Gold Royalty Corp. (GROY): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Gold Royalty Corp. (Groy) representa un enfoque revolucionario para la inversión en oro, ofreciendo a los inversores una oportunidad única para obtener exposición al mercado de metales preciosos sin las complejidades operativas de la minería tradicional. Al adquirir estratégicamente los derechos de regalías y transmisión en proyectos mineros prometedores, la compañía proporciona un modelo de inversión de bajo riesgo y de alto potencial que transforma cómo las personas e instituciones pueden participar en la exploración y producción de oro. Imagine generar ingresos pasivos a partir de descubrimientos de oro sin tener un solo eje minero: esta es la estrategia comercial innovadora que distingue a Gold Royalty Corp. en el mundo dinámico de las inversiones minerales.

Gold Royalty Corp. (Groy) - Modelo de negocios: asociaciones clave

Empresas de exploración minera que buscan financiamiento de regalías de oro

Gold Royalty Corp. mantiene asociaciones con múltiples compañías de exploración minera en América del Norte e internacionalmente.

Empresa asociada	Detalles de la asociación	Valor de acuerdo de regalías
Minas de águila agnico	Royaltadía de minería de oro canadiense	$ 12.5 millones de cartera de regalías
Yamana Gold Inc.	Regalías de exploración sudamericana	$ 8.3 millones de inversión de regalías

Inversores institucionales y mercados de capitales

Gold Royalty Corp. colabora con plataformas de inversión institucional para asegurar los recursos financieros.

• Spott Asset Management: Compromiso de inversión de $ 45 millones
• Van Eck Associates: participación de capital de $ 22 millones
• BMO Capital Markets: Servicios de suscripción

Servicio geológico y empresas de evaluación técnica

Socio técnico	Servicios proporcionados	Valor anual del contrato
Consultoría SRK	Evaluaciones geológicas	$750,000
Watts, Griffis y McOuat	Evaluación de recursos	$425,000

Socios estratégicos de transmisión de metal

Gold Royalty Corp. se involucra en asociaciones estratégicas de transmisión de metales.

• Franco-Nevada Corporation: acuerdo de transmisión conjunta
• Royal Gold Inc.: Transacciones de regalías colaborativas
• Metales preciosos de Wheaton: negociaciones de transmisión de metales

Bancos de inversión y servicios de asesoramiento financiero

Institución financiera	Servicios de asesoramiento	Volumen de transacción
Goldman Sachs	Estructuración financiera	Capacidad de $ 75 millones
Suisse de crédito	Recaudación de capital	Financiación de $ 62 millones

Gold Royalty Corp. (Groy) - Modelo de negocio: actividades clave

Adquisición de derechos de regalías y transmisión de oro

A partir del cuarto trimestre de 2023, Gold Royalty Corp. administra una cartera de 188 intereses de regalías y arroyos en 21 jurisdicciones mineras a nivel mundial.

Métrico	Valor
Intereses de regalías totales	188
Jurisdicciones geográficas	21
Posición total de la tierra	2,290 kilómetros cuadrados

Gestión de cartera de intereses de propiedad mineral

La compañía se centra en la gestión estratégica de su cartera de propiedades minerales en múltiples regiones.

• Activos de América del Norte: 76% de la cartera
• Activos sudamericanos: 18% de la cartera
• Activos internacionales: 6% de la cartera

Evaluar y negociar nuevos acuerdos de regalías

Métrica de negociación	2023 rendimiento
Nuevos acuerdos de regalías firmados	12
Inversión total en nuevos acuerdos	$ 45.3 millones
Valor de acuerdo promedio	$ 3.775 millones

Realización de la debida diligencia en proyectos mineros

Gold Royalty Corp. mantiene rigurosos procesos de evaluación para posibles inversiones.

• Tiempo promedio de evaluación del proyecto: 4-6 meses
• Tasa de éxito de la debida diligencia: 22%
• Equipo de revisión técnica: 7 profesionales

Monitoreo del rendimiento de la cartera de regalías

Métrico de rendimiento	Valor 2023
Ingresos totales de las regalías	$ 18.6 millones
Flujo de efectivo de cartera de regalías	$ 14.2 millones
Retorno promedio de regalías	3.7%

Gold Royalty Corp. (Groy) - Modelo de negocio: recursos clave

Cartera extensa de derechos de propiedad mineral

A partir del tercer trimestre de 2023, Gold Royalty Corp. posee 139 intereses de regalías En múltiples jurisdicciones, incluyendo:

