Gold Royalty Corp

What Gold Royalty Corp does

Gold Royalty Corp (NYSE American: GROY) is a precious-metals-focused royalty and streaming company incorporated in 2020 and spun off from GoldMining Inc., having completed a US$90M IPO on NYSE American in March 2021. The company acquires Net Smelter Return (NSR) royalties, Net Profit Interests (NPIs), metal streams, advance minimum royalties, and gold-linked loans on third-party mining properties, generating non-operating exposure to precious-metals production without mine-capex or operating-cost responsibility. As of mid-2025 the portfolio comprised over 250 royalties and streams concentrated in the Americas (Canada, USA, Brazil, Colombia, Alaska), with one material stream asset in Bosnia & Herzegovina (the 100% Vareš copper stream). Revenue is generated passively through percentage-based claims on operator production; in FY2025 the company reported $15.6M IFRS revenue and $17.8M Total Revenue, Land Agreement Proceeds and Interest, with a Q1 2026 step-change to $7.2M / $9.4M respectively following the Pedra Branca and Borborema acquisitions.

The company's differentiated origination channel is its proprietary royalty generator model: land agreements and leases with mineral property owners are used to stake, advance, and ultimately originate new royalties, producing 56 royalties since the 2021 acquisition of Ely Gold Royalties Inc. with only $0.1M of mineral-interest maintenance spend in 2025. Custom structured-innovation deals — including a royalty-convertible gold-linked loan on Borborema and a fixed-payability 100% copper stream on Vareš — complement the royalty pipeline. The operating structure is capital-light and intentionally lean (1–10 employees), with management, board and advisory board carrying 400+ years of combined mining-sector experience. The customer base spans major and mid-tier mining operators (Barrick/Newmont JV, Agnico Eagle, IAMGOLD, BHP/CoreX, Aura Minerals, Capstone Copper, DPM Metals) and institutional royalty sellers (BlackRock World Mining Trust, Dundee Corporation).

Gold Royalty's business model is acquisition-led: between 2021 and 2026 the company absorbed Ely Gold Royalties, Abitibi Royalties, Golden Valley, the Québec Royalty Portfolio, the Vareš copper stream, the Borborema royalty (initial and incremental), the Pedra Branca royalty, and a follow-on REN interest. Capital is raised through bought-deal equity offerings and a syndicate revolving credit facility (upsized to US$150M with a $25M accordion in February 2026 at 2.25%–3.25% interest, fully undrawn as of Q1 2026), with the November 2025 redemption of the 10% convertible debentures due 2028 leaving the company debt-free. A strategic alliance with Taurus Mining Royalty Fund co-invests across acquisitions, and Tether Investments holds an approximately 11% equity block with stated interest in royalty-linked gold tokenisation. Forward guidance targets 7,500–9,300 GEOs in 2026 and 28,000–34,000 GEOs by 2030.

Name

Gold Royalty Corp

Legal name

Gold Royalty Corp.

Website

https://www.goldroyalty.com/

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Gold Royalty Corp (NYSE American: GROY) is a precious-metals royalty and streaming company that acquires NSR royalties, streams, gold-linked loans and land-agreement royalties on producing and development-stage mines, serving as a capital-light financing partner to major and mid-tier mining operators across the Americas and Bosnia & Herzegovina.

Ownership category

akta.pro rank

Product category

Precious Metals Royalty and Streaming Financing

NAICS

Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (533110), Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (533), Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (5331)

SIC

Mineral Royalty Traders (6795), Oil Royalty Traders (6792)

akta.pro primary industry

Private Credit — Royalty & IP-Backed Finance (FSAHAJAM)

akta.pro secondary industries

Real Assets — Natural Resources & Minerals (Mining, Royalties/Streaming) (FSAHAIAK), Real Assets — Oil & Gas / Energy Royalties (Mineral Rights, Midstream Royalties) (FSAHAIAL)

Keywords

• Precious metals royalties
• Mining royalty streams
• Gold stream financing
• Net smelter return royalties
• Royalty generation services

