Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Mining Forum Europe 2025
80 slides from Royal Gold's conference presentation, April 2025
Slide 1: Mining Forum Europe
Mining Forum Europe April 2025
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: Precious Metals Exposure with Consistent Financial Performance
Precious Metals Exposure with Consistent Financial Performance OVERVIEW LOW RISK GOLD LEVERAGE & OPTIONALITY BUSINESS DEVELOPMENT MARKET DISCIPLINED APPROACH TO GROWTH A UNIQUE COMPANY ROYAL GOLD, INC. | MINING FORUM EUROPE | APRIL 2025 3
Slide 4: Company Overview
Company Overview Opportunity to capture value in the precious metals sector without incurring many of the costs and risks associated with mining operations Dual Business Segments… …Across A Diverse, Gold-Focused Portfolio… …With Standout Performance Royalty Interests: 175 17 $719M 301,500 An interes
Slide 5: Royal Gold is Large Enough to Compete, Small Enough to Show Growth
Royal Gold is Large Enough to Compete, Small Enough to Show Growth • Significant cash flow provides $1,028.0 a source of financing for large $829.5 transactions Operating Cash Flow1 ($M) Market Capitalization2 ($B) • “Small” transactions, like Khoemacau ($265M), can move the needle for Royal $529.5
Slide 6: Global Portfolio in Attractive Jurisdictions
Global Portfolio in Attractive Jurisdictions PRINCIPAL PROPERTIES 3 1 ANDACOLLO Region IV, Chile 2 CORTEZ Nevada, USA 2 4 3 MOUNT MILLIGAN British Columbia, Canada 4 PUEBLO VIEJO Sanchez Ramirez, Dominican Republic 1 42 PRODUCING 175 18 DEVELOPMENT 50 EVALUATION PROPERTIES1 65 EXPLORATION 1 - As of
Slide 7: Sound Investment Stewardship Practices are Fundamental to Success
Sound Investment Stewardship Practices are Fundamental to Success Materially better market perception with improved disclosure 60 50 SEVERE RISK 40 RATING HIGH 30 23.4 22.8 MEDIUM 18.8 20 9.1 9.7 10.9 10 LOW 0 2019 2020 2021 2022 2023 2024 Source: Sustainalytics AAA 7 ESG AA 6 AA AA AA AA RATING 5A
Slide 8: Trading at Historically Attractive Multiples
Trading at Historically Attractive Multiples P / NAV P / CF 1.88x 18.5x 3.5x 60x 3.0x 50x 2.5x 40x 2.0x 1.88x 30x 1.5x 20x 18.5x 1.0x 0.5x 10x 0.0x 0x Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Ja
Slide 9: Precious Metals Exposure with Consistent Financial Performance
Precious Metals Exposure with Consistent Financial Performance OVERVIEW LOW RISK GOLD LEVERAGE & OPTIONALITY BUSINESS DEVELOPMENT MARKET DISCIPLINED APPROACH TO GROWTH A UNIQUE COMPANY ROYAL GOLD, INC. | MINING FORUM EUROPE | APRIL 2025 9
Slide 10: Exposure to Gold and Optionality with Reduced Risks
Exposure to Gold and Optionality with Reduced Risks Exploration No Direct No Direct Exposure Portfolio Sustainable Upside / Exposure to Exposure to to Gold Diversification Dividend Optionality Operating Costs Capital Costs ETFs, Bars and Coins Senior Operating Companies Junior Operating Companies De
Slide 11: Exposure to Resource Growth and Metal Price Optionality
Exposure to Resource Growth and Metal Price Optionality Mine expansions and resource growth can significantly enhance returns with no cost to Royal Gold PUEBLO VIEJO WASSA Millions of Gold Ounces5 95% Millions of Gold Ounces of Initial Investment 3.4 Recovered6 170% of Initial Investment Recovered5
Slide 12: Cost Structure and Business Model Reduce Inflation Exposure
Cost Structure and Business Model Reduce Inflation Exposure Operator costs tend to increase with commodity prices while Royal Gold’s costs remain stable Comparison of Cost Structures: Royal Gold Cash G&A Expense3: US$/oz 1000 Metal Price Royalty Dependent 900 TCRC & Shipment 800 8% 5% Salaries 700 O
Slide 13: Gold Leverage with Market-Leading Return
Gold Leverage with Market-Leading Return A stable, sustainable investment… …with a heritage of market outperformance (5/22/06 – 2/28/25) Indexed since the formation of the GDX 5.5 1.78 Beta vs. Gold Price RGLD 5.0 5.05 Will provide higher GDX 4.72 leverage to gold… 4.5 β Gold Spot Gold 4.0 SP500 3.9
Slide 14: Precious Metals Exposure with Consistent Financial Performance
