Royal Gold Reports Third Quarter Results with Record Revenue, Significant Increases in Operating Cash Flow and Earnings, and a Debt-Free Balance Sheet
Royal Gold reported record financial results for Q3 2024, with net income of $96.2 million ($1.46 per share) and adjusted net income of $96.6 million ($1.47 per share). Revenue reached a record $193.8 million, up 40% YoY, driven by strong gold prices and contributions from new mines. Operating cash flow increased to $136.7 million, up 39% YoY. The company achieved an 81% adjusted EBITDA margin and repaid $50 million in debt, becoming debt-free. Gold sales accounted for 76% of revenue, with silver and copper contributing 12% and 9%, respectively. Significant developments included stable production at Mount Milligan, increased water availability at Andacollo, and expansion efforts at Khoemacau. The company also recognized its first revenue from the Manh Choh and Côté Gold mines. Royal Gold maintained a dividend of $0.40 per share, a 7% increase YoY. The company's strategy focuses on leveraging high gold prices while maintaining low G&A expenses and avoiding shareholder dilution.
Royal Gold ha riportato risultati finanziari record per il terzo trimestre del 2024, con un reddito netto di 96,2 milioni di dollari (1,46 dollari per azione) e un reddito netto rettificato di 96,6 milioni di dollari (1,47 dollari per azione). I ricavi hanno raggiunto un record di 193,8 milioni di dollari, in aumento del 40% rispetto all'anno precedente, sostenuti da forti prezzi dell'oro e dai contributi di nuove miniere. Il flusso di cassa operativo è aumentato a 136,7 milioni di dollari, in crescita del 39% YoY. L'azienda ha raggiunto un margine EBITDA rettificato dell'81% e ha rimborsato 50 milioni di dollari di debito, diventando senza debiti. Le vendite di oro hanno rappresentato il 76% dei ricavi, con argento e rame che hanno contribuito rispettivamente per il 12% e il 9%. Sviluppi significativi hanno incluso una produzione stabile a Mount Milligan, un aumento della disponibilità d'acqua ad Andacollo e sforzi di espansione a Khoemacau. L'azienda ha anche riconosciuto i suoi primi ricavi dalle miniere di Manh Choh e Côté Gold. Royal Gold ha mantenuto un dividendo di 0,40 dollari per azione, con un incremento del 7% YoY. La strategia dell'azienda si concentra sull'approfittare dei prezzi elevati dell'oro mantenendo basse le spese generali e amministrative e evitando la diluizione degli azionisti.
Royal Gold reportó resultados financieros récord para el tercer trimestre de 2024, con un ingreso neto de 96,2 millones de dólares (1,46 dólares por acción) y un ingreso neto ajustado de 96,6 millones de dólares (1,47 dólares por acción). Los ingresos alcanzaron un récord de 193,8 millones de dólares, un aumento del 40% interanual, impulsados por fuertes precios del oro y aportes de nuevas minas. El flujo de caja operativo aumentó a 136,7 millones de dólares, un incremento del 39% interanual. La empresa logró un margen EBITDA ajustado del 81% y reembolsó 50 millones de dólares en deuda, quedando libre de deudas. Las ventas de oro representaron el 76% de los ingresos, con plata y cobre contribuyendo el 12% y el 9%, respectivamente. Desarrollos significativos incluyeron una producción estable en Mount Milligan, mayor disponibilidad de agua en Andacollo y esfuerzos de expansión en Khoemacau. La empresa también reconoció sus primeros ingresos de las minas Manh Choh y Côté Gold. Royal Gold mantuvo un dividendo de 0,40 dólares por acción, con un aumento del 7% interanual. La estrategia de la empresa se enfoca en aprovechar los altos precios del oro mientras mantiene bajos gastos generales y evita la dilución de los accionistas.
로얄 골드는 2024년 3분기에 기록적인 재무 결과를 보고했습니다. 순이익은 9천620만 달러(주당 1.46달러)이며, 조정된 순이익은 9천660만 달러(주당 1.47달러)입니다. 매출은 1억9천380만 달러로 증가했으며, 이는 전년 대비 40% 증가한 수치입니다. 이는 강력한 금 가격과 새로운 광산의 기여 덕분입니다. 운영 현금 흐름은 1억3천670만 달러로 증가했으며, 전년 대비 39% 증가했습니다. 회사는 81%의 조정 EBITDA 마진을 달성하였고, 5천만 달러의 부채를 상환하여 부채가 없는 상태가 되었습니다. 금 판매는 매출의 76%를 차지했으며, 은과 구리는 각각 12%와 9%를 기여했습니다. 주요 발전 사항으로는 마운트 밀리건에서의 안정적인 생산, 안다콜로에서의 물 공급 증가, 그리고 코헤마카우에서의 확장 노력이 포함됩니다. 회사는 또한 만 초와 코테 골드 광산에서의 첫 번째 수익을 인식했습니다. 로얄 골드는 주당 0.40달러의 배당금을 유지했으며, 이는 전년 대비 7% 증가한 수치입니다. 회사의 전략은 높은 금 가격을 활용하고 낮은 관리비용을 유지하며 주주 희석을 피하는 것입니다.
