Gold Royalty Corp. unveils its strategic achievements and optimistic projections for the year ahead, with a significant portfolio growth from 18 to 240 royalties and a revenue increase estimated at around 100%.
Gold Royalty Rapidly Expands Portfolio and Anticipates Exceptional Growth in 2024
Gold Royalty Corp., a notable entity in the gold-focused royalty and streaming sector, has disclosed its financial and operational achievements for the year ending December 31, 2023, alongside optimistic projections for 2024. The company reported significant growth over the past three years, expanding its portfolio from 18 development stage royalties to a remarkable count of 240, encompassing five fully operational projects. This diversification and growth underline the company’s strategic positioning to capitalize on the high gold market, especially with the anticipation of several cornerstone assets commencing production.
In 2023, Gold Royalty’s revenue stood at $3.0 million, with total revenue including land agreement proceeds and interest amassing to $5.2 million. Despite these substantial earnings, the company recorded a net loss of $26.756 million for the year, attributed mainly to a non-cash impairment charge on some non-core assets. Nonetheless, Gold Royalty demonstrated a robust capacity to manage its operating costs effectively, reporting a 36% decrease from the previous year.
Looking into 2024, Gold Royalty forecasts a dramatic growth, estimating around 100% increase in gold equivalent ounces (GEOs), propelling revenue figures between approximately $10.0 million to $11.2 million. This optimistic outlook is anchored on the accurate execution of disclosed plans by the owners and operators of the assets underlying Gold Royalty’s interests.
Significant contributors to this anticipated growth include the Côté and Odyssey projects, alongside recent acquisitions like the Borborema and Cozamin royalties. Remarkably, the Côté Gold Project, nearing production commencement, is projected to significantly bolster the company’s revenue stream with an expected output between 220,000 to 290,000 ounces for 2024 alone.
Adding to the prospective output is the ongoing development in the Borborema Gold Project by Aura Minerals, which is expected to start production in early 2025. This project alone promises to boost Gold Royalty’s earnings significantly, projecting 1,440 GEOs in 2024 from Aura through pre-production payments associated with the project.
Further enhancing Gold Royalty’s growth trajectory are projects like the Odyssey Project managed by Agnico Eagle Mines Limited and the Ren Project by Barrick Gold Corporation. The Odyssey Project has reported positive exploration results indicating the potential for significant mineral resources addition and extended mine life. Meanwhile, exploration successes at the Ren deposit hint at the potential for future development, underscoring the diverse growth avenues for Gold Royalty.
In alignment with its mission to invest in sustainable and responsible mining operations, Gold Royalty continues to leverage its Royalty Generator Model to expand its portfolio, adding six new royalties in 2023. This model has been instrumental in generating positive results, underscoring the company’s commitment to low operating costs and sustainable growth.
Gold Royalty Corp. plans to host an investor webcast to further elaborate on these results and the optimistic outlook for 2024. This session will provide valuable insights into the company’s strategic direction, underpinning its role in the precious metals mining industry.
As gold prices hover around all-time highs, Gold Royalty Corp.’s strategic investments and expansive portfolio position it uniquely to capitalize on this upward trend. The company’s focus on acquiring interests in high-quality mining operations and its anticipation of exceptional growth in 2024 underline its robust foundation and promising future within the global mining sector.
