Royal Gold Inc Q4 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 : Thanks for making my wildest dreams come true, both changing your fiscal year-end and also providing more comprehensive guidance. So congratulations on that. For the second half of the year, I would have expected production to be a little bit higher. It looks like it's kind of more steady state from what the first half was. And I say that because PV improvements, Cortez is ramping up and then the most recent NX transaction. Are there other offsets against these items? Or is there some conservatism that may be baked in or maybe timing differences on streaming volumes?

Question: Joshua Mark Wolfson - RBC Capital Markets, Research Division - Analyst : Okay. Yes, I guess maybe it depends we're in the range, but that's fair. Now looking at the investments that were done. This is the most active rate of investment I've seen the company in -- since, I think, 2015 or so. At that point in time, diversification was a pretty important strategy, and obviously, the prices of commodity were much lower. Today, is it -- is there a coincidence that we just saw kind of 3 transactions announced over a pretty short period of time? Or is there maybe a bigger vision or strategy that's taking place since that we're in the earlier stages of...

Question: Joshua Mark Wolfson - RBC Capital Markets, Research Division - Analyst : Got it. Okay. And then focusing on the C(tT deal. Could you let me know, I guess, how does it work for Canadian royalties? Do you pay in the Canadian tax rate? Or is it U.S. tax rate? And also does the royalty incorporate the potential Gosselin resource?

Question: Joshua Mark Wolfson - RBC Capital Markets, Research Division - Analyst : Got it. Okay. And that's -- you're saying on an annual basis, just to be clear. Just for that?