What factors drove the changes in Gold Royalty's revenue and profit?

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What guidance did Gold Royalty's management provide for the next earnings period?

What is Gold Royalty's latest dividend and current dividend yield?

Did Gold Royalty beat or miss consensus estimates last quarter?

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- **Record Financials**: Q3 2025 revenue $4.6M, Adjusted EBITDA $2.5M, with $2M debt reduction.
- **Debt-Free Target**: On track for debt-free status by end-2026 via free cash flow allocation.
- **Tether Stake Response**: Rights plan adopted to protect against Tether's 10% stake.
- **Operational Challenges**: Vareš mine disruption and higher gold prices reduce 2025 GEO guidance.
- **Long-Term Growth**: 2029 outlook of 23-28k GEOs supported by maturing assets.

**【CEO Opening Remarks】**
- Reported second consecutive quarter of positive free cash flow and record revenue, adjusted EBITDA, and operating cash flow.
- Debt reduction prioritized: $2 million of revolving credit facility paid in Q3, with an additional $5 million post-quarter end, targeting debt-free status by end-2026.
- Convertible debentures and warrants now 'deeply in the money,' with free cash flow growth supporting balance sheet flexibility.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $4.6 million (vs. $2.4M prev. qtr, $0.779M 2024), Adjusted EBITDA: $2.5 million.
- Free cash flow generated, reducing debt from $27.3M to $20.5M.
- Operating costs remain low; plan to allocate excess cash to further debt repayment.

**【CDO Strategic Update】**
- Tether's 10% stake disclosed; Board adopted rights plan to protect shareholder value.
- Portfolio expanded to 250 assets (7 cash-flowing), with focus on acquiring existing royalties rather than pre-construction assets.
- Competitive M&A landscape with 30+ public and 20+ private royalty firms.

**【VP Capital Markets Portfolio Review】**
- 2025 full-year GEO guidance revised down due to:
  1. Higher gold prices reducing land agreement proceeds' GEO contribution (388 vs. 466 assumed).
  2. Vareš mine production disruption (minimal 2025 output).
- Positive developments: Borborema entering commercial production, Canadian Malartic shaft expansion (1,179m depth), and 2029 outlook of 23-28k GEOs remains intact.

**【Q&A Session】**
- No questions submitted during the call.


Gold Royalty Corp.(GROY)-20251106-2025 Q3 Earnings call transcript

Royalty

Canadian Malartic

Borden

Jerritt Canyon

Others

Cozamin

Cote Gold

Borborema

Gold

Vareš

Bosnia and Herzegovina

Canada

United States of America

Brazil

Mexico

GROY

GROY fundamentals

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