Gold Royalty earnings date
Gold Royalty (6LS0) Q3 2026 Earnings Report
DE:6LS0 Q3 2026 EPS Results
- Actual EPS
- EUR 0.02
- Consensus EPS
- EUR 0.02
- Beat/Miss
- Met expectations
- One Year Ago EPS
- EUR 0.00
DE:6LS0 Q3 2026 Revenue Results
- Actual Revenue
- EUR 9.26M
- Expected Revenue
- EUR 9.26M
- Beat/Miss
- Beat by +EUR 0
- YoY Revenue Growth
- +147.01%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
Gold Royalty's next earnings date is estimated for March 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, supported by record Q3 revenue, adjusted EBITDA and production, a strengthened cash position, no debt, reaffirmed 2026 guidance and substantial organic growth expected through 2030. Management also highlighted a broad development pipeline, acquisition capacity and potential capital returns. The principal challenges were rising industry costs, acquisition competition, the Vareš constitutional review and the lumpy nature of land agreement proceeds, but management stated that Vareš continues to operate normally and did not expect the legal issue to affect 2026 guidance.
Gold Royalty reiterated 2026 production guidance of 7,500 to 9,300 GEOs, with production expected to be 60% weighted to the second half of the year; barring any major disruptions and depending on the gold prices realized between now and year-end, production could end in the higher end of the guidance range, which was set at a $5,150 per ounce gold price assumption for the full year. Production is expected to grow to 28,000 to 34,000 GEOs by 2030, or approximately 6x the actual 2025 result, with 2030 guidance assuming roughly 500% or 6x increase at the midpoint from 2025 actual results. Vareš is expected to reach its full production run rate of 850,000 tonnes per year by the end of 2026, with processing at that run rate for the full year 2027 and Q4-level production expected to continue through 2027 or even potentially slightly higher; REN is expected to reach 140,000 ounces per year as the full run rate by sort of late 2027, with NPI payments expected sometime in 2028, depending on gold price, with a sort of base case forecast of sort of early 2028 at current gold prices.
- Record Third-Quarter ResultsThe company reported record third-quarter 2026 results, including adjusted revenue of over $11 million and nearly 2,700 GEOs produced to its account, increases of over 40% and over 50%, respectively, from the second quarter of 2026.
- Record Revenue and Adjusted EBITDATotal revenue, land agreement proceeds and interest reached $11.5 million, representing 2,689 GEOs in the quarter. Adjusted EBITDA was $9 million, more than tripling from $2.5 million in the comparable quarter of 2025 and increasing approximately 60% from Q2 2026.
- Improved Cash Generation and Operating LeverageThe company said it has moved beyond its prior cash-burning phase and is now free cash flow positive, generating sufficient cash to build a comfortable cash balance, fund accretive growth and consider returning capital to shareholders. Trailing 12-month revenue has more than tripled while cash operating costs remained steady over the past eight quarters.
- Strong Balance SheetGold Royalty exited Q3 with approximately $21 million of cash and cash equivalents, up from $12 million at the start of the year. The company has no debt and a fully undrawn $150 million credit facility.
- Royalty Model Provides Cost ProtectionNearly all of the company's assets are NSR royalties, which management stated are not impacted by mine-site operating costs and do not require fixed or variable payments to operators. The company said this provides leverage to rising gold prices without exposure to operating costs or mine profitability.
- 2026 Production Guidance ReaffirmedThe company reiterated full-year 2026 production guidance of 7,500 to 9,300 GEOs. Q3 production of 2,689 GEOs brought year-to-date production to 6,366 GEOs, equal to 76% of the midpoint of the guidance range, compared with 44% at the end of Q2. Management said it remains well on track to achieve the midpoint and could finish at the higher end of the range, barring major disruptions and depending on realized gold prices.
- Significant Medium-Term Production GrowthGold Royalty expects production to grow to 28,000 to 34,000 GEOs by 2030, or approximately 6x its actual 2025 result, from assets already fully bought and paid for in its portfolio. Management described the portfolio as being in a phase of stronger organic growth.
- Vareš Restart and Ramp-UpDPM Metals' Vareš mine restarted and achieved commercial production on August 10, ahead of its September target. The operator expects the mine to reach its full production run rate of 850,000 tonnes per year by the end of 2026 and expects to exceed the high end of its 2026 gold-equivalent production guidance. Management said Vareš should be one of the company's biggest revenue contributors in 2027.
