Gold Royalty entered into an agreement to upsize and amend its existing credit facility to up to $150 million with a syndicate of banks consisting of the Bank of Montreal, National Bank Capital Markets and the Royal Bank of Canada.
The amended and upsized facility now consists of a $125 million secured revolving credit line with an accordion feature allowing for an additional $25 million, subject to certain conditions, for total borrowing capacity of $150 million. The facility will bear a reduced interest rate based on SOFR plus a margin of 2.25% – 3.25%. The facility matures in November 2028.
“Following our recent acquisitions, we are pleased to announce this increased facility with a growing syndicate of supportive lenders,” Andrew Gubbels, chief financial officer of Gold Royalty, said. “In addition to reducing our cost of capital, the facility positions us to execute our growth strategy efficiently in the future.”
David Garofalo, chairman and CEO of Gold Royalty, said, “We are pleased with the development progress of our operators in 2025 and the trajectory of their plans in 2026 and are excited to see significant progress being made on cornerstone assets in 2026 and we anticipate further positive updates throughout the year. In only five years since our IPO, our portfolio has expanded and matured significantly. More assets are moving through development and towards production. We expect that these cash-flowing assets will drive meaningful revenue and cash flow growth for Gold Royalty in 2026 and through the medium-term, including through ongoing development at Granite Creek, Odyssey, Ren, South Railroad and Tonopah West, which are expected to contribute significant revenues and cash flows in 2027 – 2030 based on expected timelines as announced by their operators.”
