Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Investor Day (April 2024)
89 slides from Royal Gold's investor day presentation, Apr 17, 2024
Slide 1: Investor Update
Investor Update April 17, 2024
Slide 2: Cautionary Statement
Cautionary Statement 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: Agenda
Agenda 1. Royal Gold Overview Bill Heissenbuttel, President & CEO 2. Strategic Positioning Jason Hynes, SVP Business Development and Strategy 3. Asset Handbook Overview Kevin Chiew, Manager, Investor Relations and Business Development 4. 2024 Guidance Martin Raffield, SVP Operations 5. Update on Sel
Slide 4: Royal Gold Overview
I ROYALGOLD, INC Royal Gold Overview
Slide 5: Royal Gold Aspires to be the Gold Standard in Everything We Do
Royal Gold Aspires to be the Gold Standard in Everything We Do VISION MISSION To be the gold standard as an To shape the future of mine finance employer, financing partner, an through creativity, collaboration and a investment and a community member. commitment to mutually beneficial outcomes for al
Slide 6: 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: 177 17 $606M 312,100 An interes
Slide 7: Strategy is Consistent
Strategy is Consistent Strategic goals are simple and long-standing • Acquire high-quality and long-life precious metal assets in safe jurisdictions • Finance growth with limited equity dilution • Maintain strong balance sheet and liquidity • Increase return to shareholders ROYAL GOLD, INC. | INVEST
Slide 8: Lean Business Model Reduces Inflation and Margin Compression Risks
Lean Business Model Reduces Inflation and Margin Compression Risks Efficient business model with high operating margin • Low G&A expense and highly scalable business Our business is built on a core of highly qualified individuals, with… • Ability to leverage third party resources when needed 100% 98
Slide 9: Experienced Team Reduces Management Risk
Experienced Team Reduces Management Risk Board of Directors Senior Management William Hayes Fabiana Chubbs Kevin McArthur William Heissenbuttel Martin Raffield Paul Libner Randy Shefman Daniel Breeze Independent Director Independent Director Independent Director President and CEO SVP, Operations SVP
Slide 10: 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 • Limited large-cap gold alternatives in the U.S. market: Newmont and Royal Gold Register Breakdown Dominant Orientation Remainder Retail 14% 15% Top 5 Passive 43% 44% Other I
Slide 11: Royal Gold Provides Low-Risk Exposure to Precious Metals
Royal Gold Provides Low-Risk Exposure to Precious Metals 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 Compani
Slide 12: High Beta to Gold Provides Excellent Leverage
High Beta to Gold Provides Excellent Leverage Revenue Sensitivity to 10% change in Metal Price 1.85 Twelve months ended December 31, 2023 Beta vs. Gold Price Will provide higher β Gold leverage to gold… -7.7% 7.7% Gold 0.48 -1.7% 1.7% Copper Beta vs. S&P 500 …with lower exposure to β S&P general mar
Slide 13: Gold is the Dominant Revenue Driver
Gold is the Dominant Revenue Driver Efficient business structure allows for pass-through to earnings and cash flow 7% 8% 5-yr CAGR 5-yr CAGR Revenue Operating Cash Flow $US M $US M Gold Silver $654 $462 Copper $603 $606 $417 $416 Other $561 $385 $468 $430 $285 $299 2018 2019 2020 2021 2022 2023 2018
Slide 14: Long Record of Accretive Growth
Long Record of Accretive Growth Since calendar year 2000: $6.1B Revenue 64x Cumulative Revenue Operating Cash Flow 98x $3.9B Cumulative Operating Cash Flow Cash G&A Expenses 18x $354M Cum. Cash G&A1 Expenses Avg. Gold Price 6x Up to $1,941 /ounce Shares Outstanding 4x Only 65.6M shares Change from C
Slide 15: Royal Gold Has Not Raised Equity Since 2012
Royal Gold Has Not Raised Equity Since 2012 Royal Gold has 66M shares outstanding – the lowest share count in the VanEck Vectors Gold Miners ETF (“GDX”) +51% 2,000 1,800 1,600 Bubble size shows shares outstanding: 1,400 +131% Shares (MM) 1,200 12/31/2023 1,000 12/31/2013 800 +186% 600 +27% 400 +31%
