골드로열티(GROY) 2026년 3분기 실적 발표 콘퍼런스콜: 사상 최대 EBITDA 및 가이던스 재확인

핵심 요약

• 골드 로열티(Gold Royalty Corp.)는 2026년 3분기 총매출, 토지 계약 수익 및 이자 수익으로 1,150만 달러를 기록했으며, 귀속 금등가온스(GEO) 생산량은 2,689온스에 달했다고 발표했다.
• 조정 EBITDA는 사상 최대인 900만 달러를 기록해 2025년 3분기 250만 달러 대비 3배 이상 급증했으며, 2026년 2분기보다는 약 60% 증가했다.
• 3분기 말 기준 현금 및 현금성 자산은 약 2,100만 달러였으며, 부채는 전무했고 1억 5,000만 달러 규모의 신용 한도 전액이 미인출 상태를 유지했다.
• 연초 이후 누적 생산량은 6,366 GEO에 달했다. 경영진은 2026년 연간 가이던스인 7,500~9,300 GEO를 재확인했으며, 실현 금 가격과 중대한 운영 차질의 부재 여부에 따라 생산량이 상단에 도달할 수 있다고 밝혔다.
• 경영진은 기존 포트폴리오 자산을 바탕으로 포트폴리오 생산량이 2030년까지 28,000~34,000 GEO에 이를 것으로 예상하고 있으며, 이는 2025년 실제 실적 대비 약 6배에 달하는 수준이다.
• 이사회는 자본 환원 정책을 검토 중이며, 경영진은 원칙에 기반한 기업가치 제고형 인수를 지속적으로 우선시하고 있다.

주요 재무 데이터

사업 및 운영 실적

바레시(Vareš) 광산은 8월 10일 상업 생산을 달성했다. 운영사인 DPM 메탈스(DPM Metals)는 해당 광산이 2026년 말까지 연간 85만 톤의 최대 가동률에 도달할 것으로 예상한다. 경영진은 구리 품위가 최종 기여도에 영향을 미칠 수 있으나, 바레시 광산이 2027년 골드 로열티의 최대 매출 기여처 중 하나가 될 것으로 전망했다.

배릭(Barrick)과 뉴몬트(Newmont)의 REN 프로젝트는 연말까지 생산을 시작할 예정이다. 경영진은 REN이 2027년 말까지 연간 14만 온스의 완전 가동률에 도달할 것으로 기대하고 있다. 골드 로열티의 3.5% 순이익 지분(NPI)은 네바다 골드 마인스(Nevada Gold Mines)가 투자 자본을 회수한 후 지급되기 시작할 것으로 예상된다.

로열티 제너레이터 사업 부문은 3분기 동안 토지 계약 수익으로 110만 달러를 기여했다. 골드 로열티는 2021년 엘리 골드(Ely Gold)를 인수한 이후 이 모델을 통해 총 60건의 로열티를 창출했으며, 이 중 4건은 2026년 첫 9개월 동안 발생했다. 현재 포트폴리오에는 토지 계약 대상 부동산 39건과 임대 중인 부동산 6건이 포함되어 있다.

골드 로열티는 또한 보르보레마(Borborema) 공장 생산능력을 연간 400만 톤으로 두 배 확대하는 연구, 코테(Côté) 광산 계획 개정, 제릿 캐니언(Jerritt Canyon) 재가동 연구, 캐나디언 말라틱(Canadian Malartic) 오디세이(Odyssey) 프로젝트의 2번 수직갱 기술 평가 등 다가오는 포트폴리오 촉매제들을 강조했다.

경영진은 회사가 단독으로 최대 2억 달러 규모의 인수를 감당할 수 있는 대차대조표 여력을 갖추고 있으며, 토러스(Taurus)와의 파트너십을 통해 더 큰 규모의 거래도 가능하다고 밝혔다. 다만 매력적인 관할권 내 단기 현금 창출 자산에 대한 경쟁 심화로 내재 수익률이 낮아짐에 따라 엄격한 거래 원칙을 한층 강화하고 있다.

