Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Q3 2023 Earnings Presentation
11 slides from Royal Gold's earnings presentation, Nov 2, 2023
Slide 1: Third Quarter 2023 Results
Third Quarter 2023 Results November 2, 2023
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 CFO and Treasurer Vice President, Operations ROYAL GOLD, INC. | THIRD QUARTER 2023 RESULTS | NOVEMBER 2, 2023 3
Slide 4: Overview Highlights
Q3 2023 Overview • Highlights • Revenue of $138.6M • Cash flow from operations of $98.1M • Net income of $49.3M, or $0.75/share • $0.76/share after adjustments1 • $24.6M dividends paid • $75M repayment on revolving credit facility • Available liquidity of approximately $768M ROYAL GOLD, INC. | THIRD
Slide 5: Q3 2023 Revenue $138.6M
Q3 2023 Revenue GEOs2 of 71,900 and revenue of $138.6 million Royalty Segment Stream Segment $39.6M $99.0M 29% +21% YoY ~0% YoY Higher contribution $138.6M Higher contribution from Cortez Legacy from Khoemacau, Zone Rainy River and New contribution from 71% Andacollo Cortez CC Zone and Lower contrib
Slide 6: Operator Updates
Operator Updates3 Mount Milligan • Mine sequencing and transitional ore impacted recoveries • 2023 guidance: • Gold: 150,000 – 160,000 oz (adjusted from 160,000 – 170,000 oz) • Copper: 60 – 70M lb (low end expected) Pueblo Viejo • Commissioning of plant expansion continuing • Silver deliveries of 17
Slide 7: Q3 2023 Revenue
Q3 2023 Revenue TOTAL REVENUE AVERAGE METAL PRICES* Q3 2023 REVENUE BY METAL +12% +23% +8% $1,928 +5% $23.57 $3.79 $131.4M $138.6M $1,729 $3.51 10% COPPER 78% $19.23 GOLD 11% SILVER Q3 '22 Q3 '23 Q3 '22 Q3 '23 Q3 '22 Q3 '23 Gold Silver Copper Others Q3 '22 Q3 '23 Gold Silver Copper * LBMA PM fixing
Slide 8: Q3 2023 Financial Results
Q3 2023 Financial Results • $138.6M revenue • $9.9M G&A • $40.1M DD&A, or $558/GEO2 • $7.3M interest expense • 17.8% effective tax rate • $49.3M net income, or $0.75/share • $49.7M net income, or $0.76/share, adjusted1 to exclude: • $(0.5)M, or $(0.01)/share – change in fair value in equity securiti
Slide 9: September 30, 2023 Liquidity
September 30, 2023 Liquidity • $325M drawn on revolving credit facility • $75M repayment made September 6, 2023 • Approximately $768 of liquidity available: September 30, 2023 Amount (US$ M) Undrawn revolving credit facility 675 Working capital 93 Total available liquidity $768 • No material financi
Slide 10: 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 November 1, 2023, for more information. 2. Gold Equivalent Ounces (“GEOs”) are calculated as reported revenue (in total or by reportable segment)
Slide 11: Investor Relations Contact
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com