ROYAL GOLD INC
For the period ended Nov 6, 2024. Filed Nov 7, 2024.
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Nov 6, 2024 · Filed Nov 7, 2024
Contents
EX-99.1 · TABLE
TABLE 1
Revenue by Stream and Royalty Interests for the Three and Nine Months ended September 30, 2024 and September 30, 2023
(In thousands)
| Three Months EndedSeptember 30, · Nine Months EndedSeptember 30, | ||||||
|---|---|---|---|---|---|---|
| Stream/Royalty | Metal(s) | Current Stream/Royalty Interest1 | 2024 | 2023 | 2024 | 2023 |
| Stream: | ||||||
| Canada | ||||||
| Mount Milligan | Gold, copper | 35% of payable gold and 18.75% of payable copper | $56,570 | $33,876 | $143,704 | $121,739 |
| Rainy River | Gold, silver | 6.5% of gold produced and 60% of silver produced | 9,802 | 8,701 | 30,033 | 28,667 |
| Latin America | ||||||
| Pueblo Viejo | Gold, silver | 7.5% of Barrick's interest in payable gold and 75% of Barrick's interest in payable silver | $26,585 | $16,688 | $64,147 | $62,586 |
| Andacollo | Gold | 100% of payable gold | 9,652 | 14,644 | 31,949 | 35,401 |
| Xavantina | Gold | 25% of gold produced | 10,470 | 6,976 | 29,228 | 17,195 |
| Africa | ||||||
| Khoemacau | Silver | 100% of payable silver | $7,996 | $9,047 | $24,148 | $27,082 |
| Wassa | Gold | 10.5% of payable gold | 11,977 | 8,296 | 35,322 | 24,576 |
| Bogoso and Prestea | Gold | 5.5% of payable gold | — | 750 | — | 2,736 |
| Total stream revenue | $133,052 | $98,978 | $358,531 | $319,982 | ||
| Royalty: | ||||||
| Canada | ||||||
| Voisey's Bay | Copper, nickel, cobalt | 2.7% NVR | $1,598 | $1,267 | $4,051 | $3,317 |
| Red Chris | Gold, copper | 1.0% NSR | — | — | 2,617 | 3,170 |
| Côté Gold | Gold | 1.0 NSR | 1,537 | — | 1,537 | — |
| LaRonde Zone 5 | Gold | 2.0% NSR | 911 | 629 | 2,432 | 1,870 |
| Canadian Malartic | Gold | 1.0%-1.5% sliding-scale NSR | 233 | 301 | 314 | 1,334 |
| Williams | Gold | 0.97% NSR | 578 | 531 | 1,417 | (1,229) |
| Other-Canada | Various | Various | 412 | 363 | 1,067 | 1,123 |
| United States | ||||||
| Cortez | ||||||
| Legacy Zone | Gold | Approx. 9.4% GSR Equivalent | $13,047 | $19,668 | $41,610 | $57,062 |
| CC Zone | Gold | Approx. 0.45%-2.2% GSR Equivalent | 2,739 | 2,948 | 7,713 | 9,674 |
| Robinson | Gold, copper | 3.0% NSR | 5,326 | 1,333 | 10,873 | 5,490 |
| Manh Choh | Gold, silver | 3.0% NSR, 28% NSR (silver) | 7,124 | — | 7,124 | — |
| Marigold | Gold | 2.0% NSR | 2,244 | 739 | 4,954 | 2,517 |
| Leeville | Gold | 1.8% NSR | 2,001 | 1,388 | 5,622 | 3,542 |
| Wharf | Gold | 0.0%-2.0% sliding-scale GSR | 782 | 869 | 1,973 | 2,461 |
| Goldstrike | Gold | 0.9% NSR | 377 | 447 | 1,348 | 1,079 |
| Other-United States | Various | Various | 491 | 844 | 2,267 | 3,258 |
| Latin America | ||||||
| Peñasquito | Gold, silver, lead, zinc | 2.0% NSR | $9,356 | — | $29,863 | $13,538 |
| Dolores | Gold, silver | 3.25% NSR (gold), 2.0% NSR (silver) | 1,497 | 1,964 | 4,646 | 5,875 |
| El Limon | Gold | 3.0% NSR | 1,337 | 1,627 | 4,724 | 4,122 |
| Mara Rosa | Gold, silver | 2.75% NSR | 1,695 | — | 2,433 | — |
| Other-Latin America | Various | Various | 24 | — | 221 | 456 |
| Australia | ||||||
| South Laverton | Gold | 1.5% NSR, 4.0% NPI | $2,139 | $1,647 | $6,291 | $5,277 |
| King of the Hills | Gold | 1.5% NSR | 1,311 | 1,161 | 3,996 | 3,106 |
| Bellevue | Gold | 2.0% NSR | 2,028 | — | 3,816 | — |
| Gwalia | Gold | 1.5% NSR | 1,077 | 833 | 2,891 | 2,682 |
| Celtic/Wonder North | Gold, silver | 1.5% NSR | 213 | — | 392 | — |
| Other-Australia | Various | Various | 708 | 1,054 | 2,112 | 2,810 |
| Europe | ||||||
| Las Cruces | Copper | 1.5% NSR (copper) | $— | $26 | $— | $535 |
| Total royalty revenue | $60,785 | $39,639 | $158,304 | $133,069 | ||
| Total revenue | $193,837 | $138,617 | $516,835 | $453,051 | ||
1 Refer to Part I, Item 2, of the Company’s Annual Report on Form 10-K for a full description of the Company’s stream and royalty interests.