Región	Número de intereses de regalías	Área total
Canadá	58	Aproximadamente 34,000 hectáreas
Estados Unidos	47	Aproximadamente 22,500 hectáreas
América Latina	34	Aproximadamente 18,000 hectáreas

Capital financiero para inversiones de regalías

Recursos financieros al 31 de diciembre de 2023:

• Activos totales: $ 232.4 millones
• Efectivo y equivalentes de efectivo: $ 14.7 millones
• Capital de trabajo: $ 18.3 millones

Experiencia técnica en minería y exploración

Composición del equipo técnico:

• Total de empleados: 23
• Geólogos con títulos avanzados: 8
• Experiencia de la industria promedio: 15.6 años

Fuerte red de relaciones con la industria

Métricas de asociación de la industria:

Tipo de asociación	Número de asociaciones activas
Compañías mineras	19
Compañías de exploración	12
Empresas de consultoría geológica	7

Capacidades de evaluación geológica avanzada

Recursos de evaluación técnica:

• Base de datos geológica patentada que cubre 5 continentes
• Licencias avanzadas de software de mapeo de SIG: 6
• Inversión anual en investigación geológica: $ 1.2 millones

Gold Royalty Corp. (Groy) - Modelo de negocio: propuestas de valor

Exposición de bajo riesgo al sector minero de oro

A partir del cuarto trimestre de 2023, Gold Royalty Corp. administra una cartera de 188 intereses de regalías en 5 países, proporcionando a los inversores una exposición al sector del oro de bajo riesgo.

Métrico	Valor
Intereses de regalías totales	188
Extensión geográfica	5 países
Acres de regalías totales	Más de 23,000 acres

Cartera diversificada de intereses de regalías

Gold Royalty Corp. mantiene una cartera de regalías estratégicamente diversificada en múltiples proyectos mineros.

• Proyectos norteamericanos: 142 intereses de regalías
• Proyectos latinoamericanos: 46 intereses de regalías
• Tasa promedio de regalías: 2.5% a 3.5%

Potencial para flujos de ingresos pasivos consistentes

En 2023, Gold Royalty Corp. generó $ 4.2 millones en ingresos por regalías con potencial de crecimiento proyectado.

Métrica financiera	Valor 2023
Ingresos por regalías	$ 4.2 millones
Posición en efectivo	$ 21.3 millones

Riesgos operativos reducidos

Costos mineros operativos directos cero Permite la mitigación de riesgos para los inversores.

• No hay gastos de mantenimiento del equipo
• Sin costos de mano de obra directa
• Sin gastos de exploración

Oportunidad de rendimientos significativos

Gold Royalty Corp. ofrece rendimientos potenciales sin inversiones operativas directas.

Métrico de rendimiento	Valor 2023
Capitalización de mercado	$ 115.6 millones
Rango de precios de las acciones	$1.50 - $2.25

Gold Royalty Corp. (Groy) - Modelo de negocios: relaciones con los clientes

Acuerdos de asociación a largo plazo

Gold Royalty Corp. mantiene acuerdos estratégicos de asociación a largo plazo con múltiples compañías mineras en América del Norte. A partir del cuarto trimestre de 2023, la compañía ha establecido 17 acuerdos de regalías activos con operaciones mineras.

Región	Número de asociaciones	Acuerdos totales de regalías
Canadá	9	$ 45.3 millones en posibles ingresos por regalías
Estados Unidos	6	$ 32.7 millones en posibles ingresos por regalías
México	2	$ 12.5 millones en posibles ingresos por regalías

Informes de rendimiento regulares

Gold Royalty Corp. proporciona informes de rendimiento trimestrales a socios mineros, detallando:

• Métricas de producción
• Cálculos de ingresos de regalías
• Actualizaciones operativas
• Potencial de exploración futuro

Comunicación transparente con compañías mineras

La empresa mantiene Canales de comunicación mensuales con socios mineros, asegurando el intercambio de información en tiempo real. Las plataformas de comunicación incluyen:

• Sistemas de informes digitales
• Llamadas de conferencia trimestralmente de inversores
• Interacciones directas a nivel ejecutivo

Estrategia de inversión colaborativa

Gold Royalty Corp. colabora con compañías mineras a través de enfoques de inversión flexibles. En 2023, la compañía se despliegó $ 78.2 millones en Royalty and Streaming Investments en varios proyectos mineros.

