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Gold Royalty Corp

GROY

Gold Royalty Corp., a precious metals-focused royalty company, provides financing solutions to the metals and mining industry. It focuses on acquiring royalties, streams, and similar interests at varying stages of the mine life cycle to build a portfolio offering near, medium, and longer-term attractive returns for its investors. The company's portfolio consists of net smelter return royalties ranging from 0.5% to 2.0% on 17 gold properties located in the Americas. Gold Royalty Corp. was incorporated in 2020 and is headquartered in Vancouver, Canada.

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Market Cap

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Total valuation

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P/E ÷ growth

Analysis

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Financials

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Asset Pipeline

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Information

Key Information

Legal Entity

Gold Royalty Corp

Sector

Precious Metal

Founded

March 9, 2021

Employees

13

Reporting Currency

USD

Contact Phone

604-396-3066

Headquarters Address

1030 West Georgia Street , Vancouver , BC V6E 2Y3 , CA

Identifiers

CUSIP

38071H106

Commodity Portfolio

AU Gold Primary
CU Copper Secondary
AG Silver Secondary

Stock Exchanges

GROY AMEX • USD
GROY:NYSEAMERICAN
GROY TSX • CAD
GROY:TSE

Organization

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Videos

Gold Royalty: $100m FCF Targeted by 2030 at Spot

Gold Royalty: $100m FCF Targeted by 2030 at Spot

Mining Network
11 days ago 25:16

Key Highlights

detailed
  • Griffith says Gold Royalty's 2030 guidance - a midpoint of roughly 32,000 GEOs, a six-fold increase from 2025's just over 5,000 GEOs - should generate about $100 million of annual free cash flow by the end of the decade at spot prices.
  • He argues the growth is low-risk: about 70% of the assets behind it are already permitted and built to at least the first phase (rising to 90% including satellite deposits), with a low geopolitical footprint and top-tier operators including Barrick, Agnico Eagle and IAMGOLD.
  • With flat SG&A of roughly $8 million, no escalation clauses in its royalty agreements and no capital spend needed to deliver the growth, he says sector-midpoint cash flow multiples imply a $2.5-3 billion market cap - about three times the company's value as of the interview.
  • The portfolio stands at 260 royalties (nine producing, about a dozen in development), and he stresses the ramp to 2030 is diversified across REN, the Cote continuation, the Vares ramp-up, a potential expansion and Odyssey - no single 'chunky' asset, though he calls the multi-decade Odyssey asset exceptional.
  • The company has no debt and a growing cash balance with about $200 million of 'dry powder' for deals without raising equity (over 20% of market cap), plus a Taurus arrangement enabling larger transactions; he signals a sustainable, growable dividend could be instituted 'before too long', while buybacks are unattractive at only a modest NAV discount.

Gold Royalty targets 28,000-34,000 gold equivalent ounces by 2030 — a six-fold rise — with 70% of that growth already permitted and built. The president projects about $100 million of free cash flow by 2030 at spot prices against flat G&A near $8 million and no debt. Growth is spread across Cote, REN, Vares, Borborema and Agnico's Odyssey, so no single asset carries the ramp and geopolitical risk stays low. The Vares copper stream reached commercial production under DPM Metals after a six-month mine-plan pause and could soon make copper a quarter of revenue. About $200 million of debt-free dry powder supports busy deal flow, while a sustainable, growable dividend is under internal discussion ahead of buybacks.

Gold Could Double | David Garofalo - Gold Royalty Corp.

Gold Could Double | David Garofalo - Gold Royalty Corp.

The Deep Dive
about 1 month ago

Garofalo rejects the gold-bug label and ties gold's bull case to 50 years of fiat debasement since the gold-standard end. Garofalo frames gold as both insurance and a liquidity source during risk-off shocks like the Iran war onset. M2 money supply (broad money — currency plus deposits) keeps marching upward, reinforcing gold's bull thesis. Risk-off flows tied to political upheaval may have unwound, but the underlying debasement thesis remains fully intact.

500% Growth Without Buying Anything Else | David Garofalo - Gold Royalty Corp.

500% Growth Without Buying Anything Else | David Garofalo - Gold Royalty Corp.

The Deep Dive
about 1 month ago

Key Highlights

detailed
  • The guest states the existing portfolio will deliver over 500% growth in gold equivalent ounces over the next five years without acquiring any additional royalties.
  • The guest reports over 60% growth in gold equivalent ounces this year (2026) on a standalone basis.
  • The guest notes royalties on three of the five biggest producing gold mines in North America: Canadian Malartic (Odyssey Underground), Côté, and the underground extension of Gold Strike, which is expected to enter production by the end of 2026.
  • The guest states the company carries no debt, holds $50M of cash on the balance sheet, and has $150M of undrawn credit lines as of mid-2026.
  • The guest expects free cash flow after tax to grow 3-4x over the next several years at current gold prices, with $30-40M generated this year.

Gold Royalty Corp posted record revenues, profits, and free cash flow this year, backed by $50 million in cash and zero debt. The royalty book delivers 60% growth in gold-equivalent ounces this year and projects over 500% growth over five years without new deals. Royalties sit on three of North America's five biggest producing gold mines — Canadian Malartic, Côté, and the Gold Strike underground extension. Free cash flow runs $30-40 million this year and is expected to grow three to fourfold after tax over the next several years.

