In its recent quarterly report, Gold Royalty reported a continued decline in cash operating expenses as a result of the company's cost reduction efforts. Cash operating expenses decreased by 50% to $1.6 million in the quarter compared to $3.3 million in the same period last year. Recently, an agreement was entered into with Borborema Inc., a wholly owned subsidiary of Aura Minerals Inc., to provide US$31 million in project financing for the development of the Borborema gold project in the Brazilian state of Rio Grande do Norte.
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