VANCOUVER, BC, May 13, 2024 /CNW/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE:GROY) is pleased to announce the filing of its operating and financial results for the three months ended March 31, 2024. All amounts are expressed in U.S. dollars unless otherwise noted. David Garofalo, Chairman and CEO of Gold Royalty, commented: "We are proud to have delivered on another growth milestone in the first quarter, generating positive operating cash flow for the first time. Our recent acquisitions, royalty generator model, and existing flagship royalties fueled our record revenue this quarter. We also continued to lower our cost profile compared to the prior year. With the gold price near all-time highs and the ramp up of the Côté Gold Mine in the second half of 2024, we expect to see continued royalty revenue growth through the remainder of the year. Our peer-leading long-term growth outlook and fundamentals continue to improve, driven primarily by Agnico Eagle's long-life large-scale Odyssey Mine, where underground development is ahead of expectations, Nevada Gold Mine's REN deposit which continues to be advanced towards production later this decade, and at Aura's Borborema gold project where production is expected by early next year." First Quarter 2024 Results Summary: The following table sets forth selected financial information for the three months ended March 31, 2024: For the three months ended March 31 2024 2023 (in thousands of dollars, except per share amounts) ($) ($) Revenue 2,894 767 General, administrative and project evaluation costs (2,875) (3,424) Net loss (1,405) (3,083) Net loss per share, basic and diluted (0.01) (0.02) Cash provided by (used in) operating activities 336 (2,061) Non-IFRS and Other Measures Total Revenue, Land Agreement Proceeds and Interest(1) 4,185 1,970 Cash Operating Expenses(1) (2,260) (2,523) Adjusted Net Loss(1) (930) (1,318) Adjusted Net Loss Per Share, basic and diluted(1) (0.01) (0.01) Total Gold Equivalent Ounces ("GEOs")(1) 2,019 1,043 (1) Total Revenue, Land Agreement Proceeds and Interest, Cash Operating Expenses, Adjusted Net Loss, Adjusted Net Loss Per Share, basic and diluted and Total GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" for further information. For further detailed information, please refer to the Company's unaudited condensed interim consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2024, copies of which are available under the Company's profile at www.sedarplus.ca and www.sec.gov. First Quarter 2024 Highlights: Record quarterly revenue of $2.9 million and record Total Revenue, Land Agreement Proceeds and Interest of $4.2 million (2,019 GEOs), which was 112% higher than the same period of 2023. Record quarterly revenue was driven by the first full quarter of revenue from the recently acquired interests in the Borborema project, royalty payments under the recently acquired Cozamin royalty interest and increased revenue from Canadian Malartic and land agreement proceeds. Achieved its first quarter of positive cash flows from operations of $0.3 million, which does not include an additional $1.1 million of land agreement proceeds credited against mineral properties. Cost management initiatives resulted in a continued decrease in Cash Operating Expenses. Cash Operating Expenses decreased by 10% to $2.3 million from $2.5 million in the same period of 2023. Continued advancement at key development stage assets, including first gold pour at the Côté Gold Mine, underground shaft and ramp development ahead of schedule at the Odyssey Mine, and construction at the Borborema project on track for production in early 2025. Forged a strategic alliance with Taurus Mining Royalty Fund L.P. which expands the Company's deal origination and identification in addition to improving its ability to compete for larger high-quality investments. Portfolio Update Odyssey Mine (3.0% NSR over the northern portion of the mine): Agnico Eagle Mines Limited ("Agnico Eagle") owns and operates the Canadian Malartic Complex that is one of the world's largest gold mining operations and is comprised of the open-pit Canadian Malartic mine and the underground Odyssey mine. The Canadian Malartic complex will progressively transition from open pit to underground mining between 2023 and 2028. On April 25, 2024, Agnico Eagle announced its first quarter 2024 results, including an update that construction at the Odyssey mine is progressing well. Ramp development continued to exceed Agnico Eagle's target and shaft sinking improved during the quarter. The shaft is expected to provide hoisting capacity by mid-2025, six months earlier than previously planned and will provide added development and production flexibility. As at March 31, 2024 the shaft has reached a depth of approximately 452 meters and Agnico Eagle expects to complete excavation of the shaft in 2027. Agnico Eagle further outlined a summary of its first quarter operating results at the Odyssey mine. At the Barnat pit, good equipment availability and productivity, drove solid operational performance despite challenging weather conditions. At Odyssey South, the mining rate and production were slightly below plan at approximately 3,300 tpd and 17,700 ounces of gold, respectively. The underground operations are expected to gain additional flexibility in the second quarter of 2024, with the start of a second mining front and the addition of four 65 tonnes haulage trucks. Stope reconciliation at Odyssey South remains positive, primarily from the contribution of the internal zones, which resulted in approximately 16% more gold ounces produced than anticipated. For further information see Agnico Eagle's news release dated April 25, 2024, available under its profile on www.sedarplus.ca. Côté Gold Mine (0.75% NSR royalty over the southern portion of the mine): On March 31, 2024, IAMGOLD Corporation ("IAMGOLD") announced the first gold pour at the Côté Gold Mine. It stated that its next step is to focus on ramp-up towards commercial production in the third quarter of 2024, with the goal of achieving a 90% throughput rate at year end. IAMGOLD maintained its production guidance for the project for the year at 220,000 to 290,000 ounces of gold (100% basis), assuming the remaining milestones are achieved. For further information see IAMGOLD's news release dated March 31, 2024, available under its profile on www.sedarplus.ca. Borborema Gold Project (2.0% NSR royalty and gold-linked royalty-convertible loan): On May 7, 2024, Aura Minerals Inc. ("Aura") announced its first quarter 2024 results including an update on construction at the Borborema project. Following commencement of construction in the third quarter of 2023, Aura announced that construction is well underway with 25% completed to date, and production expected to start in early 2025. Gold Royalty expects to receive 1,440 GEOs in 2024 from Aura through fixed pre-production payments associated with the 2.0% NSR royalty and gold-linked coupon payments associated with the gold-linked royalty-convertible loan. For further information see Aura's news release dated May 7, 2024, available under its profile on www.sedarplus.ca. Ren Project (1.5% NSR royalty and 3.5% NPI): In its management's discussion and analysis for the year ended December 31, 2023, Barrick Gold Corporation ("Barrick") highlighted continued exploration success at the Ren deposit. The step-out surface drilling program intercepted the targeted Corona dike at a depth of approximately 900 meters downhole ...