Royal Gold Inc Q2 2025 Earnings Call Transcript

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

Question: Lawson Winder - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Thank you very much, operator and hello, gentlemen. Thank you for today's update. Can I ask about Mount Milligan and their reduction in their 2025 gold production guidance? So Royal Gold has reiterated their volume production guidance range or volume sales guidance range for 2025. Despite that -- and so -- that's also in light of Andacollo underperforming and then Xavantina also underperforming year-to-date. Could you maybe walk us through what some of the assets are in the portfolio that are offsetting, what you're seeing in weakness in those sort of key assets allowing you to remain comfortable with the 2025 guidance range?

Question: Lawson Winder - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay. No, that's great. That's a very clear explanation. Can I ask about Kansanshi as well. I'm sure you're very pleased to have gotten that asset. I mean, it's a fabulous asset. So congratulations on achieving this deal. What I wanted to ask about though with respect to this deal is exposure to Africa. And Zambia, relative to other African jurisdictions has proven to be one of the better quality jurisdictions in Africa. But without question, there's a lot of political volatility in the country, and you do have Khoemacau and Botswana, and there's been a recent political change there with the new President. Where you are today, like assuming Kansanshi is in the portfolio, are you at a point now where you're matched out on African exposure? Or are you still comfortable adding additional exposure in Africa? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 07, 2025 / 4:00PM, RGLD.OQ - Q2 2025 Royal Gold Inc Earnings Call

Question: Lawson Winder - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay, yeah, well said on global political risk. And if I could just ask one more question on capital allocation. The shares without question have underperformed since you announced the Sandstorm transaction. I think there are some folks wondering whether or not there's any consideration for Royal Gold to implement the buyback as a result and fully acknowledge that you've been reluctant to do that historically, but in light of the current situation, is there any consideration to that?

Question: Lawson Winder - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Thank you very much.