Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — FY2023 Earnings Presentation
13 slides from Royal Gold's earnings presentation, Feb 15, 2024
Slide 1: Fourth Quarter and Full Year 2023 Results
Fourth Quarter and Full Year 2023 Results February 15, 2024
Slide 2: Cautionary Statements
Cautionary Statements Forward-Looking Statements: This presentation and the accompanying webcast include “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
Slide 3: Today's Speakers
Today’s Speakers Bill Heissenbuttel Paul Libner Martin Raffield President and CEO CFO and Treasurer Vice President, Operations ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2023 RESULTS | FEBRUARY 15, 2024 3
Slide 4: Calendar Year 2023 Overview
Calendar Year 2023 Overview • Highlights • Revenue of $605.7M • Cash flow from operations of $415.8M • Net income of $239.4M, or $3.63/share • $3.53/share after adjustments1 • $98.6M dividends paid • Raised dividend for 23rd consecutive year • $325M repaid on revolving credit facility • Available li
Slide 5: 2023 Performance Compared to Guidance
2023 Performance Compared to Guidance Actual Jan. 1 – Dec. 31, 2023: Guidance(i) Actual Guidance average pricing(i) pricing(ii) Total GEO2 Sales GEO 320,000 – 345,000 315,600 312,100 Events impacting GEO sales included: 1. Peñasquito production suspension Gold Oz 235,000 – 250,000 238,500 238,100 du
Slide 6: Q4 2023 Revenue $152.7M
Q4 2023 Revenue GEOs2 of 77,500 Royalty Segment Stream Segment $54.4M $98.3M 36% +1% YoY -10% YoY Higher contribution $152.7M Higher contribution from Cortez Legacy from Andacollo, Zone and CC Zone 64% Xavantina and Lower contribution Rainy River from Peñasquito and Lower contribution Voisey’s Bay f
Slide 7: Operator Updates
Operator Updates3 Mount Milligan • Mine life extended to 2035 • Additional activity underway to review further extension • 2024 guidance: 180,000 – 200,000 oz gold, 55 – 65M lb copper Pueblo Viejo • Plant expansion construction and commissioning substantially complete • Silver deliveries of 223,000
Slide 8: Operator Updates
Operator Updates3 Andacollo • Drought conditions affecting production levels • 2024 production expected to be in line with 2023 • Production expected to increase with higher ore grades in 2025 through 2027 Khoemacau • MMG Resources Ltd. acquisition expected to close by end of February • $25M subordi
Slide 9: Q4 2023 Revenue
Q4 2023 Revenue TOTAL REVENUE AVERAGE METAL PRICES* Q4 2023 REVENUE BY METAL -6% +14% +10% +2% $1,971 $23.20 $163.0M 8% 80% $3.70 $3.63 $152.7M $1,726 $21.17 COPPER GOLD 10% SILVER Q4 '22 Q4 '23 Q4 '22 Q4 '23 Q4 '22 Q4 '23 Gold Silver Copper Others Q4 '22 Q4 '23 Gold Silver Copper * LBMA PM fixing p
Slide 10: Q4 2023 Financial Results
Q4 2023 Financial Results • $152.7M revenue • $9.7M G&A • $40.1M DD&A, or $518/GEO2 • $6.0M interest expense • 17.5% effective tax rate • $62.8M net income, or $0.95/share • $101.1M operating cash flow • Q1 expected stream segment sales 47,000 – 52,000 GEOs2 ROYAL GOLD, INC. | FOURTH QUARTER AND FUL
Slide 11: December 31, 2023 Liquidity
December 31, 2023 Liquidity • $250M drawn on revolving credit facility • $75M repayment made December 6, 2023 • Approximately $845 of liquidity available: December 31, 2023 Amount (US$ M) Undrawn revolving credit facility 750 Working capital 95 Total available liquidity $845 • No material financial
Slide 12: 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 14, 2024, for more information. 2. Gold Equivalent Ounces (“GEOs”) are calculated as reported revenue (in total or by reportable segment)
Slide 13: Investor Relations Contact
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com