Press release
Royal Gold Announces Acquisition of Additional Royalty Interests on the World-Class Cortez Gold Complex in Nevada and Outlines Simplified Approach to Describing Royal Gold’s Multiple Royalty Interests at Cortez
DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today that
About this update from Royal Gold, Inc.
[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nRoyal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today that its wholly owned subsidiary, RG Royalties, LLC, has acquired two portions of a gross smelter return royalty (the “Idaho Royalty”) that together cover a large area including the Cortez mine operational area and the entirety of the Fourmile development project in Nevada (the “Cortez Complex”) from certain holders who are successors in interest to Idaho Mining Corporation for cash consideration of $204.1 million. The area within the Cortez Complex is owned or controlled by Nevada Gold Mines LLC (“NGM”), a joint venture between Barrick Gold Corporation (“Barrick”) (61.5% owner and operator) and Newmont Corporation (“Newmont”) (38.5% owner), with the exception of the Fourmile development project which is 100% owned and operated by Barrick.\n\n“With this transaction we have further consolidated our royalty position at the world-class Cortez Complex,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “Cortez is a cornerstone asset for Royal Gold and this acquisition increases and expands our interest at one of the world’s most prolific gold mines, which is operated by two of the leading companies in the gold business. We have consistently worked to enhance and extend the average life of the Royal Gold portfolio and this transaction again demonstrates our successful execution of this long-term strategy.”\n\n“The royalty covers areas similar to those covered by the Rio Tinto royalty that we acquired in August, 2022, with the important difference that the Idaho Royalty includes the existing Robertson deposits. We recognize that our royalty coverage of the Cortez Complex has grown to become more complicated, so as part of this announcement we are introducing a simplified approach to describing our multiple royalty interests across the Cortez Complex,” continued Mr. Heissenbuttel. “This simplification should highlight our exposure to Cortez and align our disclosure with that of NGM.”\n\nAcquisition Highlights\n\n\nCash acquisition of life of mine gross royalty provides Royal Gold shareholders with immediate revenue and increased exposure to the Cortez Complex: The Idaho Royalty is currently generating revenue and covers a total area of approximately 630 square miles with...