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 ...

Revenue Composition - As of September 30, 2022, stream interests accounted for approximately 75% and 70% of total revenue for the three and nine months ended, respectively, compared to 66% for the same periods in 2021[79]. - Royalty interests represented 25% and 30% of total revenue for the three and nine months ended September 30, 2022, down from 34% for the same periods in 2021[79]. - Total revenue for Q3 2022 was $131.4 million, down from $174.4 million in Q3 2021, a decrease of 24.6%[119]. - Total revenue for the nine months ended September 30, 2022, was $440.2 million, a decrease of 9.2% from $485.0 million in the same period of 2021[131]. Gold and Silver Prices - Average gold price for the three months ended September 30, 2022, was $1,729 per ounce, contributing 76% of total revenue, compared to $1,790 per ounce and 73% in the same period of 2021[83]. - The average gold price during this period was $1,824 per ounce, silver was $21.92 per ounce, and copper was $4.11 per pound[175]. - A 10% increase in the average gold price would have increased total reported revenue by $32.8 million, representing 73% of total revenue[175]. - A 10% increase in the average copper price would have increased total reported revenue by $9.7 million, representing 12% of total revenue[175]. - A 10% increase in the average silver price would have increased total reported revenue by $2.5 million, representing 11% of total revenue[175]. Production and Deliveries - Silver stream deliveries from Khoemacau were approximately 290,700 ounces for the three months ended September 30, 2022, compared to 105,800 ounces in the same period of 2021[98]. - Gold stream deliveries from Andacollo were approximately 3,200 ounces for the three months ended September 30, 2022, down from 6,400 ounces in the same period of 2021[95]. - Gold stream deliveries from Mount Milligan were approximately 18,400 ounces for Q3 2022, up from 10,800 ounces in Q3 2021, reflecting a 70.4% increase[101]. - Copper stream deliveries from Mount Milligan were approximately 4.5 million pounds in Q3 2022, compared to 2.6 million pounds in Q3 2021, representing a 73.1% increase[102]. - Gold stream deliveries from Pueblo Viejo were approximately 8,900 ounces in Q3 2022, slightly down from 9,200 ounces in Q3 2021[109]. - Silver stream deliveries from Pueblo Viejo were approximately 319,100 ounces in Q3 2022, down from 396,500 ounces in Q3 2021, with 530,000 ounces remaining deferred[112]. Acquisitions and Investments - The acquisition of Great Bear Royalties Corporation was completed for approximately C$199.6 million (US$151.7 million), with the asset being a 2.0% net smelter return royalty on the Great Bear Project[84]. - A sliding scale gross royalty on the Cortez Complex was acquired for $525 million, with a royalty rate increasing from 0% at gold prices below $400 per ounce to 3% at prices above $900 per ounce[86]. - The acquisition of the Cortez Complex Royalty resulted in over a 300% increase in gold mineral reserves and over a 1200% increase in measured and indicated gold mineral resources[116]. - The acquisition of the Cortez Complex Royalty resulted in a 380% increase in gold mineral reserves and a 1230% increase in measured and indicated gold mineral resources attributable to the company's royalty interests at Cortez[159]. Financial Performance - Net income for Q3 2022 was $45.8 million, or $0.70 per share, compared to $70.2 million, or $1.07 per share in Q3 2021, a decline of 34.9%[118]. - Net income for the nine months ended September 30, 2022, was $182.6 million, or $2.78 per share, down from $205.9 million, or $3.14 per share, in the prior year[130]. - Cost of sales for the nine months ended September 30, 2022, decreased to $69.7 million from $73.4 million in the same period of 2021[136]. - General and administrative costs increased to $25.8 million for the nine months ended September 30, 2022, compared to $21.3 million in the prior year[139]. - Interest and other expenses rose to $8.8 million for the three months ended September 30, 2022, from $1.9 million in the prior year, primarily due to higher interest expenses[128]. - Interest and other expenses increased to $11.1 million for the nine months ended September 30, 2022, from $4.9 million in the prior year, mainly due to a $500 million draw on the revolving credit facility[141]. - Income tax expense totaled $20.3 million for the nine months ended September 30, 2022, compared to $39.2 million for the same period in 2021, resulting in an effective tax rate of 10.0%[142]. Cash Flow and Liquidity - Net cash provided by operating activities totaled $316.3 million for the nine months ended September 30, 2022, compared to $343.0 million for the same period in 2021[150]. - Net cash used in investing activities was $716.5 million for the nine months ended September 30, 2022, compared to $401.6 million in the prior year, primarily due to higher acquisitions of royalty interests[151]. - Net cash provided by financing activities totaled $378.9 million for the nine months ended September 30, 2022, compared to net cash used of $163.1 million in the prior year[153]. - As of September 30, 2022, the company had $550 million available and $450 million outstanding under its revolving credit facility, resulting in approximately $667 million of total liquidity[146]. - The company believes its current financial resources will be adequate to cover anticipated expenditures for debt service, general and administrative expenses, and capital expenditures for the foreseeable future[147]. Production Outlook - The current life of mine for Andacollo is expected to continue until 2035, with a transition to higher grade ore anticipated after 2023[97]. - Centerra expects to extend Mount Milligan's mine life by over four years to 2033, with an increase of more than 800,000 ounces of payable gold and 191 million pounds of copper from 2022 onwards[106]. - Average annual production at Mount Milligan is projected to be 175,000 ounces of gold and 68 million pounds of copper[106]. - Khoemacau is expected to produce approximately 60,000 to 65,000 tonnes of payable copper and 1.8 to 2.0 million ounces of payable silver per year at full production[100]. Inventory and Purchases - Gold inventory as of September 30, 2022, was 22,700 ounces, an increase from 18,700 ounces as of December 31, 2021[125]. - For the three months ended September 30, 2022, total gold purchases were 42,400 ounces, an increase of 10.5% compared to 38,200 ounces in the same period of 2021[125]. - Silver purchases for the same period reached 674,100 ounces, up 10.0% from 612,000 ounces in the prior year[131]. - Copper purchases for the nine months ended September 30, 2022, totaled 11.2 million pounds, consistent with the same amount in the prior year[139]. Metal Price Risks - The company's earnings and cash flows are significantly impacted by fluctuations in metal prices, including gold, silver, and copper[174]. - Factors affecting metal prices include demand, production levels, economic policies, and geopolitical events[174]. - The company faces risks associated with metal price volatility, which could negatively affect its results of operations or cash flow[174].

