Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Q4 2024 Earnings Presentation
15 slides from Royal Gold's earnings presentation, Feb 13, 2025
Slide 1: Fourth Quarter and Full Year 2024 Results
Fourth Quarter and Full Year 2024 Results February 13, 2025
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 Dan Breeze President and CEO SVP and CFO SVP, Operations SVP, Corporate Development RGLD Gold AG ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 3
Slide 4: Calendar Year 2024 Overview
Calendar Year 2024 Overview • Highlights • Record revenue of $719.4M • Record cash flow from operations of $529.5M • Record net income of $332.0M, or $5.04/share • After adjustments,1 record net income of $346.4M, or $5.26/share • $105.2M dividends paid • Raised dividend for 24th consecutive year •
Slide 5: 2024 Performance Compared to Guidance
2024 Performance Compared to Guidance 2024 Guidance 2024 Actual Commentary Ranges(i) Results Total Sales: Gold 215,000 – 230,000 oz 228,700 oz In line Slightly missed; impacted by Pueblo Viejo silver Silver 3.2 – 3.8 M oz 3.1 M oz recovery Copper 14.0 – 16.0 M lb 16.1 M lb Slightly exceeded Other Me
Slide 6: Acquisition of Royalty on Cactus Project
Acquisition of Royalty on Cactus Project Brownfield copper development project located on private land 70km south of Phoenix, Arizona • Close to road, rail, power infrastructure, and city of Casa Grande • Operated by Arizona Sonoran Copper Company (ASCU) • Mined 1974-1984 by ASARCO • Acquired by ASC
Slide 7: Cactus Royalty Details
Cactus Royalty Details • $55M acquisition price for 2.5% NSR royalty • Subject to buyback of 0.5% for $7M (by July 10, 2025) • Royalty coverage: • 50-60% of Parks/Salyer deposit, 100% of Cactus East/West deposits • Expect first royalty payment in year 5 • Royalty payments will be quarterly within 30
Slide 8: Q4 2024 Revenue
Q4 2024 Revenue GEOs2 of 76,100 Royalty Segment Stream Segment $77.8M $124.8M +43% YoY 38% +27% YoY Higher contribution $202.6M Higher contribution from Peñasquito, Manh Total Revenue from Mount Milligan, Choh, Bellevue, 62% Rainy River, Pueblo Robinson Viejo and Wassa Lower contribution from Cortez
Slide 9: Operator Updates
Operator Updates3 Cortez Complex • Near term production (100%) • 2025 guidance 680,000 – 765,000 oz • 2027 production >1M oz driven by Crossroads and Goldrush • Longer term growth projects • Robertson ROD received Q4 2024 • Fourmile PFS to start in 2025 • Continued exploration at Hanson and Swift Pu
Slide 10: Operator Updates
Operator Updates3 Andacollo • Water availability risk mitigation plans implemented • Improved mill throughput in H2 2024 • Copper production guidance 45-55 kt for 2025 – 2027 • 26% increase to guidance mid-point over 2024 Khoemacau • Copper production guidance 43-53 kt for 2025 • 23% increase to gui
Slide 11: Q4 2024 Revenue
Q4 2024 Revenue TOTAL REVENUE AVERAGE METAL PRICES* Q4 2024 REVENUE BY METAL +33% +35% +35% +13% $202.6M $2,663 $31.38 $4.17 $3.70 9% COPPER 77% GOLD $152.7M $1,971 $23.20 10% SILVER Q4 '23 Q4 '24 Q4 '23 Q4 '24 Q4 '23 Q4 '24 Q4 '23 Q4 '24 Gold Silver Copper Others Gold Silver Copper * LBMA PM fixing
Slide 12: Q4 2024 Financial Results
Q4 2024 Financial Results • $202.6M revenue • $8.9M G&A • $33.7M DD&A, or $444/GEO2 • $1.4M interest and other expense • 19.5% effective tax rate • $107.4M net income, or $1.63/share • $141.1M operating cash flow • Q1 2025 expected stream segment sales 40,000 – 45,000 GEOs2 ROYAL GOLD, INC. | FOURTH
Slide 13: December 31, 2024 Liquidity
December 31, 2024 Liquidity • $0M debt at December 31, 2024 • Approximately $1.2B of liquidity available: December 31, 2024 Amount (US$ M) Undrawn revolving credit facility 1,000 Working capital 190 Total available liquidity $1,190 • No material financial commitments ROYAL GOLD, INC. | FOURTH QUARTE
Slide 14: 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 12, 2025, for more information. 2. Gold Equivalent Ounces (“GEOs”) are calculated as reported revenue (in total or by reportable segment)
Slide 15: Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com