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What changed in ROYAL GOLD INC's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of ROYAL GOLD INC's 2022 and 2023 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2023 report.

+404 added−408 removedSource: 10-K (2024-02-15) vs 10-K (2023-02-16)

Top changes in ROYAL GOLD INC's 2023 10-K

404 paragraphs added · 408 removed · 332 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

24 edited+4 added−10 removed27 unchanged
Biggest changeRoyalty interests accounted for 31%, 34%, 31%, and 28% of our total revenue for the year ended December 31, 2022, six months ended December 31, 2021, and fiscal years ended June 30, 2021 and 2020, respectively. ​ Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts are in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ Stream ​ Royalty ​ and royalty ​ Stream ​ Royalty ​ and royalty ​ interest interest interests, net interest interest interests, net Canada ​ $ 511,957 ​ $ 620,549 ​ $ 1,132,506 ​ $ 579,326 ​ $ 412,419 ​ $ 991,745 Dominican Republic ​ ​ 320,867 ​ ​ — ​ ​ 320,867 ​ ​ 350,083 ​ ​ — ​ ​ 350,083 Africa ​ ​ 299,722 ​ ​ 321 ​ ​ 300,043 ​ ​ 297,569 ​ ​ 321 ​ ​ 297,890 Chile ​ ​ 236,312 ​ ​ 224,116 ​ ​ 460,428 ​ ​ 249,147 ​ ​ 224,116 ​ ​ 473,263 United States ​ ​ — ​ ​ 823,203 ​ ​ 823,203 ​ ​ — ​ ​ 107,761 ​ ​ 107,761 Mexico ​ ​ — ​ ​ 50,156 ​ ​ 50,156 ​ ​ — ​ ​ 60,977 ​ ​ 60,977 Australia ​ ​ — ​ ​ 22,120 ​ ​ 22,120 ​ ​ — ​ ​ 27,496 ​ ​ 27,496 Rest of world ​ ​ 101,440 ​ ​ 26,639 ​ ​ 128,079 ​ ​ 107,920 ​ ​ 26,617 ​ ​ 134,537 Total ​ $ 1,470,298 ​ $ 1,767,104 ​ $ 3,237,402 ​ $ 1,584,045 ​ $ 859,707 ​ $ 2,443,752 ​ 6 Table of Contents Our reportable segments for purposes of assessing performance for the year ended December 31, 2022, six months ended December 31, 2021, and fiscal years ended June 30, 2021 and 2020, respectfully, are shown below (amounts are in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 212,369 ​ $ 46,438 ​ $ — ​ $ 67,368 ​ $ 98,563 Dominican Republic ​ ​ 85,863 ​ ​ 26,211 ​ ​ — ​ ​ 29,216 ​ ​ 30,436 Africa ​ ​ 53,787 ​ ​ 11,135 ​ ​ — ​ ​ 24,348 ​ ​ 18,304 Chile ​ ​ 47,347 ​ ​ 7,165 ​ ​ — ​ ​ 12,835 ​ ​ 27,347 Rest of world ​ ​ 18,427 ​ ​ 3,693 ​ ​ — ​ ​ 9,759 ​ ​ 4,975 Total stream interests ​ ​ 417,793 ​ ​ 94,642 ​ ​ — ​ ​ 143,526 ​ ​ 179,625 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 81,642 ​ $ — ​ $ 4,131 ​ $ 13,966 ​ $ 63,545 Mexico ​ ​ 52,388 ​ ​ — ​ ​ — ​ ​ 10,822 ​ ​ 41,566 Canada ​ ​ 27,210 ​ ​ — ​ ​ 2,890 ​ ​ 9,039 ​ ​ 15,281 Australia ​ ​ 15,672 ​ ​ — ​ ​ — ​ ​ 1,089 ​ ​ 14,583 Africa ​ ​ 316 ​ ​ — ​ ​ — ​ ​ — ​ ​ 316 Rest of world ​ ​ 8,185 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,185 Total royalty interests ​ ​ 185,413 ​ ​ — ​ ​ 7,021 ​ ​ 34,916 ​ ​ 143,476 Total ​ $ 603,206 ​ $ 94,642 ​ $ 7,021 ​ $ 178,442 ​ $ 323,101 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended December 31, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 115,544 ​ $ 25,396 ​ $ — ​ $ 44,886 ​ $ 45,262 Dominican Republic ​ ​ 52,958 ​ ​ 16,540 ​ ​ — ​ ​ 16,615 ​ ​ 19,803 Chile ​ ​ 28,075 ​ ​ 4,216 ​ ​ — ​ ​ 7,457 ​ ​ 16,402 Africa ​ ​ 22,228 ​ ​ 4,652 ​ ​ — ​ ​ 9,452 ​ ​ 8,124 Rest of world ​ ​ 7,746 ​ ​ 1,525 ​ ​ — ​ ​ 4,193 ​ ​ 2,028 Total stream interests ​ ​ 226,551 ​ ​ 52,329 ​ ​ — ​ ​ 82,603 ​ ​ 91,619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 54,046 ​ $ — ​ $ 2,601 ​ $ 5,056 ​ $ 46,389 Mexico ​ ​ 31,858 ​ ​ — ​ ​ — ​ ​ 5,890 ​ ​ 25,968 Canada ​ ​ 13,756 ​ ​ — ​ ​ 1,811 ​ ​ 5,208 ​ ​ 6,737 Australia ​ ​ 11,174 ​ ​ — ​ ​ — ​ ​ 621 ​ ​ 10,553 Africa ​ ​ 1,107 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,107 Rest of world ​ ​ 4,460 ​ ​ — ​ ​ — ​ ​ 92 ​ ​ 4,368 Total royalty interests ​ ​ 116,401 ​ ​ — ​ ​ 4,412 ​ ​ 16,867 ​ ​ 95,122 Total ​ $ 342,952 ​ $ 52,329 ​ $ 4,412 ​ $ 99,470 ​ $ 186,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ 7 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 190,537 ​ $ 40,121 ​ $ — ​ $ 78,520 ​ $ 71,896 Dominican Republic ​ ​ 115,583 ​ ​ 33,453 ​ ​ — ​ ​ 39,771 ​ ​ 42,359 Chile ​ ​ 82,164 ​ ​ 12,048 ​ ​ — ​ ​ 21,057 ​ ​ 49,059 Africa ​ ​ 35,705 ​ ​ 7,276 ​ ​ — ​ ​ 11,246 ​ ​ 17,183 Total stream interests ​ ​ 423,989 ​ ​ 92,898 ​ ​ — ​ ​ 150,594 ​ ​ 180,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 68,611 ​ $ — ​ $ 3,482 ​ $ 5,938 ​ $ 59,191 Mexico ​ ​ 58,212 ​ ​ — ​ ​ — ​ ​ 9,084 ​ ​ 49,128 Canada ​ ​ 31,671 ​ ​ — ​ ​ 3,261 ​ ​ 12,341 ​ ​ 16,069 Australia ​ ​ 21,466 ​ ​ — ​ ​ — ​ ​ 1,889 ​ ​ 19,577 Africa ​ ​ 2,801 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,801 Rest of world ​ ​ 9,106 ​ ​ — ​ ​ — ​ ​ 3,367 ​ ​ 5,739 Total royalty interests ​ ​ 191,867 ​ ​ — ​ ​ 6,743 ​ ​ 32,619 ​ ​ 152,505 Total ​ $ 615,856 ​ $ 92,898 ​ $ 6,743 ​ $ 183,213 ​ $ 333,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, 2020 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 158,736 ​ $ 39,257 ​ $ — ​ $ 65,017 ​ $ 54,462 Dominican Republic ​ ​ 96,978 ​ ​ 27,882 ​ ​ — ​ ​ 45,115 ​ ​ 23,981 Chile ​ ​ 74,219 ​ ​ 10,878 ​ ​ — ​ ​ 23,846 ​ ​ 39,495 Africa ​ ​ 29,935 ​ ​ 5,873 ​ ​ — ​ ​ 10,700 ​ ​ 13,362 Total stream interests ​ ​ 359,868 ​ ​ 83,890 ​ ​ — ​ ​ 144,678 ​ ​ 131,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 48,692 ​ $ — ​ $ 2,451 ​ $ 4,954 ​ $ 41,287 Mexico ​ ​ 32,731 ​ ​ — ​ ​ — ​ ​ 7,797 ​ ​ 24,934 Canada ​ ​ 30,524 ​ ​ — ​ ​ 1,373 ​ ​ 10,397 ​ ​ 18,754 Australia ​ ​ 15,252 ​ ​ — ​ ​ — ​ ​ 1,939 ​ ​ 13,313 Africa ​ ​ 2,575 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,575 Chile ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Rest of world ​ ​ 9,177 ​ ​ — ​ ​ — ​ ​ 5,282 ​ ​ 3,895 Total royalty interests ​ ​ 138,951 ​ ​ — ​ ​ 3,824 ​ ​ 30,369 ​ ​ 104,758 Total ​ $ 498,819 ​ $ 83,890 ​ $ 3,824 ​ $ 175,047 ​ $ 236,058 (1) Excludes depreciation, depletion and amortization.
Biggest changeRoyalty interests accounted for 31% of our royalty revenue for the years ended December 31, 2023 and 2022, and 34%, and 31% of our total revenue for the six months ended December 31, 2021, and fiscal year ended June 30, 2021, respectively. ​ Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts are in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ Stream ​ Royalty ​ and royalty ​ Stream ​ Royalty ​ and royalty ​ interest interest interests, net interest interest interests, net Canada ​ $ 461,398 ​ $ 614,900 ​ $ 1,076,298 ​ $ 511,957 ​ $ 620,549 ​ $ 1,132,506 Dominican Republic ​ ​ 311,050 ​ ​ — ​ ​ 311,050 ​ ​ 320,867 ​ ​ — ​ ​ 320,867 Africa ​ ​ 264,529 ​ ​ 321 ​ ​ 264,850 ​ ​ 299,722 ​ ​ 321 ​ ​ 300,043 Chile ​ ​ 222,629 ​ ​ 224,116 ​ ​ 446,745 ​ ​ 236,312 ​ ​ 224,116 ​ ​ 460,428 United States ​ ​ — ​ ​ 794,891 ​ ​ 794,891 ​ ​ — ​ ​ 823,203 ​ ​ 823,203 Mexico ​ ​ — ​ ​ 41,803 ​ ​ 41,803 ​ ​ — ​ ​ 50,156 ​ ​ 50,156 Australia ​ ​ — ​ ​ 21,288 ​ ​ 21,288 ​ ​ — ​ ​ 22,120 ​ ​ 22,120 Rest of world ​ ​ 92,010 ​ ​ 26,639 ​ ​ 118,649 ​ ​ 101,440 ​ ​ 26,639 ​ ​ 128,079 Total ​ $ 1,351,616 ​ $ 1,723,958 ​ $ 3,075,574 ​ $ 1,470,298 ​ $ 1,767,104 ​ $ 3,237,402 6 Table of Contents Our reportable segments for purposes of assessing performance for the years ended December 31, 2023 and 2022, six months ended December 31, 2021, and fiscal year ended June 30, 2021, respectively, are shown below (amounts are in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 196,961 ​ $ 41,624 ​ $ — ​ $ 50,559 ​ $ 104,778 Dominican Republic ​ ​ 76,247 ​ ​ 22,339 ​ ​ — ​ ​ 9,817 ​ ​ 44,091 Africa ​ ​ 70,757 ​ ​ 14,319 ​ ​ — ​ ​ 35,193 ​ ​ 21,245 Chile ​ ​ 48,920 ​ ​ 7,225 ​ ​ — ​ ​ 13,683 ​ ​ 28,012 Rest of world ​ ​ 25,395 ​ ​ 5,016 ​ ​ — ​ ​ 11,869 ​ ​ 8,510 Total stream interests ​ ​ 418,280 ​ ​ 90,523 ​ ​ — ​ ​ 121,121 ​ ​ 206,636 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 123,690 ​ $ — ​ $ 6,232 ​ $ 28,551 ​ $ 88,907 Mexico ​ ​ 25,754 ​ ​ — ​ ​ — ​ ​ 8,353 ​ ​ 17,401 Canada ​ ​ 12,712 ​ ​ — ​ ​ 1,062 ​ ​ 5,650 ​ ​ 6,000 Australia ​ ​ 19,011 ​ ​ — ​ ​ — ​ ​ 831 ​ ​ 18,180 Rest of world ​ ​ 6,270 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,270 Total royalty interests ​ ​ 187,437 ​ ​ — ​ ​ 7,294 ​ ​ 43,385 ​ ​ 136,758 Total ​ $ 605,717 ​ $ 90,523 ​ $ 7,294 ​ $ 164,506 ​ $ 343,394 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 212,369 ​ $ 46,438 ​ $ — ​ $ 67,368 ​ $ 98,563 Dominican Republic ​ ​ 85,863 ​ ​ 26,211 ​ ​ — ​ ​ 29,216 ​ ​ 30,436 Africa ​ ​ 53,787 ​ ​ 11,135 ​ ​ — ​ ​ 24,348 ​ ​ 18,304 Chile ​ ​ 47,347 ​ ​ 7,165 ​ ​ — ​ ​ 12,835 ​ ​ 27,347 Rest of world ​ ​ 18,427 ​ ​ 3,693 ​ ​ — ​ ​ 9,759 ​ ​ 4,975 Total stream interests ​ ​ 417,793 ​ ​ 94,642 ​ ​ — ​ ​ 143,526 ​ ​ 179,625 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 81,642 ​ $ — ​ $ 4,131 ​ $ 13,966 ​ $ 63,545 Mexico ​ ​ 52,388 ​ ​ — ​ ​ — ​ ​ 10,822 ​ ​ 41,566 Canada ​ ​ 27,210 ​ ​ — ​ ​ 2,890 ​ ​ 9,039 ​ ​ 15,281 Australia ​ ​ 15,672 ​ ​ — ​ ​ — ​ ​ 1,089 ​ ​ 14,583 Africa ​ ​ 316 ​ ​ — ​ ​ — ​ ​ — ​ ​ 316 Rest of world ​ ​ 8,185 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,185 Total royalty interests ​ ​ 185,413 ​ ​ — ​ ​ 7,021 ​ ​ 34,916 ​ ​ 143,476 Total ​ $ 603,206 ​ $ 94,642 ​ $ 7,021 ​ $ 178,442 ​ $ 323,101 ​ 7 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended December 31, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 115,544 ​ $ 25,396 ​ $ — ​ $ 44,886 ​ $ 45,262 Dominican Republic ​ ​ 52,958 ​ ​ 16,540 ​ ​ — ​ ​ 16,615 ​ ​ 19,803 Chile ​ ​ 28,075 ​ ​ 4,216 ​ ​ — ​ ​ 7,457 ​ ​ 16,402 Africa ​ ​ 22,228 ​ ​ 4,652 ​ ​ — ​ ​ 9,452 ​ ​ 8,124 Rest of World ​ ​ 7,746 ​ ​ 1,525 ​ ​ — ​ ​ 4,193 ​ ​ 2,028 Total stream interests ​ ​ 226,551 ​ ​ 52,329 ​ ​ — ​ ​ 82,603 ​ ​ 91,619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 54,046 ​ $ — ​ $ 2,601 ​ $ 5,056 ​ $ 46,389 Mexico ​ ​ 31,858 ​ ​ — ​ ​ — ​ ​ 5,890 ​ ​ 25,968 Canada ​ ​ 13,756 ​ ​ — ​ ​ 1,811 ​ ​ 5,208 ​ ​ 6,737 Australia ​ ​ 11,174 ​ ​ — ​ ​ — ​ ​ 621 ​ ​ 10,553 Africa ​ ​ 1,107 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,107 Rest of world ​ ​ 4,460 ​ ​ — ​ ​ — ​ ​ 92 ​ ​ 4,368 Total royalty interests ​ ​ 116,401 ​ ​ — ​ ​ 4,412 ​ ​ 16,867 ​ ​ 95,122 Total ​ $ 342,952 ​ $ 52,329 ​ $ 4,412 ​ $ 99,470 ​ $ 186,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 190,537 ​ $ 40,121 ​ $ — ​ $ 78,520 ​ $ 71,896 Dominican Republic ​ ​ 115,583 ​ ​ 33,453 ​ ​ — ​ ​ 39,771 ​ ​ 42,359 Chile ​ ​ 82,164 ​ ​ 12,048 ​ ​ — ​ ​ 21,057 ​ ​ 49,059 Africa ​ ​ 35,705 ​ ​ 7,276 ​ ​ — ​ ​ 11,246 ​ ​ 17,183 Total stream interests ​ ​ 423,989 ​ ​ 92,898 ​ ​ — ​ ​ 150,594 ​ ​ 180,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 68,611 ​ $ — ​ $ 3,482 ​ $ 5,938 ​ $ 59,191 Mexico ​ ​ 58,212 ​ ​ — ​ ​ — ​ ​ 9,084 ​ ​ 49,128 Canada ​ ​ 31,671 ​ ​ — ​ ​ 3,261 ​ ​ 12,341 ​ ​ 16,069 Australia ​ ​ 21,466 ​ ​ — ​ ​ — ​ ​ 1,889 ​ ​ 19,577 Africa ​ ​ 2,801 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,801 Chile ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Rest of world ​ ​ 9,106 ​ ​ — ​ ​ — ​ ​ 3,367 ​ ​ 5,739 Total royalty interests ​ ​ 191,867 ​ ​ — ​ ​ 6,743 ​ ​ 32,619 ​ ​ 152,505 Total ​ $ 615,856 ​ $ 92,898 ​ $ 6,743 ​ $ 183,213 ​ $ 333,002 (1) Excludes depreciation, depletion and amortization.
The marketability and the price of metals are influenced by numerous factors beyond our control. Significant declines in the prices of gold, silver, or copper could have a material adverse effect on our results of operations and financial condition. 8 Table of Contents Competition The mining industry in general, and stream and royalty segments in particular, are very competitive.
The marketability and the price of metals are influenced by numerous factors beyond 8 Table of Contents our control. Significant declines in the prices of gold, silver, or copper could have a material adverse effect on our results of operations and financial condition. Competition The mining industry in general, and stream and royalty segments in particular, are very competitive.
We provide competitive medical and other insurance coverage for employees and eligible dependents and provide for sick leave in the case of illness or absence due to the sickness of the employee or an immediate family member. ​ Development ​ We support the continued professional development of our employees by underwriting or subsidizing education and professional development programs for our employees. ​ Host Community Commitment ​ We actively seek opportunities to advance sustainability initiatives with the goal of supporting communities that host the operations in which we hold stream and royalty interests during and following our operators’ mining operations.
We provide competitive medical and other insurance coverage for employees and eligible dependents and provide for sick leave in the case of illness or absence due to the sickness of the employee or an immediate family member. ​ Development ​ We support the continued professional development of our employees by underwriting or subsidizing education and professional development programs for our employees. ​ Host Community Commitment ​ We actively seek opportunities to advance sustainability initiatives with the goal of supporting communities that host the operations in which we hold stream and royalty interests during our operators’ mining operations.
Gold equivalent ounces (GEOs): GEOs are calculated as Royal Gold’s revenue divided by the average gold price for the period, with the gold price determined based on the LBMA Price.
Gold equivalent ounces (GEOs): GEOs are calculated as Royal Gold’s revenue divided by the average gold price for the period, with the gold price determined based on the LBMA PM Price.
This represents a 7% increase compared with the dividend paid during calendar year 2022. ​ Certain Definitions Dollar or “$”: Refers to U.S. dollars. We refer to Canadian dollars as C$. Development stage property . A property that has mineral reserves disclosed but no material extraction. Exploration stage property: A property that has no mineral reserves disclosed.
This represents a 7% increase compared with the dividend paid during calendar year 2023. ​ Certain Definitions Development stage property . A property that has mineral reserves disclosed but no material extraction. Dollar or “$”: Refers to U.S. dollars. We refer to Canadian dollars as C$. Exploration stage property: A property that has no mineral reserves disclosed.
We are proud to partner with leading charities in Denver, Lucerne, Toronto, and Vancouver that are actively responding to community needs with respect to medical supplies, homelessness, food security, elder care, and education. ​ SEC Filings We file periodic and current reports, proxy statements, and other information with the SEC.
We are proud to partner with leading charities in Denver, Lucerne, Toronto, and Vancouver that are actively responding to community needs with respect to medical supplies, food availability and security, elder care, and education. ​ SEC Filings We file periodic and current reports, proxy statements, and other information with the SEC.
Human Capital Resources Employees We currently have 31 employees, 22 of whom work out of our headquarters in Denver, Colorado. The remainder work out of our offices in Lucerne, Switzerland, Vancouver, Canada, and Toronto, Canada. Our employees are not subject to a labor contract or collective bargaining agreement.
Human Capital Resources Employees We currently have 30 employees, 22 of whom work out of our headquarters in Denver, Colorado. The remainder work out of our offices in Lucerne, Switzerland, Vancouver, Canada, and Toronto, Canada. Our employees are not subject to a labor contract or collective bargaining agreement.
Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. ​ Metal stream: A purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement.
Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. ​ 4 Table of Contents Metal stream: A purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement.
(2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. (3) Refer to Note 15 of our notes to consolidated financial statements for a reconciliation of total segment gross profit to consolidated income before income taxes.
(2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. (3) Refer to Note 14 of our notes to consolidated financial statements for a reconciliation of total segment gross profit to consolidated income before income taxes.
These reports also can be obtained on the SEC’s website at www.sec.gov. The information on our website is not part of this or any other report filed with or furnished to the SEC.
These reports also can be obtained on the SEC’s website at www.sec.gov. The information on our website is not part of this or any other report filed with or furnished to the SEC. 10 Table of Contents
We maintain a Diversity & Inclusion Policy that outlines our values, commitment to a diverse and inclusive Board and workforce and procedures for carrying out the policy.
We maintain a Diversity & Inclusion Policy that outlines our values, commitment to a diverse and inclusive 9 Table of Contents Board and workforce and procedures for carrying out the policy.
Our annual charitable giving is administered by a committee of employees that selects donation targets and recipients in our local communities.
Our annual charitable giving is administered by a committee of employees, including members of senior management, that selects donation targets and recipients in our local communities.
As of December 31, 2022, we owned royalty interests on 32 production stage properties, 18 development stage properties and 123 exploration stage properties, of which we consider 52 to be evaluation stage projects. We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for reserves.
As of December 31, 2023, we owned royalty interests on 29 production stage properties, 21 development stage properties and 119 exploration stage properties, of which we consider 52 to be evaluation stage projects. We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for reserves.
