Gold Royalty Reports Strong Second Quarter Revenue
• Approximate 300% increase in both revenue and Total Revenue, Land Agreement Proceeds and Interest* from the same period of 2023.
• Côté royalty, acquired in 2022, commences payments in the second quarter of 2024.
Preliminary Second Quarter 2024 Revenue
In the second quarter of 2024, the Company recorded its first royalty payment from IAMGOLD's Côté
As previously disclosed, the company expects to see further growth in Revenue in the second half of 2024 with strong commodity prices, the expected ramp up of Côté towards commercial production in the third quarter of 2024, and the commencement of commercial production at the
The Company remains on track to meet its previously disclosed updated forecast for 2024 of between approximately 6,500 and 7,000 GEOs, which equates to approximately
The 2024 foregoing outlook is based on an assumed gold price of
* Total GEOs and Total Revenue, Land Agreement Proceeds and Interest are non-IFRS financial measures. See "Non-IFRS Measures" below.
Second Quarter 2024 Results and Webcast Details
An investor webcast will be held on
To register for the investor webcast, please click the link below: https://www.bigmarker.com/vid-conferences/GROY-Q2-Results
A replay of the event will be available on the
About
Forward-Looking Statements:
Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and
Non-IFRS Measures
We have included, in this document, certain performance measures, including: (i) Total Revenue, Land Agreement Proceeds and Interest; and (ii) GEOs which are each non-IFRS measures. The presentation of such non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently.
Total Revenue, Land Agreement Proceeds and Interest reconciliation
Total Revenue, Land Agreement Proceeds and Interest are determined by adding land agreement proceeds credited against mineral properties and the gold-linked loan interest. The Company has included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry. Below is a reconciliation of our Total Revenue, Land Agreement Proceeds and Interest to total revenue for the three and six-months ended
|
|
For the three months |
|
For the six months |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
(in thousands of dollars) |
|
($) |
|
($) |
|
($) |
|
($) |
Royalty |
|
943 |
|
399 |
|
2,005 |
|
633 |
Advance minimum royalty and pre-production royalty |
|
613 |
|
25 |
|
1,443 |
|
356 |
Land agreement proceeds |
|
401 |
|
133 |
|
2,453 |
|
1,538 |
Loan interest |
|
258 |
|
— |
|
499 |
|
— |
Total Revenue, Land Agreement Proceeds and Interest |
|
2,215 |
|
557 |
|
6,400 |
|
2,527 |
Land agreement proceeds credited against mineral properties |
|
(163) |
|
(89) |
|
(1,213) |
|
(1,292) |
Loan interest |
|
(258) |
|
— |
|
(499) |
|
— |
Revenue |
|
1,794 |
|
468 |
|
4,688 |
|
1,235 |
GEOs
Total GEOs are determined by dividing Total Revenue, Land Agreement Proceeds and Interest by the average gold prices for the applicable quarter:
(in thousands of dollars, except Average Gold Price/oz and GEOs) |
|
Average |
|
Total |
|
GEOs |
For three months ended |
|
2,338 |
|
2,215 |
|
947 |
For three months ended |
|
1,978 |
|
557 |
|
282 |
For six months ended |
|
2,157 |
|
6,400 |
|
2,967 |
For six months ended |
|
1,908 |
|
2,527 |
|
1,324 |
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