Gold Royalty Corp. (Groy): Business Model Canvas [Jan-2025 Mis à jour]

Gold Royalty Corp. (Groy) représente une approche révolutionnaire de l'investissement en or, offrant aux investisseurs une occasion unique de se faire exposition au marché des métaux précieux sans les complexités opérationnelles de l'exploitation minière traditionnelle. En acquérant stratégiquement les droits de redevance et de streaming dans des projets miniers prometteurs, la société fournit un modèle d'investissement à faible risque et à haut potentiel qui transforme la façon dont les individus et les institutions peuvent participer à l'exploration et à la production de l'or. Imaginez générer des revenus passifs à partir de découvertes d'or sans posséder un seul arbre minier - c'est la stratégie commerciale innovante qui distingue Gold Royalty Corp. dans le monde dynamique des investissements minéraux.

Gold Royalty Corp. (Groy) - Modèle d'entreprise: partenariats clés

Sociétés d'exploration minière à la recherche d'un financement de redevances d'or

Gold Royalty Corp. maintient des partenariats avec plusieurs sociétés d'exploration minière à travers l'Amérique du Nord et à l'étranger.

Entreprise partenaire	Détails du partenariat	Valeur de l'accord de redevance
Mines agnico aigle	Royale canadienne de mine d'or	Portefeuille de redevances de 12,5 millions de dollars
Yamana Gold Inc.	Royalités d'exploration sud-américaine	8,3 millions de dollars d'investissement de redevance

Investisseurs institutionnels et marchés des capitaux

Gold Royalty Corp. collabore avec les plateformes d'investissement institutionnelles pour garantir des ressources financières.

• Sprott Asset Management: 45 millions de dollars d'engagement d'investissement
• Van Eck Associates: 22 millions de dollars participation aux actions
• BMO Marchés des capitaux: services de souscription

Société d'enquête géologique et d'évaluation technique

Partenaire technique	Services fournis	Valeur du contrat annuel
SRK Consulting	Évaluations géologiques	$750,000
Watts, Griffis et McOUat	Évaluation des ressources	$425,000

Partenaires stratégiques de streaming métallique

Gold Royalty Corp. s'engage dans des partenariats stratégiques de streaming métallique.

• Franco-Nevada Corporation: accord de streaming conjoint
• Royal Gold Inc .: Transactions de redevances collaboratives
• Wheaton Precious Metals: Metal Streaming Ne négociations

Banques d'investissement et services de conseil financier

Institution financière	Services consultatifs	Volume de transaction
Goldman Sachs	Structuration financière	Capacité de transactions de 75 millions de dollars
Credit Suisse	Levage de capitaux	Financement de 62 millions de dollars

Gold Royalty Corp. (Groy) - Modèle d'entreprise: activités clés

Acquérir des droits d'or et des droits de streaming

Depuis le quatrième trimestre 2023, Gold Royalty Corp. gère un portefeuille de 188 intérêts de redevance et de cours d'eau dans 21 juridictions minières dans le monde.

Métrique	Valeur
Intérêts totaux de redevances	188
Juridictions géographiques	21
Position totale terrestre	2 290 kilomètres carrés

Gestion du portefeuille des intérêts des biens minéraux

La société se concentre sur la gestion stratégique de son portefeuille de biens minéraux dans plusieurs régions.

• Actifs nord-américains: 76% du portefeuille
• Actifs sud-américains: 18% du portefeuille
• Actifs internationaux: 6% du portefeuille

Évaluation et négociation de nouveaux accords de redevance

Métrique de négociation	Performance de 2023
Nouveaux accords de redevance signés	12
Investissement total dans de nouveaux accords	45,3 millions de dollars
Valeur de l'accord moyen	3,775 millions de dollars

Faire la diligence raisonnable sur les projets miniers

Gold Royalty Corp. maintient des processus d'évaluation rigoureux pour les investissements potentiels.