Precious Metals Exposure with Consistent Financial Performance OVERVIEW LOW RISK GOLD LEVERAGE & OPTIONALITY BUSINESS DEVELOPMENT MARKET DISCIPLINED APPROACH TO GROWTH A UNIQUE COMPANY ROYAL GOLD, INC. | MINING FORUM EUROPE | APRIL 2025 14
Slide 15: Stream and Royalty Financing is Significant
Stream and Royalty Financing is Significant Stream and royalty financing has become a mainstream source of capital to the global mining industry $25.8B Streaming is a flexible product that is relevant throughout the commodity cycle Total Stream Investments by all companies 4% Primarily Balance Prima
Slide 16: Robust Due Diligence Drives Disciplined Approach to Acquisitions
Robust Due Diligence Drives Disciplined Approach to Acquisitions Due diligence process includes: • Technical • Legal • Financial/Credit analysis − Geology, reserve/resource − Title, permitting, mining law • Management references definition • ESG − Mining − Environmental impact − Metallurgy − Social
Slide 17: Precious Metals Exposure with Consistent Financial Performance
Precious Metals Exposure with Consistent Financial Performance OVERVIEW LOW RISK GOLD LEVERAGE & OPTIONALITY BUSINESS DEVELOPMENT MARKET DISCIPLINED APPROACH TO GROWTH A UNIQUE COMPANY ROYAL GOLD, INC. | MINING FORUM EUROPE | APRIL 2025 17
Slide 18: Accretive Growth Financed Without Significant Equity Dilution
Accretive Growth Financed Without Significant Equity Dilution Since calendar year 2000: $6.8B Revenue 76x Cumulative Revenue Operating Cash Flow 125x $4.4B Cumulative Operating Cash Flow Cash G&A Expenses 18x $383M Cum. Cash G&A1 Expenses Avg. Gold Price 9x Up to $2,386 /ounce Shares Outstanding 4x
Slide 19: Credit Facility is a Flexible and Strategic Financing Tool
Credit Facility is a Flexible and Strategic Financing Tool Credit facility is low-cost instrument to manage liquidity • $1B credit facility with uncommitted $250M accordion feature • Strong and diversified syndicate: BNS, CIBC, BofA, BMO, NBF, RBC, GS, TD Debt Outstanding1: $0 • Maturity date: June
Slide 20: Financing and Capital Allocation Strategy Drives Shareholder Returns
Financing and Capital Allocation Strategy Drives Shareholder Returns Financing strategy – prioritizes non-dilutive forms of capital in the order of: • Existing cash balances • Cash flow from operations • Debt (revolving credit facility) • Equity, when accretive 2024 Sources / Uses Liquidity1 $US M $
Slide 21: Precious Metals Exposure with Consistent Financial Performance
Precious Metals Exposure with Consistent Financial Performance OVERVIEW LOW RISK GOLD LEVERAGE & OPTIONALITY BUSINESS DEVELOPMENT MARKET DISCIPLINED APPROACH TO GROWTH A UNIQUE COMPANY ROYAL GOLD, INC. | MINING FORUM EUROPE | APRIL 2025 21
Slide 22: Business Model is Highly Efficient and Scalable
Business Model is Highly Efficient and Scalable ENTERPRISE VALUE1/EMPLOYEE2 TOTAL REVENUE/EMPLOYEE2 (US$ 000s as of December. 31, 2024) $969 $496 (US$ 000s 12 Mo. ended December. 31, 2024)3 $1,429 $950 $513 $1,540 $2,109 $513 $2,163 $842 $294,981 $24,807 $27,878 $2,786 $12,326 $1,791 $22,852 $2,384
Slide 23: Efficiency Drives High Margins
Efficiency Drives High Margins CASH FLOW METRICS1 US$ 719M Revenue Adjusted EBITDA2/Revenue 81% US$ 586M Adjusted EBITDA US$ 530M Operating Cash Flow Operating Cash Flow/Revenue 74% Cash G&A3 Expenses/Revenue 4% US$ 29M Cash G&A3 1 – Calendar 2024. 2 – Adjusted EBITDA is a non-GAAP financial measure
Slide 24: Growing and Sustainable Dividend Despite Gold Price Volatility
Growing and Sustainable Dividend Despite Gold Price Volatility Royal Gold is the only precious metal company in the S&P High Yield Dividend Aristocrats Index US$/share US$/oz $1.80 $3,200 15% Dividend Payout Ratio Gold Price $1.60 $2,800 Dividend CAGR $1.40 $2,400 (2000-2025) $1.20 $2,000 $1.00 $1.0
Slide 25: Growth Projects Underway at Producing and Development Assets
Growth Projects Underway at Producing and Development Assets Expansions, extensions and new production add to portfolio revenue and duration Catalysts for 2025 and beyond Mount Milligan PFS underway to define long-term outlook and potential mine life extension post 2035 Cortez Goldrush ramping up, F