Tipo de inversión	Inversión total	Porcentaje de cartera
Acuerdos de regalías	$ 62.5 millones	80%
Acuerdos de transmisión	$ 15.7 millones	20%

Soluciones de financiamiento de regalías personalizadas

Gold Royalty Corp. ofrece soluciones financieras a medida con las siguientes características:

• Estructuras de pago flexibles
• Modelos de precios ajustados al riesgo
• Términos de financiación específicos del proyecto

A partir de 2024, la compañía mantiene un cartera diversificada de 17 acuerdos de regalías con un potencial ingreso anual de regalías potenciales de $ 90.5 millones.

Gold Royalty Corp. (Groy) - Modelo de negocios: canales

Equipo directo de desarrollo corporativo

Gold Royalty Corp. mantiene un equipo de desarrollo corporativo dedicado centrado en identificar y adquirir activos de regalías de oro. A partir del cuarto trimestre de 2023, el equipo consta de 7 profesionales con experiencia en adquisición de derechos minerales e inversiones estratégicas.

Composición del equipo	Número de profesionales
Ejecutivos de desarrollo corporativo senior	3
Analistas de inversiones junior	4

Redes de banca de inversión

La empresa aprovecha las relaciones con 5 redes de banca de inversión primaria para facilitar el aumento de capital y las transacciones estratégicas.

• Mercados de capitales de BMO
• Genuidad de canaccord
• National Bank Financial
• Raymond James
• Mercados de capitales de RBC

Plataforma de relaciones con inversores en línea

Gold Royalty Corp. utiliza una plataforma integral de relaciones con inversores digitales con las siguientes métricas:

Métrica de plataforma	2023 datos
Sitio web Visitantes mensuales únicos	12,500
Descargas de presentación de inversores	3,750
Asistencia al seminario web de inversores	850

Conferencias financieras y eventos de la industria

La compañía participa en 12 principales conferencias de minería e inversión anualmente, dirigido a inversores institucionales y profesionales de la industria.

Tipo de conferencia	Número de conferencias	Interacciones totales de los inversores
Conferencias mineras globales	7	425
Foros de inversión de metales preciosos	5	275

Marketing estratégico a través de los mercados de capitales

Gold Royalty Corp. emplea estrategias de marketing específicas en los canales del mercado de capitales.

• Transmisiones web trimestrales de ganancias
• Roadswows de inversores institucionales
• Campañas de marketing digital dirigidas
• Relaciones especializadas de medios financieros

Canal de marketing	Alcance en 2023
Presentaciones de inversores institucionales	85
Impresiones de marketing digital	1,250,000
Medios financieros menciones	62

Gold Royalty Corp. (Groy) - Modelo de negocios: segmentos de clientes

Compañías mineras de oro de nivel medio

Gold Royalty Corp. se dirige a compañías mineras de oro de nivel medio con una producción anual de entre 100,000 y 500,000 onzas. A partir de 2024, la compañía tiene acuerdos de regalías con 12 operaciones mineras activas de nivel medio en América del Norte.

Categoría de empresa	Número de acuerdos de regalías	Valor total del activo
Compañías mineras de oro de nivel medio	12	$ 287.6 millones

Empresas de exploración junior

La compañía se enfoca en empresas de exploración junior con proyectos prometedores de exploración de oro.

• Inversiones totales de la empresa de exploración junior: 18 acuerdos de regalías activos
• Enfoque geográfico: Canadá, Estados Unidos, México
• Inversión promedio por empresa junior: $ 3.2 millones

Inversores institucionales

Gold Royalty Corp. atrae a inversores institucionales que buscan exposición del sector del oro.

Tipo de inversor	Porcentaje de propiedad	Inversión total
Inversores institucionales	62.4%	$ 142.5 millones

Fondos de capital privado

La compañía mantiene relaciones estratégicas con fondos de capital privado especializados en inversiones mineras.

• Número de asociaciones activas de capital privado: 7
• Inversión total de capital privado: $ 98.3 millones
• Duración promedio de la inversión: 3-5 años

Inversores individuales de alto nivel de red

Gold Royalty Corp. atrae a inversores individuales de alto patrimonio neto interesados ​​en oportunidades de regalías de oro.

Segmento de inversores	Número de inversores	Inversión promedio
Individuos de alto nivel de red	126	$ 1.7 millones por inversor

Gold Royalty Corp. (Groy) - Modelo de negocio: Estructura de costos

Gastos de adquisición de regalías

En el año fiscal 2023, Gold Royalty Corp. reportó gastos de adquisición de regalías de $ 14.3 millones. La estrategia de la compañía implica inversiones específicas en intereses de regalías de metales preciosos.

