Gold Royalty Corp. announced its financial and operating results for the second quarter ended June 30, 2025, reporting record revenue of $3.823 million, a 113% increase from $1.794 million in Q2 2024. Total Revenue, Land Agreement Proceeds and Interest for the quarter increased by approximately 100% to $4.412 million, equating to 1,346 gold equivalent ounces (GEOs).
The company achieved positive free cash flow for both the quarter and the first half of 2025, marking a significant inflection point. Adjusted EBITDA for Q2 2025 surged to $2.363 million, a substantial increase from $0.740 million in the prior year's second quarter. Cash provided by operating activities was $1.069 million.
For the first half of 2025, Total Revenue, Land Agreement Proceeds and Interest reached a record $7.989 million, and Adjusted EBITDA was $4.036 million. Gold Royalty maintained its full-year 2025 production guidance of 5,700 to 7,000 GEOs and its five-year outlook projecting 23,000 to 28,000 GEOs by 2029.
Key operational highlights include the Côté Gold Mine reaching its nameplate capacity of 36,000 tonnes per day for 30 consecutive days by June 21, 2025. The Borborema project reported preliminary Q2 production of 2,577 AuEq ounces and remains on track for commercial production in Q3. The Vareš Mine achieved commercial production on July 1, 2025, although its full-year 2025 guidance was revised downwards due to operational issues, with Gold Royalty expecting the shortfall to be offset by other assets.
As of June 30, 2025, the company had 20,058,000 outstanding share purchase warrants, exercisable at $2.25 per share and expiring May 31, 2027. The company's transition to positive free cash flow reflects the production and profitability growth within its maturing portfolio of high-quality assets.
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