DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company”) today announced that its wholly owned subsidiary, RGLD Gold AG, sold approximately 60,000 gold equivalent ounces comprised of approximately 48,000 gold ounces, 510,000 silver ounces and 1,200 tonnes of copper related to its streaming agreements during its fiscal 2019 third quarter ended March 31, 2019 (“third quarter”). The Company had approximately 33,000 gold equivalent ounces in inventory at the end of the third quarter consisting of 25,000 gold ounces, 590,000 silver ounces and 400 tonnes of copper.
RGLD Gold AG’s average realized gold, silver and copper prices for the third quarter were $1,303 per ounce, $15.51 per ounce, and $6,051 per tonne ($2.74 per pound), respectively, compared to $1,219, $14.45, and $6,092 ($2.76 per pound), respectively, in the second quarter ended December 31, 2018 (“second quarter”). Cost of sales was approximately $319 per gold equivalent ounce for the third quarter using the quarterly average silver-gold ratio of approximately 84 to 1 and coppergold ratio of approximately 0.21 tonnes per ounce, compared to $327 per gold equivalent ounce in the second quarter. Cost of sales is specific to our stream agreements and is the result of the Company’s purchase of gold, silver or copper for cash payments at a set contractual price, or a percentage of the prevailing market price of gold, silver or copper when purchased.
Also during the quarter, on February 27, 2019, Centerra Gold Inc. (“Centerra”) announced that it received an amendment to the Mount Milligan environmental assessment certificate that permits access to additional sources of surface water and groundwater, and that it is upgrading the water pumping infrastructure to allow access to these water sources prior to the spring melt, which is expected in April. Centerra expects that the additional water captured during the spring melt will be sufficient to return mill processing operations at Mount Milligan to full capacity, and following a ramp up of milling operations, mill throughput should average 55,000 tonnes per day through the remainder of 2019. Due to the usual timing difference between production at Mount Milligan and the receipt of stream deliveries by RGLD Gold AG, it is expected that any change in mill throughput will be reflected in stream deliveries approximately five months later.