Among other things, when identifying new director candidates, the Compensation, Nominating and Governance Committee of our Board of Directors will require that the initial list of candidates, whether generated internally or by a third-party search firm, include qualified diverse candidates 9 Table of Contents of gender, as well as racial and ethnic, diversity.
Among other things, when identifying new director candidates, the Compensation, Nominating and Governance Committee of our Board of Directors will require that the initial list of candidates, whether generated internally or by a third-party search firm, include qualified and diverse candidates of gender, as well as racial and ethnic, diversity. ​ Safety ​ We are committed to the wellbeing of all our employees.
During the year ended December 31, 2022, we derived approximately 84% of our revenue from precious metals (including 73% from gold and 11% from silver), 12% from copper, and 4% from other minerals. The prices of gold, silver, copper, and other metals have fluctuated widely in recent years.
During the year ended December 31, 2023, we derived approximately 88% of our revenue from precious metals (including 76% from gold and 12% from silver), 9% from copper, and 3% from other minerals. The prices of gold, silver, copper, and other metals have fluctuated widely in recent years.
See Item 8, Note 17 to our Consolidated Financial Statements for further information. Overview We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production, development or in the exploration stage in exchange for stream or royalty interests.
Overview We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production, development or in the exploration stage in exchange for stream or royalty interests.
Royalty: The right to receive a percentage or other denomination of mineral production from a mining operation. Ton: A unit of weight equal to 2,000 pounds or 907.2 kilograms. Tonne: A unit of weight equal to 2,204.6 pounds or 1,000 kilograms.
Proven mineral reserve: The economically mineable part of a measured mineral resource that can only result from conversion of a measured mineral resource. Royalty: The right to receive a percentage or other denomination of mineral production from a mining operation. Ton: A unit of weight equal to 2,000 pounds or 907.2 kilograms.
Probable mineral reserve: The economically mineable part of an indicated and, in some cases, a measured mineral resource. Production stage property . A property with material extraction of mineral reserves.
Payable metal: Ounces or pounds of metal in concentrate after deduction of a percentage of metal in concentrate by a third-party smelter pursuant to smelting contracts. Probable mineral reserve: The economically mineable part of an indicated and, in some cases, a measured mineral resource. Production stage property . A property with material extraction of mineral reserves.
As of December 31, 2022, we owned nine stream interests, which are on eight production stage properties and one development stage property. Stream interests accounted for 69%, 66%, 69%, and 72% of our total revenue for the year ended December 31, 2022, six months ended December 31, 2021, and fiscal years ended June 30, 2021 and 2020, respectively.
Stream interests accounted for 69% of our total revenue for the years ended December 31, 2023 and 2022, and 66% and 69% of our total revenue for the six months ended 5 Table of Contents December 31, 2021, and the fiscal year ended June 30, 2021, respectively.
Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. 4 Table of Contents Inferred mineral resource: That part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.
Inferred mineral resource: That part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.
In response to the continued effects of the COVID-19 pandemic, we put in place initiatives to support our team in maintaining a healthy work-life balance at all our offices, including a hybrid in-office work schedule. ​ Human Rights ​ We are committed to respecting human rights in the jurisdictions where we operate and affirm our commitment to comply with all applicable laws concerning human rights through our Human Rights Policy. ​ Compensation and Benefits ​ We offer competitive compensation and benefits to attract and retain top talent.
We maintain a People Policy that outlines our approach to maintaining safe work conditions for our employees. ​ Human Rights ​ We are committed to respecting human rights in the jurisdictions where we operate and affirm our commitment to comply with all applicable laws concerning human rights through our Human Rights Policy. ​ Compensation and Benefits ​ We offer competitive compensation and benefits to attract and retain top talent.
This was a 9.7% decrease period over period. ​ ● At December 31, 2022, we had $575 million outstanding under our $1.0 billion revolving credit facility and had cash and equivalents of $119 million. ​ ● We increased our calendar year dividend to $1.50 per basic share, which is paid in quarterly installments throughout calendar year 2023.
At December 31, 2023, we had $250 million outstanding under our $1.0 billion revolving credit facility and had cash and equivalents of $104 million. ​ 3 Table of Contents ● We had revenue of $605.7 million for the year ended December 31, 2023, compared to $603.2 million for the comparable prior year period. ​ ● We generated $415.8 million of net operating cash flow for the year ended December 31, 2023, compared to $417.3 million for the comparable prior year period. ​ ● We increased our calendar year dividend to $1.60 per basic share, which is paid in quarterly installments throughout calendar year 2024.
For each of the past six years, we have recorded a total recordable injury frequency rate of zero for our employees. We maintain a People Policy that outlines our approach to maintaining safe work conditions for our employees.
We promote a safe and healthy workplace and require strict adherence to legal and ethical standards in our business practices. For each of the past six years, we have recorded a total recordable injury frequency rate of zero for our employees.
We currently, and generally at any time, have acquisition opportunities in various stages of active review, including, for example, our engagement of consultants and advisors to analyze particular opportunities, our analysis of technical, financial, legal and other confidential information of particular opportunities, submission of indications of interest and term sheets, participation in preliminary discussions and negotiations and involvement as a bidder in competitive processes.
Our review process may include, for example, engaging consultants and advisors to analyze an opportunity; analysis of financial, legal (including corporate governance) and technical (including environmental issues concerning air, water and biodiversity and social impacts) and other confidential information regarding an opportunity; submission of indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes. ​ As discussed in further detail throughout this report, some key highlights and developments for our business for the year ended December 31, 2023 were as follows: ● During calendar year 2023 we repaid $325 million under our revolving credit facility.
Removed
In the ordinary course of business, we engage in a continual review of opportunities to acquire existing stream and royalty interests, to establish new stream and royalty interests on operating mines, to create new stream and royalty interests through the financing of mine development or exploration, or to acquire companies that hold stream and royalty interests.
Added
We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity. We generally have acquisition opportunities in various stages of review.
Removed
As discussed in further detail throughout this report, some key highlights and developments for our business for the year ended December 31, 2022 were as follows: ● On December 29, 2022 we acquired two portions of a gross smelter return royalty that together cover a large area including the Cortez mine operational area and the entirety of the Fourmile development project in Nevada from certain holders who are successors in interest to Idaho Mining Corporation for cash consideration of $204.1 million.
Added
Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.
Removed
The two portions of the gross smelter return royalty are comprised of a 0.24% gross royalty that covers 3 Table of Contents areas including the Pipeline and Crossroads deposits and a 0.45% gross royalty that covers areas including the Cortez Hills, Goldrush, Fourmile and Robertson deposits.
Added
Tonne: A unit of weight equal to 2,204.6 pounds or 1,000 kilograms.
Removed
These royalties are not subject to stepdowns or caps and have no applicable deductions. ​ ● On September 9, 2022, we completed the acquisition of all the issued and outstanding shares of Great Bear Royalties Corporation for cash consideration of approximately C$199.6 million (US$151.7 million).
Added
As of December 31, 2023, we owned nine stream interests, which are on eight production stage properties and one development stage property.
Removed
The sole material asset of Great Bear Royalties Corp. is a 2.0% net smelter royalty that covers the entirety of the Great Bear Project in the Red Lake district of Ontario, Canada, owned and operated by a subsidiary of Kinross Gold Corporation. ​ ● On August 1, 2022, we acquired a sliding scale gross royalty from Kennecott Royalty Company, a wholly owned subsidiary of Rio Tinto European Holdings Limited, on production from an area including the Cortez mine operational area, including the Pipeline, Crossroads, Cortez Hills and Goldrush deposits, and the Fourmile development project for cash consideration of $525 million.
Removed
Based on information available, the royalty would not cover the existing Robertson deposits.
Removed
At gold prices above $900 per ounce, the sliding scale gross royalty is an effective 1.2% gross royalty and is not subject to any stepdowns or caps. ● On March 14, 2022, we made our final advance payment toward the Khoemac a u option stream which increased our right to receive payable silver produced from Khoemac a u from 93% to 100%. ​ ● We had revenue of $603.2 million for the year ended December 31, 2022, compared to $653.6 million for the comparable prior year period.
Removed
This was an 8% decrease period over period. ​ ● We generated $417.3 million of net operating cash flow for the year ended December 31, 2022, compared to $461.9 million for the comparable prior year period.
Removed
Proven mineral reserve: The economically mineable part of a measured mineral resource that can only result from conversion of a measured mineral resource. 5 Table of Contents Payable metal: Ounces or pounds of metal in concentrate after deduction of a percentage of metal in concentrate by a third-party smelter pursuant to smelting contracts.
Removed
Candidates for new hire employee positions, including senior management, will be recruited and considered in similar fashion. ​ Safety ​ We are committed to the wellbeing of all our employees. We promote a safe and healthy workplace and require strict adherence to legal and ethical standards in our business practices.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

55 edited+7 added−1 removed40 unchanged
Biggest changeThe interests of the operators and those of Royal Gold on the relevant properties are not always aligned, which can result in lower or delayed payments to us compared to what we anticipated. ​ ​ We often have limited access to data about operating properties, which may make it difficult for us to project or assess the performance of our stream and royalty interests or to confirm mineral reserves and mineral resources. ​ We often do not have the contractual right under our stream and royalty agreements to receive production, operating, and other data, nor do we have the right to access the property or obtain drilling and metallurgical data that would allow us to confirm mineral reserves and mineral resources applicable to the properties in which we hold stream and royalty interests.
Biggest changeIf such transactions are completed, it may result in a new operator controlling the project, who may not have comparable skills to, or interests of, the operator in place at the time of our investment, any of which could negatively impact our interests. ​ We often have limited access to data about the properties in which we hold stream or royalty interests, which may make it difficult for us to project or assess the performance of our stream and royalty interests or to confirm mineral reserves and mineral resources. ​ We often do not have the contractual right under our stream and royalty agreements to receive permitting, development, production, operating, and other data with respect to the properties in which we hold stream or royalty interests or the right 11 Table of Contents to access the properties or obtain drilling and metallurgical data that would allow us to confirm mineral reserves and mineral resources or other data applicable to the properties.
Compliance with these laws and regulations can impose substantial costs and burdens on the operators of properties subject to our interests and perhaps on us as well. In addition, an operator’s failure to comply with these laws and regulations could result in injunctive action, orders to suspend or cease operations, damages, or civil or criminal penalties on the operator.
Compliance with these laws and regulations can impose substantial costs and burdens on the operators of the properties subject to our interests and perhaps on us as well. In addition, an operator’s failure to comply with these laws and regulations could result in injunctive action, orders to suspend or cease operations, damages, or civil or criminal penalties on the operator.
Changes to tax rules, accounting policies, or the treatment of stream interests by ratings agencies could make streams or royalties less attractive to operators or render us less able to compete with other stream and royalty companies that are organized in countries with more favorable tax, accounting and regulatory regimes. ​ For some properties, we may not realize all of the expected benefits of our investments if operators are unable to replace current mineral reserves as they are consumed or identify new mineral resources, which could impact our future results of operations. ​ For some properties, our return on investment depends in part on the operators’ ability to replace mineral reserves as they are consumed in the ordinary course of mining.
Changes to tax rules, accounting policies, or the treatment of stream interests by debt ratings agencies could make streams or royalties less attractive to operators or render us less able to compete with other stream and royalty companies that are organized in countries with more favorable tax, accounting and regulatory regimes. ​ For some properties, we may not realize all of the expected benefits of our investments if operators are unable to replace current mineral reserves as they are consumed or identify new mineral resources, which could impact our future results of operations. ​ For some properties, our return on investment depends in part on the operators’ ability to replace mineral reserves as they are consumed in the ordinary course of mining.
This concentration of revenue could mean that adverse developments, including any adverse decisions made by the operators, at one or more of these properties could have a more significant or longer-term impact on our results of operations than if our revenue was less concentrated. ​ A significant disruption to our information technology systems or those of our third party service providers could adversely affect our business and operating results. ​ We rely on a variety of information technology and automated operating systems to manage and support our operations.
This concentration of revenue could mean that adverse developments, including any adverse decisions made by the operators, at one or more of these properties could have a more significant or longer-term impact on our results of operations than if our revenue was less concentrated. ​ A significant disruption to our information technology systems or those of our third-party service providers could adversely affect our business and operating results. ​ We rely on a variety of information technology systems to manage and support our operations.
In addition, please see our note about forward-looking statements included in the MD&A. ​ Risks Relating to our Business ​ Our revenue is subject to volatility in metal prices, which could negatively affect our results of operations or cash flow. ​ Market prices for gold, silver, copper, nickel, and other metals may fluctuate widely over time and are affected by numerous factors beyond our control.
In addition, please see our note about forward-looking statements included in the MD&A. ​ Risks Relating to our Business ​ Our revenue is subject to volatility in metal prices, which could negatively affect our results of operations or cash flow. ​ Market prices for gold, silver, copper, and other metals may fluctuate widely over time and are affected by numerous factors beyond our control.
In addition, we may be required to make retroactive revenue adjustments in future periods relating to past period revenue as a result of information that we learn through audit or access rights or otherwise from operators and other counterparties. ​ Changes to U.S. and foreign tax laws could adversely affect our results of operations. ​ We are subject to tax in the U.S. and other foreign jurisdictions.
In addition, we may be required to make retroactive revenue adjustments in future periods relating to past period revenue as a result of information that we learn through audit or access rights or otherwise from operators and other counterparties. ​ Changes to U.S. and foreign tax laws could adversely affect our results of operations. ​ We are subject to taxation in the U.S. and other foreign jurisdictions.
Further, there has been significant growth in the number and relative size of stream and royalty companies over the last several years and some of these companies might have different investment criteria and costs of capital than we do, or are subject to different tax and accounting rules than we are, and we may not be able to compete effectively against them.
Further, there has been significant growth in the number and relative size of stream and royalty companies over the last several years, and some of these companies may have different investment criteria and costs of capital than we do, or are subject to different tax and accounting rules than we are, and we may not be able to compete effectively against them.
As a result, production and mineral reserve or mineral resource estimates are subjective and necessarily depend upon a number of assumptions, including, among others, reliability of historical data, geological interpretation, geotechnical, geologic and mining conditions, metallurgical recovery, metal prices, operating costs, capital expenditures, development and reclamation costs, mining technology improvements, and the effects of government regulation.
As a result, production, mineral reserve, and mineral resource estimates are subjective and necessarily depend upon a number of assumptions, including, among others, reliability of historical data; geological interpretation; geotechnical, geologic and mining conditions; metallurgical recovery; metal prices; operating costs; capital expenditures; development and reclamation costs; mining technology improvements; and the effects of government regulation.
Foreign Corrupt Practices Act (the "FCPA") and other laws that prohibit improper payments or offers of payments to third parties, including foreign governments and their officials, for the purpose of obtaining or retaining business. In some cases, we invest in mining operations in certain jurisdictions where corruption may be more common.
Foreign Corrupt Practices Act (the "FCPA") and other anticorruption laws that prohibit improper payments or offers of payments to third parties, including foreign governments and their officials, for the purpose of obtaining or retaining business. In some cases, we invest in mining operations in certain jurisdictions where corruption may be more common.
These events could damage assets, negatively impact production, harm human life, halt mining operations, temporarily close supporting infrastructure or reduce labor productivity, among other effects. ​ Market impacts due to climate change and the transition to a low-carbon economy will be varied and complex.
These events could damage assets, impact production, harm human life, halt mining operations, temporarily close supporting infrastructure or reduce labor productivity, among other effects. ​ Market impacts due to climate change and the transition to a low-carbon economy will be varied and complex.
If any of the assumptions that operators make in connection with production and mineral reserve or mineral resource estimates are incorrect, actual production could be significantly lower than the production, mineral reserve or mineral resource estimates, which could adversely affect our future revenue and the value of our investments.
If any of the assumptions that the operators make in connection with production, mineral reserve and mineral resource estimates are incorrect, actual production could be significantly lower than the production, mineral reserve, and mineral resource estimates, which could adversely affect our future revenue and the value of our investments.
These factors include metal supply and demand, industrial and jewelry fabrication, investment demand, central banking actions, inflation expectations, currency values, interest rates, forward sales by metal producers, and legal, political, social, trade, economic, or banking conditions. ​ Our revenue is directly tied to metal prices and is particularly sensitive to changes in the price of gold, as we derive the majority of our revenue from gold stream and royalty interests.
These factors include metal supply and demand, industrial and jewelry fabrication, investment demand, central banking actions, inflation and interest rates, currency values, forward sales by metal producers, and legal, political, social, trade, economic, and banking conditions. ​ Our revenue is directly tied to metal prices and is particularly sensitive to changes in the price of gold, as we derive the majority of our revenue from gold stream and royalty interests.
In addition, many countries have implemented laws and regulations designed to address the effects of climate change, including rules to disclose and reduce industrial emissions and other environmental impacts to which operators or we might be subject. These laws and regulations are constantly evolving in a manner generally expected to result in stricter standards, more liability, and increased costs.
In addition, many countries have implemented laws and regulations designed to address the effects of climate change, including rules to disclose and reduce industrial emissions and other environmental impacts to which operators or we may be subject. These laws and regulations are constantly evolving in a manner generally expected to result in stricter standards, more liability, and increased costs.
In addition, these systems could require modifications or upgrades from time to time as a result of technological changes or growth in our business, and we might change the third-party service providers with whom we contract to maintain the functioning or security of these systems from time to time, which modifications, upgrades or changes could be costly and disruptive to our operations and could impose substantial demands on management’s time.
In addition, these systems could require modifications or upgrades from time to time as a result of technological changes or growth in our business, and we may change the third-party service providers with whom we contract to maintain the functioning or security of these systems from time to time, which modifications, upgrades or changes could be costly and disruptive to our operations and could impose substantial demands on management’s time.
If this were to occur, the value of our interests or your shares of common stock could be adversely affected. ​ Further, due to expansive environmental laws, it is possible that we could become subject to environmental liabilities for historic periods during which we owned or operated properties or relative to our current ownership interests in mining claims or leases.
If this were to occur, the value of our interests or of our common stock could be adversely affected. ​ Further, due to expansive environmental laws, it is possible that we could become subject to environmental liabilities for historic periods during which we owned or operated properties or relative to our current ownership interests in mining claims or leases.
Many factors unrelated to operating performance can contribute to volatility in the market price of our common stock, including the following: ​ ● economic, market, or political, social or public health conditions 18 Table of Contents ● market prices of gold, silver, copper, nickel, and other metals ● developments relating to properties on which we hold stream or royalty interests ● interest rates and inflation rates and expectations about both ● currency values ● credit market conditions ​ Market fluctuations, regardless of cause, may materially and adversely affect our stock price.
Many factors unrelated to operating performance can contribute to volatility in the market price of our common stock, including the following: ​ ● economic, market, political, social or public health conditions ● market prices of gold, silver, copper, and other metals ● developments relating to properties on which we hold stream or royalty interests 19 Table of Contents ● interest rates and inflation rates and expectations about both ● currency values ● credit market conditions ​ Market fluctuations, regardless of cause, may materially and adversely affect our stock price.
We may not adequately assess technical, operational, legal, environmental or social risks in connection with new acquisitions, which might adversely impact our expected investment returns or future results of operations. We may not be able to identify and complete acquisitions of additional interests at appropriate prices or terms.
We may not adequately assess technical, operational, legal, environmental or social risks in connection with new acquisitions, which could adversely impact our expected investment returns or future results of operations. We may not be able to identify and complete acquisitions of additional interests at appropriate prices or terms.
Our international investment activities create the risk of unauthorized payments or offers of payments in violation of the FCPA or other anti-corruption laws by one of our employees or agents in violation of our policies. In addition, the operators of the properties in which we own stream and royalty interests may fail to comply with anti-corruption laws and regulations.
Our international investment activities create the risk of unauthorized payments or offers of payments in violation of the FCPA or other anti-corruption laws by one of our employees or agents in violation of our policies. In addition, the operators of the properties in which we hold stream and royalty interests may fail to comply with anti-corruption laws and regulations.
We do not currently maintain key person life insurance on any of these individuals or our directors. ​ We face various risks related to health epidemics, pandemics and similar outbreaks, which could have material adverse effects on our business, results of operations, financial position, and/or the trading price of our stock. ​ Health epidemics, pandemics and similar outbreaks could cause significant volatility and uncertainty in the global economy and financial markets, supply chain issues, labor shortages, and declines in metal prices, and such events could adversely affect our ability to obtain future debt or equity financing for acquisitions on acceptable terms, or at all, and could require temporary curtailments of operations at the properties subject to our royalty and streaming interests, as occurred at Mount Milligan, Pueblo Viejo, Peñasquito and Khoemac a u in response to the COVID 19 pandemic.
We do not currently maintain key person life insurance on any of these individuals or our directors. ​ We face various risks related to health epidemics, pandemics and similar outbreaks, which could have material adverse effects on our business, results of operations, financial position, and/or the trading price of our stock. ​ Health epidemics, pandemics and similar outbreaks could cause significant volatility and uncertainty in the global economy and financial markets, supply chain issues, labor shortages, and declines in metal prices, and such events could adversely affect our ability to obtain future debt or equity financing for acquisitions on acceptable terms, or at all, and could require temporary curtailments of operations at the properties subject to our stream and royalty interests, as occurred 13 Table of Contents at Mount Milligan, Pueblo Viejo, Peñasquito and Khoemac a u in response to the COVID 19 pandemic.
In addition, estimates of mineral resources are subject to similar uncertainties and assumptions as discussed above with respect to mineral reserves. 15 Table of Contents ​ The operators of properties subject to our interests may be subject to growing environmental risks, including risks associated with climate change, which could have a material adverse effect on us, our financial condition or the value of our interests or of our common stock. ​ Mining operations are subject to extensive laws and regulations governing land use and the protection of the environment.
In addition, estimates of mineral resources are subject to similar uncertainties and assumptions as discussed above with respect to mineral reserves. ​ The operators of properties subject to our interests may be subject to growing environmental risks, including risks associated with climate change, which could have a material adverse effect on us, our financial condition or the value of our interests or of our common stock. ​ Mining operations are subject to extensive laws and regulations governing land use and the protection of the environment.
Supply and demand for certain commodities, products and services might shift in connection with evolving consumer and investor sentiments. Market perceptions of the mining sector, and, in particular, the role that certain metals will or will not play in the transition to a low-carbon economy, remain uncertain.
Supply and demand for certain commodities, products and services may shift in connection with evolving consumer and investor sentiments. Market perceptions of the mining sector, and, in particular, the role that certain metals will or will not play in the transition to a low-carbon economy, remain uncertain.
In addition, we might not have access to sufficient information on the operations in respect of which we hold stream and royalty agreements in order to adequately comply with regulations or meet stockholder expectations on adequate disclosure or to quantify the potential impacts of climate change on our business. ​ Challenges relating to climate change could have an impact on the ability of these operators to access the capital markets and such limitations could have a corresponding negative effect on their business and operations.
