Gold Royalty to acquire royalty from BlackRock World Mining Trust for $70M

Gold Royalty (GROY) announced that it has entered into an agreement to acquire an existing royalty on the Pedra Branca mine, from BlackRock World Mining Trust for $70M in cash. Pedra Branca is an operating copper and gold mine located in Brazil and currently owned and operated by a subsidiary of BHP Group (BHP). In August 2025, BHP announced the sale of the Pedra Branca mine and other assets in the Carajas region to CoreX Holding, which is expected to complete upon the satisfaction of customary closing conditions. For the 12 months ended June 30, the royalty expense recorded to the prior royalty holder was approximately $7.9M, equivalent to approximately 2,800 gold equivalent ounces at an average gold price of $2,811 per ounce. The royalty’s terms include a 25% net smelter return royalty on gold and 2% NSR on copper produced from Pedra Branca. The royalty has full coverage over the Pedra Branca East and Pedra Branca West deposits. The royalty does not include any step-down options. Pursuant to the transaction, Gold Royalty will acquire the Royalty in exchange for $70M in cash, payable to Blackrock at closing. The company has available resources and commitments to fund the purchase price. Completion of the acquisition is subject to customary closing conditions. Pursuant to the agreement, after closing, Gold Royalty will receive all payments relating to production from the royalty for periods ending after December 31, 2025. The royalty consists of a 25% NSR on gold and a 2% NSR on copper and other products produced from the Pedra Branca mine, comprising the Pedra Branca West and Pedra Branca East areas, and the former Antas North mine.