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 ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2021 was $143 million, a 5% increase compared to the prior year quarter, driven by higher average metal prices and strong performance from the Peñasquito royalty [11][28] - Earnings for the quarter were $54 million or $0.82 per share, representing a 39% increase year-over-year [12][33] - Operating cash flow was strong at just over $92 million, although it was down $7 million primarily due to higher cash taxes paid [13][34] - The company ended the quarter with a net cash position of $220 million and over $1.2 billion of liquidity [13][36] Business Line Data and Key Metrics Changes - The royalty segment contributed approximately 33% of revenue, mainly due to strong performance from Peñasquito [17] - Revenue from gold accounted for 68% of total revenue, down from 79% in the prior period, due to significantly higher increases in average silver and copper prices [28] - The average prices of gold, silver, and copper increased by 13%, 55%, and 51% respectively over the prior quarter [28] Market Data and Key Metrics Changes - The company reported a deferral of approximately 362,000 ounces of silver from Pueblo Viejo, which is expected to be made up as plant performance improves [18] - Production guidance for Nevada Gold Mines is expected to be between 350,000 to 375,000 ounces for 2021, significantly higher than the previous year's 175,000 ounces [26][51] Company Strategy and Development Direction - The company is focused on organic growth opportunities within its portfolio and remains active in pursuing new business opportunities [41][42] - The company has access to a full $1 billion credit facility, which allows it to act quickly on investment opportunities that fit its criteria [42][43] - The company is committed to funding social initiatives with its operating counterparties, promoting sustainability and community benefits [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's diverse portfolio and its ability to generate cash returns to shareholders [41] - The company anticipates that the operational issues at Pueblo Viejo will be resolved in the current quarter, leading to improved silver recoveries [88][90] - Management is cautious about providing long-term guidance due to the variability in production and operational challenges [60] Other Important Information - The company repaid $50 million on its revolving credit facility during the quarter and is now debt-free [13][37] - The Khoemacau project is progressing well, with construction completion reaching about 92% [19] Q&A Session Summary Question: Can you discuss deal activity and what you're seeing in terms of asset types and locations? - Management noted a healthy market with opportunities in the $100 million to $500 million range, focusing on development assets, particularly primary gold assets [48] Question: Regarding Pueblo Viejo, when should we expect the 362,000 ounces of silver? - Management indicated that the timing depends on operational improvements, suggesting a quarter-to-quarter follow-up [49] Question: Can you confirm the production guidance for Cortez? - Management confirmed the guidance of 350,000 to 375,000 ounces for 2021, with variability expected in production timing [51][53] Question: What is the status of the silver circuit recovery issues at Pueblo Viejo? - Management explained that the recovery issues are related to preheaters, which are being rebuilt, and improvements are expected in the current quarter [82][84] Question: Are there still opportunities available in royalty portfolios? - Management indicated that while the market is active, finding cornerstone assets has become challenging, and many desirable portfolios have already been sold [92]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ 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 Other Jurisdiction of (I.R.S. Employer FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Qua ...