Royal Gold (RGLD) Virtual Non-Deal Roadshow summary

Financial performance and portfolio highlights

• Achieved record quarterly revenue of $194 million and record-adjusted earnings of $1.47 per share, with an 81% adjusted EBITDA margin and $1.1 billion in liquidity at the end of Q3 2024.

• Year-to-date 2024 results include $517 million in revenue, $225 million in earnings, and $388 million in operating cash flow.

• Maintained a high-margin, scalable business model with revenue growth outpacing G&A expenses and no equity issuance since 2012.

• Paid a growing dividend for 24 consecutive years, nearing $1 billion in total dividends paid since 2000.

• Portfolio is diversified across 40 producing mines and 135 development-stage assets, with significant exposure to mining-friendly jurisdictions.

Business strategy and capital allocation

• Focuses on low-risk leverage to gold prices, providing upside exposure without direct operating or capital cost risks.

• Uses internal cash flow and revolving credit facility for acquisitions, avoiding shareholder dilution.

• Recent acquisitions include Cortez, Great Bear, and Back River, all in safe jurisdictions with exploration and production upside.

• Maintains strong liquidity and a conservative approach to capital allocation, prioritizing regular dividends and opportunistic asset purchases over special dividends or buybacks.

• Due diligence is rigorous, with a willingness to walk away from deals that do not meet risk or return criteria.

Growth potential and risk management

• Organic growth is driven by mine life extensions, new production from development assets, and optionality from dormant assets.

• No plans to divest dormant exploration assets, as they provide valuable optionality for future growth.

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

• Jurisdictional safety is paramount; investments are only made in regions where site visits are safe and legal protections are strong.

• Preference is for high-quality, cash-flowing assets but will invest in early-stage projects if quality and upside potential are compelling.