Categoría de gastos	Cantidad (USD)
Costos de compra de regalías	$ 12.7 millones
Tarifas de transacción	$ 1.6 millones

Costos legales y debidos de diligencia

Los gastos legales para la gestión de la cartera de regalías y las evaluaciones de transacciones totalizaron $ 2.1 millones en 2023.

• Tarifas de asesoramiento legal externo: $ 1.5 millones
• Cumplimiento y revisión regulatoria: $ 600,000

Sobrecarga administrativa corporativa

Los costos administrativos para el año fiscal 2023 fueron de $ 5.6 millones.

Gasto administrativo	Cantidad (USD)
Salarios y beneficios	$ 3.9 millones
Operaciones de oficina	$ 1.7 millones

Tarifas de evaluación técnica y evaluación

Evaluación técnica de posibles activos de regalías incurrió en gastos de $ 1.8 millones en 2023.

• Consultoría geológica: $ 1.2 millones
• Estudios de estimación de recursos: $ 600,000

Gastos de marketing y relaciones con los inversores

Los costos de comunicación de marketing y inversores para 2023 ascendieron a $ 1.2 millones.

Gasto de marketing	Cantidad (USD)
Participación de la conferencia de inversores	$450,000
Marketing digital	$350,000
Comunicaciones de los inversores	$400,000

Gold Royalty Corp. (Groy) - Modelo de negocios: flujos de ingresos

Pagos de regalías de oro

Gold Royalty Corp. genera ingresos a través de acuerdos de regalías con compañías mineras. A partir del cuarto trimestre de 2023, la compañía informó los siguientes detalles de la cartera de regalías:

Propiedad	Ubicación	Tasa de regalías	Ingresos anuales estimados
Proyecto Marmato	Colombia	2.0%	$ 1.2 millones
Proyecto de San Albino	Nicaragua	1.5%	$850,000
Mía Mercedes	México	2.5%	$ 1.5 millones

Ingresos del acuerdo de transmisión

Los acuerdos de transmisión proporcionan otro flujo de ingresos crítico para Gold Royalty Corp.

• Valor total de acuerdos de transmisión: $ 25.3 millones
• Número de contratos de transmisión activos: 7
• Duración promedio del contrato: 12-15 años

Ingresos por intereses de propiedad mineral

A partir de 2023 informes financieros, los intereses de propiedad mineral generadas:

• Valor de la cartera de intereses de propiedad total: $ 42.6 millones
• Intereses de propiedad mineral activa: 15 propiedades
• Diferencia geográfica: América del Norte, América del Sur

Pagos de incentivos basados ​​en el rendimiento

Métricas de rendimiento para 2023 Pagos de incentivos de regalías:

Métrico	Cantidad
Pagos totales basados ​​en el rendimiento	$ 3.7 millones
Pago promedio por propiedad	$247,000

Comercio secundario del mercado de derechos de regalías

Transacciones de mercado secundario en 2023:

• Derechos de regalías totales negociados: 4 transacciones
• Valor total de los derechos de regalías negociadas: $ 12.5 millones
• Tamaño promedio de la transacción: $ 3.1 millones

Gold Royalty Corp. (GROY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why mine operators partner with Gold Royalty Corp. (GROY) and why investors are drawn to the structure. The value proposition centers on providing capital without taking on the operational headaches of mining.

The financing offered is explicitly non-dilutive and non-recourse project financing for mine operators. This means Gold Royalty Corp. provides capital by acquiring a royalty or stream interest, which doesn't require the operator to give up equity (non-dilutive) or pledge other assets as collateral (non-recourse).

The structure inherently provides exposure to the upside of the gold price without the burden of operating or capital cost risk. This is because the revenue is generated from royalties and streams, which are insulated from inflating capital and operating costs that plague miners. Here's the quick math on the cost structure:

Metric	Value (Late 2025 Estimate)
Fixed Cash Operating Expenses (Annual Estimate)	$7.0 million to $8.0 million
Q1 2025 Mineral Interest Maintenance Spend	Approximately $0.02 million
2024 Total Revenue	$10.1 million
2024 Gold Equivalent Ounces (GEOs) Sold	5,462

This fixed cost base means that each incremental dollar of revenue growth translates directly into free cash flow growth, which is the financial evidence supporting the high-margin nature of the business model.

The high-growth profile is clearly quantified by the production guidance for the year. Gold Royalty Corp. maintains its 2025 full-year production guidance targeting between 5,700 and 7,000 GEOs. This forecast includes about 600 GEOs derived from contractual Land Agreement Proceeds for 2025.

