing for the potential expansion at Côté. For further information see IAMGOLD's news release dated February 17, 2026, available under its profile on www.sedarplus.ca.
Cozamin mine (1.0% NSR, partial royalty coverage): On February 17, 2026, Capstone Copper Corp. ("Capstone") announced its 2026 guidance for Cozamin copper production between 21,000, 24,000 tonnes at C1 cash costs of $1.55 - $1.85 per payable copper pound produced. It disclosed that copper production at Cozamin is expected to be consistently weighted across the year and slightly lower in 2026 compared to 2025 due to lower copper grades.
Additionally, on March 2, 2026, Capstone reported its financial and operational results for the year ended December 31, 2025 stating that Cozamin had produced 25,348 tonnes of copper in 2025 at C1 cash costs of $1.32 per payable copper pound produced. For further information see Capstone's news releases dated February 17, 2026 and March 2, 2026, available under its profile on www.sedarplus.ca.
Fenelon gold project (2.0% NSR): On February 17, 2026, Wallbridge Mining Company Ltd. ("Wallbridge") announced the start of the 2026 exploration drilling program at Fenelon with approximately 2,000 metres of large-diameter core drilling to support metallurgical test work and related technical studies. Upon completion of this first portion of the drilling campaign, a 1,500 metres reconnaissance drilling program is expected to test prospective areas within 2,500 metres of the main deposit area. For further information see Wallbridge's news release dated February 17, 2026, available under its profile on www.sedarplus.ca.
Granite Creek project (10.0% NPI): On February 19, 2026, i-80 Gold Corp. ("i-80") reported its financial and operational results for the year ended December 31, 2025. i-80 stated that Granite Creek underground generated a gross profit for the second half of 2025 and that it was successful in stabilizing groundwater inflow. i-80 also disclosed that a feasibility study over the underground is planned for completion in the second quarter of 2026 with the timeline for a pre-feasibility / feasibility study on the open pit portion of Granite Creek under review to optimize its future growth plan.
i-80 announced total production of 22,977 ounces of gold at Granite Creek for 2025, within previously announced guidance of 20,000–30,000 ounces. A water treatment plant is expected to be completed in the second quarter of 2026 and development activities are expected to support further ramp-up and the updated resource and feasibility study planned for the second quarter of 2026. For further information see i-80's news release dated February 19, 2026, available under its profiles on www.sedarplus.ca and www.sec.gov.
Ren project (1.5% NSR and 3.5% NPI): In its management discussion and analysis for the year ended December 31, 2025, Barrick Mining Corporation ("Barrick") noted that, as at the end of 2025, total project spending was $167 million (including $29 million in the fourth quarter of 2025) of an estimated capital cost of $410 to $470 million (100% basis). For further information see Barrick's management's discussion and analysis for the three and twelve months ended December 31, 2025, available under its profiles on www.sedarplus.ca and sec.gov.
South Railroad project (0.44% NSR, partial royalty coverage): On March 2, 2026, Orla Mining Ltd. ("Orla") disclosed that it had released an updated feasibility study over the South Railroad project and outlined that construction of the mine is expected in mid-2026 pending receipts of the final project permits. The study envisions an open-pit and heap-leach operation with a mine life of 10 years, producing 1,072,300 ounces of payable gold and 760,000 ounces of payable silver. For further information see Orla's news release dated March 2, 2026 and its technical report dated effective September 30, 2025 titled "South Railroad Project - NI 43-101 Feasibility Study Update", available under Orla's profiles on www.sedarplus.ca and www.sec.gov.
Tonopah West project (3.0% NSR): On March 3, 2026, Blackrock Silver Corp. ("Blackrock Silver") disclosed that it received its Class II Air Quality and Surface Disturbance Permit from the Nevada Department of Environmental Protection ("NDEP"), through the Bureau of Air Pollution Control. The permitting process is ...
