Companies: 10,652     total market cap: $140.234 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Royal Gold
RGLD
#1051
Rank
$23.02 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$272.76
Share price
-4.37%
Change (1 day)
86.27%
Change (1 year)
โ›๏ธ Mining โ›๏ธ Silver Mining โ›๏ธ Gold mining
Categories
Royal Gold is an American precious metals company with royalty claims on gold, silver, copper, lead and zinc at mines in over 20 countries.
  1. Royal Gold
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q2

Royal Gold - 10-Q quarterly report FY2024 Q2


Text size:
false2024Q20000085535--12-315xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:CADutr:ozutr:trgld:trancheiso4217:USDutr:oziso4217:USDutr:lbrgld:segment00000855352024-01-012024-06-3000000855352024-07-3100000855352024-06-3000000855352023-12-3100000855352024-04-012024-06-3000000855352023-04-012023-06-3000000855352023-01-012023-06-300000085535us-gaap:CommonStockMember2024-03-310000085535us-gaap:AdditionalPaidInCapitalMember2024-03-310000085535us-gaap:RetainedEarningsMember2024-03-310000085535us-gaap:NoncontrollingInterestMember2024-03-3100000855352024-03-310000085535us-gaap:CommonStockMember2024-04-012024-06-300000085535us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300000085535us-gaap:NoncontrollingInterestMember2024-04-012024-06-300000085535us-gaap:RetainedEarningsMember2024-04-012024-06-300000085535us-gaap:CommonStockMember2024-06-300000085535us-gaap:AdditionalPaidInCapitalMember2024-06-300000085535us-gaap:RetainedEarningsMember2024-06-300000085535us-gaap:NoncontrollingInterestMember2024-06-300000085535us-gaap:CommonStockMember2023-03-310000085535us-gaap:AdditionalPaidInCapitalMember2023-03-310000085535us-gaap:RetainedEarningsMember2023-03-310000085535us-gaap:NoncontrollingInterestMember2023-03-3100000855352023-03-310000085535us-gaap:CommonStockMember2023-04-012023-06-300000085535us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300000085535us-gaap:NoncontrollingInterestMember2023-04-012023-06-300000085535us-gaap:RetainedEarningsMember2023-04-012023-06-300000085535us-gaap:CommonStockMember2023-06-300000085535us-gaap:AdditionalPaidInCapitalMember2023-06-300000085535us-gaap:RetainedEarningsMember2023-06-300000085535us-gaap:NoncontrollingInterestMember2023-06-3000000855352023-06-300000085535us-gaap:CommonStockMember2023-12-310000085535us-gaap:AdditionalPaidInCapitalMember2023-12-310000085535us-gaap:RetainedEarningsMember2023-12-310000085535us-gaap:NoncontrollingInterestMember2023-12-310000085535us-gaap:CommonStockMember2024-01-012024-06-300000085535us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300000085535us-gaap:NoncontrollingInterestMember2024-01-012024-06-300000085535us-gaap:RetainedEarningsMember2024-01-012024-06-300000085535us-gaap:CommonStockMember2022-12-310000085535us-gaap:AdditionalPaidInCapitalMember2022-12-310000085535us-gaap:RetainedEarningsMember2022-12-310000085535us-gaap:NoncontrollingInterestMember2022-12-3100000855352022-12-310000085535us-gaap:CommonStockMember2023-01-012023-06-300000085535us-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-300000085535us-gaap:NoncontrollingInterestMember2023-01-012023-06-300000085535us-gaap:RetainedEarningsMember2023-01-012023-06-300000085535rgld:HillRoyaltyMember2024-06-262024-06-260000085535rgld:KerrMcGeeRoyaltyMember2024-06-262024-06-260000085535rgld:BackRiverMember2024-06-260000085535rgld:BackRiverRoyaltiesAcquisitionMember2024-06-262024-06-260000085535rgld:BackRiverRoyaltiesAcquisitionMemberrgld:DevelopmentStageRoyaltyInterestsMember2024-06-262024-06-260000085535rgld:BackRiverRoyaltiesAcquisitionMemberrgld:ExplorationStageRoyaltyInterestsMember2024-06-262024-06-260000085535rgld:Mt.MilliganMemberrgld:ProductionStageStreamInterestsMember2024-06-300000085535rgld:PuebloViejoMemberrgld:ProductionStageStreamInterestsMember2024-06-300000085535rgld:AndacolloMemberrgld:ProductionStageStreamInterestsMember2024-06-300000085535rgld:KhoemacauMemberrgld:ProductionStageStreamInterestsMember2024-06-300000085535rgld:RainyRiverMemberrgld:ProductionStageStreamInterestsMember2024-06-300000085535rgld:OtherInterestMemberrgld:ProductionStageStreamInterestsMember2024-06-300000085535rgld:ProductionStageStreamInterestsMember2024-06-300000085535rgld:CortezMemberrgld:ProductionStageRoyaltyInterestsMember2024-06-300000085535rgld:VoiseysBayMemberrgld:ProductionStageRoyaltyInterestsMember2024-06-300000085535rgld:RedChrisMemberrgld:ProductionStageRoyaltyInterestsMember2024-06-300000085535rgld:PenasquitoMemberrgld:ProductionStageRoyaltyInterestsMember2024-06-300000085535rgld:OtherInterestMemberrgld:ProductionStageRoyaltyInterestsMember2024-06-300000085535rgld:ProductionStageRoyaltyInterestsMember2024-06-300000085535rgld:ProductionStageStreamAndRoyaltyInterestsMember2024-06-300000085535rgld:OtherInterestMemberrgld:DevelopmentStageStreamInterestsMember2024-06-300000085535rgld:CoteMemberrgld:DevelopmentStageRoyaltyInterestsMember2024-06-300000085535rgld:BackRiverMemberrgld:DevelopmentStageRoyaltyInterestsMember2024-06-300000085535rgld:LaFortunaMemberrgld:DevelopmentStageRoyaltyInterestsMember2024-06-300000085535rgld:OtherInterestMemberrgld:DevelopmentStageRoyaltyInterestsMember2024-06-300000085535rgld:DevelopmentStageStreamAndRoyaltyInterestsMember2024-06-300000085535rgld:XavantinaFormerlyNXGoldMemberrgld:ExplorationStageStreamInterestsMember2024-06-300000085535rgld:CortezMemberrgld:ExplorationStageRoyaltyInterestsMember2024-06-300000085535rgld:GreatBearMemberrgld:ExplorationStageRoyaltyInterestsMember2024-06-300000085535rgld:PascuaLamaMemberrgld:ExplorationStageRoyaltyInterestsMember2024-06-300000085535rgld:RedChrisMemberrgld:ExplorationStageRoyaltyInterestsMember2024-06-300000085535rgld:CoteMemberrgld:ExplorationStageRoyaltyInterestsMember2024-06-300000085535rgld:OtherInterestMemberrgld:ExplorationStageRoyaltyInterestsMember2024-06-300000085535rgld:ExplorationStageStreamAndRoyaltyInterestsMember2024-06-300000085535rgld:Mt.MilliganMemberrgld:ProductionStageStreamInterestsMember2023-12-310000085535rgld:PuebloViejoMemberrgld:ProductionStageStreamInterestsMember2023-12-310000085535rgld:AndacolloMemberrgld:ProductionStageStreamInterestsMember2023-12-310000085535rgld:KhoemacauMemberrgld:ProductionStageStreamInterestsMember2023-12-310000085535rgld:RainyRiverMemberrgld:ProductionStageStreamInterestsMember2023-12-310000085535rgld:OtherInterestMemberrgld:ProductionStageStreamInterestsMember2023-12-310000085535rgld:ProductionStageStreamInterestsMember2023-12-310000085535rgld:CortezMemberrgld:ProductionStageRoyaltyInterestsMember2023-12-310000085535rgld:VoiseysBayMemberrgld:ProductionStageRoyaltyInterestsMember2023-12-310000085535rgld:RedChrisMemberrgld:ProductionStageRoyaltyInterestsMember2023-12-310000085535rgld:PenasquitoMemberrgld:ProductionStageRoyaltyInterestsMember2023-12-310000085535rgld:OtherInterestMemberrgld:ProductionStageRoyaltyInterestsMember2023-12-310000085535rgld:ProductionStageRoyaltyInterestsMember2023-12-310000085535rgld:ProductionStageStreamAndRoyaltyInterestsMember2023-12-310000085535rgld:OtherInterestMemberrgld:DevelopmentStageStreamInterestsMember2023-12-310000085535rgld:CoteMemberrgld:DevelopmentStageRoyaltyInterestsMember2023-12-310000085535rgld:LaFortunaMemberrgld:DevelopmentStageRoyaltyInterestsMember2023-12-310000085535rgld:OtherInterestMemberrgld:DevelopmentStageRoyaltyInterestsMember2023-12-310000085535rgld:DevelopmentStageRoyaltyInterestsMember2023-12-310000085535rgld:XavantinaFormerlyNXGoldMemberrgld:ExplorationStageStreamInterestsMember2023-12-310000085535rgld:CortezMemberrgld:ExplorationStageRoyaltyInterestsMember2023-12-310000085535rgld:GreatBearMemberrgld:ExplorationStageRoyaltyInterestsMember2023-12-310000085535rgld:PascuaLamaMemberrgld:ExplorationStageRoyaltyInterestsMember2023-12-310000085535rgld:RedChrisMemberrgld:ExplorationStageRoyaltyInterestsMember2023-12-310000085535rgld:CoteMemberrgld:ExplorationStageRoyaltyInterestsMember2023-12-310000085535rgld:OtherInterestMemberrgld:ExplorationStageRoyaltyInterestsMember2023-12-310000085535rgld:ExplorationStageStreamAndRoyaltyInterestsMember2023-12-310000085535rgld:CurrentPortionOfLongTermDebtMember2024-06-300000085535rgld:CurrentPortionOfLongTermDebtMember2023-12-310000085535rgld:LongTermDebtExcludingCurrentMaturitiesMember2024-06-300000085535rgld:LongTermDebtExcludingCurrentMaturitiesMember2023-12-310000085535us-gaap:OtherNoncurrentAssetsMember2024-06-300000085535rgld:CreditFacilityMember2024-01-012024-06-300000085535rgld:CreditFacilityMember2024-06-300000085535rgld:CreditFacilityMember2024-04-012024-06-300000085535rgld:CreditFacilityMember2023-04-012023-06-300000085535rgld:CreditFacilityMember2023-01-012023-06-300000085535us-gaap:SubsequentEventMemberrgld:CreditFacilityMember2024-07-102024-07-100000085535rgld:MtMilliganMember2024-02-1300000855352024-02-132024-02-130000085535rgld:CostSupport2030Through2035ExampleMemberrgld:MtMilliganMember2024-02-130000085535rgld:CostSupportAfter2036ExampleMemberrgld:MtMilliganMember2024-02-130000085535rgld:SuspensionOfCostSupportMemberrgld:MtMilliganMember2024-02-130000085535rgld:MtMilliganMember2024-02-132024-02-130000085535srt:MinimumMember2024-01-012024-06-300000085535srt:MaximumMember2024-01-012024-06-300000085535rgld:StreamInterestsMemberus-gaap:GoldMember2024-04-012024-06-300000085535rgld:StreamInterestsMemberus-gaap:GoldMember2023-04-012023-06-300000085535rgld:StreamInterestsMemberus-gaap:GoldMember2024-01-012024-06-300000085535rgld:StreamInterestsMemberus-gaap:GoldMember2023-01-012023-06-300000085535rgld:StreamInterestsMemberrgld:SilverMember2024-04-012024-06-300000085535rgld:StreamInterestsMemberrgld:SilverMember2023-04-012023-06-300000085535rgld:StreamInterestsMemberrgld:SilverMember2024-01-012024-06-300000085535rgld:StreamInterestsMemberrgld:SilverMember2023-01-012023-06-300000085535rgld:StreamInterestsMemberrgld:CopperMember2024-04-012024-06-300000085535rgld:StreamInterestsMemberrgld:CopperMember2023-04-012023-06-300000085535rgld:StreamInterestsMemberrgld:CopperMember2024-01-012024-06-300000085535rgld:StreamInterestsMemberrgld:CopperMember2023-01-012023-06-300000085535rgld:StreamInterestsMember2024-04-012024-06-300000085535rgld:StreamInterestsMember2023-04-012023-06-300000085535rgld:StreamInterestsMember2024-01-012024-06-300000085535rgld:StreamInterestsMember2023-01-012023-06-300000085535rgld:RoyaltyInterestsMemberus-gaap:GoldMember2024-04-012024-06-300000085535rgld:RoyaltyInterestsMemberus-gaap:GoldMember2023-04-012023-06-300000085535rgld:RoyaltyInterestsMemberus-gaap:GoldMember2024-01-012024-06-300000085535rgld:RoyaltyInterestsMemberus-gaap:GoldMember2023-01-012023-06-300000085535rgld:RoyaltyInterestsMemberrgld:SilverMember2024-04-012024-06-300000085535rgld:RoyaltyInterestsMemberrgld:SilverMember2023-04-012023-06-300000085535rgld:RoyaltyInterestsMemberrgld:SilverMember2024-01-012024-06-300000085535rgld:RoyaltyInterestsMemberrgld:SilverMember2023-01-012023-06-300000085535rgld:RoyaltyInterestsMemberrgld:CopperMember2024-04-012024-06-300000085535rgld:RoyaltyInterestsMemberrgld:CopperMember2023-04-012023-06-300000085535rgld:RoyaltyInterestsMemberrgld:CopperMember2024-01-