TABLE 2
Stream Metal and Royalty Sales for Principal Properties
| Property · Operator · Current Stream/ Royalty Interest1 · Metal(s) · Sep. 30, 2024 · Jun. 30, 2024 · Mar. 31, 2024 · Dec. 31, 2023 · Sep. 30, 2023 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stream: | ||||||||||||||
| Mount Milligan | Centerra | 35% of payable gold | Gold | 17,600 | oz | 16,100 | oz | 12,500 | oz | 14,000 | oz | 11,300 | oz | |
| 18.75% of payable copper | Copper | 3.1 | Mlb | 3.4 | Mlb | 2.5 | Mlb | 2.4 | Mlb | 3.2 | Mlb | |||
| Pueblo Viejo | Barrick (60%) | 7.5% of Barrick's interest in payable gold | Gold | 7,000 | oz | 5,800 | oz | 6,200 | oz | 5,000 | oz | 6,800 | oz | |
| 75% of Barrick's interest in payable silver3 | Silver | 332,700 | oz | 218,200 | oz | 223,000 | oz | 171,100 | oz | 150,700 | oz | |||
| Andacollo | Teck | 100% of payable gold | Gold | 4,000 | oz | 4,500 | oz | 5,700 | oz | 7,000 | oz | 7,500 | oz | |
| Khoemacau | MMG | 100% of payable silver | Silver | 275,200 | oz | 295,500 | oz | 332,000 | oz | 323,800 | oz | 386,100 | oz | |
| Royalty: | ||||||||||||||
| Cortez | Nevada Gold Mines LLC | 9.4% GSR on Legacy Zone4 | Gold | 45,300 | oz | 42,600 | oz | 68,700 | oz | 111,900 | oz | 98,800 | oz | |
| 0.45%-2.2% GSR on CC Zone4 | Gold | 116,500 | oz | 119,800 | oz | 124,900 | oz | 156,600 | oz | 120,000 | oz | |||
| Peñasquito | Newmont Corporation | 2.0% NSR | Gold | 55,700 | oz | 64,200 | oz | 44,000 | oz | 25,900 | oz | - | oz | |
| Silver | 5.6 | Moz | 8.0 | Moz | 9.8 | Moz | 4.6 | Moz | - | Moz | ||||
| Lead | 36.4 | Mlb | 42.9 | Mlb | 64.9 | Mlb | 34.9 | Mlb | - | Mlb | ||||
| Zinc | 133.6 | Mlb | 113.3 | Mlb | 134.8 | Mlb | 33.5 | Mlb | - | Mlb | ||||
1 Refer to Part I, Item 2, of the Company’s Annual Report on Form 10-K for a full description of the Company’s stream and royalty interests.
2 Reported production relates to the amount of stream metal sales and the metal sales attributable to the Company’s royalty interests for the stated periods and may differ from the operators’ public reporting.
3 The Pueblo Viejo silver stream is determined based on a fixed metallurgical recovery of 70% of silver in mill feed.
4 Approximate blended royalty rates as described in the press release “Royal Gold Announces Acquisition of Additional Royalty Interests on the World-Class Cortez Gold Complex in Nevada and Outlines Simplified Approach to Describing Royal Gold’s Multiple Royalty Interests at Cortez” issued January 5, 2023.