Slide 16: Limited Dilution and Regular Dividends Creates Shareholder Value
Limited Dilution and Regular Dividends Creates Shareholder Value Almost 50% of equity issued has been returned through dividend payments 1993-2023: US$ Billion Equity Contributed/Issued $2.0 1993-2012 Dividends Returned $0.9 2000-2023 Equity Value Created ± $7.0 Market Capitalization $8.0 April 1, 2
Slide 17: Strong Balance Sheet and Credit Facility Provide Liquidity
Strong Balance Sheet and Credit Facility Provide Liquidity Liquidity1 Credit Facility Balance April 17, 2024 $US M $US M $95M $250 $250M $100 WORKING CAPITAL DRAWN ON $845M CREDIT FACILITY $25 $125 TOTAL AVAILABLE LIQUIDITY $750M UNDRAWN CREDIT FACILITY Balance, Dec. March 6 April 8 Current Balance
Slide 18: 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 $250M accordion feature Current Leverage1: 0.30x • Strong and diversified syndicate: BNS, CIBC, BofA, BMO, NBF, RBC, GS, TD • Maturity date: Ju
Slide 19: Dividend History Has Provided Growing Capital Returns
Dividend History Has Provided Growing Capital Returns Royal Gold is the only precious metal company in the S&P High Yield Dividend Aristocrats Index US$/share US$/oz $1.60 $2,800 Dividend Payout Ratio Gold Price 16% $1.40 $2,400 $1.20 Dividend CAGR $2,000 (2000-2024) $1.00 $1,600 $0.80 $916M $0.60 $
Slide 20: Strategic Positioning
I ROYALGOLD, INC Strategic Positioning
Slide 21: Global Portfolio in Established Mining Jurisdictions
Global Portfolio in Established Mining Jurisdictions PRINCIPAL PROPERTIES 3 1 ANDACOLLO Region IV, Chile 2 CORTEZ Nevada, USA 2 4 5 3 MOUNT MILLIGAN British Columbia, Canada 4 PEŇASQUITO Zacatecas, Mexico 6 5 PUEBLO VIEJO Sanchez Ramirez, Dominican Republic 1 37 PRODUCING 6 KHOEMACAU 177 Botswana 24
Slide 22: Exposure to Established and Major Mining Regions
Exposure to Established and Major Mining Regions ~50% of 2023 revenue and over 50% of total property interests are in established mining regions 20% 27% of total 2023 revenue of total 2023 revenue 6 29 14 royalty interests royalty interests stream and royalty interests 39 13 Producing* Development*
Slide 23: High Quality and Established Counterparties
High Quality and Established Counterparties Royal Gold’s counterparties include leading global mining companies 2023 REVENUE DISTRIBUTION 1 - Revenue generated from Cortez, Goldstrike, Leeville and Twin Creeks has been allocated to Barrick and Newmont based on their respective interests in Nevada Go
Slide 24: Portfolio Covers Life Cycle of Mining Assets
Portfolio Covers Life Cycle of Mining Assets Properties at various stages of development provide optionality and organic revenue growth potential EXPLORATION EVALUATION DEVELOPMENT PRODUCTION 67 49 24 37 • Earliest stage of • Published resource • Published reserve • Producing development • No publis
Slide 25: Well-Diversified Portfolio Reduces Single-Asset Risk
Well-Diversified Portfolio Reduces Single-Asset Risk Portfolio is gold-focused and diverse with respect to counterparty, asset, mine type and geography 2023 REVENUE SPLIT: * Mine type defined by metal that provides majority revenue ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 25
Slide 26: Attributable GEOs are Well-Diversified
Attributable GEOs are Well-Diversified Attributable GEO reserves and resources1 are well-diversified across asset stages and geographies 4.4Moz 4.6Moz Proven & Probable Measured & Indicated AGEOs AGEOs Principal Producing Development Evaluation Principal Producing Development Evaluation 0% 25% 50% 7
Slide 27: 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 20.2% 9.8% IRR at Deal Date 9.1% 9.0% 8.9% 8.3% IRR at March 2024 7.6% 7.2% 6.3% 6.6% 6.4% 6.4% 6.3% 4.1% 2.1% 2.1% 0.4% 1.0% 0.1% 0.5% Andacollo M
Slide 28: 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, 2023, cash flow received to date and forward Street estimates of stream/royalty net asset values exceed initial investmen
