Royal Gold Inc Q2 2021 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Joshua Mark Wolfson - RBC Capital Markets, Research Division - Analyst : I just had a quick question for the Khoemacau funding outlook. As it stands for that $50 million or up to $50 million number, are the 3 different financing options the team has outlined the only available options? Is there some sort of restriction in place that would require Cupric to utilize strictly those options? Or could they go elsewhere for capital?

Question: Joshua Mark Wolfson - RBC Capital Markets, Research Division - Analyst : Got it. Yes. I guess the question is more so, do you expect to contribute more towards the project, which would -- the 2 options at least that were available for Royal Gold would seem to be accretive options as opposed to just accumulating cash at the current time?

Question: Jackie Przybylowski - BMO Capital Markets Equity Research - Analyst : I think I just wanted to follow up on one of Cos' questions about the guidance for 2021 or, I guess, sorry, for the next quarter, Q3 2021. It looks like the guidance; the 48,000 to 53,000 ounces is sort of below where you came at for the current quarter. And I was just wondering if you could give us a little more color on that. Or if you can give us some color as to how that gold equivalent ounces breaks down between gold, silver, and copper if that's possible? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 04, 2021 / 5:00PM, RGLD.OQ - Q2 2021 Royal Gold Inc Earnings Call

Question: Jackie Przybylowski - BMO Capital Markets Equity Research - Analyst : Okay. That's helpful. I guess -- yes, that's a helpful answer. If I can just ask a second question. Your total available liquidity keeps going up, it's at $1.2 billion at the moment. Can you give us a little bit of an update into your thoughts on opportunities? And that do you see growth investment opportunities on the horizon for yourselves? And if maybe you could talk about that $1.2 billion, and how much would you be comfortable putting out in a single transaction sort of at the maximum level would be helpful color as well.

Question: Jackie Przybylowski - BMO Capital Markets Equity Research - Analyst : I can. Hope you're well, too.

Question: Tanya M. Jakusconek - Scotiabank Global Banking and Markets, Research Division - Analyst : I have got 3 questions. I just wanted to circle back on your fiscal Q2. Other revenue, which we don't have the details on. We have Pe±asquito and Cortez. But just on the other royalties, can you kind of give us a breakdown of what are the bigger ones in there? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 04, 2021 / 5:00PM, RGLD.OQ - Q2 2021 Royal Gold Inc Earnings Call Because that was a lot better than we were anticipating, and we'd just like to have a bit of clarity on the bigger items in that other revenue.

Question: Tanya M. Jakusconek - Scotiabank Global Banking and Markets, Research Division - Analyst : Okay. What -- are you thinking of providing us a bit more information on that other category going forward?

Question: Tanya M. Jakusconek - Scotiabank Global Banking and Markets, Research Division - Analyst : Yes, that would be helpful. And maybe just moving on to the Q3 stream outlook. And I know Jackie asked this and just for us to understand, the outlook suggests, again, that the -- what you will receive is going to be similar to the level of stream deliveries as Q2. But given the production outlook for both Mount Milligan and Andacollo, as we're ramping up through the second half of this year, appears better, is it just the timing of these deliveries that are causing this swing because we would have expected the second half to be stronger? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 04, 2021 / 5:00PM, RGLD.OQ - Q2 2021 Royal Gold Inc Earnings Call

Question: Tanya M. Jakusconek - Scotiabank Global Banking and Markets, Research Division - Analyst : Okay. So it's the timing of it. And then maybe my last question, just on the M&A, and you mentioned your $1 billion transaction. Those would be something that you would do, obviously, asset being in production and a $100 million to $500 million range that you're seeing now. Are those more in the development stage type of acquisitions? Or are they producing? And are you still focused on gold? Or have you shipped it to silver? Maybe just a bit more on that.