Gold Royalty Management
Management criteria checks 3/4
Gold Royalty's CEO is Dave Garofalo, appointed in Aug 2020, has a tenure of 5.92 years. total yearly compensation is $1.48M, comprised of 26.7% salary and 73.3% bonuses, including company stock and options. directly owns 0.31% of the company’s shares, worth $2.25M. The average tenure of the management team and the board of directors is 4.7 years and 5.3 years respectively.
Key information
Dave Garofalo
Chief executive officer
US$1.5m
Total compensation
| CEO salary percentage | 26.66% |
| CEO tenure | 5.9yrs |
| CEO ownership | 0.3% |
| Management average tenure | 4.7yrs |
| Board average tenure | 5.3yrs |
Recent management updates
Recent updates
Narrative Update • May 14
GROY: Future Cash Flow Ramp From Royalties Is Expected To Drive Repricing
Narrative Update on Gold Royalty Analysts have raised their price targets on Gold Royalty by $1, reflecting updated views on its earnings potential and its sensitivity to higher gold forecasts. Analyst Commentary Recent research on Gold Royalty has focused on how updated gold price assumptions and earnings expectations flow through to valuation.
Narrative Update • Apr 06
GROY: Future Production Ramp And Mixed Ratings Will Shape Upside Potential
The updated analyst price target for Gold Royalty moves to $5.00 from $4.50, as analysts point to revised assumptions around revenue growth, profit margins, and P/E expectations reflected in recent mixed target changes and a valuation downgrade. Analyst Commentary Recent research on Gold Royalty has been mixed, with some analysts revising targets higher while others trim expectations or shift to a more neutral stance.Narrative Update • Mar 23
GROY: Future Royalty Ramp Up Is Expected To Drive Repricing
Analysts have nudged their average price target on Gold Royalty slightly lower by $0.04 to $6.00, citing updated forecasts for discount rates, revenue growth, profit margins and future P/E, informed by recent mixed revisions across H.C. Wainwright, Scotiabank, Maxim and Canaccord. Analyst Commentary Recent research updates on Gold Royalty reflect a mix of optimism and caution, with price targets moving both higher and lower and one downgrade on valuation.Narrative Update • Mar 08
GROY: Equity Raise And Royalty Portfolio Execution Will Drive Future Repricing
Analysts have raised their average price target for Gold Royalty by a few dollars, reflecting updated views on discount rates, long term revenue growth assumptions, profit margins and forward P/E expectations. Analyst Commentary Recent Street research around Gold Royalty shows a mix of optimism on upside potential and caution on how that potential is currently priced into the shares.Narrative Update • Feb 22
GROY: Refreshed Royalty Portfolio And Equity Raise Will Support Future Repricing
The analyst price target for Gold Royalty has increased by a few dollars to reflect updated fair value and P/E assumptions, with recent Street research citing refreshed royalty portfolio assessments and valuation work as key drivers. Analyst Commentary Recent Street research on Gold Royalty reflects a mix of optimism on the refreshed royalty portfolio and caution around valuation, with several firms adjusting price targets and at least one moving to a more neutral stance.Narrative Update • Feb 08
GROY: Equity Raise And Lockup Will Support Future Cash Flow Repricing
Analysts have nudged their price expectations for Gold Royalty higher to a fair value of about $6.11 from $5.75, citing updated assumptions around revenue growth, profit margins, discount rates and future P/E multiples. Analyst Commentary Recent Street research on Gold Royalty reflects a mix of optimism and caution, with several firms adjusting their price targets and one shifting its rating to Hold on valuation grounds.Narrative Update • Jan 25
GROY: Equity Raise And Lockup Will Support Future Multiple Expansion
Analysts have raised their price target on Gold Royalty by approximately $0.64 to $5.75, citing updated assumptions on fair value, discount rate, revenue growth, profit margins and future P/E that incorporate recent research views, which they describe as mixed but generally constructive. Analyst Commentary Recent research on Gold Royalty has been mixed, with some analysts lifting their price targets and others turning more cautious on the shares.Narrative Update • Jan 11
