Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — FY2024 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 Exhibit 99.2
Slide 2: Cautionary Statements
2ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 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 a
Slide 3: Today's Speakers
3ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 Today’s Speakers Dan Breeze SVP, Corporate Development RGLD Gold AG Bill Heissenbuttel President and CEO Paul Libner SVP and CFO Martin Raffield SVP, Operations
Slide 4: Calendar Year 2024 Overview
4ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 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 $
Slide 5: 2024 Performance Compared to Guidance
5ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 2024 Performance Compared to Guidance Commentary2024 Actual Results 2024 Guidance Ranges(i) Total Sales: In line228,700 oz215,000 – 230,000 ozGold Slightly missed; impacted by Pueblo Viejo silver recovery3.1 M oz3.2 –
Slide 6: Acquisition of Royalty on Cactus Project
6ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 Acquisition of Royalty on Cactus Project • Close to road, rail, power infrastructure, and city of Casa Grande • Operated by Arizona Sonoran Copper Company (ASCU) Brownfield copper development project located on private
Slide 7: Cactus Royalty Details
7ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 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 • Exp
Slide 8: Q4 2024 Revenue by Segment
8ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 62% 38% Q4 2024 Revenue GEOs2 of 76,100 $202.6M Total Revenue Royalty Segment $77.8M Stream Segment $124.8M +43% YoY Higher contribution from Peñasquito, Manh Choh, Bellevue, Robinson Lower contribution from Cortez Leg
Slide 9: Operator Updates: Cortez Complex and Pueblo Viejo
9ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 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 2
Slide 10: Operator Updates: Andacollo and Khoemacau
10ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 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
Slide 11: Q4 2024 Revenue
11ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 Q4 2024 Revenue * LBMA PM fixing price for gold, LBMA daily fixing price for silver, LME settlement price for copper. Gold Silver Copper Others AVERAGE METAL PRICES* $1,971 $2,663 Q4 '23 Q4 '24 Gold $23.20 $31.38 Q4 '
Slide 12: Q4 2024 Financial Results
12ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 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
Slide 13: Liquidity
13ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 December 31, 2024 Liquidity • $0M debt at December 31, 2024 • Approximately $1.2B of liquidity available: • No material financial commitments Amount (US$ M) December 31, 2024 1,000Undrawn revolving credit facility 190
Slide 14: Endnotes
14ROYAL GOLD, INC. | FOURTH QUARTER AND FULL YEAR 2024 RESULTS | FEBRUARY 13, 2025 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 Oun
Slide 15: Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com