Royal Gold (RGLD) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Portfolio transformation and growth

• Recent acquisitions, including Sandstorm and Horizon, have doubled the number of growth assets and strengthened the development pipeline, with a focus on diversification across geographies and asset types.

• Only one asset, Milligan, now represents more than 10% of NAV, reducing concentration risk and event exposure.

• New jurisdictions added include South Africa, Turkey, and Zambia, with political risk managed through careful country selection and understanding of mining's importance to local economies.

• Major assets like Mount Milligan and Cortez have seen significant life extensions, with Milligan's mine life now projected to 2045 and Cortez expected to provide cash flow for decades.

• The company is pleased with the current portfolio's maturity, duration, and mix, but continues to optimize and rationalize non-core equity positions.

Asset performance and development

• Mount Milligan's life extension and ongoing infill drilling are expected to improve grade understanding and future performance, with potential beyond current market expectations.

• Pueblo Viejo has faced recent metallurgical challenges, with solutions likely not imminent, but ongoing engagement with the operator continues.

• Kansanshi in Zambia offers a 20-year mine plan and potential upside from laterite gold, with the company well positioned for future opportunities.

• Four Mile at Cortez has developed faster than anticipated, with a long runway for future production and cash flow.

• Expansion and ramp-up activities are ongoing at assets like Goose, Platreef, and Sandstorm properties, contributing to expected growth in 2026.

Strategic priorities and portfolio management

• The company aims to convert its 30% equity stake in Hod Maden into a more conventional royalty or stream, prioritizing risk reduction and portfolio alignment.

• Non-core equity positions, such as Versament and Antofagasta, are being rationalized, with proceeds used to pay down debt and focus on core royalty and stream assets.

• No plans to divest inherited royalties and streams from Sandstorm and Horizon, with the main focus on optimizing the portfolio's structure.