Slide 29: 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 ~$4.9Bn of capital in royalty and stream assets $4,874 • Impairments have been limited over a $4,000 long investing history • Impairments account for <3% of Total USD Million
Slide 30: Stream Financings Today are Primarily for Project Development
Stream Financings Today are Primarily for Project Development Large balance sheet restructuring opportunities are few today given strong given metal prices • Project development financings are often smaller • Timing can get pushed out with permit delays, optimization of technical aspects, delays wit
Slide 31: 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 32: Royal Gold is Positioned Well for this Market
Royal Gold is Positioned Well for this Market Royal Gold is large enough to compete, small enough to show growth • Significant cash flow provides a source of financing for large $991.2 $750.8 transactions • “Small” transactions, like Khoemacau ($265M), can move the needle for Royal Gold $23.3 $415.8
Slide 33: Transaction Terms are Easier to Agree with Consistent Price Expectations
Transaction Terms are Easier to Agree with Consistent Price Expectations The recent strong gold price performance is not yet reflected in the market’s long-term consensus view $2,400 $2,390 $2,200 LT Consensus Gold Price $600/oz Spot Gold Price Current consensus $2,000 vs. spot price gap Gold Price
Slide 34: Asset Handbook Overview
I ROYALGOLD, INC Asset Handbook Overview
Slide 35: Asset Handbook Published April 17, 2024
Asset Handbook Published April 17, 2024 A reference that provides detail required to understand, evaluate and model Royal Gold’s portfolio Available on our website at: royalgold.com ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 35
Slide 36: Asset Handbook Overview
Asset Handbook Overview Opening sections provide consolidated summary of our portfolio ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 36
Slide 37: Asset Handbook Overview
Asset Handbook Overview Asset pages provide detail on Royal Gold exposure to mines and projects Area of Interest Map Developments and Potential 2024 Operator Financial and Guidance Operating Results + Longer-Term Operator Outlook Mineral Resources and Reserves ROYAL GOLD, INC. | INVESTOR UPDATE | AP
Slide 38: 2024 Guidance and Longer-Term Catalysts
2024 Guidance and Longer-Term Catalysts
Slide 39: 2024 Guidance
2024 Guidance Sales guidance is provided on a sales volume basis to avoid the impact of commodity price volatility on GEO(i) calculations 2024 Guidance 2023 Actual Results(ii) January 1 – December 31, 2024 Total Sales: Gold 215,000 – 230,000 oz 238,800 oz Silver 3.2 – 3.8 M oz 3.1 M oz Copper 14.0 –
Slide 40: Producing Assets Provide Potential for Near-Term Revenue Growth
Producing Assets Provide Potential for Near-Term Revenue Growth PRODUCING Mount Milligan PEA underway to define long-term outlook and potential mine life extension post 2035 Cortez Goldrush production ramping up, Fourmile and Robertson projects advancing Pueblo Viejo plant expansion substantially co
Slide 41: Development / Evaluation Assets Support Longer-Term Optionality
Development / Evaluation Assets Support Longer-Term Optionality DEVELOPMENT Back River first production expected Q1 2025 Côté Gold first gold poured Q1 2024, targeting commercial production in Q3 2024 Marban Feasibility Study expected to start H1 2024 Granite Creek Feasibility Study on open pit and
Slide 42: Update on Select Assets
I ROYALGOLD, INC Update on Select Assets
Slide 43: Cortez World Class Gold Complex
New photo Cortez World Class Gold Complex with Multiple Growth Prospects ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 43
Slide 44: Overlapping Royalties Create Overall High Royalty Rates
Overlapping Royalties Create Overall 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 Royal