Royal Gold a annoncé des résultats financiers records pour le troisième trimestre 2024, avec un revenu net de 96,2 millions de dollars (1,46 dollar par action) et un revenu net ajusté de 96,6 millions de dollars (1,47 dollar par action). Les revenus ont atteint un record de 193,8 millions de dollars, en hausse de 40 % par rapport à l'année précédente, soutenus par des prix de l'or élevés et les contributions de nouvelles mines. Le flux de trésorerie d'exploitation a augmenté pour atteindre 136,7 millions de dollars, en hausse de 39 % par rapport à l'année précédente. L'entreprise a atteint une marge EBITDA ajustée de 81 % et a remboursé 50 millions de dollars de dette, devenant ainsi exempte de dettes. Les ventes d'or représentaient 76 % des revenus, l'argent et le cuivre contribuant respectivement à 12 % et 9 %. Parmi les développements significatifs figuraient une production stable à Mount Milligan, une disponibilité d'eau accrue à Andacollo, et des efforts d'expansion à Khoemacau. L'entreprise a également reconnu ses premiers revenus provenant des mines Manh Choh et Côté Gold. Royal Gold a maintenu un dividende de 0,40 dollar par action, soit une augmentation de 7 % par rapport à l'année précédente. La stratégie de l'entreprise se concentre sur l'exploitation des prix élevés de l'or tout en maintenant des frais généraux et administratifs bas et en évitant la dilution des actionnaires.
Royal Gold hat Rekordergebnisse für das dritte Quartal 2024 gemeldet, mit einem Nettogewinn von 96,2 Millionen Dollar (1,46 Dollar pro Aktie) und einem bereinigten Nettogewinn von 96,6 Millionen Dollar (1,47 Dollar pro Aktie). Der Umsatz erreichte einen Rekord von 193,8 Millionen Dollar, was einem Anstieg von 40% im Jahresvergleich entspricht, unterstützt durch hohe Goldpreise und Beiträge neuer Mine. Der operative Cashflow stieg auf 136,7 Millionen Dollar, ein Anstieg von 39% im Jahresvergleich. Das Unternehmen erzielte eine bereinigte EBITDA-Marge von 81% und zahlte 50 Millionen Dollar Schulden zurück, wodurch es schuldenfrei wurde. Goldverkäufe machten 76% des Umsatzes aus, während Silber und Kupfer 12% bzw. 9% beitrugen. Zu den bedeutenden Entwicklungen gehörten eine stabile Produktion in Mount Milligan, erhöhte Wasserverfügbarkeit in Andacollo und Expansionsbemühungen in Khoemacau. Das Unternehmen erkannte auch seine ersten Einnahmen aus den Manh Choh und Côté Gold-Minen an. Royal Gold behielt eine Dividende von 0,40 Dollar pro Aktie bei, was einem Anstieg von 7% im Jahresvergleich entspricht. Die Strategie des Unternehmens konzentriert sich darauf, die hohen Goldpreise zu nutzen, während die allgemeinen und Verwaltungskosten niedrig gehalten und eine Verwässerung der Aktionäre vermieden wird.
- Record revenue of $193.8 million, a 40% increase YoY
- Net income of $96.2 million, up 95% YoY
- Operating cash flow of $136.7 million, up 39% YoY
- Adjusted EBITDA margin of 81%
- Debt-free balance sheet after repaying $50 million
- First revenue from Manh Choh and Côté Gold mines
- Dividend increase to $0.40 per share, up 7% YoY
- Lower gold sales from Andacollo
- Lower silver sales from Khoemacau
- General and administrative costs increased to $10.1 million
Third Quarter 2024 Highlights:
-
Record revenue of
, a$193.8 million 40% increase over the prior year period -
Operating cash flow of
and earnings of$136.7 million ;$96.2 million 39% and95% increases, respectively, over the prior year period -
Record adjusted earnings of
$96.6 million -
Revenue split:
76% gold,12% silver,9% copper - Sales volume of 78,400 GEOs2
-
Sustained high adjusted EBITDA margin1 of
81% -
Repaid
of debt, reducing total debt to$50 million $0 -
Total available liquidity increased to approximately
$1.1 billion -
Paid quarterly dividend of
per share, a$0.40 7% increase over the prior year period - First royalty revenue recognized from the newly-producing Côté Gold and Manh Choh mines
“The third quarter of 2024 was another excellent quarter for Royal Gold, and our results demonstrate the leverage our business provides to a strong and rising gold price,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “Solid portfolio performance underpinned our exposure to record gold prices during the quarter, and while the gold price increased
"During the quarter we also saw new revenue contributions from the Manh Choh and Côté Gold mines and we completely repaid our outstanding borrowings on our credit facility," continued Mr. Heissenbuttel. "Our strategy is to provide our shareholders with full exposure to portfolio growth, and we have avoided diluting our shareholders' exposure to that growth by being disciplined with respect to our use of short-term and flexible debt financing."
1 |
Adjusted net income, adjusted net income per share and adjusted EBITDA margin are non-GAAP financial measures. See Schedule A of this press release for additional information, including a detailed description of adjustments to net income. |
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2 | See Schedule A of this press release for additional information about gold equivalent ounces, or GEOs. |
Recent Portfolio Developments
Principal Property Updates
Notable recent updates as reported by the operators of our Principal Properties include:
Mount Milligan Guidance Maintained with Work Continuing on Site-Wide Optimization and Preliminary Economic Assessment
On October 31, 2024, Centerra Gold Inc. ("Centerra") reported that 2024 production guidance at the Mount Milligan mine in
Centerra also reported that work continues on the site-wide optimization program, and notable achievements in the first nine months of 2024 include an improved safety record, increased availability and utilization of the haul fleet, and consistent ore supply which has led to increased mill throughput per operating day. In addition, Centerra is progressing work on a preliminary economic assessment (“PEA”) to evaluate the substantial mineral resources at Mount Milligan with a goal to unlock additional value beyond its current 2035 mine life. Centerra expects the PEA to be completed towards the end of the first half of 2025.