Slide 26: Appendix
Appendix
Slide 27: Gold is a Unique Strategic Asset
Gold is a Unique Strategic Asset Gold is uncorrelated, and is a diversifier that provides a hedge against systemic risk, currency depreciation and inflation Correlation of Gold vs. US Stock Returns Value of Currencies and Broad Commodities Relative to Gold Annual Gold Return and Inflation Weekly ret
Slide 28: Stream/Royalty Acquisition Process
Stream/Royalty Acquisition Process Royal Gold’s role in the mining value chain can be tailored to fit the needs of the operating partner EXPLORATION DEVELOPMENT PRODUCTION Royal Gold Payment • Interest is typically in • Interest typically in • Interest typically in the form of a royalty, the form of
Slide 29: Stream/Royalty Detail
Stream/Royalty Detail From a cash flow perspective, streams and royalties are comparable in that the revenue from a stream less the ongoing cash price paid roughly equals a royalty-like interest in production ROYALTIES • Royalties are typically cash-settled Royal Gold • A royalty is typically struct
Slide 30: History of Stream Transactions 2004 – 2023
History of Stream Transactions 2004 – 2023 Most stream transactions have been smaller than $300M $400 < $500M $300 < $500M+ 50% $189M $400M <$100M Average Size $200 < 123 <$100M 15 $300M Transactions 2004-2023 Transactions >$500M 10 Balance sheet restructurings $100 < 4 Project Development $200M 1 M
Slide 31: ESG Overview: Sustainability Is Our Business Model
ESG Overview: Sustainability Is Our Business Model Royal Gold is committed to sustainability at the corporate and local levels, and seeks counterparties with leading approaches to ESG practices Environmental Social Governance Committed to analyzing and mitigating the Committed to supporting social c
Slide 32: Experienced Independent Directors
Experienced Independent Directors Highly capable, independent board, with deep experience across the gold sector William Hayes Fabiana Chubbs Kevin McArthur Independent Director Independent Director Independent Director Chair of the Board Retired CFO Retired Executive Retired EVP Project Eldorado Go
Slide 33: Experienced Management Team
Experienced Management Team Senior Management William Heissenbuttel Martin Raffield Paul Libner Randy Shefman Daniel Breeze President and CEO SVP, Operations SVP and CFO SVP and General SVP, Corporate of Royal Gold, Inc. Counsel Development, RGLD Gold AG Alistair Baker Jason Hynes Allison Forrest Da
Slide 34: Management Compensation Structure
Management Compensation Structure Short-term and long-term incentive program seeks to align compensation with the factors that drive and measure total shareholder return Compensation breakdown:1 • Short Term Incentives focused on financial, operational, strategic, and individual performance • Long T
Slide 35: US Domicile and Register are Unique
US Domicile and Register are Unique • Only U.S. based streaming and royalty company U.S. BASED • Member of >200 U.S. indices • 66M shares outstanding; lowest in the GDX index Register Breakdown Dominant Orientation Remainder Retail 12% 12% Passive Top 5 43% Other 42% Identifiable 26% Active Top 11-2
Slide 36: Shareholder Base Reflects Company’s Unique Position
Shareholder Base Reflects Company’s Unique Position Shareholder base is institutional with some unique characteristics • 38% of investors are Index investors • High-quality shareholder register, with large and long-term Investor Styles institutional investors comprising the majority of the register
Slide 37: The Right Assets Should Show Return Growth Over Time
The Right Assets Should Show Return Growth Over Time Assets with growth potential provide multiples of payback and higher returns as mine lives lengthen 19.5% 12.1% 9.8% 9.8% 9.6% IRR at Deal Date 9.1% 9.1% 7.6% IRR at December 2024 6.3% 6.6% 6.4% 6.4% 6.3% 4.1% 2.1% 2.3% 1.1% 0.4% 0.1% 0.4% Andacol
Slide 38: Assets with Growth Potential Provide Excess Returns Over Time
