Gold Royalty 1Q Revenue Up on Higher Gold Output

Dow Jones04-22

By Adriano Marchese

Gold Royalty revenue and gold production were higher in the first quarter, the company said in a preliminary report Monday.

The New York-listed, Canada-based gold royalty company said that total revenue was $2.9 million in the first quarter, and that when land agreement proceeds and interest were included, the figure came to $4.2 million.

A year ago at this time, the company reported total revenue of $767,000.

The company said this figure equates to 2,019 gold-equivalent ounces, and that this was more than doubled from a year earlier.

Gold Royalty said that land agreement proceeds are expected to lower for the remainder of the year, but noted that forecasted strong commodity prices and the ramp up of one of its projects towards commercial production in the third quarter should continue to fuel growth in royalty revenue throughout the year.

Gold Royalty said that it remains on track to meet its targets for the year of between 5,000 and 5,600 ounces, and between $10 million and $11.2 million in total revenue, land agreement proceeds and interest.

The company expects to release its first-quarter results on May 13.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

April 22, 2024 06:27 ET (10:27 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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