Increased Water Availability at Andacollo
On October 24, 2024, Teck Resources Limited ("Teck") reported that mill throughput at the Andacollo mine in
Improved Mining and Milling Volumes and Continued Progress on the Expansion at Khoemacau
On October 24, 2024, MMG Limited (“MMG”) provided an update on operations at the Khoemacau mine in
MMG also reported that it expects production at Zone 5 to further ramp up over the next year, and that it is committed to accessing the higher-grade areas to achieve an annual production of 60,000 tonnes of copper in concentrate by 2026. This will be facilitated by ongoing development efforts to increase mining fronts, operational flexibility and access to higher-grade areas. These efforts will be further enhanced by constructing a paste fill plant to increase extraction rates and completion of the installation of primary vent fans.
MMG plans to expand total production capacity at Khoemacau to 130,000 tonnes of copper in concentrate per year by building a new 4.5 million tonne per year process plant, increasing Zone 5 output, and developing additional deposits. MMG expects to begin the expansion feasibility study by the end of 2024, begin construction in 2026, produce first concentrate in 2028, and reach full capacity by 2029. Any expanded production from the Zone 5 and Mango NE deposits falls within the area of interest covered by Royal Gold’s silver stream.
Plant Optimization Continuing at
On October 16, 2024, Barrick Gold Corporation ("Barrick") issued production results for the third quarter at
New Collective Bargain Agreement and Transition to Higher Gold Grade Ore at Peñasquito
On October 18, 2024, Newmont Corporation ("Newmont") reported that it had agreed on a new Collective Bargain Agreement (CBA) at Peñasquito in
On October 23, 2024, Newmont reported that it delivered steady gold, silver, lead and zinc production in the third quarter from the Chile Colorado pit and commenced mining ore in the higher gold grade Peñasco pit, ahead of plan due to efficient stripping. Newmont expects this will result in an increase in gold production in the fourth quarter and into 2025.
Other Property Updates
Notable recent updates as reported by the operators of other select portfolio assets include:
Producing Properties
Bellevue (
Côté Gold (
King of the Hills (
Mara Rosa (
Manh Choh (
Voisey's Bay (
Wassa (
Development and Evaluation Properties
Back River (equivalent ~
Great Bear (
Third Quarter 2024 Overview
For the third quarter, we recorded net income and comprehensive income of
For the third quarter, we recognized record total revenue of
The increase in our total revenue resulted primarily from higher average gold, silver and copper prices compared to the prior period. Higher gold sales from Mount Milligan, higher gold and silver sales from
Cost of sales, which excludes depreciation, depletion and amortization ("DD&A"), increased to
General and administrative costs increased to
DD&A decreased to
Interest and other expense decreased to
For the third quarter, we recorded income tax expense of
Net cash provided by operating activities totaled
Net cash used in investing activities totaled
Net cash used in financing activities totaled
Other Corporate Updates
Outstanding Debt Repaid and Total Available Liquidity Increased to Approximately
During the third quarter, we repaid
Outlook for 2024
We are currently forecasting that 2024 metal sales will be within the ranges previously provided (shown in the table below), with the exception of silver. Silver sales are expected to be modestly below the low end of the guidance range primarily due to lower sales from
We expect that DD&A expense and effective tax rate for 2024 will be within the previously-provided guidance ranges.
|
2024 Guidance Ranges |
Total Sales: |
|
Gold |
215,000 - 230,000 oz |
Silver |
3.2 - 3.8 M oz |
Copper |
14.0 - 16.0 M lb |
Other Metals |
|
DD&A |
|
Effective Tax Rate |
17 - |
Property Highlights
A breakdown of revenue for the Company’s stream and royalty portfolio can be found on Table 1 for the three and nine month periods ended September 30, 2024 and September 30, 2023. Table 2 shows stream metal sales and metal sales attributable to the Company’s royalty interests for the Company’s principal stream and royalty properties. Table 3 shows Royal Gold's 2024 sales volume guidance and year to date sales volume achieved. Table 4 shows stream segment purchases and sales for the quarters ended September 30, 2024 and September 30, 2023 and inventories at September 30, 2024 and December 31, 2023. Highlights at certain of the Company’s principal producing and development properties during the quarter ended September 30, 2024, compared to the quarter ended September 30, 2023, are detailed in the Quarterly Report on Form 10-Q.
CORPORATE PROFILE
Royal Gold is a precious metals stream and royalty company engaged in the acquisition and management of precious metal streams, royalties and similar production-based interests. As of September 30, 2024, the Company owned interests on 175 properties on five continents, including interests on 40 producing mines and 19 development stage projects. Royal Gold is publicly traded on the Nasdaq Global Select Market under the symbol “RGLD.” The Company’s website is located at www.royalgold.com.
Third Quarter 2024 Call Information: |
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Dial-In |
833-470-1428 ( |
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Numbers: |
833-950-0062 ( 929-526-1599 (International) |
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Access Code: |
506691 |
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Webcast URL: |
www.royalgold.com under Investors, Events & Presentations |
Note: Management’s conference call reviewing the third quarter results will be held on Thursday, November 7, 2024, at 1:00 pm Eastern Time (11:00 am Mountain Time). The call will be webcast and archived on the Company’s website for a limited time.
Additional Investor Information: Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
Forward-Looking Statements: This press release includes “forward-looking statements” within the meaning of
Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; changes of control of our properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete acquisitions or other transactions; adverse economic and market conditions; impact of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including Item 1A. Risk Factors of our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release could also have material adverse effects on forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.
Statement Regarding Third-Party Information: Certain information provided in this press release, including production estimates, has been provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.
