Slide 1: Fourth Quarter and Full Year 2022 Results
Fourth Quarter and Full Year 2022 Results February 16, 2023
Slide 2: Cautionary Statements
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 futur
Slide 3: Today's Speakers
Today’s Speakers Mark Isto Bill Heissenbuttel Paul Libner Martin Raffield Executive VP and COO President and CEO CFO and Treasurer Vice President, Operations Royal Gold Corp. ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2022 RESULTS | FEBRUARY 16, 2023 3
Slide 4: Calendar Year 2022 Overview
Calendar Year 2022 Overview • Highlights • Revenue of $603.2M • Cash flow from operations of $417.3M • Net income of $239.0M, or $3.63/share • $3.43/share after adjustments1 • $91.9M dividends paid • Available liquidity of approximately $550M • Strategic achievements • Acquired royalty on the Great
Slide 5: 2022 Performance Compared to Guidance
2022 Performance Compared to Guidance • Actual performance was in line with 2022 GEO2, DD&A and tax rate guidance Actual Jan. 1 – Dec. 31, 2022: Guidance(i)(ii) Actual Guidance average pricing(i) pricing(iii) Total GEO Sales GEO 315,000 – 340,000 336,600 335,100 Includes 3,000 GEO(i) from Cortez Gol
Slide 6: Q4 2022 Revenue $163.0M
Q4 2022 Revenue GEOs2 of 94,400 and revenue of $163.0 million Royalty Segment Stream Segment $54.0M $108.9M 33% -7% YoY -2% YoY Lower contribution $163.0M Higher contribution from Peñasquito and from Mount Milligan Leeville and Xavantina 67% Higher contribution Lower contribution from Cortez Legacy
Slide 7: Summary of Cortez Complex Interests
Summary of Cortez Complex Interests Simplified Royalty Detailed Royal Gold Royalty Coverage and Rates Rates Rio Tinto Idaho Legacy Royalties2 Royalty Royalty Mine/Deposit/Area Mine Type Ore Process Approximate Royalty Rate Blended GSR Rate 1 Royalty Approximate Royalty Rate Royalty Rate 8 Applicable
Slide 8: Operator Updates
Operator Updates3 Khoemacau4 • Ramp-up to target 10,000 t/d achieved December 2022 • Zone 5 average production of 1.8-2.0M oz/year expected over 20-year mine life Pueblo Viejo • Plant expansion in commissioning; new tailings facility in permitting • 6.5M oz of resources converted to reserves (60% Ba
Slide 9: Operator Updates
Operator Updates3 Wassa • 2022 production of 171,000 oz • Exceeded 155,000 to 170,000 oz guidance range • Expect 2023 production of 180,000 oz • Work continues on the 242 portal and Southern extension development Great Bear • Maiden resource announced • 5M oz gold (2.7M oz Indicated, 2.3M oz Inferre
Slide 10: Q4 2022 Revenue
Q4 2022 Revenue TOTAL REVENUE AVERAGE METAL PRICES* Q4 2022 REVENUE BY METAL -3% -4% -9% $168.5M 73% $23.33 $163.0M $1,795 $1,726 $21.17 12% GOLD -18% COPPER $4.40 $3.63 11% SILVER Dec. Q Q4 '22 Dec. Q Q4 '22 Dec. Q Q4 '22 '21** '21** '21** Gold Silver Copper Others Dec. Q '21** Q4 '22 Gold Silver C
Slide 11: Q4 2022 Financial Results
Q4 2022 Financial Results • $163.0M revenue • $8.8M G&A • $49.2M DD&A, or $521/GEO2 • $6.1M interest expense • 18.2% effective tax rate • $56.4M net income, or $0.86/share • $59.7M net income, or $0.91/share, adjusted1 to exclude: • $4.3M, or $0.07/share – impairment of exploration-stage royalty int
Slide 12: December 31, 2022 Liquidity
December 31, 2022 Liquidity • $575M drawn on revolving credit facility • Approximately $550 of liquidity available: December 31, 2022 Amount (US$ M) Undrawn revolving credit facility 425 Working capital 122 Total available liquidity $547 • No other material outstanding near-term commitments ROYAL GO
Slide 13: Endnotes
Endnotes 1. Adjusted net income and adjusted net income per share are non-GAAP financial measures. See Schedule A to the accompanying press release dated February 15, 2023, for more information. 2. Gold Equivalent Ounces (“GEOs”) are calculated as reported revenue (in total or by reportable segment)
Slide 14: Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com