
Gold Royalty Corp. (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for the three and nine months ended June 30, 2022 and provide an update on recent asset advancements.. All amounts expressed in U.S. dollars unless otherwise noted.
David Garofalo, Chairman and CEO of Gold Royalty, commented,
“While we continue to achieve new revenue records in the current year, our projected peer-leading growth over the next several years is expected to continue to be driven by our diverse portfolio of royalties on gold mines entering production, including Odyssey and Côté and increasing gold production expected by the operators at Beaufor and Jerritt Canyon. Beyond these near-term cash flow drivers, our existing portfolio has exposure to over 700,000 meters of drilling, the equivalent of over $200 million of exploration expenditures, announced by our operating partners in 2022 alone, providing multiple exploration catalysts across our portfolio.”
Highlights for the three and nine months ended June 30, 2022, include:
A summary of the financial and operating results for the three and nine months ended June 30, 2022, follows:
Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Nine Months Ended June 30, 2022 |
Nine Months Ended June 30, 2021 |
||
(in thousands of dollars, except per share amounts) | ($) | ($) | ($) | ($) | |
Statement of Loss and Comprehensive Loss | |||||
Royalty and option income | 1,907 | — | 3,078 | — | |
Net loss | (3,438) | (3,035) | (12,669) | (5,790) | |
Net loss per share, basic and diluted | (0.03) | (0.07) | (0.10) | (0.22) | |
Dividends declared per share | 0.01 | — | 0.02 | — | |
Non-IFRS and Other Measures | |||||
Adjusted Net Loss* | (2,153) | (2,260) | (8,962) | (4,918) | |
Adjusted Net Loss Per Share, basic and diluted* | (0.02) | (0.05) | (0.07) | (0.19) | |
Total Gold Equivalent Ounces (“GEOs”)* | 1,031 | — | 1,664 | — | |
Cash flow used in operating activities, excluding changes in non-cash working capital* | (603) | (2,249) | (9,674) | (3,919) | |
* See Non-IFRS Measures below. |
For further detail information, please refer to the Company’s condensed interim consolidated financial statements and management’s discussion and analysis for the three and nine months ended June 30, 2022, copies of which are available under the Company’s profile at www.sedar.com and www.sec.gov.
Portfolio Update
Select royalty portfolio highlights for the three months ended June 30, 2022, include:
Readers should refer to the disclosures of each of the operators identified above for further information.
ATM Program
The Company is also pleased to announce that it has established an “at-the market” equity program that will allow the Company to issue up to $50 million of common shares from treasury to the public from time to time. Such sales will be made pursuant to an equity distribution agreement among the Company and a syndicate of agents led by BMO Nesbitt Burns Inc., and including BMO Capital Markets Corp., H.C. Wainwright & Co. LLC, Haywood Securities Inc., Laurentian Bank Securities, Inc., Laurentian Capital (USA) Inc., Raymond James Ltd. and Raymond James & Associates, Inc.
Gold Royalty does not currently have any plans to use the ATM Program. The Company intends to use the net proceeds, if any, from the ATM Program to implement its growth and acquisition strategy, including the direct and indirect acquisition of additional royalties, streams and similar interests, and for working capital. Unless earlier terminated by the Company or the Agents as permitted therein, the Distribution Agreement will terminate upon the earlier of: (a) the date that the aggregate gross sales proceeds of the Offered Shares sold under the ATM Program reaches the aggregate amount of $50 million (or the equivalent in Canadian dollars); or (b) September 1, 2023.
The volume and timing of distributions under the ATM Program, if any, will be determined at the Company’s sole discretion, subject to applicable regulatory limitations. Any sales of ATM Shares will be made by the Agents through the facilities of the NYSE American LLC, or any other marketplace on which the common shares of Gold Royalty are listed, quoted or otherwise traded, at the prevailing market prices.
The ATM Program will become effective upon the filing of a prospectus supplement to the Company’s short form base shelf prospectus dated July 15, 2022, and U.S. registration statement on Form F-3 filed on June 13, 2022, as amended on July 6, 2022. The prospectus supplement relating to the ATM Program will be filed shortly with the securities commissions in each of the provinces and territories of Canada and with the United States Securities and Exchange Commission. Copies of the prospectus supplement, the Distribution Agreement and other relevant documents will be available on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Alternatively, the lead agent will send copies of such documents to investors upon request by contacting BMO Capital Markets Corp. by mail at 151 W 42nd Street, 32nd Floor, New York, NY 10036, Attn: Equity Syndicate Department, by email at bmoprospectus@bmo.com or by telephone at (800) 414-3627.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of, the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Gold Royalty Corp.
Gold Royalty is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to acquire royalties, streams and similar interests at varying stages of the mine life cycle to build a balanced portfolio offering near, medium and longer-term attractive returns for its investors. Gold Royalty’s diversified portfolio currently consists primarily of royalties on gold properties located in the Americas.
Qualified Persons
Alastair Still, P.Geo., Director of Technical Services of the Company, is a “qualified person” as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects of Canadian Securities Administrators and has reviewed and approved the technical information disclosed in this news release, exclusive of properties located in Québec. Glenn Mullan, P.Geo., a director of the Company, is a “qualified person” as such term is defined under NI 43-101 and has reviewed and approved the technical information pertaining to projects located in Québec, Canada, disclosed in this news release.
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