Gold Royalty Corp. (GROY): Financial results for 9M 2026
Gold Royalty Corp. (GROY) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 GOLD ROYALTY REPORTS RECORD THREE AND NINE-MONTH RESULTS WITH CONTINUED STRONG CASH FLOW AND EARNINGS GROWTH Vancouver, British Columbia – November 4, 2026 – Gold Royalty Corp. (“ Gold Royalty ” or the “ Company ”) (NYSE American: GROY) is pleased to announce the fil
How this was made
The 30-second read
Why it matters
The earnings beat and cash generation could attract short‑term buying, especially given the company's debt‑free balance sheet and undrawn credit facility.
Market read
The release provides fresh quantitative data for a niche mining royalty player, offering a clear catalyst for short‑term price movement.
What to watch
Potential execution risk on upcoming expansion projects and commodity price volatility.
Gold Royalty reports record third-quarter revenue, cash flow and earnings growth while maintaining 2026 GEO guidance.
Third-quarter revenue, total revenue, land agreement proceeds and interest, GEOs, adjusted EBITDA, net income and operating cash flow all increased substantially from the prior-year period, and the Company maintained its 2026 guidance range.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Revenueother | $10.25M | – | approximately 147% |
| 9M 2026 Revenueother | $24.16M | – | – |
| Q3 2026 Royalty revenueother | $7.26M | – | – |
| 9M 2026 Royalty revenueother | $20.43M | – | – |
| Q3 2026 Streaming revenueother | $2.40M | – | – |
| 9M 2026 Streaming revenueother | $4.42M | – | – |
| Q3 2026 Advance minimum royalty and pre-production royalty revenueother | $201K | – | – |
| 9M 2026 Advance minimum royalty and pre-production royalty revenueother | $572K | – | – |
| Q3 2026 Land agreement proceedsother | $1.14M | – | – |
| 9M 2026 Land agreement proceedsother | $1.92M | – | – |
| Q3 2026 Interest income credited against gold-linked loanother | $471K | – | – |
| 9M 2026 Interest income credited against gold-linked loanother | $1.44M | – | – |
| Q3 2026 Total Revenue, Land Agreement Proceeds and Interestnon-GAAP | $11.47M | – | approximately 151% |
| 9M 2026 Total Revenue, Land Agreement Proceeds and Interestnon-GAAP | $28.77M | – | – |
| Q3 2026 Net incomeother | $3.84M | – | – |
| 9M 2026 Net incomeother | $7.39M | – | – |
| Q3 2026 Net income per share, basic and dilutedother | $0.02 | – | – |
| 9M 2026 Net income per share, basic and dilutedother | $0.03 | – | – |
| Q3 2026 Adjusted EBITDAnon-GAAP | $8.96M | – | approximately 256% |
| 9M 2026 Adjusted EBITDAnon-GAAP | $21.55M | – | – |
| Q3 2026 Adjusted Net Incomenon-GAAP | $3.89M | – | – |
| 9M 2026 Adjusted Net Incomenon-GAAP | $8.95M | – | – |
| Q3 2026 Adjusted Net Income Per Share, basic and dilutednon-GAAP | $0.02 | – | – |
| 9M 2026 Adjusted Net Income Per Share, basic and dilutednon-GAAP | $0.04 | – | – |
| Q3 2026 GEOsnon-GAAP | 2,689 GEOs | – | approximately 103% |
| 9M 2026 GEOsnon-GAAP | 6,366 GEOs | – | – |
| Q3 2026 Cash provided by operating activitiesother | $7.50M | – | – |
| 9M 2026 Cash provided by operating activitiesother | $15.70M | – | – |
| Total assetsother | $857.8M | – | – |
| Total non-current liabilitiesother | $122.3M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 outlook
- Note7,500 - 9,300 GEOs
- Noteapproximately 684 GEOs relating to land agreement proceeds credited against other mineral interests and interest payments
- Noteassumed gold price of $5,150 per ounce
- Noteassumed copper price of $5.75 per pound
What drove it
- Q3 2026 royalty revenue was $7,258 (in thousands of dollars), compared with $1,635 (in thousands of dollars) in Q3 2025.
