Each one in plain English, with the numbers worked through for a shareholder.
20 Feb 2026capital raising announcement▲ GoodMajor
Gold Royalty again amended its credit facility, now with Bank of Montreal, National Bank and the Royal Bank of Canada, to a US$125 million secured revolver plus a US$25 million accordion (up to US$150 million), at SOFR plus 2.25%-3.25% (25 bps lower), maturing November 2028. This follows the November 2025 upsizing to US$75 million; the filing does not say how much is drawn. The release also relays operator updates, e.g. Borborema Q4 2025 production up 54% quarter-over-quarter (now described as a 2.75% NSR), Vareš production restarted in January as planned (operator now named as DPM Metals), and Barrick still expecting Ren in full production in 2027.
Gold Royalty agreed to buy a second royalty on the Borborema gold mine (Aura Minerals) from Dundee Corporation for US$45 million: US$30 million cash plus 3,571,429 new shares at US$4.20. The royalty is 1.5% of net smelter returns on the first 1.5 million ounces and 1.0% up to 2.0 million ounces, adding to the 2% NSR bought in December 2023; closing is expected in January 2026 subject to conditions. Taurus wants to take half of the royalty for US$22.5 million under the 2024 cooperation agreement, subject to a definitive agreement, which would be the first named use of that deal.
11 Dec 2025capital raising announcement● NeutralMajor
Gold Royalty closed a bought-deal share offering of 25,875,000 shares at US$4.00 (including the full over-allotment of 3,375,000), raising US$103.5 million gross, bringing shares outstanding to 223,375,625. Proceeds are meant to fund all or part of buying an existing royalty on the Pedra Branca copper-gold mine in Brazil (operated by a BHP subsidiary) from BlackRock World Mining Trust, plus general corporate purposes; this is dilutive to existing shareholders. The filing says the Pedra Branca acquisition was announced earlier (Dec 8) and describes it as proposed, so it is not shown as closed here.
26 Nov 2025capital raising announcement▲ GoodMajor
Gold Royalty amended its bank credit facility (with Bank of Montreal and National Bank) to a US$75 million revolver plus up to US$25 million more via an accordion, maturing November 2028, with interest at SOFR plus 2.5%-3.5% depending on leverage (previously a fixed 3.0% margin). As a condition, it redeemed the US$40 million of 10% convertible debentures from Queen's Road Capital and Taurus early; the holders converted at US$1.75 and the company issued 23,288,896 new shares, so the debentures from the December 2023 Borborema financing are fully eliminated but existing shareholders are diluted. The holders also got a make-whole payment of interest to December 15, 2026, paid 70% cash and 30% in shares at US$3.59. This is a related-party deal (QRC's CEO Warren Gilman is a Gold Royalty director) exempt from valuation and shareholder-vote rules, and it resolves the open debenture thread.
24 Feb 2025capital raising announcement▲ GoodMajor
Gold Royalty amended its bank revolving credit facility with Bank of Montreal and National Bank of Canada: the rate falls to SOFR plus 3.00% (100 basis points lower), maturity extends from March 31, 2027 to March 31, 2028, and it is now a US$30 million revolver with US$25 million drawn plus an accordion of up to US$45 million more, subject to conditions. The CFO says debt repayment remains the priority in 2025. The release also relays operator updates, e.g. IAMGOLD says Côté Gold started up and expects 360-400koz in 2025 (100%) versus 177koz in 2024, and Barrick expects REN in full production in 2027.
Gold Royalty published its second Sustainability Report and 2024 Asset Handbook and announced a virtual investor day on June 12, 2024. It says the portfolio now has over 240 royalties with over 80 operating partners, and notes up to $300,000 of sustainability-linked contributions committed to Aura in the Borborema deal. This is an informational update with no new transaction or financing.
Gold Royalty agreed to buy a copper stream on the Vares Silver Project (Bosnia and Herzegovina, operated by Adriatic Metals) from Orion Mine Finance for US$50 million: US$45 million cash plus US$5 million in 2,906,977 new shares. The stream covers 100% of copper from the Rupice area with ongoing payments of 30% of the LME copper price, and commercial production is expected in Q4 2024 per Adriatic. Funding is to come from an announced equity offering and the credit facility, which would be expanded by US$5 million to a US$30 million revolver plus a US$5 million accordion, subject to closing; this is the largest cash purchase since Borborema and brings dilution from the equity offering and share issue.
Gold Royalty signed a three-year cooperation agreement with Taurus Mining Royalty Fund, which already holds part of the December 2023 convertible debentures. Each side may, but need not, take 25% to 50% of selected royalty or stream deals worth US$30 million or more sourced by the other, with rights of first offer on later sales. No specific deal or amount is committed.
Gold Royalty completed the SOQUEM purchase announced November 2, 2023, but the portfolio is stated as 21 royalties (the earlier announcement said 22). It paid C$1.0 million by issuing 496,785 shares to SOQUEM at a deemed price of about US$1.50 per share, a small dilution. The filing lists the royalties, mostly 0.38%-3.0% NSRs on exploration properties, plus the Detour milestone payment.
