Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Q1 2023 Earnings Presentation
12 slides from Royal Gold's earnings presentation, May 4, 2023
Slide 1: First Quarter 2023 Results
First Quarter 2023 Results May 4, 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 Executive VP and COO President and CEO CFO and Treasurer Royal Gold Corp. ROYAL GOLD, INC. | FIRST QUARTER 2023 RESULTS | MAY 4, 2023 3
Slide 4: Q1 2023 Overview
Q1 2023 Overview • Highlights • Revenue of $170.4M • Cash flow from operations of $108.7M • Net income of $63.9M, or $0.97/share • $0.96/share after adjustments1 • $24.6M dividends paid • $75M repayment on revolving credit facility • Available liquidity of approximately $634M • Notable recent develo
Slide 5: Q1 2023 Revenue $170.4M
Q1 2023 Revenue GEOs2 of 90,200 and revenue of $170.4 million Royalty Segment Stream Segment $55.4M $115.0M 33% -3% YoY +9% YoY Higher contribution $170.4M Higher contribution from Cortez Legacy from Mount Milligan, Zone, and new Khoemacau, revenue from Cortez 67% Xavantina and CC Zone and King of R
Slide 6: Stream Delivery and Sales Sequence for Concentrate Producers
Stream Delivery and Sales Sequence for Concentrate Producers SMELTING/ REFINING SHIPPING MINE SITE PRODUCTION SALES DELIVERY TO NEXT DELIVERY ROYAL GOLD TO ROYAL GOLD Can be up to 5 months Timing is variable • Usually ~ 5 months for Mount Milligan • Goal is to sell each delivery over and Andacollo t
Slide 7: Operator Updates
Operator Updates3 Khoemacau4 • Production at nameplate capacity continued through Q1 • Silver production guidance of 1.5-1.7M oz for 2023 • In line with mine plan given lower silver grade at top of Zone 5 ore body Pueblo Viejo • Plant expansion in commissioning, expected to start ramp up in Q2 • Dec
Slide 8: Q1 2023 Revenue
Q1 2023 Revenue TOTAL REVENUE AVERAGE METAL PRICES* Q1 2023 REVENUE BY METAL +1% +5% $170.4M $1,890 71% $1,877 $162.4M -6% 14% $24.01 $22.55 -11% COPPER GOLD $4.53 $4.05 12% SILVER Q1 '22 Q1 '23 Q1 '22 Q1 '23 Q1 '22 Q1 '23 Gold Silver Copper Others Q1 '22 Q1 '23 Gold Silver Copper * LBMA PM fixing p
Slide 9: Q1 2023 Financial Results
Q1 2023 Financial Results • $170.4M revenue • $11.0M G&A • $46.3M DD&A, or $514/GEO2 • $9.2M interest expense • 19.9% effective tax rate • $63.9M net income, or $0.97/share • $63.3M net income, or $0.96/share, adjusted1 to exclude: • $0.8M, or $0.01/share – change in fair value in equity securities
Slide 10: March 31, 2023 Liquidity
March 31, 2023 Liquidity • $500M drawn on revolving credit facility • $75M repayment made March 6, 2023 • Approximately $634 of liquidity available: March 31, 2023 Amount (US$ M) Undrawn revolving credit facility 500 Working capital 134 Total available liquidity $634 • No other material outstanding
Slide 11: 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 May 3, 2023, for more information. 2. Gold Equivalent Ounces (“GEOs”) are calculated as reported revenue (in total or by reportable segment) for a
Slide 12: Investor Relations Contact Details
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com