Assets with Growth Potential Provide Excess Returns Over Time Royal Gold has a track record of adding value through investing in assets with growth potential • As of December 31, 2024, cash flow received to date and forward Street estimates of stream/royalty net asset values exceed initial investmen
Slide 39: Our Investing Success Rate is High
Our Investing Success Rate is High Royal Gold is an effective steward of shareholder capital $5,000 • Royal Gold has invested ~$5.0Bn of capital in royalty and stream assets $4,986 • Impairments have been limited over a $4,000 long investing history • Impairments account for <3% of Total USD Million
Slide 40: Back River District: Additional Royalties Provide Further Exposure
Back River District: Additional Royalties Provide Further Exposure Royalties acquired for $51M cash consideration: Both royalties cover all reserves, resources and potential extensions thereof on the Back River Gold 1. Hill royalty District: • 0.7% NSR until receipt of C$5M royalty revenue, 0.35% NS
Slide 41: Back River District: Expected to be Long-Life Producer
Back River District: Expected to be Long-Life Producer Goose Project Production Guidance(i) Back River District Reserves and Resources 350 Tonnes Gold Grade Contained +310k oz +310k oz +310k oz +310k oz (M) (g/t) Gold 300 (M oz) Gold Production Forecast 250 P&P Reserves(ii) 18.7 5.97 3.6 M&I Resourc
Slide 42: Cortez Royalties: Exposure Covers the Entire Cortez Complex
Cortez Royalties: Exposure Covers the Entire Cortez Complex Transactions in 2022 expanded Royal Gold’s royalty exposure to the entirety of the Cortez Complex Legacy Royalty position Rio Tinto Royalty Idaho Royalty Acquired August 2, 2022 Acquired December 29, 2022 Notes: 1. Location of claim areas s
Slide 43: Overlapping Royalties at Cortez Create High Royalty Rates
Overlapping Royalties at Cortez Create High Royalty Rates 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 Roy
Slide 44: NGM Expects Significant Production Growth from the Cortez Complex
NGM Expects Significant Production Growth from the Cortez Complex Planned conversion of resources to reserves has potential to extend open pit operations to at least 2038 and underground operations to at least 2052 High gold production expected with mining of ore in the 1,400 Crossroads pit followin
Slide 45: Advancing High-Quality Targets a Continued Focus
Advancing High-Quality Targets a Continued Focus Focus on conversion and addition of inventory at CHUG, Cortez Pits, Crossroads and Robertson Swift2 Fourmile (100% Barrick) - NGM continuing to earn in - 2025 expenditure of $75-85M - Drilling has intersected higher-grade planned, including targeting
Slide 46: Great Bear Royalty: Adds Long-Term Duration, Scale, Optionality
Great Bear Royalty: Adds Long-Term Duration, Scale, Optionality Life of mine exposure to an emerging world-class project in Ontario operated by Kinross Gold 2.0%1 net smelter return royalty: • Life of mine without stepdowns or caps (except for Kinross option1) • Covers entirety of 9,140 ha Great Bea
Slide 47: Great Bear Project: September 2024 PEA
Great Bear Project: September 2024 PEA • Demonstrates top-tier production potential with ~500,000 oz of annual production • September 2024 PEA is a point-in-time estimate; upside potential for further resource and mine life additions as exploration progresses from depth Source: Kinross ROYAL GOLD, I
Slide 48: Great Bear Project: High-Grade Resource Additions at Depth
Great Bear Project: High-Grade Resource Additions at Depth • Mid-year 2024 resource update added ~0.5 million ounces to the total inferred resource • Kinross advancing steps to drill from underground to target high-grade mineralization at depth Mid-year 2024 resource: 2.7 M oz Indicated 3.9 M oz Inf
Slide 49: Optionality
Optionality Royal Gold seeks to provide exposure to resource growth and metal price optionality. Resource growth and mine life extensions can significantly enhance returns over time. Case Study Reserves & Resources Mine Life Contained Gold M oz Years Mulatos – Alamos Gold 2P Reserves • Royal Gold ac
Slide 50: World Gold Council – 247 Initiative
World Gold Council – 247 Initiative ROYAL GOLD, INC. | MINING FORUM EUROPE | APRIL 2025 50
