DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) reports net income of $113.5 million, or $1.72 per share, for the quarter ended March 31, 2025, ("first quarter") on revenue of $193.4 million and operating cash flow of $136.4 million. Adjusted net income1 was $99.8 million, or $1.51 per share.

First Quarter 2025 Highlights:

Record earnings of $113.5 million on revenue of $193.4 million, and operating cash flow of $136.4 million
Revenue split: 75% gold,12% silver, 9% copper
Sales volume of 67,600 GEOs2
Sustained high adjusted EBITDA margin1 of 82%
Total available liquidity increased to $1.25 billion
Paid quarterly dividend of $0.45 per share, a 12.5% increase over the prior year period
Entered into additional Xavantina gold stream agreement
Achieved full repayment of Rainy River advance stream deposit
“Our first quarter results were strong and provided an excellent start to 2025,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “Underlying performance from our portfolio interests was in line with our expectations for relatively soft production, but this was more than offset by a very strong and steadily-rising gold price through the first quarter. Although the outlook for economic conditions remains uncertain with generally elevated volatility in the markets, our diversified portfolio, strong balance sheet and ample liquidity provide a stable foundation for us to continue delivering solid results for shareholders."

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.

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:

2025 Production Guidance Confirmed and Mine Extension Project Continues at Mount Milligan

On May 6, 2025, Centerra Gold Inc. ("Centerra") reported that the site-wide optimization program continues to progress and it is maintaining 2025 production guidance at the Mount Milligan mine in British Columbia. Centerra expects 2025 gold production to range between 165,000 and 185,000 ounces, and copper production to range between 50 and 60 million pounds, with production of both metals to be weighted toward the second half of the year. 2024 gold and copper production was 167,600 ounces and 54.3 million pounds, respectively.

Centerra also reported that a Pre-feasibility Study (“PFS”) to evaluate the substantial mineral resources to unlock additional value beyond the current mine life is on track to be completed in the third quarter of 2025. According to Centerra, it is optimistic that the mine life can be extended beyond the current mine life of approximately 2036, which is based on the available space in the existing tailings storage facility. Centerra also reported that it is evaluating options for additional tailings capacity and expects that the PFS will incorporate an increase in annual mill throughput in the range of 10% through ball mill motor upgrades and additional downstream flowsheet improvements, which may also improve overall metal recovery.

2025 Guidance Unchanged and Progress Continues on Long Term Projects at Cortez

On May 7, 2025, Barrick Mining Corporation ("Barrick") reported that 2025 gold production guidance of approximately 680,000 to 765,000 ounces (100% basis) is unchanged at the Cortez Complex in Nevada. This guidance compares to 2024 gold production of 722,000 ounces. We estimate our overall average royalty rate on this production to be approximately 3.1% for 2025.

Additionally, Barrick reported continued progress at the various projects underway at Cortez. At Goldrush, the sinking of the first of eight ventilation shafts and the installation of underground primary fans were completed, which enable increased mining rates. At the Fourmile project, the exploration drilling campaign to define the orebody and delineate the overall footprint commenced, and the pre-feasibility study is expected to start in 2025. At the Hanson project, exploration drilling is focused on the Birch target for 2025, and at the Swift project, exploration results have extended the footprint of anomalous gold mineralization 900 meters to the south.

Higher Gold Production in 2025 Expected at Andacollo

For the first quarter, Teck Resources Limited ("Teck") reported gold production of 7,400 ounces, compared to 3,400 ounces in the prior year period, at the Andacollo mine in Chile. Teck expects gold production for 2025 to range between 35,000 and 39,000 ounces compared to actual gold production of 20,800 ounces in 2024. The expected increase is primarily driven by higher mill throughput due to increased water availability, which was impacted by drought conditions throughout much of 2024. Royal Gold typically receives stream deliveries approximately 5 months after mine production.

2025 Guidance Unchanged and Mine Life Extension Project Advancing at Pueblo Viejo

On May 7, 2025, Barrick reported that 2025 gold production guidance of 370,000 to 410,000 ounces for its 60% share of Pueblo Viejo in the Dominican Republic is unchanged after completing a 35-day shutdown for debottlenecking work on the expanded plant in the first quarter of the year. This guidance compares to 2024 gold production of 352,000 ounces.

Barrick also provided a progress update on the mine life extension project, where activity is focused on housing, resettlement and the El Naranjo tailings storage facility. The housing project continues with 220 homes constructed and 18 families resettled. Engineering work is ongoing for the tailings storage facility and the overall schedule remains on track to have the starter dam completed ahead of the existing El Llagal dam reaching capacity.

Other Property Updates

Notable recent updates as reported by the operators of other select portfolio assets include:

Producing Properties

Granite Creek (3% NSR and 2.94% NSR royalties): In March, 2025, i-80 Gold Corp. ("i-80") announced the results of separate preliminary economic assessments ("PEAs") on the Granite Creek open pit and underground projects in Nevada. According to i-80, the underground operation is currently producing and is ramping up to full production of 60,000 ounces per year over an eight-year mine life, and a feasibility study is expected to be released in the fourth quarter of 2025 that includes an updated operational plan and results from new drilling in the South Pacific Zone. Also according to i-80, the open pit is targeted to produce approximately 130,000 ounces per year over a ten-year mine life with an updated feasibility study targeted for completion in the fourth quarter of 2025.

Khoemacau (100% silver stream): MMG Limited ("MMG") provided guidance to Royal Gold that 2025 silver production is expected to range from 1.3 to 1.5 million ounces at the Khoemacau mine in Botswana, which compares to 2024 actual production of approximately 1.3 million ounces. Further, on April 24, 2025, MMG provided an update on the expansion project, and disclosed that early works (including camp and road construction, land acquisition and personnel recruitment) have commenced, with construction anticipated to begin in 2026 subject to the outcomes of a feasibility study currently underway.

Peñasquito (2% NSR royalty): On April 24, 2025, Newmont Corporation ("Newmont")...
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