02:27 PM EDT, 05/31/2024 (MT Newswires) -- Gold Royalty ( GROY ) shares rose 7% in recent Friday trading after the company updated guidance for 2024 related to the anticipated completion of its acquisition of a copper stream in Bosnia and Herzegovina.

The company said it now forecasts roughly 6,500 to 7,000 gold equivalent ounces in 2024 upon completion of the acquisition, which equates to about $13 million to $14 million in total revenue, land agreement proceeds and interest, at a gold price of $2,000 per ounce.

The latest forecast is 27% higher at midpoint than its prior outlook.

Additionally, the company completed its previously announced public offering of units, with about 20.1 million units issued at $1.72 apiece for gross proceeds of $34.5 million.

The net proceeds will be used to fund a portion of the copper stream acquisition.

Price: 1.59, Change: +0.11, Percent Change: +7.43