In addition, we may not have access to sufficient information on the operations in respect of which we hold stream and royalty agreements in order to adequately comply with regulations or meet stockholder expectations on adequate disclosure or to quantify the potential impacts of climate change on our business. ​ Challenges relating to climate change could have an impact on the ability of operators to access the capital markets, and such limitations could have a corresponding negative effect on their business and operations.
In addition, some of our stream and royalty interests do not cover all of the mineral reserves or mineral resources at certain properties, which could mean that overall performance reported by the operators may not correlate to the performance of our interests in the properties. ​ Operators may fail to comply with their contractual arrangements with us or may interpret their obligations in a manner adverse to us, which could decrease our revenue or increase our costs. ​ At times, operators may be unable or unwilling to fulfill their contractual obligations to us.
In addition, some of our stream and royalty interests do not cover all of the mineral reserves or mineral resources at certain 18 Table of Contents properties, which could mean that overall performance reported by the operators may not correlate to the performance of our interests in the properties. ​ Operators may fail to comply with their contractual arrangements with us or may interpret their obligations in a manner adverse to us, which could decrease our revenue or increase our costs. ​ At times, operators may be unable or unwilling to fulfill their contractual obligations to us.
In addition, if operators’ estimates with respect to the timing of production are incorrect, we may experience variances in expected revenue from period to period. ​ Further, operators’ estimates of mineral resources are subject to future exploration and development and associated risks and may never convert to future reserves.
In addition, if the operators’ estimates with respect to the timing of production are incorrect, we could experience variances in expected revenue from period to period. ​ Further, operators’ estimates of mineral resources are subject to future exploration and development and associated risks, and estimated mineral resources may never convert to future mineral reserves.
In addition, health epidemics, pandemics and similar outbreaks and their resulting impacts may make it difficult for the operators of the properties subject to our royalty and streaming interests to forecast expected production amounts.
In addition, health epidemics, pandemics and similar outbreaks and their resulting impacts may make it difficult for the operators of the properties subject to our stream and royalty interests to forecast expected production amounts.
Any acquisition could be material to us. At times, we also consider opportunities to restructure our existing stream or royalty interests where we believe the restructuring would provide a long-term benefit to us, even though it could reduce near-term revenues or result in the incurrence of transaction-related costs.
Any acquisition could be material to us. At times, we also may consider ways to restructure our existing stream or royalty interests where we believe the restructuring would provide a long-term benefit to us, even though it could reduce near-term revenues or result in the incurrence of transaction-related costs.
Our activities and operators’ activities are subject to the risks associated with conducting business in foreign countries or other sovereign jurisdictions, including the following: ​ ● expropriation or nationalization of mining property or other government takings ● seizure of mineral production ● exchange and currency controls and fluctuations ● limitations on foreign exchange or repatriation of earnings ● restrictions on mineral production or price controls ● import or export regulations, including trade wars and sanctions and restrictions on metal exports ● changes in government taxation, royalties, tariffs, or duties ● changes in economic, trade, diplomatic, or other relationships between countries or the effects on global and economic conditions, the stability of global financial markets, or the ability of key market participants to operate in certain financial markets, including the imposition of sanctions on doing business with certain governments, companies or individuals ● high rates of inflation ● unfamiliar or uncertain foreign real estate, mineral tenure, safety, or environmental laws or rules ● war, crime, terrorism, sabotage, blockades, or other forms of civil unrest ● uncertain political or economic environments, including economic downturns ● corruption ● exposure to liabilities under anti-corruption or anti-money laundering laws ● suspension of the enforcement of creditors’ or stockholders’ rights ● loss of access to government-controlled infrastructure, such as roads, bridges, rails, ports, power sources, and water supplies ​ In addition, because many of our operators are organized outside of the United States, our stream and royalty interests may be subject to the application of foreign laws to our operators, and their stockholders, including laws relating to foreign ownership structures, corporate transactions, creditors’ rights, bankruptcy and liquidation.
Our activities and operators’ activities are subject to the risks associated with conducting business in foreign countries or other sovereign jurisdictions, including the following: ​ ● expropriation or nationalization of mining property or other government takings ● seizure of mineral production ● exchange and currency controls and fluctuations ● limitations on foreign exchange or repatriation of earnings ● restrictions on mineral production or price controls ● governmental regulations relating to foreign investment and the mining business or changes in the interpretation of such regulations ● import or export regulations, including trade wars and sanctions and restrictions on metal exports ● changes in government taxation, royalties, tariffs, or duties ● changes in economic, trade, diplomatic, or other relationships between countries or the effects on global and economic conditions, the stability of global financial markets, or the ability of key market participants to operate in certain financial markets, including the imposition of sanctions on doing business with certain governments, companies or individuals ● high rates of inflation ● unfamiliar or uncertain foreign real estate, mineral tenure, safety, or environmental laws or rules ● war, crime, terrorism, sabotage, blockades, hostage taking, or other forms of civil unrest ● uncertain political or economic environments, including economic downturns ● corruption ● exposure to liabilities under anti-corruption, anti-money laundering, child labor or forced labor laws ● suspension of the enforcement of creditors’ or stockholders’ rights ● loss of access to government-controlled infrastructure, such as roads, bridges, rails, ports, power sources, and water supplies ​ In addition, because many of our operators are organized outside of the United States, our stream and royalty interests may be subject to the application of foreign laws to our operators, and their stockholders, including laws relating to taxation, 15 Table of Contents foreign ownership structures, corporate transactions, creditors’ rights, bankruptcy and liquidation.
ITEM 1A. RISK FACTORS ​ You should carefully consider the risks described in this section. Our future performance is subject to risks and uncertainties that could have a material adverse effect on our business, results of operations, and financial condition and 10 Table of Contents the trading price of our common stock.
ITEM 1A. RISK FACTORS ​ You should carefully consider the risks described in this section. Our future performance is subject to risks and uncertainties that could have a material adverse effect on our business, results of operations, and financial condition and the trading price of our common stock.
Our principal production stage stream and royalty interests on properties outside of the United States are located in Canada, the Dominican Republic, Mexico, Chile and Botswana. Within the United States and other countries, indigenous people may be recognized as sovereign entities 14 Table of Contents and may enforce their own laws and regulations.
Our principal production stage stream and royalty interests on properties outside of the United States are located in Canada, the Dominican Republic, Mexico, Chile and Botswana. Within the United States and other countries, indigenous people may be recognized as sovereign entities and may enforce their own laws and regulations.
If our stream or royalty interests were set aside through judicial or administrative proceedings or if we are unable to enforce our contractual rights, the value of our investments could be adversely affected. ​ Some of the agreements governing our stream and royalty interests contain terms that reduce or cap the revenue generated from those interests. ​ Revenue from some of our stream and royalty interests decreases or stops after threshold production, delivery, or payment milestones are achieved or other events occur.
If our stream or royalty interests were set aside through judicial or administrative proceedings or if we are unable to enforce our contractual rights, the value of our investments could be adversely affected. ​ Some of the agreements governing our stream and royalty interests contain terms that could adversely affect the revenues generated from those interests. ​ Revenue from some of our stream and royalty interests decreases or stops after threshold production, delivery, or payment milestones are achieved or other events occur.
A price decline can also impact our revenue under certain sliding-scale royalty agreements as we may receive a lower royalty rate when prices fall below specified thresholds.
A price decline could also impact our revenue under certain sliding-scale royalty agreements, as we may receive a lower royalty rate when prices fall below specified thresholds.
In addition, the contracts governing our stream and royalty interests might not have sufficient legal protections or a court could impose restrictions on our enforcement rights.
In addition, the contracts governing our stream and royalty interests may not have sufficient legal protections or a court could impose restrictions on our enforcement rights.
The proper functioning of these systems and the security of such data is critical to the efficient operation and management of our business, and these functions are outsourced by us to third- 12 Table of Contents party service providers on whom we rely for the security and proper functioning of these systems.
The proper functioning of these systems and the security of such data is critical to the efficient operation and management of our business, and these functions are outsourced by us to third-party service providers on whom we rely for the proper functioning and security of these systems.
These liabilities could have a material adverse effect on our results of operations or financial condition. ​ Finally, lenders might be unwilling to provide financing to the mining industry, including companies like Royal Gold that acquire stream and royalty interests in mining projects, due to such lenders’ concerns regarding market perceptions of the 16 Table of Contents mining sector and lender commitments to net-zero emissions targets.
These liabilities could have a material adverse effect on our results of operations or financial condition. ​ Finally, lenders may be unwilling to provide financing to the mining industry, including companies like Royal Gold that acquire stream and royalty interests in mining projects, due to such lenders’ concerns regarding market perceptions of the mining sector and lender commitments to net-zero emissions targets.
Potential financial impacts may include increased production costs due to changing input prices, re-pricing of land and assets, increased global competition for key materials needed for new technologies, potential cost increases by insurers and lenders, and potential increases in taxation of the mining and metals sector. ​ In addition, governments and public-company stockholders are increasingly seeking enhanced disclosures on the risks, challenges, governance implications, and financial impacts of climate change faced by companies and demanding that companies take a proactive approach to addressing and reducing perceived environmental risks, including the physical, transition and liability risks associated with climate change, relating to their operations.
Potential financial impacts may include increased production 16 Table of Contents costs due to changing input prices, re-pricing of land and assets, increased global competition for key materials needed for new technologies, potential cost increases by insurers and lenders, and potential increases in taxation of the mining and metals sector. ​ In addition, governments and investors are increasingly seeking enhanced disclosures on the risks, challenges, governance implications, and financial impacts of climate change faced by companies and demanding that companies take a proactive approach to addressing and reducing perceived environmental risks, including the physical, transition and liability risks associated with climate change, relating to their operations.
The success 11 Table of Contents of our stream and royalty interests is based in part on our ability to make accurate assumptions at the time of acquisition or restructuring about the amount and timing of revenue to be derived from those interests.
The success of our stream and royalty interests is based in part on our ability to make accurate assumptions at the time of acquisition or restructuring about the amount and timing of revenue to be derived from those interests.
However, our revenue and the value of our investments are indirectly subject to hazards and risks normally associated with developing and operating mining properties, including the following: ​ ● insufficient ore reserves ● increased capital or operating costs ● declines in the price of gold, silver, copper, nickel, or other metals ● declines in metallurgical recoveries ● construction or development delays 13 Table of Contents ● operational disruptions, including those caused by pandemics or other global or local health crises ● inability to assess and manage project technical risks ● inability to obtain or maintain necessary permits ● inability to replace or increase reserves and/or mineral resources as properties are mined ● inability to maintain, or challenges to, exploration or mining rights ● changes in mining taxes and royalties payable to governments and political environments in general ● significant changes to environmental, permitting, or other legal or regulatory requirements or the enforcement of such requirements ● challenges to operations, permits, or mining rights by local communities, indigenous populations, non-government organizations, or others and ineffective management of stakeholder communications and relations ● litigation between operators and third parties relating to the properties ● community or civil unrest, including protests and blockades ● labor shortages, increased labor costs, labor disputes, strikes, or work stoppages or inability to access sufficient experienced and trained personnel ● unavailability of mining, drilling, or other equipment ● unanticipated geological conditions or metallurgical characteristics ● unanticipated groundwater or surface conditions, including lack of access to sufficient water ● inadequate supplies of power or other raw materials ● pit wall or tailings dam failures or underground stability issues ● fires, explosions, major mechanical or electrical equipment failures, other industrial accidents or other property damage ● challenges managing land disturbances, reclamation requirements, tailing and waste storage, release of contaminants or other environmental incidents or damage ● failure to operate in accordance with industry standard safety practices or government regulations ● occurrence of safety events, including lost time incidents and/or fatalities ● natural catastrophes and environmental hazards such as unanticipated groundwater or surface water conditions, earthquakes or hurricanes ● physical effects of climate change, such as extreme changes in temperature, extreme precipitation events, flooding, longer wet or dry seasons, increased temperatures and drought, increased or decreased precipitation and snowfall, wildfires, or more severe storms, and regulatory changes designed to reduce the effects of climate change, including regulations designed to curtail greenhouse gas emissions, which may lead to increased costs for mine operators ● market risks associated with the perception of mine operators’ environmental, social and governance (“ESG”) performance and their ability to deliver on ESG commitments and expectations ● market conditions, including prolonged periods of inflation and supply-chain disruptions and increased interest rates ● uncertain political and economic environments, including economic downturns ● insufficient financing or inability to obtain financing at all or at an acceptable cost of capital ● default by an operator on its obligations to us or its other creditors and counterparties ● insolvency, bankruptcy, or other financial difficulty of the operator ​ The occurrence of any of these events could negatively impact operations at the properties in which we hold stream or royalty interests, which in turn could have a material adverse effect on our revenue, cash flow and financial condition. ​ Most of our revenue is derived from properties outside the United States, and risks associated with conducting business in foreign countries or other sovereign jurisdictions could adversely affect our business, results of operations, financial condition, or the trading price of our common stock. ​ Approximately 86% of our revenue for the year ended December 31, 2022, came from properties outside of the United States, and many of our operators are organized outside of the United States.
However, our revenue and the value of our investments are indirectly subject to hazards and risks normally associated with developing and operating mining properties, including the following: ​ ● insufficient ore reserves ● increased capital or operating costs ● declines in the price of gold, silver, copper, or other metals ● declines in metallurgical recoveries ● construction or development delays ● operational disruptions, including those caused by pandemics or other global or local health crises ● inability to assess and manage project technical risks ● inability to obtain or maintain necessary permits ● inability to replace or increase mineral reserves and/or mineral resources as properties are mined ● inability to maintain, or challenges to, exploration or mining rights ● changes in mining taxes and royalties payable to governments and political environments in general ● significant changes to environmental, permitting, or other legal or regulatory requirements or the enforcement of such requirements ● challenges to operations, permits, or mining rights by local communities, indigenous populations, non-government organizations, or others and ineffective management of stakeholder communications and relations ● litigation between operators and third parties relating to the properties ● community or civil unrest, including protests and blockades ● labor shortages, increased labor costs, labor disputes, strikes, or work stoppages (as occurred at Peñasquito in June 2023), or inability to access sufficient experienced and trained personnel ● unavailability of mining, drilling, or other equipment ● unanticipated geological conditions or metallurgical characteristics ● inadequate supplies of power or other raw materials ● pit wall or tailings dam failures or underground stability issues ● fires, explosions, major mechanical or electrical equipment failures, other industrial accidents or other property damage ● challenges managing land disturbances, reclamation requirements, tailing and waste storage, release of contaminants or other environmental incidents or damage ● failure to operate in accordance with industry standard safety practices or government regulations ● occurrence of safety events, including lost time incidents and/or fatalities ● natural catastrophes and environmental hazards such as unanticipated groundwater or surface water conditions, earthquakes or hurricanes ● physical effects of climate change, such as extreme changes in temperature, extreme precipitation events, flooding, longer wet or dry seasons, increased temperatures and drought, increased or decreased precipitation and snowfall, wildfires, or more severe storms, and regulatory changes designed to reduce the effects of 14 Table of Contents climate change, including regulations designed to curtail greenhouse gas emissions, which may lead to increased costs for mine operators ● market risks associated with the perception of mine operators’ environmental, social and governance (“ESG”) performance and their ability to deliver on ESG commitments and expectations ● market conditions, including prolonged periods of inflation and supply-chain disruptions and increased interest rates ● uncertain political and economic environments, including economic downturns ● insufficient financing or inability to obtain financing at all or at an acceptable cost of capital ● default by an operator on its obligations to us or its other creditors and counterparties ● insolvency, bankruptcy, or other financial difficulty of the operator ● risk of disruption, damage or failure of information technology systems, and risk of loss and operational delays due to impacts to operational technology systems, such as due to cyber-attacks, malicious software, computer viruses, security breaches, design failures and natural disasters ​ The occurrence of any of these events could negatively impact operations at the properties in which we hold stream or royalty interests, which in turn could have a material adverse effect on our revenue, cash flow and financial condition. ​ Most of our revenue is derived from properties outside the United States, and risks associated with conducting business in foreign countries or other sovereign jurisdictions could adversely affect our business, results of operations, financial condition, or the trading price of our common stock. ​ Approximately 80% of our revenue for the year ended December 31, 2023, came from properties outside of the United States, and many of the operators of such properties are organized outside of the United States.
Current and future indebtedness could have important consequences, including the following: ​ ● require us to dedicate a substantial portion of our cash flow from operations to service indebtedness, thereby reducing the availability of cash flow to fund acquisitions, working capital, or dividends ● limit our flexibility in planning for, or reacting to, changes in our business ● restrict us from exploiting business opportunities ● make us more vulnerable to a downturn in our business or the economy ● place us at a competitive disadvantage compared to our competitors with less indebtedness ● require the consent of our existing lenders to incur additional indebtedness ● limit our ability to borrow additional funds for acquisitions, working capital, or debt-service requirements ● increase our cost of capital, including as a result of higher interest rates and the effects of exchange rates ● increase our exposure to the credit risks of bank group lenders or those institutions with which we maintain deposits ​ Our credit facility contains financial and other restrictive covenants.
Our levels of indebtedness and higher interest rates could impact us as follows: ​ ● require us to dedicate a substantial portion of our cash flow from operations to service indebtedness, thereby reducing the availability of cash flow to fund acquisitions, working capital, or dividends ● limit our flexibility in planning for, or reacting to, changes in our business ● restrict us from exploiting business opportunities ● make us more vulnerable to a downturn in our business or the economy ● place us at a competitive disadvantage compared to our competitors with less indebtedness ● require the consent of our existing lenders to incur additional indebtedness ● limit our ability to borrow additional funds for acquisitions, working capital, or debt-service requirements ● increase our cost of capital, including as a result of higher interest rates and the effects of exchange rates ● decrease our future earnings ● increase our exposure to the credit risks of bank group lenders or those institutions with which we maintain deposits ​ Our credit agreement contains financial and other restrictive covenants.
Our failure to comply with these covenants would result in an event of default that, if not waived, could result in the acceleration of all outstanding indebtedness. Our credit facility expires in July 2026.
Our failure to comply with these covenants would result in an event of default that, if not waived, could result in the acceleration of all outstanding indebtedness. Our credit facility expires in June 2028.
If current mineral reserves are not replaced as they are mined through conversion of mineral resources to new mineral reserves, or new mineral resources are not identified through expansion of known deposits, exploration, or otherwise, our expected investment returns or future results of operations could be adversely affected. ​ A significant portion of our revenue comes from a small number of operating properties, which means that adverse developments at these properties could have a more significant or lasting impact on our results of operations than if our revenue was less concentrated. ​ Approximately 70% of our revenue for the year ended December 31, 2022 came from 6 properties: Mount Milligan (30%), Pueblo Viejo (14%), Cortez (8%), Andacollo (8%), Peñasquito (7%), and Khoemac a u (3%).
If current mineral reserves are not replaced as they are mined through conversion of mineral resources to new mineral reserves, or new mineral resources are not identified through expansion of known deposits, exploration, or otherwise, our expected investment returns or future results of operations could be adversely affected. ​ 12 Table of Contents A significant portion of our revenue comes from a small number of operating properties, which means that adverse developments at these properties could have a more significant or lasting impact on our results of operations than if our revenue was less concentrated. ​ Approximately 72% of our revenue for the year ended December 31, 2023, came from 6 properties: Mount Milligan (26%), Cortez (16%), Pueblo Viejo (13%), Andacollo (8%), Khoemac a u (6%), and Peñasquito (3%).
Under our stream agreements, we purchase metal at a fixed price or a stated percentage of the market price and then sell the metal in the open market. If market prices decline, our revenue and cash flow from metal sales decline.
Under our stream agreements, we purchase metal at a fixed price or a stated percentage of the market price and then sell the metal in the open market during the term of the contract. If market prices decline, our revenue and cash flow from metal sales could also decline.
Although we do not conduct mining operations on the properties in which we hold stream and royalty interests and are not legally required to contribute to environmental or other operating costs on the properties, our own governmental regulators and stockholders may nonetheless demand that we bear some responsibility for addressing these environmental risks.
Although we do not conduct mining operations on the properties in which we hold stream and royalty interests and are not legally required to contribute to environmental or other operating costs on the properties, our own governmental regulators and stockholders may nonetheless demand that we assist the operators of the properties with addressing these environmental risks.
Payments may be delayed by restrictions imposed by lenders, delays in the sale or delivery of products, or the ability or willingness of smelters and refiners to process mine products. Our rights to payment under our stream and royalty agreements must, in most cases, be enforced by contract.
Payments to us may be delayed by restrictions imposed by the operators’ lenders, financial distress and related events impacting the operators, delays in the sale or delivery of products, or the ability or willingness of smelters and refiners to process mine products. Our rights to payment under our stream and royalty agreements must, in most cases, be enforced by contract.
Our credit facility contains a floating interest rate. We may incur additional indebtedness in the future.
We may incur additional indebtedness. Our credit facility contains a floating interest rate.
Operators make all or substantially all development and operating decisions, including decisions about permitting, feasibility analysis, mine design and operation, processing, plant and equipment matters, and temporary or permanent suspension of operations, as well as estimates of resources and reserves.
Operators make all or substantially all development and operating decisions, including decisions about permitting, feasibility analysis, mine design and operation, processing, plant and equipment matters, temporary or permanent suspension of operations, estimates of mineral resources and mineral reserves, and the marketing of products from the property.
UNRESOLVED STAFF COMMENTS None. 19 Table of Contents
UNRESOLVED STAFF COMMENTS None. 20 Table of Contents
Any unauthorized activities could disrupt our operations or those of our third-party service providers on which we are dependent, damage our reputation, or result in legal claims or proceedings, any of which could adversely affect our business, reputation, or operating results. ​ We depend on the services of our executives and other key employees, and the loss of one or more of these individuals could harm our business. ​ We believe that our success depends on retaining qualified executives and other key employees, especially in light of our limited number of personnel.
Any unauthorized activities could disrupt our operations or those of our third-party service providers on which we are dependent; result in the misappropriation or compromise of confidential information, extortion, or fraud; harm our employees or counterparties; cause us to violate privacy or security laws; or result in legal claims or proceedings, any of which could adversely affect our business, reputation, or operating results. ​ We depend on the services of our executives and other key employees, and the loss of one or more of these individuals could harm our business. ​ We believe that our success depends on retaining qualified executives and other key employees, especially in light of our limited number of personnel and the specialized nature of our business.
Because techniques used to sabotage, obtain unauthorized access to systems or prohibit authorized access to systems change frequently and generally are not detected until successfully launched against a target, we or our third party service providers might be unable to anticipate these techniques, and the steps that we or our third party service providers have taken to secure our systems and electronic information might not be adequate to prevent a disruption or attack.
