Press release
Royal Gold Reports Strong Start to 2024 with Significant Liquidity Increase
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 $47.2 million, or $0.72 per share, for the quarter ended March 31, 2024, (\"first quarter\") on revenue of $148.9 million and operating cash flow of $138.3 million. Adjusted net income1 was $59.8 million, or $0.91 per share.\n\n\nFirst Quarter 2024 Highlights:\n\n\n\nSolid financial results with revenue of $148.9 million, operating cash flow of $138.3 million and earnings of $47.2 million\n\n\n\nRevenue split: 75% gold, 13% silver, 9% copper\n\n\n\nSales volume of 71,900 GEOs2\n\n\n\nSustained high adjusted EBITDA margin1 of 79%\n\n\n\nRepaid $100 million of debt, reducing total debt to $150 million\n\n\n\nTotal available liquidity increased to $966 million\n\n\n\nPaid quarterly dividend of $0.40 per share, a 7% increase over the prior year period\n\n\n\nAdditional Mount Milligan agreement provides near-term consideration in return for long-term support that allows for an extended mine life\n\n\n\nReceived repayment of $37.0 million Khoemacau loan facility\n\n\n\nPost Quarter Events:\n\n\n\nRepaid $75 million of debt, further reducing total debt to $75 million\n\n\n\n“Our portfolio performed well during the first quarter and we started 2024 off on a positive note,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “Our low and stable cost structure meant that we were able to benefit from the record gold price and our underlying cash flow from operations was solid for the quarter. In addition, we received payments from Centerra and MMG during the quarter, which combined with our cash flow, allowed us to repay $175 million of debt already in 2024. We have now rebuilt our available liquidity to approximately $1 billion.\"\n\n\n\"During the quarter we also announced an additional agreement with Centerra that we expect will unlock significant long-term value from the large resource base around the Mount Milligan mine,\" continued Mr. Heissenbuttel. \"We were able to complete a mutually beneficial agreement, and we are looking forward to seeing how Centerra progresses its plans to surface the upside at Mount Milligan and add to the mine life beyond 2035.\"\n\n\n\n\n1\n\n\n\n\n\n\n \n\n\n\n\n\n\nAdjusted net income, adjusted net income per share and adjusted E...