Financial Data and Key Metrics Changes - The company reported revenue of $146 million for Q2 2022, a decrease of 13% compared to the prior quarter, primarily due to lower volume [38] - Operating cash flow was strong at $120 million, consistent with the prior year [44] - Earnings for the quarter were $71.1 million or $1.08 per share, with adjusted earnings at $0.81 per share after accounting for a discrete tax benefit [43] - The adjusted EBITDA margin remained healthy at 78%, in line with the same quarter a year ago [9] Business Line Data and Key Metrics Changes - The royalty segment contributed $42 million in revenue, a decrease of 22% year-over-year, attributed to lower contributions from Cortez, Peñasquito, and Voisey's Bay [31] - The streaming segment generated revenue of $105 million, down about 8% from the prior year quarter, with lower contributions from Pueblo Viejo and Andacollo [32] Market Data and Key Metrics Changes - Gold prices increased by approximately 3%, while silver and copper prices rose by 15% and 2%, respectively [38] - Gold accounted for 71% of total revenue, followed by copper at 14% and silver at 11% [38] Company Strategy and Development Direction - The company aims to strengthen and diversify its portfolio of precious metals, royalties, and streams by acquiring high-quality assets [50] - Recent transactions, including the Great Bear and Cortez Royalty acquisitions, align with the company's strategy of focusing on people, place, and project [12][18] - The company has committed over $1 billion towards a mix of assets expected to provide meaningful gold revenue and exploration potential [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the recently acquired royalties, emphasizing their strategic fit and low-risk jurisdictions [12][18] - The company remains on track to achieve its production guidance of 315,000 to 340,000 gold equivalent ounces for the full year 2022 [44] Other Important Information - The company ended the quarter with a cash balance of $281 million and remained debt-free [10] - A commitment to dividends was reaffirmed, with a payment of $0.35 per share during the quarter [11] - The company is focused on ESG initiatives, hiring a VP of Investment Stewardship to enhance its efforts in sustainability [11] Q&A Session Summary Question: Impact of provisional pricing on revenue - Management noted limited exposure to provisional pricing adjustments, with the largest exposure being the 3% NSR royalty at Robinson, which contributes only 1.5% to 2% of total revenue [56][59] Question: Differences in depreciation rates for accounting versus tax purposes - Management confirmed that the new Cortez Royalty would be subject to a 21% corporate tax rate, with the Nevada net proceeds tax also applicable [60][62] Question: Silver recovery issues at Pueblo Viejo - Management explained that ongoing bottlenecks in the silver recovery process are expected to continue until the expansion project is completed [63][65] Question: Future growth and liquidity for acquisitions - Management indicated that the company has sufficient liquidity for future growth opportunities, with a $1 billion credit facility available [80][81] Question: Potential for increasing exposure at Red Chris and Cortez - Management stated that they are open to discussions regarding increasing exposure but emphasized the importance of evaluating the people, place, and project criteria [89] Question: Interaction of the new Cortez royalty with existing royalties - Management clarified that the new royalty would be calculated based on total production and existing royalty deductions, with expectations for resource growth driving the investment thesis [96][98]

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 ...