Royal Gold Inc at Denver Gold Forum Europe (Virtual) Transcript

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

Question: Jackie Przybylowski - BMO Capital Markets Equity Research - Analyst : Thanks very much, Dan. Maybe I'll just ask a question on that dividend policy. Congratulations on being nominated to the Dividend Aristocrats Index. That's terrific. And clearly, you have commitment to your dividend. Do you intentionally target a progressive dividend? And if you do, how does that policy impact your growth strategy and your thoughts around the composition of your portfolio?

Question: Jackie Przybylowski - BMO Capital Markets Equity Research - Analyst : When you're looking at growth, do you have a preference to maintain a high exposure to gold? Or are you commodities agnostic? Are you looking just for the best opportunities?

Question: Jackie Przybylowski - BMO Capital Markets Equity Research - Analyst : And maybe if I could sneak in one more question. We've seen you talk about your organic growth in your pipeline. I know one of the, I guess, opportunities for royalty and stream growth today would be in construction or financing of earlier stage projects. How do you feel about those? Is that sort of worth adding those to your portfolio? Do you think you get recognition for those in your share price today? Or is it something that you sort of feel like it's important to do for a longer-term growth pipeline? Like how is the view on early stage versus, I guess, cash flowing assets?

Question: Jackie Przybylowski - BMO Capital Markets Equity Research - Analyst : Absolutely. Unfortunately, we're out of time. Dan Breeze, Vice President, Corporate Development at Royal Gold. Thank you very much for your presentation.