Because techniques used to sabotage systems, obtain unauthorized access to systems or prohibit authorized access to systems change frequently and generally are not detected until successfully launched against a target, we or our third-party service providers may be unable to anticipate these techniques, and the cybersecurity processes, technologies and controls that we or our third-party service providers have implemented to secure our systems and electronic information may not be adequate to prevent a disruption or attack or to timely assess, identify and manage a cyber-attack.
For example, our stream interests at Pueblo Viejo, Andacollo 17 Table of Contents and Khoemac a u and certain of our royalty interests at other properties contain these types of limitations. As a result, past production and revenue relating to these interests may not be indicative of future results.
For example, our stream interests at Pueblo Viejo, Andacollo and Khoemac a u and certain of our royalty interests at other properties contain provisions for stream rate reductions and/or cash price increases. As a result, past production and revenue relating to these interests may not be indicative of future results.
Our systems, and those of our third-party service providers, could be vulnerable to damage or disruption caused by catastrophic events, power outages, natural disasters, computer system or network failures, viruses, ransomware or malware, physical or electronic break-ins, unauthorized access, or cyber-attacks.
Our systems, and those of our third-party service providers, could be vulnerable to damage or disruption caused by catastrophic events, power outages, natural disasters, computer system or network failures, viruses, ransomware or malware, physical or electronic break-ins, unauthorized access, or cyber-attacks. ​ Any security breach could compromise our networks, and the information stored on them could be improperly accessed, disclosed, lost, stolen or restricted.
For example, Andacollo experienced flooding due to a significant rainfall event in July 2022, which caused operations to shut down for five days.
For example, Andacollo experienced flooding due to a significant rainfall event in July 2022, which caused operations to shut down for five days and negatively impacted production over the following six months.
For example, during the year ended December 31, 2022, the market price of our common stock ranged from a low of $86.46 to a high of $146.33.
For example, during the year ended December 31, 2023, the market price of our common stock ranged from a low of $102.87 to a high of $143.88.
Adverse publicity or climate-related litigation that impacts any of the operators of the properties in which we hold interests could have a negative impact on our business. As a holder of stream and royalty interests, we generally will not have any influence on litigation such as this and more than likely not have access to non-public information concerning such litigation.
As a holder of stream and royalty interests, we generally will not have any influence on litigation such as this and more than likely not have access to non-public information concerning such litigation.
In addition, we often rely on the operators for the calculation of our stream deliveries or royalty payments and there is a risk of delay, error, and additional expense in receiving deliveries or payments.
In addition, we often rely on the operators for the calculation of our stream deliveries or royalty payments. There may be errors in the calculations of payments.
In addition, if we have to rely on issuing equity to finance transactions, our stock price could be negatively impacted and our stockholders’ ownership could be diluted. ​ Financing Risks ​ Current and future indebtedness could adversely affect our financial condition and impair our ability to operate our business. ​ As of December 31, 2022, we had $575 million outstanding and $425 million available under our revolving credit facility.
In addition, our ESG initiatives and disclosures may subject us to other adverse impacts, including reputational damage and/or litigation. ​ 17 Table of Contents Financing Risks ​ Current and future indebtedness could adversely affect our financial condition and impair our ability to operate our business. ​ As of December 31, 2023, we had $250 million outstanding and $750 million available under our revolving credit facility.
Removed
Any security breach could compromise our networks, and the information stored on them could be improperly accessed, disclosed, lost, stolen or restricted.
Added
The operators of the properties in which we hold stream and royalty interests may make decisions that are adverse to our interests. ​ The operators of the projects in which we hold an interest may from time to time announce transactions, including the sale or transfer of the projects in which we hold stream or royalty interests or of the operator itself, over which we have little or no control.
Added
Actions taken by us or third-party service providers in response to a cyber-attack may not be adequate.
Added
Adverse publicity or climate-related litigation that impacts any of the operators of the principal properties in which we hold interests could have a negative impact on our business.
Added
In addition, if we have to rely on issuing equity to finance transactions, our stock price could be negatively impacted, and our stockholders’ ownership could be diluted. ​ Evolving expectations regarding ESG matters may adversely impact our business, including as a result of additional costs, reputational damage and/or litigation.
Added
Companies across industries are facing increasing scrutiny from a variety of stakeholders related to their ESG practices.
Added
As a passive investor in mining operations, our ESG initiatives and disclosures are often based on information from the operators of the properties in which we hold stream and royalty interests and other third parties, and we generally lack sufficient data or access to properties to verify such information.
Added
Evolving expectations regarding ESG initiatives and disclosures may result in increased costs for the operators and us, enhanced compliance or disclosure obligations, or other impacts to our business.

Item 2. Properties

Properties — owned and leased real estate

194 edited+46 added−42 removed203 unchanged
Biggest changeIn cases where our stream or royalty interest covers only a portion of a property, only the covered portion of the mineral resource or mineral reserve is included in the summary. ​ Table 3: Summary Mineral Resources (1),(2),(3),(4) ​ ​ ​ ​ Stream or Royalty Interest Measured Mineral Resources Indicated Mineral Resources Measured & Indicated Mineral Resources Inferred Mineral Resources ​ ​ Tonnes (Millions) Grade (gpt or %) Tonnes (Millions) Grade (gpt or %) Tonnes (Millions) Grade (gpt or %) Tonnes (Millions) Grade (gpt or %) GOLD RESOURCES North America Peñasquito 2.0% NSR 31.4 0.27 176.6 0.27 208.0 0.27 89.8 0.40 Red Chris (5) 1.0% NSR 9.5 0.15 437.5 0.30 447.0 0.30 188.5 0.32 ​ Mount Milligan 35% of payable gold 36.5 0.26 152.8 0.31 189.3 0.30 4.6 0.47 Cortez (6) 1.5 5.41 99.2 1.56 100.7 1.62 203.3 1.06 Remainder of North America ​ (7) 396.2 0.59 2,576.0 0.43 2,972.2 0.45 1,384.6 0.57 North America Total (7) 475.2 0.55 3,442.1 0.43 3,917.2 0.45 1,870.8 0.59 Central America ​ Pueblo Viejo 7.5% of payable gold 11 1.41 50 1.51 61 1.50 4.6 1.80 Remainder of Central America ​ (7) - - 12.9 2.89 12.9 2.89 10.9 3.86 Central America Total (7) 11 1.41 62.9 1.73 73.9 1.68 15.5 3.25 South America ​ Andacollo 100% of payable gold 41.5 0.11 353.9 0.09 395.4 0.09 72.6 0.08 Remainder of South America ​ (7) 37.7 1.63 326.4 1.37 364.1 1.40 313.7 1.10 South America Total (7) 79.2 0.83 680.3 0.71 759.5 0.72 386.3 0.90 Africa Africa Total (7) 9.6 2.84 40.2 2.69 49.8 2.72 99.5 3.21 Australia Australia Total (7) 21.3 3.47 165.4 2.24 186.7 2.38 321.1 1.04 Europe Europe Total - - - - - - - - TOTAL GOLD RESOURCES ​ (7) 596.4 0.74 4,390.8 0.58 4,987.3 0.60 2,693.6 0.80 ​ 25 Table of Contents SILVER RESOURCES North America Peñasquito 2.0% NSR 31.4 25.71 176.6 26.36 208.0 26.26 89.8 28.00 Remainder of North America ​ (7) 267.2 2.80 2,264.0 5.16 2,531.2 4.91 817.0 15.02 North America Total (7) 298.6 5.21 2,440.6 6.69 2,739.2 6.53 906.8 16.31 Central America ​ Pueblo Viejo 75% of payable silver 11 6.79 50 8.29 61 8.02 4.6 10.5 Remainder of Central America ​ (7) - - 12.4 2.39 12.4 2.39 8.4 4.90 Central America Total (7) 11 6.79 62.4 6.96 73.4 6.76 13.0 6.89 South America South America Total (7) 0.4 16.92 4.6 5.22 4.9 6.13 10.1 3.14 Africa ​ Khoemac a u 100% of payable silver 5.6 24.76 14.8 25.33 20.4 25.17 59.2 22.12 Remainder of Africa - - - - - - - - Africa Total (7) 5.6 24.75 14.8 25.33 20.4 25.17 59.2 22.12 Australia Australia Total (7) 0.5 4.38 2.0 66.26 2.4 54.52 0.7 59.18 Europe Europe Total - - - - - - - - TOTAL SILVER RESOURCES ​ (7) 316.0 5.59 2,524.4 6.85 2,840.4 6.71 989.8 16.42 ​ COPPER RESOURCES North America ​ Mount Milligan 18.75% payable copper 36.5 0.21% 152.8 0.17% 189.3 0.18% 4.6 0.07% Red Chris (5) 1.0% NSR 9.5 0.24% 437.5 0.33% 447.0 0.33% 188.5 0.30% Remainder of North America ​ (7) 266.0 0.28% 2,480.0 0.25% 2,746.1 0.25% 908.5 0.24% North America Total (7) 312.0 0.27% 3,070.3 0.26% 3,382.4 0.26% 1,101.6 0.25% Central America Central America Total - - - - - - - - South America South America Total (7) 38.0 0.12% 501.1 0.28% 539.2 0.26% 1,659.5 0.43% Africa Africa Total - - - - - - - - Australia Australia Total (7) 0.5 1.22% 27.0 0.36% 27.4 0.38% 215.7 0.30% Europe Europe Total (7) 19.2 0.28% 23.0 0.26% 42.2 0.27% 7.1 1.23% TOTAL COPPER RESOURCES ​ (7) 369.7 0.26% 3,621.5 0.26% 3,991.2 0.26% 2,983.9 0.35% ​ ​ (1) ​ The dates of the mineral resources range between December 31, 2014, and December 31, 2022.
Biggest changeIn cases where our stream or royalty interest covers only a portion of a property, only the covered portion of the mineral resource or mineral reserve is included in the summary. ​ ​ 26 Table of Contents Table 3: Summary Mineral Resources (1),(2),(3),(4) ​ ​ ​ Stream or Royalty Interest Measured Mineral Resources Indicated Mineral Resources Measured & Indicated Mineral Resources Inferred Mineral Resources ​ ​ Tonnes (Millions) Grade (gpt or %) Tonnes (Millions) Grade (gpt or %) Tonnes (Millions) Grade (gpt or %) Tonnes (Millions) Grade (gpt or %) GOLD RESOURCES North America Peñasquito 2.0% NSR 47.4 0.26 263.5 0.26 310.9 0.26 84.7 0.41 Red Chris (5) 1.0% NSR - - 438.7 0.31 438.7 0.31 187.6 0.32 ​ Mount Milligan 35% of payable gold 118.3 0.25 141.6 0.30 259.9 0.28 7.8 0.34 Cortez (6) - - 99.0 1.68 99.0 1.68 165.9 1.72 Remainder of North America ​ (7) 432.7 0.49 3,745.0 0.32 4,177.7 0.34 1,850.3 0.41 North America Total (7) 598.4 0.43 4,687.8 0.34 5,286.1 0.35 2,296.3 0.50 Central America ​ Pueblo Viejo 7.5% of payable gold 11.0 1.70 50.0 1.80 61.0 1.78 4.8 1.60 Remainder of Central America ​ (7) - - 12.4 2.88 12.4 2.88 11.1 3.89 Central America Total (7) 11.0 1.70 62.4 2.02 73.4 1.97 15.9 3.20 South America ​ Andacollo 100% of payable gold 47.2 0.11 397.6 0.09 444.8 0.09 82.8 0.08 Remainder of South America ​ (7) 37.3 1.65 384.8 1.35 422.1 1.37 178.2 0.98 South America Total (7) 84.5 0.79 782.4 0.71 866.9 0.72 261.0 0.69 Africa Africa Total (7) 12.8 2.60 38.0 2.46 50.8 2.49 98.5 3.02 Australia Australia Total (7) 15.9 3.85 143.0 2.42 158.9 2.56 308.4 1.00 Europe Europe Total - - - - - - - - TOTAL GOLD RESOURCES ​ (7) 722.6 0.60 5,713.6 0.48 6,436.2 0.49 2,980.1 0.66 SILVER RESOURCES North America Peñasquito 2.0% NSR 47.4 24.0 263.5 24.0 310.9 24.0 84.7 27.3 Remainder of North America ​ (7) 309.7 3.2 2,667.5 5.6 2,977.2 5.3 1,250.6 10.9 North America Total (7) 357.1 6.0 2,931.0 7.2 3,288.1 7.1 1,335.3 12.0 Central America ​ Pueblo Viejo 75% of payable silver 11.0 8.5 50.0 8.7 61.0 8.7 4.8 8.1 Remainder of Central America ​ (7) - - 12.0 2.7 12.0 2.7 8.6 4.9 Central America Total (7) 11.0 8.5 62.0 7.5 73.0 7.7 13.4 6.1 South America South America Total (7) 0.4 23.0 5.3 5.2 5.7 6.4 6.3 2.5 Africa ​ Khoemac a u 100% of payable silver 5.3 17.7 17.4 21.4 22.7 20.6 61.6 22.2 Remainder of Africa - - - - - - - - Africa Total (7) 5.3 17.7 17.4 21.4 22.7 20.6 61.6 22.2 Australia Australia Total (7) 0.5 4.4 3.9 37.2 4.4 33.7 7.4 2.7 Europe Europe Total - - - - - - - - 27 Table of Contents TOTAL SILVER RESOURCES ​ (7) 374.2 6.2 3,019.6 7.4 3,393.8 7.2 1,424.1 12.3 COPPER RESOURCES North America ​ Mount Milligan 18.75% payable copper 118.3 0.17% 141.6 0.13% 259.9 0.15% 7.8 0.14% Red Chris (5) 1.0% NSR - 0.00% 438.7 0.33% 438.7 0.33% 187.6 0.30% Remainder of North America ​ (7) 297.7 0.32% 2,820.2 0.25% 3,117.9 0.26% 1,388.8 0.22% North America Total (7) 416.0 0.28% 3,400.4 0.26% 3,816.4 0.26% 1,584.2 0.23% Central America Central America Total - - - - - - - - South America South America Total (7) 38.2 0.13% 501.9 0.28% 540.1 0.27% 1,655.7 0.43% Africa Africa Total - - - - - - - - Australia Australia Total (7) 0.5 1.22% 28.9 0.39% 29.4 0.40% 222.4 0.30% Europe Europe Total (7) 19.2 0.28% 23.0 0.26% 42.2 0.27% 7.1 1.23% TOTAL COPPER RESOURCES ​ (7) 473.8 0.27% 3,954.3 0.26% 4,428.1 0.26% 3,469.4 0.33% ​ ​ (1) ​ The dates of the mineral resources range between December 31, 2014, and December 31, 2023.
Our material properties (Andacollo, Cortez, Khoemac a u, Mount Milligan, Peñasquito and Pueblo Viejo) and properties with mineral resources and mineral reserves that represent over 10% of the aggregate mineral resources or reserves that generate our stream or royalty interests (Peñasquito and Red Chris) are listed individually. ​ Mineral resources and mineral reserves are presented for the properties or portions of the properties that generate our stream and royalty interests without regard to the specific percentage of Royal Gold’s stream and royalty interest.
Our material properties (Andacollo, Cortez, Khoemac a u, Mount Milligan, Peñasquito and Pueblo Viejo) and properties with mineral resources and mineral reserves that represent over 10% of the aggregate mineral resources or reserves that generate our stream or royalty interests (Red Chris) are listed individually. ​ Mineral resources and mineral reserves are presented for the properties or portions of the properties that generate our stream and royalty interests without regard to the specific percentage of Royal Gold’s stream and royalty interest.
Accordingly, we do not consider Red Chris to be a material property. (6) ​ Royal Gold owns multiple royalty interests at the Cortez Complex, some of which overlap. For purposes of simplified disclosure, Royal Gold has divided its royalty interests at the Cortez Complex into two zones: the Legacy Zone and the Cortez Complex Zone (the “CC Zone”).
Accordingly, we do not consider Red Chris to be a material property. (6) ​ Royal Gold owns multiple royalty interests at the Cortez Complex, some of which overlap. For purposes of simplified disclosure, Royal Gold has divided its royalty interests at the Cortez Complex into two zones: the Legacy Zone and the Cortez Complex Zone (the “CC Zone”).
The “Legacy Zone” royalty consists of an approximate equivalent 9.4% GSR royalty rate over the Pipeline and Crossroads deposits.
The “Legacy Zone” royalty consists of an approximate equivalent 9.4% GSR royalty rate over the Pipeline and Crossroads deposits.
Baumann Trust, and Barrick Gold U.S.; North Option Agreement dated October 16, 2002 between Tom and Volina Connolly, and Barrick Gold U.S.; South Option Agreement dated October 16, 2002 between Tom and Volina Connolly, and Barrick; as assigned by that Assignment of Lease dated November 2, 2004 from Tom and Volina Connolly to The Thomas and Volina Connolly Family Trust, assigning its interest in the North Mining Lease; that Assignment of Lease dated November 2, 2004 from Tom and Volina Connolly to The Thomas and Volina Connolly Family Trust; that General Warranty Deed with Reservation of Royalty (North) dated December 11, 2007 from The Thomas and Volina Connolly Family Trust to Barrick Gold U.S., recorded as Document No. 2007-211323 in Eureka County; that General Warranty Deed with Reservation of Royalty (South) dated December 11, 2007 from The Thomas and Volina Connolly Family Trust to Barrick Gold U.S., recorded as Document No. 2007-211324 in Eureka County; as assigned by that Assignment of Mining Leases and Option Agreements dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226564 in Eureka County; as assigned by that Deed of Royalty and Assignment of Rights dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226563 in Eureka County; and assigned by that Deed of Mineral Rights dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226562 in Eureka County. ​ Rio Tinto Royalty - Rio Tinto Production Royalty Deed dated March 5, 2008 between Kennecott Royalty Company, successor to Kennecott Explorations (Australia) Ltd., and Barrick Gold Finance, Inc., recorded as Document No. 2008-211704 in Eureka County, and as Document No. 250801 in Lander County; as assigned by that Assignment of Production Royalty (Cortez Royalty; Lander and Eureka Counties, Nevada) between Kennecott Royalty Company and RG Royalties, LLC, recorded as Document No. 2022-248598 in Eureka County, and as Document No. 306208 in Lander County. ​ Idaho Royalty - Special Warranty Deed Conveying Overriding Royalty Interest dated June 30, 1993, recorded in Book 396, commencing at Page 23 in Lander County and Book 248, commencing at Page 284 in Eureka County, as corrected by Correction Special Warranty Deed Conveying Overriding Royalty Interest dated August 9, 1993, recorded in Book 400, commencing at Page 328 in Lander County, and in Book 253, commencing at Page 405 in Eureka County.; Special Warranty Deed and Bill of Sale dated June 30, 1993, recorded in Book 396, commencing at Page 160 in Lander County, and in Book 248, commencing at Page 422 in Eureka County, as corrected by Correction Special Warranty Deed and Bill of Sale dated August 9, 1993, recorded in Book 400, commencing at Page 599 in Lander County, and in Book 254, commencing at Page 142 in Eureka County; Special Warranty Deed Conveying Interest in Overriding Royalty dated June 30, 1993, recorded in Book 396, commencing at Page 276 in Lander County, and in Book 249, commencing at Page 1 in Eureka County, as corrected by Correction Special Warranty Deed Conveying Interest in Overriding Royalty dated August 9, 1993, recorded in Book 400, commencing at Page 458 in Lander County, and in Book 254, commencing at Page 001 of the Official Records of Eureka County; Memorandum of Surviving Provisions of the Exchange Agreement dated June 30, 1993, recorded in Book 396, commencing at Page 151 in Lander County, and in Book 248, commencing at Page 412 in 56 Table of Contents Eureka County, as corrected by Corrected Memorandum of Surviving Provisions of Exchange Agreement dated August 9, 1993, recorded in Book 400, commencing at Page 589 in Lander County, and in Book 254, commencing at Page 132 in Eureka County; Exchange Agreement dated June 30, 1993 as amended by First Amendment of Exchange Agreement dated August 9, 1993; Clarification Agreement dated August 11, 1995 between Cortez Joint Venture, Cortez Gold Mines, Placer Dome U.S.
Baumann Trust, and Barrick Gold U.S.; North Option Agreement dated October 16, 2002 between Tom and Volina Connolly, and Barrick Gold U.S.; South Option Agreement dated October 16, 2002 between Tom and Volina Connolly, and Barrick; as assigned by that Assignment of Lease dated November 2, 2004 from Tom and Volina Connolly to The Thomas and Volina Connolly Family Trust, assigning its interest in the North Mining Lease; that Assignment of Lease dated November 2, 2004 from Tom and Volina Connolly to The Thomas and Volina Connolly Family Trust; that General Warranty Deed with Reservation of Royalty (North) dated December 11, 2007 from The Thomas and Volina Connolly Family Trust to Barrick Gold U.S., recorded as Document No. 2007-211323 in Eureka County; that General Warranty Deed with Reservation of Royalty (South) dated December 11, 2007 from The Thomas and Volina Connolly Family Trust to Barrick Gold U.S., recorded as Document No. 2007-211324 in Eureka County; as assigned by that Assignment of Mining Leases and Option Agreements 56 Table of Contents dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226564 in Eureka County; as assigned by that Deed of Royalty and Assignment of Rights dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226563 in Eureka County; and assigned by that Deed of Mineral Rights dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226562 in Eureka County. ​ Rio Tinto Royalty - Rio Tinto Production Royalty Deed dated March 5, 2008 between Kennecott Royalty Company, successor to Kennecott Explorations (Australia) Ltd., and Barrick Gold Finance, Inc., recorded as Document No. 2008-211704 in Eureka County, and as Document No. 250801 in Lander County; as assigned by that Assignment of Production Royalty (Cortez Royalty; Lander and Eureka Counties, Nevada) between Kennecott Royalty Company and RG Royalties, LLC, recorded as Document No. 2022-248598 in Eureka County, and as Document No. 306208 in Lander County. ​ Idaho Royalty - Special Warranty Deed Conveying Overriding Royalty Interest dated June 30, 1993, recorded in Book 396, commencing at Page 23 in Lander County and Book 248, commencing at Page 284 in Eureka County, as corrected by Correction Special Warranty Deed Conveying Overriding Royalty Interest dated August 9, 1993, recorded in Book 400, commencing at Page 328 in Lander County, and in Book 253, commencing at Page 405 in Eureka County.; Special Warranty Deed and Bill of Sale dated June 30, 1993, recorded in Book 396, commencing at Page 160 in Lander County, and in Book 248, commencing at Page 422 in Eureka County, as corrected by Correction Special Warranty Deed and Bill of Sale dated August 9, 1993, recorded in Book 400, commencing at Page 599 in Lander County, and in Book 254, commencing at Page 142 in Eureka County; Special Warranty Deed Conveying Interest in Overriding Royalty dated June 30, 1993, recorded in Book 396, commencing at Page 276 in Lander County, and in Book 249, commencing at Page 1 in Eureka County, as corrected by Correction Special Warranty Deed Conveying Interest in Overriding Royalty dated August 9, 1993, recorded in Book 400, commencing at Page 458 in Lander County, and in Book 254, commencing at Page 001 of the Official Records of Eureka County; Memorandum of Surviving Provisions of the Exchange Agreement dated June 30, 1993, recorded in Book 396, commencing at Page 151 in Lander County, and in Book 248, commencing at Page 412 in Eureka County, as corrected by Corrected Memorandum of Surviving Provisions of Exchange Agreement dated August 9, 1993, recorded in Book 400, commencing at Page 589 in Lander County, and in Book 254, commencing at Page 132 in Eureka County; Exchange Agreement dated June 30, 1993 as amended by First Amendment of Exchange Agreement dated August 9, 1993; Clarification Agreement dated August 11, 1995 between Cortez Joint Venture, Cortez Gold Mines, Placer Dome U.S.
