DENVER, COLORADO. NOVEMBER 6, 2024: ROYAL GOLD, INC. (NASDAQ:
RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,”
or “our”) reports net income of $96.2 million, or $1.46 per share, for the quarter
ended September 30, 2024, ("third quarter") on record revenue of $193.8 million
and operating cash flow of $136.7 million. Adjusted net income1
was a record
$96.6 million, or $1.47 per share.
“The third quarter of 2024 was another excellent quarter for Royal Gold, and our
results demonstrate the leverage our business provides to a strong and rising
gold price,” commented Bill Heissenbuttel, President and CEO of Royal Gold.
“Solid portfolio performance underpinned our exposure to record gold prices
during the quarter, and while the gold price increased 28% from the prior year,
over the same period we recognized much higher increases of 40% to revenue
and 46% to adjusted EBITDA. Our low and stable G&A expense insulates us
from direct exposure to inflationary cost pressures and we maintained our very
healthy margins with full exposure to the rising gold price over the quarter."
"During the quarter we also saw new revenue contributions from the Manh Choh
and Côté Gold mines and we completely repaid our outstanding borrowings on
our credit facility," continued Mr. Heissenbuttel. "Our strategy is to provide our
shareholders with full exposure to portfolio growth, and we have avoided diluting
our shareholders' exposure to that growth by being disciplined with respect to
our use of short-term and flexible debt financing."

Third Quarter 2024 Highlights:
• Record revenue of $193.8
million, a 40% increase over the
prior year period
• Operating cash flow of $136.7
million and earnings of $96.2
million; 39% and 95% increases,
respectively, over the prior year
period
• Record adjusted earnings of
$96.6 million
• Revenue split: 76% gold, 12%
silver, 9% copper
• Sales volume of 78,400 GEOs2
• Sustained high adjusted EBITDA
margin1
of 81%
• Repaid $50 million of debt,
reducing total debt to $0
• Total available liquidity increased
to approximately $1.1 billion
• Paid quarterly dividend of $0.40
per share, a 7% increase over the
prior year period
• First royalty revenue recognized
from the newly-producing Côté
Gold and Manh Choh mines

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