TABLE 1 |
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Revenue by Stream and Royalty Interests for the Three and Nine Months ended September 30, 2024 and September 30, 2023 |
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(In thousands) |
||||||||||||||||
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
Stream/Royalty |
Metal(s) |
|
Current Stream/Royalty Interest1 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Stream: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Mount Milligan |
Gold, copper |
|
|
|
$ |
56,570 |
|
$ |
33,876 |
|
$ |
143,704 |
|
$ |
121,739 |
|
|
Gold, silver |
|
|
|
|
9,802 |
|
|
8,701 |
|
|
30,033 |
|
|
28,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Gold, silver |
|
|
|
$ |
26,585 |
|
$ |
16,688 |
|
$ |
64,147 |
|
$ |
62,586 |
|
Andacollo |
Gold |
|
|
|
|
9,652 |
|
|
14,644 |
|
|
31,949 |
|
|
35,401 |
|
Xavantina |
Gold |
|
|
|
|
10,470 |
|
|
6,976 |
|
|
29,228 |
|
|
17,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Khoemacau |
Silver |
|
|
|
$ |
7,996 |
|
$ |
9,047 |
|
$ |
24,148 |
|
$ |
27,082 |
|
Wassa |
Gold |
|
|
|
|
11,977 |
|
|
8,296 |
|
|
35,322 |
|
|
24,576 |
|
Bogoso and Prestea |
Gold |
|
|
|
|
— |
|
|
750 |
|
|
— |
|
|
2,736 |
|
Total stream revenue |
|
|
|
|
$ |
133,052 |
|
$ |
98,978 |
|
$ |
358,531 |
|
$ |
319,982 |
|
Royalty: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Voisey's Bay |
Copper, nickel, cobalt |
|
|
|
$ |
1,598 |
|
$ |
1,267 |
|
$ |
4,051 |
|
$ |
3,317 |
|
Red Chris |
Gold, copper |
|
|
|
|
— |
|
|
— |
|
|
2,617 |
|
|
3,170 |
|
Côté Gold |
Gold |
|
1.0 NSR |
|
|
1,537 |
|
|
— |
|
|
1,537 |
|
|
— |
|
LaRonde Zone 5 |
Gold |
|
|
|
|
911 |
|
|
629 |
|
|
2,432 |
|
|
1,870 |
|
Canadian |
Gold |
|
|
|
|
233 |
|
|
301 |
|
|
314 |
|
|
1,334 |
|
Williams |
Gold |
|
|
|
|
578 |
|
|
531 |
|
|
1,417 |
|
|
(1,229 |
) |
Other- |
Various |
|
Various |
|
|
412 |
|
|
363 |
|
|
1,067 |
|
|
1,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Legacy Zone |
Gold |
|
Approx. |
|
$ |
13,047 |
|
$ |
19,668 |
|
$ |
41,610 |
|
$ |
57,062 |
|
CC Zone |
Gold |
|
Approx. |
|
|
2,739 |
|
|
2,948 |
|
|
7,713 |
|
|
9,674 |
|
Robinson |
Gold, copper |
|
|
|
|
5,326 |
|
|
1,333 |
|
|
10,873 |
|
|
5,490 |
|
Manh Choh |
Gold, silver |
|
|
|
|
7,124 |
|
|
— |
|
|
7,124 |
|
|
— |
|
Marigold |
Gold |
|
|
|
|
2,244 |
|
|
739 |
|
|
4,954 |
|
|
2,517 |
|
Leeville |
Gold |
|
|
|
|
2,001 |
|
|
1,388 |
|
|
5,622 |
|
|
3,542 |
|
Wharf |
Gold |
|
|
|
|
782 |
|
|
869 |
|
|
1,973 |
|
|
2,461 |
|
Goldstrike |
Gold |
|
|
|
|
377 |
|
|
447 |
|
|
1,348 |
|
|
1,079 |
|
Other- |
Various |
|
Various |
|
|
491 |
|
|
844 |
|
|
2,267 |
|
|
3,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Peñasquito |
Gold, silver, lead, zinc |
|
|
|
$ |
9,356 |
|
|
— |
|
$ |
29,863 |
|
$ |
13,538 |
|
Dolores |
Gold, silver |
|
|
|
|
1,497 |
|
|
1,964 |
|
|
4,646 |
|
|
5,875 |
|
|
Gold |
|
|
|
|
1,337 |
|
|
1,627 |
|
|
4,724 |
|
|
4,122 |
|
Mara Rosa |
Gold, silver |
|
|
|
|
1,695 |
|
|
— |
|
|
2,433 |
|
|
— |
|
Other- |
Various |
|
Various |
|
|
24 |
|
|
— |
|
|
221 |
|
|
456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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South Laverton |
Gold |
|
|
|
$ |
2,139 |
|
$ |
1,647 |
|
$ |
6,291 |
|
$ |
5,277 |
|
King of the Hills |
Gold |
|
|
|
|
1,311 |
|
|
1,161 |
|
|
3,996 |
|
|
3,106 |
|
Bellevue |
Gold |
|
|
|
|
2,028 |
|
|
— |
|
|
3,816 |
|
|
— |
|
Gwalia |
Gold |
|
|
|
|
1,077 |
|
|
833 |
|
|
2,891 |
|
|
2,682 |
|
Celtic/Wonder North |
Gold, silver |
|
|
|
|
213 |
|
|
— |
|
|
392 |
|
|
— |
|
Other- |
Various |
|
Various |
|
|
708 |
|
|
1,054 |
|
|
2,112 |
|
|
2,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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 |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Reported Production For The Quarter Ended2 |
||||||||||||||||||
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 |
|
|
|
Gold |
|
17,600 |
|
oz |
|
16,100 |
|
oz |
|
12,500 |
|
oz |
|
14,000 |
|
oz |
|
11,300 |
|
oz |
|
|
|
|
|
|
Copper |
|
3.1 |
|
Mlb |
|
3.4 |
|
Mlb |
|
2.5 |
|
Mlb |
|
2.4 |
|
Mlb |
|
3.2 |
|
Mlb |
|
|
Barrick ( |
|
|
|
Gold |
|
7,000 |
|
oz |
|
5,800 |
|
oz |
|
6,200 |
|
oz |
|
5,000 |
|
oz |
|
6,800 |
|
oz |
|
|
|
|
|
|
Silver |
|
332,700 |
|
oz |
|
218,200 |
|
oz |
|
223,000 |
|
oz |
|
171,100 |
|
oz |
|
150,700 |
|
oz |
Andacollo |
|
Teck |
|
|
|
Gold |
|
4,000 |
|
oz |
|
4,500 |
|
oz |
|
5,700 |