From Mazapil, this is a well-maintained gravel road that accesses the mine main gate. ​ The closest rail link is 100 km to the west. ​ There is a private airport on site and commercial airports in the cities of Saltillo, Zacatecas and Monterrey. Travel from Monterrey/Saltillo is approximately 255 km, about three hours to site.
From Mazapil, this is a well-maintained gravel road that accesses the main gate of the mine. ​ The closest rail link is 100 km to the west. ​ There is a private airport on site and commercial airports in the cities of Saltillo, Zacatecas and Monterrey. Travel from Monterrey/Saltillo is approximately 255 km, about three hours to site.
Royal Gold requested information prepared in accordance with SK1300 or access to underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request. ​ ​ Location The Peñasquito open pit mine and ore processing facilities are located approximately 200 km northeast of the city of Zacatecas and 27 km west of the town of Concepción del Oro, Zacatecas, Mexico, at 24.65°N latitude and 101.68°W longitude. ​ The terrain is generally flat, with some rolling hills, with a prevailing elevation of the property is approximately 1,900 m above sea level.
Royal Gold requested information prepared in accordance with SK1300 or access to underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request. ​ ​ Location The Peñasquito open pit mine and ore processing facilities are located approximately 200 km northeast of the city of Zacatecas and 27 km west of the town of Concepción del Oro, Zacatecas, Mexico, at 24.65°N latitude and 101.68°W longitude. ​ The terrain is generally flat, with some rolling hills, and the prevailing elevation of the property is approximately 1,900 m above sea level.
The associated Boseto concentrator is a previously existing installation which underwent significant overhauls and refurbishment starting in 2018. ​ Royal Gold does not have specific information as to the physical condition or the age of the equipment and infrastructure. ​ Book Value The operator does not provide Royal Gold with the operator’s book value or total cost detail for the property and associated plant and equipment. ​ Property History The first exploration over the Khoemac a u area dates to the early 1960’s when Johannesburg Consolidated Investments was active in the area.
The associated Boseto concentrator is a previously existing installation which underwent significant overhauls and refurbishment starting in 2018. ​ Royal Gold does not have specific information as to the physical condition or the age of the equipment and infrastructure. ​ Book Value The operator does not provide us with the operator’s book value or total cost detail for the property and associated plant and equipment. ​ Property History The first exploration over the Khoemac a u area dates to the early 1960’s when Johannesburg Consolidated Investments was active in the area.
We provide certain information on copper resources and reserves and production methods in order to provide a better understanding of the operation. ​ Property Description The Andacollo operation consists of an open pit mine, sulfide concentrator and copper heap leach facility. ​ The open pit mine is designed with a 10-meter bench height and an average overall pit slope of 53 degrees.
We provide certain information on copper resources and reserves and production methods in order to provide a better understanding of the operation. ​ Property Description The Andacollo operation consists of an open pit mine, sulfide concentrator and an inactive copper heap leach facility. ​ The open pit mine is designed with a 10-meter bench height and an average overall pit slope of 53 degrees.
Table 1 shows mine types and mineralization styles at our principal properties. ​ Table 1 Mine Type and Mineralization Style for Principal Properties Property Mine Type Mineralization styles Andacollo Open Pit Porphyry Cu-Au Cortez Open Pit & Underground Carlin-Type Sediment-Hosted Au Khoemac a u Underground Sediment-Hosted Cu-Ag Mount Milligan Open Pit Porphyry Cu-Au Peñasquito Open Pit Breccia-Hosted Pb-Zn-Au-Ag Pueblo Viejo Open Pit High-Sulfidation Epithermal Au-Ag ​ Chemical symbols are used to refer to metals of economic importance: gold (“Au”), silver (“Ag”), copper (“Cu”), lead (“Pb”), and zinc (“Zn”). ​ Additional specific information on the principal properties is available in the section entitled “Material Properties”, below. ​ Processing Plants and Other Available Facilities Facilities and infrastructure for our properties vary widely based on the stage of each property. ​ Our principal properties are all production stage properties.
Table 1 shows mine types and mineralization styles at our principal properties. ​ Table 1 Mine Type and Mineralization Style for Principal Properties Property Mine Type Mineralization styles Andacollo Open Pit Porphyry Cu-Au Cortez Open Pit & Underground Carlin-Type Sediment-Hosted Au Khoemac a u Underground Sediment-Hosted Cu-Ag Mount Milligan Open Pit Porphyry Cu-Au Peñasquito Open Pit Breccia-Hosted Pb-Zn-Au-Ag Pueblo Viejo Open Pit High-Sulfidation Epithermal Au-Ag ​ 25 Table of Contents Chemical symbols are used to refer to metals of economic importance: gold (“Au”), silver (“Ag”), copper (“Cu”), lead (“Pb”), and zinc (“Zn”). ​ Additional specific information on the principal properties is available in the section entitled “Material Properties” below. ​ Processing Plants and Other Available Facilities Facilities and infrastructure for our properties vary widely based on the stage of each property. ​ Our principal properties are all production stage properties.
Concentrate is loaded into approximately 1 tonne fabric bags for transport by road to port, for shipping and sale on the international market. Tailings generated from the plant are deposited on a circular TSF, located south-west of the plant. Tailings are deposited mainly by spigot with a center decant tower for water recovery.
Concentrate is loaded into approximately 1 tonne fabric bags for transport by road to port, for shipping and sale on the international market. ​ Tailings generated from the plant are deposited in a circular TSF, located south-west of the plant. Tailings are deposited mainly by spigot with a center decant tower for water recovery.
Mineralization is situated in the hanging wall sequence, 30 m above the contact between the Kar Formation and Ngwako Pan Formation. Mineralization is sub-parallel to lithology and typically cross-cuts host units from the lower D’Kar limestone unit in the south-west to the carbon rich siltstone unit and interbedded alternating siltstone and sandstone unit toward the north-east.
Mineralization is situated in the hanging wall sequence, 30 m above the contact between the D’Kar Formation and Ngwako Pan Formation. Mineralization is sub-parallel to lithology and typically cross-cuts host units from the lower D’Kar limestone unit in the south-west to the carbon rich siltstone unit and interbedded alternating siltstone and sandstone unit toward the north-east.
As a result, we do not have sufficient rights or access to the information required for us to prepare a technical report summary. ​ Mineral resources and mineral reserves discussed in Item 2 are as publicly disclosed or provided to us by the operators of the properties, as of the dates indicated in the disclosure.
As a result, we do not have sufficient rights or access to the information required for us to prepare a technical report summary for such properties. ​ Mineral resources and mineral reserves discussed in Item 2 are as publicly disclosed or provided to us by the operators of the properties, as of the dates indicated in the disclosure.
The Mount Milligan mine is now fully owned by TCM, an indirect subsidiary of Centerra. ​ Our interest in Mount Milligan evolved over time as a result of adapting the stream to address the needs of its operating partner.
The Mount Milligan mine is now fully owned by TCM, an indirect subsidiary of Centerra. ​ Our interest in Mount Milligan evolved over time as a result of adapting the stream to address the needs of the operating partner.
(3) We control various royalty positions at Cortez, including (i) the overlapping royalties covering the Pipeline and Crossroads deposits (known as GSR1, GSR2, GSR3, NVR1 and NVR1C), which are equivalent to an approximate 8% gross smelter return royalty and cover (as of December 31, 2021) 5.2 million tonnes of measured and indicated mineral resources at an average grade of 1.33 gpt; (ii) NVR2 over a portion of the Goldrush property, which is a 1% NVR covering 0.9 million tonnes of indicated resource averaging 4.42 gpt and 2.1 million tonnes of inferred resources grading 4.67 gpt.; (iii) The Rio Tinto Royalty, which is an effective 1.2% gross royalty on the Cortez Complex (excluding the existing Robertson deposits) at gold prices above $900 per ounce; and (iv) the Idaho Royalty, which is an approximate 0.24% gross royalty covering areas including the Pipeline and Crossroads deposits, and an approximate 0.45% gross royalty covering areas including the Cortez Hills, Goldrush, Fourmile and Robertson deposits.
(3) We control various royalty positions at Cortez, including (i) the overlapping royalties covering the Pipeline and Crossroads deposits (known as GSR1, GSR2, GSR3, NVR1 and NVR1C), which are equivalent to an approximate 8% gross smelter return royalty and cover (as of December 31, 2021) 5.2 million tonnes of measured and indicated mineral resources at an average grade of 1.33 gpt; (ii) NVR2 over a portion of the Goldrush property, which is a 1% NVR covering 0.9 million tonnes of indicated 60 Table of Contents resource averaging 4.42 gpt and 2.1 million tonnes of inferred resources grading 4.67 gpt.; (iii) The Rio Tinto Royalty, which is an effective 1.2% gross royalty on the Cortez Complex (excluding the existing Robertson deposits) at gold prices above $900 per ounce; and (iv) the Idaho Royalty, which is an approximate 0.24% gross royalty covering areas including the Pipeline and Crossroads deposits, and an approximate 0.45% gross royalty covering areas including the Cortez Hills, Goldrush, Fourmile and Robertson deposits.
Underground operations at Cortez Hills are based on an ore production rate of 3,630 tpd. ​ The gold-recovery process used at the Cortez Complex is determined by considering the grade and metallurgical character of the particular ore: lower grade ROM oxide ore is heap leached at existing facilities; higher-grade non-refractory ore is treated in a conventional mill using cyanidation and the CIL process; and refractory ore is stockpiled on site in designated areas and trucked to the nearby Carlin Complex for processing.
Underground operations at Cortez Hills are based on an ore production rate of 3,500 tpd. ​ The gold-recovery process used at the Cortez Complex is determined by considering the grade and metallurgical character of the particular ore: lower grade ROM oxide ore is heap leached at existing facilities; higher-grade non-refractory ore is treated in a conventional mill using cyanidation and the CIL process; and refractory ore is stockpiled on site in designated areas and trucked to the nearby Carlin Complex for processing.
However, the operator discloses that the current life of mine for Andacollo is expected to continue until 2035 and that additional permitting or amendments will be required to execute the life of mine plan. ​ Property Geology The Andacollo orebody is a porphyry copper deposit consisting of disseminated and fracture-controlled copper mineralization contained within a gently dipping sequence of andesitic to trachytic volcanic rocks and sub-volcanic intrusions.
However, the operator discloses that the current life of mine for Andacollo is expected to continue until 2036 and that additional permitting or amendments will be required to execute the life of mine plan. ​ Property Geology The Andacollo orebody is a porphyry copper deposit consisting of disseminated and fracture-controlled copper mineralization contained within a gently dipping sequence of andesitic to trachytic volcanic rocks and sub-volcanic intrusions.
Royal Gold requested information prepared pursuant to SK1300 or access to the underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request. 45 Table of Contents ​ ​ Location The Pueblo Viejo mine is located in the province of Sánchez Ramírez, Dominican Republic, at 18.94°N latitude and 70.17°W longitude, approximately 100 km northwest of Santo Domingo, and is owned by a joint venture in which Barrick holds a 60% interest and is responsible for operations, and in which Newmont Corporation (“Newmont”) holds a 40% interest.
Royal Gold requested information prepared pursuant to SK1300 or access to the underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request. ​ ​ Location The Pueblo Viejo mine is located in the province of Sánchez Ramírez, Dominican Republic, at 18.94°N latitude and 70.17°W longitude, approximately 100 km northwest of Santo Domingo, and is owned by a joint venture in which Barrick holds a 60% interest and is responsible for operations, and in which Newmont Corporation (“Newmont”) holds a 40% interest.
(8) ​ Idaho Royalty rates are rounded. ​ We also own three additional royalties in the Cortez area where there is currently no production and no mineral resources or mineral reserves attributed to these royalty interests. ​ Royalty Agreements Cortez GSR1 and GSR2 - Royalty Agreement dated April 1, 1999 between The Cortez Joint Venture (“Cortez JV”), Placer Dome U.S.
(8) ​ Idaho Royalty rates are rounded. ​ We also own two additional royalties in the Cortez area where there is currently no production and no mineral resources or mineral reserves attributed to these royalty interests. ​ Royalty Agreements Cortez GSR1 and GSR2 - Royalty Agreement dated April 1, 1999 between The Cortez Joint Venture (“Cortez JV”), Placer Dome U.S.
Khoemac a u has recently revised this Mine License to include the new surface infrastructure at Zone 5 on the footwall side of the deposit and for the potential future processing of ore from other deposits controlled by KCM; and, ● Discovery Copper Botswana Mining License (Discovery ML 2010/99L) – issued in 2010 with 15-year validity.
Khoemac a u revised this Mine License to include the new surface infrastructure at Zone 5 on the footwall side of the deposit and for the potential future processing of ore from other deposits controlled by KCM; and, ● Discovery Copper Botswana Mining License (Discovery ML 2010/99L) – issued in 2010 with 15-year validity.
The full 31 Table of Contents facility is designed with six downstream embankment raises, which has a design capacity sufficient for the current ore reserve. ​ Age and Condition of Infrastructure The sulfide concentrator was commissioned in 2010. ​ Royal Gold does not have specific information as to the physical condition or age of the equipment and infrastructure. ​ Book Value Royal Gold is not permitted to disclose the operator’s book value or total cost detail for the property and associated plant and equipment. ​ Property History CMCA began mining the oxide and supergene enrichment zone of the Andacollo copper deposit in January 1996.
The full facility is designed with six downstream embankment raises, which has a design capacity sufficient for the current ore reserve. ​ Age and Condition of Infrastructure The sulfide concentrator was commissioned in 2010. ​ Royal Gold does not have specific information as to the physical condition or age of the equipment and infrastructure. ​ Book Value Royal Gold is not permitted to disclose the operator’s book value or total cost detail for the property and associated plant and equipment. ​ Property History CMCA began mining the oxide and supergene enrichment zone of the Andacollo copper deposit in January 1996.
Loading is carried out with 20 m 3 hydraulic shovels and 22 m 3 front-end loaders, loading 175-tonne haul trucks. ​ Gold and silver are recovered through pressure oxidation (autoclave) of whole ore followed by hot cure and hot lime boil, prior to cyanidation of gold and silver in a CIL circuit.
Loading is carried out with 20 m 3 hydraulic shovels and 22 m 3 front-end loaders, loading 175-tonne haul trucks. ​ Gold and silver are recovered through pressure oxidation (autoclave) of whole ore and flotation concentrate, followed by hot cure and hot lime boil, prior to cyanidation of gold and silver in a CIL circuit.
Although we, as a stream or royalty interest owner, are not responsible for ensuring 23 Table of Contents compliance with these laws and regulations, failure by the operators to comply with applicable laws, regulations and permits can result in injunctive action, orders to suspend or cease operations, damages, and civil and criminal penalties on the operators, which could have a material adverse effect on our results of operations and financial condition. ​ We have no decision-making authority regarding the development or operation of the mineral properties underlying our stream and royalty interests.
Although we, as a stream or royalty interest owner, are not responsible for ensuring compliance with these laws and regulations, failure by the operators to comply with applicable laws, regulations and permits can result in injunctive action, orders to suspend or cease operations, damages, and civil and criminal penalties on the operators, which could have a material adverse effect on our results of operations and financial condition. ​ We have no decision-making authority regarding the development or operation of the mineral properties underlying our stream and royalty interests.
These cities have a combined population of about 350,000 inhabitants, with housing, shopping and construction facilities. ​ Area of Interest Our stream interest at Andacollo covers 1,225 exploitation mining concessions, including 1,174 concessions termed the “Mining Properties” and 51 concessions termed the “Dayton Concessions.” Our interest also covers any additional claims held before the effective date of the stream agreement, as described below, or acquired after the effective date which are wholly or partially located within an approximately 1.5 km radius from the external boundary of the “Mining Properties,” any mining concessions held by CMCA or acquired following the effective date which are wholly or partially located within approximately 1 km radius from certain boundaries laid out in the agreement, and any Dayton Concession held by CMCA as of the effective date of the agreement, or acquired after the effective date. ​ Stream Agreement Under the Long Term Offtake Agreement dated July 9, 2015, between CMCA and our wholly owned subsidiary, RGLD Gold AG (“RGLD Gold”), we own the right to purchase 100% of the gold produced from the Andacollo copper-gold mine until 900,000 ounces of payable gold have been delivered, and 50% thereafter.
These cities have a combined population of about 350,000 inhabitants. ​ Area of Interest Our stream interest at Andacollo covers 1,225 exploitation mining concessions, including 1,174 concessions termed the “Mining Properties” and 51 concessions termed the “Dayton Concessions.” Our interest also covers any additional claims held before the effective date of the stream agreement, as described below, or acquired after the effective date which are wholly or partially located within an approximately 1.5 km radius from the external boundary of the “Mining Properties,” any mining concessions held by CMCA or acquired following the effective date of the agreement which are wholly or partially located within approximately 1 km radius from certain boundaries laid out in the agreement, and any Dayton Concession held by CMCA as of the effective date of the agreement, or acquired after the effective date. ​ Stream Agreement Under the Long Term Offtake Agreement dated July 9, 2015, between CMCA and our wholly owned subsidiary, RGLD Gold AG (“RGLD Gold”), we own the right to purchase 100% of the gold produced from the Andacollo copper-gold mine until 900,000 ounces of payable gold have been delivered, and 50% thereafter.
Royal Gold requested information prepared in accordance with SK1300 or access to underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request. ​ 29 Table of Contents Location Andacollo is an open-pit mine and milling operation located in central Chile, Coquimbo Region at 30.25°S latitude and 71.10°W longitude and is operated by Compañía Minera Teck Carmen de Andacollo (“CMCA”), a 90% owned subsidiary of Teck.
Royal Gold requested information prepared in accordance with SK1300 or access to underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request. ​ Location Andacollo is an open pit mine and milling operation located in central Chile, Coquimbo Region at 30.25°S latitude and 71.10°W longitude and is operated by Compañía Minera Teck Carmen de Andacollo (“CMCA”), a 90% owned subsidiary of Teck.
Royal Gold management periodically reviews the materiality of individual royalty and stream interests within our portfolio. As of December 31, 2022, we determined that six of our stream and royalty interests are material to our business under SK1300: Andacollo, Cortez, Khoemac a u, Mount Milligan, Peñasquito and Pueblo Viejo.
Royal Gold management periodically reviews the materiality of individual royalty and stream interests within our portfolio. As of December 31, 2023, we determined that six of our stream and royalty interests are material to our business under SK1300: Andacollo, Cortez, Khoemac a u, Mount Milligan, Peñasquito and Pueblo Viejo.
Inc., Kennecott Exploration (Australia), Ltd., Idaho Resources Corporation and the Idaho Group of royalty holders, recorded in Book 421, commencing at Page 205 in Lander County, and in Book 287, commencing at Page 552, 55 Table of Contents in Eureka County; subject to certain special warranty deeds dated September 1, 1999; and subject to that Royalty Deed and Assignment dated October 1, 2008 between Royal Gold, Inc. and Barrick Gold Finance Inc. ​ Cortez NVR1 and Cortez NVR1C - Mining Lease dated April 15, 1991 between ECM, Inc. and Placer Dome U.S.
Inc., Kennecott Exploration (Australia), Ltd., Idaho Resources Corporation and the Idaho Group of royalty holders, recorded in Book 421, commencing at Page 205 in Lander County, and in Book 287, commencing at Page 552, in Eureka County; subject to certain special warranty deeds dated September 1, 1999; and subject to that Royalty Deed and Assignment dated October 1, 2008 between Royal Gold, Inc. and Barrick Gold Finance Inc. ​ Cortez NVR1 and Cortez NVR1C - Mining Lease dated April 15, 1991 between ECM, Inc. and Placer Dome U.S.
In February 2019, the British Columbia Environmental Assessment Office approved an amendment to the Mount Milligan environmental assessment certificate (EAC #M09-1) to permit access to additional sources of surface water and groundwater until November 30, 2021, which was subsequently extended in early 2021 to November 2023. ​ In addition to accessing water from Rainbow Creek and Meadows Creek, Mount Milligan received temporary approvals to pump water from Philip Lake during a portion of the Spring run-off period.
In February 2019, the British Columbia Environmental Assessment Office approved an amendment to the Mount Milligan environmental assessment certificate (EAC #M09-1) to permit access to additional sources of surface water and groundwater until November 30, 2021, which was subsequently extended in early 2021 to November 2023. 44 Table of Contents In addition to accessing water from Rainbow Creek and Meadows Creek, Mount Milligan received temporary approvals to pump water from Philip Lake during a portion of the Spring run-off period.
Royal Gold requested information prepared pursuant to SK1300 or access to underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request. ​ ​ 52 Table of Contents ​ Location Cortez is a series of large open-pit and underground mines, utilizing mill and heap leach processing, which are operated by Nevada Gold Mines LLC (“NGM”), a joint venture between Barrick and Newmont with respect to their Nevada operations.
Royal Gold requested information prepared pursuant to SK1300 or access to underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request. ​ ​ Location Cortez is a series of large open pit and underground mines, utilizing mill and heap leach processing, which are operated by Nevada Gold Mines LLC (“NGM”), a joint venture between Barrick and Newmont with respect to their Nevada operations.
Information on copper mineral reserves is included because the primary production from Andacollo is copper; the presentation of mineral reserves is necessary in understanding the economics of the project. (2) ​ Reported mineral reserve is as of December 31, 2021, the most recent available public disclosure. Teck reports reserves pursuant to CIM Standards.