Slide 45: 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 Crossroads: resource model 1,400 changes expected to reduce Production mix expected t
Slide 46: 2023 Growth Drilling Exceeded 30,700m (excluding Fourmile)
2023 Growth Drilling Exceeded 30,700m (excluding Fourmile) Focus on conversion and addition of inventory at CHUG, Cortez Pits, Crossroads and Robertson Swift2 - NGM continuing to earn in Distal - Infill drilling confirmed continuity of Cortez Hills Underground (CHUG) above mining-grade material near
Slide 47: Pueblo Viejo Plant Expansion in Final Stages
New photo Pueblo Viejo Plant Expansion in Final Stages ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 47
Slide 48: Plant Expansion Project Nearing Completion
Plant Expansion Project Nearing Completion Plant expansion ramping-up in Q2 2024 and tailings facility Feasibility Study expected Q3 2024 700 • Plant expansion designed to increase process 2025-2028 average: 586k oz throughput Barrick Share of Gold Production (k oz) 600 • Expected minimum average an
Slide 49: Deferred Silver Mechanics
Deferred Silver Mechanics Stream obligation based on 70% fixed silver recovery Illustration of silver deliveries for 1,000 oz silver mined: (Barrick’s 60% interest) Silver Stream Delivery Obligation 900 Recovery 800 Above 70% Obligation satisfied 700 52.5% to 70% Obligation satisfied and Barrick del
Slide 50: Status of Deferred Silver
Status of Deferred Silver Barrick expects silver recovery to improve at full plant throughput March 2023 Technical Report silver recovery profile: Status of deferred silver deliveries - As of December 31, 2023: 75% - 845,000 oz silver deferred 70% - Deferred Offset Amount: 65% $7.4M, or $8.63/oz* 60
Slide 51: Peñasquito A Tier 1 Asset in the new Newmont Portfolio
New photo Peñasquito A Tier 1 Asset in the new Newmont Portfolio ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 51
Slide 52: Peñasquito is a Tier 1 Operation in the New Newmont Portfolio
Peñasquito is a Tier 1* Operation in the New Newmont Portfolio Newmont expects full year of operation in 2024 after October 2023 strike resolution 1,600 • 2023 strike delayed stripping of higher-gold content 1,400 Peñasco pit 2025-2028 average: 1,106k GEO 1,200 1,052k GEO1 364 • Pyrite leach plant p
Slide 53: Potential to Extend Mine Life Beyond 2032
Potential to Extend Mine Life Beyond 2032 Conversion of resources to reserves could provide for mine life extension Peñasquito Plan View • Mineral reserves and resources use conservative Technical Report, pricing assumptions Dec. 31, 2023 • Reserves completed using $1,400/oz gold, Peñasco Pit $20/oz
Slide 54: Mount Milligan Unlocking Potential for an Extended Mine Life
Mount Milligan Unlocking Potential for an Extended Mine Life ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 54
Slide 55: Overview of Additional Agreement with Centerra
Overview of Additional Agreement with Centerra Agreement provides potential to maximize long term value for both Royal Gold and Centerra • Benefits include: • Immediate mine life extension • Incentive for Centerra to continue to invest and maximize mineral endowment • NAV-neutral for Royal Gold thro
Slide 56: Mount Milligan
Mount Milligan Paul Chawrun, EVP and COO Centerra Gold Inc. ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 56
Slide 57: Caution Regarding Forward Looking Information
Caution Regarding Forward Looking Information Information contained in this document which is not a statement of historical fact, and the documents incorporated by reference herein, may be “forward-looking information” for the purposes of Canadian securities laws and within the meaning of the United
Slide 58: Mount Milligan Mine | BC, Canada
Mount Milligan Mine | BC, Canada ASSET DETAILS Central British Columbia, Canada 100% owned 2035 Conventional open pit copper and gold mine; 60ktpd copper flotation plant 35% gold stream, and MINE LIFE Commercial production achieved in February 2014 155km NW of Prince George (Reserves only) 18.75% co