012024-06-300000085535rgld:RoyaltyInterestsMemberrgld:CopperMember2023-01-012023-06-300000085535rgld:RoyaltyInterestsMemberrgld:OtherMaterialsMember2024-04-012024-06-300000085535rgld:RoyaltyInterestsMemberrgld:OtherMaterialsMember2023-04-012023-06-300000085535rgld:RoyaltyInterestsMemberrgld:OtherMaterialsMember2024-01-012024-06-300000085535rgld:RoyaltyInterestsMemberrgld:OtherMaterialsMember2023-01-012023-06-300000085535rgld:RoyaltyInterestsMember2024-04-012024-06-300000085535rgld:RoyaltyInterestsMember2023-04-012023-06-300000085535rgld:RoyaltyInterestsMember2024-01-012024-06-300000085535rgld:RoyaltyInterestsMember2023-01-012023-06-300000085535rgld:Mt.MilliganMemberrgld:StreamInterestsMember2024-04-012024-06-300000085535rgld:Mt.MilliganMemberrgld:StreamInterestsMember2023-04-012023-06-300000085535rgld:Mt.MilliganMemberrgld:StreamInterestsMember2024-01-012024-06-300000085535rgld:Mt.MilliganMemberrgld:StreamInterestsMember2023-01-012023-06-300000085535rgld:PuebloViejoMemberrgld:StreamInterestsMember2024-04-012024-06-300000085535rgld:PuebloViejoMemberrgld:StreamInterestsMember2023-04-012023-06-300000085535rgld:PuebloViejoMemberrgld:StreamInterestsMember2024-01-012024-06-300000085535rgld:PuebloViejoMemberrgld:StreamInterestsMember2023-01-012023-06-300000085535rgld:AndacolloMemberrgld:StreamInterestsMember2024-04-012024-06-300000085535rgld:AndacolloMemberrgld:StreamInterestsMember2023-04-012023-06-300000085535rgld:AndacolloMemberrgld:StreamInterestsMember2024-01-012024-06-300000085535rgld:AndacolloMemberrgld:StreamInterestsMember2023-01-012023-06-300000085535rgld:KhoemacauMemberrgld:StreamInterestsMember2024-04-012024-06-300000085535rgld:KhoemacauMemberrgld:StreamInterestsMember2023-04-012023-06-300000085535rgld:KhoemacauMemberrgld:StreamInterestsMember2024-01-012024-06-300000085535rgld:KhoemacauMemberrgld:StreamInterestsMember2023-01-012023-06-300000085535rgld:OtherInterestMemberrgld:StreamInterestsMember2024-04-012024-06-300000085535rgld:OtherInterestMemberrgld:StreamInterestsMember2023-04-012023-06-300000085535rgld:OtherInterestMemberrgld:StreamInterestsMember2024-01-012024-06-300000085535rgld:OtherInterestMemberrgld:StreamInterestsMember2023-01-012023-06-300000085535rgld:CortezLegacyZoneMemberrgld:RoyaltyInterestsMember2024-04-012024-06-300000085535rgld:CortezLegacyZoneMemberrgld:RoyaltyInterestsMember2023-04-012023-06-300000085535rgld:CortezLegacyZoneMemberrgld:RoyaltyInterestsMember2024-01-012024-06-300000085535rgld:CortezLegacyZoneMemberrgld:RoyaltyInterestsMember2023-01-012023-06-300000085535rgld:CortezCCZoneMemberrgld:RoyaltyInterestsMember2024-04-012024-06-300000085535rgld:CortezCCZoneMemberrgld:RoyaltyInterestsMember2023-04-012023-06-300000085535rgld:CortezCCZoneMemberrgld:RoyaltyInterestsMember2024-01-012024-06-300000085535rgld:CortezCCZoneMemberrgld:RoyaltyInterestsMember2023-01-012023-06-300000085535rgld:PenasquitoMemberrgld:RoyaltyInterestsMember2024-04-012024-06-300000085535rgld:PenasquitoMemberrgld:RoyaltyInterestsMember2023-04-012023-06-300000085535rgld:PenasquitoMemberrgld:RoyaltyInterestsMember2024-01-012024-06-300000085535rgld:PenasquitoMemberrgld:RoyaltyInterestsMember2023-01-012023-06-300000085535rgld:OtherInterestMemberrgld:RoyaltyInterestsMember2024-04-012024-06-300000085535rgld:OtherInterestMemberrgld:RoyaltyInterestsMember2023-04-012023-06-300000085535rgld:OtherInterestMemberrgld:RoyaltyInterestsMember2024-01-012024-06-300000085535rgld:OtherInterestMemberrgld:RoyaltyInterestsMember2023-01-012023-06-300000085535us-gaap:RestrictedStockMember2024-04-012024-06-300000085535us-gaap:RestrictedStockMember2023-04-012023-06-300000085535us-gaap:RestrictedStockMember2024-01-012024-06-300000085535us-gaap:RestrictedStockMember2023-01-012023-06-300000085535us-gaap:PerformanceSharesMember2024-04-012024-06-300000085535us-gaap:PerformanceSharesMember2023-04-012023-06-300000085535us-gaap:PerformanceSharesMember2024-01-012024-06-300000085535us-gaap:PerformanceSharesMember2023-01-012023-06-300000085535us-gaap:StockAppreciationRightsSARSMember2024-04-012024-06-300000085535us-gaap:StockAppreciationRightsSARSMember2023-04-012023-06-300000085535us-gaap:StockAppreciationRightsSARSMember2024-01-012024-06-300000085535us-gaap:StockAppreciationRightsSARSMember2023-01-012023-06-300000085535us-gaap:EmployeeStockOptionMember2024-04-012024-06-300000085535us-gaap:EmployeeStockOptionMember2023-04-012023-06-300000085535us-gaap:EmployeeStockOptionMember2024-01-012024-06-300000085535us-gaap:EmployeeStockOptionMember2023-01-012023-06-300000085535us-gaap:PerformanceSharesMember2023-06-300000085535us-gaap:PerformanceSharesMember2024-06-300000085535us-gaap:RestrictedStockMember2024-06-300000085535country:CArgld:StreamInterestsMember2024-06-300000085535country:CArgld:RoyaltyInterestsMember2024-06-300000085535country:CA2024-06-300000085535country:CArgld:StreamInterestsMember2023-12-310000085535country:CArgld:RoyaltyInterestsMember2023-12-310000085535country:CA2023-12-310000085535country:DOrgld:StreamInterestsMember2024-06-300000085535country:DOrgld:RoyaltyInterestsMember2024-06-300000085535country:DO2024-06-300000085535country:DOrgld:StreamInterestsMember2023-12-310000085535country:DOrgld:RoyaltyInterestsMember2023-12-310000085535country:DO2023-12-310000085535srt:AfricaMemberrgld:StreamInterestsMember2024-06-300000085535srt:AfricaMemberrgld:RoyaltyInterestsMember2024-06-300000085535srt:AfricaMember2024-06-300000085535srt:AfricaMemberrgld:StreamInterestsMember2023-12-310000085535srt:AfricaMemberrgld:RoyaltyInterestsMember2023-12-310000085535srt:AfricaMember2023-12-310000085535country:CLrgld:StreamInterestsMember2024-06-300000085535country:CLrgld:RoyaltyInterestsMember2024-06-300000085535country:CL2024-06-300000085535country:CLrgld:StreamInterestsMember2023-12-310000085535country:CLrgld:RoyaltyInterestsMember2023-12-310000085535country:CL2023-12-310000085535country:USrgld:StreamInterestsMember2024-06-300000085535country:USrgld:RoyaltyInterestsMember2024-06-300000085535country:US2024-06-300000085535country:USrgld:StreamInterestsMember2023-12-310000085535country:USrgld:RoyaltyInterestsMember2023-12-310000085535country:US2023-12-310000085535country:MXrgld:StreamInterestsMember2024-06-300000085535country:MXrgld:RoyaltyInterestsMember2024-06-300000085535country:MX2024-06-300000085535country:MXrgld:StreamInterestsMember2023-12-310000085535country:MXrgld:RoyaltyInterestsMember2023-12-310000085535country:MX2023-12-310000085535country:AUrgld:StreamInterestsMember2024-06-300000085535country:AUrgld:RoyaltyInterestsMember2024-06-300000085535country:AU2024-06-300000085535country:AUrgld:StreamInterestsMember2023-12-310000085535country:AUrgld:RoyaltyInterestsMember2023-12-310000085535country:AU2023-12-310000085535rgld:RestOfWorldMemberrgld:StreamInterestsMember2024-06-300000085535rgld:RestOfWorldMemberrgld:RoyaltyInterestsMember2024-06-300000085535rgld:RestOfWorldMember2024-06-300000085535rgld:RestOfWorldMemberrgld:StreamInterestsMember2023-12-310000085535rgld:RestOfWorldMemberrgld:RoyaltyInterestsMember2023-12-310000085535rgld:RestOfWorldMember2023-12-310000085535rgld:StreamInterestsMember2024-06-300000085535rgld:RoyaltyInterestsMember2024-06-300000085535rgld:StreamInterestsMember2023-12-310000085535rgld:RoyaltyInterestsMember2023-12-310000085535country:CArgld:StreamInterestsMember2024-04-012024-06-300000085535country:CArgld:StreamInterestsMember2023-04-012023-06-300000085535country:CArgld:StreamInterestsMember2024-01-012024-06-300000085535country:CArgld:StreamInterestsMember2023-01-012023-06-300000085535srt:AfricaMemberrgld:StreamInterestsMember2024-04-012024-06-300000085535srt:AfricaMemberrgld:StreamInterestsMember2023-04-012023-06-300000085535srt:AfricaMemberrgld:StreamInterestsMember2024-01-012024-06-300000085535srt:AfricaMemberrgld:StreamInterestsMember2023-01-012023-06-300000085535country:DOrgld:StreamInterestsMember2024-04-012024-06-300000085535country:DOrgld:StreamInterestsMember2023-04-012023-06-300000085535country:DOrgld:StreamInterestsMember2024-01-012024-06-300000085535country:DOrgld:StreamInterestsMember2023-01-012023-06-300000085535country:CLrgld:StreamInterestsMember2024-04-012024-06-300000085535country:CLrgld:StreamInterestsMember2023-04-012023-06-300000085535country:CLrgld:StreamInterestsMember2024-01-012024-06-300000085535country:CLrgld:StreamInterestsMember2023-01-012023-06-300000085535rgld:RestOfWorldMemberrgld:StreamInterestsMember2024-04-012024-06-300000085535rgld:RestOfWorldMemberrgld:StreamInterestsMember2023-04-012023-06-300000085535rgld:RestOfWorldMemberrgld:StreamInterestsMember2024-01-012024-06-300000085535rgld:RestOfWorldMemberrgld:StreamInterestsMember2023-01-012023-06-300000085535country:USrgld:RoyaltyInterestsMember2024-04-012024-06-300000085535country:USrgld:RoyaltyInterestsMember2023-04-012023-06-300000085535country:USrgld:RoyaltyInterestsMember2024-01-012024-06-300000085535country:USrgld:RoyaltyInterestsMember2023-01-012023-06-300000085535country:MXrgld:RoyaltyInterestsMember2024-04-012024-06-300000085535country:MXrgld:RoyaltyInterestsMember2023-04-012023-06-300000085535country:MXrgld:RoyaltyInterestsMember2024-01-012024-06-300000085535country:MXrgld:RoyaltyInterestsMember2023-01-012023-06-300000085535country:AUrgld:RoyaltyInterestsMember2024-04-012024-06-300000085535country:AUrgld:RoyaltyInterestsMember2023-04-012023-06-300000085535country:AUrgld:RoyaltyInterestsMember2024-01-012024-06-300000085535country:AUrgld:RoyaltyInterestsMember2023-01-012023-06-300000085535country:CArgld:RoyaltyInterestsMember2024-04-012024-06-300000085535country:CArgld:RoyaltyInterestsMember2023-04-012023-06-300000085535country:CArgld:RoyaltyInterestsMember2024-01-012024-06-300000085535country:CArgld:RoyaltyInterestsMember2023-01-012023-06-300000085535rgld:RestOfWorldMemberrgld:RoyaltyInterestsMember2024-04-012024-06-300000085535rgld:RestOfWorldMemberrgld:RoyaltyInterestsMember2023-04-012023-06-300000085535rgld:RestOfWorldMemberrgld:RoyaltyInterestsMember2024-01-012024-06-300000085535rgld:RestOfWorldMemberrgld:RoyaltyInterestsMember2023-01-012023-06-300000085535rgld:IlovicaMember2024-01-012024-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________
FORM 10-Q
______________________________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2024
or
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from       to       
Commission File Number: 001-13357
______________________________________________________________
Royal Gold, Inc.
(Exact Name of Registrant as Specified in Its Charter)
______________________________________________________________
Delaware
84-0835164
(State or Other Jurisdiction of(I.R.S. Employer
Incorporation)Identification No.)
1144 15th Street, Suite 2500
Denver, Colorado
80202
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code (303) 573-1660
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of the Exchange on which Registered
Common Stock, $0.01 par value
RGLD
Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x
Accelerated filer o
Non-accelerated filer o
Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
There were 65,740,856 shares of Royal Gold common stock outstanding as of July 31, 2024.