Information on copper mineral reserves is included because the primary production from Andacollo is copper; the presentation of mineral reserves is necessary in understanding the economics of the project. (2) ​ Reported mineral reserve is as of December 31, 2022, the most recent available public disclosure. Teck reports reserves pursuant to CIM Standards.
Information on copper resources is included because the primary production from Andacollo is copper; the presentation of copper mineral resources is necessary to understanding the economics of the project. (2) ​ Reported mineral resource is as of December 31, 2021, the most recent available public disclosure. Teck reports mineral resources pursuant to CIM Standards.
Information on copper resources is included because the primary production from Andacollo is copper; the presentation of copper mineral resources is necessary to understanding the economics of the project. (2) ​ Reported mineral resource is as of December 31, 2022, the most recent available public disclosure. Teck reports mineral resources pursuant to CIM Standards.
All waste material is used in the construction of the TSF or in the case of the material being classified as potentially acid producing, stored within the TSF. ​ The mining operation’s equipment fleet comprises two 30 cm electric blast hole drills, two 41 m 3 electric cable shovels, one 22 m 3 hydraulic excavator and two 19 m 3 front end loader and thirteen 229-tonne capacity haul trucks and two 181-tonne capacity haul trucks.
All waste material is used in the construction of the TSF or in the case of the material being classified as potentially acid producing, stored within the TSF. 42 Table of Contents The mining operation’s equipment fleet comprises two 30 cm electric blast hole drills, two 41 m 3 electric cable shovels, one 22 m 3 hydraulic excavator and two 19 m 3 front end loader and thirteen 229-tonne capacity haul trucks and two 181-tonne capacity haul trucks.
Treatment and refining charges are captured as a reduction in recoverable metal in the reserve model, 97% for copper and 90% for silver. ​ Change in Mineral Resources and Mineral Reserves from Prior Year The last mineral resources and mineral reserves reported by the operator were as of June 30, 2021.
Treatment and refining charges are captured as a reduction in recoverable metal in the reserve model, 97% for copper and 90% for silver. ​ Change in Mineral Resources and Mineral Reserves from Prior Year The previous mineral resources and mineral reserves reported by the operator were as of June 30, 2021.
James are within daily commuting distance of the Mount Milligan mine, and both communities are serviced by rail, which connects to the major western and eastern rail routes. 40 Table of Contents ​ Concentrate is transported by truck from the mine site to Mackenzie, transferred onto railcars of the Canadian National Railway to existing port storage facilities of Vancouver Wharves in North Vancouver and loaded as lots into bulk ore carriers.
James are within daily commuting distance of the Mount Milligan mine, and both communities are serviced by rail, which connects to the major western and eastern rail routes. ​ Concentrate is transported by truck from the mine site to Mackenzie, transferred onto railcars of the Canadian National Railway to existing port storage facilities of Vancouver Wharves in North Vancouver and loaded as lots into bulk ore carriers.
We also own the right to purchase 75% of Barrick’s interest in the silver produced from the Pueblo Viejo mine, subject to a minimum silver recovery of 70%, until 50 million ounces of silver have been delivered, and 37.5% thereafter.
We also own the right to purchase 75% of Barrick’s interest in the silver produced from the Pueblo Viejo mine, subject to a fixed silver recovery of 70%, until 50 million ounces of silver have been delivered, and 37.5% thereafter.
The Andacollo mine is located in the foothills of the Andes Mountains approximately 2 kilometers (“km”) southwest of the town of Carmen de Andacollo, 55 km southeast from the regional capital of La Serena, and Santiago is approximately 350 km south by air. ​ The mine property lies at the southern limit of the Atacama Desert at a mean elevation of 1050 meters (“m”) above sea level.
The Andacollo mine is located in the foothills of the Andes Mountains approximately 2 kilometers (“km”) southwest of the town of Carmen de Andacollo, 55 km southeast from the regional capital of La Serena, and Santiago is approximately 350 km south by air. ​ The mine property lies at the southern limit of the Atacama Desert at a mean elevation of 1,050 meters (“m”) above sea level.
Annual rainfall is normally less than 500 mm. ​ Infrastructure Infrastructure to support the mining and processing operation is in place and fully supports the operation. ​ 34 Table of Contents Access to the Boseto mill site is via the paved Trans Kalahari Highway (Highway A3) from Maun 65 km southwest to just east of the town of Toteng, and a further 25 km by unpaved road to the south of Toteng.
Annual rainfall is normally less than 500 mm. ​ Infrastructure Infrastructure to support the mining and processing operation is in place and fully supports the operation. ​ Access to the Boseto mill site is via the paved Trans Kalahari Highway (Highway A3) from Maun 65 km southwest to just east of the town of Toteng, and a further 25 km by unpaved road to the south of Toteng.
On July 15, 2010, we announced the acquisition of a 25% gold stream interest on the Mount Milligan project from TCM for $311.5 million and cash payments equal to the lesser of $400 or the prevailing market price for 42 Table of Contents each payable ounce of gold until the delivery of 550,000 ounces to us, and the lesser of $450 or the prevailing market price for each additional ounce thereafter. ​ 2.
On July 15, 2010, we announced the acquisition of a 25% gold stream interest on the Mount Milligan project from TCM for $311.5 million and cash payments equal to the lesser of $400 or the prevailing market price for each payable ounce of gold until the delivery of 550,000 ounces to us, and the lesser of $450 or the prevailing market price for each additional ounce thereafter. ​ 2.
The Zone 5 mine area is generally south-west of the town of Maun and approximately 23 km south of the town of Toteng, and the Boseto facility is located at 20.56°S latitude and 22.95°E longitude with an approximate elevation of 1,000 m. ​ The climate of the project area is classified as semi-arid, with highly variable and unreliable rainfall.
The Zone 5 mine area is generally south-west of the town of Maun and approximately 23 km south of the town of Toteng, and the Boseto facility is located at 20.56°S latitude and 22.95°E longitude with an approximate elevation of 1,000 m. ​ 35 Table of Contents The climate of the project area is classified as semi-arid, with highly variable and unreliable rainfall.
Our summary and individual property disclosures are also provided in accordance with Sections 1303(a)(3) and 1304(a)(2) of Regulation S-K, respectively, which provide that a registrant with a stream, royalty or other similar right may omit certain information required by the summary and individual property disclosure requirements if the registrant specifies the information to which it lacks access, explains the reason it lacks the required information and provides all required information that it does possess or which it can acquire without incurring an unreasonable burden or expense. ​ Our agreements governing our material property interests do not require the operators to prepare technical report summaries or permit us the access and information sufficient to prepare our own technical report summaries under SK1300. ​ For each of our material properties, we requested that the operator prepare a technical report summary under SK1300 or permit us the access and information necessary for us to prepare our own technical report summary relating to the property for filing with the SEC.
Our summary and individual property disclosures are also provided in accordance with Sections 1303(a)(3) and 1304(a)(2) of 21 Table of Contents Regulation S-K, respectively, which provide that a registrant with a stream, royalty or other similar right may omit certain information required by the summary and individual property disclosure requirements if the registrant specifies the information to which it lacks access, explains the reason it lacks the required information and provides all required information that it does possess or which it can acquire without incurring an unreasonable burden or expense. ​ Our agreements governing our material property interests do not require the operators to prepare technical report summaries or permit us the access and information sufficient to prepare our own technical report summaries under SK1300. ​ For each of our material properties for which the operator has not filed a current technical report summary under SK1300, we requested that the operator prepare a technical report summary under SK1300 or permit us the access and information necessary for us to prepare our own technical report summary relating to the property for filing with the SEC.
For further information about the operators of our material properties, refer to the section entitled “Material Properties” below. ​ Titles, Mineral Rights, Leases, or Options and Acreage Involved The titles, mineral rights, leases, and options involved with our stream and royalty interests vary depending on the country and include exploitation concessions, unpatented and patented mining claims, fee lands, mining leases and prospecting and mining licenses.
For further information about the operators of our material properties, refer to the section entitled “Material Properties” below. ​ Titles, Mineral Rights, Leases, or Options and Acreage Involved The titles, mineral rights, leases, and options involved with our stream and royalty interests vary depending on the country and include exploitation concessions, unpatented and patented mining claims, fee lands, mining leases and prospecting 24 Table of Contents and mining licenses.
The following list of approvals is a subset of a much larger group of approvals received for the exploration, project development and operation of KCM’s activities. ​ Mine licenses have been issued by the Department of Mines as follows: ​ ● Khoemac a u Copper Mining Zone 5 Mining License (ML 2015/05L) – issued in 2015 with a 20-year validity.
The following list of approvals is a subset of a much larger group of approvals received for the exploration, project development and operation of KCM’s activities. ​ 37 Table of Contents Mine licenses have been issued by the Department of Mines as follows: ​ ● Khoemac a u Copper Mining Zone 5 Mining License (ML 2015/05L) – issued in 2015 with a 20-year validity.
Average annual rain fall is low (less than 100 millimeters (“mm”)) and concentrated within the months of May to August. ​ Infrastructure Infrastructure to support the mining and processing operation is in place and fully supports the operation. ​ Access to the mine is provided by Route 43 (“R-43”) south from La Serena to El Peñon.
Average annual rain fall is low (less than 100 millimeters (“mm”)) and concentrated within the months of May to August. 31 Table of Contents Infrastructure Infrastructure to support the mining and processing operation is in place and fully supports the operation. ​ Access to the mine is provided by Route 43 (“R-43”) south from La Serena to El Peñon.
Approximately 6,600 liters per minute of the pit dewatering volume is diverted for plant use. Additional water can be sourced as needed from wells at Mill No. 1. 53 Table of Contents ​ Cortez is located in a major mining region and labor, contractors and suppliers are well established resources.
Approximately 6,600 liters per minute of the pit dewatering volume is diverted for plant use. Additional water can be sourced as needed from wells at Mill No. 1. ​ Cortez is located in a major mining region and labor, contractors and suppliers are well established resources.
Two of the mining corridors are equipped with twin declines, while one corridor is equipped with a single decline. ​ The Zone 5 site is equipped with all maintenance, warehousing, administration and personnel accommodation facilities to fully support underground mining activities. ​ 35 Table of Contents The mined ore is trucked approximately 35 km from the Zone 5 mine to the Boseto processing facility on a purpose built, fully sealed bitumen haul road, with a separate access road for light vehicles. ​ At Boseto, ores are processed in the 3.65 Mtpa sulfide concentrator, producing a copper-silver concentrate, which is purchased by third parties.
Two of the mining zones are equipped with twin declines, while one is equipped with a single decline. ​ The Zone 5 site is equipped with all maintenance, warehousing, administration and personnel accommodation facilities to fully support underground mining activities. ​ The mined ore is trucked approximately 35 km from the Zone 5 mine to the Boseto processing facility on a purpose built, fully sealed bitumen haul road, with a separate access road for light vehicles. ​ At Boseto, ores are processed in the 3.65 Mtpa sulfide concentrator, producing a copper-silver concentrate, which is purchased by third parties.
Mining is carried out with 26 cubic meter (“m 3 ”) hydraulic shovels and 19 m 3 front-end loaders loading 180-tonne capacity haul trucks. ​ The life of mine waste to ore ratio was 0.35:1 at the start of the mine life and has reduced over time.
Mining is carried out with 26 cubic meter (“m 3 ”) hydraulic shovels and 19 m 3 front-end loaders loading 180-tonne capacity haul trucks. ​ 32 Table of Contents The life of mine waste to ore ratio was 0.35:1 at the start of the mine life and has reduced over time.
Water supply and make-up sources for the project include precipitation runoff, recycling of water from the TSF supernatant pond, pit dewatering, groundwater wells, fresh water from Meadows Creek, Rainbow Creek (temporary approval) and Philip Lake (temporary approval). ​ Water required for ore processing operations is reclaimed from the TSF by a barge-mounted pump station and booster pump station.
Water supply and make-up sources for the project include precipitation runoff, recycling of water from 41 Table of Contents the TSF supernatant pond, pit dewatering, groundwater wells, fresh water from Meadows Creek, Rainbow Creek (temporary approval) and Philip Lake (temporary approval). ​ Water required for ore processing operations is reclaimed from the TSF by a barge-mounted pump station and booster pump station.
Sulphur grade is important because the metallurgical aspects of the processing operation, the recoveries achieved, and the processing costs, all strongly depend on a very consistent, low-variability sulphur content in the plant feed. ​ 47 Table of Contents The Pueblo Viejo mine operates a conventional open pit, utilizing a truck and shovel mining operation mining on 10-meter high benches.
Sulphur grade is important because the metallurgical aspects of the processing operation, the recoveries achieved, and the processing costs, all strongly depend on a very consistent, low-variability sulphur content in the plant feed. ​ The Pueblo Viejo mine operates a conventional open pit, utilizing a truck and shovel mining operation mining on 10-meter high benches.
(4) ​ In certain cases, we have omitted mineral reserve information for properties other than our material properties. (5) ​ While the aggregate mineral reserves at Red Chris represent more than 10% of the aggregate mineral reserves to which our royalty or stream interest applies, Royal Gold’s royalty interest in Red Chris is only 1% NSR.
(4) ​ In certain cases, due to reporting constraints, we have omitted mineral reserve information for properties other than our material properties. (5) ​ While the aggregate mineral reserves at Red Chris represent more than 10% of the aggregate mineral reserves to which our royalty or stream interest applies, Royal Gold’s royalty interest in Red Chris is only 1% NSR.
(“Centerra”), and RGLD Gold, as amended, we own the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from the Mount Milligan mine. The cash purchase price for gold is equal to the lesser of $435 per ounce, with no inflation adjustment, or the prevailing market price when purchased.
(“Centerra”), and RGLD Gold (as amended, the “Milligan Stream Agreement”), we own the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from the Mount Milligan mine. The cash purchase price for gold is equal to the lesser of $435 per ounce, with no inflation adjustment, or the prevailing market price when purchased.
(3) ​ Mineral resources are presented exclusive of mineral reserves. (4) Our stream interest at Andacollo is 100% of payable gold until 900,000 ounces are delivered, and 50% thereafter. The resources listed are 100% of the mineral resources to which our stream interest applies. (5) Copper recoveries range from 82% to 91.5%, averaging 88.7%.
(3) ​ Mineral resources are presented exclusive of mineral reserves. (4) ​ Our stream interest at Andacollo is 100% of payable gold until 900,000 ounces are delivered, and 50% thereafter. The resources listed are 100% of the mineral resources to which our stream interest applies. (5) ​ Copper recovery assumptions range from 82% to 91.5%, averaging 88.7%.
A small zone of deeper oxidation, with mineralization consisting dominantly of native copper, is located in the center portion of the deposit. This area shows strong brecciation and extends to depths of 400 m below the surface. Economic mineralization consists of massive bornite and chalcocite with accompanying chalcopyrite and silver.
A small zone of deeper oxidation, with 38 Table of Contents mineralization consisting dominantly of native copper, is located in the center portion of the deposit. This area shows strong brecciation and extends to depths of 400 m below the surface. Economic mineralization consists of massive bornite and chalcocite with accompanying chalcopyrite and silver.
In 2020, the Environmental Management Plan of the State (Plan de Administración del Estado) achieved progress for the Mejita tailings cover component, with work occurring mainly at the north and central ponds. Progress was also made on the buttress excavation, with phase 1 now complete.
In 2020, the Environmental Management Plan of the State (Plan de Administración del Estado) achieved progress for the Mejita tailings cover component, with work occurring mainly at the north and central ponds. Progress was also 50 Table of Contents made on the buttress excavation, with phase 1 now complete.
Exploration to fully delineate the extent of the Cortez Hills deposit is ongoing. ​ Ore at the Pipeline complex deposit is hosted within silty carbonates associated with the Roberts Mountain and Wenban formations. The maximum strike length of mineralization in the Pipeline deposit is approximately 2,400 m and the 59 Table of Contents maximum width is approximately 1,500 m.
Exploration to fully delineate the extent of the Cortez Hills deposit is ongoing. ​ Ore at the Pipeline complex deposit is hosted within silty carbonates associated with the Roberts Mountain and Wenban formations. The maximum strike length of mineralization in the Pipeline deposit is approximately 2,400 m and the maximum width is approximately 1,500 m.
(3) Our stream interest at Andacollo is 100% of payable gold until 900,000 ounces are delivered, and 50% thereafter. The gold mineral reserves listed are 100% of the reserves to which our stream interest applies (4) Copper recoveries range from 82% to 91.5%, averaging 88.7%.
(3) ​ Our stream interest at Andacollo is 100% of payable gold until 900,000 ounces are delivered, and 50% thereafter. The gold mineral reserves listed are 100% of the reserves to which our stream interest applies. (4) ​ Copper recovery assumptions range from 82% to 91.5%, averaging 88.7%.
The requisite environmental permits were received in November 2016 to carry out the first stage of the closure plan, which focuses on dewatering, buttressing, and improving the stability of the old Mejita tailings facility. Dewatering of the old Mejita tailings facility was completed in 2018, as well as the geotechnical investigation 49 Table of Contents program.
The requisite environmental permits were received in November 2016 to carry out the first stage of the closure plan, which focuses on dewatering, buttressing, and improving the stability of the old Mejita tailings facility. Dewatering of the old Mejita tailings facility was completed in 2018, as well as the geotechnical investigation program.
This guidance includes overlapping contributions from the Pipeline and Crossroads deposits in certain areas and is not directly comparable to actual production from these deposits. ​ Table 1 Cortez Complex – Royal Gold Royalty Interests ​ ​ (1) ​ Approximate equivalent royalty after blending the detailed royalty rates.
This guidance includes overlapping contributions from the Pipeline and Crossroads deposits in certain areas and is not directly comparable to actual production from these deposits. ​ 54 Table of Contents Table 1 Cortez Complex – Royal Gold Royalty Interests ​ ​ (1) ​ Approximate equivalent royalty after blending the detailed royalty rates.
In general, mineral resources and mineral reserves are supported by technical studies relevant to the jurisdictions within which the operators conduct their financial disclosure, and qualified persons specified by the operators (as determined by the laws and disclosure rules in the applicable jurisdictions) have endorsed the quality of the work.
In general, mineral resources and 22 Table of Contents mineral reserves are supported by technical studies relevant to the jurisdictions within which the operators conduct their financial disclosure, and qualified persons specified by the operators (as determined by the laws and disclosure rules in the applicable jurisdictions) have endorsed the quality of the work.
(2) ​ Our interest at Peñasquito is a 2.0% NSR on all metals. The mineral reserves listed are 100% of the mineral reserves to which our royalty interest applies. (3) ​ Gold cut-off grade varies with level of silver, lead, and zinc credits. Specific cut-off grades have not been disclosed by the operator.
Newmont reports mineral reserves pursuant to SK1300. (2) ​ Our interest at Peñasquito is a 2.0% NSR on all metals. The mineral reserves listed are 100% of the mineral reserves to which our royalty interest applies. (3) ​ Gold cut-off grade varies with level of silver, lead, and zinc credits. Specific cut-off grades have not been disclosed by the operator.
Barrick reports mineral resources pursuant to the CIM Standards. SK1300 does not permit reciprocal recognition of mineral resources determined under the mining disclosure regime of another jurisdiction. The amounts, grades and recovery of mineral resources determined under 50 Table of Contents SK1300 could vary from the disclosure set forth here.
Barrick reports mineral resources pursuant to the CIM Standards. SK1300 does not permit reciprocal recognition of mineral resources determined under the mining disclosure regime of another jurisdiction. The amounts, grades and recovery of mineral resources determined under SK1300 could vary from the disclosure set forth here.
Initial concentrates were produced as part of the commissioning process in October 2009. A second sulfide processing line was commissioned in June 2010. A pyrite leach project for leaching gold from 64 Table of Contents pyrite tailings was completed in November 2018.
Initial concentrates were produced as part of the commissioning process in October 2009. A second sulfide processing line was commissioned in June 2010. A pyrite leach project for leaching gold from pyrite tailings was completed in November 2018.
Peñasquito has signed land use agreements with each ejidos, valid through 2035 and 2036, and the relevant private owners. In August 2020, Newmont and the Cedros General Assembly ratified the definitive agreement that was reached on April 22, 2020 and resolved all outstanding disputes between Peñasquito and the San Juan de Cedros community.
Peñasquito has signed land use agreements with each ejidos, valid through 2035 and 2036, and the relevant private owners. In August 2020, Newmont and the Cedros General Assembly ratified the definitive agreement that was reached on April 22, 2020 and resolved all outstanding disputes between Peñasquito and the San Juan 64 Table of Contents de Cedros community.
Precipitation averages six inches per year, primarily derived from snow and summer thunderstorms. ​ Infrastructure Infrastructure to support the mining and processing operation is in place and well established. ​ The site is accessed by driving west from Elko on Interstate 80 approximately 75 km, and proceeding south on State Highway 306 approximately 56 km.
Precipitation averages six inches per year, primarily derived from snow and summer thunderstorms. ​ 53 Table of Contents Infrastructure Infrastructure to support the mining and processing operation is in place and well established. ​ The site is accessed by driving west from Elko on Interstate 80 approximately 75 km, and proceeding south on State Highway 306 approximately 56 km.
Teck has reported that the current life of mine for Andacollo is expected to continue until 2035 and that additional permits or permit amendments will be required to execute the life of mine plan. ​ Khoemacau ​ The disclosures below regarding Khoemac a u are derived from the Preliminary Economic Assessment - NI 43-101 Technical Report dated May 14, 2012, pursuant to NI 43-101, and non-public mineral resource and mineral reserve updates provided by Khoemac a u Copper Mining (Pty.) Limited (“KCM”) pursuant to the JORC Code.
Teck has reported that the current life of mine for Andacollo is expected to continue until 2036 although additional permits or amendments will be required to execute the life of mine plan. ​ Khoemacau ​ The disclosures below regarding Khoemac a u are derived from the Preliminary Economic Assessment - NI 43-101 Technical Report dated May 14, 2012, prepared pursuant to NI 43-101, and non-public technical reports, mineral resource and mineral reserve updates provided by Khoemac a u Copper Mining (Pty.) Limited (“KCM”) prepared pursuant to the JORC Code.
The run of mine (“ROM”) ore is crushed to 80% passing 15 cm, and then ground to 80% passing 200 micron prior to flotation. The rougher-scavenger flotation circuit includes two trains of five 200 m3 flotation cells. Each train has two rougher and three scavenger flotation cells.
The run of mine (“ROM”) ore is crushed to 80% passing 15 cm, and then ground to 80% passing 200 micron prior to flotation. The rougher-scavenger flotation circuit includes two trains of five 200 m 3 flotation cells. Each train has two rougher and three scavenger flotation cells.
