Royal Gold, Inc. (RGLD) reported adjusted earnings per share (EPS) of 95 cents in the fourth quarter of 2023, beating the Zacks Consensus Estimate of 75 cents. The bottom line increased 5% year over year due to lower revenues and higher interest expenses.Including one-time items, the company reported an EPS of 95 cents compared with the prior-year quarter’s 86 cents.RGLD generated revenues of $153 million, down 6.3% year over year. The downside resulted primarily from lower gold and copper sales at Mount Mi ...

DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today that management will present at the BMO 33rd Global Metals, Mining and Critical Minerals Conference in Hollywood, Florida. Bill Heissenbuttel, President and Chief Executive Officer, will address conference participants on Tuesday, February 27, at 9:00 a.m. EST (7:00 a.m. MST) in a presentation lasting 30 minutes. The presentation will be webcast live and wil ...

Financial Data and Key Metrics Changes - Revenue for 2023 was $606 million, with operating cash flow of $416 million and earnings of $239 million or $3.63 per share [30][31] - For Q4 2023, revenue decreased by 6% to $153 million, primarily due to lower contributions from Mount Milligan, Pueblo Viejo, and Peñasquito [46][72] - Adjusted EBITDA margin remained strong at 79%, despite inflation pressures affecting operating companies [36] Business Line Data and Key Metrics Changes - Royalty segment revenue for Q4 was $54 million, contributing 36% of total revenue, which is a larger share compared to previous periods [40] - Stream segment revenue decreased to $98 million, with lower contributions from Mount Milligan and Pueblo Viejo, partially offset by higher revenue from Andacollo, Xavantina, and Rainy River [65] - The overall sales for the year were 315,600 GEOs, slightly below the guidance of 320,000 to 345,000 GEOs due to underperformance at Peñasquito and Pueblo Viejo [64] Market Data and Key Metrics Changes - Gold prices increased by 14%, silver prices by 10%, and copper prices by 2% during the year [72] - The company maintained a high gold revenue percentage at 80%, the highest among peers in the royalty and streaming sector [72] Company Strategy and Development Direction - The company aims to maintain a disciplined focus on gold, strengthen its balance sheet, and increase capital return, with a commitment to non-dilutive financing for high-quality asset acquisitions [54] - An agreement with Centerra was announced to provide future cost support to the Mount Milligan mine, extending its life to 2035 and potentially beyond [37][63] - The company plans to provide full-year guidance for 2024 early in the second quarter, reflecting lower production at Cortez and smaller organic growth assets [91] Management's Comments on Operating Environment and Future Outlook - Management noted that inflation pressures have eased but still impact operating companies, leading to cost inflation and margin erosion [36] - The company expressed confidence in its strong financial position and liquidity to pursue business development opportunities [91] - Management acknowledged challenges in production guidance due to issues at Nevada Gold Mines, particularly related to accessing grade [92][94] Other Important Information - The company repaid $325 million on its revolving credit facility during the year, reducing the balance to $250 million and increasing total available liquidity to approximately $845 million [31][52] - The effective tax rate for the quarter was 17.5%, slightly lower than the previous year [49] Q&A Session Summary Question: What is the impact of the issues at Cortez on future production? - Management indicated that the overall decrease in production from 2023 to 2024 is expected to be around 40% to 50% due to issues at the Crossroads area [86][94] Question: How does the company plan to account for the Mount Milligan deal? - The company anticipates recognizing cash and deferred gold ounces as receivables, with the need to mark-to-market the receivable through the P&L in subsequent reporting periods [136][144] Question: What is the outlook for M&A opportunities? - Management noted that the current market is seeing smaller opportunities due to high costs of debt, but they remain open to financing partnerships [118][120]