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Royalty Revenue (NSR/NPI): Recurring revenue stream based on percentage-based claims (Net Smelter Return royalties and Net Profit Interests) on precious metals (primarily gold) produced from underlying mining properties. Royalty is non-operating; the company has no capital or operating cost exposure. Generated $7.122 million of royalty revenue in 2025 vs. $4.806 million in 2024. Royalty interests span the Americas (Canada, U.S., Brazil, Colombia, Alaska, Bosnia & Herzegovina).
2. Streaming Revenue (Copper Stream at Vareš): Recurring revenue from a 100% copper stream at the Vareš mine in Bosnia & Herzegovina with a fixed payability rate of 24.5% and ongoing payments equal to 30% of LME spot copper price. Generated $3.224 million of streaming revenue in 2025 vs. $0.893 million in 2024. Streams provide advance payments/deliveries in exchange for ongoing percentage of production.
3. Advance Minimum Royalty & Pre-Production Royalty: Recurring contractual payments received prior to or during ramp-up of underlying mines, providing revenue visibility during the development phase. Generated $4.212 million in 2025 vs. $2.982 million in 2024.
4. Land Agreement Proceeds: Recurring revenue from royalty generator land agreements and lease arrangements on third-party mineral properties. Generated $1.613 million in 2025 vs. $3.085 million in 2024. Includes proceeds credited against other mineral interests.
5. Gold-Linked Loan Interest Income: Recurring interest income earned on a gold-linked loan instrument tied to the Borborema project (with Queen's Road Capital / Taurus). Generated $1.597 million in 2025 vs. $1.081 million in 2024.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels9 records

Core offering

Gold Royalty Corp is a precious metals-focused royalty and streaming company that acquires Net Smelter Return (NSR) royalties, Net Profit Interests (NPI), advance minimum royalties, metal streams and gold-linked loans on gold, copper and silver projects. The company offers non-dilutive, creative financing solutions to mining operators in exchange for ongoing percentage-based claims on production or revenue, and generates new royalties through its proprietary Royalty Generator Model using land agreements and leases with mineral property owners.

Product overview

Gold Royalty Corp (NYSE American: GROY) is a precious metals-focused royalty and streaming company offering creative financing solutions to the metals and mining industry. The company's offering is not a software platform but rather a diversified portfolio of over 250 royalties and streams on gold, copper, and silver projects across the Americas and other jurisdictions, with the core value driver being non-operating royalty and stream interests that provide exposure to mine production and commodity prices without operational responsibilities. Key products in the portfolio include royalty interests on producing or development-stage assets such as Canadian Malartic/Odyssey (3.0% NSR), Côté Gold (0.75% NSR), REN (1.6875% NSR + 3.5% NPI), Borborema (2.75% NSR), and Pedra Branca (25% NSR gold / 2% NSR copper), as well as a copper stream on Vareš (100% copper stream with 30% of spot price payments) and additional royalties on Whistler, São Jorge, Tonopah West, Jerritt Canyon, Marigold, Borden, Gold Rock, Titiribi, Yarumalito, Cachoeira, Batistao, Fenelon, Rawhide, Railroad-Pinion, Hog Ranch, Cozamin, Granite Creek, and South Railroad. The portfolio is supplemented by a royalty generator model that has produced 56 royalties since the 2021 acquisition of Ely Gold Royalties.

Differentiator

Problem solved

Functional benefit

Brands

• Borborema Royalty Limited Partnership: Joint venture vehicle with Taurus Mining Royalty Fund holding the NSR royalty on the Borborema gold mine in Brazil.