Inc., and Royal Crescent Valley Inc. (“Royal Crescent”); as amended by that First Amended Memorandum of Grant of Royalty dated April 1, 1999 between Cortez JV, Placer Dome U.S. Inc., Royal Gold and Royal Crescent; that Second Amended Memorandum of Grant of Royalty dated December 8, 2000 between Cortez JV, Placer Dome U.S.
Inc., and Royal Crescent Valley Inc. (“Royal Crescent”); as amended by that First Amended Memorandum of Grant of Royalty dated April 1, 1999 between Cortez JV, Placer Dome U.S. Inc., Royal Gold and Royal Crescent; that 55 Table of Contents Second Amended Memorandum of Grant of Royalty dated December 8, 2000 between Cortez JV, Placer Dome U.S.
As of December 31, 2022, approximately 1.2 million ounces of payable silver have been delivered to us. ​ Property Description ​ The Khoemac a u operation consists of a mechanized underground mine producing from the Zone 5 orebody and a sulfide ore flotation plant for ore processing at Boseto.
As of December 31, 2023, approximately 2.7 million ounces of payable silver have been delivered to us. ​ Property Description ​ The Khoemac a u operation consists of a mechanized underground mine producing from the Zone 5 orebody and a sulfide ore flotation plant for ore processing at Boseto.
The permit is valid for the life of the Mine unless it is modified, suspended, or revoked by NDEP. ​ The State of Nevada imposes a 5% Net Proceeds of Minerals tax on the value of all minerals severed in the State.
The permit is valid for the life of the Mine unless it is modified, suspended, or revoked by NDEP. 59 Table of Contents The State of Nevada imposes a 5% Net Proceeds of Minerals tax on the value of all minerals severed in the State.
We requested information prepared in accordance with SK1300 or access to underlying technical data sufficient to prepare its own disclosure, and the operator denied the request. 39 Table of Contents ​ ​ Location Mount Milligan is an open-pit mine and is located within the Omenica Mining Division in North Central British Columbia, at 55.12°N latitude and 124.01°W longitude, approximately 155 km northwest of Prince George, 85 km north of Fort St.
Royal Gold requested information prepared in accordance with SK1300 or access to underlying technical data sufficient to prepare its own disclosure, and the operator denied the request. ​ ​ Location Mount Milligan is an open pit mine and is located within the Omenica Mining Division in North Central British Columbia, at 55.12°N latitude and 124.01°W longitude, approximately 155 km northwest of Prince George, 85 km north of Fort St.
Exploration stage properties, for which no mineral resources have been declared. ​ As of December 31, 2022, we owned stream interests on 8 production stage properties and 1 development stage property. ​ As of December 31, 2022, we owned royalty interests on 32 production stage properties, 18 development stage properties, and 123 exploration stage properties, of which we consider 52 to be evaluation stage properties. ​ Key Permit Conditions Operators of the mines that are subject to our stream and royalty interests must comply with environmental, mine safety, land use, water use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial and local governments in the United States, Canada, Chile, the Dominican Republic, Mexico, Botswana, and other countries where we hold interests.
Exploration stage properties, for which no mineral resources have been declared. ​ As of December 31, 2023, we owned stream interests on 8 production stage properties and 1 development stage property. ​ As of December 31, 2023, we owned royalty interests on 29 production stage properties, 21 development stage properties, and 119 exploration stage properties, of which we consider 52 to be evaluation stage properties. ​ Key Permit Conditions Operators of the mines that are subject to our stream and royalty interests must comply with environmental, mine safety, land use, water use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial and local governments in the United States, Canada, Chile, the Dominican Republic, Mexico, Botswana, and other countries where we hold interests.
There may be small rounding 24 Table of Contents differences due to unit conversions. Additional specific information on the principal properties is available under Material Properties, below. ​ Mineral Resources and Reserves ​ Royal Gold controls metal streams and royalties for properties with a broad geographic distribution.
There may be small rounding differences due to unit conversions. Additional specific information on the principal properties is available under Material Properties, below. ​ Mineral Resources and Reserves ​ Royal Gold controls metal streams and royalties for properties with a broad geographic distribution.
The Salaverna by-pass is a new, purpose-built gravel road that eliminates the steep switchback sections of cobblestone road just west of Concepción Del Oro and passes the town of Mazapil.
The Salaverna by-pass is a new, purpose-built gravel road that eliminates the steep 62 Table of Contents switchback sections of cobblestone road just west of Concepción Del Oro and passes the town of Mazapil.
As of the date of this disclosure, these operators of our material properties have not filed technical report summaries for the properties with the SEC for the year ended December 31, 2022. ​ Since we are a stream and royalty company, and as further discussed below, we are relying on the exemption for stream and royalty companies set forth in Section 1302(b)(3)(ii) of Regulation S-K, which provides that a stream, royalty or similar company is not required to file a technical report summary with the SEC with respect to an underlying property where either (a) obtaining the information would result in an unreasonable burden or expense, or (b) the company requested the technical report summary from the owner, operator or other person possessing the technical report summary who denied the request.
As of the date of this disclosure, these operators of our material properties have not filed technical report summaries for the properties with the SEC for the year ended December 31, 2023. ​ We are a stream and royalty company, and as further discussed below, we are relying on the exemption for stream and royalty companies set forth in Section 1302(b)(3)(i) and (ii) of Regulation S-K, which provides that a stream, royalty or similar company is not required to file a technical report summary with the SEC with respect to an underlying property where the producing mining registrant has filed a current technical report summary for the property or either (a) obtaining the information would result in an unreasonable burden or expense, or (b) the company requested the technical report summary from the owner, operator or other person possessing the technical report summary who denied the request.
We often refer to these material properties as “principal properties” in this Report. ​ Andacollo ​ The disclosures below regarding Carmen de Andacollo (“Andacollo”) are derived from the Technical Report dated July 12, 2006, pursuant to NI 43-101, as well as Teck’s Annual Information Form, dated February 28, 2022, attached as Exhibit 99.1 to the Annual Report on Form 40-F for the year ended December 31, 2021, of Teck.
We often refer to these material properties as “principal properties” in this Report. ​ Andacollo ​ The disclosures below regarding Carmen de Andacollo (“Andacollo”) are derived from the Technical Report dated July 12, 2006, pursuant to NI 43-101, as well as Teck’s Annual Information Form, dated February 21, 2023, attached as Exhibit 99.1 to Teck’s Annual Report on Form 40-F for the year ended December 31, 2022.
The mineral reserves listed are 100% of the mineral reserves to which our stream interest applies. ​ (3) ​ The mineral reserves have been estimated based on a gold price of $1,350 per ounce, copper price of $3.25 per pound and an exchange rate of 1USD:1.30CAD.
The mineral reserves listed are 100% of the mineral reserves to which our stream interest applies. ​ (3) ​ The mineral reserves have been estimated based on a gold price of $1,500 per ounce, copper price of $3.50 per pound and an exchange rate of 1USD:1.30CAD.
In 2013, Pueblo Viejo Dominicana Corporation (“PVDC”) commissioned a 218-megawatt (“MW”) Wartsila combined cycle reciprocating engine power plant, together with an approximately 72 km transmission line connecting the plant to the minesite.
In 2013, Pueblo Viejo Dominicana Corporation (“PVDC”) commissioned a 218-megawatt (“MW”) Wartsila combined 47 Table of Contents cycle reciprocating engine power plant, together with an approximately 72 km transmission line connecting the plant to the minesite.
James, Mackenzie, Vanderhoof, Smithers and Fraser Lake. ​ Area of Interest At Mount Milligan, our stream interest covers Mining Lease 631503 and 110 mineral claims covering 51,078.2 hectares. ​ Stream Agreement Under the Amended and Restated Purchase and Sale Agreement dated December 14, 2011, between Terrane Metals Corp., an indirect subsidiary of Centerra Gold Inc.
James, Mackenzie, Vanderhoof, Smithers and Fraser Lake. ​ Area of Interest At Mount Milligan, our stream interest covers Mining Lease 631503 and 110 mineral claims covering 51,078.2 hectares. ​ Stream Agreement Under the Amended and Restated Purchase and Sale Agreement dated December 14, 2011, between Thompson Creek Metals Company Inc. (“TCM”), an indirect subsidiary of Centerra Gold Inc.
Gold recovered from the ore is processed into doré on site and shipped to outside refineries for processing into gold bullion. ​ The active heap leach facilities are located at the Pipeline and Cortez Hills complexes.
Gold recovered from the ore is processed into doré on site and shipped to outside refineries for processing into gold bullion. 57 Table of Contents ​ The active heap leach facilities are located at the Pipeline and Cortez Hills complexes.
(together, “Kennecott”), Western Copper Holdings Ltd and Minera Western Copper S.A. de C.V., and assigned by Kennecott to Royal Gold in 2006 and as supplemented in 2012, we own a production payment equivalent to a 2.0% NSR royalty on all metal production from the Peñasquito open-pit mine, located in the State of Zacatecas, Mexico, and operated by a subsidiary of Newmont. ​ Property Description The Peñasquito mine is a production stage property comprised of two open pit surface mines and a complex flotation and pyrite leaching processing facility. ​ The open pit operation is undertaken using a conventional truck-and-shovel fleet consists of five rope shovels, three hydraulic shovels, 3 front-end loaders paired with 82 haul trucks with a 312-tonne payload capacity, and nine blasthole drills.
(together, “Kennecott”), Western Copper Holdings Ltd and Minera Western Copper S.A. de C.V., and assigned by Kennecott to Royal Gold in 2006 and as supplemented in 2012, we own a production payment equivalent to a 2.0% NSR royalty on all metal production from the Peñasquito open pit mine, located in the State of Zacatecas, Mexico, and operated by a subsidiary of Newmont. ​ Property Description The Peñasquito mine is a production stage property comprised of two open pit surface mines and a complex flotation and pyrite leaching processing facility. ​ The open pit operation is undertaken using a conventional truck-and-shovel fleet that consists of five rope shovels, three hydraulic shovels, 3 front-end loaders paired with 82 haul trucks with a 312-tonne payload capacity, and nine blasthole drills. ​ The Peñasquito Operations currently consist of a sulfide plant that processes a maximum of 119,000 t/d of sulfide ore.
(4) ​ In certain cases, we have omitted mineral resource information for properties other than our material properties. 26 Table of Contents (5) ​ While the aggregate resources at Red Chris represent more than 10% of the aggregate mineral resources to which our royalty or stream interests apply, Royal Gold’s royalty interest in Red Chris is only a 1% NSR.
(4) ​ In certain cases, due to reporting constraints, we have omitted mineral resource information for properties other than our material properties. (5) ​ While the aggregate resources at Red Chris represent more than 10% of the aggregate mineral resources to which our royalty or stream interests apply, Royal Gold’s royalty interest in Red Chris is only a 1% NSR.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeSales of Unregistered Equity Securities None. 67 Table of Contents Issuer Purchases of Equity Securities ​ ​ ​ ​ ​ ​ Period (a) Total Number of Shares Purchased (b) Average Price Paid Per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Programs October 2022 — — N/A N/A November 2022 — — N/A N/A December 2022 — — N/A N/A Total — — N/A N/A ​ Stock Performance The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend-reinvested basis, for Royal Gold, the S&P 500 Index, and the PHLX Gold and Silver Index for the five years ended December 31, 2022.
Biggest changeWe expect to pay our annual dividend using cash on hand. 68 Table of Contents Stock Performance The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend-reinvested basis, for Royal Gold, the S&P 500 Index, and the PHLX Gold and Silver Index for the five years ended December 31, 2023.
The graph assumes $100 was invested in each of stock or index as of the market close on December 31.
The graph assumes $100 was invested in each of stock or index as of the market close on December 31, 2018.
This figure does not reflect the beneficial ownership of shares held in nominee name. Dividends On November 15, 2022, we announced an increase in our annual dividend for calendar year 2023 from $1.40 to $1.50 per share, payable on a quarterly basis of $0.375 per share.
This figure does not reflect the beneficial ownership of shares held in nominee name. Dividends On November 14, 2023, we announced an increase in our annual dividend for calendar year 2024 from $1.50 to $1.60 per share, payable on a quarterly basis of $0.40 per share.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information and Holders Our common stock is listed and traded on the Nasdaq Global Select Market under the symbol “RGLD.” As of February 9, 2023, we had 783 holders of record of our common stock.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information and Holders Our common stock is listed and traded on the Nasdaq Global Select Market under the symbol “RGLD.” As of February 8, 2024, we had 776 holders of record of our common stock.
Past stock price performance is not necessarily indicative of future stock price performance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ 2019 ​ 2018 ​ 2017 RGLD ​ $ 145 ​ $ 134 ​ $ 134 ​ $ 152 ​ $ 106 ​ $ 100 S&P 500 ​ $ 157 ​ $ 149 ​ $ 149 ​ $ 126 ​ $ 96 ​ $ 100 PHLX gold/silver Index ​ $ 151 ​ $ 162 ​ $ 173 ​ $ 128 ​ $ 84 ​ $ 100 The foregoing performance graph and related information shall not be deemed “soliciting material” or “filed” with the SEC or subject to Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the Company specifically incorporates it by reference into such filing. ​ ​ 68 Table of Contents ITEM 6.
Past stock price performance is not necessarily indicative of future stock price performance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2020 ​ 2019 ​ 2018 RGLD ​ $ 150 ​ $ 138 ​ $ 127 ​ $ 27 ​ $ 144 ​ $ 100 S&P 500 ​ $ 207 ​ $ 164 ​ $ 200 ​ $ 156 ​ $ 131 ​ $ 100 PHLX gold/silver Index ​ $ 192 ​ $ 181 ​ $ 194 ​ $ 208 ​ $ 153 ​ $ 100 The foregoing performance graph and related information shall not be deemed “soliciting material” or “filed” with the SEC or subject to Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the Company specifically incorporates it by reference into such filing. ​ ITEM 6.
The newly declared dividend is 7% higher than the dividend paid during calendar year 2022. We have steadily increased our annual dividend for 22 years, or since calendar year 2001. We expect to pay our annual dividend using cash on hand.
The newly declared dividend is 7% higher than the dividend paid during calendar year 2023. We have steadily increased our annual dividend for 23 years, or since calendar year 2001.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeITEM 6. ​ Reserved ​ 69 ITEM 7. ​ Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ 69 ITEM 7A. ​ Quantitative and Qualitative Disclosures About Market Risk ​ 81 ITEM 8. ​ Financial Statements and Supplementary Data ​ 82
Biggest changeITEM 6. ​ Reserved ​ 69 ITEM 7. ​ Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ 70 ITEM 7A. ​ Quantitative and Qualitative Disclosures About Market Risk ​ 79 ITEM 8. ​ Financial Statements and Supplementary Data ​ 80

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeFor the year ended December 31, 2022, we recognized total revenue of $603.2 million, which is comprised of stream revenue of $417.8 million and royalty revenue of $185.4 million, at an average gold price of $1,800 per ounce, an average silver price of $21.73 per ounce and an average copper price of $3.99 per pound, compared to total revenue of $653.6 million, which is comprised of stream revenue of $436.3 million and royalty revenue of $217.3 million, at an average gold price of $1,799 per ounce, an average silver price of $25.14 per ounce and an average copper price of $4.23 per pound, for the year ended December 31, 2021. 73 Table of Contents Revenue and the corresponding production attributable to our stream and royalty interests, for the year ended December 31, 2022 compared to the year ended December 31, 2021 is as follows: Revenue and Reported Production Subject to our Stream and Royalty Interests Year Ended December 31, 2022 and 2021 (In thousands, except reported production in oz. and lbs.) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ Reported ​ ​ ​ Reported Stream/Royalty Metal(s) Revenue Production (1) Revenue Production (1) Stream (2) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ ​ ​ $ 180,543 ​ ​ ​ ​ $ 173,114 ​ ​ ​ ​ ​ Gold ​ ​ ​ ​ 67,800 oz. ​ ​ ​ ​ 61,400 oz. ​ ​ Copper ​ ​ ​ ​ 14.8 Mlbs. ​ ​ ​ ​ 14.9 Mlbs.
Biggest changeFor the year ended December 31, 2023, we recognized total revenue of $605.7 million, which is comprised of stream revenue of $418.3 million and royalty revenue of $187.4 million, at an average gold price of $1,941 per ounce, an average 72 Table of Contents silver price of $23.35 per ounce and an average copper price of $3.85 per pound, compared to total revenue of $603.2 million, which is comprised of stream revenue of $417.8 million and royalty revenue of $185.4 million, at an average gold price of $1,800 per ounce, an average silver price of $21.73 per ounce and an average copper price of $3.99 per pound, for the year ended December 31, 2022.
Our review process may include, for example, engaging consultants and advisors to analyze an opportunity; analysis of technical, financial, legal, and other confidential information of an opportunity; submission of indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes. ​ 69 Table of Contents Business Trends and Uncertainties ​ Metal Prices ​ Our financial results are primarily tied to the price of gold, silver, copper, and other metals.
Our review process may include, for example, engaging consultants and advisors to analyze an opportunity; analysis of technical, financial, legal, and other confidential information of an opportunity; submission of indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes. ​ 70 Table of Contents Business Trends and Uncertainties ​ Metal Prices ​ Our financial results are primarily tied to the price of gold, silver, copper, and other metals.
In some instances, an operator may revise its original calendar year guidance throughout the year. The following table shows these production estimates for our principal producing properties for calendar 2022 as well as the actual production reported to us by the various operators through December 31, 2022. The estimates and production reports are prepared by the operators.
In some instances, an operator may revise its original calendar year guidance throughout the year. The following table shows these production estimates for our principal producing properties for calendar 2023 as well as the actual production reported to us by the various operators through December 31, 2023. The estimates and production reports are prepared by the operators.
Forward-looking statements include, among others, the following: statements about our expected financial performance and outlook, including sale volume, revenue, expenses, tax rates, earnings or cash flow; operators’ expected operating and financial performance, including production, deliveries, mine plans, estimates of mineral resources and mineral reserves, development, cash flows and liquidity, capital requirements and capital expenditures; influence on our operators’ operations; benefits from acquisitions; receipt of metal deliveries; liquidity, capital resources, financing and stockholder returns; borrowings and repayments under our revolving credit facility; growing our portfolio of assets; the materiality of properties within our portfolio; impact of inadequately assessing new acquisitions; macroeconomic and market conditions; impacts of climate-change; diversity and inclusion efforts; returns on investments; sufficiency of contractual protections; adoption of new accounting standards; valuation allowances; 80 Table of Contents assumptions related to fair value of equity awards; prices for gold, silver, copper, nickel and other metals; potential impairments; and tax changes. ​ Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: a lower-price environment for gold, silver, copper, nickel or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, contractual issues involving our stream or royalty agreements, or operational disruptions; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, included those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value and complete acquisitions; adverse economic and market conditions; impact of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described elsewhere in this report, including in Item 1A – Risk Factors.
Forward-looking statements include, among others, the following: statements about our expected financial performance and outlook, including sale volume, revenue, expenses, tax rates, earnings or cash flow; operators’ expected operating and financial performance, including production, deliveries, mine plans, environmental and feasibility studies, technical reports, estimates of mineral resources and mineral reserves, development, cash flows and liquidity, capital requirements and capital expenditures; influence on our operators’ operations; benefits from acquisitions; receipt and timing of metal deliveries; liquidity, capital resources, financing and stockholder returns; borrowings and repayments under our revolving credit facility; growing our portfolio of assets; the materiality of properties within our portfolio; impact of inadequately assessing new acquisitions; macroeconomic and market conditions; impacts of climate change; diversity and inclusion efforts; returns on investments; sufficiency of contractual protections; adoption of new accounting standards; valuation allowances; assumptions related to fair value of equity awards; prices for gold, silver, copper, nickel and other metals; potential impairments; and tax changes. ​ Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: a lower-price environment for gold, silver, copper or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity 78 Table of Contents needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, or operational disruptions; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value and complete acquisitions; adverse economic and market conditions; impact of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described elsewhere in this report, including in Item 1A – Risk Factors.
We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests.
We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the 76 Table of Contents future recoverability of our stream or royalty interests.
It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests. Refer to Note 4 of our notes to consolidated financial statements for a discussion of the impairment assessment results for the year ended December 31, 2022.
It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests. Refer to Note 4 of our notes to consolidated financial statements for a discussion of the impairment assessment results for the years ended December 31, 2023 and 2022.
Royalty interests accounted for 31% and 33% of our total revenue for the years ended December 31, 2022 and 2021, respectively. ​ We do not conduct mining operations on the properties in which we hold stream and royalty interests, and we generally are not required to contribute to capital costs, exploration costs, environmental costs or other operating costs on those properties. ​ We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity.
Royalty interests accounted for 31% of our total revenue for the years ended December 31, 2023 and 2022 . ​ We do not conduct mining operations on the properties in which we hold stream and royalty interests, and we generally are not required to contribute to capital costs, exploration costs, environmental costs or other operating costs on those properties. ​ We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity.
MD&A, of our Annual Reports on Form 10-K for the six month transition period ended December 31, 2021 and for the years ended June 30, 2021 and 2020, filed with the SEC on February 17, 2022, August 12, 2021 and August 6, 2020, respectively, which are available free of charge on the SEC’s website at www.sec.gov and our website at www.royalgold.com. ​ Overview of Our Business ​ We acquire and manage precious metal streams, royalties, and similar interests.
MD&A, of our Annual Reports on Form 10-K for the year ended December 31, 2022, the six month transition period ended December 31, 2021 and the year ended June 30, 2021, filed with the SEC on February 16, 2023, February 17, 2022 and August 12, 2021, respectively, which are available free of charge on the SEC’s website at www.sec.gov and our website at www.royalgold.com. ​ Overview of Our Business ​ We acquire and manage precious metal streams, royalties, and similar interests.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Presentation ​ This Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) generally discusses year-to-year comparisons between the year ended December 31, 2022 and the comparative year ended December 31, 2021.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Presentation ​ This Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) generally discusses year-to-year comparisons between the year ended December 31, 2023 and the year ended December 31, 2022.
In all of our material 79 Table of Contents royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer.
In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer.
As of December 31, 2022, we owned nine stream interests, which are on eight production stage properties and one development stage property. Stream interests accounted for 69% and 67% of our total revenue for the years ended December 31, 2022 and 2021, respectively.
As of December 31, 2023, we owned nine stream interests, which are on eight production stage properties and one development stage property. Stream interests accounted for 69% of our total revenue for the years ended December 31, 2023 and 2022.
(3) Individually, with the exception of the Rainy River stream (5.3% for the year ended December 31, 2022 and 5.7% for the year ended December 31, 2021) and Wassa (5.2% for the year ended December 31, 2022), no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for either period.
(3) Individually, with the exception of the Rainy River stream (6.4% for the year ended December 31, 2023 and 5.3% for the year ended December 31, 2022) and Wassa (5.4% for the year ended December 31, 2023 and 5.2% for the year ended December 31, 2022), no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for either period.
