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Gold Royalty M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary11 Dec, 2025
Deal rationale and strategic fit
Acquisition of a royalty over the Pedra Branca mine in Brazil for $70 million in cash enhances exposure to gold and copper in a top-tier mining jurisdiction and aligns with the strategy to expand in low-risk regions.
The royalty covers both Pedra Branca East and West deposits, with no step-downs or buybacks, ensuring long-term optionality and exposure to a high-quality, cash-flowing asset.
The deal expands the portfolio to eight cash-flowing assets and over 250 royalty and streaming interests, complementing a diversified portfolio.
Enhances leverage to both gold and copper, aligning with strong long-term fundamentals for these metals, especially amid the global transition to renewable energy.
Provides exposure to a top-quality asset in a prolific mining region, operated by world-class companies.
Financial terms and conditions
Acquired a 25% gold NSR and 2% copper NSR royalty for $70 million in cash from BlackRock World Mining Trust plc, with full deposit coverage.
Equity financing was upsized to $90 million, with total gross proceeds of $103.5 million after overallotment, leaving the company debt-free with nearly $100 million in cash and available credit.
For the 12 months ended June 30, 2025, the royalty generated approximately $7.9 million, equivalent to 2,800 GEOs at an average gold price of $2,811/oz.
Gold Royalty will receive all royalty payments for production after December 31, 2025.
Completion is subject to customary closing conditions and regulatory approvals.
Synergies and expected cost savings
The deal is estimated to be 10% accretive to net asset value per share and 45% accretive to cash-flow per share in 2026, with 15% cash-flow per share accretion in 2029 as portfolio growth materializes.
The transaction is materially accretive to cash flows, expected to add significant and meaningful cash flow post-acquisition.
Strengthened balance sheet with nearly $100 million in available cash and unused credit facilities; company is now debt free.
Copper royalty's revenue contribution outlook
CoreX's operational impact on Pedra Branca
Pedra Branca mine life based on reserves
CoreX's acquisition: Any ROFR on other deposits?
How does deal discipline balance market interest?
What drives the 20% IRR before upside?
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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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