PART I [Business](index=3&type=section&id=ITEM%201.%20BUSINESS) Royal Gold, Inc. acquires and manages precious metal streams and royalties, reporting $605.7 million in revenue and $415.8 million in operating cash flow for FY 2023 - The company's business model focuses on acquiring and managing precious metal streams and royalties, avoiding direct mining operations and associated capital or operating costs[14](index=14&type=chunk) Key Financial and Operational Highlights for FY 2023 | Metric | Value | Change | | :--- | :--- | :--- | | Revenue | $605.7 million | +0.4% YoY | | Net Operating Cash Flow | $415.8 million | -0.4% YoY | | Credit Facility Repayment | $325 million | N/A | | Calendar Year 2024 Dividend | $1.60 per share | +7% vs 2023 | Revenue Contribution by Segment (FY 2023) | Segment | Revenue Contribution | | :--- | :--- | | Stream Interests | 69% | | Royalty Interests | 31% | Revenue Contribution by Metal (FY 2023) | Metal | Revenue Contribution | | :--- | :--- | | Gold | 76% | | Silver | 12% | | Copper | 9% | | Other Minerals | 3% | - The company employs 30 people, emphasizing human capital management through diversity, inclusion, safety, and community support strategies[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [Risk Factors](index=11&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant risks from volatile metal prices, reliance on third-party operators, revenue concentration, foreign operations, and financial covenants - Revenue is highly sensitive to metal price volatility, particularly gold, with declines potentially reducing revenue, impacting royalty rates, and causing production suspensions[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - As a non-operating interest holder, the company lacks control over third-party mine operators' decisions, which may not always align with Royal Gold's interests[61](index=61&type=chunk) - A significant portion of revenue is concentrated in a small number of properties, with approximately **72% of 2023 revenue** derived from six key sites: Mount Milligan, Cortez, Pueblo Viejo, Andacollo, Khoemacau, and Peñasquito[69](index=69&type=chunk) - Approximately **80% of 2023 revenue** originated from properties outside the United States, exposing the company to political, economic, and regulatory risks in foreign jurisdictions[79](index=79&type=chunk) - The company faces financing risks related to its credit facility, with **$250 million outstanding** as of December 31, 2023, and financial covenants that could restrict business activities[97](index=97&type=chunk) [Unresolved Staff Comments](index=20&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved staff comments from the SEC - None[111](index=111&type=chunk) [Cybersecurity](index=21&type=section&id=ITEM%201C.%20CYBERSECURITY) Royal Gold integrates cybersecurity into its enterprise risk management, with the CFO and Treasurer managing the program under Board oversight - Cybersecurity risk is managed as part of the company's overall enterprise risk management program[113](index=113&type=chunk) - The CFO and Treasurer manage the cybersecurity program, overseen by the Board's Audit and Finance Committee, utilizing external consultants and regular employee training[114](index=114&type=chunk) [Properties](index=21&type=section&id=ITEM%202.%20PROPERTIES) This section details Royal Gold's portfolio of stream and royalty interests, including six material properties, and relies on operator-provided data for disclosures [Summary of Properties](index=32&type=section&id=Summary%20of%20Properties) As of December 31, 2023, Royal Gold's portfolio included 9 stream interests and 169 royalty interests, with 80% of revenue from non-U.S. properties - The company has identified six material properties under SK1300 regulations: Andacollo, Cortez, Khoemacau, Mount Milligan, Peñasquito, and Pueblo Viejo[116](index=116&type=chunk) Portfolio Composition as of Dec 31, 2023 | Interest Type | Production Stage | Development Stage | Exploration Stage | Total | | :--- | :--- | :--- | :--- | :--- | | Stream Interests | 8 | 1 | 0 | 9 | | Royalty Interests | 29 | 21 | 119 | 169 | - The company provides summary tables of mineral resources and reserves for its interests, based on data from operators[151](index=151&type=chunk)[157](index=157&type=chunk) [Andacollo](index=48&type=section&id=Andacollo) Andacollo, a Chilean copper-gold mine, saw decreased gold deliveries in 2023 due to lower grades and drought, with Royal Gold holding a 100% gold stream until 900,000 ounces are delivered - Royal Gold's interest is a **100% gold stream** until **900,000 ounces** have been delivered, stepping down to **50% thereafter**, with approximately **349,100 ounces delivered** as of December 31, 2023[173](index=173&type=chunk) - Gold deliveries decreased to approximately **22,400 ounces in 2023** due to lower grades, recoveries, and tonnage, with ongoing extreme drought conditions impacting production[191](index=191&type=chunk)[192](index=192&type=chunk) [Khoemacau](index=55&type=section&id=Khoemacau) Khoemacau, a Botswana copper-silver mine, achieved its target production rate in December 2022, with Royal Gold holding a 100% silver stream until 40 million ounces are delivered - Royal Gold's interest is a **100% silver stream** until **40.0 million ounces** have been delivered, stepping down to **50% thereafter**, with approximately **2.7 million ounces delivered** as of December 31, 2023[203](index=203&type=chunk) - The mine achieved its target production rate of **3.65 Mtpa (10,000 tpd)** in December 2022[204](index=204&type=chunk) - In November 2023, the operator's parent company, Cuprous Capital Ltd, entered an agreement to be acquired by MMG Limited[233](index=233&type=chunk) [Mount Milligan](index=66&type=section&id=Mount%20Milligan) Mount