DENVER, COLORADO. NOVEMBER 1, 2023: ROYAL GOLD, INC. (NASDAQ:
RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or
“our”) reports net income of $49.3 million, or $0.75 per share, for the quarter ended
September 30, 2023, (“third quarter”) on revenue of $138.6 million and operating
cash flow of $98.1 million. Adjusted net income1 was $49.7 million, or $0.76 per
share.
“We turned in another quarter of strong financial results with year-over-year
increases in revenue, earnings and operating cash flow,” commented Bill
Heissenbuttel, President and CEO of Royal Gold. “The cash flow produced by our
portfolio allowed us to pay down a further $75 million of the amount drawn on our
revolving credit facility, and we ended the quarter with increased liquidity of
approximately $770 million. While cash flow was strong and the portfolio generally performed well, short-term production delays and interruptions at a couple of our major revenue drivers may mean that sales for the year will come in at the low end
of, or slightly below, the guidance range we provided in April.”
“In a short nine-month period, we have more than fully repaid the debt we borrowed to fund the acquisition of the second of two royalties on the world-class Cortez Complex,” continued Mr. Heissenbuttel. “The use of short-term borrowings to finance the acquisition of long-life assets provides shareholders full exposure to those assets without dilution.”

Third Quarter 2023 Highlights:
• Solid financial results with revenue of $138.6 million, operating cash flow of $98.1 million and earnings of $49.3 million, increases of 5%, 3% and 8%, respectively, compared to the prior year period
• Revenue split: 78% gold, 11% silver, 10% copper
• Production volume of 71,900 GEOs2
• Sustained high adjusted EBITDA margin1 of 78%
• Debt reduced to $325 million after $75 million repayment
• Total available liquidity increased to $768 million
• Paid quarterly dividend of $0.375 per share, a 7% increase over the prior year period

Recent Portfolio Developments
Principal Property Updates
Optimization Review Underway and Updated Gold Production Guidance Provided at Mount Milligan
On October 31, 2023, Centerra Gold Inc. (“Centerra”) reported that a full asset optimization review of the Mount Milligan
mine in British Columbia has been launched, which includes assessments of productivity and cost efficiency opportunities
in concert with mine plan optimization. Centerra expects this review to identify and drive incremental operational
improvements and is expected to be completed in 2024.
Centerra also reported that production during the third quarter was impacted by mine sequencing and lower recoveries
caused by blending of ores mined from different phases of the pit. Centerra expects that medium-term recoveries for gold
and copper will be similar to those achieved in 2023, and metallurgical reviews to increase recoveries from current levels
are underway.
Centerra now expects full year 2023 gold production at Mount Milligan to be 150,000 to 160,000 ounces, down from the
previous guidance range of 160,000 to 170,000 ounces, and copper production to be near the low end of the previouslyprovided guidance range of 60 to 70 million pounds. Centerra also expects higher levels of gold production and similar
levels of copper production in 2024 compared to 2023 production guidance levels.
Delayed Ramp-Up of Plant Expansion with Further Deferral of Silver Deliveries at Pueblo Viejo
On October 12, 2023, Barrick Gold Corporation (“Barrick”) provided a brief update on production at Pueblo Viejo in the
Dominican Republic. According to Barrick, ramp-up of the expansion project was delayed due to equipment design
deficiencies, and Barrick’s share of gold production at Pueblo Viejo was approximately 79,000 ounces in the third quarter.
Gold production in the third quarter was impacted by lower ore grades processed due to mine sequencing, as well as
lower mill throughput and lower mill recovery associated with the commissioning of the mill expansion.
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.

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reaction XEA.nl
See this,• Revenue split: 78% gold, 11% silver, 10% copper*
* this is to low for the future and it has to be more!