Products and services

• Canadian Malartic / Odyssey Royalty 3.0% NSR covering the Odyssey underground mine (Odyssey North, Odyssey Internal Zones, East Malartic), with additional 15% NPI on the Radium Zone, 2.0% NSR on Norrie, 3.0% NSR on Malartic South, and 1.5% NSR on Midway, located in Quebec, Canada; operated by Agnico Eagle Mines Limited. Production from East Gouldie commenced via ramp in March 2026, approximately three months ahead of plan.
• Côté Gold Royalty 0.75% NSR covering the southern portion of the Côté open pit (Zones 5 & 7) in Ontario, Canada, operated by IAMGOLD (70%) and Sumitomo Metals Mining (30%); one of Canada's largest open-pit gold mines. 2026 guidance of 390,000–440,000 oz.
• REN Project Royalty 1.6875% indirect NSR and 3.5% Net Profit Interest covering the entirety of the REN deposit on the Carlin Trend in Nevada, operated by Barrick Mining Corp. as part of the Nevada Gold Mines joint venture (Barrick 61.5% / Newmont 38.5%). Expected first gold production in 2026, ramping to 140,000 oz/year by year-end 2027.
• Borborema Royalty 2.75% NSR covering the entirety of the Borborema gold project in Rio Grande do Norte, Brazil, operated by Aura Minerals Inc.; royalty steps down to 0.5% NSR after 725,000 ounces of payable gold production, with an additional royalty-convertible gold-linked loan feature and pre-production payments of 250 ounces per quarter. Reached commercial production September 2025; 17,101 GEOs produced in Q1 2026 (+9% QoQ).
• Pedra Branca Royalty 25% NSR on gold and 2% NSR on copper (and other products) from Pedra Branca East and Pedra Branca West in the Carajás region of Brazil, operated by BHP Group Limited (subsequently sold to CoreX Holding BV). Previously valued at US$34.1 million — acquired at more than double prior valuation.
• Vareš Copper Stream 100% stream on copper production at the Vareš project in Bosnia and Herzegovina, with a fixed payability rate of 24.5% and ongoing payments of 30% of LME spot copper price; operated by DPM Metals. Stream produced ~29,000 GEOs in Q1 2026 and resumed production in January 2026; ramping to full production by year-end 2026.
• Whistler Project Royalty 1.0% NSR with right to acquire an additional 0.75% NSR over the Whistler gold-copper porphyry project in Alaska, USA, covering the Whistler, Raintree West and Island Mountain deposits; operated by U.S. GoldMining Inc.
• São Jorge Royalty 1.0% NSR over the São Jorge gold project in the Tapajós region of Pará State, Brazil, covering approximately 46,000 hectares; wholly owned and operated by GoldMining Inc.
• Tonopah West Royalty 3.0% NSR over the Tonopah West silver-gold project in the Walker Lane trend of western Nevada, USA; wholly owned and operated by Blackrock Silver Corp.
• Jerritt Canyon Royalty 0.5% NSR and US$0.15–US$0.40 per tonne royalty (PTR) over the entire Jerritt Canyon underground gold operation in Elko County, northeastern Nevada, USA; wholly owned and operated by First Majestic Silver Corp.
• Marigold Royalty 0.75% NSR over the Marigold run-of-mine heap leach gold operation in Humboldt and Lander counties, Nevada, USA, on the Battle Mountain–Eureka trend; wholly owned and operated by SSR Mining Inc.
• Borden Royalty 0.5% NSR over several unpatented claims covering the southeast portion of the Borden underground mine workings and prospective land 1–3 km northwest, near Chapleau, Ontario, part of the Porcupine complex; operated by Discovery Silver.
• Gold Rock Royalty Royalty interest over the Gold Rock project located approximately 50 km southeast of Eureka, Nevada on the Battle Mountain–Eureka gold trend; wholly owned and operated by Calibre Mining Corp. (formerly Fiore Gold).
• Titiribi Royalty 2.0% NSR over the Titiribi gold-copper project in the Mid Cauca Belt of central Colombia; project consists of porphyry centers with associated epithermal mineralization.
• Yarumalito Royalty Royalty interest over the Yarumalito large-scale gold-copper porphyry and epithermal deposit in Antioquia and Caldas, Colombia; hosts the Culebra Shear Zone.
• Cachoeira Royalty Royalty interest over the Cachoeira advanced gold project in Pará State, Brazil, approximately 250 km southeast of Belém; greenstone-hosted orogenic gold mineralization across three deposits.
• Batistao Royalty Royalty interest over the Batistao gold project, discovered by a regional stream sediment survey undertaken by Western Mining, with a 2 km long gold-in-soil anomaly; eastern 600 m tested to 150 m depth by drilling.
• Fenelon Royalty 2.0% NSR over the Fenelon gold project on the Detour Gold Trend in northwestern Québec, Canada, on an 830 sq km land package; wholly owned and operated by Wallbridge Mining Company Limited.
• Rawhide Royalty 15% Net Profit Interest (NPI) over the Rawhide mine along the Walker Lane Trend in Nevada, USA; a fully permitted open pit heap leaching operation currently under care and maintenance, owned by Rawhide Mining LLC.
• Railroad-Pinion Royalty 0.44% NSR over the Railroad-Pinion property in Elko County, Nevada, encompassing the South Railroad project in the Bullion mining district of the southern Carlin trend; operated by Orla Mining Ltd.
• Hog Ranch Royalty 2.25% NSR over the Hog Ranch gold development project located 270 km north of Reno in northwest Nevada, USA; wholly owned and operated by REX Minerals Ltd., featuring the Krista, Bells, Cameco, and Airport mineralization zones.
• Cozamin Royalty 1.0% NSR (partial coverage) over the Cozamin copper-silver mine in Mexico; operated by Capstone Copper Corp. with 2025 production of 25,348 tonnes of copper.
• Granite Creek Royalty 10.0% Net Profit Interest (NPI) over the Granite Creek project in Nevada, USA; operated by i-80 Gold Corp., which produced 22,977 ounces of gold at Granite Creek in 2025.
• South Railroad Royalty 0.44% NSR (partial royalty coverage) over the South Railroad project in Nevada, USA; operated by Orla Mining Ltd., with an updated feasibility study outlining a 10-year open-pit heap-leach operation producing 1,072,300 ounces of payable gold and 760,000 ounces of payable silver.

