Royal Gold Reports Strong Start to 2024 with Significant Liquidity Increase

DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) reports net income of $47.2 million, or $0.72 per share, for the quarter ended March 31, 2024, ("first quarter") on revenue of $148.9 million and operating cash flow of $138.3 million. Adjusted net income1 was $59.8 million, or $0.91 per share.

First Quarter 2024 Highlights:

Solid financial results with revenue of $148.9 million, operating cash flow of $138.3 million and earnings of $47.2 million
Revenue split: 75% gold, 13% silver, 9% copper
Sales volume of 71,900 GEOs2
Sustained high adjusted EBITDA margin 1 of 79%
Repaid $100 million of debt, reducing total debt to $150 million
Total available liquidity increased to $966 million
Paid quarterly dividend of $0.40 per share, a 7% increase over the prior year period
Additional Mount Milligan agreement provides near-term consideration in return for long-term support that allows for an extended mine life
Received repayment of $37.0 million Khoemacau loan facility
Post Quarter Events:

Repaid $75 million of debt, further reducing total debt to $75 million
“Our portfolio performed well during the first quarter and we started 2024 off on a positive note,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “Our low and stable cost structure meant that we were able to benefit from the record gold price and our underlying cash flow from operations was solid for the quarter. In addition, we received payments from Centerra and MMG during the quarter, which combined with our cash flow, allowed us to repay $175 million of debt already in 2024. We have now rebuilt our available liquidity to approximately $1 billion."

"During the quarter we also announced an additional agreement with Centerra that we expect will unlock significant long-term value from the large resource base around the Mount Milligan mine," continued Mr. Heissenbuttel. "We were able to complete a mutually beneficial agreement, and we are looking forward to seeing how Centerra progresses its plans to surface the upside at Mount Milligan and add to the mine life beyond 2035."

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
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