Gold Royalty Corp CEO David Garofalo joined Steve Darling from Proactive to share exciting news about the company's strategic developments. Gold Royalty Corp has completed its previously announced acquisition of a copper stream, operated by a subsidiary of Adriatic Metals plc and located in Bosnia and Herzegovina. The Vares Stream pertains to 100% of the copper production from the mining area over the Rupice deposit. This stream includes ongoing payments equal to 30% of the London Metal Exchange (LME) spot copper price, with the effective payable copper fixed at 24.5%.
Garofalo provided further details, stating that Adriatic has offered production guidance of 240-300 kilotons (kt) of ore to be mined from Vares in 2024, with copper grades ranging from 0.5-0.6%. Adriatic forecasts 750-850 kt and 800-900 kt of ore to be mined in 2025 and 2026, respectively, at grades of 0.5-0.7% copper. The company also mentioned that recent guidance targets a mine life of 18 years with an attractive operating cost profile.
Garofalo highlighted the remarkable growth Gold Royalty Corp is experiencing, expanding from 18 development-stage royalties to 240 royalties, which now include 5 producing projects. In 2024, Gold Royalty Corp expects 160% growth in revenue and anticipates positive free cash flow and earnings for the first time. The company projects a 60% compounded annual growth rate in revenue through the end of the decade, driven by royalties on major gold mines in North America.
These developments underscore Gold Royalty Corp's strategic focus on expanding its portfolio and enhancing its revenue streams through significant acquisitions and robust growth in its royalty assets.
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