Gold Royalty Targets 60% 2026 Growth, Eyes 30,000 Gold Ounces by 2030

Gold Royalty expects significant production growth, forecasting 7,500–9,300 gold equivalent ounces in 2026—about 60% growth at the midpoint—and approximately 30,000 ounces annually by 2030. The company says growth will be driven primarily by operating, permitted and financed assets, including Borborema, Pedra Branca, South Railroad and Tonopah West, rather than a single early-stage project.

Gold Royalty has about $200 million in available capital, including an undrawn $150 million credit facility, and remains debt-free. Management is prioritizing accretive acquisitions while considering share buybacks or a dividend as early as 2027.

Gold Royalty NYSEAMERICAN: GROY outlined plans to expand its cash-generating royalty portfolio, projecting a 60% increase in gold equivalent ounces in 2026 and targeting roughly 30,000 gold equivalent ounces by 2030, according to Vice President of Capital Markets and Sustainability Jackie Przybylowski.

The company, founded in 2020 and publicly listed in 2021, began with 18 royalties and no revenue. Przybylowski said Gold Royalty subsequently expanded through acquisitions of Ely Gold, Golden Valley and Abitibi Royalties, adding assets including its flagship 3% royalty on Agnico Eagle’s Canadian Malartic mine in Quebec.

Gold Royalty now has approximately 260 assets and about 10 cash-flowing assets in its portfolio. The company’s holdings include royalties connected to the Canadian Malartic mine, the Côté Gold mine in Ontario and the Ren portion of the Nevada Gold Mines complex.

Gold Royalty’s 2026 guidance calls for 7,500 to 9,300 gold equivalent ounces, representing a 60% increase at the midpoint compared with 2025 actual production, Przybylowski said. The projected growth is expected to come largely from assets that have already been built or are operating, including the Borborema and Pedra Branca royalties acquired late last year or earlier this year. By 2030, the company expects to reach about 30,000 gold equivalent ounces annually.

Przybylowski said mature operations and brownfield expansions account for 70% of the company’s expected growth, while satellite deposits such as County Line and Ren represent 90% when included. “We are not looking for any single asset, early-stage company to really drive the growth,” Przybylowski said. “It is coming from assets that are already permitted, already financed, and already built, at least to a first phase of construction.”

She identified South Railroad and Tonopah West as examples in the advanced-development category. South Railroad, previously developed by Orla and now associated with Equinox Gold following its acquisition of Orla, has received permits and begun construction, she said. Tonopah West was generated through Gold Royalty’s Nevada land-staking model and could enter production as early as 2030, according to Przybylowski.

Gold Royalty said it does not provide annual revenue guidance beyond the stated production ranges. However, Przybylowski cited analyst consensus estimates suggesting that annual revenue could reach $120 million to $150 million by 2030 at gold prices of approximately $4,000 to $5,000 per ounce, compared with roughly $25 million currently.

The company described four avenues for growth: royalty financing, third-party royalty acquisitions, corporate mergers and acquisitions, and royalty generation. Its royalty-generation strategy involves staking and maintaining mining claims in Nevada, then transferring those claims to operators in exchange for upfro...