Gold Royalty completed the Borborema deal announced December 5, 2023: it paid US$21.0 million cash for the 2% NSR royalty and US$10.0 million cash for the royalty-convertible gold-linked loan, both with Borborema Inc., a wholly-owned subsidiary of Aura Minerals. It also closed the US$40 million private placement of unsecured convertible debentures with Queen's Road Capital and Taurus Mining Royalty Fund, which resolves the pending closing and adds convertible debt that can dilute shareholders if converted (terms as announced earlier).
Gold Royalty agreed to invest US$31 million in Aura Minerals' Borborema gold project in Brazil: US$21 million cash for a 2% NSR royalty plus a US$10 million gold-linked loan, expected to close in December 2023. It is financed by US$40 million of unsecured convertible debentures from Queen's Road Capital (US$30M) and Taurus (US$10M), at a 10% coupon over 5 years (7% cash, 3% in shares), convertible at US$1.90 per share. Proceeds are to fund Borborema and pay down part of the bank credit facility. This adds new convertible debt that can dilute shareholders if converted, and is a related-party deal because QRC's chairman and CEO Warren Gilman is a Gold Royalty director (exempt from shareholder approval per the filing).
Gold Royalty agreed to acquire 22 Québec royalties from SOQUEM (a subsidiary of Investissement Québec) for C$1 million paid in Gold Royalty shares, based on the 20-day average price before closing. SOQUEM gets 50% of any future buyback proceeds, and Gold Royalty gets a C$1 million milestone payment if Probe Gold's Detour project publishes a positive preliminary economic assessment; closing is expected before the end of the quarter, subject to conditions including waiver or expiry of third-party rights. The company says it will hold over 240 royalties, 94 in Québec, and the share issue is small.
Gold Royalty completed the Cozamin purchase announced July 31, 2023, indirectly acquiring the 1.0% NSR from Endeavour Silver for US$7.5 million cash. It confirms the board has suspended dividends under its dividend program in connection with the completion, so the quarterly payments begun in March 2022 stop.
Gold Royalty agreed to buy an existing 1.0% net smelter royalty on parts of the Cozamin copper-silver mine in Mexico (operated by Capstone) from Endeavour Silver for US$7.5 million cash, expected to close in August 2023 and funded from existing cash. The company says the royalty earned over US$1.0 million of revenue in the last year, and expects the board to suspend the dividend (first paid in March 2022) once the deal completes, to focus capital on acquisitions. This is the first producing-mine purchase in these filings paid wholly in cash, and it ends the dividend program if the board follows through.
Gold Royalty published its first Sustainability Report and Asset Handbook and announced an Investor Day in Toronto on May 16, 2023; Q1 2023 results are due May 11, 2023. The CEO says the portfolio has grown from 18 royalties at the IPO to over 200 with 75 partners. This is an informational update with no new transaction or financing.
Gold Royalty signed an amended and restated credit agreement with Bank of Montreal and a new lender, National Bank of Canada, expanding its secured revolving facility by US$10 million to US$35 million total: a US$20 million facility plus the US$15 million accordion (which needs extra conditions). Pricing (Base Rate + 3.00% or Adjusted Term SOFR + 4.00%) and the March 31, 2025 maturity are unchanged from the earlier BMO facility; the filing does not say whether anything is drawn. It also announced joining the UN Global Compact, which carries no financial terms.
Gold Royalty agreed with Val-d'Or Mining (TSX-V: VZZ) to divest the mineral rights on 12 exploration properties in Québec and Ontario while keeping 0.5% to 1.0% NSR royalties, and to keep a 1.5% NSR on four joint-venture properties, subject to Eldorado's consent to assign the option agreement. It also keeps a right of first refusal on royalties Val-d'Or sells, while holding at least 10% (it owns 35%). Separately, it signed an alliance with International Prospect Ventures (11% owned) giving it a right of first refusal and a referral arrangement for Australian royalties. The headline says 'acquires 12 new royalties', but the text describes retained royalties on properties Gold Royalty is selling; no amounts are given, and the VZZ deal is subject to closing conditions.
Gold Royalty completed the Nevada Gold Mines royalty purchase announced September 1, 2022 (Granite Creek NPI, Bald Mountain NSR and Bald Mountain JV Zone NSR). It paid US$27.5 million by issuing 9,393,681 shares to Nevada Gold Mines at a deemed price of about US$2.93 per share, which dilutes existing shareholders.
Gold Royalty extended the maturity of its Bank of Montreal secured revolving credit facility to March 31, 2025, from March 31, 2023. The facility stays at US$10 million plus a US$15 million accordion, with the same pricing (Base Rate + 3.00% or Adjusted Term SOFR + 4.00%); the accordion needs extra conditions and financial covenants. The filing does not say whether any amount is drawn.
