Gold Royalty Corp. (NYSE American: GROY) reported record first-half 2026 financial results on August 5, 2026, with revenue more than doubling and gold-equivalent ounces (GEOs, a standard industry measure that converts a royalty company’s mixed metal payments into an equivalent amount of gold) climbing more than 40% year-over-year. Unlike a mining company, Gold Royalty does not operate mines directly. It owns royalty and streaming interests, contractual rights to a percentage of revenue or production, from dozens of mines run by other operators, which lets it participate in gold and copper price gains with comparatively little exposure to the rising costs of actually running a mine.
The Numbers
For the second quarter, Gold Royalty reported revenue of $6.7 million, up from $3.8 million a year earlier. On a broader basis that includes land agreement proceeds and interest income, the company said that figure rose about 80% to $7.9 million, while GEOs rose about 31% to 1,757. Adjusted EBITDA, a non-standard accounting measure that strips out items like depletion, taxes, and one-time charges, came in at $5.6 million for the quarter, up roughly 137% from a year earlier, alongside net income of $1.8 million compared to a net loss in the same period last year. For the full six months, revenue was $13.9 million versus $7.0 million in the first half of 2025.
The company ended the quarter with $11.3 million in cash, no outstanding debt, and a fully undrawn $150 million credit facility. During the quarter, Gold Royalty also acquired an additional 0.875% net smelter return (NSR) royalty on the Ren project in Nevada for $6.25 million, and after quarter-end added smaller royalty interests on the Sterling project and part of the Granite Creek mine, also in Nevada, for a combined $0.8 million. An NSR royalty entitles the holder to a fixed percentage of a mine’s revenue, net of certain costs, without requiring the company to fund any of the mine’s construction or operating expenses.
2026 Guidance Reiterated
Gold Royalty maintained its previously announced 2026 guidance of 7,500 to 9,300 GEOs, a figure that assumes a gold price of $5,150 per ounce and a copper price of $5.75 per pound. Because GEOs are calculated using these price assumptions, actual results will move with metal prices as well as with how much the underlying mines actually produce; this is a forecast built on stated assumptions, not a guarantee.
Portfolio Highlights
Much of the release is devoted to updates on the mines underlying Gold Royalty’s roughly two dozen royalty and streaming interests, based on disclosures from the operators of those mines rather than Gold Royalty’s own operational data. A few of the larger developments:
At Agnico Eagle’s Canadian Malartic/Odyssey mine in Quebec, where Gold Royalty holds a partial 3.0% NSR, the operator completed the first phase of shaft sinking in July, reaching a depth of 1,586 metres, and remains on schedule for first production through that shaft in the second quarter of 2027. Separately, Agnico Eagle expects to complete remediation at the Barnat open pit in the third quarter of 2026, following a rock mass movement in July, with mining there expected to resume in the fourth quarter.
At the Vareš mine in Bosnia, where Gold Royalty holds a copper stream, operator DPM Metals reported roughly 35,000 GEOs produced in the second quarter as the mine continues ramping toward a targeted full-production rate of 850,000 tonnes per year by the end of 2026.
At South Railroad in Nevada, Orla (now combined with Equinox Gold following a business combination completed July 31) has said the project remains on track for a mid-2026 construction start, pending a required federal land-use decision.
At the Côté Gold mine in Ontario, operator IAMGOLD raised its consolidated resource estimate, with measured and indicated resources up 13% to 12.7 million ounces and inferred resources up 63% to 2.0 million ounces on a 100%-project basis, ahead of an updated technical report expected in the fourth quarter.
At Granite Creek in Nevada, where Gold Royalty holds a 10% net profits interest plus the royalty acquired after quarter-end, operator i-80 Gold pushed back its feasibility study timeline to the third quarter of 2026, from the second quarter previously, while reporting continued positive drill results.
Gold Royalty also cited continued drilling and production progress at smaller interests including Borden (Discovery Mining, formerly Discovery Silver), Cozamin (Capstone Copper), and Jerritt Canyon (First Majestic Silver), and highlighted two early-stage development projects, La Mina and São Jorge, both owned by GoldMining Inc., where preliminary economic assessments this year outlined billion-dollar and roughly half-billion-dollar net present values, respectively. Those studies are preliminary in nature and rely partly on lower-confidence inferred resources; the companies involved caution there is no certainty the projected economics will be realized.
Royalty Generator Model
Separately, Gold Royalty said its “royalty generator” program, which stakes exploration ground in exchange for future royalties, has produced 56 royalties since it acquired Ely Gold Royalties in 2021, with 38 properties currently under land agreements and six under lease.
Sources
Editorial Disclosure
This article is based on a press release issued by Gold Royalty Corp. on August 5, 2026, distributed via PRNewswire. Securities discussed: Gold Royalty Corp. (NYSE American: GROY). Portfolio updates in this article also reference disclosures made separately by Aura Minerals Inc., Discovery Mining Ltd., Agnico Eagle Mines Limited, IAMGOLD Corporation, Capstone Copper Corp., i-80 Gold Corp., First Majestic Silver Corp., GoldMining Inc., Orla Mining Ltd., Equinox Gold Corp., and DPM Metals, as relayed in Gold Royalty’s release; Mining Markets Report has not independently verified operator-level disclosures and, as Gold Royalty itself notes, has limited ability to do so. Mining Markets Report has not received compensation from Gold Royalty Corp., its management, investor relations representatives, or any third party for this coverage. No staff member or principal of Mining Markets Report holds a position in any security mentioned in this article. Adjusted EBITDA, Adjusted Net Income, Total Revenue/Land Agreement Proceeds/Interest, and GEOs are non-IFRS financial measures as defined by the company and do not have a standardized meaning; they should not be considered in isolation from IFRS results. Statements regarding 2026 production guidance, project construction and permitting timelines, feasibility studies, and the preliminary economic assessments for the La Mina and São Jorge projects are forward-looking, rely in part on inferred mineral resources and third-party assumptions, and involve known and unknown risks; actual results may differ materially. References to these companies are for market context and analytical purposes only and do not constitute an investment recommendation. All securities carry investment risk including possible loss of capital. Coverage on Mining Markets Report is for informational and educational purposes only; Mining Markets Report is not a registered investment advisor. Readers should conduct their own due diligence and consult a qualified financial advisor before making investment decisions.
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