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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GROY

GROY fundamentals

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