Milligan, a Canadian copper-gold mine, saw lower deliveries in 2023, but a new Cost Support Agreement aims to extend its mine life to 2035 - Royal Gold's interest is a stream for **35% of payable gold** and **18.75% of payable copper**[244](index=244&type=chunk) - A Cost Support Agreement was signed in February 2024 with operator Centerra to incentivize investment and extend the mine life, now expected to continue to **2035**[244](index=244&type=chunk)[273](index=273&type=chunk) - Gold and copper stream deliveries decreased in 2023 compared to 2022, primarily due to mine sequencing through a lower-grade ore-waste transition zone[271](index=271&type=chunk) [Pueblo Viejo](index=77&type=section&id=Pueblo%20Viejo) Pueblo Viejo, a Dominican Republic gold-silver mine, completed a major plant expansion in late 2023, expected to extend its mine life into the mid-2040s despite lower 2023 deliveries - Royal Gold's stream on Barrick's 60% interest includes **7.5% of payable gold** (stepping down to **3.75% after 990k oz**) and **75% of payable silver** (stepping down to **37.5% after 50M oz**)[287](index=287&type=chunk) - A plant expansion project to increase throughput to **14 Mtpa** was substantially completed by the end of 2023, expected to reach full capacity in Q2 2024 and extend the mine life into the **mid-2040s**[289](index=289&type=chunk)[322](index=322&type=chunk) - Gold deliveries decreased in 2023 due to lower ore grades and mill expansion commissioning impacts, while silver deliveries were also lower due to actual recovery rates falling below the contractual 70%[320](index=320&type=chunk)[321](index=321&type=chunk) [Cortez](index=89&type=section&id=Cortez) The Cortez Complex saw significantly increased production attributable to Royal Gold's royalty interests in 2023, driven by new acquisitions and the Goldrush project's Record of Decision - Royal Gold holds multiple royalty interests, simplified into two zones: the Legacy Zone (approximately **9.4% GSR** on Pipeline and Crossroads) and the CC Zone (approximately **1.6% GSR** on Cortez Hills, Goldrush, etc.)[337](index=337&type=chunk) - Production attributable to the company's royalty interests increased to **890,700 ounces of gold in 2023** from **414,100 ounces in 2022**, mainly due to new royalties acquired in 2022[382](index=382&type=chunk) - The Bureau of Land Management (BLM) issued the Record of Decision (ROD) for the Goldrush mine in December 2023, allowing production to ramp up in 2024[383](index=383&type=chunk) [Peñasquito](index=105&type=section&id=Pe%C3%B1asquito) Peñasquito, a Mexican mine, experienced a significant production decrease in 2023 across all metals due to a four-month labor strike - Royal Gold owns a **2.0% Net Smelter Return (NSR) royalty** on all metal production from the Peñasquito mine[400](index=400&type=chunk) - A labor strike by the National Union of Mine and Metal Workers suspended operations from June 7, 2023, to October 13, 2023[425](index=425&type=chunk) Production Decrease due to Strike (2023 vs 2022) | Metal | 2023 Production | 2022 Production | % Change | | :--- | :--- | :--- | :--- | | Gold (oz) | ~129,600 | ~573,000 | -77% | | Silver (oz) | ~16.7 million | ~29.7 million | -44% | | Lead (lbs) | ~107 million | ~147 million | -27% | | Zinc (lbs) | ~222 million | ~373 million | -40% | [Legal Proceedings](index=67&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company reports no material legal proceedings - None[426](index=426&type=chunk) [Mine Safety Disclosure](index=67&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURE) This section is not applicable to the company - Not applicable[427](index=427&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=68&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) Royal Gold's common stock trades on Nasdaq under "RGLD", and the company increased its annual dividend by 7% for 2024, marking 23 consecutive years of increases - The company's common stock is listed on the Nasdaq Global Select Market under the trading symbol "**RGLD**"[436](index=436&type=chunk) - On November 14, 2023, the company increased its annual dividend for calendar year 2024 by **7% to $1.60 per share**, marking the **23rd consecutive annual dividend increase**[437](index=437&type=chunk) [Reserved](index=69&type=section&id=ITEM%206.%20RESERVED) This item is intentionally left blank [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=70&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) For FY 2023, revenue slightly increased to $605.7 million, net income remained flat, and the company maintained strong liquidity despite a strike at Peñasquito Financial Performance Comparison (FY 2023 vs. FY 2022) | Metric (in thousands) | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Total Revenue | $605,717 | $603,206 | | Cost of Sales | $90,523 | $94,642 | | Depreciation, Depletion & Amortization | $164,937 | $178,935 | | Operating Income | $303,202 | $283,709 | | Net Income | $239,440 | $238,982 | - The slight revenue increase was primarily due to higher gold production at the Cortez Legacy Zone, new Cortez royalties acquired in 2022, and higher metal prices, offset by the Peñasquito strike and lower Mount Milligan sales volumes[457](index=457&type=chunk)[459](index=459&type=chunk) - Net cash from operating activities was **$415.8 million**, with cash used in financing primarily for **$325 million of debt repayment** and **$98.6 million in dividends**[473](index=473&type=chunk)[476](index=476&type=chunk) - As of December 31, 2023, the company had total liquidity of approximately **$845 million**, comprising **$95 million in working capital** and **$750 million available** under its revolving credit facility[468](index=468&type=chunk)[469](index=469&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=79&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's