Nations Royalty Reports Record Q1 Fiscal 2027 Revenue and Maiden Quarterly Profit
Nations reports its first profitable quarter at the Brucejack project, driven by a significant change in the local tax regime.
Nations Royalty Corp. reported first-quarter fiscal 2027 results for the three months ended June 30, 2026, marking its first profitable quarter since inception with a net income of C$0.84 million. Royalty revenue surged to C$2.21 million, representing a 1,058% year-over-year increase from C$0.19 million and a 316% quarter-over-quarter rise from C$0.53 million. The company held C$16.3 million in cash and cash equivalents at June 30, 2026, with no long-term debt.
The primary driver of the revenue increase was a structural change in the tax regime at the Brucejack mine. Under British Columbia’s Mineral Tax Act, Brucejack transitioned from a 2% net current proceeds mineral tax to a 13% net revenue mineral tax regime beginning in calendar 2026. Management stated that future payments from Brucejack are expected to remain subject to this new 13% regime. Following the quarter-end, on August 5, 2026, Nations Royalty received an additional C$1.16 million royalty payment from Newmont related to the 2025 calendar year Brucejack royalty.
Regarding development projects, Premier Gold Project and Red Mountain Gold Deposit are being advanced by Cambria Gold Mines, which is targeting mill commissioning and production in late 2027 or early 2028. The release focused on financial results and did not provide new production, cost, or AISC guidance.
Nations Royalty Corp. reported a first-quarter revenue of C$2.21 million, exceeding the entire prior fiscal year’s revenue of C$1.61 million by approximately 37%. The company shifted from a net loss of C$2.80 million in Fiscal 2026 to a net profit of C$0.84 million in the current quarter. This improvement was driven by the transition of the Brucejack mine’s tax regime from 2% to 13% net revenue mineral, a change that represents a significant step change in cash flow if it persists.
The company does not control Brucejack operations and has not disclosed underlying production statistics, indicating that the results reflect a structural shift rather than operational improvements such as production beats, grade increases, or cost reductions. Net income margin reached approximately 38% for the quarter, though absolute earnings remain small relative to the company’s roughly C$160 million market capitalization.
The market had already adjusted to the release, with the stock rising approximately 27% from its June 2026 low of C$0.81 to a close of C$1.03 on August 28. The event confirms a meaningful revenue inflection rather than a new discovery or change of control.
Nations Royalty Corp. is a Canadian Indigenous-owned mining royalty company listed on the TSXV, OTCQX, and Frankfurt. It presents itself as Canada’s first majority Indigenous-owned publicly listed royalty company. The company’s portfolio consists of five annual benefit payment entitlements: the Brucejack gold mine, operated by Newmont; the KSM copper-gold-silver-molybdenum development project, operated by Seabridge Gold; the Premier Gold Project, held by Cambria Gold Mines; the Red Mountain Gold Deposit, held by Cambria Gold Mines; and the Kitsault molybdenum project, owned by New Moly LLC. Its geographic focus is northwestern British Columbia, mainly the Golden Triangle. No detailed reserve and resource figures were provided for these assets in the presentation.