Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Q1 2024 Earnings Presentation
12 slides from Royal Gold's earnings presentation, May 9, 2024
Slide 1: First Quarter 2024 Results
First Quarter 2024 Results May 9, 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 Senior Vice President and CFO Senior Vice President, Operations ROYAL GOLD, INC. | FIRST QUARTER 2024 RESULTS | MAY 9, 2024 3
Slide 4: Q1 2024 Overview
Q1 2024 Overview • Highlights • Revenue of $148.9M • Cash flow from operations of $138.3M • Net income of $47.2M, or $0.72/share • $0.91/share after adjustments1 • $26.3M dividends paid • Raised dividend for 23rd consecutive year • $100M repaid on revolving credit facility • Available liquidity of a
Slide 5: Q1 2024 Revenue
Q1 2024 Revenue GEOs2 of 71,900 Royalty Segment Stream Segment $46.4M $102.5M 31% -16% YoY -11% YoY Higher contribution $148.9M Higher contribution from Cortez CC Zone from Wassa and and Peñasquito Xavantina Lower contribution 69% Lower contribution from Cortez Legacy from Mount Milligan Zone and Pu
Slide 6: Operator Updates
Operator Updates3 Mount Milligan • Preliminary Economic Assessment underway to review mine life extension • Includes review of tailings capacity, exploration and site optimization • Target H1 2025 • 2024 guidance: 180,000 – 200,000 oz gold, 55 – 65M lb copper Pueblo Viejo • Plant expansion construct
Slide 7: Operator Updates
Operator Updates3 Andacollo • Drought conditions causing water use restrictions • Teck assessing mitigation steps • Solution expected in 2025 • 2024 guidance: 18,000 – 24,000 oz gold Peñasquito • Operating at full production levels after 2023 strike • Peñasco stripping continues; high ore contributi
Slide 8: Q1 2024 Revenue
Q1 2024 Revenue TOTAL REVENUE AVERAGE METAL PRICES* Q1 2024 REVENUE BY METAL -13% +10% +4% -5% $170.4M $2,070 $23.34 9% 75% $4.05 $22.55 $3.83 $148.9M $1,890 COPPER GOLD 13% SILVER Q1 '23 Q1 '24 Q1 '23 Q1 '24 Q1 '23 Q1 '24 Gold Silver Copper Others Q1 '23 Q1 '24 Gold Silver Copper * LBMA PM fixing p
Slide 9: Q1 2024 Financial Results
Q1 2024 Financial Results • $148.9M revenue • $11.4M G&A • $38.8M DD&A, or $539/GEO2 • $4.6M interest expense • 36.4% effective tax rate • 18.9% excluding $13.0M discrete U.S. GILTI expense • $47.2M net income, or $0.72/share • $59.8M net income, or $0.91/share, adjusted1 to exclude: • $(13.0)M, or
Slide 10: March 31, 2024 Liquidity
March 31, 2024 Liquidity • $150M drawn on revolving credit facility at March 31, 2024 • $100M repayment made March 6, 2024 • Approximately $966M of liquidity available: March 31, 2024 Amount (US$ M) Undrawn revolving credit facility 850 Working capital 116 Total available liquidity $966 • Revolving
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 8, 2024, for more information. 2. Gold Equivalent Ounces (“GEOs”) are calculated as reported revenue (in total or by reportable segment) for a
Slide 12: Contact
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com