- Q3 2026 streaming revenue was $2,405 (in thousands of dollars), compared with $1,212 (in thousands of dollars) in Q3 2025.
- Q3 2026 land agreement proceeds were $1,138 (in thousands of dollars), compared with $212 (in thousands of dollars) in Q3 2025.
- Aura reported preliminary record quarterly production at Borborema of 22,842 GEOs, 60% higher than the previous quarter, driven by higher grades reflecting access to higher-grade areas consistent with the mine plan.
- The royalty generator model has generated 60 royalties since the acquisition of Ely Gold Royalties Inc. in 2021. The Company currently has 39 properties subject to land agreements and six properties under lease generating land agreement proceeds.
- The Company acquired NSR royalties on the Sterling project and a portion of the Granite Creek mine for $0.8 million in the third quarter.
Concerns
- The Company generally has limited or no access to the properties underlying its interests and is largely dependent on disclosures by operators and other publicly available information.
- Commodity prices will affect calculation of GEOs from copper and other metals streams and royalties, as well as from land agreement proceeds and other payments.
- Cozamin's sale to Luca Mining Corp. is expected to close in the fourth quarter of 2026, subject to customary conditions and regulatory approvals.
- First Majestic stated that Jerritt Canyon remained on track to resume production in the second half of 2027.
- DPM stated that Vareš operations continue as normal, while a constitutional court decision established a six-month period to review challenged acts related to state property.
- Gold Royalty's Q3 2026 adjusted EBITDA reconciliation included $1,550 (in thousands of dollars) of deferred tax expense and $2,530 (in thousands of dollars) of depletion.
What to watch
- Achievement of the maintained 2026 guidance range of 7,500 - 9,300 GEOs. As at September 30, 2026, the Company had achieved 76% of the midpoint of its full-year guidance range.
- Transition at Borborema from third-party contractor to in-house fleet operation and maintenance, targeted for January 2027.
- Odyssey first production through Shaft #1, which remains scheduled for the second quarter of 2027.
- Granite Creek Underground ramp-up, with i-80 expecting production of between 30,000 and 40,000 ounces of gold in 2026.
- REN ventilation benefits expected in the second quarter of 2027 and anticipated average annual gold production of approximately 140,000 contained ounces once full production is reached in 2027.
- South Railroad initial mining activities scheduled for spring 2027 and first gold production planned for 2028.
Balance sheet and cash flow
- Ended the quarter with approximately $21.0 million of cash and cash equivalents.
- No debt.
- Fully undrawn $125 million revolving credit facility, with an accordion feature allowing for up to an additional $25 million in availability, subject to certain conditions.
- Q3 2026 cash provided by operating activities was $7,499 (in thousands of dollars), compared with $2,438 (in thousands of dollars) in Q3 2025.
- 9M 2026 cash provided by operating activities was $15,696 (in thousands of dollars), compared with $5,994 (in thousands of dollars) in 9M 2025.
- Total assets were $857,794 (in thousands of dollars) and total non-current liabilities were $122,311 (in thousands of dollars).
Analysis
Gold Royalty reported a materially stronger third quarter, with revenue of $10,246 (in thousands of dollars), up from $4,148 (in thousands of dollars) in Q3 2025. Non-IFRS Total Revenue, Land Agreement Proceeds and Interest was $11,473 (in thousands of dollars), compared with $4,573 (in thousands of dollars), while GEOs increased to 2,689 GEOs from 1,323 GEOs. The Company described both revenue and its broader non-IFRS revenue measure as records.
