ゴールド・ロイヤルティ（GROY）2026年第3四半期決算説明会：過去最高のEBITDAとガイダンスの再確認

要点

• ゴールド・ロイヤルティ（Gold Royalty Corp.）の2026年第3四半期の総売上高、土地契約収入および受取利息の合計は1,150万ドルとなり、同社帰属の金換算生産量（GEO）は2,689オンスに達した。
• 調整後EBITDAは過去最高の900万ドルに達し、2025年第3四半期の250万ドルから3倍超に拡大、2026年第2四半期比でも約60%増加した。
• 同四半期末時点の現金および現金同等物は約2,100万ドルで、負債はなく、1億5,000万ドルの信用枠は全額未使用を維持している。
• 年初来の生産量は6,366 GEOに達した。経営陣は2026年通期のガイダンスである7,500〜9,300 GEOを据え置き、実現金価格の推移や重大な操業障害がないことを前提に、生産量がレンジ上限付近で着地する可能性があると述べた。
• 経営陣は、既存のポートフォリオ資産に基づき、ポートフォリオ全体の生産量が2030年までに2万8,000〜3万4,000 GEOに達すると見込んでおり、これは同社の2025年実績の約6倍に相当する。
• 取締役会が株主還元方針を検討している一方、経営陣は引き続き規律ある企業価値向上につながる買収（アクリーティブな買収）を最優先課題としている。

主要財務データ

事業および操業実績

ヴァレシュ（Vareš）鉱山は8月10日に商業生産を達成した。操業主体のDPMメタルズ（DPM Metals）は、2026年末までに同鉱山の処理能力が年間85万トンのフル稼働水準に達すると見込んでいる。経営陣は、銅品位が最終的な寄与度に影響を与える可能性があるものの、ヴァレシュ鉱山は2027年におけるゴールド・ロイヤルティの最大の収益貢献源の一つになる見通しだと述べた。

バリック（Barrick）とニューモント（Newmont）のRENプロジェクトは、年末までに生産を開始する予定である。経営陣は、RENが2027年後半までに年間14万オンスのフル稼働水準に達すると見込んでいる。ゴールド・ロイヤルティが保有する3.5%の純利益持分（NPI）は、ネバダ・ゴールド・マインズ（Nevada Gold Mines）が投下資本を回収した後に支払いが開始される見通しである。

ロイヤルティ・ジェネレーター事業は、第3四半期に110万ドルの土地契約収入をもたらした。ゴールド・ロイヤルティは2021年のイーライ・ゴールド（Ely Gold）買収以降、このモデルを通じて60件のロイヤルティを創出しており、そのうち4件は2026年の最初の9カ月間に創出された。ポートフォリオには現在、土地契約の対象となる39物件と、リース中の6物件が含まれている。

ゴールド・ロイヤルティはまた、ボルボレマ（Borborema）の選鉱プラント処理能力を年間400万トンへ倍増させる調査、コテ（Côté）鉱山の改訂鉱山計画、ジェリット・キャニオン（Jerritt Canyon）の操業再開調査、カナディアン・マラルティック（Canadian Malartic）のオデッセイ（Odyssey）プロジェクトにおける第2立坑の技術評価など、今後控えるポートフォリオのカタリストを強調した。

経営陣は、同社には最大2億ドル規模の買収に対応できる財務余力があり、トーラス（Taurus）との提携によりさらに大規模な取引も可能であると述べた。しかし、魅力的な法域において短期的に現金を創出する資産をめぐる競争がインプライド・リターンを低下させており、取引における規律を重視する姿勢を強める要因となっている。

経営陣のガイダンス

ゴールド・ロイヤルティは、2026年の生産量ガイダンスを7,500〜9,300 GEOに据え置いた。経営陣は好調な第4四半期を見込んでおり、実現金価格の推移や操業で重大な混乱が発生しないかどうかに応じて、通期生産量はレンジ上限付近に達する可能性があると述べた。

このガイダンスは、通期の金価格の前提を1オンス当たり5,150ドルとして設定された。経営陣は、金価格が下落した場合、土地契約収入や受取利息、銅などの他金属からの収益を金換算する際に、計上されるGEOが増加すると指摘した。