INDEX
PAGE
3
4
5
6
7
19
30
30
30
30
31
31
31
31
32
33
2


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ROYAL GOLD, INC.
Consolidated Balance Sheets
(Unaudited, amounts in thousands except share data)
June 30,
2024		December 31,
2023
ASSETS
Cash and equivalents$74,232 $104,167 
Royalty receivables40,338 48,884 
Income tax receivable5,637 2,676 
Stream inventory10,904 9,788 
Prepaid expenses and other2,387 1,911 
Total current assets133,498 167,426 
Stream and royalty interests, net (Note 3)3,053,988 3,075,574 
Other assets81,535 118,057 
Total assets$3,269,021 $3,361,057 
LIABILITIES
Accounts payable$13,227 $11,441 
Dividends payable26,314 26,292 
Current portion of long-term debt (Note 4)50,000 — 
Income tax payable18,103 15,557 
Other current liabilities14,739 19,132 
Total current liabilities122,383 72,422 
Debt (Note 4)— 245,967 
Deferred tax liabilities133,351 134,299 
Mount Milligan deferred liability (Note 5)25,000 — 
Other liabilities7,094 7,728 
Total liabilities287,828 460,416 
Commitments and contingencies (Note 12)
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued
— — 
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,656,625 and 65,631,760 shares outstanding, respectively
656 656 
Additional paid-in capital2,225,942 2,221,039 
Accumulated earnings742,270 666,522 
Total Royal Gold stockholders’ equity2,968,868 2,888,217 
Non-controlling interests12,325 12,424 
Total equity2,981,193 2,900,641 
Total liabilities and equity$3,269,021 $3,361,057 
The accompanying notes are an integral part of these consolidated financial statements.
3

ROYAL GOLD, INC.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited, amounts in thousands except share data)
Three Months EndedSix Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Revenue (Note 6)$174,096 $144,042 $322,999 $314,434 
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)24,174 23,367 45,924 48,387 
General and administrative10,511 9,093 21,923 20,093 
Production taxes1,581 1,274 3,031 3,263 
Depreciation, depletion and amortization35,747 38,412 74,512 84,741 
Total costs and expenses72,013 72,146 145,390 156,484 
Operating income102,083 71,896 177,609 157,950 
Fair value changes in equity securities(63)(509)383 291 
Interest and other income807 2,650 3,783 4,912 
Interest and other expense(2,516)(8,408)(7,123)(17,582)
Income before income taxes100,311 65,629 174,652 145,571 
Income tax expense (Note 9)(18,991)(2,029)(46,025)(17,900)
Net income and comprehensive income81,320 63,600 128,627 127,671 
Net income and comprehensive income attributable to non-controlling interests(112)(151)(255)(347)
Net income and comprehensive income attributable to Royal Gold common stockholders$81,208 $63,449 $128,372 $127,324 
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share$1.23 $0.97 $1.95 $1.94 
Basic weighted average shares outstanding65,650,80165,605,39165,644,11565,600,213
Diluted earnings per share$1.23 $0.97 $1.95 $1.93 
Diluted weighted average shares outstanding65,767,53865,762,90365,753,89965,736,028
Cash dividends declared per common share$0.40 $0.375 $0.800 $0.75 
The accompanying notes are an integral part of these consolidated financial statements.
4

ROYAL GOLD, INC.
Consolidated Statements of Changes in Stockholders’ Equity
Three months ended June 30, 2024, and 2023
(unaudited, amounts in thousands except share data)
Royal Gold Stockholders
Common SharesAdditional
Paid-In
Capital		Accumulated
Earnings		Non-controlling
Interests		Total
Equity
SharesAmount
Balance at March 31, 202465,648,831$656 $2,223,021 $687,377 $12,312 $2,923,366 
Stock-based compensation and related share issuances7,794— 2,921 — — 2,921 
Distributions to non-controlling interests—— — — (99)(99)
Net income and comprehensive income —— — 81,208 112 81,320 
Dividends declared—— — (26,315)— (26,315)
Balance at June 30, 202465,656,625$656 $2,225,942 $742,270 $12,325 $2,981,193 
Royal Gold Stockholders
Common SharesAdditional
Paid-In
Capital		Accumulated
Earnings		Non-controlling
Interests		Total
Equity
SharesAmount
Balance at March 31, 202365,599,348$656 $2,215,362 $566,545 $12,369 $2,794,932 
Stock-based compensation and related share issuances10,388— 2,197 — — 2,197 
Distributions to non-controlling interests—— — — (189)(189)
Net income and comprehensive income—— — 63,449 151 63,600 
Dividends declared—— — (24,647)— (24,647)
Balance at June 30, 202365,609,736$656 $2,217,559 $605,347 $12,331 $2,835,893 
ROYAL GOLD, INC.
Consolidated Statements of Changes in Stockholders’ Equity
Six months ended June 30, 2024, and 2023
(unaudited, amounts in thousands except share data)

