Gold Royalty Corp., based in Vancouver, British Columbia, Canada, and listed on the NYSE American (New York Stock Exchange American) under the ticker GROY, has filed its operating and financial results for the three and nine months ended September 30, 2026. All amounts are in U.S. dollars unless otherwise noted.
Chairman’s Outlook#
David Garofalo, the company’s chairman and chief executive officer (CEO), said Gold Royalty continues to report higher production, earnings and cash flow each quarter from its royalty and streaming assets in established mining jurisdictions. He pointed to expected production growth at mines including Odyssey, Côté, Vareš, REN, South Railroad, Granite Creek and the restart of Jerritt Canyon.
Garofalo also cited possible upside from expansion studies at Odyssey, Borborema and Borden, and higher estimated resources from exploration by operating partners across the company’s portfolio of more than 260 royalties.
Financial Results#
The company’s selected financial information for the three and nine months ended September 30, 2026 is presented in thousands of dollars, except per-share and gold equivalent ounce (GEO) amounts. It covers:
- Net income (loss) per share, basic and diluted
- Total Revenue, Land Agreement Proceeds and Interest
- Adjusted Net Income (Loss) Per Share, basic and diluted
Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Share and GEOs are non-IFRS (International Financial Reporting Standards) measures and have no standardized meaning under IFRS.
Borborema and Odyssey#
Gold Royalty holds a 2.75% NSR (net smelter return) interest at the Borborema mine, including a 50% share of a 1.5% royalty held through Borborema LP. On October 2, 2026, Aura Minerals Inc. (Aura) announced that it will move several assets, including Borborema, from third-party contractor to in-house fleet operation and maintenance, with the transition targeted for January 2027.
On October 9, 2026, Aura reported preliminary third-quarter 2026 results, including record quarterly production at Borborema of 22,842 GEOs, 60% higher than the previous quarter. Aura attributed the increase to higher grades from access to higher-grade areas consistent with the mine plan.
Gold Royalty holds a 3.0% NSR interest, with partial royalty coverage, at the Canadian Malartic / Odyssey mine. On July 29, 2026, Agnico Eagle Mines Limited (Agnico Eagle) reported that the first phase of shaft sinking was completed in July 2026, reaching a depth of 1,586 metres. Work is moving to headframe change-over and completion of the first loading station, which remains on schedule to support first production through Shaft #1 in the second quarter of 2027.
Exploration drilling returned 13.7 g/t gold over 14.6 metres in the newly defined Artemis zone within the internal zones of the Odyssey deposit. On October 28, 2026, Agnico Eagle said the second phase of shaft sinking is expected to begin in 2029 and be completed in 2031, extending the shaft to its final planned depth of 1,870 metres.
Agnico Eagle is also evaluating a potential second shaft at Odyssey, with current work focused on mine design, planning and geotechnical analysis to determine the optimal mining rate at the East Gouldie deposit. The company expects to submit a decree modification application in the first quarter of 2027, with the permitting process expected to take approximately 18 months.
Cozamin and Granite Creek#
Gold Royalty holds a 1.0% NSR interest, with partial royalty coverage, at the Cozamin mine. On July 30, 2026, Capstone Copper Corp. (Capstone) said Cozamin production was consistent with the planned mine sequence and the operation was trending toward the upper end of its 2026 guidance range. Production in 2026 is expected to be weighted consistently throughout the year.
On September 21, 2026, Capstone announced the sale of Cozamin to Luca Mining Corp. for up to $385 million in total consideration. The transaction is expected to close in the fourth quarter of 2026, subject to customary conditions and regulatory approvals, including stock exchange approval and approval from Mexico’s National Antitrust Commission.
Gold Royalty holds a 10.0% NPI (net profit interest) and a 0.5% NSR at the Granite Creek project, with partial royalty coverage. The NPI is subject to a 120,000 oz gold production hurdle. In a September 21, 2026 news release, i-80 Gold Corp. (i-80) announced results of a feasibility study under NI 43-101 (National Instrument 43-101) and initial mineral reserves for Granite Creek Underground. i-80 said production is ramping up there and is expected to be between 30,000 and 40,000 ounces of gold in 2026.
In an October 14, 2026 news release, i-80 reiterated its near-term focus on ramping up Granite Creek Underground and refurbishing Lone Tree. It also announced a revised sequencing of its longer-term projects.
