Gold Royalty Corp. announced that it has entered into an agreement to upsize and amend its existing credit facility (the ?Facility?) to up to USD 150 million with a syndicate of banks consisting of Bank of Montreal, National Bank Capital Markets, and Royal Bank of Canada. The amended and upsized Facility now consists of a USD 125 million secured revolving credit line with an accordion feature allowing for an additional USD 25 million, subject to certain conditions, for total borrowing capacity of USD 150 million.
The Facility will bear a reduced interest rate based on SOFR plus a margin of 2.25%?3.25%, reflecting a 25-basis-point interest rate reduction, and will mature in November 2028. Gold Royalty also highlighted recent positive progress updates disclosed by the owners and operators of assets on which it holds royalties or streams. At Borborema (2.75% NSR), Aura Minerals announced on January 12, 2026 that production totalled 15,777 gold equivalent ounces in the fourth quarter, up 54% quarter-over-quarter as operations ramp up toward full production. Aura expects to complete studies in the second quarter of 2026 to approximately double plant capacity to 4 million tonnes per annum and upgrade the water system.
At Borden (0.5% NSR, partial coverage), Discovery Silver reported encouraging underground drilling results extending mineralization along strike. At Côté Gold (0.75% NSR, partial coverage), IAMGOLD stated it will focus on improving stability and efficiency in 2026, having completed installation and commissioning of an additional secondary crusher in late 2025, with an extra Vertimill planned for early 2027. A technical report considering a larger-scale mine plan targeting both the Côté and Gosselin zones is expected by the end of 2026.
At County Line (3% NSR), Fortitude Gold announced that operations have commenced and first shipments were made to the Isabella Pearl processing facility, with plans to deliver gold from three sources in 2026. At Granite Creek (10% NPI), i-80 Gold reported high-grade assay results supporting geological continuity, with an updated feasibility study expected in the second quarter of 2026. At Jerritt Canyon (0.5% NSR), First Majestic Silver disclosed completion of 18,410 metres of drilling in 2025, with results expected in the first quarter of 2026.
At Odyssey (0.5%?3.0% NSR, partial coverage), Agnico Eagle reported that shaft sinking remains ahead of schedule, with first-phase completion expected in the first quarter of 2027 and final depth targeted for 2031. A technical evaluation of a potential second shaft is expected by the end of 2026, with possible initial production in 2033 subject to approvals. Exploration drilling totalled 233,754 metres in 2025, increasing mineral reserves and resources.
At Ren (1.5% NSR and 3.5% NPI), Barrick Gold disclosed that project development continues, with ventilation shaft excavation nearing completion. As of December 31, 2025, project spending totalled USD 167 million (including USD 29 million in the fourth quarter) out of an estimated total capital cost of USD 410 million to USD 470 million. Full production remains targeted for 2027, with anticipated average annual production of 140,000 ounces of gold on a 100% basis.
At South Railroad (0.44% NSR, partial coverage), Orla Mining released highlights of an optimized NI 43-101 feasibility study reaffirming robust project economics, with federal approval targeted for mid-2026. At Tonopah West (3.0% NSR), Blackrock Silver closed a CAD 15 million financing to fund exploration and pre-development activities and is on track to release a mineral resource estimate and preliminary economic assessment in February 2026. Finally, at Vare?
(100% copper stream), DPM Metals reported that production recommenced in January 2026 as planned, with expected 2026 output exceeding previous technical guidance due to higher tonnage and grades.
