Press release
Royal Gold Reports Steady Portfolio and Financial Performance for the Second Quarter of 2023
DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) reports net
About this update from Royal Gold, Inc.
[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nRoyal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) reports net income of $63.4 million, or $0.97 per share, for the quarter ended June 30, 2023, (“second quarter”) on revenue of $144.0 million and operating cash flow of $107.9 million. Adjusted net income1 was $57.2 million, or $0.88 per share.\n\n\nSecond Quarter 2023 Highlights:\n\n\n\nSolid financial results with revenue of $144.0 million, operating cash flow of $107.9 million and earnings of $63.4 million\n\n\n\nRevenue split: 77% gold, 15% silver, 6% copper\n\n\n\nProduction volume of 72,900 GEOs2\n\n\n\nMaintained high adjusted EBITDA margin1 of 80%\n\n\n\nDebt reduced to $400 million after $100 million repayment\n\n\n\nTotal available liquidity increased to $702 million\n\n\n\nRevolving credit facility maturity extended to June 28, 2028\n\n\n\nPaid quarterly dividend of $0.375 per share, a 7% increase over the prior year period\n\n\n\nEntered into binding commitment to acquire royalty interests on the producing Serrote and Santa Rita mines for $250 million\n\n\n\n“Our second quarter was relatively quiet and the portfolio provided another quarter of solid cash flow,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “We repaid $100 million of our outstanding revolving credit facility balance and grew our liquidity to over $700 million by the end of the quarter. We also extended the term of our $1 billion revolving credit facility a further two years to mid-2028, which ensures continued access to a key non-dilutive and flexible financing tool. We greatly appreciate the continued support of our bank group.”\n\n\n“We remain active on the business development front and we entered into a binding commitment letter to provide royalty financing to help create ACG Electric Metals, an emerging supplier of battery metals to the EV supply chain,” continued Mr. Heissenbuttel. “We are working alongside the other parties in the transaction towards closing, which we now anticipate could occur within the coming weeks. Upon successful closing we will have precious metal royalty interests on two producing base-metal mines in Brazil with long-term potential, operated by a well-established team. Our role in this transaction demonstrates how our financing product can be applied to unique M&...