The revenue mix showed broad expansion in royalty, streaming and land-agreement proceeds. Royalty revenue reached $7,258 (in thousands of dollars) from $1,635 (in thousands of dollars), streaming revenue was $2,405 (in thousands of dollars) from $1,212 (in thousands of dollars), and land agreement proceeds were $1,138 (in thousands of dollars) from $212 (in thousands of dollars). For the nine months, royalty revenue was $20,427 (in thousands of dollars), while total revenue was $24,156 (in thousands of dollars).
Earnings and cash generation turned positive against prior-year losses. Q3 net income was $3,838 (in thousands of dollars), compared with a net loss of $(1,133) (in thousands of dollars), and adjusted EBITDA was $8,957 (in thousands of dollars), compared with $2,517 (in thousands of dollars). Cash provided by operating activities was $7,499 (in thousands of dollars) in the quarter and $15,696 (in thousands of dollars) for the nine months. The adjusted EBITDA reconciliation included depletion, tax expense, fair-value changes and other adjustments, underscoring the difference between reported net income and the non-IFRS measure.
Liquidity remained a notable strength in the release. The Company ended the quarter with approximately $21.0 million of cash and cash equivalents, no debt and a fully undrawn $125 million revolving credit facility. It also deployed $0.8 million during the quarter to acquire NSR royalties on the Sterling project and a portion of the Granite Creek mine. The filing reported no dividends or share repurchases.
The Company maintained its 2026 forecast of 7,500 - 9,300 GEOs, including approximately 684 GEOs from land agreement proceeds credited against other mineral interests and interest payments. It stated that it had achieved 76% of the midpoint of the full-year guidance range as of September 30, 2026. Portfolio milestones at Borborema, Odyssey, Granite Creek, REN, Jerritt Canyon and South Railroad remain central to future production and cash-flow growth, while operator execution, commodity prices and project permitting or development schedules remain key variables.
Management, verbatim
Each quarter, Gold Royalty continues to achieve record production, earnings and cash flows from a portfolio of world-class, long-life royalty and streaming assets in established mining jurisdictions.
David Garofalo, Chairman and CEO
We look forward to tremendous free cash flow growth and the prospect of cash returns to shareholders driven by our industry-leading, accelerating production growth from key mines including at Odyssey, Côté, Vareš, REN, South Railroad, Granite Creek, and the restart of Jerritt Canyon, all of which are included within a well-diversified and growing portfolio of cash-flowing royalties and streams.
David Garofalo, Chairman and CEO
Not in the filing
stated, not guessed- Gross margin was not reported.
- Operating income was not reported.
- Operating expenses were not reported as a consolidated line item.
- Free cash flow was not reported.
- Dividend amounts and share repurchases were not reported.
- Total debt amount was not reported beyond the statement of no debt.
- Cash and cash equivalents exact balance was not reported; the release stated approximately $21.0 million.
- Prior-quarter revenue, net income, adjusted EBITDA and operating cash flow were not reported on their respective metric rows.
- Revenue, gross margin, operating expense and tax-rate guidance were not reported.
- A previous outlook section was not provided, so no actual-versus-prior-guidance comparison is included.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Gold Royalty Corp., listed on NYSE American, filed a Form 6‑K reporting its 9‑month 2026 financial results, including record revenue and cash flow.
Ticker impact
Gold Royalty Corp. provided its 9‑month 2026 earnings, reporting record revenue, adjusted EBITDA up 256% YoY and cash flow growth.
likely upward pressure as investors price in the record results and cash generation
The company posted significantly higher revenue and EBITDA versus the prior year, with no debt and a sizable undrawn credit facility, which typically supports a positive price reaction.
Market effects
Highlights strength in the royalty and streaming segment of the gold mining sector.
Positive for Canadian mining‑related equities.
Limited to investors tracking junior mining and royalty companies.
Counterpoint
If the market has already priced in the strong results, the stock may face limited upside.
Key entities
- companyGold Royalty Corp.
Issuer of the earnings release.