2030年については、すでに取得・支払い済みの資産から、同社帰属の生産量が2万8,000〜3万4,000 GEOに達すると予想している。これは中間値ベースで2025年の実績生産量の約6倍に相当する。

RENプロジェクトについては、現在の金価格水準に基づき、3.5%の純利益持分からの支払いが2028年初頭に開始されるのが基本シナリオとなっている。その時期は依然として投下資本の回収と金価格の動向に左右される。

リスクと注視すべき点

ボスニア・ヘルツェゴビナ憲法裁判所は、ヴァレシュ鉱山の利権協定を含む国有地をめぐる紛争に関連し、6カ月間の審査期間を設けた。ヴァレシュ鉱山は通常通り操業を継続しており、DPMメタルズは2026年の生産ガイダンスへの影響を見込んでいないものの、司法判断の動向は依然として不確実要因である。

経営陣は、硫黄、ディーゼル燃料、石油由来製品、人件費のインフレにより、2027年には鉱山操業主体のコストが増加すると見込んでいる。ゴールド・ロイヤルティのロイヤルティ構造は主に正味製錬所リターン（NSR）に基づいているため、鉱山現場の操業コストに直接晒されることはないが、持続的なコスト圧力は操業主体の利益率や投資判断に影響を及ぼす可能性がある。

土地契約収入は本質的に変動が大きい。経営陣は、第3四半期の寄与度は通常よりも高かったと述べ、長期的にはロイヤルティとストリーミングが収益構成のより大きな割合を占めるようになると予想している。

買収競争も潜在的なリターンに影響を与えている。特に、短期的なキャッシュフローが見込め、強力な操業主体を有し、良好な法域に位置する大規模資産においてその傾向が強い。

アナリストQ&Aの主なポイント

• 最低手元現金残高：アンドリュー・ガベルズ最高財務責任者（CFO）は、固定的な最低水準は設けていないものの、運転資金としては約1,000万ドルが実質的に安心できる水準であると述べた。
• ヴァレシュ鉱山の見通し：経営陣は、2027年通期において年間85万トンの処理能力水準での稼働を見込んでいる。銅品位の変動によるものの、その寄与度は2026年第4四半期の期末水準と同等か、それをわずかに上回る可能性がある。
• RENの支払い開始時期：間もなく初期生産が開始される見込みであり、投下資本の回収を経て、2028年初頭にも3.5%の純利益持分に基づく支払いが始まる可能性がある。
• ロイヤルティ・ジェネレーターのオプション性：経営陣はトノパー・ウェスト（Tonopah West）を例に挙げた。ゴールド・ロイヤルティは同物件をブラックロック・シルバーに約150万ドルの現金で売却し、3%のロイヤルティ持分を保持した。
• 資本配分：取締役会は株主還元方針を積極的に検討している。経営陣は手元資金を蓄積し買収の柔軟性を維持しながら、企業価値向上につながる成長（アクリーティブな成長）を選好し続けている。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Welcome to the Gold Royalty Corp. Third Quarter 2026 Results Conference Call. Please note this event is being recorded. I would now like to turn the conference over to David Garofalo, Chair and CEO. Please go ahead.

David Garofalo

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our third quarter 2026 results. Please note, for those not currently on the webcast, a presentation accompanying this conference call is available on the presentation page of our website. Some of the commentary on today's call will include forward-looking statements, and I would direct everyone to review Slide 2 of the presentation, which includes important cautionary notes. All dollar values mentioned in today's call are expressed in U.S. dollars unless otherwise noted.

Speaking alongside me this morning will be our President, John Griffith; Andrew Gubbels, Chief Financial Officer; and Jackie Przybylowski, Vice President, Capital Markets and Sustainability.