경영진 가이던스

골드 로열티는 2026년 생산 가이던스를 7,500~9,300 GEO로 재확인했다. 경영진은 호조의 4분기를 기대하고 있으며, 실현 금 가격과 중대한 운영 차질의 부재 여부에 따라 연간 생산량이 가이던스 상단에 이를 수 있다고 밝혔다.

해당 가이던스는 연간 금 가격을 온스당 5,150달러로 가정하여 수립되었다. 경영진은 금 가격이 하락할 경우 토지 계약 수익, 이자, 구리 및 기타 금속 매출을 환산할 때 보고되는 GEO 수치가 증가한다고 언급했다.

2030년 전망과 관련해 경영진은 이미 인수 및 대금 지급이 완료된 자산으로부터 28,000~34,000 GEO의 귀속 생산량을 달성할 것으로 예상하고 있다. 이는 중간값 기준 2025년 실제 생산량의 약 6배에 달하는 수준이다.

REN 프로젝트의 경우, 현 금 가격 기준 3.5%의 순이익 지분에 따른 대금 지급이 2028년 초에 개시되는 것을 기본 시나리오로 보고 있다. 지급 시점은 자본 회수 속도와 금 가격에 달려 있다.

위험 요인 및 주시 분야

보스니아 헤르체고비나 헌법재판소는 바레시 광산 양허 계약을 포함한 국유지 분쟁과 관련해 6개월간의 심리에 착수했다. 바레시 광산은 정상 운영을 지속하고 있으며 DPM 메탈스는 2026년 생산 가이던스에 미치는 영향이 없을 것으로 예상하지만, 해당 법적 심리는 여전히 불확실성으로 남아 있다.

경영진은 황, 디젤, 석유 유래 제품 및 인건비 인플레이션으로 인해 2027년 광산 운영사들의 비용이 증가할 것으로 예상하고 있다. 골드 로열티의 로열티 구조는 대부분 제련수수료공제 순매출(NSR) 방식으로 광산 현장 운영 비용에 직접 노출되지 않으나, 지속적인 비용 압박은 운영사들의 마진과 투자 결정에 영향을 미칠 수 있다.

토지 계약 수익은 본질적으로 불규칙하다. 경영진은 3분기 기여도가 평소보다 높았으며, 장기적으로 전체 매출 구성에서 로열티와 스트림이 차지하는 비중이 확대될 것으로 예상한다고 밝혔다.

인수 경쟁 역시 특히 단기 현금 흐름, 우수한 운영사, 유리한 관할권 노출도를 갖춘 대형 자산을 중심으로 잠재 수익률에 영향을 미치고 있다.

애널리스트 Q&A 주요 내용

• 최소 현금 잔고: 앤드루 구벨스(Andrew Gubbels) CFO는 회사가 정해둔 고정 최소치는 없으나, 운전자본 목적으로 약 1,000만 달러가 현실적으로 적정한 수준이라고 밝혔다.
• 바레시 광산 전망: 경영진은 2027년 연간 85만 톤 처리 가동률로 전면 가동될 것으로 예상하고 있다. 기여도는 구리 품위 변동에 따라 달라질 수 있으나 2026년 4분기 마감 수준과 유사하거나 이를 소폭 웃돌 수 있다.
• REN 지급 시점: 조만간 첫 생산이 예상되며, 투자 자본이 회수된 후 2028년 초부터 3.5% 순이익 지분 지급이 시작될 가능성이 있다.
• 로열티 제너레이터 옵셔널리티: 경영진은 토노파 웨스트(Tonopah West)를 대표적 사례로 제시했다. 골드 로열티는 해당 자산을 블랙록 실버(Blackrock Silver)에 약 150만 달러의 현금을 받고 매각했으며 3%의 로열티를 유지했다.
• 자본 배분: 이사회는 자본 환원 정책을 적극적으로 검토 중이다. 경영진은 현금을 축적하고 인수 유연성을 유지하면서 기업가치 제고형 성장을 지속적으로 선호하고 있다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.