|
oz |
|
7,000 |
|
oz |
|
7,500 |
|
oz |
Khoemacau |
|
MMG |
|
|
|
Silver |
|
275,200 |
|
oz |
|
295,500 |
|
oz |
|
332,000 |
|
oz |
|
323,800 |
|
oz |
|
386,100 |
|
oz |
Royalty: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada Gold Mines LLC |
|
|
|
Gold |
|
45,300 |
|
oz |
|
42,600 |
|
oz |
|
68,700 |
|
oz |
|
111,900 |
|
oz |
|
98,800 |
|
oz |
|
|
|
|
|
|
Gold |
|
116,500 |
|
oz |
|
119,800 |
|
oz |
|
124,900 |
|
oz |
|
156,600 |
|
oz |
|
120,000 |
|
oz |
Peñasquito |
|
Newmont Corporation |
|
|
|
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 |
|
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 |
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) |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Ended
|
|
Three Months Ended
|
|
|
As of
|
|
As of
|
||||
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 |
|
|
|
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) |
|
|
|
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 Ended
|
|
Nine Months Ended
|
|
|
|
|
|
||||
Gold Stream |
|
|
Purchases (oz) |
|
Sales (oz) |
|
Purchases (oz) |
|
Sales (oz) |
|
|
|
|
|
Mount Milligan |
|
|
47,100 |
|
46,200 |
|
44,200 |
|
44,000 |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
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 |
ROYAL GOLD, INC. |
|||||||
Consolidated Balance Sheets |
|||||||
(Unaudited, in thousands except share data) |
|||||||
|
|
|
September 30, 2024 |
|
December 31, 2023 |
||
ASSETS |
|
|
|
|
|
||
Cash and equivalents |
|
|
$ |
127,882 |
|
$ |
104,167 |
Royalty receivables |
|
|
|
50,118 |
|
|
48,884 |
Income tax receivable |
|
|
|
10,190 |
|
|
2,676 |
Stream inventory |
|
|
|
11,620 |
|
|
9,788 |
Prepaid expenses and other |
|
|
|
2,295 |
|
|
1,911 |
Total current assets |
|
|
|
202,105 |
|
|
167,426 |
Stream and royalty interests, net |
|
|
|
3,021,324 |
|
|
3,075,574 |
Other assets |
|
|
|
78,196 |
|
|
118,057 |
Total assets |
|
|
$ |
3,301,625 |
|
$ |
3,361,057 |
LIABILITIES |
|
|
|
|
|
||
Accounts payable |
|
|
$ |
13,245 |
|
$ |
11,441 |
Dividends payable |
|
|
|
26,320 |
|
|
26,292 |
Income tax payable |
|
|
|
30,386 |
|
|
15,557 |
Other current liabilities |
|
|
|
16,372 |
|
|
19,132 |
Total current liabilities |
|
|
|
86,323 |
|
|
72,422 |
Debt |
|
|
|
— |
|
|
245,967 |
Deferred tax liabilities |
|
|
|
132,857 |
|
|
134,299 |
Mount Milligan deferred liability |
|
|
|
25,000 |
|
|
— |
Other liabilities |
|
|
|
6,517 |
|
|
7,728 |
Total liabilities |
|
|
|
250,697 |
|
|
460,416 |
Commitments and contingencies |
|
|
|
|
|
||
EQUITY |
|
|
|
|
|
||
Preferred stock, |
|
|
|
— |
|
|
— |
Common stock, |
|
|
|
657 |
|
|
656 |
Additional paid-in capital |
|
|
|
2,225,788 |
|
|
2,221,039 |
Accumulated earnings |
|
|
|
812,192 |
|
|
666,522 |
Total Royal Gold stockholders’ equity |
|
|
|
3,038,637 |
|
|
2,888,217 |
Non-controlling interests |
|
|
|
12,291 |
|
|
12,424 |
Total equity |
|
|
|
3,050,928 |
|
|
2,900,641 |
Total liabilities and equity |
|
|
$ |
3,301,625 |
|
$ |
3,361,057 |
ROYAL GOLD, INC. |
|||||||||||||||||
Consolidated Statements of Operations and Comprehensive Income |
|||||||||||||||||
(Unaudited, in thousands except share data) |
|||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
|
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
Revenue |
|
|
$ |
193,837 |
|
|
$ |
138,617 |
|
|
$ |
516,835 |
|
|
$ |
453,051 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales (excludes depreciation, depletion and amortization) |
|
|
|
27,192 |
|
|
|
21,351 |
|
|
|
73,116 |
|
|
|
69,738 |
|
General and administrative |
|
|
|
10,102 |
|
|
|
9,927 |
|
|
|
32,025 |
|
|
|
30,020 |
|
Production taxes |
|
|
|
1,520 |
|
|
|
1,671 |
|
|
|
4,550 |
|
|
|
4,934 |
|
Depreciation, depletion and amortization |
|
|
|
36,177 |
|
|
|
40,106 |
|
|
|
110,689 |
|
|
|
124,847 |
|
Total costs and expenses |
|
|
|
74,991 |
|
|
|
73,055 |
|
|
|
220,380 |
|
|
|
229,539 |
|
Operating income |
|
|
|
118,846 |
|
|
|
65,562 |
|
|
|
296,455 |
|
|
|
223,512 |
|
Fair value changes in equity securities |
|
|
|
(425 |
) |
|
|
(462 |
) |
|
|
(42 |
) |
|
|
(171 |
) |
Interest and other income |
|
|
|
626 |
|
|
|
2,436 |
|
|
|
4,410 |
|
|
|
7,348 |
|
Interest and other expense |
|
|
|
(1,207 |
) |
|
|
(7,285 |
) |
|
|
(8,330 |
) |
|
|
(24,867 |
) |
Income before income taxes |
|
|
|
117,840 |
|
|
|
60,251 |
|
|
|
292,493 |
|
|
|
205,822 |
|
Income tax expense |
|
|
|
(21,510 |
) |
|
|
(10,752 |