We truly believe that we're in a very strong environment for gold and especially for royalty companies today. The macroeconomic environment, while volatile in the short term, continues to be supportive of strong gold prices. Higher global government spending, deficits and debt, combined with rising costs and concerns about affordability, have the potential to further erode the purchasing power of the U.S. dollar and other major global fiat currencies. Rising money supply has historically been strongly correlated to higher gold prices, and we expect this trend will push gold prices higher in 2027 and through the medium term. In this environment, we believe that gold remains well positioned as a store of value and is expected to be driven vastly higher from increased investor and central bank demand.

Inflation will also have a meaningful effect on the capital and operating costs of mine developers and operators. While we have already seen unit costs rise, we believe this will be increasingly topical in 2027 as inputs, including sulfur, diesel and other petroleum-derived products and labor, continue to get more expensive and as hedges, prepurchases and contracts roll over.

We want to emphasize that higher costs will continue to be fully borne by our operating partners. Operators who have enjoyed incredibly strong operating margins over the past few years will likely see these margins eroded somewhat, although we're still confident that the producing mines in our portfolio remain profitable enough to stay in operation and for operators to continue to invest in incremental optimization and improvement projects.

This sets the stage for royalty companies to outperform, Gold Royalty included. Nearly all of our assets are NSR royalties. NSR royalties, or royalties on revenues, are not impacted by mine site operating costs, nor do they have fixed or variable payments back to the operators. In other words, we have no exposure to operating costs or mine profitability. Our structure gives us unmitigated leverage to rising gold prices and our high-quality and diversified asset portfolio means that we can offer this leverage at a lower risk as compared with higher torque gold investment options.

Turning to our results for the quarter. It might sometimes feel like a broken record, but we once again are pleased to report record quarterly results for the third quarter 2026, including adjusted revenue of over $11 million and nearly 2,700 GEOs produced to our account in the quarter, increases of over 40% and over 50%, respectively, from the second quarter 2026. This is a tremendous result for us and really underscores how we have come through the inflection point and are well underway towards exciting growth over the next few quarters and years.

We've truly hit the flywheel phase in our life cycle where we're not only free cash flow positive, but we're generating sufficient cash to build a comfortable cash balance to fund accretive future growth. And we're in a position to consider returning capital to shareholders. Andrew will go through our quarterly financial results in more detail in a few moments.

We also continue to be very optimistic about our outlook on organic growth for the remainder of 2026, as Jackie will discuss shortly, and remain on track to meet or even potentially to exceed our previously disclosed full year production guidance of 7,500 to 9,300 GEOs. John will also lead you through the steady progress we're making in business development.

I'll now pass the call over to our CFO, Andrew Gubbels, to discuss the financial results for the quarter and the year-to-date.

Andrew Gubbels

Thanks, Dave. As Dave mentioned, we are pleased to report new records for revenue and adjusted EBITDA in the third quarter of 2026. Total revenue, land agreement proceeds and interest were $11.5 million, translating to 2,689 GEOs in the quarter. Adjusted EBITDA was $9 million, more than tripling from the $2.5 million in the comparable quarter in 2025 and up approximately 60% from Q2 2026.

It wasn't too long ago when Gold Royalty was burning cash to operate its business. Approximately 2 years ago, we pursued a strategy to add revenue-generating royalties and streams to the portfolio while introducing controls to identify and remove redundancies and reduce our cash operating costs. As a result, I'm pleased to say that we have more than tripled our trailing 12-month revenue while maintaining steady cash operating costs over the past 8 quarters. This graph shows the trailing 12-month revenue and G&A at the end of each quarter since the beginning of 2024, rather than quarterly revenue and G&A to illustrate how the company has continued to build its revenue at these consistently stable operating costs.

In an environment of higher fuel prices, declining grades and escalating labor rates, the royalty and streaming business model is expected to look especially attractive as mine operators continue to be affected by these rising costs. Gold Royalty's cash operating margins has not only caught up to but now outperforms its peer group. As the company's cash flows continue to grow at stable operating costs, we expect our margins to keep increasing over time.

Our balance sheet also remains strong. We exit Q3 with approximately $21 million of cash and cash equivalents. That's up from $12 million at the start of the year. We also continue to have no debt and a fully undrawn $150 million credit facility. With a clean balance sheet, we now have the flexibility to freely execute our long-term strategy. Our preference continues to focus on accretive growth, and John will talk about our portfolio growth outlook shortly.