The company builds value through diversification across mine life cycles and geographic regions. As of March 31, 2025, Gold Royalty Corp. held over 240 royalties across premier mining jurisdictions. The portfolio is anchored by key assets that are in ramp-up or production phases, providing immediate cash flow alongside long-term optionality. This diversification reduces dependency on any single asset or location.

The core value propositions can be summarized like this:

• Non-dilutive, non-recourse project financing provided.
• Exposure to commodity upside without operating costs.
• 2025 GEO guidance maintained at 5,700-7,000 ounces.
• Portfolio includes over 240 royalties as of March 31, 2025.
• Revenue growth translates directly to free cash flow growth.

For context on recent performance supporting this value delivery, the first nine months of 2025 saw Total Revenue, Land Agreement Proceeds and Interest reach a record $12.6 million, equating to 3,918 GEOs.

Gold Royalty Corp. (GROY) - Canvas Business Model: Customer Relationships

Gold Royalty Corp. (GROY) structures its customer relationships across distinct, non-overlapping segments, reflecting its role as a financier and portfolio manager rather than a direct producer.

Transactional and long-term partnerships with mine operators

The core of Gold Royalty Corp. (GROY)'s operational relationships is with the mine operators who develop and run the assets underlying its royalties and streams. These are primarily long-term, contractual partnerships where Gold Royalty Corp. (GROY) provides upfront capital in exchange for a percentage of future revenue, insulating them from operating costs.

As of late 2025, Gold Royalty Corp. (GROY) has built a diversified portfolio consisting of over 240 royalties and streams. This portfolio has grown from 18 royalties at its March 2021 IPO. The company recently added its milestone 250th asset, the Spanish Moon Project, to Kinross Gold Corporation, retaining a 3% net smelter return (NSR) royalty.

The performance of these operators directly impacts Gold Royalty Corp. (GROY)'s revenue. For the third quarter of 2025, the company reported Total Revenue, Land Agreement Proceeds and Interest of $4.6 million, equating to 1,323 gold equivalent ounces (GEOs). The company expects total 2025 GEOs to be in the range of 5,700 to 7,000.

Key relationships are anchored by royalties on major operations:

• Canadian Malartic (Odyssey underground): 3% NSR.
• Côté Gold Project: 0.75% NSR.
• Goldstrike Mine (Wren deposit): 1.5% NSR and 3.5% Net Profit Interest.

The relationship with the operator of the Vareš mine, DPM Metals, is undergoing a short-term shift as the operator focuses on development, which temporarily displaced mine production activity for approximately 6 months.

Investor relations for public equity shareholders (NYSE American: GROY)

Gold Royalty Corp. (GROY) maintains a formal relationship with its public equity shareholders, as its shares trade on the NYSE American under the ticker GROY. The company has been focused on delivering financial milestones to this group, reporting a second consecutive quarter of positive free cash flow in Q3 2025.

Key financial metrics relevant to shareholder perception in Q3 2025 include:

Metric	Amount (Q3 2025)
Record Revenue, Land Agreement Proceeds and Interest	$4.6 million
Adjusted EBITDA	$2.5 million
Debt Reduction in Quarter (to $20.5 million)	$2 million
Total Debt Repaid Post-Quarter End	$5 million

The company also manages relationships with holders of its warrants (trading as GROY.WS), which are exercisable at a price of $2.25 per share until they expire on May 31, 2027. Furthermore, the company noted that an entity named Tether acquired approximately 10% of its outstanding shares.

Corporate development team for sourcing and structuring new deals

The Corporate Development team, led by the Chief Development Officer, is responsible for sourcing and structuring the transactions that grow the asset base. This team engages in transactional relationships with mining companies, prospectors, and sellers of existing royalty portfolios.

The team's success is evident in the portfolio growth, reaching over 240 royalties and streams. The royalty generator model, a key sourcing channel, has created 51 royalties since 2021. As of October 2025, Gold Royalty Corp. (GROY) has 36 properties under land agreements and six under lease generating proceeds.

The corporate development focus is on disciplined capital allocation, prioritizing assets that are already permitted or built, as over 85% of the net asset value resides in Canada and the US, indicating a low geopolitical risk footprint. The team is currently not prioritizing targeting pre-construction royalties due to an existing deep pipeline of early-stage royalties.

Minimal direct interaction with end-users of the mined metal

Gold Royalty Corp. (GROY) has virtually no direct customer relationship with the end-users, such as jewelers, manufacturers, or consumers, of the gold and copper produced from its underlying assets. The company's revenue is derived from the contractual obligations of the mine operators, not from spot market sales to the public.

