Gold Royalty Corp Reports Strong Third Quarter 2024 Revenue

Strategic Insights -

Gold Royalty Corp has achieved significant growth in third quarter 2024 revenue, driven by its cash flowing royalties and strong commodity prices. The company's cash flowing royalties from the Canadian Malartic, Cote, Borborema, and Cozamin mines contributed to the revenue increase. The ramp-up of the Cote Gold Mine, operated by IAMGOLD Corporation, also contributed to the revenue growth.

Key Takeaways:

  • Gold Royalty Corp reported a 90% increase in Total Revenue, Land Agreement Proceeds and Interest in the third quarter of 2024 compared to the same period in 2023, reaching $2.6 million.
  • The company's preliminary results for the first nine months of 2024 show a 130% increase in Total Revenue, Land Agreement Proceeds and Interest to a record $9.0 million.
  • The Cote Gold Mine, operated by IAMGOLD, achieved a record daily throughput of 40,900 tonnes per day, surpassing its nameplate capacity, on September 2024.
  • 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.
  • Gold Royalty Corp 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.

Statistics:

  • Total Revenue, Land Agreement Proceeds and Interest in the third quarter of 2024: $2.6 million (90% increase from the same period in 2023).
  • Total Revenue, Land Agreement Proceeds and Interest for the first nine months of 2024: $9.0 million (130% increase from the same period in 2023).
  • Revenue from the Company's royalty on the Cote Gold Mine in the third quarter of 2024: significant growth due to the ramp-up of the mine.
  • Daily throughput achieved at the Cote Gold Mine in September 2024: 40,900 tonnes per day, surpassing nameplate capacity.
  • Forecasted Total Revenue, Land Agreement Proceeds and Interest for 2024: between $13 million and $14 million (based on 6,500 to 7,000 GEOs).

Sources:

  • Gold Royalty Corp. press release dated October 2024.
  • IAMGOLD Corporation press release dated October 15, 2024.