Royal Gold (RGLD) Renmark Financial Communications Virtual Non-Deal Roadshow Series summary

Market environment and positioning

• Gold prices have reached record highs, providing a favorable backdrop for the business and sector outlook.

• The company offers low-risk leverage to gold prices, outperforming gold, the GDX index, and the general market over the long term.

• Positioned to compete for large transactions while remaining agile enough to benefit from smaller deals.

• Maintains strong access to low-cost capital and robust cash flow.

• Focuses on being the best in the sector, not necessarily the largest.

Financial performance and capital allocation

• Achieved record revenue, cash flow, and earnings for both Q4 and the full year 2024, with an adjusted EBITDA margin of 84%.

• Ended the year with zero debt and $1.2 billion in liquidity, including a fully undrawn $1 billion revolving credit facility.

• Growth has been primarily funded internally, avoiding shareholder dilution and maintaining the lowest share count in the GDX index.

• Paid a growing dividend every year since 2001, with a 12.5% increase announced for 2025.

• Over $1 billion in dividends paid since inception, and the only precious metals company in the S&P High Yield Dividend Aristocrats Index.

Business model and risk management

• Operates a high-margin, scalable business with streams and royalties providing top-line exposure to mining production.

• Portfolio is diversified across 40 revenue-generating assets and 135 development-stage assets, reducing single asset and jurisdictional risk.

• Due diligence is a core competency, with a disciplined approach to asset selection and risk avoidance.

• ESG considerations are integral, with top ratings from Sustainalytics and MSCI.

• Maintains low fixed G&A costs, insulating margins from inflation and commodity price volatility.