Royal Gold Stockholders
Common SharesAdditional
Paid-In
Capital		Accumulated
Earnings		Non-controlling
Interests		Total
Equity
SharesAmount
Balance at December 31, 202365,631,760$656 $2,221,039 $666,522 $12,424 $2,900,641 
Stock-based compensation and related share issuances24,865— 4,903 — — 4,903 
Distributions to non-controlling interests—— — — (354)(354)
Net income and comprehensive income—— — 128,372 255 128,627 
Dividends declared—— — (52,624)— (52,624)
Balance at June 30, 202465,656,625$656 $2,225,942 $742,270 $12,325 $2,981,193 
Royal Gold Stockholders
Common SharesAdditional
Paid-In
Capital		Accumulated
Earnings		Non-controlling
Interests		Total
Equity
SharesAmount
Balance at December 31, 202265,592,597$656 $2,213,123 $527,314 $12,376 $2,753,469 
Stock-based compensation and related share issuances17,139— 4,436 — — 4,436 
Distributions to non-controlling interests—— — — (392)(392)
Net income and comprehensive income—— — 127,324 347 127,671 
Dividends declared—— — (49,291)— (49,291)
Balance at June 30, 202365,609,736$656 $2,217,559 $605,347 $12,331 $2,835,893 
The accompanying notes are an integral part of these consolidated financial statements.
5

ROYAL GOLD, INC.
Consolidated Statements of Cash Flows
(Unaudited, amounts in thousands)
Six Months Ended
June 30,
2024		June 30,
2023
Cash flows from operating activities:
Net income and comprehensive income$128,627 $127,671 
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization74,512 84,741 
Non-cash employee stock compensation expense6,336 4,579 
Fair value changes in equity securities(383)(291)
Deferred tax expense (benefit)3,419 (7,139)
Other 484 445 
Changes in assets and liabilities:
Royalty receivables8,546 12,948 
Stream inventory(1,116)1,998 
Income tax receivable(2,961)(6,536)
Prepaid expenses and other assets10,530 (2,641)
Accounts payable1,786 1,866 
Income tax payable2,547 (462)
Mount Milligan deferred liability25,000 — 
Other liabilities(5,528)(597)
Net cash provided by operating activities$251,799 $216,582 
Cash flows from investing activities:
Acquisition of stream and royalty interests(52,256)(2,670)
Proceeds from Khoemacau debt facility
25,000 — 
Other(85)(151)
Net cash used in investing activities$(27,341)$(2,821)
Cash flows from financing activities:
Repayment of debt(200,000)(175,000)
Net payments from issuance of common stock(1,432)253 
Common stock dividends(52,603)(49,271)
Other(358)(2,172)
Net cash used in financing activities$(254,393)$(226,190)
Net decrease in cash and equivalents(29,935)(12,429)
Cash and equivalents at beginning of period104,167 118,586 
Cash and equivalents at end of period$74,232 $106,157 
The accompanying notes are an integral part of these consolidated financial statements.
6
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)

1.     OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
Royal Gold, Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in a mining project that provide the right to revenue or metals produced from the project after deducting contractually specified costs, if any.
Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2024. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 15, 2024 (“2023 10-K”).
Recent Accounting Standards
We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.
2.     ACQUISITIONS
Back River Royalties
On June 26, 2024, International Royalty Corporation, a wholly-owned subsidiary of Royal Gold, acquired a 0.7% net smelter return ("NSR") royalty (the "Hill Royalty") that declines by 50% after $5 million Canadian dollars in royalty revenue is received, and a 26.25% interest in a 5% gross smelter return royalty (the "KM Royalty") that is payable after approximately 780,000 ounces have been produced on the Back River Gold Project ("Back River") for aggregate cash consideration of $51 million. Payments for the Hill Royalty are deductible from the KM Royalty. Back River is operated by B2Gold Corporation and is located in Western Nunavut, Canada.
The Back River royalties have been accounted for as an asset acquisition and the $51 million cash consideration, plus direct transaction costs, have been allocated to development ($42 million) and exploration ($9 million) stage royalty interests within Stream and royalty interests, net on our consolidated balance sheets. The purchase price was funded with available cash on hand.
7
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
3.     STREAM AND ROYALTY INTERESTS, NET
The following tables summarize our stream and royalty interests, net as of June 30, 2024 and December 31, 2023.
As of June 30, 2024 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(446,143)$344,492 
Pueblo Viejo610,404 (303,712)306,692 
Andacollo388,182 (171,396)216,786 
Khoemacau
265,911 (51,179)214,732 
Rainy River175,727 (80,377)95,350 
Other237,059 (144,268)92,791 
Total production stage stream interests2,467,918 (1,197,075)1,270,843 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (71,850)282,000 
Voisey's Bay205,724 (122,401)83,323 
Red Chris116,187 (5,966)110,221 
Peñasquito99,172 (62,459)36,713 
Other462,695 (413,211)49,484 
Total production stage royalty interests1,237,628 (675,887)561,741 
Total production stage stream and royalty interests3,705,546 (1,872,962)1,832,584 
Development stage stream interests:
Other12,038 — 12,038 
Development stage royalty interests:
Côté45,421 — 45,421 
Back River42,948 — 42,948 
La Fortuna35,140 — 35,140 
Other32,892 — 32,892 
Total development stage stream and royalty interests168,439 — 168,439 
Exploration stage stream interests:
Xavantina16,313 — 16,313 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other114,872 — 114,872 
Total exploration stage stream and royalty interests1,052,965 — 1,052,965 
Total stream and royalty interests, net$4,926,950 $(1,872,962)$3,053,988 
8
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
As of December 31, 2023 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(430,106)$360,529 
Pueblo Viejo610,404 (299,354)311,050 
Andacollo388,182 (165,553)222,629 
Khoemacau
265,911 (41,635)224,276 
Rainy River175,727 (74,858)100,869 
Other232,703 (132,043)100,660 
Total production stage stream interests2,463,562 (1,143,549)1,320,013 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (61,891)291,959 
Voisey's Bay205,724 (121,000)84,724 
Red Chris116,187 (3,758)112,429 
Peñasquito99,172 (59,900)39,272 
Other448,899 (408,522)40,377 
Total production stage royalty interests1,223,832 (655,071)568,761 
Total production stage stream and royalty interests3,687,394 (1,798,620)1,888,774 
Development stage stream interests:
Other12,038 — 12,038 
Development stage royalty interests:
Côté45,421 — 45,421 
La Fortuna35,140 — 35,140 
Other45,992 — 45,992 
Total development stage stream and royalty interests138,591 — 138,591 
Exploration stage stream interests:
Xavantina19,565 — 19,565 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other106,864 — 106,864 
Total exploration stage royalty interests1,048,209 — 1,048,209 
Total stream and royalty interests, net$4,874,194 $(1,798,620)$3,075,574 