) |
|
|
(67,535 |
) |
|
|
(28,652 |
) |
Net income and comprehensive income |
|
|
|
96,330 |
|
|
|
49,499 |
|
|
|
224,958 |
|
|
|
177,170 |
|
Net income and comprehensive income attributable to non-controlling interests |
|
|
|
(88 |
) |
|
|
(162 |
) |
|
|
(343 |
) |
|
|
(509 |
) |
Net income and comprehensive income attributable to Royal Gold common stockholders |
|
|
$ |
96,242 |
|
|
$ |
49,337 |
|
|
$ |
224,615 |
|
|
$ |
176,661 |
|
Net income per share attributable to Royal Gold common stockholders: |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
|
|
$ |
1.46 |
|
|
$ |
0.75 |
|
|
$ |
3.41 |
|
|
$ |
2.69 |
|
Basic weighted average shares outstanding |
|
|
|
65,670,381 |
|
|
|
65,619,406 |
|
|
|
65,652,934 |
|
|
|
65,606,681 |
|
Diluted earnings per share |
|
|
$ |
1.46 |
|
|
$ |
0.75 |
|
|
$ |
3.41 |
|
|
$ |
2.68 |
|
Diluted weighted average shares outstanding |
|
|
|
65,795,014 |
|
|
|
65,757,076 |
|
|
|
65,767,668 |
|
|
|
65,743,114 |
|
Cash dividends declared per common share |
|
|
$ |
0.40 |
|
|
$ |
0.375 |
|
|
$ |
1.20 |
|
|
$ |
1.125 |
|
ROYAL GOLD, INC. |
|||||||||||||||||
Consolidated Statements of Cash Flows |
|||||||||||||||||
(Unaudited, in thousands) |
|||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
||||||||
Net income and comprehensive income |
|
|
$ |
96,331 |
|
|
$ |
49,499 |
|
|
$ |
224,958 |
|
|
$ |
177,170 |
|
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
||||||||
Depreciation, depletion and amortization |
|
|
|
36,177 |
|
|
|
40,106 |
|
|
|
110,689 |
|
|
|
124,847 |
|
Non-cash employee stock compensation expense |
|
|
|
2,977 |
|
|
|
2,763 |
|
|
|
9,313 |
|
|
|
7,342 |
|
Fair value changes in equity securities |
|
|
|
425 |
|
|
|
462 |
|
|
|
42 |
|
|
|
171 |
|
Deferred tax benefit |
|
|
|
1,489 |
|
|
|
1,128 |
|
|
|
4,908 |
|
|
|
(6,011 |
) |
Other |
|
|
|
233 |
|
|
|
147 |
|
|
|
717 |
|
|
|
592 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
||||||||
Royalty receivables |
|
|
|
(9,780 |
) |
|
|
1,730 |
|
|
|
(1,234 |
) |
|
|
14,678 |
|
Stream inventory |
|
|
|
(716 |
) |
|
|
807 |
|
|
|
(1,832 |
) |
|
|
2,805 |
|
Income tax receivable |
|
|
|
(4,552 |
) |
|
|
(4,646 |
) |
|
|
(7,513 |
) |
|
|
(11,182 |
) |
Prepaid expenses and other assets |
|
|
|
710 |
|
|
|
(726 |
) |
|
|
11,240 |
|
|
|
(3,367 |
) |
Accounts payable |
|
|
|
18 |
|
|
|
74 |
|
|
|
1,804 |
|
|
|
1,940 |
|
Income tax payable |
|
|
|
12,283 |
|
|
|
6,890 |
|
|
|
14,830 |
|
|
|
6,428 |
|
Mount Milligan deferred liability |
|
|
|
— |
|
|
|
— |
|
|
|
25,000 |
|
|
|
— |
|
Other liabilities |
|
|
|
1,056 |
|
|
|
(112 |
) |
|
|
(4,472 |
) |
|
|
(709 |
) |
Net cash provided by operating activities |
|
|
$ |
136,651 |
|
|
$ |
98,122 |
|
|
$ |
388,450 |
|
|
$ |
314,704 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
||||||||
Acquisition of stream and royalty interests |
|
|
|
(3,427 |
) |
|
|
(8 |
) |
|
|
(55,683 |
) |
|
|
(2,678 |
) |
Proceeds from Khoemacau debt facility |
|
|
|
— |
|
|
|
— |
|
|
|
25,000 |
|
|
|
— |
|
Other |
|
|
|
(6 |
) |
|
|
2 |
|
|
|
(91 |
) |
|
|
(149 |
) |
Net cash used in investing activities |
|
|
$ |
(3,433 |
) |
|
$ |
(6 |
) |
|
$ |
(30,774 |
) |
|
$ |
(2,827 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
||||||||
Repayment of debt |
|
|
|
(50,000 |
) |
|
|
(75,000 |
) |
|
|
(250,000 |
) |
|
|
(250,000 |
) |
Net payments from issuance of common stock |
|
|
|
(3,132 |
) |
|
|
(1,626 |
) |
|
|
(4,564 |
) |
|
|
(1,373 |
) |
Common stock dividends |
|
|
|
(26,314 |
) |
|
|
(24,647 |
) |
|
|
(78,917 |
) |
|
|
(73,918 |
) |
Other |
|
|
|
(122 |
) |
|
|
(99 |
) |
|
|
(480 |
) |
|
|
(2,271 |
) |
Net cash used in financing activities |
|
|
$ |
(79,568 |
) |
|
$ |
(101,372 |
) |
|
$ |
(333,961 |
) |
|
$ |
(327,562 |
) |
Net increase (decrease) in cash and equivalents |
|
|
|
53,650 |
|
|
|
(3,256 |
) |
|
|
23,715 |
|
|
|
(15,685 |
) |
Cash and equivalents at beginning of period |
|
|
$ |
74,232 |
|
|
$ |
106,157 |
|
|
|
104,167 |
|
|
|
118,586 |
|
Cash and equivalents at end of period |
|
|
$ |
127,882 |
|
|
$ |
102,901 |
|
|
$ |
127,882 |
|
|
$ |
102,901 |
|
Schedule A – Non-GAAP Financial Measures and Certain Other 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
We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgement. Non-GAAP financial measures used by management in this release or elsewhere include the following:
- Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations.