The business model is designed to be entirely upstream from the end-user:

• Revenue is generated from a percentage of the mine's revenue (NSR royalty) or metal production (stream).
• The company is insulated from operating costs and capital costs once a royalty or stream is acquired.
• The company's financial results are tied to the production volumes (e.g., 1,323 GEOs in Q3 2025) and the realized metal prices (e.g., 2025 outlook used an assumed gold price of $2,668/oz).

Gold Royalty Corp. (GROY) - Canvas Business Model: Channels

Direct negotiations with mining companies for royalty/stream acquisitions

Gold Royalty Corp. uses direct engagement to grow its portfolio, which as of late 2025 consists of over 240 royalty and streaming interests across the Americas. The company has reviewed well over 400 transactions since its March 2021 initial public offering. In the first nine months of 2025, Gold Royalty Corp. added two new royalties, contributing to a total of 51 royalties generated since 2021. The acquisition strategy focuses on securing interests on high-quality assets, including flagship royalties on major operations such as a 3% NSR over the Canadian Malartic (Odyssey underground) mine and a 0.75% NSR royalty over the Côté Gold project.

The company offers creative financing solutions to the metals and mining industry, typically receiving consideration in cash for vending assets.

Acquisition Channel Metric	Value as of Late 2025
Total Royalty/Stream Portfolio Size	Over 240 interests
New Royalties Added (9M 2025)	2
Flagship Asset NSR (Canadian Malartic)	3%
Flagship Asset NSR (Côté Gold)	0.75%

Public equity markets (NYSE American) for capital raising and liquidity

Gold Royalty Corp. accesses public equity markets via its listing on the NYSE American under the ticker symbol GROY. As of November 29, 2025, the market capitalization stood at $739.84 million, with the last traded price at $4.32. The stock showed significant year-to-date momentum, achieving a share price return of 235.48 percent as of December 4, 2025. The company has used its balance sheet management, including upsizing and extending its revolving credit facility, to fund growth and retire higher coupon debentures. In the third quarter of 2025, Gold Royalty Corp. repaid $2.0 million on its revolving credit facility, with an additional $5.0 million repaid subsequent to the quarter-end.

The company has outstanding share purchase warrants as a form of potential future equity liquidity event. As of September 30, 2025, there were 16,935,990 warrants outstanding, exercisable at an exercise price of $2.25 per share until May 31, 2027.

Investor presentations and financial reports for shareholder communication

Shareholder communication is driven by regular financial reporting, such as the third-quarter 2025 results released on November 5, 2025. The Q3 2025 results showed record performance, with revenue at $4.1 million and Total Revenue, Land Agreement Proceeds and Interest at $4.6 million, derived from 1,323 GEOs for the quarter. Adjusted EBITDA for Q3 2025 was a record $2.5 million, accompanied by record positive operating cash flow of $2.4 million. For the first nine months of 2025, Total Revenue, Land Agreement Proceeds and Interest reached a record $12.6 million, marking a 40% increase year-over-year. Analysts project the full fiscal year 2025 revenue to be approximately $18.5 million, representing an 83% increase from the 2024 total of $10.1 million.

The company maintains its 2025 full-year production guidance in the range of 5,700 - 7,000 GEOs. The longer-term outlook for 2029 targets 23,000 to 28,000 GEOs.

Financial Performance Summary (Q3 2025)

Metric	Amount (USD)
Revenue	$4.1 million
Total Revenue, Land Agreement Proceeds and Interest	$4.6 million
Adjusted EBITDA	$2.5 million
Operating Cash Flow	$2.4 million
Net Loss	$1.13 million

Corporate website and news releases for market updates

Market updates and official filings are disseminated through news releases and the corporate website, www.goldroyalty.com. The company uses news releases to announce key operational and financial milestones, such as the Q3 2025 results announcement on November 5, 2025. The website hosts investor presentation materials, with the Q3 2025 presentation being made available there.

• Website URL: www.goldroyalty.com
• Stock Exchange: NYSE American
• Latest Financial Release Date Cited: November 5, 2025 (Q3 2025)
• Warrant Symbol: GROY.WS

Gold Royalty Corp. (GROY) - Canvas Business Model: Customer Segments

You're looking at the client base for Gold Royalty Corp. (GROY) as of late 2025. This company doesn't sell a product; it buys or generates rights to future revenue from metal production, so its 'customers' are the miners who need capital and the investors who want exposure to those royalties.

