Gold Royalty Corp. (NYSE American: GROY) reported preliminary first‑quarter 2026 results that set a new company record, with total revenue, land agreement proceeds and interest of $9.4 million and operating revenue of $7.2 million. The figures translate to 1,920 gold‑equivalent ounces (GEOs), a 162% year‑over‑year increase from 1,249 GEOs in Q1 2025 and an almost 80% jump from 1,255 GEOs in Q4 2025. The revenue growth mirrors the GEO surge, with total revenue up 162% from $3.1 million in Q1 2025 and 80% from $4.5 million in Q4 2025, underscoring a strong acceleration in the company’s royalty portfolio.
The record quarter is largely driven by the recent acquisition of royalties on the Pedra Branca and Borborema mines, which have begun generating significant cash flow. Management noted that the Vareš mine, operated by DPM Metals, is ramping to full run‑rate and Fortitude Gold’s County Line mine has commenced operations, shifting production toward the second half of the year. David Garofalo, Chairman and CEO, said, "2026 has started strongly for Gold Royalty. These new operating records reflect the success of our acquisition strategy, as recently acquired royalties on the Pedra Branca and Borborema mines contributed significantly to the quarterly result. We look forward to continued GEO growth as the year progresses."
Gold Royalty reaffirmed its 2026 full‑year production guidance of 7,500‑9,300 GEOs, issued on March 18, 2026, and confirmed that the guidance remains unchanged. The company will release its complete first‑quarter 2026 financial statements after market close on Wednesday, May 6, 2026, followed by a conference call on Thursday, May 7, 2026. A 2026 capital markets day is scheduled for June 18, 2026, to discuss broader strategy and outlook.
Financially, Gold Royalty maintains a strong balance sheet, scoring 9/10 on financial strength, but it ranks 2/10 in profitability and reported a negative net margin of –44.27% for fiscal year 2025. Despite the margin pressure, the company’s revenue growth and expanding royalty base provide a solid foundation for future earnings momentum. The company’s use of non‑IFRS measures such as total revenue, land agreement proceeds and interest, and GEOs is standard in the royalty sector and offers a clearer view of operational performance.
The preliminary results signal robust execution of Gold Royalty’s acquisition strategy and a healthy ramp‑up of key assets. The record revenue and GEOs, coupled with the reaffirmed full‑year guidance, suggest that management remains confident in sustaining growth throughout 2026, while the company’s financial strength positions it to navigate the ongoing transition toward higher‑margin royalty income.
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