GROY: Equity Raises And Lock Up Period Will Shape Balanced Outlook
Analysts have raised their price target for Gold Royalty from US$3.25 to US$4.50. They cited updated assumptions, including expectations of higher revenue growth, a stronger profit margin profile and a lower future P/E multiple, as the key factors behind the change.Narrative Update • Dec 27
GROY: Equity Raise And Lockup Will Support Future Cash Flow
Analysts have modestly increased their price target on Gold Royalty to reflect slightly stronger projected revenue growth and a marginally lower discount rate, even though they expect a small compression in profit margins and are assuming a higher future P/E multiple. What's in the News Completed a $90 million follow on equity offering of 22,500,000 common shares priced at $4 per share, reflecting a modest discount to the offer price (company filing) Filed a follow on equity offering of common shares, expanding the company's access to growth capital ahead of new royalty cash flow (company filing) Directors, officers, and other holders agreed to a 91 day lockup on 197,490,625 common shares ending March 12, 2026, which limits insider share sales in the near term (lockup agreement) Certain options, warrants, and restricted share units are also subject to the same 91 day lockup period ending March 12, 2026, aligning incentives with equity holders (lockup agreement) Management issued 2025 production guidance and expects total 2025 GEOs to be around or modestly below the bottom of the 5,700 to 7,000 ounce range (company guidance) Valuation Changes The fair value estimate has risen slightly, increasing from $5.07 to about $5.11 per share.Narrative Update • Dec 13
GROY: Index Inclusion And Capital Raise Will Support Future Cash Flow Expansion
Analysts have raised their price target on Gold Royalty by approximately 6 percent to about $5.07 per share, citing stronger expected revenue growth that more than offsets slightly higher discount rates as well as more conservative profit margin and valuation assumptions. What's in the News Completed a $90 million follow on equity offering of 22,500,000 common shares at $4.00 per share, reflecting continued access to capital markets (company filing) Filed a follow on equity offering of common shares, setting the stage for subsequent upsizing and completion of the deal (company filing) Gold Royalty Corp.Narrative Update • Nov 28
GROY: Cash Flow Expansion Will Follow Stronger Gold Prices and Production Gains
Analysts have slightly reduced their price target for Gold Royalty, lowering the fair value estimate from $4.89 to $4.79 per share. This adjustment is based on recent projections for revenue growth and profit margins, even as optimism continues due to higher gold prices and production forecasts.Narrative Update • Nov 14
GROY: Revenue Will Climb on Rising Gold Prices and Production Momentum
Analysts have raised their price target for Gold Royalty to $6, citing expectations of higher gold prices and production. These factors are projected to drive substantial revenue growth in the coming years.Narrative Update • Oct 31
GROY: Cash Flow Expansion Will Be Driven By Higher Gold Output
Analysts have slightly increased their price target for Gold Royalty, raising it by $0.10 to $4.89 per share. This adjustment is driven by expectations of higher gold prices, production growth, and ongoing improvements in free cash flow.Narrative Update • Oct 17
Strong Gold Prices And Ramp-Up Mines Will Drive Value
Gold Royalty’s analyst price target has increased from $4.67 to $4.79 per share. Analysts cite higher gold prices, robust production forecasts, and continued free cash flow improvement as key drivers behind the revised valuation.Narrative Update • Oct 03
Strong Gold Prices And Ramp-Up Mines Will Drive Value
Analysts have raised their price target for Gold Royalty from $4.21 to $4.67, citing robust revenue growth expectations. This outlook is driven by higher gold prices and increasing production across its royalty portfolio.Narrative Update • Sep 12
