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 ...

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, 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 or O ...

December Quarter 2021 Results February 17, 2022 Cautionary Statement . 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, ...

Investor Presentation January 2022 Cautionary Statement 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," "should," "wo ...

Revenue and Sales Performance - Total revenue for the quarter ended September 30, 2021, was $174.4 million, an increase from $146.9 million in the same quarter of 2020, driven by higher gold sales and an increase in average copper prices[112]. - Revenue for the three months ended September 30, 2021, was reported at $174.4 million, with an average gold price of $1,790 per ounce, silver at $24.36 per ounce, and copper at $4.25 per pound[135]. - A 10% increase in the average gold price would have increased total reported revenue by $12.9 million, while a 10% increase in copper and silver prices would have increased revenue by $4.0 million and $0.6 million, respectively[135]. Metal Prices and Market Conditions - Average gold price for the three months ended September 30, 2021, was $1,790 per ounce, contributing 73% to total revenue, compared to $1,909 per ounce and 75% in the same period of 2020[81]. - The average copper price for the three months ended September 30, 2021, was $4.25 per pound, contributing 14% to total revenue, compared to $2.96 per pound and 11% in the same period of 2020[81]. - The company anticipates continued volatility in metal prices, which significantly impacts revenue[80]. - The company reported a significant impact on earnings and cash flows due to fluctuations in the market prices of gold, silver, copper, and other metals[134]. Production and Deliveries - For the three months ended September 30, 2021, gold stream deliveries from Mount Milligan were approximately 10,800 ounces, down from 19,600 ounces in the same period of 2020[102]. - Silver deliveries for the quarter ended September 30, 2021, included approximately 377,800 ounces of normal-course stream deliveries and approximately 18,700 ounces of previously deferred deliveries, with 418,300 ounces remaining deferred as of September 30, 2021[104]. - Production attributable to royalty interest at Cortez was approximately 99,600 ounces of gold for the quarter ended September 30, 2021, compared to approximately 37,600 ounces for the same period in 2020, reflecting a significant increase[108]. - Barrick expects Pueblo Viejo to deliver gold production guidance of 470,000 to 510,000 ounces for calendar 2021, representing a 60% interest[106]. Acquisitions and Investments - The company acquired a 1.0% net smelter return royalty for $165 million covering the Red Chris Mine, which produces gold, copper, and silver[86][87]. - The NX Gold Mine acquisition involved a $100 million advance payment for 25% of gold produced until 93,000 ounces are delivered, with a price of 20% of the spot gold price for each ounce[84]. - Net cash used in investing activities totaled $272.7 million for the three months ended September 30, 2021, compared to net cash provided of $49.7 million in the same period of 2020, mainly due to the Red Chris royalty acquisition of $165 million and the NX Gold Stream acquisition of $100 million[125]. Financial Position and Liquidity - As of September 30, 2021, the company had current assets of $232.1 million and current liabilities of $60.3 million, resulting in a current ratio of 4 to 1[119]. - The company had total liquidity of approximately $1.1 billion as of September 30, 2021, including $900 million available under its revolving credit facility[121]. - Net cash provided by operating activities was $129.9 million for the three months ended September 30, 2021, up from $94.2 million in the same period of 2020, primarily due to an increase in cash proceeds from stream and royalty interests of approximately $33.1 million[124]. - Net cash provided by financing activities was $77.1 million for the three months ended September 30, 2021, compared to net cash used of $49.8 million in the same period of 2020, attributed to increased borrowings from the revolving credit facility[126]. Operational Challenges and Risks - The COVID-19 pandemic has caused temporary operational curtailments, but the overall financial condition has not been materially affected to date[82]. - The company highlighted risks associated with lower metal prices, operational disruptions, and changes in regulations that could materially affect future performance[132]. - Forward-looking statements indicate expectations regarding financial performance, including sales volume and revenue, but actual results may differ materially[130]. - The company emphasized the importance of monitoring macroeconomic conditions and market trends that could influence its operations and financial results[131]. Cost and Income - Cost of sales increased to $27.2 million for the quarter ended September 30, 2021, from $21.9 million in the prior year, primarily due to increased gold and copper sales from Mount Milligan[116]. - The company recorded net income of $70.2 million, or $1.07 per share, for the quarter ended September 30, 2021, down from $106.9 million, or $1.63 per share, in the same quarter of 2020[111].

Royal Gold, Inc. (NASDAQ:RGLD) Q4 2021 Results Conference Call August 12, 2021 12:00 PM ET Company Participants Alistair Baker - VP, IR & Business Development William Heissenbuttel - President, CEO & Director Mark Isto - EVP & COO Paul Libner - CFO & Treasurer Daniel Breeze - VP, Corporate Development Conference Call Participants Tyler Langton - JPMorgan Josh Wolfson - RBC Capital Markets Cosmos Chiu - CIBC Capital Markets Greg Barnes - TD Securities Tanya Jakusconek - Scotiabank Brian MacArthur - Raymon ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended June 30, 2021 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 (State or Other Jurisdiction of ...

Fiscal Q3 2021 Results May 6, 2021 Cautionary Statement 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," "should," "wo ...