Friday, International Royalty Corp (ROY,IRC.TO), a global mineral royalty company, reported a loss for the quarter ended June 30 compared with profit for a year earlier. The company attributed loss to costs related to McWatters Mining Inc.(MWAMF) transaction and foreign currency loss.
Net loss for the second quarter was US$7.91 million or US$0.10 per share compared with net profit of US$927 thousand a year earlier. The company attributed the loss to US$6.7 million of costs related to the McWatters transaction during the quarter and foreign currency loss of US$1.4 million. The company has acquired all outstanding common shares representing 45% of voting interest in McWatters Mining in April.
Royalty revenues declined to US$6.1 million from US$8.61 million for the same period last year, despite increase in production. The decline in revenues can be attributed to decline in metal prices, except for gold.
In Voisey's Bay Mine, nickel production increased to 42.05 million pounds from 30.50 million pounds a year earlier, Copper production increased to 9.06 million pounds from 8.63 million pounds a year earlier and Cobalt production increased to 1.73 million pounds from 1.55 million pounds a year earlier.
But due to decline in metal prices, Voisey's Bay revenue declined to US$4.65 million from US$7.99 million a year ago.
Gold production in southern Cross mine increased to 39 thousand ounce from 37 thousand ounce a year and the average realized price of gold increased to US$926 from US$851for the same period last year due to which the revenue of Southern Cross increased to US$545 thousands from $478 thousands.
The second quarter's revenue include, royalty revenue from the Skyline thermal coal mine of US$259 thousand, the newly acquired Johnson Camp copper mine of US$106 thousand and the newly commissioned Gwalia Deeps gold mine of US$424 thousand.
For six months, the net loss was US$4.60 million compared with net profit of US$3.34 million for the same period last year. Royalty revenues declined to US$13.2 million from US$18.9 million a year earlier.
ROY is currently trading at US$3.50, down 2.51% on AMEX and IRC is currently trading at C$3.83, down 1.54% on Toronto Stock Exchange.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.