Gold Royalty agreed to buy royalties from Nevada Gold Mines (a Barrick 61.5%/Newmont 38.5% joint venture): a 10% net profits interest on the Granite Creek Mine (payable after 120,000 oz produced), a 2.00% NSR on Bald Mountain (payable after 10 million oz) and a 1.25% NSR on the Bald Mountain JV Zone. It pays US$27.5 million entirely in 9,393,681 new Gold Royalty shares, making Nevada Gold Mines a major shareholder and diluting existing holders; closing is expected around the end of the quarter. The Granite Creek royalty has about 7,000 oz of the 120,000 oz threshold already produced, and the filing states about 1.4 million oz of the Bald Mountain 10 million oz threshold.
Gold Royalty's offer for Elemental Royalties has expired and is terminated because its conditions were not satisfied; no Elemental shares will be taken up and any deposited shares are returned. The CEO says the company could not obtain the engagement needed for a board-supported deal. This ends the thread open since December 2021, and the roughly 12% dilution to Gold Royalty holders that the deal would have caused will not happen.
Gold Royalty said it received an Australian foreign investment 'no action' letter and decided no Canadian Competition Act filing is needed for its Elemental offer, clearing two regulatory items. It also filed a Notice of Variation and Change, saying the condition revisions do not change their scope in any material respect and adding updated pro forma financials. The offer terms are unchanged and it still closes April 27, 2022 unless extended; the filing does not say whether Elemental's board or shareholders have engaged.
Gold Royalty reminded investors of its first quarterly dividend of US$0.01 per share, payable March 31, 2022 to holders of record March 15, 2022; this adds no new terms to the January 18 declaration. The CEO says the Côté purchase brings the portfolio to 28 producing and developing royalties, and that Côté and the Canadian Malartic Odyssey royalty are expected to be two of Canada's largest and longest-life gold mines. Future dividends remain at the board's discretion.
Gold Royalty completed the purchase of the 0.75% royalty on part of IAMGOLD's Côté Gold Project announced February 22, 2022. It paid US$15.875 million at closing: US$15 million in cash plus 207,449 new Gold Royalty shares priced at US$4.218 (20-day average), a small dilution as expected.
Gold Royalty agreed to buy a 0.75% net smelter royalty on part of IAMGOLD's Côté Gold Project in Ontario for US$15.875 million: US$15.0 million in cash and the balance in Gold Royalty shares priced on a 20-day average. Closing is expected in early March 2022 subject to customary conditions. The company says first cash flow is expected in 2023 and calls this its fifth major acquisition since the IPO; the new shares add a small amount of dilution.
Gold Royalty put out a promotional update on its Elemental offer (0.27 share per Elemental share), arguing Elemental holders would gain from its growth, liquidity, and debt-free balance sheet, and saying Elemental had US$19 million net debt at September 30, 2021. It adds that Elemental has nine royalties and that the combined company would hold 200. No change to the offer terms is stated; it continues the thread and notes an investor call on February 1, 2022. The attached material change report covers the January 21 credit agreement already described.
Gold Royalty signed a definitive credit agreement with Bank of Montreal (dated January 21, 2022) for a US$10 million secured revolving facility plus a US$15 million accordion, resolving the open question about the September 2021 commitment letter. Interest is Base Rate plus 3.00% or Adjusted Term SOFR plus 4.00%, and it matures March 31, 2023, later than the December 31, 2022 date in the commitment letter. The company states US$38 million in cash and marketable securities and no debt, and the filing does not say any amount has been drawn.
Gold Royalty declared its first quarterly cash dividend of US$0.01 per share, payable March 31, 2022 to holders of record on March 15, 2022. Future dividends are at the board's discretion; the company says its portfolio has grown from 17 to over 190 royalties since the March 2021 IPO. This is the first dividend in these filings.
Gold Royalty formally launched its offer for Elemental Royalties, following the December 20, 2021 announcement: 0.27 Gold Royalty share per Elemental share (C$1.78, a 37% premium, about C$130 million fully diluted), open until 5:00 p.m. Toronto time on April 27, 2022. Elemental holders would own about 12% of the combined company, so existing Gold Royalty shareholders would be diluted. The filing says the offer needs no vote of Gold Royalty shareholders and has no financing or due diligence condition; it cites Elemental's shareholder rights plan dated December 30, 2021 and about US$37 million cash and marketable securities with no debt.
Gold Royalty announced it intends to make a direct offer for all shares of Elemental Royalties at 0.27 Gold Royalty shares per share, valued at C$1.78 per share (a 37% premium) and about C$130 million in total. Gold Royalty says Elemental did not engage with proposals made October 21 and December 15, 2021. The offer would be open 105 days, needs more than 50% of shares excluding Gold Royalty's, and at least 66 2/3% fully diluted, plus approvals. If completed, Elemental holders would own about 12% of the combined company, so Gold Royalty shareholders would be diluted. The release also states about US$30 million in cash and marketable securities and no debt, and says Gold Royalty completed Ely, Abitibi and Golden Valley acquisitions. The no-debt statement sits alongside the BMO facility announced in September, whose closing is not confirmed in these filings.