financial results are highly sensitive to metal price fluctuations, with gold, silver, and copper comprising the majority of its 2023 revenue - The company's financial results are significantly impacted by changes in the market prices of gold, silver, and copper[497](index=497&type=chunk) Revenue Sensitivity to a 10% Metal Price Change (FY 2023) | Metal | % of Total Revenue | Revenue Impact | | :--- | :--- | :--- | | Gold | 76% | $46.5 million | | Silver | 12% | $4.2 million | | Copper | 9% | $10.3 million | [Financial Statements and Supplementary Data](index=80&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section presents the audited consolidated financial statements for FY 2023, showing total assets of $3.36 billion, net income of $239.4 million, and operating cash flow of $415.8 million Consolidated Balance Sheet Highlights (as of Dec 31) | Account (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Total Current Assets | $167,426 | $185,833 | | Stream and royalty interests, net | $3,075,574 | $3,237,402 | | **Total Assets** | **$3,361,057** | **$3,534,522** | | Total Current Liabilities | $72,422 | $63,587 | | Debt | $245,967 | $571,572 | | **Total Liabilities** | **$460,416** | **$781,053** | | **Total Equity** | **$2,900,641** | **$2,753,469** | Consolidated Statement of Operations Highlights (Year Ended Dec 31) | Account (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Revenue | $605,717 | $603,206 | | Operating Income | $303,202 | $283,709 | | Income Before Income Taxes | $282,140 | $272,868 | | **Net Income** | **$240,132** | **$239,942** | Consolidated Cash Flow Highlights (Year Ended Dec 31, 2023) | Activity (in thousands) | Amount | | :--- | :--- | | Net Cash Provided by Operating Activities | $415,792 | | Net Cash Used in Investing Activities | $(2,829) | | Net Cash Used in Financing Activities | $(427,382) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=110&type=section&id=ITEM%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) The company reports no changes in or disagreements with its accountants regarding accounting and financial disclosure matters - None[628](index=628&type=chunk) [Controls and Procedures](index=110&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with an unqualified auditor opinion - Management concluded that disclosure controls and procedures were effective as of December 31, 2023[629](index=629&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2023, supported by an attestation report from Ernst & Young LLP[631](index=631&type=chunk)[632](index=632&type=chunk) - No changes in internal control over financial reporting occurred during Q4 2023 that materially affected, or are reasonably likely to materially affect, these controls[633](index=633&type=chunk) [Other Information](index=112&type=section&id=ITEM%209B.%20OTHER%20INFORMATION) The company reports no Rule 10b5-1 trading arrangement adoptions or terminations by directors or officers during Q4 2023 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended December 31, 2023[643](index=643&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=112&type=section&id=ITEM%209C.%20DISCLOSURE%20REGARDING%20FOREIGN%20JURISDICTIONS%20THAT%20PREVENT%20INSPECTIONS) The company reports no applicable disclosures for this item - None[644](index=644&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=112&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information regarding directors, executive officers, and corporate governance will be incorporated by reference from the company's 2024 proxy statement - Information is incorporated by reference from the company's 2024 proxy statement[646](index=646&type=chunk) [Executive Compensation](index=112&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) Information regarding executive compensation will be incorporated by reference from the company's 2024 proxy statement - Information is incorporated by reference from the company's 2024 proxy statement[647](index=647&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=112&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Information regarding security ownership will be incorporated by reference from the company's 2024 proxy statement - Information is incorporated by reference from the company's 2024 proxy statement[648](index=648&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=112&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Information regarding certain relationships, related transactions, and director independence will be incorporated by reference from the company's 2024 proxy statement - Information is incorporated by reference from the company's 2024 proxy statement[649](index=649&type=chunk) [Principal Accountant Fees and Services](index=112&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Information regarding principal accountant fees and services will be incorporated by reference from the company's 2024 proxy statement - Information is incorporated by reference from the company's 2024 proxy statement[650](index=650&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=113&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section provides an index to the financial statements and a comprehensive list of all exhibits filed with the Form 10-K report - This item contains the index to the financial statements and a comprehensive list of all exhibits filed with the annual report[652](index=652&type=chunk)[653](index=653&type=chunk)[655](index=655&type=chunk) [Form 10-K Summary](index=117&type=section&id=ITEM%2016.%20FORM%2010-K%20SUMMARY) The company has elected not to include a summary of the Form 10-K information in this item - The company has elected not to include a summary[661](index=661&type=chunk)

DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today that its wholly owned subsidiary, RGLD Gold AG, has executed an additional agreement with Centerra Gold Inc. and its wholly-owned subsidiary, Thompson Creek Metals Company Inc. (together “Centerra”), with respect to the Mount Milligan Mine that provides near-term cash and gold consideration to Royal Gold in return for long-term cost support (“Cost Support Ag ...

Investors watching gold prices might want to buy into this hard asset. There are a few different ways to do that, but one of the most attractive is with a dividend-paying stock called Royal Gold (RGLD 0.50%).It isn't a miner; it is a streaming company. And it has a host of ways to win when gold prices rise. Here's what you need to know.Royal Gold buys gold on the cheapAs already noted, Royal Gold is a streaming and royalty company. That means that it provides cash up front to miners in exchange for the righ ...

DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today that management will present in the 27th Annual CIBC Western Institutional Investor Conference. Bill Heissenbuttel, President and Chief Executive Officer, will participate in a royalty panel discussion on Wednesday, January 17, from 8:35 a.m. to 9:05 a.m. PST (9:35 a.m. to 10:05 a.m. MST / 11:35 a.m. to 12:05 p.m. EST). The discussion will not be webcast li ...

Royal Gold, Inc. (RGLD) issued a stream  segment sales update for fourth-quarter 2023. In the quarter, RGLD Gold AG — the fully-owned subsidiary of Royal Gold — sold 49,900 gold equivalent ounces (GEOs), comprising 39,100 gold ounces, 556,300 silver ounces and 1,100 tons of copper related to its streaming agreements.The average realized price of gold was $1,955 per ounce in the fourth quarter compared with $1,933 per ounce in third-quarter 2023. The average realized price of silver stood at $23.18 per ounce ...

DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today that its wholly owned subsidiary, RGLD Gold AG, sold approximately 49,900 gold equivalent ounces (GEOs)1 comprised of approximately 39,100 ounces of gold, 556,300 ounces of silver and 1,100 tonnes of copper related to its streaming agreements during the three-month period ended December 31, 2023 (the “fourth quarter”). The Company had approximately 15,200 ou ...

Royal Gold, Inc. (NASDAQ:RGLD) Q3 2023 Earnings Conference Call November 2, 2023 1:00 PM ET Company Participants Alistair Baker - Vice President-Investor Relations & Business Development Bill Heissenbuttel - President & Chief Executive Officer Martin Raffield - Vice President-Operations Paul Libner - Chief Financial Officer and Treasurer Dan Breeze - Vice President-Corporate Development of RG AG Conference Call Participants Jackie Przybylowski - BMO Capital Markets Brian MacArthur - Raymond James Operator ...