Slide 59: Mount Milligan Mine Life Extension
Mount Milligan Mine Life Extension Mutually beneficial additional agreement with Royal Gold results in a mine life extension at Mount Milligan ADDITIONAL AGREEMENT WITH ROYAL GOLD STRATEGY TO FURTHER INCREASE MINE LIFE A mutually beneficial, additional agreement, which provides an Strategy to furthe
Slide 60: Mount Milligan Preliminary Economic Assessment
Mount Milligan Preliminary Economic Assessment Actively studyingthe PEA to evaluate thesubstantial longer-term potential resource at Mount with a goal Milligan to unlocktovalue unlock additional beyond value beyond the current 2035life 2035 mine PRELIMINARY ECONOMIC ASSESSMENT (“PEA”) Includes signi
Slide 61: Exploration Drilling at Mount Milligan
Exploration Drilling at Mount Milligan Exploration drilling program aimed at potentially significantly expanding the mineral resource base MOUNT MILLIGAN EXPLORATION PROGRAM 2024 exploration spending guidance at Mount Milligan: $5 - $7 million 2023 Mount Milligan exploration activities 80% of the dr
Slide 62: Mount Milligan: Site Optimization Program
Mount Milligan: Site Optimization Program Site-wide optimization program with a focus on enhanced safety performance and cash flow improvement COMPREHENSIVE SITE OPTIMIZATION PROGRAM Starting in Q4 2023, Centerra has focused on looking at all aspects of the operation to maximize the potential of the
Slide 63: Rainy River
New photo Rainy River Patrick Godin, President and CEO New Gold Inc. ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 63
Slide 64: Cautionary Notes
Cautionary Notes All amounts in U.S. Dollars unless otherwise stated Cautionary note regarding forward-looking statements Certain information contained in this presentation, including any information relating to New Gold’s future financial or operating capital spending and that minimal capital is re
Slide 65: Rainy River Open Pit and Underground Mine
Rainy River Open Pit and Underground Mine Gold Production4 All-In Sustaining Costs1,2,3,4 OVERVIEW 400 $1,800 • Focus on mine sequencing to optimize the open pit operation and reducing costs while underground operations continue to advance 350 $1,600 OPEN PIT $1,400 • Open pit Phase 3 is now complet
Slide 66: Rainy River 2024 Outlook
Rainy River 2024 Outlook Strong Results Expected in Second Half of 2024 2023 2024 Operational Estimates Actual Outlook 2024 Outlook by Half Strip ratio to significantly reduce Total ex-pit tonnes (Mt) 43.8 33.1 OP Waste Mined 57% 43% in H2 as the pit transitions from Phase 3 to Phase 4 Strip ratio 2
Slide 67: Rainy River Open Pit
Rainy River Open Pit Positioned to Deliver Low-Cost, Low-Risk Mill Feed Indicative Mining Sequence Phase 4 overburden removal complete Section A-A and waste stripping advanced Increased ore release PHASE 5 and reduced strip ratio Final Phase 3 (After 2026) bench mined in Phase 5 expected to in H2 20
Slide 68: Rainy River Underground
Rainy River Underground Priority Development Headings Pit Portal (H1 2025) Fresh Air Raise (H2 2024) 17 East Upper Ramp ODM East Intrepid Ramp Ramp ODM Main Ramp 17 East Lower Ramp Face Positions Dec. 2023 Capital Development (2024-2026) Complete 2024 Looking North 2025 2026 0 100 200 300 400 500m T
Slide 69: Rainy River Processing Schedule
Rainy River Processing Schedule Increasing Underground Production Tonnes GUIDANCE PERIOD PHASE 5 IS NOT YET SEQUENCED Processed 2024-2026 Expected to extend open pit mine life by ~ 1.5 years (tpd) & keep mill at full capacity until at least 2030 30000 25000 20000 OPEN PIT OPEN PIT + HG/MG STOCKPILE
Slide 70: Rainy River Upside Potential
Rainy River Upside Potential 2024 Exploration: Near-Surface Targets North Target Rainy River Open Pit Targets 2024 Activities Showing assays > 0.3 g/t Au to a depth of 350m Western Zone • Prioritize infill drilling of near-surface Target targets with potential for open pit 280 Zone extraction Target