• Temps d'évaluation du projet moyen: 4 à 6 mois
• Taux de réussite de la diligence raisonnable: 22%
• Équipe d'examen technique: 7 professionnels

Surveillance des performances du portefeuille de redevances

Métrique de performance	Valeur 2023
Revenu total des redevances	18,6 millions de dollars
Flux de trésorerie du portefeuille de redevances	14,2 millions de dollars
Rendement moyen des redevances	3.7%

Gold Royalty Corp. (Groy) - Modèle d'entreprise: Ressources clés

Portefeuille étendu des droits de propriété minérale

Depuis le quatrième trimestre 2023, Gold Royalty Corp. tient 139 intérêts de redevance dans plusieurs juridictions, notamment:

Région	Nombre d'intérêts de redevance	Superficie totale
Canada	58	Environ 34 000 hectares
États-Unis	47	Environ 22 500 hectares
l'Amérique latine	34	Environ 18 000 hectares

Capital financier pour les investissements de redevances

Ressources financières au 31 décembre 2023:

• Actif total: 232,4 millions de dollars
• Equivalents en espèces et en espèces: 14,7 millions de dollars
• Fonds de roulement: 18,3 millions de dollars

Expertise technique dans l'exploitation minière et l'exploration

Composition de l'équipe technique:

• Total des employés: 23
• Géologues titulaires de diplômes avancés: 8
• Expérience moyenne de l'industrie: 15,6 ans

Strait réseau de relations de l'industrie

Métriques de partenariat de l'industrie:

Type de partenariat	Nombre de partenariats actifs
Sociétés minières	19
Sociétés d'exploration	12
Sociétés de conseil géologique	7

Capacités avancées d'évaluation géologique

Ressources d'évaluation technique:

• Base de données géologiques propriétaires couvrant 5 continents
• Licences de logiciel de cartographie SIG avancé: 6
• Investissement annuel dans la recherche géologique: 1,2 million de dollars

Gold Royalty Corp. (Groy) - Modèle d'entreprise: propositions de valeur

Exposition à faible risque au secteur de l'extraction de l'or

Depuis le quatrième trimestre 2023, Gold Royalty Corp. gère un portefeuille de 188 intérêts de redevances dans 5 pays, offrant aux investisseurs une exposition au secteur de l'or à faible risque.

Métrique	Valeur
Intérêts totaux de redevances	188
Propagation géographique	5 pays
Acres totaux de redevance	23 000 acres

Portefeuille diversifié des intérêts de redevance

Gold Royalty Corp. maintient un portefeuille de redevances stratégiquement diversifié dans plusieurs projets miniers.

• Projets nord-américains: 142 intérêts de redevance
• Projets latino-américains: 46 intérêts de redevance
• Taux de redevance moyen: 2,5% à 3,5%

Potentiel de flux de revenus passifs cohérents

En 2023, Gold Royalty Corp. a généré 4,2 millions de dollars de revenus de redevances avec un potentiel de croissance prévu.

Métrique financière	Valeur 2023
Revenus de redevances	4,2 millions de dollars
Poste de trésorerie	21,3 millions de dollars

Réduction des risques opérationnels

Zéro coût d'exploitation opérationnelle directe Permet l'atténuation des risques pour les investisseurs.

• Pas de frais de maintenance de l'équipement
• Pas de coûts de main-d'œuvre directs
• Aucune dépense d'exploration

Opportunité pour des rendements importants

Gold Royalty Corp. offre des rendements potentiels sans investissements opérationnels directs.

Métrique de performance	Valeur 2023
Capitalisation boursière	115,6 millions de dollars
Gamme de cours de l'action	$1.50 - $2.25

Gold Royalty Corp. (Groy) - Modèle d'entreprise: relations avec les clients

Accords de partenariat à long terme

Gold Royalty Corp. maintient des accords de partenariat stratégiques à long terme avec plusieurs sociétés minières en Amérique du Nord. Au quatrième trimestre 2023, la société a établi 17 accords de redevance actifs avec opérations minières.

Région	Nombre de partenariats	Accords totaux de redevances
Canada	9	45,3 millions de dollars de revenus potentiels de redevances
États-Unis	6	32,7 millions de dollars de revenus potentiels de redevances
Mexique	2	12,5 millions de dollars en revenus potentiels de redevances

Rapports de performances réguliers

Gold Royalty Corp. fournit des rapports de performance trimestriels aux partenaires minières, détaillant:

• Métriques de production
• Calculs de revenus de redevance
• Mises à jour opérationnelles
• Potentiel d'exploration futur

Communication transparente avec les sociétés minières

La société maintient canaux de communication mensuels avec des partenaires minières, garantissant l'échange d'informations en temps réel. Les plateformes de communication comprennent:

• Systèmes de rapports numériques
• Conférence téléphonique des investisseurs trimestriels
• Interactions directes au niveau exécutif

Stratégie d'investissement collaboratif

Gold Royalty Corp. collabore avec les sociétés minières grâce à des approches d'investissement flexibles. En 2023, la société a déployé 78,2 millions de dollars dans les redevances et les investissements en streaming dans divers projets miniers.