Alongside our growth strategy, we continue to evaluate the optimal time to begin returning capital to shareholders. The capital return policy is actively being considered by our Board of Directors and will be communicated in due course.

I'll now pass the call to John Griffith to review our corporate development activities.

John Griffith

Thanks, Andrew. We have balance sheet and undrawn borrowing capacity to make meaningful acquisitions, potentially as large as $200 million and larger in partnership with Taurus under our cooperation agreement. Competition for larger transactions, especially with near-term cash flow prospects in good jurisdictions and with great operators is negatively impacting implied returns. It is with this backdrop that we've remained disciplined in our pursuit of value-enhancing accretive transactions. That is not to suggest the potential pipeline is not robust. We continue to pursue a significant number of exciting opportunities, and we maintain a deep pipeline of potential transactions to drive growth beyond our already peer-leading organic growth.

We continue to be active on smaller transactions as well, like the two acquisitions we completed in June and July and which we discussed on our August earnings call. In June, we acquired an additional 0.1875% NSR royalty on the REN project operated by Barrick and jointly owned by Barrick and Newmont under the Nevada Gold Mines joint venture for $6.25 million.

And in July, we acquired 2 Nevada royalties in 1 transaction, a 2% NSR on the Sterling property operated by AngloGold Ashanti located south of its Arthur project, previously known as Expanded Silicon. And a 0.5% NSR on portions of Granite Creek operated by i-80 Gold. This Granite Creek royalty covers portions of the Felix and Blue Bell pits, neither of which are included in the proposed mining sequence over the initially envisaged 8.5-year mine life at the Granite Creek open pit as per the March 2025 NI 43-101 PEA study. But these deposits represent longer-term optionality to us.

I wanted to take the opportunity to highlight our royalty generator model led in Nevada by our colleague, Jerry Baughman. We continue to be committed to this important part of our growth strategy. The royalty generator business continues to be profitable to us. It's low cost and brings in upfront revenues that are well in excess of the de minimis costs associated with staking and holding claims. Our adjusted revenues included $1.1 million in land agreement proceeds for the third quarter or $1.9 million for the year-to-date as compared with only $0.1 million spent on maintaining the mineral interests over the 9-month period.

Our low-cost model includes staking land claims, but does not include any expensive exploration or development activity and is centered only around the jurisdiction in which we have deep expertise and a competitive advantage. Not only does this business continue to be profitable for us every year, but it represents tremendous long-term optionality for our shareholders. We've generated 60 royalties through this model since Gold Royalty's acquisition of Ely in 2021, including an additional 4 royalties in the first 3 quarters of 2026.

We currently have 39 properties subject to land agreements and 6 properties under lease generating land agreement proceeds. And as we conduct no exploration on these properties, we can continue to hold our portfolio at very low cost.

I'll now pass the call to Jackie Przybylowski to review our guidance and key catalysts underpinning our peer-leading organic growth.

Jackie Przybylowski

Thanks, John. We have been clear this year that our 2026 production was expected to be 60% weighted to the second half of the year as Vareš and County Line ramp up to their full production run rates and as we could also see production growth at Borden, Côté and Pedra Branca. And while it's not factored into the guidance, the rock mass movement at the Canadian Malartic Barnat pit could bring forward processing and sale of stockpiled material.

We are reiterating our 2026 full year guidance, 7,500 to 9,300 GEOs. Production of 2,689 GEOs in Q3 brings our total production to 6,366 GEOs year-to-date, which is 76% of the midpoint of our guidance range. We were at 44% of the midpoint of our guidance range as of the end of the second quarter. So you can see that we have made up a lot of ground in Q3. We continue to be well on track to achieve the midpoint of our guidance range, and we continue to believe in strong second half production, which includes a strong fourth quarter. Barring any major disruptions and depending on the gold prices realized between now and year-end, we could end the year with production in the higher end of our guidance range.