9
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
4.     DEBT
Our debt as of June 30, 2024 and December 31, 2023 consists of the following (amounts in thousands):
As of June 30, 2024As of December 31, 2023
Principal
Debt Issuance Costs(1)
Total PrincipalDebt Issuance CostsTotal
Current portion of long-term debt$50,000 $— $50,000 $— $— $— 
Long-term debt$— $— $— $250,000 $(4,033)$245,967 
Total debt$50,000 $— $50,000 $250,000 $(4,033)$245,967 
_______________________________________________
(1)Debt issuance costs of $3.6 million included within Other assets on our consolidated balance sheets.
Revolving credit facility
For the six months ended June 30, 2024, we repaid a total of $200 million on our outstanding revolving credit facility. As of June 30, 2024, we had $50 million outstanding and $950 million available under our revolving credit facility. The interest rate on borrowings under our revolving credit facility as of June 30, 2024, was Term SOFR plus 1.20% for an all-in rate of 6.5%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $1.7 million and $5.6 million for the three and six months ended June 30, 2024, respectively, and $7.8 million and $16.3 million for the three and six months ended June 30, 2023, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of June 30, 2024.
On July 10, 2024, we repaid $25 million on our outstanding revolving credit facility, and on August 12, 2024, we plan to pay the remaining outstanding balance. We may repay any borrowings under our revolving credit facility at any time without premium or penalty.
5.     MOUNT MILLIGAN DEFERRED LIABILITY
On February 13, 2024, RGLD Gold AG, a subsidiary of the Company, entered into a Processing Cost Support Agreement (the "Mount Milligan Cost Support Agreement") with Centerra Gold Inc. ("Centerra") with respect to the Mount Milligan Mine ("Mount Milligan") for cash consideration of $24.5 million, 50,000 ounces ("Deferred Gold Consideration") of gold to be delivered in the future and a free cash flow interest. The cost support allowed for the extension of the mine from 2032 to 2035 and the potential to extend the mine life beyond 2035.
The value of the cash consideration and free cash flow interest received from Centerra is recorded as a deferred liability in our consolidated balance sheets as of June 30, 2024. This amount will be amortized as we provide future cost support to Centerra under the Mount Milligan Cost Support Agreement on a units of production basis over the Mount Milligan mine life beginning with the first cost support payment made after the First Threshold (defined below) is met.
The key features of the Mount Milligan Cost Support Agreement are discussed below.
Deferred Gold Consideration
The Deferred Gold Consideration will be delivered in equal installments of 2,500 ounces for a period of 20 quarters commencing on the earlier of June 30, 2030, or the delivery of 375,000 ounces of gold or 30,000 tonnes of copper from metal deliveries referenced by the Mount Milligan Cost Support Agreement with a bill of lading date on or after January 1, 2024. As part of the Deferred Gold Consideration, we are entitled to receive three tranches of 11,111 ounces each (the "Greenstone Deliveries"), with the last delivery expected before year end 2027. Each of the Greenstone Deliveries received shall reduce the number of ounces in any remaining Deferred Gold Consideration delivery on a pro-rata basis. The Deferred Gold Consideration deliveries require no cash payment from the Company, and will be made irrespective of the operating status of Mount Milligan as long as we comply with the terms of the Mount Milligan Cost Support Agreement and existing stream agreement. Each of the Greenstone Deliveries will be delivered to Royal Gold within 30 days of such delivery to Centerra.
10
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
When the Deferred Gold Consideration is received and subsequently sold, we anticipate the value of the gold ounces sold will be recorded as a deferred liability and amortized on a units of production basis over the mine life of Mount Milligan as we provide future cost support.
Cost Support
Metal deliveries referenced in the Mount Milligan Cost Support Agreement are those with a bill of lading date on or after January 1, 2024 (the "Reference Date"). Delivery thresholds used to define the periods of cost support are the earlier deliveries of:
a.375,000 ounces of gold or 30,000 tonnes of copper from the Reference Date (the “First Threshold”).
b.665,000 ounces of gold or 60,000 tonnes of copper from the Reference Date (the “Second Threshold”).
Near-Term Cost Support Through Approximately 2029
At Centerra’s request, in the event that both the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound, for each delivery under the existing Mount Milligan stream agreement, we will pay the lower of either $415 per ounce of gold, or 66% of the spot gold price less $435 per ounce, and 35% of the spot copper price for each pound of copper delivered (the “Pre-Threshold Support”). This near-term cost support will be made available from the Reference Date through to the First Threshold, which is expected to be through approximately 2029.
Any Pre-Threshold Support we provide will be recoverable from any cost support calculated after the First Threshold at metal prices above $1,600 per ounce of gold and $3.50 per pound of copper. For gold, any cost support payment will be reduced by the difference between the gold price and $1,600 per ounce. For copper, any cost support payment will be reduced by the difference between the copper price and $3.50 per pound.
Cost Support from Approximately 2030 Through Approximately 2035
We will provide Centerra cost support payments from the First Threshold until the Second Threshold as follows:
a.With respect to gold, the lower of either $415 per ounce, or 50% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.
b.With respect to copper, 35% of the spot copper price for each pound of copper delivered under the existing Mount Milligan stream agreement.
Cost Support After Approximately 2036
We will provide Centerra cost support payments after the Second Threshold as follows:
a.With respect to gold, the lower of either $615 per ounce, or 66% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.
b.With respect to copper, 51% of the spot copper price, for each pound of copper delivered.
Suspension of Cost Support
Our obligation to make long-term cost support payments will be suspended if (and for so long as) Centerra discloses reserve tonnage which, when combined with mining depletion from the Reference Date to the date of such disclosure, is less than the current reserves expected to be processed through to 2035. Suspension of cost support payments will not impact the Deferred Gold Consideration and free cash flow interest, and the cash consideration is not refundable as long as we comply with the terms of the Mount Milligan Cost Support Agreement and the existing stream agreement.
Nothing in the Mount Milligan Cost Support Agreement modifies the existing stream agreement, including the payment of $435 for each gold ounce delivered and 15% of the spot price for each pound of copper delivered.
11
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
6.     REVENUE
Revenue Recognition
A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below.
Stream Interests
A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. We settle both averaging and spot sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.
Royalty Interests
Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2023 10-K. For the three months ended June 30, 2024, royalty revenue that was estimated or was attributable to metal production for a period prior to June 30, 2024, was not material.
Disaggregation of Revenue
We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 10.
12
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Stream revenue:
Gold$91,597 $80,227 $169,874 $158,856 
Silver16,880 19,230 31,628 37,539 
Copper14,475 6,558 23,979 24,610 
Total stream revenue$122,952 $106,015 $225,481 $221,005 
Royalty revenue:
Gold$37,171 $30,169 $70,667 $73,037 
Silver4,978 2,721 9,307 5,667 
Copper3,648 1,572 7,269 6,630 
Other5,347 3,565 10,275 8,095 
Total royalty revenue$51,144 $38,027 $97,518 $93,429 
Total revenue$174,096 $144,042 $322,999 $314,434 
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
Three Months Ended Six Months Ended
Metal(s)June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Stream revenue:
Mount MilliganGold & Copper$52,139 $41,208 $87,134 $87,863 
Pueblo ViejoGold & Silver19,801 23,540 37,562 45,898 
AndacolloGold10,608 7,823 22,297 20,757 
Khoemacau
Silver8,394 8,881 16,152 18,035 
OtherGold & Silver32,010 24,563 62,336 48,452 
Total stream revenue$122,952 $106,015 $225,481 $221,005 
Royalty revenue:
Cortez Legacy ZoneGold$11,214 $14,305 $24,579 $37,393 
Cortez CC ZoneGold4,548 3,520 8,959 6,726 
PeñasquitoGold, Silver, Lead & Zinc11,279 6,105 20,508 13,538 
OtherVarious24,103 14,097 43,472 35,772 
Total royalty revenue$51,144 $38,027 $97,518 $93,429 
Total revenue$174,096 $144,042 $322,999 $314,434 
Please refer to Note 10 for the geographical distribution of our revenue by reportable segment.
13
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
7.     STOCK-BASED COMPENSATION
We recognized stock-based compensation expense as follows (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Restricted stock$1,924 $1,540 $3,895 $3,154 
Performance stock1,424 183 2,441 993 
Stock appreciation rights— 212 — 417 
Stock options— 8 — 15 
Total stock-based compensation expense$3,348 $1,943 $6,336 $4,579 
Stock-based compensation expense is included within General and administrative expense in the consolidated statements of operations and comprehensive income.
We granted the following stock-based compensation awards:
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
(Number of shares)(Number of shares)
Performance stock (at maximum 200% attainment)
——93,84082,360
Restricted Stock——65,85056,530
Total equity awards granted——159,690138,890
As of June 30, 2024, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:
Unrecognized
compensation
expense		Weighted-
average vesting
period (years)
Restricted stock$9,676 2.0
Performance stock7,248 2.0
8.     EARNINGS PER SHARE (“EPS”)
Basic EPS was computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock option awards, unexercised stock-settled stock appreciation rights and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic EPS are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted EPS.
14
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net income attributable to Royal Gold common stockholders$81,208 $63,449 $128,372 $127,324 
Weighted-average shares for basic EPS65,650,80165,605,39165,644,11565,600,213
Effect of other dilutive securities116,737157,512109,784135,815
Weighted-average shares for diluted EPS65,767,53865,762,90365,753,89965,736,028
Basic EPS$1.23 $0.97 $1.95 $1.94 
Diluted EPS$1.23 $0.97 $1.95 $1.93 
9.     INCOME TAXES
The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated:
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Income tax expense$18,991 $2,029 $46,025 $17,900 
Effective tax rate18.9 %3.1 %26.4 %12.3 %
The effective tax rate for the six months ended June 30, 2024, included a $13.0 million discrete U.S. GILTI income tax expense related to the consideration from the Mount Milligan Cost Support Agreement. The effective tax rates for the three and six months ended June 30, 2023 included a discrete income tax benefit of $8.5 million attributable to the release of a valuation allowance on certain foreign deferred tax assets.
10.     SEGMENT INFORMATION
We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
As of June 30, 2024As of December 31, 2023
Stream
interest		Royalty
interest		Total stream
and royalty
interests, net		Stream
interest		Royalty
interest		Total stream
and royalty
interests, net
Canada$439,843 $662,678 $1,102,521 $461,398 $614,900 $1,076,298 
Dominican Republic306,692 — 306,692 311,050 — 311,050 
Africa249,070 321 249,391 264,529 321 264,850 
Chile216,785 224,116 440,901 222,629 224,116 446,745 
United States— 783,860 783,860 — 794,891 794,891 
Mexico— 36,903 36,903 — 41,803 41,803 
Australia— 20,437 20,437 — 21,288 21,288 
Rest of world86,804 26,479 113,283 92,010 26,639 118,649 
Total $1,299,194 $1,754,794 $3,053,988 $1,351,616 $1,723,958 $3,075,574 
15
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
Three Months Ended June 30, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$122,952 $24,174 $— $26,124 $72,654 
Royalty interests51,144 — 1,581 9,534 40,029 
Total $174,096 $24,174 $1,581 $35,658 $112,683 
Three Months Ended June 30, 2023
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$106,015 $23,367 $— $29,352 $53,296 
Royalty interests38,027 — 1,274 8,945 27,808 
Total$144,042 $23,367 $1,274 $38,297 $81,104 

Six Months Ended June 30, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$225,481 $45,924 $— $53,525 $126,032 
Royalty interests97,518 — 3,031 20,816 73,671 
Total$322,999 $45,924 $3,031 $74,341 $199,703 
Six Months Ended June 30, 2023
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$221,005 $48,387 $— $63,104 $109,514 
Royalty interests93,429 — 3,263 21,408 68,758 
Total$314,434 $48,387 $3,263 $84,512 $178,272 
_______________________________________________
(1)Excludes depreciation, depletion and amortization.
(2)Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.
16
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Total segment gross profit$112,683 $81,104 $199,703 $178,272 
Costs and expenses
General and administrative expenses10,511 9,093 21,923 20,093 
Depreciation and amortization89 115 171 229 
Operating income102,083 71,896 177,609 157,950 
Fair value changes in equity securities(63)(509)383 291 
Interest and other income807 2,650 3,783 4,912 
Interest and other expense(2,516)(8,408)(7,123)(17,582)
Income before income taxes$100,311 $65,629 $174,652 $145,571 
Our revenue by reportable segment for the three and six months ended June 30, 2024 and 2023, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Stream interests:
Canada$62,661 $50,848 $107,365 $107,829 
Africa20,396 18,763 39,497 36,301 
Dominican Republic19,801 23,540 37,562 45,899 
Chile10,608 7,823 22,297 20,757 
Rest of world9,486 5,041 18,760 10,219 
Total stream interests$122,952 $106,015 $225,481 $221,005 
Royalty interests:
United States$25,273 $23,265 $49,352 $56,845 
Mexico12,888 8,155 23,656 17,449 
Australia7,047 5,081 12,022 9,180 
Canada3,035 (97)8,166 6,495 
Rest of world2,901 1,623 4,322 3,460 
Total royalty interests$51,144 $38,027 $97,518 $93,429 
Total revenue$174,096 $144,042 $322,999 $314,434 
11.     FAIR VALUE MEASUREMENTS
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1: Quoted prices for identical instruments in active markets;
17
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and
Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
As of June 30, 2024 and December 31, 2023, we had financial assets in the form of marketable securities which are measured at fair value on a recurring basis; however, the carrying value of such financial assets is not material.
The carrying value of our revolving credit facility (Note 4) approximates fair value as of June 30, 2024.
As of June 30, 2024, we had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with stream and royalty interests, intangible assets and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired. If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs.
12.     COMMITMENTS AND CONTINGENCIES
Ilovica Gold Stream Acquisition
As of June 30, 2024, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.
18