Slide 71: Rainy River Upside Potential
Rainy River Upside Potential 2024 Exploration: Underground Targets ODM East Target Test the gap with 17 East Zone 2024 Activities • Surface drilling to confirm the down- plunge extension of ODM Main and 17 East at depth, with additional underground exploration drilling planned for future years • Dri
Slide 72: Great Bear
New photo Great Bear Will Dunford, SVP Technical Services Kinross Gold Corp. ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 72
Slide 73: Cautionary Statement on Forward-Looking Information
Kinross Gold Corporation April 2024 Cautionary Statement on Forward-Looking Information All statements, other than statements of historical fact, contained or incorporated by reference in or made in giving this presentation and responses to questions, including but not limited to any information as
Slide 74: Project Overview
Kinross Gold Corporation April 2024 Project Overview High grade mineralization across the property Town of Red Lake LP Zone Open along strike and at depth Disseminated high grade mineralization, analogous to Hemlo N Vein hosted and sulphide replacement high- Limb grade gold LP ZONE mineralization Hi
Slide 75: Great Bear Appears Similar to Hemlo
Kinross Gold Corporation April 2024 Great Bear Appears Similar to Hemlo Over 90% of Hemlo has been mined from underground at depths of greater than 500 m Hemlo Great Bear Hemlo has produced +20 Moz 0 RL Open Open 500 RL 1,000 RL Open Open Open 3 Shafts GRADE THICKNESS < 5 GxM 50 to 100 GxM 5 to 15 G
Slide 76: Great Bear
Kinross Gold Corporation April 2024 Great Bear 2023 exploration success added significant ounces and improved grades $1,700/OZ UPDATED RESOURCE YE2022 YE2023 Delta Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (Mt) (Au g/t) (Moz) (Mt) (Au g/t) (Moz) (Mt) (Au g/t) (Moz) Measured 1.8 2.6
Slide 77: Great Bear
Kinross Gold Corporation April 2024 Great Bear Confirming our thesis of high-grade resource additions at depth LP CENTRAL NORTHWEST SOUTHEAST DISCOVERY BRUMA YUMA YAURO AURO VIGGO 2022 Resource Outline 500 m BR-825 2 BR-806 0.5 m @ 147.0 g/t 3.6 m @ 11.20 g/t BR-819 BR-807 8.9 m @ 13.87 g/t 2.7 m @
Slide 78: Targeted Path to Production at Great Bear
Kinross Gold Corporation April 2024 Targeted Path to Production at Great Bear Conceptual Project Development Timeline ‘23 ‘24 ‘25 ‘26 ‘27 ‘28 ‘29 AEX Surface Exploration Decline Construction Environmental Baseline MAIN PROJECT Initiated Federal Permitting Process Project Impact Statement Agency Re
Slide 79: Xavantina
New photo Xavantina Makko DeFilippo, President and COO Ero Copper Corp. ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 79
Slide 80: Bellevue
New photo Bellevue Darren Stralow, Managing Director and CEO, Bellevue Gold Corp. ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2024 80
Slide 81: Q&A
Q&A
Slide 82: Appendix
I> RoyALGOLD,INC
Slide 83: 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 84: 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 85: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures Adjusted EBITDA and Net cash to TTM adjusted EBITDA: Tw elve Months Ended Decem ber 31, (amounts in thousands) 2023 2022 2021 2020 2019 Net income (loss) $ 62,963 $ 56,700 $ 274,940 $ 215,334 $ 163,346 Depreciation
Slide 86: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Cash G&A: Tw elve Months Ended Decem ber 31, Decem ber 31, Decem ber 31, Decem ber 31, Decem ber 31, Decem ber 31, (amounts in thousands) 2023 2022 2021 2020 2019 General and administrative expense $ 39,761
Slide 87: 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) 2023 2022 2023 2022 Net cash provided by operating activities $ 101,088 $ 101,026 $ 415,792 $ 417,345 Acquisiti
Slide 88: 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 89: Contact
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com