Type d'investissement	Investissement total	Pourcentage de portefeuille
Accords de redevance	62,5 millions de dollars	80%
Accords de streaming	15,7 millions de dollars	20%

Solutions de financement de redevances personnalisées

Gold Royalty Corp. propose des solutions de financement sur mesure avec les caractéristiques suivantes:

• Structures de paiement flexibles
• Modèles de tarification ajustés au risque
• Conditions de financement spécifiques au projet

Depuis 2024, la société maintient un Portfolio diversifié de 17 accords de redevance avec un chiffre d'affaires annuel potentiel prévu potentiel de 90,5 millions de dollars.

Gold Royalty Corp. (Groy) - Modèle d'entreprise: canaux

Équipe directe de développement d'entreprise

Gold Royalty Corp. maintient une équipe de développement d'entreprise dédiée axée sur l'identification et l'acquisition d'actifs de redevance en or. Depuis le quatrième trimestre 2023, l'équipe se compose de 7 professionnels ayant une expertise en acquisition des droits minéraux et en investissements stratégiques.

Composition de l'équipe	Nombre de professionnels
Cadres supérieurs du développement d'entreprise	3
Analystes d'investissement juniors	4

Réseaux de banque d'investissement

L'entreprise tire parti des relations avec 5 principaux réseaux de banque d'investissement pour faciliter la levée de capitaux et les transactions stratégiques.

• BMO Marchés des capitaux
• Genuité Canaccord
• Banque nationale financière
• Raymond James
• Marchés des capitaux RBC

Plateforme de relations avec les investisseurs en ligne

Gold Royalty Corp. utilise une plate-forme complète des relations avec les investisseurs numériques avec les mesures suivantes:

Métrique de la plate-forme	2023 données
Site Web Visiteurs mensuels uniques	12,500
Téléchargements de présentation des investisseurs	3,750
Présistance au webinaire des investisseurs	850

Conférences financières et événements de l'industrie

L'entreprise participe à 12 principales conférences d'exploitation et d'investissement chaque année, ciblant les investisseurs institutionnels et les professionnels de l'industrie.

Type de conférence	Nombre de conférences	Interactions totales des investisseurs
Conférences minières mondiales	7	425
Forums d'investissement en métaux précieux	5	275

Marketing stratégique sur les marchés des capitaux

Gold Royalty Corp. utilise des stratégies de marketing ciblées sur les canaux du marché des capitaux.

• Webdiffusions sur les résultats trimestriels
• Bouc-bassins d'investisseurs institutionnels
• Campagnes de marketing numérique ciblées
• Relations de médias financiers spécialisés

Canal de marketing	Atteindre en 2023
Présentations des investisseurs institutionnels	85
Impressions de marketing numérique	1,250,000
Mentions des médias financiers	62

Gold Royalty Corp. (Groy) - Modèle d'entreprise: segments de clientèle

Sociétés d'exploitation d'or de niveau intermédiaire

Gold Royalty Corp. cible les sociétés d'extraction d'or de niveau intermédiaire avec une production annuelle entre 100 000 et 500 000 onces. Depuis 2024, la société a des accords de redevance avec 12 opérations minières de niveau intermédiaire actives à travers l'Amérique du Nord.

Catégorie d'entreprise	Nombre d'accords de redevance	Valeur totale de l'actif
Sociétés d'exploitation d'or de niveau intermédiaire	12	287,6 millions de dollars

Entreprises d'exploration junior

L'entreprise se concentre sur les entreprises d'exploration juniors avec des projets prometteurs d'exploration en or.

• Investissements totaux de l'entreprise d'exploration junior: 18 accords de redevances actives
• Focus géographique: Canada, États-Unis, Mexique
• Investissement moyen par entreprise junior: 3,2 millions de dollars

Investisseurs institutionnels

Gold Royalty Corp. attire des investisseurs institutionnels à la recherche d'une exposition au secteur de l'or.

