Gold Royalty Corp.

For the second quarter of 2026, total revenue, land agreement proceeds and interest was $7.9 million, and adjusted EBITDA was $5.6 million versus $2.4 million in the comparable quarter of 2025. Q2 GEOs were 1,757. For the first half of 2026, total revenue, land agreement proceeds and interest increased 116% year over year to $17.3 million, GEOs increased more than 40% to 3,677, and adjusted EBITDA increased 212% to $12.6 million. The company ended the quarter with over $11.3 million of cash, no debt, and a fully undrawn $150 million credit facility. Management reaffirmed full-year 2026 production guidance of 7,500 to 9,300 GEOs, set using a $5,150 per ounce gold price assumption; they said second-half volumes should be weighted more heavily as Rawhide and County Line ramp, with possible growth at Borden, Cote and Pedra Branca.

David Garofalo struck an upbeat tone, arguing the stock and sector selloff was overdone relative to gold’s year-over-year strength and Gold Royalty’s accelerating business. He emphasized the royalty model’s insulation from cost inflation, strong margins, and a portfolio that is 92% gold-weighted and geared to higher gold prices. He also said the company sees meaningful upside from organic growth already “fully bought and paid for,” while remaining patient and disciplined on acquisitions and considering a modest capital return as the business matures.

Andrew Gubbels focused on the record first-half financials and the balance sheet. He cited $7.9 million of Q2 revenue/land agreement proceeds/interest, $5.6 million of adjusted EBITDA, and first-half adjusted EBITDA of $12.6 million, and noted the company exited Q2 with over $11.3 million of cash, no debt, and an undrawn $150 million credit facility. He said the business is expected to generate consistent positive free cash flow, that management intends to keep a modest cash balance, and that the board is actively considering a capital return policy.

The main analyst question focused on whether the wide 7,500 to 9,300 GEO guidance range would be narrowed and which assets matter most. Jackie Przybylowski said the company may revisit guidance after Q3 but would not promise a narrowing; she pointed to ramp-ups at VARs and Pedra Branca as the key variables, along with relative copper and gold prices that affect GEO conversion on the VARs copper stream. In a follow-up on copper, David Garofalo said copper exposure would only be meaningful in the context of precious-bearing polymetallic deposits where the team has operating expertise, such as gold-bearing VMSs and copper-gold porphyries.