Slide 51: Non-GAAP Measures
Non-GAAP Measures Overview of non-GAAP financial measures: Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation o
Slide 52: Non-GAAP Measures
Non-GAAP Measures Overview of non-GAAP financial measures: 4. Free cash flow is a non-GAAP financial measure that is calculated by the Company as net cash provided by operating activities for a period minus acquisition of stream and royalty interests for that same period. We believe that free cash f
Slide 53: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures Adjusted EBITDA, Adjusted EBITDA margin, net debt/cash and net debt/cash to TTM adjusted EBITDA: Three Months Ended Three Months Ended Year Ended December 31, December 31, December 31, September 30, June 30, March
Slide 54: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Cash G&A: Three Months Ended Year Ended December 31, December 31, (amounts in thousands) 2024 2023 2024 2023 General and administrative expense $ 8,909 $ 9,741 $ 40,934 $ 39,761 Non-cash employee stock comp
Slide 55: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Adjusted net income and adjusted net income per share: Three Months Ended Year Ended December 31, December 31, (amounts in thousands, except per share data) 2024 2023 2024 2023 Net income and comprehensive
Slide 56: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Free cash flow: Three Months Ended Year Ended December 31, December 31, (amounts in thousands) 2024 2023 2024 2023 Net cash provided by operating activities $ 141,053 $ 101,088 $ 529,503 $ 415,792 Acquisiti
Slide 57: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Total cash cost per GEO: The Year Ended December 31, (amounts in thousands, except gold price, GEO, and per GEO amounts) 2024 Total costs and expenses $ 289,496 Depreciation, depletion and amortization (144
Slide 58: Certain Other Measures
Certain Other Measures We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and wh
Slide 59: Other Disclaimers
Other Disclaimers DISCLAIMER STATEMENT FOR USE OF MSCI ESG RATING THE USE BY ROYAL GOLD OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION
Slide 60: Mineral Resources and Reserves for Portfolio Assets
Mineral Resources and Reserves for Portfolio Assets GOLD RESERVES Proven Probable Proven and Probable Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (%)
Slide 61: Mineral Resources and Reserves for Portfolio Assets
Mineral Resources and Reserves for Portfolio Assets GOLD RESERVES (Continued from previous page) Proven Probable Proven and Probable Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t) (koz) (kt) (g
Slide 62: Mineral Resources and Reserves for Portfolio Assets
Mineral Resources and Reserves for Portfolio Assets COPPER RESERVES Proven Probable Proven and Probable Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) (%) Foot
Slide 63: Mineral Resources and Reserves for Portfolio Assets
Mineral Resources and Reserves for Portfolio Assets COBALT RESERVES Proven Probable Proven and Probable Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) (%) Foot
Slide 64: Mineral Resources and Reserves for Portfolio Assets
Mineral Resources and Reserves for Portfolio Assets GOLD RESOURCES Measured Indicated (M) + (I) Inferred Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t) (koz) (kt) (g/t) (koz) (koz) (k
Slide 65: Mineral Resources and Reserves for Portfolio Assets
Mineral Resources and Reserves for Portfolio Assets GOLD RESOURCES (Continued from previous page) Measured Indicated (M) + (I) Inferred Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t)
Slide 66: Mineral Resources and Reserves for Portfolio Assets
Mineral Resources and Reserves for Portfolio Assets GOLD RESOURCES (Continued from previous page) Measured Indicated (M) + (I) Inferred Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t)
Slide 67: Mineral Resources and Reserves for Portfolio Assets
Mineral Resources and Reserves for Portfolio Assets SILVER RESOURCES Measured Indicated (M) + (I) Inferred Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t) (koz) (kt) (g/t) (koz) (koz)