Strong Gold Prices And Ramp-Up Mines Will Drive Value
Gold Royalty’s consensus analyst price target has increased from $3.91 to $4.21, driven by expectations of higher gold prices, increased production, growth from an expanding royalty portfolio, and improved free cash flow. Analyst Commentary Bullish analysts cite higher gold prices and increased gold production as key drivers for expected revenue growth, forecasting significant year-over-year increases in 2025 and 2026.Narrative Update • Aug 08
Strong Gold Prices And Ramp-Up Mines Will Drive Value
Gold Royalty’s modestly higher analyst price target reflects a slight increase in future P/E while net profit margin remains stable, leading to a new consensus fair value of $3.87. What's in the News Q2 2025 total revenue, land agreement proceeds, and interest rose approximately 100% year over year to $4.4 million, equating to 1,346 gold equivalent ounces (GEOs).New Narrative • May 11
Cote Mines Ramp-Up And Robust Gold Prices Will Drive Progress
Expansion of mine production and favorable gold prices are set to boost revenue and earnings growth.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | -US$1m |
| Dec 31 2025 | US$1m | US$393k | -US$4m |
| Sep 30 2025 | n/a | n/a | -US$6m |
| Jun 30 2025 | n/a | n/a | -US$2m |
| Mar 31 2025 | n/a | n/a | -US$3m |
| Dec 31 2024 | US$1m | US$402k | -US$3m |
| Sep 30 2024 | n/a | n/a | -US$20m |
| Jun 30 2024 | n/a | n/a | -US$25m |
| Mar 31 2024 | n/a | n/a | -US$25m |
| Dec 31 2023 | US$1m | US$408k | -US$27m |
| Sep 30 2023 | n/a | n/a | -US$10m |
| Jun 30 2023 | n/a | n/a | -US$12m |
| Mar 31 2023 | n/a | n/a | -US$13m |
| Dec 31 2022 | n/a | n/a | -US$13m |
| Sep 30 2022 | US$751k | US$323k | -US$17m |
| Jun 30 2022 | n/a | n/a | -US$22m |
| Mar 31 2022 | n/a | n/a | -US$21m |
| Dec 31 2021 | n/a | n/a | -US$21m |
| Sep 30 2021 | US$1m | US$180k | -US$15m |
Compensation vs Market: Dave's total compensation ($USD1.48M) is below average for companies of similar size in the US market ($USD3.54M).
Compensation vs Earnings: Dave's compensation has increased whilst the company is unprofitable.
CEO
Dave Garofalo (61 yo)
5.9yrs
Tenure
US$1,475,655
Compensation
Mr. David A. Garofalo, also known as Dave, B. Comm, C. A. CPA and ICD. D. served as Special Advisor to the Board of Directors at Alto Verde Copper Inc. He served as Strategic Advisor Board at Goldshore Res...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Chairman | 5.9yrs | US$1.48m | 0.31% $ 2.2m | |
| President | 5.8yrs | US$754.75k | 0.084% $ 613.7k | |
| Chief Financial Officer | 3.5yrs | US$765.91k | 0.062% $ 454.1k | |
| Vice President of Evaluations | 5yrs | US$596.08k | 0.058% $ 418.9k | |
| Director of Accounting | 4.5yrs | no data | no data | |
| Director of Technical Services | 5.8yrs | no data | 0.039% $ 284.5k | |
| Vice President of Corporate Development | 4.7yrs | no data | no data | |
| Vice President of Sustainability | 3.7yrs | no data | no data | |
| Vice President of Capital Markets & Sustainability | 1.8yrs | no data | 0.058% $ 419.2k |
4.7yrs
Average Tenure
55yo
Average Age
Experienced Management: GROY's management team is considered experienced (4.7 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Chairman | 5.9yrs | US$1.48m | 0.31% $ 2.2m | |
| Independent Director | 5.7yrs | US$144.68k | 0.080% $ 580.8k | |
| Chair of Advisory Board | 3.5yrs | US$138.05k | 0.45% $ 3.3m | |
| Lead Independent Director | 5.9yrs | US$184.28k | 0.55% $ 4.0m | |
| Independent Director | 4.4yrs | US$144.68k | 0.054% $ 391.8k | |
| Independent Director | 5.7yrs | US$148.28k | 0.039% $ 281.7k | |
| Member of Advisory Board | 4.9yrs | no data | no data | |
| Independent Director | 3.3yrs | US$137.48k | 0.045% $ 328.6k |
5.3yrs
Average Tenure
61yo
Average Age
Experienced Board: GROY's board of directors are considered experienced (5.3 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/06 11:56 |
| End of Day Share Price | 2026/07/02 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Gold Royalty Corp. is covered by 10 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Rene Cartier | BMO Capital Markets Equity Research |
| Brian Quast | BMO Capital Markets Equity Research |
| Carey MacRury | Canaccord Genuity |