Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE:GROY) is pleased to announce that it recently added the 250th asset to its portfolio with the sale of the Spanish Moon Project ("Spanish Moon") to Kinross Gold Corporation ("Kinross"), retaining a 3% net smelter return royalty ("NSR"). Spanish Moon, an early-stage exploration project, is proximate to Kinross' Round Mountain Mine in Nevada, USA, a Tier 1 jurisdiction in which Gold Royalty already has a strong concentration of assets.
Today we want to highlight our royalty generator model, as it has created our milestone 250th asset – at minimal cost to Gold Royalty. Our diversified portfolio provides peer-leading revenue growth, including the expected 367% gold equivalent ounce ("GEO") growth by 2029* and long-dated optionality into the next decade and beyond."
Gold Royalty's generator model has generated 51 royalties since the acquisition of Ely Gold Royalties Inc. in 2021. We currently have 36 properties subject to land agreements and six properties under lease generating land agreement proceeds. The model continues to incur low operating costs with minimal expenditure on maintaining the underlying mineral interests in the first half of 2025.
Asset Updates
Gold Royalty is also pleased with recent positive progress from operating companies on assets on which it holds royalties or streams:
- Borborema (2% NSR) – On September 23, 2025, Aura Minerals announced commercial production at Borborema. It also disclosed that the Borborema mill is operating above 80% of design capacity and gold recoveries are consistently above 90%.
- County Line (3% NSR) – Fortitude Gold announced on September 30, 2025 that it received all approvals from the Bureau of Land Management and the Nevada Division of Environmental Protection to construct and operate the County Line open pit gold project, a brownfield expansion of the operating Isabella Pearl mine. Gold Royalty's County Line royalty claims were also initially generated through its successful generator model.
- Granite Creek (10% NPI) – i-80 Gold disclosed six holes from its infill drill program on September 10, 2025. Drill results continue to show robust high-grade mineralization throughout the South Pacific Zone and suggest that the deposit has the potential to expand to the north and at depth. This program aims to convert mineral resources from inferred to indicated category and form the basis for the upcoming Granite Creek Underground feasibility study, planned for completion in the first quarter of 2026.
- Tonopah West (3% NSR) – Blackrock Silver announced an updated mineral resource estimate for the Tonopah West project on September 8, 2025 including estimates of 1.33 Mt grading 493 g/t AgEq for 21.1 Moz silver equivalent contained in indicated resources, and 5.14 Mt grading 525.9 g/t AgEq for 86.88 Moz silver equivalent contained in inferred resources. It stated that silver and gold mineralization at Tonopah West remains open to the northwest, east and internally between the main bodies of mineralization, and at depth.
- Vareš (100% copper stream): DPM Metals (formerly Dundee Precious Metals) announced the completion of its previously-announced acquisition of Adriatic Metals Plc, previous operator of the Vareš mine, on September 3, 2025. DPM disclosed that it will leverage its expertise in underground mining, its regional presence, successful track record of operations, optimization and project management, and its strong financial position to further optimize and realize Vareš' full potential.