- Net debt (or net cash) is a non-GAAP financial measure that is calculated by the Company as debt (excluding debt issuance costs) as of a date minus cash and equivalents for that same date. Net debt (or net cash) to trailing twelve months (TTM) adjusted EBITDA is a non-GAAP financial measure that is calculated by the Company as net debt (or net cash) as of a date divided by the TTM adjusted EBITDA (as defined above) ending on that date. We believe that these measures are important to monitor leverage and evaluate the balance sheet. Cash and equivalents are subtracted from the GAAP measure because they could be used to reduce our debt obligations. A limitation associated with using net debt (or net cash) is that it subtracts cash and equivalents and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. We believe that investors may find these measures useful to monitor leverage and evaluate the balance sheet.
- Adjusted net income and adjusted net income per share are non-GAAP financial measures that are calculated by the Company as net income and net income per share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliations below. We consider these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of our operating results excluding items that we believe are not indicative of our fundamental ongoing operations. The tax effect of adjustments is computed by applying the statutory tax rate in the applicable jurisdictions to the income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero.
- 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 flow represents an additional way of viewing liquidity as it is adjusted for contractual investments made during such period. Free cash flow does not represent the residual cash flow available for discretionary expenditures. We believe it is important to view free cash flow as a complement to our consolidated statements of cash flows.
- Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation.
Reconciliation of non-GAAP financial measures to |
|||||||||||||||
Adjusted EBITDA, Adjusted EBITDA margin, net debt, and net debt to TTM adjusted EBITDA: |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(amounts in thousands) |
2024 |
2023 |
2024 |
2023 |
|||||||||||
Net income and comprehensive income |
|
96,330 |
|
|
$ |
49,499 |
|
|
$ |
224,958 |
|
|
$ |
177,170 |
|
Depreciation, depletion and amortization |
|
36,177 |
|
|
|
40,106 |
|
|
|
110,689 |
|
|
|
124,847 |
|
Non-cash employee stock compensation |
|
2,977 |
|
|
|
2,763 |
|
|
|
9,313 |
|
|
|
7,342 |
|
Fair value changes in equity securities |
|
425 |
|
|
|
462 |
|
|
|
42 |
|
|
|
171 |
|
Other non-recurring adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,440 |
|
Interest and other, net |
|
581 |
|
|
|
4,849 |
|
|
|
3,920 |
|
|
|
17,519 |
|
Income tax expense |
|
21,510 |
|
|
|
10,752 |
|
|
|
67,535 |
|
|
|
28,652 |
|
Non-controlling interests in operating income of consolidated subsidiaries |
|
(88 |
) |
|
|
(162 |
) |
|
|
(343 |
) |
|
|
(509 |
) |
Adjusted EBITDA |
$ |
157,912 |
|
|
$ |
108,269 |
|
|
$ |
416,114 |
|
|
$ |
357,632 |
|
Net income margin |
|
50 |
% |
|
|
36 |
% |
|
|
44 |
% |
|
|
39 |
% |
Adjusted EBITDA margin |
|
81 |
% |
|
|
78 |
% |
|
|
81 |
% |
|
|
79 |
% |
|
Three Months Ended |
||||||||||||||
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||
(amounts in thousands) |
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income and comprehensive income |
$ |
96,330 |
|
|
$ |
81,320 |
|
|
$ |
47,309 |
|
|
$ |
62,963 |
|
Depreciation, depletion and amortization |
|
36,177 |
|
|
|
35,747 |
|
|
|
38,765 |
|
|
|
40,090 |
|
Non-cash employee stock compensation |
|
2,977 |
|
|
|
3,348 |
|
|
|
2,988 |
|
|
|
2,354 |
|
Fair value changes in equity securities |
|
425 |
|
|
|
63 |
|
|
|
(447 |
) |
|
|
(25 |
) |
Interest and other, net |
|
581 |
|
|
|
1,709 |
|
|
|
1,630 |
|
|
|
3,396 |
|
Income tax expense |
|
21,510 |
|
|
|
18,991 |
|
|
|
27,033 |
|
|
|
13,356 |
|
Non-controlling interests in operating income of consolidated subsidiaries |
|
(88 |
) |
|
|
(112 |
) |
|
|
(143 |
) |
|
|
(183 |
) |
Adjusted EBITDA |
$ |
157,912 |
|
|
$ |
141,066 |
|
|
$ |
117,135 |
|
|
$ |
121,951 |
|
Net income margin |
|
50 |
% |
|
|
47 |
% |
|
|
32 |
% |
|
|
41 |
% |
Adjusted EBITDA margin |
|
81 |
% |
|
|
81 |
% |
|
|
79 |
% |
|
|
80 |
% |
|
|
|
|
|
|
|
|
||||||||
TTM adjusted EBITDA |
$ |
538,064 |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
Debt |
$ |
— |
|
|
|
|
|
|
|
||||||
Cash and equivalents |
|
(127,882 |
) |
|
|
|
|
|
|
||||||
Net debt / (cash) |
$ |
(127,882 |
) |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
Net debt / (cash) to TTM adjusted EBITDA |
