Gold Royalty Corp.
For the period ended Nov 4, 2026. Filed Nov 5, 2026.
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Nov 4, 2026 · Filed Nov 5, 2026
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EX-99.1 · Adjusted EBITDA
Adjusted EBITDA
Adjusted EBITDA is determined by adjusting net income (loss) for the impact of: depletion, depreciation, finance costs, current and deferred tax expenses, land agreement proceeds credited against other mineral interests, interest income credited against gold-linked loan, one-time adjustment related to the purchase of Pedra Branca Royalty and royalty revenue earned through Borborema LP joint venture, transaction related and non-recurring general and administrative expenses(1), non-cash share-based compensation, share of loss in associate, dilution loss in associate, share of profit in joint venture, change in fair value of gold-linked loan, change in fair value of short-term investments, change in fair value of embedded derivative, foreign exchange loss (gain), loss (gain) on loan modification and other income. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry. The table below provides a reconciliation of net income (loss) to Adjusted EBITDA for the periods indicated:
| 3) | Transaction related and non-recurring general and administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the three and nine months ended September 30, 2026, transaction related and non-recurring general and administrative expenses primarily consisted of professional fees related to accounting advisory services. |
| For the three months ended September 30 | For the nine months ended September 30 | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (in thousands of dollars) | ($) | ($) | ($) | ($) |
| Net income (loss) | 3,838 | (1,133) | 7,392 | (3,210) |
| Depletion | 2,530 | 862 | 5,675 | 1,371 |
| Depreciation | 19 | 19 | 59 | 58 |
| Finance costs | 162 | 2,292 | 666 | 6,733 |
| Current tax expense | 16 | — | 160 | 118 |
| Deferred tax expense (recovery) | 1,550 | (210) | 3,450 | (237) |
| Land Agreement Proceeds credited against other mineral interests | 51 | 10 | 71 | 337 |
| Interest income credited against gold-linked loan | 471 | 415 | 1,437 | 1,116 |
| One-time adjustment related to the purchase of Pedra Branca Royalty(1) | — | — | 1,284 | — |
| Royalty revenue earned through Borborema LP joint venture(2) | 705 | — | 1,820 | — |
| Share of profit in joint venture(2) | (482) | — | (1,245) | — |
| Transaction related and non-recurring general and administrative expenses | 112 | 78 | 193 | 179 |
| Share-based compensation | 566 | 561 | 2,016 | 1,903 |
| Share of loss in associate | — | — | — | 80 |
| Dilution loss in associate | — | — | — | 73 |
| Change in fair value of gold-linked loan | 57 | (277) | (979) | (992) |
| Change in fair value of short-term investments | (495) | (207) | (562) | (180) |
| Change in fair value of embedded derivative | — | (133) | — | (413) |
| Foreign exchange (gain) loss | 60 | (91) | 20 | (39) |
| Loss (gain) on loan modification | — | — | 500 | (693) |
| Other (income) expense | (203) | 331 | (402) | 349 |
| Adjusted EBITDA | 8,957 | 2,517 | 21,555 | 6,553 |
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