TABLE 3
2024 Sales Volume Guidance and Year to Date Sales Volume Achieved
| 2024 Guidance · Metal Sales by Segment for the Nine Months Ended September 30, 2024 | |||||
|---|---|---|---|---|---|
| Stream Sales1 · Royalty Sales2 · Total Sales | |||||
| Gold | (oz) | 215,000 - 230,000 | 118,000 | 51,183 | 169,183 |
| Silver | (M oz) | 3.2-3.8 | 1.9 | 0.5 | 2.4 |
| Copper | (M lb) | 14.0 - 16.0 | 9.0 | 2.9 | 11.9 |
| Other Metals | (M) | $17.0 - $20.0 | N/A | $15.7 | $15.7 |
| 1 Stream Sales represents physical metal sold. | |||||
| 2 Royalty Sales represents royalty revenue divided by the average metal price for the period. | |||||
TABLE 4
Stream Segment Summary
| Three Months EndedSeptember 30, 2024 · Three Months EndedSeptember 30, 2023 · As ofSeptember 30, 2024 · As ofDecember 31, 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Gold Stream · Purchases (oz) · Sales (oz) · Purchases (oz) · Sales (oz) · Inventory (oz) · Inventory (oz) | |||||||||
| Mount Milligan | 22,100 | 17,600 | 13,000 | 11,300 | 5,000 | 4,000 | |||
| Pueblo Viejo | 6,000 | 7,000 | 5,000 | 6,800 | 6,000 | 6,200 | |||
| Andacollo | 5,200 | 4,000 | 9,300 | 7,500 | 2,500 | 800 | |||
| Other | 12,400 | 12,100 | 11,700 | 11,900 | 3,500 | 4,200 | |||
| Total | 45,700 | 40,700 | 39,000 | 37,500 | 17,000 | 15,200 | |||
| Silver Stream | Purchases (oz) | Sales (oz) | Purchases (oz) | Sales (oz) | Inventory (oz) | Inventory (oz) | |||
| Pueblo Viejo1 | 89,600 | 332,700 | 171,100 | 150,700 | 89,600 | 223,000 | |||
| Khoemacau | 288,200 | 275,200 | 315,000 | 386,100 | 101,000 | 135,300 | |||
| Other | 78,900 | 80,300 | 65,800 | 76,900 | 28,500 | 24,800 | |||
| Total | 456,700 | 688,200 | 551,900 | 613,700 | 219,100 | 383,100 | |||
| Copper Stream | Purchases (Mlb) | Sales (Mlb) | Purchases (Mlb) | Sales (Mlb) | Inventory (Mlb) | Inventory (Mlb) | |||
| Mount Milligan | 3.9 | 3.1 | 2.4 | 3.2 | 0.8 | — | |||
| Nine Months EndedSeptember 30, 2024 · Nine Months EndedSeptember 30, 2023 | |||||||||
| Gold Stream | Purchases (oz) | Sales (oz) | Purchases (oz) | Sales (oz) | |||||
| Mount Milligan | 47,100 | 46,200 | 44,200 | 44,000 | |||||
| Pueblo Viejo | 18,700 | 18,900 | 19,200 | 22,100 | |||||
| Andacollo | 15,900 | 14,100 | 18,300 | 18,500 | |||||
| Other | 38,100 | 38,800 | 35,900 | 35,400 | |||||
| Total | 119,800 | 118,000 | 117,600 | 120,000 | |||||
| Silver Stream | Purchases (oz) | Sales (oz) | Purchases (oz) | Sales (oz) | |||||
| Khoemacau | 868,400 | 902,700 | 1,141,200 | 1,163,100 | |||||
| Pueblo Viejo1 | 640,500 | 773,900 | 684,100 | 850,800 | |||||
| Other | 243,500 | 239,800 | 205,800 | 208,800 | |||||
| Total | 1,752,400 | 1,916,400 | 2,031,100 | 2,222,700 | |||||
| Copper Stream | Purchases (Mlb) | Sales (Mlb) | Purchases (Mlb) | Sales (Mlb) | |||||
| Mount Milligan | 9.8 | 9.0 | 8.4 | 9.4 | |||||
1 Silver stream purchases do not include 115,600 ounces of silver permitted to be deferred in the three month period ending September 30, 2024, and 381,700 ounces of silver permitted to be deferred in the nine month period ending September 30, 2024, based on the terms of the Pueblo Viejo stream agreement. Total deferred deliveries were approximately 1.2 million ounces at September 30, 2024, and the timing for the delivery of the entire deferred amount is uncertain.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.