Royal Gold, Inc. (NASDAQ:RGLD) Q1 2023 Earnings Conference Call May 4, 2023 12:00 PM ET Company Participants Alistair Baker - VP, IR and Business Development Bill Heissenbuttel - President and CEO Mark Isto - EVP and COO Paul Libner - CFO and Treasurer Conference Call Participants Josh Wolfson - RBC Capital Markets Cosmos Chiu - CIBC Operator Ladies and gentlemen, welcome to the Royal Gold 2023 First Quarter Conference Call. My name is Felicia, and I'll be your operator today. Please note, there will be a Q ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-13357 Royal Gold, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 84-0835164 (State or O ...

Royal Gold, Inc. (NASDAQ:RGLD) Q4 2022 Results Conference Call February 16, 2023 12:00 PM ET Company Participants Alistair Baker - VP, IR and Business Development Bill Heissenbuttel - President and CEO Mark Isto - EVP and COO, Royal Gold Corp. Martin Raffield - VP, Operations Paul Libner - CFO and Treasurer Dan Breeze - VP, Corporate Development of RGAG Conference Call Participants Cosmos Chiu - CIBC Lawson Winder - Bank of America Operator Good afternoon. Thank you for attending today's Royal Gold, Inc. Ca ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022 Commission File Number 001-13357 Royal Gold, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdiction of Incorporation or Organization) 1144 15 th Street, Suite 2500 Denver, Colorado (Address of Principal Executive Offices) Registrant's teleph ...

Royal Gold, Inc. (NASDAQ:RGLD) Q3 2022 Results Conference Call November 3, 2022 12:00 PM ET Company Participants Alistair Baker - VP, IR and Business Development Bill Heissenbuttel - President and CEO Mark Isto - EVP and COO, Royal Gold Corp. Paul Libner - CFO and Treasurer Dan Breeze - VP, Corporate Development, RG AG Conference Call Participants Cosmos Chiu - CIBC Operator Hello everyone. And welcome to the Royal Gold, Inc. Calendar Year 2022 Third Quarter Conference Call. My name is Charlie and I will be ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-13357 Royal Gold, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 84-0835164 (State ...

Royal Gold, Inc. (NASDAQ:RGLD) Q2 Earnings Conference Call August 4, 2022 12:00 PM ET Company Participants Alistair Baker - VP IR & Business Development Bill Heissenbuttel - President & CEO Mark Isto - EVP & COO Paul Libner - CFO & Treasurer Dan Breeze - VP of Corporate Development of RGAG Conference Call Participants Cosmos Chiu - CIBC Jackie Przybylowski - BMO Capital Markets Tanya Jakusconek - Scotiabank Matthew Murphy - Barclays Operator Good morning. Thank you for attending today’s Royal Gold 2022 Seco ...

Second Quarter 2022 Results August 4, 2022 Cautionary Statements Forward-Looking Statements: This presentation includes "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like "will," "may," "could," "sho ...