Just a quick reminder that our 2026 guidance was set at a $5,150 per ounce gold price assumption for the full year. Lower gold prices would work in our favor as conversion of the land agreement proceeds and interest and conversion of revenue from copper and other metals would translate to higher GEO values. Please see our March 18, 2026 press release for a table showing the sensitivity of our guidance to gold prices.

We're excited by this result, not only because it's another record for us on production, adjusted revenue and adjusted EBITDA, but because it reaffirms the even stronger growth in our portfolio over the medium term. As we have previously disclosed, Gold Royalty expects production to grow to 28,000 to 34,000 GEOs by 2030 or approximately 6x our actual 2025 result from assets already fully bought and paid for in our portfolio.

Our extensive portfolio continues to offer exciting news flow and catalysts, and we have a number of exciting updates in our earnings report. I'll just highlight a few on this call that we're expecting in the final quarter of the year. A study to double plant capacity at Aura Minerals' Borborema project to 4 million tonnes per year should be completed shortly. First production at REN, which is jointly owned by Barrick and Newmont, is expected by year-end. An updated mine plan to reflect the integration of IAMGOLD's Côté and Gosselin zones at Côté in Q4. While we don't have any exposure to Gosselin, pushback of the Côté pit wall to accommodate a super pit design could add additional material from our Zones 5 and 7 coverage into the mine plan.

A pre-feasibility level study by First Majestic Silver on Jerritt Canyon restart to be completed in Q4 and the Shaft #2 technical evaluation at Canadian Malartic's Odyssey project to be completed by Agnico Eagle also in the fourth quarter.

We also want to highlight DPM Metals' Vareš mine. As you will recall, Vareš was temporarily closed late last year as the then new owner of DPM Metals optimized the mine. It has restarted and achieved commercial production on August 10, well ahead of the company's target, which was in September. The operator continues to expect that Vareš will achieve its full production run rate of 850,000 tonnes per year by the end of this year. DPM has also noted that it now expects to exceed the high end of its 2026 guidance range on a gold equivalent production basis. We want to congratulate DPM Metals for consistently outperforming on its operating milestones at this world-class silver mine.

On September 30, the Constitutional Court of Bosnia and Herzegovina set a 6-month review related to a constitutional dispute, which has challenged the authority of the Federation of Bosnia and Herzegovina to certain acts regarding state-owned land, including the Vareš concession agreement. This constitutional dispute relates to state-owned forest and land in Bosnia and Herzegovina and forms part of a broader issue affecting a number of large concession-based investments in the country.

We want to emphasize that Vareš continues to operate normally and operator DPM Metals does not expect any impact on its 2026 production guidance as a result of the court's decision. DPM is actively engaging with the relevant authorities to support the 6-month review process to the extent possible. The Vareš operation employs more than 600 people from Bosnia and Herzegovina and is the top exporter in the Zenica-Doboj Canton. But it's important to note that this is a countrywide issue that extends well beyond Vareš and includes numerous other major national and international projects of critical importance.

I'll pass the floor back to Dave for closing remarks.

David Garofalo

Thanks, Jackie. We're so pleased to report another record quarter. Calling this a record quarter understates the magnitude of our achievement this quarter. Our adjusted revenue, including land agreement proceeds and other, was 23% higher than our previous record quarter, and our GEOs were 40% higher than our previous record quarter.

In 2025, we achieved the inflection to a positive free cash flow and our growth has been on a steady march upwards ever since. We expect that our growth will continue. For example, our 2030 guidance assumes roughly 500% or 6x increase at the midpoint from our 2025 actual results. We continue to see compelling upside to our share price as our portfolio assets continue to develop and as the market gives us credit for this organic growth.

Our valuation could be further boosted by accretive growth, but we emphasize that we will remain patient and disciplined as we consider any acquisitions and as we review our capital allocation options going forward. We continue to prioritize accretive growth as always, while building a strong cash treasury, which will enable us to consider a modest capital return as a signal to the market that we will remain disciplined on our growth and that we have matured as a company.