Quantifiable outcome

• Record FY2025 Total Revenue of $17.768M (up 38% from $12.847M in 2024); record Adjusted EBITDA of $9.751M (up 104% from $4.779M); operating cash flow $6.170M (up 143% from $2.543M); 5,173 GEOs.
• +5 more outcomes

Named customers20 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered flagship strategic alliance, major counterparty, major strategic shareholder; potential gold token / royalty-linked tokenisation partner, royalty financing counterparty, strategic shareholder (acquired via québec royalty portfolio deal) and major strategic shareholder and royalty seller.

• Taurus Mining Royalty Fundflagship strategic allianceStrategic or Co-development Partner · 14 January 2026Gold Royalty forged a strategic alliance with Taurus Mining Royalty Fund in April 2024. Taurus participated in the 2024 US$34.5 million bought-deal financing and in the December 2025 US$103.5 million financing. On the Borborema royalty, Taurus elected to acquire a 50% economic interest in the additional royalty acquired from Dundee Corporation for US$22.5 million. Taurus also co-invested in the Borborema Royalty Limited Partnership (joint venture that holds the NSR on the Borborema mine).
• Dundee Corporationmajor counterpartyStrategic or Co-development Partner · 14 January 2026Sold its net smelter royalty on the Borborema Gold Project to Gold Royalty for an aggregate purchase price of US$45 million, consisting of US$30 million in cash and US$15 million in GROY common shares at US$4.20 per share. Dundee framed the transaction as a NAV-accretive capital recycling decision to fund operating-focused initiatives. Closing expected January 2026.
• Tether (Tether Group)major strategic shareholder; potential gold token / royalty-linked tokenisation partnerStrategic or Co-development Partner · 22 December 2025Tether has significantly increased its physical gold holdings to around $20 billion to back stablecoins and reserve assets. Tether is exploring supply sources such as offtake agreements with miners and is considering linking royalty interests with a gold token. Tether has been an active buyer of GROY shares and holds an approximately 11% equity stake.
• BlackRock World Mining Trust plcmajor counterpartyStrategic or Co-development Partner · 8 December 2025Sold its existing royalty on BHP's Pedra Branca copper and gold mine in Brazil to Gold Royalty for $70 million cash (announced December 8, 2025). The royalty includes 25% NSR on gold and 2% NSR on copper and other products. Previously valued at US$34.1 million — sold at more than double its prior valuation.
• Monarch Mining Corporationroyalty financing counterpartyStrategic or Co-development Partner · 24 April 2024Gold Royalty entered into multiple royalty financing agreements with Monarch Mining Corporation in 2022 (March/April), acquiring five gold royalties on properties managed by Monarch, and completed an expanded royalty financing with Monarch in April 2022.
• SOQUEMstrategic shareholder (acquired via québec royalty portfolio deal)Strategic or Co-development Partner · 2 November 2023SOQUEM became a shareholder of Gold Royalty upon completion of the acquisition of the Québec Royalty Portfolio in November 2023 / December 2023.
• Nevada Gold Mines (Barrick/Newmont JV)major strategic shareholder and royalty sellerStrategic or Co-development Partner · 1 September 2022Nevada Gold Mines (joint venture between Barrick Mining Corp. and Newmont Corp.) sold royalties on producing assets to Gold Royalty in August/September 2022 and became a major shareholder. Nevada Gold Mines also operates the REN project (Goldstrike complex) on which Gold Royalty holds its 1.6875% NSR + 3.5% NPI.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Wheaton Precious Metals Corp. Wheaton Precious Metals is one of the largest precious metals streaming companies in the world, providing upfront payments to miners in exchange for the right to purchase a percentage of future metal production. It is a direct peer to Gold Royalty's stream component (Vareš copper stream) and a broader competitor in the streaming/royalty financing market.
