Gold Royalty Corp. is experiencing significant improvements in its long-term growth outlook and fundamentals, driven by key projects like Agnico Eagle’s Odyssey Mine, Nevada Gold Mine’s REN deposit, and Aura’s Borborema gold project. These developments are expected to contribute positively to the company’s performance and overall growth trajectory.
### First Quarter 2024 Results Summary:
In the first quarter of 2024, Gold Royalty Corp. reported record quarterly revenue of $2.9 million, representing a 112% increase from the same period in 2023. This growth was driven by revenue from the Borborema project, royalty payments, and increased revenue from other projects. The company also achieved positive cash flows from operations and effectively managed its Cash Operating Expenses, leading to a 10% decrease compared to the previous year.
### Portfolio Update:
#### Odyssey Mine:
Agnico Eagle’s Odyssey Mine is progressing well, with construction ahead of schedule. The shaft development is exceeding targets, providing added flexibility for development and production. Operational performance at the Barnat pit and Odyssey South remains positive, with plans for additional improvements in the second quarter of 2024.
### Additional Insight:
The successful progress at Agnico Eagle’s Odyssey Mine indicates the company’s commitment to operational excellence and strategic project management. This bodes well for future production and revenue generation, reinforcing Gold Royalty Corp.’s growth prospects and long-term sustainability.
### Côté Gold Mine:
IAMGOLD Corporation announced the first gold pour at the Côté Gold Mine, with plans for ramp-up towards commercial production in the third quarter of 2024. Maintaining production guidance and achieving operational milestones are key priorities for IAMGOLD, reflecting positively on the development of the project.
### Borborema Gold Project:
Aura Minerals Inc. provided an update on the construction progress at the Borborema project, with production expected to commence in early 2025. The project’s advancement aligns with the company’s timeline and underscores the potential for future revenue generation.
### Ren Project:
Barrick Gold Corporation highlighted continued exploration success at the Ren deposit, paving the way for underground development and potential resource expansion. These developments demonstrate Barrick’s commitment to project growth and resource optimization.
### Granite Creek Mine Project:
i-80 Gold Corp. shared updates on the ongoing initiatives at the Granite Creek Mine Project, emphasizing the significance of the South Pacific Zone and the potential for significant gold deposits. The exploration and development plans indicate a strong operational focus and strategic growth trajectory.
### Cozamin Mine:
Capstone Copper Corp. reported higher production in the first quarter of 2024, driven by operational improvements and higher grades. The company’s commitment to maintaining production levels and managing operating costs underscores its operational efficiency and financial stability.
### 2024 Outlook:
Gold Royalty Corp. remains on track to meet its forecast of generating between approximately 5,000 and 5,600 GEOs in 2024, representing substantial growth compared to the previous year. With a focus on operational efficiency and project development, the company is poised for a successful year ahead.
### Investor Webcast:
An investor webcast scheduled for May 14, 2024, will provide stakeholders with an update on the company’s quarterly results and key project developments. This event enables investors to engage with management and gain insights into the company’s performance and growth prospects.
### About Gold Royalty Corp.:
Gold Royalty Corp. is a gold-focused royalty company dedicated to sustainable and responsible mining operations. By investing in high-quality projects and building a diversified portfolio of precious metals royalty interests, the company aims to deliver superior long-term returns for its shareholders.
### Qualified Person:
Alastair Still, P.Geo., Director of Technical Services, has reviewed and approved the technical information disclosed in the news release. This endorsement ensures the accuracy and reliability of the technical data presented.
### Notice to Investors:
Investors are advised to refer to the project updates provided by the operators of the properties underlying Gold Royalty Corp.’s interests for comprehensive information. The company relies on disclosures from project operators for updates on project developments, production estimates, and operational performance.
### Forward-Looking Statements:
Certain information in this news release constitutes forward-looking statements, reflecting the company’s performance expectations and growth strategies. These statements are based on assumptions and critical factors, including project developments, commodity prices, and operational efficiency. Investors are advised to review these forward-looking statements in the context of operational risks and macroeconomic conditions.
### Non-IFRS Measures:
To provide additional insights into its financial performance, Gold Royalty Corp. includes non-IFRS measures like Adjusted Net Loss, Total GEOs, Total Revenue, Land Agreement Proceeds and Interest, and Cash Operating Expenses in its financial reporting. These measures offer a comprehensive view of the company’s financial health and operational efficiency.
By leveraging its strategic investments and commitment to sustainable mining practices, Gold Royalty Corp. continues to enhance its growth outlook and deliver value to its shareholders through a diversified portfolio of precious metals royalty interests. With a strong focus on operational excellence and project development, the company remains poised for long-term success and sustainability in the mining sector.