ITEM 2.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General Presentation
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide information to assist you in better understanding and evaluating the financial condition and results of operations of Royal Gold. You should read this MD&A in conjunction with our consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q, as well as the audited consolidated financial statements included in our Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 15, 2024 (“2023 10-K”).
This MD&A contains forward-looking information. You should review our important note about forward-looking statements following this MD&A.
We do not own, develop, or mine the properties on which we hold stream or royalty interests. Certain information provided in this Quarterly Report on Form 10-Q about operating properties in which we hold interests, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of those properties or is publicly available information filed by these operators with applicable securities regulatory bodies, in certain cases including the SEC. We have not verified, and are not in a position to verify, and expressly disclaim any responsibility for the accuracy, completeness, or fairness of, this third-party information and refer the reader to the public reports filed by the operators for information regarding those properties.
Unless the context otherwise requires, references to “Royal Gold,” the “Company,” “we,” “us,” and “our” refer to Royal Gold, Inc. and its consolidated subsidiaries.
Overview of Our Business
We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or finance projects that are in production or in the development stage in exchange for stream or royalty interests.
We manage our business under two segments:
•Acquisition and Management of Stream Interests — A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. As of June 30, 2024, we owned nine stream interests, which are on seven producing properties and two development stage properties. Stream interests accounted for approximately 71% and 70% of our total revenue for the three months and six months ended June 30, 2024, respectively, and 74% and 70% for the three and six months ended June 30, 2023, respectively. We expect stream interests to continue representing a significant portion of our total revenue.
•Acquisition and Management of Royalty Interests — Royalties are non-operating interests in mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any. As of June 30, 2024, we owned royalty interests on 31 producing properties, 20 development stage properties and 117 exploration stage properties, of which we consider 49 to be evaluation stage projects. We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for mineral reserves. Royalty interests accounted for 29% and 30% of our total revenue for the three and six months ended June 30, 2024, respectively, and 26% and 30% for the three and six months ended June 30, 2023, respectively.
We do not conduct mining operations on the properties in which we hold stream and royalty interests, and we generally are not required to contribute to capital costs, exploration costs, environmental costs or other operating costs on those properties.
We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity. We generally have acquisition opportunities in various stages of review. Our review process may include, for example, engaging consultants and advisors to analyze an opportunity; analysis of technical, financial, legal, environmental, social, governance and other confidential information
19

regarding an opportunity; submission of indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes.
Business Trends and Uncertainties
Metal Prices
Our financial results are primarily tied to the price of gold, silver, copper, and other metals. Metal prices have fluctuated widely in recent years and we expect this volatility to continue. The marketability and price of metals are influenced by numerous factors beyond our control, and significant changes in metal prices can have a material effect on our revenue.
For the three and six months ended June 30, 2024 and 2023, average metal prices and percentages of revenue by metal were as follows:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Metal
Average
Price
Percentage
of Revenue
Average
Price
Percentage
of Revenue
Average
Price
Percentage
of Revenue
Average
Price
Percentage
of Revenue
Gold ($/ounce)(1)
$2,338 74%$1,976 77%$2,203 74%$1,932 74%
Silver ($/ounce)(1)
$28.84 13%$24.13 15%$26.07 13%$23.31 14%
Copper ($/pound)(2)
$4.42 10%$3.84 6%$4.12 10%$3.95 10%
OtherN/A3%N/A2%N/A3%N/A2%
(1)Based on the average U.S. dollars London Bullion Market Association PM fixing price for gold and daily fixing price for silver, as applicable.
(2)Based on the average U.S. dollars London Metals Exchange settlement price for copper.
Recent Developments
Back River Royalties Acquisition
On June 26, 2024, International Royalty Corporation, a wholly-owned subsidiary of Royal Gold, acquired a 0.7% net smelter return royalty (the "Hill Royalty") that declines by 50% after $5 million Canadian dollars in royalty revenue is received, and a 26.25% interest in a 5% gross smelter return ("GSR") royalty (the "KM Royalty") that is payable after approximately 780,000 ounces have been produced on the Back River Gold Project ("Back River") for aggregate cash consideration of $51 million. Payments for the Hill Royalty are deductible from the KM Royalty. When considered together, the royalty interests are equivalent to an approximate effective 1.1% GSR royalty rate over the majority of the mine life. Back River is operated by B2Gold Corporation and is located in Western Nunavut, Canada. Refer to Note 2 to the notes to consolidated financial statements for more information on the Back River royalties acquisition.
Property Developments
This section provides recent updates for our principal properties as reported by the operators, either directly to us or in their publicly available documents.
Stream Interests
Andacollo
Gold stream deliveries from Andacollo were approximately 5,800 ounces for the three months ended June 30, 2024, compared to approximately 3,700 ounces for the three months ended June 30, 2023. The increase in deliveries in the current period resulted primarily from differences in the timing of shipments and settlements during the periods. Stream deliveries typically occur approximately 5 months after mine production. We receive stream deliveries based on a fixed payability factor of 89%.
On July 23, 2024, Teck Resources Limited (“Teck”) reported that production at Andacollo continued to be impacted by low water availability due to extreme drought conditions which limited ore processing rates. The water restrictions improved during the June 2024 quarter and Teck expects that improvement to continue in the second half of 2024.
20

Khoemacau
Silver stream deliveries from Khoemacau were approximately 281,600 ounces for the three months ended June 30, 2024, compared to approximately 398,700 ounces for the three months ended June 30, 2023. The decrease in deliveries in the current period resulted from lower tonnage milled due to equipment downtime and lower ore grade as a result of the mining schedule, and the timing of shipments and settlements during the periods. We receive stream deliveries based on a fixed payability factor of 90%.
On July 24, 2024, MMG Limited (“MMG”) reported that mining operations at Khoemacau during the June 2024 quarter were influenced by equipment availability and high turnover of skilled labor, a situation intensified by a competitive labor market in Botswana, due to an increase in underground mining operations in the country. To address this issue, Khoemacau has sourced a significant number of replacements who are being trained and inducted.
MMG reported that mining activities during the June 2024 quarter were concentrated in lower-grade sectors due to the mining sequence, which, coupled with dilution, adversely impacted ore grades. MMG is taking measures to reduce the dilution factor, with the expectation of achieving better ore grades in the forthcoming quarters.
Additionally, MMG reported it is committed to supporting the ramp-up of Khoemacau to achieve an annual production of 60,000 tonnes of copper by 2026, facilitated by ongoing mining development efforts to increase mining fronts, operational flexibility and mined grades. These efforts will be further enhanced by the completion of the primary vent fans as well as the paste fill project. In addition, MMG is dedicated to completing the construction of an expansion project by 2028, which aims to increase production capacity to 130,000 tonnes of copper, and is expected to reach full capacity by 2029. Any expanded production from the Zone 5 and Mango NE deposits falls within the area of interest covered by our silver stream interest.
Mount Milligan
Gold stream deliveries from Mount Milligan were approximately 9,800 ounces for the three months ended June 30, 2024, compared to approximately 17,300 ounces for the three months ended June 30, 2023. Deliveries at Mount Milligan lag mine production by approximately 5 months. Decreased gold deliveries primarily resulted from the timing of shipments and settlements during the periods, including the early settlement of a concentrate shipment that occurred in the prior quarter.
Copper stream deliveries from Mount Milligan were approximately 2.5 million pounds during the three months ended June 30, 2024, in line with the prior year quarter.
On August 1, 2024, Centerra Gold Inc. ("Centerra") reported that it continued to execute on its site-wide optimization program at Mount Milligan, initially launched in the fourth quarter of 2023. According to Centerra, the program is focused on a holistic assessment of occupational health and safety, as well as improvements in mine and plant operations, and covers all aspects of the operation to maximize the potential of the orebody. Centerra reported that milling costs in the six months ended June 30, 2024, were 12% lower than the prior year period. Due to the longer-term nature of the mining optimization initiatives, Centerra expects to see improvements in mining costs per tonne in 2025.
Centerra also reported that work is progressing on a preliminary economic assessment to evaluate the substantial mineral resources at the Mount Milligan mine with a goal to unlock additional value beyond its current 2035 mine life. Centerra continues to expect that the Preliminary Economic Assessment will be completed in the first half of 2025.
Pueblo Viejo
Gold stream deliveries from Pueblo Viejo were approximately 7,000 ounces for the three months ended June 30, 2024, compared to approximately 6,800 ounces for the three months ended June 30, 2023.
Silver stream deliveries were approximately 332,700 ounces for the three months ended June 30, 2024, compared to approximately 150,700 ounces for the three months ended June 30, 2023.
On July 16, 2024, Barrick reported that Pueblo Viejo’s production during the June 2024 quarter was flat sequentially as throughput is ramped up with a shift to recovery rate optimization in the second half of 2024.
21

Royalty Interests
Cortez
Production attributable to our royalty interest at the Cortez Complex was approximately 162,400 ounces of gold for the three months ended June 30, 2024, of which 42,600 ounces were attributable to the Legacy Zone, and 119,800 ounces were attributable to the CC Zone, compared to approximately 179,600 ounces of gold for the three months ended June 30, 2023, of which 68,100 ounces were attributable to the Legacy Zone, and 111,500 ounces were attributable to the CC Zone.
The reduction compared to the prior period is a result of planned lower production at Cortez.
Peñasquito
Production attributable to our royalty interest at Peñasquito was approximately 64,200 ounces of gold, 7.95 million ounces of silver, 42.9 million pounds of lead and 113.3 million pounds of zinc for the three months ended June 30, 2024. This compares to approximately 48,100 ounces of gold, 5.95 million ounces of silver, 35.6 million pounds of lead and 89.7 million pounds of zinc for the three months ended June 30, 2023. Production was lower in the prior year quarter primarily due to a labor strike that was subsequently resolved.
On July 24, 2024, Newmont reported that full year 2024 production at Peñasquito is expected to be second half weighted driven primarily by improved grades. Newmont reported that Peñasquito delivered strong gold and zinc grades from the Chile Colorado pit during the June 2024 quarter, and stripping in the Peñasco pit is expected to allow access to ore with 50% higher gold grades in the December 2024 quarter.
Results of Operations
Quarter Ended June 30, 2024, Compared to Quarter Ended June 30, 2023
For the three months ended June 30, 2024, we recorded net income and comprehensive income attributable to Royal Gold stockholders (“net income”) of $81.2 million, or $1.23 per basic and diluted share, as compared to net income of $63.4 million, or $0.97 per basic and diluted share, for the three months ended June 30, 2023. The increase in net income was primarily attributable to higher revenue, as discussed below.
For the three months ended June 30, 2024, we recognized total revenue of $174.1 million, comprised of stream revenue of $123.0 million and royalty revenue of $51.1 million at an average gold price of $2,338 per ounce, an average silver price of $28.84 per ounce and an average copper price of $4.42 per pound. This is compared to total revenue of $144.0 million for the three months ended June 30, 2023, comprised of stream revenue of $106.0 million and royalty revenue of $38.0 million, at an average gold price of $1,976 per ounce, an average silver price of $24.13 per ounce and an average copper price of $3.84 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, are as follows:
22

