Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Q1 2025 Earnings Presentation
12 slides from Royal Gold's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Results
First Quarter 2025 Results May 8, 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 President and CEO SVP and CFO SVP, Operations ROYAL GOLD, INC. | FIRST QUARTER 2025 RESULTS | MAY 8, 2025 3
Slide 4: Q1 2025 Overview
Q1 2025 Overview • Highlights • Revenue of $193.4M • Cash flow from operations of $136.4M • Record net income of $113.5M, or $1.72/share • After adjustments, net income of $99.8M, or $1.51/share1 • $29.6M dividends paid • $0 debt outstanding • Available liquidity of approximately $1.25B • Other nota
Slide 5: Q1 2025 Revenue
Q1 2025 Revenue GEOs2 of 67,600 Royalty Segment Stream Segment $71.0M $122.5M +53% YoY 37% +19% YoY Higher contribution $193.4M Higher contribution from Peñasquito, Manh Total Revenue from Pueblo Viejo Choh, Robinson 63% and Mount Milligan Lower contribution from Lower contribution Cortez Legacy Zon
Slide 6: Operator Updates
Operator Updates3 Mount Milligan • 2025 guidance confirmed • 165,000 – 185,000 oz gold • 50 – 60M lb copper • PFS on 2036+ mine life extension continuing • Evaluating additional tailings storage options and potential for 10% throughput increase Andacollo • 2025 gold production guidance provided • 35
Slide 7: Operator Updates
Operator Updates3 Cortez Complex • 2025 gold production guidance maintained • 680,000 – 765,000 oz (100%) • ~3.1% overall average royalty rate to Royal Gold Pueblo Viejo • 2025 gold production guidance maintained • 370,000 – 410,000 oz (60% Barrick share) • Mine life extension project advancing • 22
Slide 8: Q1 2025 Revenue
Q1 2025 Revenue TOTAL REVENUE AVERAGE METAL PRICES* Q1 2025 REVENUE BY METAL +30% +38% +37% +11% $193.4M $2,860 $31.88 $4.24 $3.83 9% 75% COPPER GOLD $148.9M $2,070 $23.34 12% SILVER Q1 '24 Q1 '25 Q1 '24 Q1 '25 Q1 '24 Q1 '25 Q1 '24 Q1 '25 Gold Silver Copper Others Gold Silver Copper * LBMA PM fixing
Slide 9: Q1 2025 Financial Results
Q1 2025 Financial Results • $193.4M revenue • $11.1M G&A • $33.0M DD&A, or $488/GEO2 • $1.2M interest and other expense • $10.4M tax expense • Includes $13.7M of total discrete tax benefits • 19.4% effective tax rate excluding discrete tax benefits • $113.5M net income, or $1.72/share • $99.8M net i
Slide 10: March 31, 2025 Liquidity
March 31, 2025 Liquidity • $0M debt at March 31, 2025 • Approximately $1.25B of liquidity available: March 31, 2025 Amount (US$ M) Undrawn revolving credit facility 1,000 Working capital 250 Total available liquidity $1,250 • No material financial commitments ROYAL GOLD, INC. | FIRST QUARTER 2025 RE
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 7, 2025, for more information. 2. Gold Equivalent Ounces (“GEOs”) are calculated as reported revenue (in total or by reportable segment) for a
Slide 12: Investor Relations contact details
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com