Royal Gold Inc Q3 2025 Earnings Call Transcript

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

Question: Cosmos Chiu - CIBC World Markets Corp - Analyst : Thanks, Bill and team for a very good presentation. Maybe my first question is on the Cassanche stream, the new stream you have. As you mentioned, 5,000 ounces is deferred, I guess, if that's a word for it, given the, need to initiate delivery mechanisms, for the new contract. I guess my question is two parts. Number one, could you maybe talk a little bit more about, what that means in terms of setting up or initiating these delivery mechanisms? Is it, computer systems? Is it, the way you report, or is the actual delivery? And then number two in terms of the 5,000 ounces that you thought you might get in 2025, is that going to come in in 2026 then? And is that going to be sort of in addition to what you would expected in 2026 anyways?

Question: Cosmos Chiu - CIBC World Markets Corp - Analyst : Hm. I guess mathematically if I were to take your 12,500 ounces that you had expected, that would have been from August to December in 2025. If I were to gross it up, for a full year in 2026, that would be 30,000 ounces. And then if that's the case, can I just add the additional 5,000 ounces to it in 2026? Like, is that the type of how I should think about it, or is that not the case?

Question: Cosmos Chiu - CIBC World Markets Corp - Analyst : Understood. Okay, great. Maybe switching gears a little bit, Bill, I see that you now have, $1.225 billion of debt on your balance sheet. I guess my question is how comfortable are you with that level of debt? I know you do say that, under current metal prices you can actually repay everything by mid 2027 absent any further acquisitions, but how realistic is it to assume there won't be any other acquisitions?

Question: Cosmos Chiu - CIBC World Markets Corp - Analyst : Great. And that may be one last question. Congratulations on closing of the deal with Sandstorm Gold and Horizon Copper. And with that, and despite, the, simplification of the structure, you still will hold a 30% joint venture interest in Hamdan. Historically, World Gold was never in the business of really holding on to joint venture partnerships for the long-term. I don't know if this is a question I should ask SSR Mining, but. How do you look at that 30% joint venture interest? Game kinda like, potentially convert into more of a conventional royalty interest.

Question: Cosmos Chiu - CIBC World Markets Corp - Analyst : What are some of the key sort of, not hurdles, but discussion points then and and when could we expect that to constantly?

Question: Cosmos Chiu - CIBC World Markets Corp - Analyst : Of course, thanks, Bill and team for answering all my questions. That's all I have. Thank.

Question: Lawson Winder - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Thank you very much, operator, and hello Bill and team. Thank you for the update today and would like to ask just a couple things. So first of all, on capital returns, we're approaching the time of year where Royal Gold, typically considers the next dividend increase. When you think about everything that's happened this year, do you think about there being an opportunity for a bigger than usual increase because of the larger portfolio, or? Could it just be a smaller increase given the heavy capital spending so far this year and then sort of related to that, what are your thoughts on share buybacks and it just kind of occurred to me when you were speaking, Bill, in response to one of the other questions about the evaluation GAAP. I mean, do you see an opportunity to utilize a share buyback to help close that?

Question: Tanya Jakusconek - Scotiabank GBM - Analyst : Okay, good morning, everybody. Thank you so much for taking my question. Just wanted to, finish up on this, on the sams on transaction. Bill, you mentioned that, we'll take another charge you for, you've, integrating asset people at this point. Is it fair to assume that as we look at Twenty6, besides, looking at obviously the depreciation and what, the guidance on that basis, all of the noise will be out of, so all of the unusual items are going to be closed in 2025, have the people and have respond and everything finalized and so 2026 would be a to look at.

Question: Tanya Jakusconek - Scotiabank GBM - Analyst : Okay, so that'll be good. So like 2026 will be what this would look like with all of these pieces in place. Yeah, okay, That that's good, and maybe I could go on to, Paul. This is an accounting question from a non-accountant, so maybe, I just want to make sure that I count correctly, the amount mail then. Cost support agreement of that 11,000s that $44 million that came in on October 3rd, so nothing through the income statement. Where will it show up in the cash flow? Where is that going to be put exactly so I have it in the exact place.

Question: Tanya Jakusconek - Scotiabank GBM - Analyst : Yeah, I appreciate, I know it's not part of your revenue. I know it's not part of your GEO ounces. Does it go anywhere through the cash flow statements or just a balance sheet that I think about?

Question: Tanya Jakusconek - Scotiabank GBM - Analyst : The balance sheet. Okay, that's all I just wanted to, clarify, and then, maybe I can have maybe Bill or, someone in the team just, talk to us about, you're, you've done two big deals, I just quickly looked at your available liquidity after you adjust for the sandstorm deal and your 100 million payment that needs to go out. Plus, the 4, the, just, you have maybe $300 million,$400 million of available liquidity. Are you still looking at, transactions in this market opportunities, or have we put a pause on that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 06, 2025 / 5:00PM, RGLD.OQ - Q3 2025 Royal Gold Inc Earnings Call

Question: Tanya Jakusconek - Scotiabank GBM - Analyst : And would, what would you be comfortable size-wise? Would it be that 100 million to 300 million range?

Question: Tanya Jakusconek - Scotiabank GBM - Analyst : So would it be fair to assume, Bill, that it would be like, so if anything in your existing, portfolio came, available, in, let's say in, parts of projects that you already have an interest and something becomes available that would be kind of viewed as a bolt on, would that be what you're saying versus like going into new jurisdictions?

Question: Tanya Jakusconek - Scotiabank GBM - Analyst : Yeah, fair enough. It's nice to see the $4000 gold price. We just don't know how long it stays, right? Thank you.

Question: Carey MacRury - Canaccord Genuity Corp - Analyst : Hey, good morning guys. So based on Barrack's 4 mile update, it looks like demineralization and potentially trending maybe off your royalty ground. Is that the case, or do you see it as all being on your royalty ground?

Question: Carey MacRury - Canaccord Genuity Corp - Analyst : And then, I know inclusion in the S&P 500's always been an elusive target. Do you see with these transactions that that's more likely now, or have the goalpos moved on that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 06, 2025 / 5:00PM, RGLD.OQ - Q3 2025 Royal Gold Inc Earnings Call