• Vox Royalty Corp. Vox Royalty is a growth-oriented precious metals royalty company with a portfolio of over 50 royalties. It is a direct peer to Gold Royalty in business model and growth profile, although significantly smaller in scale; both target acquisition-led portfolio expansion in the precious metals royalty space.
• Triple Flag Precious Metals Corp. Triple Flag is a precious metals-focused royalty and streaming company that provides upfront capital to miners in exchange for royalty and stream interests. It is a direct peer in the growth-oriented, gold-focused royalty segment and competes with Gold Royalty for streaming and royalty acquisition opportunities.
• Royal Gold, Inc. Royal Gold is a leading precious metals royalty and streaming company that acquires and manages royalties on producing and development-stage mines. It is a direct peer to Gold Royalty with a similar business model, gold-focused portfolio, and emphasis on non-operating exposure to mining production, but at a much larger scale.
• Osisko Gold Royalties Ltd: Osisko Gold Royalties is a precious metals royalty company that holds a portfolio of over 150 royalties, streams, and offtakes, primarily in gold. It is the closest direct peer to Gold Royalty in terms of growth profile, gold focus, and Americas weighting, and competes directly for the same acquisition targets.
• Metalla Royalty & Streaming Ltd. Metalla Royalty & Streaming is a growth-focused precious metals royalty company that acquires and creates royalties on producing and near-producing mines. It is a direct peer to Gold Royalty in size, growth orientation, and acquisition-led model, although Metalla has historically focused more on silver and gold streaming deals.
• Sandstorm Gold Ltd. Sandstorm Gold is a gold royalty and streaming company with a portfolio of over 250 royalties, streams, and other interests. It is a direct peer to Gold Royalty in scale, portfolio breadth, and precious metals focus, and competes in the same acquisition and streaming finance market.

Broad incumbents

• Altius Minerals Corporation: Altius Minerals is a diversified mining royalty and streaming company with interests in base metals, precious metals, and potash. It is a broader incumbent in the same business model as Gold Royalty, with a more diversified commodity mix and a more mature portfolio, but it is a relevant peer for benchmarking capital allocation and royalty origination.
• Franco-Nevada Corporation: Franco-Nevada is the largest and most diversified precious metals royalty and streaming company in the world, with a portfolio spanning gold, silver, copper, and other commodities. It is a broad incumbent in the same business model as Gold Royalty, but with a much larger and more mature portfolio, providing a useful benchmark for trading multiples and capital allocation discipline.

Emerging players

• EMX Royalty Corporation: EMX Royalty is a royalty and mineral property generation company that combines a royalty portfolio with an active royalty generation business — a model very similar to Gold Royalty's proprietary Royalty Generator. The two share a focus on originating royalties from third-party mineral properties and are emerging players in the same niche.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/GoldRoyaltyCorp
• LinkedInlinkedin.com/company/gold-royalty-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds10 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gold Royalty Corp