Gold Should Be $9,000 Right Now | David Garofalo

Gold Should Be $9,000 Right Now | David Garofalo

The Deep Dive
about 2 months ago

Key Highlights

detailed
  • Garofalo says Gold Royalty's existing portfolio will deliver over 60% growth in gold equivalent ounces this year and over 500% growth over the next five years, with 14 of 250+ royalties currently producing and another 7-8 set to come online within five years.
  • He highlights royalties on three of the five biggest producing gold mines in North America — the Odyssey underground at Canadian Malartic, Cote, and the underground extension of Gold Strike — calling Gold Strike a high-grade underground start-up he expects to come into production at the end of this year.
  • He reports record revenues, profits and free cash flow this year, no debt on the balance sheet, $50M in cash and $150M of undrawn credit lines, and projects this year's $30-40M of free cash flow to grow 3-4x over the next several years at current gold prices.
  • He describes the royalty-generator model of staking claims in Nevada, Quebec and Ontario, farming out properties and taking royalties back, saying about a third of Gold Royalty's ~250 royalties were generated for free — providing infinite-return optionality with zero entry cost.
  • He discusses a partnership with Prospector Royalty Corp, which uses AI to mine technical reports for fragmented royalty interests, citing the recent acquisition for a couple of million dollars of a royalty on Stiller Gold's Garrison project in Northern Ontario after identifying 10 family-member holders, several of whom were unaware they held the royalty.

Gold Royalty CEO David Garofalo argues currency debasement will double gold within a year, citing M2 money supply correlation near $9,000 fair value. Mining reserves have fallen roughly 40% from the 2012 peak despite record prices, as junior underfunding starved the industry of new ounces. Royalty models capture gold price leverage at the top line, dodging the cost inflation and labor settlements squeezing producing miners. Tether has accumulated a passive 14% stake in GROY through public market buys, joining Versamet, Metalla, and Elemental among royalty peers. Garofalo says AI data mining of historic technical reports is the most promising near term efficiency gain in generative exploration.

Live Q&A with Rick Rule and Steve Barton

Live Q&A with Rick Rule and Steve Barton

Rule Investment Media
2 months ago

Key Highlights

brief
  • The speaker currently has no formal ranking on GROY and is reviewing it alongside Uranium Royalty.
  • He notes the market responded well to a recent Sweetwater land-package deal that lifted the stock from about $2.56 to over $4, though he does not commit to a view on the name.

Rising price is not the same as rising value; resource cycles typically run years, so time preference matters as much as entry timing. Focused copper producers like Southern Copper deliver more leverage than diversified majors such as BHP or Rio Tinto treat copper as a side business. Resource category confidence (measured and indicated versus inferred) and on-site infrastructure matter as much as headline ounces when comparing deposits. Royalty and streaming businesses reward patient capital over years; the next big deals will likely syndicate into bite-sized opportunities for tertiary players. Asymmetric exploration bets work only when the loss is affordable, with Rule framing NG Energy as a possible ten-bagger against a 30 to 50% loss.

Alastair Still, President and CEO of GoldMining Inc. | Rule Symposium 2026: Rick Rule interviews

Alastair Still, President and CEO of GoldMining Inc. | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media
5 months ago

Key Highlights

detailed
  • The guest says GoldMining owns just under 10% of the NYSE-listed, cash-flowing royalty company, which he last noted was worth about $800 million on a 100% basis.
  • He says Gold Royalty was created by spinning royalties on GoldMining's portfolio into a new vehicle that raised $90 million in its IPO, which he calls a market endorsement of the portfolio.
  • He says the company now holds more than 250 royalties and generates cash every quarter, which it will look to deploy, possibly leading to an eventual dividend.
  • He credits David Garofalo as the leader brought in to run the company at its creation.

Assembling good projects when nobody else is bidding, then improving them, is the optionality strategy the interview credits for value creation. Cash plus stakes in US GoldMining and Gold Royalty nearly equal GoldMining Inc.'s market cap, so its 20-million-ounce portfolio trades at little implied value. Seven projects in Canada, Brazil, Colombia and Peru hold over 13 million indicated and 9 million inferred gold-equivalent ounces (metal values restated in gold terms). A PEA (preliminary economic assessment) on the La Mina project in Colombia shows a $1 billion NPV (net present value) at a $2,500 gold price. News flow centers on drilling at San Jorge in Brazil, near G Mining's newly producing mine, with internal economics studies beginning.

'Never Been More Bullish' - 'Unbelievably CHEAP' Gold & Silver Stocks Set to Rip

'Never Been More Bullish' - 'Unbelievably CHEAP' Gold & Silver Stocks Set to Rip

Commodity Culture
6 months ago

John Feneck and Don Durrett see massive undervaluation in gold and silver stocks, describing them as unbelievably cheap and set to rip higher. The experts open up their portfolios to reveal top stock picks in the precious metals sector they believe are currently on sale. Discussion covers the macro backdrop for precious metals, geopolitical risks like the Iran war, and specific gold and silver stocks to watch.

Articles

Gold Royalty Targets $100M Free Cash Flow by 2030 at Spot — With Flat Costs and a Possible Dividend

President John Griffith says Gold Royalty's 260 royalties should lift production about six-fold from just over 5,000 GEO in 2025 to roughly 32,000 GEO by 2030, generating about $100 million of free cash flow at spot on flat $7-8 million SG&A. He flags Malartic growth arriving around 2028, a possible first dividend, and $200 million of deal capacity.

11 days ago
Gold Royalty: $100m FCF Targeted by 2030 at Spot
Read article

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