- Pipeline of Organic Growth CatalystsExpected fourth-quarter catalysts include a study to double Aura Minerals' Borborema plant capacity to 4 million tonnes per year, first production at REN, an updated mine plan integrating Côté and Gosselin zones, a pre-feasibility study on the Jerritt Canyon restart, and a Shaft #2 technical evaluation at Canadian Malartic's Odyssey project.
- REN Development ProgressBarrick expects REN to enter production by the end of 2026, with production expected to reach 140,000 ounces per year at the full run rate by late 2027. The company's 3.5% NPI is expected to begin paying out sometime in 2028, with a base-case expectation of early 2028 at current gold prices.
- Accretive Acquisition CapacityThe company said it has sufficient balance sheet liquidity and undrawn borrowing capacity to make meaningful acquisitions, potentially as large as $200 million and larger in partnership with Taurus under its cooperation agreement. Management continues to pursue a significant pipeline of potential transactions while prioritizing value-enhancing and accretive opportunities.
- Recent Royalty AcquisitionsIn June, Gold Royalty acquired an additional 0.1875% NSR royalty on Barrick's REN project for $6.25 million. In July, it acquired a 2% NSR on AngloGold Ashanti's Sterling property and a 0.5% NSR on portions of i-80 Gold's Granite Creek property. The Granite Creek royalty provides longer-term optionality over the Felix and Blue Bell pits.
- Profitable Royalty Generator ModelThe royalty generator business produced $1.1 million of land agreement proceeds in Q3 and $1.9 million year-to-date, compared with only $0.1 million spent maintaining mineral interests during the first nine months. Since Gold Royalty acquired Ely in 2021, the model has generated 60 royalties, including four in the first three quarters of 2026.
- Large Royalty Generator PortfolioThe company currently has 39 properties subject to land agreements and six properties under lease generating land agreement proceeds. Management said the properties are held at very low cost because the company conducts no exploration on them and focuses on jurisdictions where it has deep expertise and a competitive advantage.
- Tonopah West Royalty Generator SuccessManagement highlighted Tonopah West in Nevada, which was staked in 2021 and sold to Blackrock Silver in 2024 for approximately $1.5 million in cash plus a 3% royalty. Blackrock believes the project could be in production by the end of the decade, and management said Gold Royalty's entry price was effectively zero.
- Potential Capital ReturnThe company is actively considering the optimal time to begin returning capital to shareholders. The Board is evaluating a capital return policy, while management continues to prioritize accretive growth and building a strong cash treasury.
- Expected Fourth-Quarter Revenue Pre-ReleaseAlthough the company has ceased routinely pre-releasing preliminary revenue results, it plans to make an exception for Q4 and expects to pre-release preliminary fourth-quarter revenue ahead of full-year financial results, likely in mid-February.
- Positive Vareš Stream Outlook for 2027With Vareš expected to operate at an 850,000-tonne-per-year run rate for the full year in 2027, management expects the company's Q4-level production from the stream to broadly continue through 2027 or potentially be slightly higher, subject to any variation in copper grade.
DE:6LS0 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 25, 2027 | 2026 (Q4) | 0.01- | 0 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.020.02 | 0 | ― | |
| Aug 05, 2026 | 2026 (Q2) | 0.010.01 | 0 | ― | |
| May 07, 2026 | 2026 (Q1) | 0.010.01 | -0.01 | 200.00% (+0.02) | |
| Mar 18, 2026 | 2025 (Q4) | -0.000.00 | -0.02 | 100.00% (+0.02) | |
| Nov 05, 2025 | 2025 (Q3) | -0.010.00 | 0.03 | -100.00% (-0.03) | |
| Aug 06, 2025 | 2025 (Q2) | -0.010.00 | -0.01 | 100.00% (+0.01) | |
| May 08, 2025 | 2025 (Q1) | -0.01-0.01 | -0.01 | 0.00% (+0.00) | |
| Mar 20, 2025 | 2024 (Q4) | -0.01-0.02 | 0.01 | -300.00% (-0.03) | |
| Nov 04, 2024 | 2024 (Q3) | -0.010.03 | -0.01 | 400.00% (+0.04) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
