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查看配图：Mining Forum video: Garofalo’s Gold Royalty puts patience ahead of costly dealsGold Royalty Chairman and CEO David Garofalo last month at the Mining Forum Americas in Colorado.
Posted By: Henry Lazenby October 23, 2026
Gold Royalty (NYSE: GROY) aims to use growing income from its existing portfolio to finance acquisitions without fresh share sales, Chairman and CEO David Garofalo says.
Ten assets now generate income for the company, a number Garofalo expects to double by the end of the decade. The ramp-up of Côté Gold in Ontario and the Vareš mine in Bosnia has helped lift revenue, while new production from Ren in Nevada and the Odyssey underground expansion in Quebec is expected to support further growth.
“Sometimes it can be a year and a half between deals because we do not want to overpay for deals,” Garofalo told The Northern Miner late last month in Colorado Springs. “We don’t want to undermine that per-share value creation that we already have embedded in our portfolio by doing a deal that destroys capital.”
The strategy gives Gold Royalty room to wait in a competitive acquisition market. Mine operators fund construction, exploration and expansions, allowing the royalty holder to benefit from increased output without paying those development costs. Garofalo plans to combine bank borrowing with cash generated by the business to fund purchases and says regular capital returns to shareholders are under active consideration.
Watch below the full interview with The Miner’s Western Editor, Henry Lazenby:
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