Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Q3 2024 Earnings Presentation
14 slides from Royal Gold's earnings presentation, Nov 7, 2024
Slide 1: Third Quarter 2024 Results
Third Quarter 2024 Results November 7, 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 VP and CFO Senior Vice President, Operations ROYAL GOLD, INC. | THIRD QUARTER 2024 RESULTS | NOVEMBER 7, 2024 3
Slide 4: Q3 2024 Overview
Q3 2024 Overview • Highlights • Record revenue of $193.8M • Cash flow from operations of $136.7M • Net income of $96.2M, or $1.46/share • After adjustments,1 record net income of $96.6M, or $1.47/share • $26.3M dividends paid • $50M repaid on revolving credit facility • $0 debt outstanding • Availab
Slide 5: Q3 2024 Revenue
Q3 2024 Revenue GEOs2 of 78,400 Royalty Segment Stream Segment $60.8M $133.1M 31% +53% YoY +34% YoY Higher contribution $193.8M Higher contribution from Peñasquito and Total Revenue from Mount Milligan, Robinson Pueblo Viejo, Wassa Lower contribution from 69% and Xavantina Cortez Legacy Zone Lower c
Slide 6: Operator Updates
Operator Updates3 Mount Milligan • Site-wide optimization program continuing • Preliminary Economic Assessment advancing • Targeted for late H1 2025 completion • 2024 guidance unchanged: 180,000 – 200,000 oz gold, 55 – 65M lb copper • Gold production trending towards lower end of range Andacollo • I
Slide 7: Operator Updates
Operator Updates3 Peñasquito • New labor agreement for 2024-2026 • Transition to Peñasco pit starting ahead of plan • Higher gold grade expected to increase gold production in Q4 and into 2025 Khoemacau • Improved mining/milling volumes and higher ore grades in Q3 • Development ongoing to increase m
Slide 8: Operator Updates
Operator Updates3 Wassa • Reserve life extends through 2028 • Mining of potentially economic material in the Southern Extension could add multi-decades to mine life Great Bear • Preliminary Economic Assessment results • 12-year initial mine life, +500,000 oz gold/year in first 8 years • First produc
Slide 9: Q3 2024 Revenue
Q3 2024 Revenue TOTAL REVENUE AVERAGE METAL PRICES* Q3 2024 REVENUE BY METAL +40% +28% +25% +10% $2,474 $29.43 $4.18 $193.8M $3.79 9% COPPER 76% $23.57 GOLD $1,928 $138.6M 12% SILVER Q3 '23 Q3 '24 Q3 '23 Q3 '24 Q3 '23 Q3 '24 Q3 '23 Q3 '24 Gold Silver Copper Others Gold Silver Copper * LBMA PM fixing
Slide 10: Q3 2024 Financial Results
Q3 2024 Financial Results • $193.8M revenue • $10.1M G&A • $36.2M DD&A, or $462/GEO2 • $1.2M interest expense • 18.3% effective tax rate • $96.2M net income, or $1.46/share • $96.6M net income, or $1.47/share, adjusted1 to exclude: • $(0.4)M, or $(0.01)/share – fair value change in equity securities
Slide 11: September 30, 2024 Liquidity
September 30, 2024 Liquidity • $0M debt at September 30, 2024 • $50M repayment made during Q3 • Approximately $1.1B of liquidity available: September 30, 2024 Amount (US$ M) Undrawn revolving credit facility 1,000 Working capital 116 Total available liquidity $1,116 • No material financial commitmen
Slide 12: 2024 Guidance
2024 Guidance 2024 Guidance(i) January 1 – December 31, 2024 Total Sales: Gold 215,000 – 230,000 oz Silver 3.2 – 3.8 M oz Copper 14.0 – 16.0 M lb Other Metals $17.0 – 20.0 M DD&A $141 – 157 M Effective Tax Rate 17 – 22% i. Provided April 17, 2024; for additional detail, please refer to the press rel
Slide 13: 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 6, 2024, for more information. 2. Gold Equivalent Ounces (“GEOs”) are calculated as reported revenue (in total or by reportable segment)
Slide 14: Investor Relations Contact
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com