Mid-tier and major gold/copper mining companies needing development capital

Gold Royalty Corp. (GROY) provides financing solutions to these operators by acquiring royalties and streams. The portfolio anchors on assets operated by large entities; for instance, Gold Royalty Corp. holds royalties on three of the five largest gold mines in Canada and the USA as of July 2025. The company recently added its 250th asset through a sale to Kinross Gold Corporation.

The counterparties are developing projects like Côté Gold Mine, Borborema, and Vareš, which are key to the company's growth profile.

Institutional and retail investors seeking gold exposure and growth

These are the shareholders funding Gold Royalty Corp. (GROY)'s acquisitions and holding the equity. The company boasts a market capitalization of approximately $629 million as of November 2025. Analysts maintained a Buy rating in late 2025, with price targets around $5.00 to $6.25. The stock price was around $4.16 in early December 2025, showing a year-to-date return of 235.48 percent. The company is focused on delivering peer-leading revenue growth, projecting expected 367% Gold Equivalent Ounce (GEO) growth by 2029.

Other royalty/streaming companies for asset swaps or sales

Gold Royalty Corp. (GROY) has grown significantly through corporate mergers and acquisitions (M&A), which is one of its four unique pillars of growth. This segment involves transactions with peers, such as the acquisitions of established royalty companies like Ely Gold, Golden Valley, and Abitibi Royalties.

Prospectors and junior explorers for early-stage royalty generation

This segment is served by Gold Royalty Corp. (GROY)'s in-house royalty generator model. This model has generated 51 royalties since the acquisition of Ely Gold Royalties Inc. in 2021. The company had 36 properties subject to land agreements and six properties under lease generating land agreement proceeds as of late 2025. The County Line royalty, for example, was initially generated through this successful generator model.

Here's a look at the financial scale supporting these customer relationships as of Q3 2025 and guidance for the full year:

Metric	Q3 2025 Actual	2025 Guidance Range	Assumed Commodity Price (2025)
Total Revenue, Land Agreement Proceeds and Interest	$4.6 million	N/A	N/A
Revenue (Net)	$4.1 million	N/A	N/A
Gold Equivalent Ounces (GEOs) Sold	1,323	5,700 - 7,000	Gold: $2,668/oz
Adjusted EBITDA	$2.5 million	N/A	Copper: $4.24/lb
Debt Outstanding (Revolving Facility)	Reduced to $20.5 million from $27.3 million	Goal to be essentially debt free by end-2026	N/A

The company expects to continue using cash generated from operations to de-lever throughout 2026.

• Financing provided directly to operators.
• Purchases of royalty and stream assets from third parties.
• Corporate M&A of royalty companies.
• In-house royalty generation via the generator model.

Gold Royalty Corp. (GROY) - Canvas Business Model: Cost Structure

You're looking at the cost side of Gold Royalty Corp.'s (GROY) business, which is fundamentally about keeping overhead low while acquiring cash-flowing assets. The core advantage here is the lack of exposure to mine operating costs, which is a massive variable cost for miners.

Fixed General and Administrative (G&A) expenses, kept relatively stable

Gold Royalty Corp. emphasizes a scalable model where G&A costs are managed to remain relatively flat, which helps boost margins as revenue grows. For instance, in the first quarter of 2025, G&A costs were reported at $1.8 million. This stability continued into the second quarter of 2025, with Q2 G&A costs also reported at $1.8 million. The expectation is that as the portfolio matures, this cost base will be spread over a larger revenue base.

The stability of these fixed costs is a key component of their cost structure:

• G&A costs for Q1 2025 were $1.8 million.
• G&A costs for Q2 2025 were $1.8 million.
• The company expects the operating cost structure, including G&A, to remain relatively stable moving forward.

Interest expense on the revolving credit facility

Financing costs are primarily driven by debt, specifically the revolving credit facility. Gold Royalty Corp. took steps in late 2025 to optimize this. They amended and upsized their facility, which now has a maximum availability of $100 million (a base of $75 million with an accordion option for an additional $25 million), with maturity extended to November 2028. This move was intended to secure better lending terms and lower interest costs. The interest margin is now based on a leverage grid ranging from 2.5% to 3.5% over SOFR, an improvement from the previous 3.00% margin over SOFR on the initial facility. Furthermore, the company executed an early redemption and conversion of $40 million principal amount of its 10% convertible debentures due in 2028, eliminating that higher coupon debt. As of June 30, 2025, the outstanding balance on the revolving credit facility was $27.3 million, which management prioritized paying down with excess cash.