Revenue and Reported Production Subject to Our Stream and Royalty Interests
(Amounts in thousands, except reported production oz. and lbs.)
Three Months Ended Three Months Ended
June 30, 2024June 30, 2023
ReportedReported
Stream/RoyaltyMetal(s)Revenue
Production(1)
Revenue
Production(1)
Stream(2):
Mount Milligan$52,139 $41,208 
Gold16,100 oz.17,500 oz.
Copper3.4 Mlbs.1.7 Mlbs.
Pueblo Viejo$19,801 $23,540 
Gold5,800 oz.7,400 oz.
Silver218,200 oz.362,200 oz.
AndacolloGold$10,608 4,500 oz.$7,823 4,000 oz.
Khoemacau
Silver$8,394 295,500 oz.$8,881 373,000 oz.
Other(3)
$32,010 $24,563 
Gold12,800 oz.11,600 oz.
Silver79,500 oz.65,700 oz.
Total stream revenue$122,952 $106,015 
.
Royalty(2):
Cortez Legacy ZoneGold$11,214 42,600 oz.$14,305 68,100 oz.
Cortez CC ZoneGold$4,548 119,800 oz.$3,520 111,500 oz.
Peñasquito$11,279 $6,105 
Gold64,200 oz.48,100 oz.
Silver8.0 Moz.6.0 Moz.
Lead42.9 Mlbs.35.6 Mlbs.
Zinc113.3 Mlbs.89.7 Mlbs.
Other(3)
Various$24,103 N/A$14,097 N/A
Total royalty revenue$51,144 $38,027 
Total Revenue$174,096 $144,042 
_______________________________________________
(1)Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the three months ended June 30, 2024, and 2023, and may differ from the operators’ public reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal. Refer to Note 6 to the notes to consolidated financial statements.
(2)Refer to “Property Developments” above for a discussion of recent developments at principal properties.
(3)Individually, no stream or royalty included within the “Other” category contributed greater than 10% of our total revenue for either period.
The increase in our total revenue resulted primarily from higher average gold, silver and copper prices compared to the prior period. Higher copper sales at Mount Milligan, and higher gold and silver production at Peñasquito also contributed to the increase. These increases were partially offset by lower gold and silver sales at Pueblo Viejo compared to the prior year period.
23

Gold and silver ounces and copper pounds purchased and sold during the three months ended June 30, 2024 and 2023, and gold and silver ounces and copper pounds in inventory as of June 30, 2024, and December 31, 2023, for our streaming interests were as follows:
Three Months Ended Three Months Ended As ofAs of
June 30, 2024June 30, 2023June 30, 2024December 31, 2023
Gold StreamPurchases (oz.)Sales (oz.)Purchases (oz.)Sales (oz.)Inventory (oz.)Inventory (oz.)
Mount Milligan9,800 16,100 17,300 17,500 500 4,000 
Pueblo Viejo7,000 5,800 6,800 7,400 7,000 6,200 
Andacollo5,800 4,500 3,700 4,000 1,200 800 
Other11,800 12,800 11,200 11,600 3,300 4,200 
Total34,400 39,200 39,000 40,500 12,000 15,200 
Three Months Ended Three Months Ended As ofAs of
June 30, 2024June 30, 2023June 30, 2024December 31, 2023
Silver StreamPurchases (oz.)Sales (oz.)Purchases (oz.)Sales (oz.)Inventory (oz.)Inventory (oz.)
Pueblo Viejo(1)
332,700 218,200 150,700 362,200 332,700 223,000 
Khoemacau
281,600 295,500 398,700 373,000 88,000 135,300 
Other80,000 79,500 70,600 65,700 29,800 24,800 
Total694,300 593,200 620,000 800,900 450,500 383,100 
Three Months Ended Three Months Ended As ofAs of
June 30, 2024June 30, 2023June 30, 2024December 31, 2023
Copper StreamPurchases (Mlbs.)Sales (Mlbs.)Purchases (Mlbs.)Sales (Mlbs.)Inventory (Mlbs.)Inventory (Mlbs.)
Mount Milligan2.53.42.51.7— — 
_______________________________________________
(1) Pueblo Viejo silver purchases do not include 142,800 ounces of silver permitted to be deferred based on the terms of the Pueblo Viejo silver stream agreement. Total deferred silver ounces were 1.12 million ounces at June 30, 2024, and the timing for the delivery of this deferred amount is uncertain.    
Cost of sales, which excludes depreciation, depletion and amortization, increased to $24.2 million for the three months ended June 30, 2024, from $23.4 million for the three months ended June 30, 2023. The increase, when compared to the prior year quarter, was primarily due to higher copper sales at Mount Milligan. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the existing stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the existing stream agreement, the Mount Milligan Cost Support Agreement detailed in Note 5 of our notes to consolidated financial statements provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds but only as requested by Centerra.
General and administrative costs increased to $10.5 million for the three months ended June 30, 2024, from $9.1 million for the three months ended June 30, 2023. The increase was primarily due to higher non-cash stock compensation expense compared to the prior year period.
Depreciation, depletion and amortization decreased to $35.7 million for the three months ended June 30, 2024, from $38.4 million for the three months ended June 30, 2023. The decrease was primarily due to lower depletion rates at Khoemacau and lower gold and silver sales at Pueblo Viejo compared to the prior year period.
Interest and other expense decreased to $2.5 million for the three months ended June 30, 2024, from $8.4 million for the three months ended June 30, 2023. The decrease was primarily due to lower interest expense as a result of lower average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended June 30, 2024, amounts outstanding under our revolving credit facility averaged $92 million at an average all-in borrowing rate
24

of 6.5% compared to average amounts outstanding of $473 million at an average all-in borrowing rate of 6.3% for the prior year period.
For the three months ended June 30, 2024, we recorded income tax expense of $19.0 million, compared to $2.0 million for the three months ended June 30, 2023. The income tax expense resulted in an effective tax rate of 18.9% in the current period, compared with 3.1% for the three months ended June 30, 2023. The three months ended June 30, 2023 included a discrete tax benefit of $8.5 million attributable to the release of a valuation allowance on certain foreign deferred tax assets.
Six Months Ended June 30, 2024, Compared to Six Months Ended June 30, 2023
For the six months ended June 30, 2024, we recorded net income of $128.4 million, or $1.95 per basic and diluted share, as compared to net income of $127.3 million, or $1.94 per basic and $1.93 per diluted share, for the six months ended June 30, 2023. The increase in net income was primarily attributable to higher revenue, lower debt-related interest expense and lower depletion expense compared to the prior year period. This increase was partially offset by higher tax expense, as discussed below.
For the six months ended June 30, 2024, we recognized total revenue of $323.0 million, comprised of stream revenue of $225.5 million and royalty revenue of $97.5 million at an average gold price of $2,203 per ounce, an average silver price of $26.07 per ounce and an average copper price of $4.12 per pound. This is compared to total revenue of $314.4 million for the six months ended June 30, 2023, comprised of stream revenue of $221.0 million and royalty revenue of $93.4 million, at an average gold price of $1,932 per ounce, an average silver price of $23.31 per ounce and an average copper price of $3.95 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the six months ended June 30, 2024, compared to the six months ended June 30, 2023, are as follows:
25

Revenue and Reported Production Subject to Our Stream and Royalty Interests
(Amounts in thousands, except reported production oz. and lbs.)
Six Months EndedSix Months Ended
June 30, 2024June 30, 2023
ReportedReported
Stream/RoyaltyMetal(s)Revenue
Production(1)
Revenue
Production(1)
Stream(2):
Mount Milligan$87,134 $87,863 
Gold28,600 oz.32,700 oz.
Copper5.8 Mlbs.6.2 Mlbs.
Pueblo Viejo$37,562 $45,898 
Gold12,000 oz.15,300 oz.
Silver441,200 oz.700,100 oz.
AndacolloGold$22,297 10,200 oz.$20,757 11,000 oz.
Khoemacau
Silver$16,152 627,400 oz.$18,035 777,000 oz.
Other(3)
$62,336 $48,452 
Gold26,500 oz.23,500 oz.
Silver159,600 oz.131,900 oz.
Total stream revenue$225,481 $221,005 
.
Royalty(2):
Cortez Legacy ZoneGold$24,579 111,300 oz.$37,393 185,300 oz.
Cortez CC ZoneGold$8,959 244,700 oz.$6,726 218,100 oz.
Peñasquito$20,508 $13,538 
Gold108,100 oz.103,700 oz.
Silver17.8 Moz.12.0 Moz.
Lead107.5 Mlbs.72.1 Mlbs.
Zinc248.1 Mlbs.188.9 Mlbs.
Other(3)
Various$43,472 N/A$35,772 N/A
Total royalty revenue$97,518 $93,429 
Total Revenue$322,999 $314,434 
_______________________________________________
(1)Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the six months ended June 30, 2024, and 2023, and may differ from the operators’ public reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal. Refer to Note 6 to the notes to consolidated financial statements.
(2)Refer to “Property Developments” above for a discussion of recent developments at principal properties.
(3)Individually, no stream or royalty included within the “Other” category contributed greater than 10% of our total revenue for either period.
The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, higher production at Peñasquito, and higher gold sales at Xavantina which is included in other stream revenue in the table above. The increase was partially offset by lower gold and silver sales at Pueblo Viejo and lower production at the Cortez Legacy Zone when compared to the prior year period.
26

