Royal Gold Inc at John Tumazos Very Independent Research Virtual Conference Summary

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

Question: John Tumazos - - Analyst : We welcome questions from if one, we appreciate on the webcast, the audience through the question box. Jaison, I'm wondering a couple of your recent good investments on the hope assuming the buyback to 1.5% at recent prices and deter technical study, great. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 08, 2024 / 3:00PM, RGLD.OQ - Royal Gold Inc at John Tumazos Very Independent Research Virtual Conference Bear with me about a 13.5% pretax return at last year's lower silver price promo call it was about a 16% pretax return. Are those indicative returns? Or how would you describe the potential returns on other projects that might be simple and easy to understand the new continuing.

Question: John Tumazos - - Analyst : Can you just check the question box from the audience? Your share price fell to the mid-20s in 2016. What did you learn from that better period you incorporated your strategy going forward?

Question: John Tumazos - - Analyst : Maybe I can elaborate on the questioner's question. In that era of in addition to send Centerra nonmedical again or before Thompson Creek having trouble in Mali, are you as the investment and Rubicon minerals where the initial mine grades at Antamina?

Question: John Tumazos - - Analyst : In hindsight, billing eight years without a big mistake, is pretty good in the aftermath of Cobre Panama or Victoria Gold with some of the other companies about a bump in the road?

Question: John Tumazos - - Analyst : In the first half of this year, the cash flow of Royal Gold was about $1.3 million a day after-tax cash flow, not EBITDA with the higher gold price. Is it reasonable to expect it to be 10%, 15% more in the second half?

Question: John Tumazos - - Analyst : How the global alternative minimum taxes that were equal to Royal Gold?

Question: John Tumazos - - Analyst : Where's Royal Gold will Royal Gold ever do a share buyback?

Question: John Tumazos - - Analyst : Jason, roughly how many submittals propositions does Royal Gold get per month, how do you determine which ones make the first cuts to be considered and the ones that make the final cut again?

Question: John Tumazos - - Analyst : So just to take an example, Frank, of an Osisko Gold Royalties partner to make a $750 million commitment on task about Ecuador, would that project be as investable Royal Gold view as a country tech studies and timeframe are less than the technical studies and timeframe?

Question: John Tumazos - - Analyst : When Chile proposed constitutional reform twice. Finally, staying with the old one. The first proposal has something in it called causing nationalism or a state or government within a state or a few were indigenous regions with their own laws, departments and rules, budgets and taxes. In fact, actually dorT Bolivia have that in their constitution. So Lundin Gold has been very successful. They're not in a zone that is DigiTest property but apparently the term varies a great deal and the rules are different based on this causing nationalism.

Question: John Tumazos - - Analyst : I learn about new segments trying to figure out these countries.

Question: John Tumazos - - Analyst : You have a portfolio of projects and most diverse portfolio of stocks. If we take a little bit of risk in China, diversified net.

Question: John Tumazos - - Analyst : Next question from the group, what has been the discussions at the Board level about the concept of what you consider to be relatively cheap. I might not understand. try to re-read it. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 08, 2024 / 3:00PM, RGLD.OQ - Royal Gold Inc at John Tumazos Very Independent Research Virtual Conference

Question: John Tumazos - - Analyst : Yes.

Question: John Tumazos - - Analyst : So 6% or 7% cash flow yield you consider to be statistically cheap.

Question: John Tumazos - - Analyst : There are there are certain do --

Question: John Tumazos - - Analyst : So there's a question about special dividends as the cash builds. Historically, you've lost almost $1 billion of cash accumulated in the past until you have the great projects come along. So we would you just be patient and work the cash yield rather than pay special dividends.

Question: John Tumazos - - Analyst : What is the largest dollar investment Royal Gold has ever made in its history? In our project, not acquiring international royalty or company.

Question: John Tumazos - - Analyst : So if you have a $700 million, $50 million cash position that might be beginning to be bigger than you normally you might put in a project?

Question: John Tumazos - - Analyst : Why are the investors makes the comment that they would rather return capital to shareholders like the special dividend or buyback rather than invest in low IRR projects. Clearly the repair project and then even the low IRR projects at Cortez got better, the project got better and the gold price runs so that the IRR project ended up being mid-teens as great there are [Comic Con]. So how do you evaluate which low IRR projects have the best potential to get bigger?

Question: John Tumazos - - Analyst : I just want to interject or help you a little bit in responding to that question. The world gets bigger or demand gets bigger and mines to truly the JDZ mines all that found one or 200 years ago. And the newer discovery sometimes repairing our mine and the costs increase saw December 30, for two skews our railroad at an incident tracks melted. It was a very hot day, 125 degrees. Four years ago Norilsk Nickel ended up with a 2 billion, fine because they spilled oil into the ocean, but the permafrost mounted in their foundations, collapse of oil storage tanks. Tomorrow, Fahrenheit silver is going to describe an underground mine and 104 degrees Fahrenheit law. There's lower grade projects deeper, more metallurgically complex projects. So in addition to inflation due to a worsening productivity is my seat business strip ratios are higher. Harmony has a mine that's four kilometers deep in South Africa and Agnico Eagle mine near three kilometers east of Northern Canada. So the metals prices rise peak, not only because of inflation because it's harder to mine. And today, I'm a free call on the increase in the metal's price to inflation. It's no cost to Royal Gold or a royalty streaming company. So that's part of the lower mid-single digit investments because a decade later, we should be a higher return because of increasing difficulty. Excuse me, Jason. I don't mean to take your channel.

Question: John Tumazos - - Analyst : Now mineralized holes, the royalty streaming companies because they're a conservative business model in addition to not having exposure to capital cost overruns and operating costs, BHP Rio at value at December 31, each booked $16 billion to $19 billion of reclamation liability. So for the mining industry today, reclamation is bigger than the decks, and Royal Gold has no exposure to reclamation. That's a slide in your deck. You need to put it. That's kind of like doses. So we're very patient with royalty and streaming companies because they're smart and they don't give us.

Question: John Tumazos - - Analyst : Super. We ran through the question box, your presentation was very straightforward. I might have had more questions through some of the other companies have confused. Thank you very much. Congratulations on your role, Jason, in your career at Royal Gold.