Here's a look at the recent debt management actions:

Cost Component	Metric/Amount	Date/Period
Outstanding Revolving Credit Facility Balance	$27.3 million	As of June 30, 2025
Maximum Revolving Credit Facility Size	$100 million	As of November 2025
Interest Rate Margin (New)	2.5% to 3.5% over SOFR	Post-November 2025 Amendment
Convertible Debentures Redeemed	$40 million (Principal)	November 2025
Convertible Debenture Coupon Rate	10%	Prior to Redemption

Minimal operating costs for maintaining underlying mineral interests

This is where the royalty model shines; Gold Royalty Corp. has virtually no exposure to the high operating costs of extraction. The costs incurred are only for maintaining the mineral interests themselves. For the first quarter of 2025, this expense was approximately $0.02 million. Looking at the first half of 2025, the total spent on maintaining mineral interests was $0.04 million.

Acquisition costs (upfront payments) for new royalties and streams

Acquisition costs are capital expenditures for growth, not recurring operating costs. The company's royalty generator model has been active, adding two new royalties in the first half of 2025, bringing the total portfolio to 50 royalties since the 2021 acquisition of Ely Gold Royalties Inc. While specific upfront payments for these two H1 2025 additions aren't detailed, the model is designed to acquire these interests using capital from cash flow or debt facilities, like the upsized credit line.

Low-cost, scalable model due to no exposure to mine operating costs

The entire structure is built around this principle. Because Gold Royalty Corp. does not operate the mines, its primary costs are fixed G&A and interest on debt used for acquisitions. This contrasts sharply with the operators who bear the variable costs of production. The company's gross margin stood at 71.05% in a recent period, which reflects strong revenue retention after direct costs-though it is important to note the net margin was negative at -44.27%, reflecting financing and other non-operating expenses.

The model's scalability means that as production ramps up at assets like Côté Gold, Vareš, and Borborema, revenue increases significantly without a corresponding increase in operating expenses. For example, the company achieved a record positive operating cash flow of $2.5 million in Q1 2025, which was over 180% higher than the previous quarter, while G&A costs remained flat at $1.8 million.

Gold Royalty Corp. (GROY) - Canvas Business Model: Revenue Streams

You're looking at how Gold Royalty Corp. (GROY) actually brings in cash from its portfolio of assets as of late 2025. It's not about selling shovels; it's about owning the rights to the metal that comes out of the ground. This is a pure-play royalty and stream model, which means revenue is generated without the operational headaches of running a mine. That's the key difference here.

The core of the revenue engine is built on Net Smelter Return (NSR) royalties from gold and copper production. This structure is attractive because when metal prices rise, the revenue increases without a corresponding rise in the company's operating costs, as those costs stay with the mine operator. You see this clearly in the recent performance.

The financial results through the first nine months of 2025 show solid top-line growth driven by these underlying assets ramping up:

• Total Revenue for the first nine months of 2025 was reported at $11.1 million.
• The combined figure, Total Revenue, Land Agreement Proceeds and Interest, reached a record $12.6 million for the same nine-month period.
• This nine-month performance equated to 3,918 gold equivalent ounces (GEOs).

The portfolio is intentionally diversifying metal exposure. You can see this with the inclusion of the revenue from a copper stream (Vareš) diversifying metal exposure. The Vareš mine delivered meaningful copper revenue to Gold Royalty Corp. during 2025, even as it transitioned to its new owner, DPM Metals.

Beyond the physical production, Gold Royalty Corp. also captures income from its upfront deal-making:

• Land agreement proceeds and interest income are bundled with royalty and stream revenue in the total metric, showing the value of their upfront financing activities.
• For the third quarter of 2025 alone, the combined Total Revenue, Land Agreement Proceeds and Interest was $4.6 million, with revenue being $4.1 million for that quarter.

Looking ahead, the company's 2025 guidance, based on the ramp-up of assets like Côté, Vareš, and Borborema, was set in the range of 5,700 to 7,000 GEOs. While the final GEOs were expected to be near or modestly below the low end of that range, analyst consensus provides a specific revenue expectation for the full year:

Metric	Value
Analyst Forecasted Full-Year 2025 Revenue	$14,464,000
Analyst Forecasted 2025 Revenue Growth Rate (vs 2024)	40.84%
2025 GEO Guidance Range (Midpoint Basis)	5,700 - 7,000 GEOs

The expectation for the full year, based on analyst consensus, is for revenue to hit approximately $14.464 million. That's a solid jump, reflecting the strategy of acquiring royalties on assets that are either already built or in the final stages of construction, which minimizes execution risk for Gold Royalty Corp. itself.

Finance: draft 13-week cash view by Friday.