Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Merger or Acquisition (August 2025)
13 slides from Royal Gold's merger presentation, Aug 5, 2025
Slide 1: Royal Gold Acquires Gold Stream on Kansanshi Mine
Royal Gold Acquires Gold Stream on Kansanshi Mine World-class copper-gold mine provides multi-decade gold revenue potential August 5, 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: Important Disclosures
Important Disclosures No Offer or Solicitation: Communications in this presentation and the accompanying webcast do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed transactio
Slide 4: Kansanshi Gold Stream Meets Royal Gold's Investment Criteria
Kansanshi Gold Stream Meets Royal Gold’s Investment Criteria The Kansanshi Gold Stream is a world-class stream interest on a world-class copper-gold mine • First Quantum Minerals Ltd. (“First Quantum”) operates and indirectly owns an 80% interest in the Kansanshi Operations; remaining 20% owned by Z
Slide 5: Gold Stream Overview
Gold Stream Overview Transaction Details • Royal Gold, Inc., through its wholly-owned subsidiary RGLD Gold AG, entered into a precious metals purchase agreement for gold produced from the Kansanshi copper-gold mine, operated and 80% owned by a subsidiary of First Quantum Minerals Ltd. Consideration
Slide 6: Gold Stream Overview
Gold Stream Overview Gold stream provides life of mine exposure to a large, long-life copper-gold mine Kansanshi Operations and Area of Interest: • Gold stream is life of mine • First Quantum acceleration options: 1. From the earliest achievement by First Quantum of either: • minimum ‘BB’ or equival
Slide 7: Kansanshi Overview
Kansanshi Overview Kansanshi S3 Expansion remains on budget and on schedule for first production H2/2025 350 2025-2027 Guidance 2024 NI 43-101 Technical Report 300 210-240 kt 250 Copper Production (kt) 180-210 kt 160-190 kt 200 150 100 50 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Slide 8: Post-Transaction Liquidity
Post-Transaction Liquidity Indebtedness Liquidity $1.4B Revolving Credit Facility1 - Additional liquidity expected from Greenstone gold payment2, Kansanshi deliveries3, and undrawn revolver capacity1 - Additional payment required for Warintza4 $825M Revolver draw for Kansanshi $400M Estimated draw a
Slide 9: Diversified Asset Portfolio
Diversified Asset Portfolio Top 10 Principal Assets by NAV1 Selected Consensus Asset NAV (%)1,2,3,4,5 PRINCIPAL ASSET % OF NAV 20% Mt. Milligan 12% 18% Royal Gold Kansanshi2 9% Sandstorm 16% After completion of the Sandstorm Pueblo Viejo 9% 14% and Horizon transactions, Royal Cortez3 8% 12% Gold wil
Slide 10: Appendix
APPENDIX
Slide 11: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures TTM Adjusted EBITDA: Royal Gold Three Months Ended March 31, December 31, September 30, June 30, (amounts in thousands) 2025 2024 2024 2024 Net income and comprehensive income $ 113,578 $ 107,521 $ 96,330 $ 81,320
Slide 12: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures TTM Adjusted EBITDA: Sandstorm Gold Three Months Ended March 31, December 31, September 30, June 30, (amounts in thousands) 2025 2024 2024 2024 Net income (loss) for the period $ 11,257 $ 3,064 $ 5,794 $ 10,502 Dep
Slide 13: Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com