Slide 68: Mineral Resources and Reserves for Portfolio Assets
Mineral Resources and Reserves for Portfolio Assets COPPER RESOURCES Measured Indicated (M) + (I) Inferred Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt)
Slide 69: Mineral Resources and Reserves for Portfolio Assets
Mineral Resources and Reserves for Portfolio Assets ZINC RESOURCES Measured Indicated (M) + (I) Inferred Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (
Slide 70: Mineral Resources and Reserves for Portfolio Assets
Mineral Resources and Reserves for Portfolio Assets COAL RESOURCES Measured Indicated (M) + (I) Inferred Metallurgical Current Stream/ Tonnes Tonnes Contained Tonnes Recovery Property Category Royalty Interest (kt) (kt) (kt) (kt) (%) Footnotes Horizon Coal Evaluation 0.50% GV (coal) 102,468 40,626 1
Slide 71: Footnotes for Mineral Resources and Reserves
Footnotes for Mineral Resources and Reserves General Footnotes Set forth below are the definitions of mineral resources and mineral reserves used by U.S. Securities and Exchange Commission under Regulation S-K Item 1300 (“SK-1300”). Mineral resource is a concentration or occurrence of material of ec
Slide 72: Footnotes for Mineral Resources and Reserves
Footnotes for Mineral Resources and Reserves Property-Specific Footnotes Metal prices are dollars per ounce for gold (Au) and silver (Ag) and dollars per pound for copper (Cu), lead (Pb), zinc (Zn), and nickel (Ni). GOLD 1. Andacollo resources and reserves are reported under CIM standards and have a
Slide 73: Footnotes for Mineral Resources and Reserves
Footnotes for Mineral Resources and Reserves 12. Don Nicolas is a producing property, but no reserves are disclosed. Resources are disclosed under CIM standards as of 4/1/2024. A gold price of $1,550 is used for resource reporting, with cut-offs of 0.3 g/t Au for open-pit and 1.95 g/t Au for undergr
Slide 74: Footnotes for Mineral Resources and Reserves
Footnotes for Mineral Resources and Reserves 26. South Laverton resources and reserves are reported under JORC standards and have an effective date of 3/31/2024. The operator reports resources and reserves for Carosue Dam, of which our royalties cover certain deposit areas. Reserves and resources us
Slide 75: Footnotes for Mineral Resources and Reserves
Footnotes for Mineral Resources and Reserves 39. Kundip resources and reserves are reported to JORC standards with an effective date of 12/31/2023. The Royal Gold royalty area covers only certain deposit areas. Metal prices used are AUS$2,946 Au, AUS$42 Ag and AUS$7.57 and cut- off grade is 0.5 g/t
Slide 76: Footnotes for Mineral Resources and Reserves
Footnotes for Mineral Resources and Reserves 52. Bronson Slope resources are reported to CIM standards with an effective date of 12/31/2023. Royal Gold interests are estimated as covering 30% of the Bronson Slope resources. An NSR cut-off of C$10.00 per tonne is used for resource reporting. Metal pr
Slide 77: Footnotes for Mineral Resources and Reserves
Footnotes for Mineral Resources and Reserves 69. Niblack resources are reported to CIM standards with an effective date of 2/14/2022. Resources use metal prices of $1,650 Au, $20.00 Ag, $3.50 Cu, and $1.10 Zn and a $100 NSR cut-off. The royalty rate is 1.0% for each ton of ore having a value of less
Slide 78: Footnotes for Mineral Resources and Reserves
Footnotes for Mineral Resources and Reserves 87. Wildcat resources are disclosed to CIM standards with an effective date of 6/28/2023. A gold price of $1,800 and a cut-off grade of 0.15 g/t were used. The 1.0% NSR royalty applies to the SS lode claims only. The additional royalty pays 1.0% NSR on go
Slide 79: Footnotes for Mineral Resources and Reserves
Footnotes for Mineral Resources and Reserves POTASH 99. Allan resources and reserves are reported to CIM standards with an effective date of 12/31/2023. Royal gold interest applies to 40% of produced potash, so reserves and resources are reported as 40% of the total. Specific cut-off grades and comm
Slide 80: Investor Relations Contact
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com