PART I FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited statements show total assets of $2.85 billion, Q2 revenue of $146.4 million, and net income of $71.1 million [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $2.85 billion as of June 30, 2022, driven by increased cash and stable liabilities Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total current assets** | $340,340 | $215,996 | | **Total assets** | $2,853,046 | $2,757,032 | | **Total current liabilities** | $64,013 | $61,428 | | **Total liabilities** | $156,388 | $155,821 | | **Total equity** | $2,696,658 | $2,601,211 | [Consolidated Statements of Operations and Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Q2 2022 revenue was $146.4 million with net income of $71.1 million, a decrease from the prior-year period Q2 2022 vs Q2 2021 Performance (in thousands, except per share data) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | | :--- | :--- | :--- | | Revenue | $146,441 | $168,027 | | Operating Income | $67,905 | $85,967 | | Net Income | $71,140 | $81,677 | | Diluted EPS | $1.08 | $1.24 | H1 2022 vs H1 2021 Performance (in thousands, except per share data) | Metric | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Revenue | $308,796 | $310,616 | | Operating Income | $148,481 | $157,025 | | Net Income | $136,816 | $135,705 | | Diluted EPS | $2.08 | $2.07 | [Consolidated Statements of Changes in Stockholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased to $2.70 billion, primarily driven by net income of $136.8 million Changes in Stockholders' Equity - Six Months Ended June 30, 2022 (in thousands) | Description | Amount | | :--- | :--- | | Balance at December 31, 2021 | $2,601,211 | | Net income and comprehensive income | $137,308 | | Dividends declared | ($45,981) | | Other (Stock-based comp, etc.) | ($1,878) | | **Balance at June 30, 2022** | **$2,696,658** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net operating cash flow for H1 2022 was $221.3 million, contributing to a $137.1 million increase in cash Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $221,329 | $213,086 | | Net cash used in investing activities | ($37,877) | ($128,841) | | Net cash used in financing activities | ($46,386) | ($240,188) | | **Net increase (decrease) in cash** | **$137,066** | **($155,943)** | | **Cash and equivalents at end of period** | **$280,617** | **$225,916** | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the stream/royalty business model and significant subsequent events including two major acquisitions - The company's business is acquiring and managing precious metals streams and royalties, not operating mines[15](index=15&type=chunk) - Subsequent to the quarter's end, the company acquired a royalty on the Cortez Complex for **$525 million in cash**[59](index=59&type=chunk) - The company announced an agreement to acquire Great Bear Royalties Corp for approximately **C$199.5 million in cash**[63](index=63&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial results, highlighting the impact of metal prices and recent strategic acquisitions [Overview of Our Business](index=23&type=section&id=Overview%20of%20Our%20Business) The business acquires and manages stream and royalty interests, which constituted 72% and 28% of Q2 2022 revenue Revenue Contribution by Segment (Q2 2022) | Segment | Revenue Contribution | | :--- | :--- | | Stream Interests | ~72% | | Royalty Interests | ~28% | [Business Trends and Uncertainties](index=25&type=section&id=Business%20Trends%20and%20Uncertainties) Financial results are primarily influenced by metal price volatility, with gold accounting for 71% of Q2 revenue Average Metal Prices and Revenue Contribution | Metal | Q2 2022 Avg. Price | Q2 2022 % of Revenue | Q2 2021 Avg. Price | Q2 2021 % of Revenue | | :--- | :--- | :--- | :--- | :--- | | Gold | $1,871/oz | 71% | $1,816/oz | 76% | | Silver | $22.60/oz | 11% | $26.69/oz | 8% | | Copper | $4.31/lb | 14% | $4.40/lb | 11% | - Announced two major acquisitions post-quarter end: the Cortez Royalty for **$525M** and Great Bear Royalties Corp for **~C$199.5M**[80](index=80&type=chunk)[81](index=81&type=chunk) [Property Developments](index=29&type=section&id=Property%20Developments) Key property updates include lower deliveries from Andacollo and Cortez, and continued ramp-up at Khoemacau - Khoemacau ramp-up is progressing, with **full sustained production expected by Q4 2022**[97](index=97&type=chunk) - At Pueblo Viejo, an additional **45,000 ounces of silver were deferred**, bringing the total deferred amount to 484,000 ounces[102](index=102&type=chunk) - Lower production at Cortez in Q2 2022 was due to mine sequencing, with **stronger performance expected in Q4 2022**[105](index=105&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q2 2022 net income decreased to $71.1 million due to lower revenue from key properties like Andacollo and Cortez - The decrease in Q2 2022 revenue was primarily from **lower gold sales at Andacollo and Pueblo Viejo**, and lower gold production at Cortez and Peñasquito[111](index=111&type=chunk) Revenue by Principal Property (in thousands) | Stream/Royalty | Q2 2022 Revenue | Q2 2021 Revenue | | :--- | :--- | :--- | | Mount Milligan | $45,627 | $43,802 | | Pueblo Viejo | $19,812 | $26,585 | | Andacollo | $11,721 | $27,868 | | Peñasquito | $9,664 | $13,399 | | Cortez | $8,138 | $13,739 | [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $276.3 million in working capital and $1 billion in credit - Working capital was **$276.3 million** at June 30, 2022, with a current ratio of 5 to 1[130](index=130&type=chunk) - In July 2022, the company **borrowed $500 million** under its revolving credit facility for business development, leaving $500 million available[135](index=135&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Earnings are significantly exposed to metal price fluctuations, particularly gold, which drives 71% of revenue Revenue Sensitivity to 10% Metal Price Change (H1 2022) | Metal | % of Total Revenue | Revenue Impact (Increase/Decrease) | | :--- | :--- | :--- | | Gold | 71% | $24.9 million | | Copper | 14% | $7.9 million | | Silver | 10% | $1.7 million | [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of the end of the quarter - The CEO and CFO concluded that **disclosure controls and procedures were effective** as of June 30, 2022[148](index=148&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter[149](index=149&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - None[151](index=151&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Form 10-K Transition Report - There have been **no material changes** to the risk factors included in the section entitled "Risk Factors" of our Transition Report[152](index=152&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no purchases of its own equity securities during the second quarter of 2022 - The company made **no purchases of its equity securities** in April, May, or June 2022[153](index=153&type=chunk) [Defaults Upon Senior Securities](index=45&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities - None[154](index=154&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[155](index=155&type=chunk) [Other Information](index=45&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[156](index=156&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including Sarbanes-Oxley certifications and XBRL data - Exhibits filed include **CEO and CFO certifications** (31.1, 31.2, 32.1, 32.2) and Inline XBRL data (101, 104)[160](index=160&type=chunk)

Royal Gold, Inc. (NASDAQ:RGLD) Q1 2022 Earnings Conference Call May 5, 2022 12:00 PM ET Company Participants Alistair Baker - Vice President-Investor Relation & Business Development Bill Heissenbuttel - President & Chief Executive Officer Mark Isto - Executive Vice President & Chief Operating Officer Paul Libner - Chief Financial Officer & Treasurer Conference Call Participants Brian MacArthur - Raymond James Josh Wolfson - RBC Operator Hello and welcome to today's Royal Gold Inc. Calendar Year 2022 First Q ...