Type d'investisseur	Pourcentage de propriété	Investissement total
Investisseurs institutionnels	62.4%	142,5 millions de dollars

Fonds de capital-investissement

La société entretient des relations stratégiques avec des fonds de capital-investissement spécialisés dans les investissements miniers.

• Nombre de partenariats actifs de capital-investissement: 7
• Investissement total de capital-investissement: 98,3 millions de dollars
• Durée d'investissement moyenne: 3-5 ans

Investisseurs individuels à haute nette

Gold Royalty Corp. attire des investisseurs individuels à haute navette intéressés par les opportunités de redevances en or.

Segment des investisseurs	Nombre d'investisseurs	Investissement moyen
Individus à haute nette	126	1,7 million de dollars par investisseur

Gold Royalty Corp. (Groy) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de redevances

Au cours de l'exercice 2023, Gold Royalty Corp. a déclaré des frais d'acquisition de redevances de 14,3 millions de dollars. La stratégie de l'entreprise implique des investissements ciblés dans des intérêts de redevances en métal précieux.

Catégorie de dépenses	Montant (USD)
Frais d'achat de redevance	12,7 millions de dollars
Frais de transaction	1,6 million de dollars

Frais de diligence légale et raisonnable

Les dépenses juridiques pour la gestion du portefeuille de redevances et les évaluations des transactions ont totalisé 2,1 millions de dollars en 2023.

• Frais de conseils juridiques externes: 1,5 million de dollars
• Conformité et examen réglementaire: 600 000 $

Administration des entreprises

Les coûts administratifs de l'exercice 2023 étaient de 5,6 millions de dollars.

Dépenses administratives	Montant (USD)
Salaires et avantages	3,9 millions de dollars
Opérations de bureau	1,7 million de dollars

Frais d'évaluation technique et d'évaluation

Évaluation technique des actifs de redevance potentiels a entraîné des dépenses de 1,8 million de dollars en 2023.

• Conseil géologique: 1,2 million de dollars
• Études d'estimation des ressources: 600 000 $

Dépenses de marketing et de relations avec les investisseurs

Les coûts de marketing et de communication des investisseurs pour 2023 s'élevaient à 1,2 million de dollars.

Dépenses de marketing	Montant (USD)
Participation de la conférence des investisseurs	$450,000
Marketing numérique	$350,000
Communications des investisseurs	$400,000

Gold Royalty Corp. (Groy) - Modèle d'entreprise: Strots de revenus

Paiements de redevances en or

Gold Royalty Corp. génère des revenus grâce à des accords de redevance avec des sociétés minières. Au quatrième trimestre 2023, la société a rapporté les détails du portefeuille de redevances suivants:

Propriété	Emplacement	Taux de redevance	Revenus annuels estimés
Projet Marmato	Colombie	2.0%	1,2 million de dollars
Projet de San Albino	Nicaragua	1.5%	$850,000
La mienne Mercedes	Mexique	2.5%	1,5 million de dollars

Revenus de l'accord de streaming

Les accords de streaming fournissent une autre source de revenus critique pour Gold Royalty Corp.

• Valeur des accords de streaming total: 25,3 millions de dollars
• Nombre de contrats de streaming actifs: 7
• Durée du contrat moyen: 12-15 ans

Revenu des intérêts des biens minéraux

En 2023, les intérêts financiers, les intérêts des biens minéraux ont généré:

• Valeur du portefeuille d'intérêts de propriété totale: 42,6 millions de dollars
• Intérêts actifs de propriété minérale: 15 propriétés
• Scread géographique: Amérique du Nord, Amérique du Sud

Paiements d'incitation basés sur la performance

Mesures de performance pour les paiements incitatifs de redevance en 2023:

Métrique	Montant
Paiements totaux basés sur la performance	3,7 millions de dollars
Paiement moyen par propriété	$247,000

Tradage du marché secondaire des droits des redevances

Transactions de marché secondaire en 2023:

• Total Droits de redevance négociés: 4 transactions
• Valeur totale des droits de redevance négociés: 12,5 millions de dollars
• Taille moyenne des transactions: 3,1 millions de dollars

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.