One housekeeping item before we take a question. As you all know, we've ceased our practice of pre-releasing our preliminary revenue results ahead of quarterly earnings. We chose to do this to remove volatility in our results as some of our royalties don't provide information sufficiently ahead of our quarterly reporting. But we will make an exception for the fourth quarter to provide our investors with timely information given the longer delay in our year-end reporting. We plan to pre-release our preliminary Q4 revenue results ahead of full year financial results likely in mid-February.

Thank you, everyone, for tuning into the earnings call. We'll now open up the call to Q&A.

Operator

[Operator Instructions] The first question comes from Heiko Ihle with H.C. Wainwright.

質疑応答

Case Bongirne

Case here filling in for Heiko. Congrats on another great quarter. You guys ended with $21 million in cash. Given the increased size and scope of the firm, could you maybe walk us through the minimum sizing of cash that you'd want to hold just to feel comfortable? And maybe how this cash level could change as more and more assets enter production? And if you want to add some additional color on if gold prices have any input on those minimum cash levels?

David Garofalo

Sure. I'll hand that off to Andrew Gubbels, our CFO.

Andrew Gubbels

Yes. No, thanks, Dave. Look, we don't have a hard and fast target for minimum cash. That being said, we do have, I guess, practically speaking, we'd like to keep cash on the balance sheet for working capital purposes as required. Tentatively, somewhere in the circa $10 million range is what we have in mind. It can fluctuate sort of around that level. Now that's not, again, a hard and fast rule.

In terms of additions to cash throughout the year, I think you can run your models and it depends on where your gold price is for revenue as well as what your estimates are for GEOs. But just keep in mind that our operating costs have been quite consistent over the number of 8 to 10 previous quarters. So around that $7 million or $8 million range for G&A, everything in excess would be really free cash given that we don't have any debt on the balance sheet. So in terms of what we build is contingent on what your assumptions are on some of those factors going forward. But I would say somewhere in and around that $10 million cash range is where we sort of feel comfortable keeping cash on the balance sheet.

Case Bongirne

That was really helpful. Second question and last. On the royalty asset generator, you guys mentioned you generated 60 royalties since the acquisition of Ely Gold. Could you maybe walk us through 2 or 3 that you think are most undervalued by the market and also the analyst community?

David Garofalo

John, do you want to handle that, John Griffith?

John Griffith

Yes. Look, I think the reality with early-stage assets is it's very difficult to predict what is going to ultimately become a mine. The one thing that is very important to bear in mind with our royalty generator business model is the fact that we don't -- we're not staking claims on properties that are unknown from a geological perspective. There is a lot of what we would refer to as nearology involved. Many of the properties are staked in close proximity to existing operations and existing resources.

So it's really difficult to give you a prediction of what's going to really turn into a mine over a period of time. But the reality is it's tremendous option value for our stakeholders on that portfolio.

David Garofalo

I think the one example I would illustrate, though, to add to what John said is Tonopah West in Nevada, which we staked back in 2021. It's one of the more significant silver discoveries in that region. And we sold it to Blackrock Silver for about $1.5 million in cash and a 3% royalty back in 2024, and Blackrock believes it will be in production by the end of the decade. So that's warp speed by mining standards.

And just remind you that our entry price was effectively 0. So the rate of return is infinite for our shareholders. And that's the power of this generator model is effectively no entry cost and the potential to generate outsized returns.

Operator

The next question comes from Tate Sullivan with Maxim Group.

Tate Sullivan

You had some comments on the Vareš. Your royalty with, I mean, increasing to $2.4 million in the third quarter and then with the details from DPM about increasing annualized processing capacity by 49% to the end of the year. I mean, should we factor in that scale of an increase for your copper royalty for 2027? Or would you caution against that, please?

David Garofalo

I'll hand it off to Jackie.

Jackie Przybylowski

Thanks very much, Tate, for the question. Yes, I think we don't have a great amount of disclosure on the copper grade or copper expected to be produced in 2027 just because it's not particularly material to DPM given our stream on that asset. I would say, directionally, with Vareš reaching the full run rate, 850,000 tonnes per year by the end of 2026, we would expect processing at that run rate for the full year 2027.