(0.24)x |
|
|
|
|
|
|
Cash G&A: |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(amounts in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
General and administrative expense |
$ |
10,102 |
|
|
$ |
9,927 |
|
|
$ |
32,025 |
|
|
$ |
30,020 |
|
Non-cash employee stock compensation |
|
(2,977 |
) |
|
|
(2,763 |
) |
|
|
(9,313 |
) |
|
|
(7,342 |
) |
Cash G&A |
$ |
7,125 |
|
|
$ |
7,164 |
|
|
$ |
22,712 |
|
|
$ |
22,678 |
|
|
Three Months Ended |
||||||||||||||
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||
(amounts in thousands) |
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
General and administrative expense |
$ |
10,102 |
|
|
$ |
10,511 |
|
|
$ |
11,412 |
|
|
$ |
9,741 |
|
Non-cash employee stock compensation |
|
(2,977 |
) |
|
|
(3,348 |
) |
|
|
(2,988 |
) |
|
|
(2,354 |
) |
Cash G&A |
$ |
7,125 |
|
|
$ |
7,163 |
|
|
$ |
8,424 |
|
|
$ |
7,387 |
|
|
|
|
|
|
|
|
|
||||||||
TTM cash G&A |
$ |
30,099 |
|
|
|
|
|
|
|
Adjusted net income and adjusted net income per share: |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(amounts in thousands, except per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income and comprehensive income attributable to Royal Gold common stockholders |
$ |
96,242 |
|
|
$ |
49,337 |
|
|
$ |
224,615 |
|
|
$ |
176,661 |
|
Fair value changes in equity securities |
|
425 |
|
|
|
462 |
|
|
|
42 |
|
|
|
171 |
|
Other non-recurring adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,440 |
|
Discrete tax expense related to Mount Milligan Cost Support Agreement |
|
— |
|
|
|
— |
|
|
|
13,008 |
|
|
|
— |
|
Other discrete tax expense (benefit) |
|
— |
|
|
|
— |
|
|
|
1,279 |
|
|
|
(8,462 |
) |
Tax effect of adjustments |
|
(113 |
) |
|
|
(122 |
) |
|
|
(11 |
) |
|
|
(692 |
) |
Adjusted net income and comprehensive income attributable to Royal Gold common stockholders |
$ |
96,554 |
|
|
$ |
49,677 |
|
|
$ |
238,933 |
|
|
$ |
170,118 |
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Royal Gold common stockholders per diluted share |
$ |
1.46 |
|
|
$ |
0.75 |
|
|
$ |
3.41 |
|
|
$ |
2.68 |
|
Fair value changes in equity securities |
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Other non-recurring adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
Discrete tax expense related to Mount Milligan Cost Support Agreement |
|
— |
|
|
|
— |
|
|
|
0.20 |
|
|
|
— |
|
Other discrete tax expense (benefit) |
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
(0.13 |
) |
Tax effect of adjustments |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.01 |
) |
Adjusted net income attributable to Royal Gold common stockholders per diluted share |
$ |
1.47 |
|
|
$ |
0.76 |
|
|
$ |
3.63 |
|
|
$ |
2.58 |
|
Free cash flow: |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(amounts in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
$ |
136,651 |
|
|
$ |
98,122 |
|
|
$ |
388,450 |
|
|
$ |
314,704 |
|
Acquisition of stream and royalty interests |
|
(3,427 |
) |
|
|
(8 |
) |
|
|
(55,683 |
) |
|
|
(2,678 |
) |
Free cash flow |
$ |
133,224 |
|
|
$ |
98,114 |
|
|
$ |
332,767 |
|
|
$ |
312,026 |
|
|
|
|
|
|
|
|
|
||||||||
Net cash used in investing activities |
$ |
(3,433 |
) |
|
$ |
(6 |
) |
|
$ |
(30,774 |
) |
|
$ |
(2,827 |
) |
Net cash used in financing activities |
$ |
(79,568 |
) |
|
$ |
(101,372 |
) |
|
$ |
(333,961 |
) |
|
$ |
(327,562 |
) |
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 when planning and forecasting for future periods. We believe these measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Other measures used by management in this release and elsewhere include the following:
- Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period.
- Depreciation, depletion, and amortization, or DD&A, per GEO is calculated by the Company as depreciation, depletion, and amortization for a period divided by GEOs (as defined above) for that same period.
- Working capital is calculated by the Company as current assets as of a date minus current liabilities as of that same date. Liquidity is calculated by the Company as working capital plus available capacity under the Company’s revolving credit facility.
- Dividend payout ratio is calculated by the Company as dividends paid during a period divided by net cash provided by operating activities for that same period.
- Operating margin is calculated by the Company as operating income for a period divided by revenue for that same period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106120801/en/
Alistair Baker
Senior Vice President, Investor Relations and Business Development
(303) 573-1660
Source: Royal Gold
FAQ
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