DENVER, COLORADO. AUGUST 2, 2023: ROYAL GOLD, INC. (NASDAQ:
RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or
“our”) reports net income of $63.4 million, or $0.97 per share, for the quarter ended
June 30, 2023, (“second quarter”) on revenue of $144.0 million and operating cash
flow of $107.9 million. Adjusted net income1 was $57.2 million, or $0.88 per share.
“Our second quarter was relatively quiet and the portfolio provided another quarter
of solid cash flow,” commented Bill Heissenbuttel, President and CEO of Royal
Gold. “We repaid $100 million of our outstanding revolving credit facility balance
and grew our liquidity to over $700 million by the end of the quarter. We also
extended the term of our $1 billion revolving credit facility a further two years to mid2028, which ensures continued access to a key non-dilutive and flexible financing
tool. We greatly appreciate the continued support of our bank group.”
“We remain active on the business development front and we entered into a binding
commitment letter to provide royalty financing to help create ACG Electric Metals,
an emerging supplier of battery metals to the EV supply chain,” continued Mr.
Heissenbuttel. “We are working alongside the other parties in the transaction
towards closing, which we now anticipate could occur within the coming weeks.
Upon successful closing we will have precious metal royalty interests on two
producing base-metal mines in Brazil with long-term potential, operated by a wellestablished team. Our role in this transaction demonstrates how our financing
product can be applied to unique M&A opportunities while maintaining our strategy
of providing precious metals exposure to our shareholders.”

Second Quarter 2023 Highlights:
• Solid financial results with
revenue of $144.0 million,
operating cash flow of $107.9
million and earnings of $63.4
million
• Revenue split: 77% gold, 15%
silver, 6% copper
• Production volume of 72,900
GEOs2
• Maintained high adjusted
EBITDA margin1 of 80%
• Debt reduced to $400 million
after $100 million repayment
• Total available liquidity
increased to $702 million
• Revolving credit facility
maturity extended to June 28,
2028
• Paid quarterly dividend of
$0.375 per share, a 7%
increase over the prior year
period
• Entered into binding
commitment to acquire royalty
interests on the producing
Serrote and Santa Rita mines for $250 million.

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