So broadly speaking, without any major changes in copper grade, we would expect to see that sort of Q4 level of production to our accounts sort of continue through 2027 or even potentially slightly higher as the early part of Q4 won't be at that 850,000 tonnes run rate exactly.

But having said that, if there is variation in grade that could affect that ultimate production in 2027 slightly. We haven't seen too much variation in grade at the asset. It has been fairly homogeneous in terms of the copper distribution. So our best outlook right now is that would look fairly similar to how we're exiting the year this year.

Tate Sullivan

I mean looking at -- and looking at the scale, I mean, it potentially could be Vareš your largest royalty revenue, I would think, in '27? Or is that not necessarily the case given all this business dynamics and the portfolio?

Jackie Przybylowski

It's definitely our largest stream revenue given that's the only stream we have. But absolutely, it will be one of the biggest contributors to our revenue next year, yes.

Tate Sullivan

Okay. And then if you can, I mean, just -- I mean, there were some indications of separately Tether selling some gold ounces from 6/30 to 9/30, but then I think their share position in you went up a little bit. Have you had many interactions with Tether or willing to comment on their market behavior at all?

David Garofalo

I don't think we can provide any particular insight. They've been a passive shareholder in our company, and they've been consistently accumulating since they started buying the stock back a year ago last summer. And you'd have to ask them what their intentions are. But clearly, they're still dealing with a fairly significant inflow of interest or yield on their treasuries, and those treasury yields are only going up or have only gone up this year.

Operator

[Operator Instructions] The next question comes from Derick Ma with TD Securities.

Derick Ma

My question is on REN. What are your expectations for REN in 2027 and beyond? And specifically, when do you start expecting to get paid on that 3.5% NPI?

David Garofalo

I'll pass that on to Jackie.

Jackie Przybylowski

Thanks a lot, Derick. So with REN, I know Barrick has mentioned that it's expecting to be in production by the end of this year. So we are expecting to see first production from REN fairly soon and to reach 140,000 ounces per year as the full run rate by sort of late 2027. So definitely expecting to see REN really start production very well over the next few months and quarters.

To your point about when we start to get paid. So with REN, on the NPI, the sort of structure of the NPI is that Barrick or Nevada Gold Mines will recover the invested capital first before the NPI starts to pay out to us. And so we would expect that sometime in 2028, depending on gold price, but our sort of base case forecast would be sort of early 2028 at current gold prices.

Derick Ma

Okay. And very strong land agreement proceeds in Q3. How much of that is recurring? And how should we be thinking about the revenue-generating power of this business segment going forward?

David Garofalo

Andrew, do you want to handle that, please?

Andrew Gubbels

Yes, sure. Look, the land agreement proceeds is lumpy by nature. It's really dependent on contracts. In Q3, we had a couple that were chunkier. I would -- the way that I would sort of see land agreement proceeds moving forward is a smaller contribution to the overall mix. Royalty and stream revenue will certainly be on the larger side. This quarterly amount is larger than it was in the previous quarter and quarter before that.

In terms of run rate, it really depends on how many more contracts are signed and how the agreements play out. But generally speaking, I would say that this quarter is higher than what we would expect normally. I'd say Q1, Q2 is probably a little more consistent with where we see future quarters. That being said, we haven't put out guidance for the next year. And when we do, it will be clear. But there are, again, some lumpy revenue coming from land agreement proceeds in future quarters that we expect as well. But this quarter is a little higher than what we usually see.

But again, trailing off somewhere -- if you look at our run rate in the last couple of years, it has decreased as a contribution. But if you look at the revenue contribution over the last year, I think it's fairly consistent if you add up the quarters in this year and going forward, somewhere in that area as well. It's not expected to be substantially bigger, but this quarter is a little bit higher.

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to David Garofalo for closing remarks.

David Garofalo

Thanks very much, everybody. If you have any other questions, please don't hesitate to reach out to jackiep@goldroyalty.com or any of us. Please e-mail, call, we'd be happy to answer any other follow-up questions.

Thank you for your attention this morning.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.