Gold Royalty Corp. (GROY) said on Wednesday it expects annual gold-equivalent production to reach 30,000 ounces by 2030, a roughly 500% to 600% increase from 5,200 ounces in 2025. The Vancouver-based royalty firm, which went public in 2021 with no revenue and 18 royalties, now holds 260 assets, including about 10 cash-flowing operations, with over 90% of its portfolio exposed to gold by book value.
Jackie Przybylowski, Vice President of Capital Markets and Sustainability, outlined the growth trajectory at the Micro-Cap Virtual Conference, projecting 2026 output of 7,500 to 9,300 ounces—about a 60% year-over-year rise—while maintaining annual general and administrative expenses of $7 million to $8 million. Revenue is forecast to climb to $120 million to $150 million by 2030, assuming a gold price range of $4,000 to $5,000 per ounce.
The company’s portfolio spans assets in Canada, the United States, Europe, and Brazil, including royalties on three of North America’s five largest gold mines. Key holdings include a 3% royalty on Agnico Eagle’s Canadian Malartic mine in Quebec, a stake in Barrick and Newmont’s Nevada Gold Mines complex, and recent acquisitions such as Pedra Branca in Brazil, acquired from BHP in late 2025. Operating partners conduct over 500,000 meters of drilling annually at their own expense, supporting brownfield expansions and satellite deposit growth.
Gold Royalty remains debt-free with a positive cash position, bolstered by a $150 million undrawn credit facility and approximately $200 million in acquisition dry powder. The firm plans to present a capital-return policy to its board in August, with potential implementation of a small regular dividend or share buyback targeted for early 2027, subject to approval and market conditions. The company models transactions using a conservative long-term gold price of about $3,600 per ounce.
GROY’s shares were trading around $3.37 to $3.395 on Wednesday, up 0.60% to 1.34% from a prior close of $3.35, with a 52-week range of $2.45 to $5.455. Analysts covering the stock, all holding outperform or buy ratings, have set price targets ranging from $4 to $7, implying a potential 49% upside from current levels.
