Press release
Royal Gold Reports Strong Second Quarter Financial Results and a Return to a Net Cash Position
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 $81.2 million, or $1.23 per share, for the quarter ended June 30, 2024, (\"second quarter\") on revenue of $174.1 million and operating cash flow of $113.5 million. Adjusted net income1 was $82.6 million, or $1.25 per share.\n\n\nSecond Quarter 2024 Highlights:\n\n\n\nStrong financial results with revenue of $174.1 million, operating cash flow of $113.5 million and earnings of $81.2 million; after minor adjustments, adjusted earnings were a quarterly record\n\n\n\n\nRevenue split: 74% gold, 13% silver, 10% copper\n\n\n\n\nSales volume of 74,500 GEOs2\n\n\n\n\nSustained high adjusted EBITDA margin1 of 81%\n\n\n\n\nRepaid $100 million of debt, reducing total debt to $50 million\n\n\n\n\nTotal available liquidity was approximately $1 billion, and balance sheet returned to net cash position\n\n\n\n\nPaid quarterly dividend of $0.40 per share, a 7% increase over the prior year period\n\n\n\n\nAcquired additional royalties on the Back River Project for cash consideration of $51 million\n\n\n\nPost Quarter Events:\n\n\n\nRepaid further $25 million of debt, reducing total debt to $25 million\n\n\n\n“The second quarter of 2024 was an excellent quarter for Royal Gold, with near-record revenue, and increased operating cash flow and earnings. After minor adjustments, earnings for the quarter were a quarterly record,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “Our portfolio performed well and benefited from the record high quarterly gold price, and we took advantage of the strong results to continue to pay down our debt. Including a further repayment in July, we have repaid $225 million of debt so far in 2024 and have now returned to a net cash position with total available liquidity of approximately $1 billion.\"\n\n\n\"We also reinvested in the business and acquired additional royalty interests at the Back River Gold District, including the Goose Project, in Nunavut for $51 million,\" continued Mr. Heissenbuttel. \"The acquisition increases our exposure to an attractive development project in a stable jurisdiction with an experienced operator. The Goose Project is one of the most unique gold projects under development globally in terms of scale and economi...