Gold Royalty (GROY) Q1 2025 earnings summary

Executive summary

• Achieved record operating cash flow of $2.5 million and Adjusted EBITDA of $1.7 million in Q1 2025, with total revenue, land agreement proceeds, and interest of $3.6 million (1,249 GEOs), supported by record-high gold prices.

• General and administrative costs were $1.8 million for the quarter.

• Portfolio growth driven by ramp-up at key assets, including Borborema, Côté Gold, and Vareš, with Borborema achieving initial production in Q1 2025.

• Maintains 2025 guidance of 5,700–7,000 GEOs, with production weighted to the second half as projects reach steady-state.

• Focused on debt reduction, disciplined capital allocation, and potential capital returns to shareholders.

Financial highlights

• Q1 2025 revenue was $3.1 million, with total revenue, land agreement proceeds, and interest at $3.6 million (1,249 GEOs).

• Operating cash flow was $2.5 million, up over 180% sequentially; Adjusted EBITDA was $1.7 million, up over 30% from the previous quarter.

• General and administrative expenses were $1.8 million.

• Net loss was $1.3 million in Q1 2025.

• 1,249 GEOs earned in Q1 2025, down from 2,019 GEOs in Q1 2024.

Outlook and guidance

• 2025 GEOs guidance maintained at 5,700–7,000, including ~600 GEOs from land agreement proceeds, based on gold price of $2,668/oz and copper price of $4.23/lb.

• Five-year outlook projects 23,000–28,000 GEOs by 2029, a 360%+ increase from 2024 levels, based on current portfolio assets.

• Expects positive free cash flow later in 2025 as ramp-up at Côté Gold, Vareš, Borborema, and other assets continues.

• Production and cash inflows expected to be weighted toward the second half of 2025.

• 2029 outlook assumes gold price of $2,212/oz and copper price of $4.23/lb.