Gold and silver ounces and copper pounds purchased and sold during the six months ended June 30, 2024, and 2023, and gold and silver ounces and copper pounds in inventory as of June 30, 2024, and December 31, 2023, for our streaming interests were as follows:
Six Months EndedSix Months EndedAs ofAs of
June 30, 2024June 30, 2023June 30, 2024December 31, 2023
Gold StreamPurchases (oz.)Sales (oz.)Purchases (oz.)Sales (oz.)Inventory (oz.)Inventory (oz.)
Mount Milligan25,100 28,600 31,200 32,700 500 4,000 
Pueblo Viejo12,700 12,000 14,200 15,300 7,000 6,200 
Andacollo10,700 10,200 9,000 11,000 1,200 800 
Other25,600 26,500 24,200 23,500 3,300 4,200 
Total74,100 77,300 78,600 82,500 12,000 15,200 
Six Months EndedSix Months EndedAs ofAs of
June 30, 2024June 30, 2023June 30, 2024December 31, 2023
Silver StreamPurchases (oz.)Sales (oz.)Purchases (oz.)Sales (oz.)Inventory (oz.)Inventory (oz.)
Khoemacau
580,200 627,400 826,200 777,000 88,000 135,300 
Pueblo Viejo(1)
550,900 441,200 513,000 700,100 332,700 223,000 
Other164,500 159,600 140,000 131,900 29,800 24,800 
Total1,295,600 1,228,200 1,479,200 1,609,000 450,500 383,100 
Six Months EndedSix Months EndedAs ofAs of
June 30, 2024June 30, 2023June 30, 2024December 31, 2023
Copper StreamPurchases (Mlbs.)Sales (Mlbs.)Purchases (Mlbs.)Sales (Mlbs.)Inventory (Mlbs.)Inventory (Mlbs.)
Mount Milligan5.85.86.06.2——
_______________________________________________
(1) Pueblo Viejo silver purchases do not include 266,100 ounces of silver permitted to be deferred based on the terms of the Pueblo Viejo silver stream agreement. Total deferred silver ounces were 1.12 million ounces at June 30, 2024, and the timing for the delivery of this deferred amount is uncertain.
Cost of sales, which excludes depreciation, depletion and amortization, decreased to $45.9 million for the six months ended June 30, 2024, from $48.4 million for the six months ended June 30, 2023. The decrease was primarily due to lower gold and silver sales at Pueblo Viejo. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the existing stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the existing stream agreement, the Mount Milligan Cost Support Agreement detailed in Note 5 of our notes to consolidated financial statements provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds but only as requested by Centerra.
General and administrative costs increased to $21.9 million for the six months ended June 30, 2024, from $20.1 million for the six months ended June 30, 2023. The increase was primarily due to higher non-cash stock compensation expense compared to the prior year period.
Depreciation, depletion and amortization decreased to $74.5 million for the six months ended June 30, 2024, from $84.7 million for the six months ended June 30, 2023. The decrease was primarily due to lower depletion rates at Mount Milligan and Khoemacau as a result of proven and probable mineral reserve increases when compared to the prior year period.
Interest and other expense decreased to $7.1 million for the six months ended June 30, 2024, from $17.6 million for the six months ended June 30, 2023. The decrease was primarily due to lower interest expense as a result of lower average amounts outstanding under our revolving credit facility compared to the prior year period. For the six months ended June 30, 2024, amounts outstanding under our revolving credit facility averaged $156 million at an average all-in borrowing rate
27

of 6.5%, compared to average amounts outstanding of $442 million at an average all-in borrowing rate of 6.2% for the prior year period.
For the six months ended June 30, 2024, we recorded income tax expense of $46.0 million, compared with income tax expense of $17.9 million for the six months ended June 30, 2023. The income tax expense resulted in an effective tax rate of 26.4% in the current period, compared with 12.3% for the six months ended June 30, 2023. The six months ended June 30, 2024, included a $13.0 million discrete U.S. GILTI income tax expense related to consideration received from the Mount Milligan Cost Support Agreement. The six months ended June 30, 2023 included a discrete tax benefit of $8.5 million attributable to the release of a valuation allowance on certain foreign deferred tax assets.
Liquidity and Capital Resources
Overview
At June 30, 2024, we had current assets of $133.5 million compared to current liabilities of $122.4 million, which resulted in working capital of $11.1 million. This compares to current assets of $167.4 million and current liabilities of $72.4 million at December 31, 2023, resulting in working capital of $95 million. The decrease in working capital was primarily due to a decrease in our available cash, which primarily resulted from increased debt repayments and the $51 million Back River royalties acquisition during the current period and our expected repayment of the outstanding balance under our revolving credit facility which resulted in the classification of the liability as current.
During the six months ended June 30, 2024, liquidity needs were met from $251.8 million in net cash provided by operating activities and our available cash resources. Working capital, combined with available capacity under our revolving credit facility, resulted in approximately $961 million of total liquidity at June 30, 2024. As of June 30, 2024, we had $950 million available and $50 million outstanding under our revolving credit facility. We were in compliance with each financial covenant under the revolving credit facility as of June 30, 2024. Refer to Note 4 of our notes to consolidated financial statements and below under Recent Liquidity Developments for further discussion on our debt.
We believe that our current financial resources and funds generated from operations will be adequate to cover anticipated expenditures for debt service and general and administrative expense costs for the foreseeable future. Our current financial resources are also available to fund dividends and for acquisitions of stream and royalty interests, including any conditional funding schedules. Our long-term capital requirements are primarily affected by our ongoing acquisition activities. We currently, and generally at any time, have acquisition opportunities in various stages of active review. In the event of one or more substantial stream or royalty interest or other acquisitions, we may seek additional debt or equity financing as necessary. We occasionally borrow and repay amounts under our revolving credit facility and may do so in the future.
Please refer to our risk factors included in Part 1, Item 1A of our 2023 10-K for a discussion of certain risks that may impact our liquidity and capital resources.
Recent Liquidity Developments
Revolving Credit Facility Repayment
During the six months ended June 30, 2024, we made payments totaling $200 million towards the outstanding balance on the revolving credit facility leaving $950 million available as of June 30, 2024.
On July 10, 2024, we repaid $25 million of the outstanding balance of our revolving credit facility, leaving $975 million available as of the date of this report. On August 12, 2024, we plan to pay the remaining outstanding balance of our revolving credit facility.
Cash Flows
Operating Activities
Net cash provided by operating activities totaled $251.8 million for the six months ended June 30, 2024, compared to $216.6 million for the six months ended June 30, 2023. The increase, when compared to the prior year period, was primarily due to cash proceeds of $24.5 million received for the Mount Milligan Cost Support Agreement and $12.0 million of interest from the repayment of the Khoemacau debt facility. This increase was partially offset by lower cash receipts from the royalty segment when compared to the prior year period.
28

Investing Activities
Net cash used in investing activities totaled $27.3 million for the six months ended June 30, 2024, compared to net cash used in investing activities of $2.8 million for the six months ended June 30, 2023. The increase was primarily due to the $51 million in aggregate consideration paid for the acquisition of two royalties at Back River. The increase was partially offset by the $25 million principal repayment on the Khoemacau debt facility during the current period.
Financing Activities
Net cash used in financing activities totaled $254.4 million for the six months ended June 30, 2024, compared to $226.2 million for the six months ended June 30, 2023. The increase was primarily due to an increase in payments made on our revolving credit facility when compared to the prior year.
Recently Adopted Accounting Standards and Critical Accounting Policies
Refer to Note 1 of our notes to consolidated financial statements for further discussion on any recently adopted accounting standards. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 10-K for discussion on our critical accounting policies.
Forward-Looking Statements
This report and our other public communications include “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements.
Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including sales volume, revenue, expenses, tax rates, earnings, and cash flows; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity, and capital expenditures; benefits from acquisitions and asset assessments; receipt and timing of metal deliveries, including deferred amounts at Pueblo Viejo; the timing and amount of future benefits and obligations in connection with the Mount Milligan Cost Support Agreement; anticipated liquidity, capital resources, financing and stockholder returns; and prices for gold, silver, copper, and other metals.
Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: a lower-price environment for gold, silver, copper, or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete acquisitions; adverse economic and market conditions; impact of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other risk factors described in this report and in our other reports filed with the Securities and Exchange Commission, including our 2023 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this report or our other reports could also have material adverse effects on forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.
29

ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our earnings and cash flows are significantly impacted by changes in the market price of gold and other metals. Gold, silver, copper, and other metal prices can fluctuate significantly and are affected by numerous factors, such as demand, production levels, economic policies of central banks, producer hedging, world political and economic events, inflation and the strength of the U.S. dollar relative to other currencies. Please see the risk factor entitled “Our revenue is subject to volatility in metal prices, which could negatively affect our results of operations or cash flow,” under Part I, Item 1A of our 2023 10-K, for more information about risks associated with metal price volatility.
During the six months ended June 30, 2024, we reported revenue of $323 million, with an average gold price for the period of $2,203 per ounce, an average silver price of $26.07 per ounce, and an average copper price of $4.12 per pound. The table below shows the impact that a 10% increase or decrease in the average price of the specified metal would have had on our total reported revenue for the six months ended June 30, 2024:
MetalPercentage of Total Reported Revenue Associated with Specified MetalAmount by Which Total Reported Revenue Would Have Increased or Decreased If Price of Specified Metal Had Averaged 10% Higher or Lower in Period
Gold74%$22.9 million
Silver13%$2.6 million
Copper10%$5.1 million
ITEM 4.     CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer (the principal executive officer) and Chief Financial Officer (the principal financial and accounting officer), we evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2024. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2024, at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the three months ended June 30, 2024, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within Royal Gold have been detected.
PART II.     OTHER INFORMATION
ITEM 1.     LEGAL PROCEEDINGS
None.
ITEM 1A.     RISK FACTORS
There have been no material changes to the risk factors included in Part I, Item 1A of our 2023 10-K, other than as supplemented by the risk factor included in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.
30

ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3.     DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.     MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5.     OTHER INFORMATION
During the three months ended June 30, 2024, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
31

ITEM 6.     EXHIBITS
Exhibit
Number		 Description
10.1*
31.1*
31.2*
32.1‡
32.2‡
101*The following financial statements from Royal Gold, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in Inline XBRL: (a) Consolidated Statements of Cash Flows, (b) Consolidated Statements of Operations, (c) Consolidated Statements of Comprehensive Income, (d) Consolidated Balance Sheets, and (e) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
104*Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
_______________________________________________
*    Filed herewith.
‡    Furnished herewith.

32

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ROYAL GOLD, INC.
Date: August 8, 2024
By:
/s/ William Heissenbuttel
William Heissenbuttel
President and Chief Executive Officer
(Principal Executive Officer)
Date: August 8, 2024
By:/s/ Paul Libner
Paul Libner
Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
33

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com