The marketability and price of metals are influenced by numerous factors beyond our control, and significant changes in metal prices can have a material effect on our revenue. ​ For the years ended December 31, 2022, and 2021, the average prices and percentages of revenue by metal were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2022 ​ December 31, 2021 Metal Average Price Percentage of Revenue Average Price Percentage of Revenue Gold ($/ounce) (1) ​ $ 1,800 ​ 73% ​ $ 1,799 ​ 73% Silver ($/ounce) (1) ​ $ 21.73 ​ 11% ​ $ 25.14 ​ 11% Copper ($/pound) (2) ​ $ 3.99 ​ 12% ​ $ 4.23 ​ 12% Other ​ ​ N/A ​ 4% ​ ​ N/A ​ 4% ​ (1) Based on the average LBMA Price for the period.
The marketability and price of metals are influenced by numerous factors beyond our control, and significant changes in metal prices can have a material effect on our revenue. ​ For the years ended December 31, 2023, and 2022, the average prices and percentages of revenue by metal were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2023 ​ December 31, 2022 Metal Average Price Percentage of Revenue Average Price Percentage of Revenue Gold ($/ounce) (1) ​ $ 1,941 ​ 76% ​ $ 1,800 ​ 73% Silver ($/ounce) (1) ​ $ 23.35 ​ 12% ​ $ 21.73 ​ 11% Copper ($/pound) (2) ​ $ 3.85 ​ 9% ​ $ 3.99 ​ 12% Other ​ ​ N/A ​ 3% ​ ​ N/A ​ 4% ​ (1) Based on the average LBMA Price for the period.
The newly declared dividend is 7% higher than the dividend paid during calendar year 2022. We have steadily increased our annual dividend for 22 years, or since calendar year 2001.
The newly declared dividend is 7% higher than the dividend paid during calendar year 2023. We have steadily increased our annual dividend for 23 years, or since calendar year 2001.
A discussion of the changes in our financial condition and results of operations for the six months ended December 31, 2021 transition period and fiscal years ended June 30, 2021 and 2020 have been omitted from this report, but may be found in Item 7.
A discussion of the changes in our financial condition and results of operations for the year ended December 31, 2022, the six month transition period ended December 31, 2021 and fiscal year ended June 30, 2021 has been omitted from this report, but may be found in Item 7.
The change was primarily due to an increase in the debt outstanding for the year ended December 31, 2022 that was used to fund acquisitions of our new royalty interests at Cortez and the Great Bear Project compared to the prior period.
The change was primarily due to an increase in the debt outstanding for the year ended December 31, 2022 of $575 million that was used to fund acquisitions of our new royalty interests at Cortez and the Great Bear Project, and the repayment of $325 million of debt outstanding during the current period.
As of December 31, 2022, we owned royalty interests on 32 production stage properties, 18 development stage properties and 123 exploration stage properties, of which we consider 52 to be evaluation stage projects. We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for mineral reserves.
As of December 31, 2023, we owned royalty interests on 29 production stage properties, 21 development stage properties and 119 exploration stage properties, of which we consider 52 to be evaluation stage properties. We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for mineral reserves.
Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable mineral reserves, are not depleted.
Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable mineral reserves, are not depleted. When the associated exploration stage mineral interests are converted to proven and probable mineral reserves, the mineral property becomes a development stage mineral property.
General and administrative costs increased to $34.6 million for year ended December 31, 2022, from $29.3 million for the year ended December 31, 2021.
General and administrative costs increased to $39.8 million for the year ended December 31, 2023, from $34.6 million for the year ended December 31, 2022.
Income tax expense was $32.9 million for the year ended December 31, 2022, as compared to $53.2 million for the year ended December 31, 2021, which resulted in an effective tax rate of 12.1% in the current period and 16.2% in the prior period.
Income tax expense was $42.0 million for the year ended December 31, 2023, as compared to $32.9 million for the year ended December 31, 2022, which resulted in an effective tax rate of 14.9% in the current period and 12.1% in the prior 74 Table of Contents period.
Please refer to our risk factors included in Part I, Item 1A of this report for a discussion of certain risks that may impact our liquidity and capital resources.
For additional information on our operating leases, see Note 6 of our notes to consolidated financial statements. Please refer to our risk factors included in Part I, Item 1A of this report for a discussion of certain risks that may impact our liquidity and capital resources.
Please refer to Part I, Item 2, Properties, of this report for further discussion on any updates at our principal producing properties. ​ ​ ​ ​ ​ 71 Table of Contents Operators’ Estimated and Actual Production by Stream and Royalty Interest for Calendar Year 2022 Principal Production Stage Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calendar Year 2022 Operator’s Production ​ Calendar Year 2022 Operator’s Production ​ ​ Estimate (1) ​ Actual (2) ​ ​ Gold ​ Silver ​ Base Metals ​ Gold ​ Silver ​ Base Metals Stream/Royalty (oz.) (oz.) (lbs.) (oz.) (oz.) (lbs.) Stream: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Andacollo (3) 36,000 ​ ​ 25,900 ​ ​ Mount Milligan (4) 190,000 - 210,000 ​ ​ 189,000 ​ ​ Copper ​ ​ ​ 70 - 80 Million ​ ​ 74 Million Pueblo Viejo (5) ​ 400,000 - 440,000 ​ N/A ​ ​ ​ 428,000 ​ N/A ​ ​ Khoemac a u (6) ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ Royalty: ​ ​ ​ ​ ​ ​ Cortez (7) ​ 280,000 ​ ​ ​ ​ ​ 300,000 ​ ​ ​ ​ Peñasquito (8) 475,000 ​ 29 Million ​ ​ 440,000 ​ 23.3 Million ​ Lead 150 Million ​ ​ ​ ​ 112 Million Zinc 350 Million ​ ​ ​ ​ 297 Million (1) Production estimates received from our operators are for calendar year 2022.
Please refer to Part I, Item 2, Properties, of this report for further discussion on any updates at our principal producing properties. 71 Table of Contents Operators’ Estimated and Actual Production by Stream and Royalty Interest for Calendar Year 2023 Principal Production Stage Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calendar Year 2023 Operator’s Production ​ Calendar Year 2023 Operator’s Production ​ ​ Estimate (1) ​ Actual (2) ​ ​ Gold ​ Silver ​ Base Metals ​ Gold ​ Silver ​ Base Metals Stream/Royalty (oz.) (oz.) (lbs.) (oz.) (oz.) (lbs.) Stream: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Andacollo (3) 22,000 - 27,000 ​ ​ 23,400 ​ ​ Mount Milligan (4) 150,000 - 160,000 ​ ​ 154,400 ​ ​ Copper ​ ​ ​ 60 - 70 Million ​ ​ 62 Million Pueblo Viejo (5) ​ 470,000 - 520,000 ​ N/A ​ ​ ​ 335,000 ​ N/A ​ ​ Khoemac a u (6) ​ ​ ​ 1.5 - 1.7 Million ​ ​ ​ ​ ​ 1.5 Million ​ ​ Royalty: ​ ​ ​ ​ ​ ​ Cortez (7) ​ 940,000 - 1,060,000 ​ ​ ​ ​ ​ 893,000 ​ ​ ​ ​ Peñasquito (8) N/A ​ N/A ​ ​ 123,000 ​ 13.8 Million ​ Lead N/A ​ ​ ​ ​ 86 Million Zinc N/A ​ ​ ​ ​ 180 Million (1) Production estimates received from our operators are for calendar year 2023.
The decrease was primarily due to a decrease in gold sales at Andacollo and a decrease in gold and silver sales at Pueblo Viejo when compared to the prior period. This decrease was partially offset by an increase in gold sales at Mount Milligan when compared to the prior period.
The decrease was primarily due to lower gold and copper sales at Mount Milligan and lower gold and silver sales at Pueblo Viejo when compared to the prior year. This decrease was partially offset by higher silver sales at Khoemac a u when compared to the prior year.
The increase over the prior period was primarily due to the GBR, Rio Tinto Royalty and Idaho Royalty acquisitions. Financing Activities Net cash provided by financing activities totaled $480.6 million for the year ended December 31, 2022, compared to net cash used in financing activities of $283.2 million for the year ended December 31, 2021.
The decrease over the prior period was primarily due to the new royalty acquisitions during the year ended December 31, 2022. Financing Activities Net cash used in financing activities totaled $427.4 million for the year ended December 31, 2023, compared to net cash provided by financing activities of $480.6 million for the year ended December 31, 2022.
Most of these factors are beyond our ability to predict or control. ​ Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements. ​
Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements. ​ Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law.
The change was primarily due to a $35.9 million decrease in cash proceeds received from our stream and royalty interests, net of cost of sales, compared to the prior period. ​ Investing Activities Net cash used in investing activities totaled $922.9 million for the year ended December 31, 2022, compared to net cash used in investing activities of $417.0 million for the year ended December 31, 2021.
This decrease was partially offset by higher proceeds received from our stream and royalty interests, net of cost of sales, compared to the prior period. ​ 75 Table of Contents Investing Activities Net cash used in investing activities totaled $2.8 million for the year ended December 31, 2023, compared to net cash used in investing activities of $922.9 million for the year ended December 31, 2022.
At year ended December 31, 2022, our contractual cash obligations are solely comprised of operating leases. We believe we will be able to fund all current cash obligations from net cash provided by operating activities. For additional information on our operating leases, see Note 7 of our notes to consolidated financial statements.
Refer to Note 5 of our notes to consolidated financial statements and below (“Recent Liquidity and Capital Resource Developments”) for further discussion on our debt. At December 31, 2023, our contractual cash obligations are solely comprised of operating leases. We believe we will be able to fund all current cash obligations from net cash provided by operating activities.
Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, other contractually permitted costs.
Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, other contractually permitted costs. 77 Table of Contents Income Taxes Our annual tax rate is based on income, statutory tax rates in effect and tax planning opportunities available to us in the various jurisdictions in which the Company operates.
(4) The estimated and actual production figures shown for Mount Milligan are payable gold and copper in concentrate. (5) The estimated and actual production figures shown for Pueblo Viejo are payable gold in doré and represent the 60% interest in Pueblo Viejo held by Barrick. Barrick did not provide estimated or actual silver production.
(5) The estimated and actual production figures shown for Pueblo Viejo are payable gold in doré and represent the 60% interest in Pueblo Viejo held by Barrick. Barrick did not provide estimated or actual silver production. Deliveries to Royal Gold are determined using a fixed payability factors of 99.9% for gold and 99% for silver.
The increase was primarily due to higher employee related costs and non-cash stock compensation expense. ​ Depreciation, depletion and amortization decreased to $178.9 million for the year ended December 31, 2022, from $189.0 million for the year ended December 31, 2021. The decrease was primarily due to lower depletion rates at Mount Milligan compared to the prior period.
The increase was primarily due to higher corporate costs and an increase in non-cash stock compensation expense. ​ Depreciation, depletion and amortization decreased to $164.9 million for the year ended December 31, 2023, from $178.9 million for the year ended December 31, 2022.
When the associated exploration stage mineral interests are converted to proven and probable mineral reserves, the mineral property becomes a development stage mineral property. 78 Table of Contents Asset Impairment We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable.
Asset Impairment We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable.
Total stream revenue ​ ​ ​ $ 417,793 ​ ​ ​ ​ $ 436,318 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty (2) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez Legacy Zone ​ Gold ​ $ 47,769 ​ 299,800 oz. ​ $ 56,116 ​ 361,300 oz.
Total stream revenue ​ ​ ​ $ 418,280 ​ ​ ​ ​ $ 417,793 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty (2) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez Legacy Zone ​ Gold ​ $ 79,920 ​ 396,000 oz. ​ $ 47,769 ​ 299,800 oz.
(2) Actual production figures shown are from our operators and cover the period January 1, 2022, through December 31, 2022, unless otherwise noted in footnotes to this table. (3) The estimated and actual production figures shown for Andacollo are contained gold in concentrate.
(2) Actual production figures shown are from our operators and cover the period January 1, 2023, through December 31, 2023, unless otherwise noted in footnotes to this table. Such amounts may differ from our reported revenue and production and are not reduced to show the production attributable to our interests.
We believe that our current liquidity and capital resources will be adequate to cover our operating needs for the foreseeable future. At December 31, 2022, we had working capital of $122.2 million, including $118.6 million of cash and equivalents. This compares to working capital of $154.6 million, including $143.6 million of cash and equivalents at December 31, 2021.
We occasionally borrow and repay amounts under our revolving credit facility and may do so in the future. We believe that our current liquidity and capital resources will be adequate to cover our operating needs for the foreseeable future. At December 31, 2023, we had working capital of $95 million, including $104.2 million of cash and equivalents.
These decreases were partially offset by an increase in gold sales at Mount Milligan and Xavantina, higher silver sales at Khoemac a u and $5.2 million of revenue from the newly acquired royalties at Cortez compared to the prior period. ​ ​ 74 Table of Contents Gold and silver ounces and copper pounds purchased and sold during the year ended December 31, 2022 and 2021, as well as gold, silver and copper in inventory as of December 31, 2022 and 2021, for our stream interests were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ As of ​ As of ​ ​ December 31, 2022 ​ December 31, 2021 ​ December 31, 2022 ​ December 31, 2021 Gold Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.) Mount Milligan ​ 68,900 ​ 67,800 ​ 61,600 ​ 61,400 ​ 5,200 ​ 4,100 Pueblo Viejo ​ 32,500 ​ 33,200 ​ 38,700 ​ 40,600 ​ 7,900 ​ 8,600 Andacollo ​ 27,700 ​ 26,200 ​ 37,600 ​ 38,100 ​ 3,800 ​ 2,200 Other ​ 44,600 ​ 44,300 ​ 38,000 ​ 38,300 ​ 4,100 ​ 3,800 Total ​ 173,700 ​ 171,500 ​ 175,900 ​ 178,400 ​ 21,000 ​ 18,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ As of ​ As of ​ ​ December 31, 2022 ​ December 31, 2021 ​ December 31, 2022 ​ December 31, 2021 Silver Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.) Pueblo Viejo ​ 1,238,600 ​ 1,216,700 ​ 1,346,500 ​ 1,448,600 ​ 337,800 ​ 316,000 Khoemacau ​ 951,500 ​ 887,700 ​ 261,100 ​ 219,100 ​ 105,900 ​ 42,000 Other ​ 238,600 ​ 255,400 ​ 375,700 ​ 407,700 ​ 17,500 ​ 34,300 Total ​ 2,428,700 ​ 2,359,800 ​ 1,983,300 ​ 2,075,400 ​ 461,200 ​ 392,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ As of ​ As of ​ ​ December 31, 2022 ​ December 31, 2021 ​ December 31, 2022 ​ December 31, 2021 Copper Stream Purchases (Mlbs.) Sales (Mlbs.) Purchases (Mlbs.) Sales (Mlbs.) Inventory (Mlbs.) Inventory (Mlbs.) Mount Milligan ​ 14.8 ​ 14.8 ​ 14.9 ​ 14.9 ​ 0.9 ​ 0.9 ​ Cost of sales decreased to $94.6 million for the year ended December 31, 2022, from $98.5 million for the year ended December 31, 2021.
These increases were partially offset by an approximate 4 month suspension of operations at Peñasquito commencing in June 2023 due to a strike by the Union and lower gold and copper sales at Mount Milligan compared to the prior year. 73 Table of Contents Gold and silver ounces and copper pounds purchased and sold during the year ended December 31, 2023 and 2022, as well as gold, silver and copper in inventory as of December 31, 2023 and 2022, for our stream interests were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ As of ​ As of ​ ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2023 ​ December 31, 2022 Gold Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.) Mount Milligan ​ 56,800 ​ 58,000 ​ 68,900 ​ 67,800 ​ 4,000 ​ 5,200 Pueblo Viejo ​ 25,400 ​ 27,100 ​ 32,500 ​ 33,200 ​ 6,200 ​ 7,900 Andacollo ​ 22,500 ​ 25,500 ​ 27,700 ​ 26,200 ​ 800 ​ 3,800 Other ​ 48,600 ​ 48,500 ​ 44,600 ​ 44,300 ​ 4,200 ​ 4,100 Total ​ 153,300 ​ 159,100 ​ 173,700 ​ 171,500 ​ 15,200 ​ 21,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ As of ​ As of ​ ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2023 ​ December 31, 2022 Silver Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.) Khoemacau ​ 1,516,400 ​ 1,487,000 ​ 951,500 ​ 887,700 ​ 135,300 ​ 105,900 Pueblo Viejo ​ 907,000 ​ 1,021,900 ​ 1,238,600 ​ 1,216,700 ​ 223,000 ​ 337,800 Other ​ 277,500 ​ 270,100 ​ 238,600 ​ 225,400 ​ 24,800 ​ 17,500 Total ​ 2,700,900 ​ 2,779,000 ​ 2,428,700 ​ 2,329,800 ​ 383,100 ​ 461,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ As of ​ As of ​ ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2023 ​ December 31, 2022 Copper Stream Purchases (Mlbs.) Sales (Mlbs.) Purchases (Mlbs.) Sales (Mlbs.) Inventory (Mlbs.) Inventory (Mlbs.) Mount Milligan ​ 10.9 ​ 11.8 ​ 14.8 ​ 14.8 ​ — ​ 0.9 ​ Cost of sales decreased to $90.5 million for the year ended December 31, 2023, from $94.6 million for the year ended December 31, 2022.
Other (3) ​ Various ​ $ 91,689 ​ N/A ​ ​ $ 108,175 ​ N/A ​ Total royalty revenue ​ ​ ​ $ 185,413 ​ ​ ​ ​ $ 217,250 ​ ​ ​ Total Revenue ​ ​ ​ $ 603,206 ​ ​ ​ ​ $ 653,568 ​ ​ ​ (1) Reported production relates to the amount of metal sales, subject to our stream and royalty interests, for the year ended December 31, 2022 and 2021, and may differ from the operators’ public reporting.
Other (3) ​ Various ​ $ 75,119 ​ N/A ​ ​ $ 91,689 ​ N/A ​ Total royalty revenue ​ ​ ​ $ 187,437 ​ ​ ​ ​ $ 185,413 ​ ​ ​ Total revenue ​ $ 605,717 ​ ​ ​ ​ $ 603,206 ​ ​ ​ (1) Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the years ended December 31, 2023 and 2022, and may differ from the operators’ public reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal.
The estimated and actual lead and zinc production figures shown are payable lead and zinc in concentrate.
(8) The gold and silver production figures shown for Peñasquito are payable gold and silver in concentrate and doré. The lead and zinc production figures shown are payable lead and zinc in concentrate.
Pueblo Viejo ​ ​ ​ $ 85,863 ​ ​ ​ ​ $ 109,716 ​ ​ ​ ​ ​ Gold ​ ​ ​ ​ 33,200 oz. ​ ​ ​ ​ 40,600 oz. ​ ​ Silver ​ ​ ​ ​ 1.2 Moz. ​ ​ ​ ​ 1.4 Moz.
Pueblo Viejo ​ ​ ​ $ 76,247 ​ ​ ​ ​ $ 85,863 ​ ​ ​ ​ ​ Gold ​ ​ ​ ​ 27,100 oz. ​ ​ ​ ​ 33,200 oz. ​ ​ Silver ​ ​ ​ ​ 1.0 Moz. ​ ​ ​ ​ 1.2 Moz.
As of December 31, 2022, we had $575 million outstanding under our revolving credit facility. ​ 76 Table of Contents ​ ​ Dividend Increase On November 15, 2022, we announced an increase in our annual dividend for calendar year 2023 from $1.40 to $1.50 per share, payable on a quarterly basis of $0.375 per share.
Recent Liquidity and Capital Resource Developments Revolving Credit Facility Repayment ​ On December 6, 2023, we made a $75 million principal payment towards the outstanding balance on the revolving credit facility leaving $750 million available as of December 31, 2023. ​ Dividend Increase ​ On November 14, 2023, we announced an increase in our annual dividend for calendar year 2024 from $1.50 to $1.60 per share, payable on a quarterly basis of $0.40 per share.
Liquidity and Capital Resources We use our liquidity and capital resources to fund dividends and for the acquisition of stream and royalty interests, including any conditional funding schedules. Our short-term and long-term capital requirements are primarily affected by our ongoing acquisition activities. We currently, and generally at any time, have acquisition opportunities in various stages of active review.
Our short-term and long-term capital requirements are primarily affected by our ongoing acquisition activities. We currently, and generally at any time, have acquisition opportunities in various stages of active review. In the event of one or more substantial stream or royalty interest or other acquisitions, we may seek additional debt or equity financing as necessary.
The decrease in our total revenue for the year ended December 31, 2022, compared with year ended December 31, 2021, resulted primarily from lower gold sales at Andacollo, lower gold and silver sales at Pueblo Viejo and lower gold production at Cortez and Peñasquito.
The increase in our total revenue for the year ended December 31, 2023, compared with the year ended December 31, 2022, resulted primarily from higher gold production at the Cortez Legacy Zone, the new Cortez royalties acquired in 2022 and higher gold and silver prices when compared to the prior year.
Andacollo ​ Gold ​ $ 47,347 ​ 26,100 oz. ​ $ 68,965 ​ 38,100 oz. Khoemac a u ​ Silver ​ $ 18,786 ​ 887,700 oz. ​ $ 5,096 ​ 219,100 oz.
Andacollo ​ Gold ​ $ 48,920 ​ 25,500 oz. ​ $ 47,347 ​ 26,200 oz. Khoemac a u ​ Silver ​ $ 34,602 ​ 1.5 Moz. ​ $ 18,786 ​ 887,700 oz.
Other (3) ​ ​ ​ $ 85,254 ​ ​ ​ ​ $ 79,427 ​ ​ ​ ​ ​ Gold ​ ​ ​ ​ 44,400 oz. ​ ​ ​ ​ 38,300 oz. ​ ​ Silver ​ ​ ​ ​ 255,400 oz. ​ ​ ​ ​ 407,700 oz.
Other (3) ​ ​ ​ $ 100,344 ​ ​ ​ ​ $ 85,254 ​ ​ ​ ​ ​ Gold ​ ​ ​ ​ 48,500 oz. ​ ​ ​ ​ 44,300 oz. ​ ​ Silver ​ ​ ​ ​ 270,100 oz. ​ ​ ​ ​ 225,400 oz.
Cortez CC Zone ​ Gold ​ $ 2,790 ​ 114,400 oz. ​ ​ N/A ​ N/A ​ Peñasquito ​ ​ ​ $ 43,165 ​ ​ ​ ​ $ 52,959 ​ ​ ​ ​ ​ Gold ​ ​ ​ ​ 572,600 oz. ​ ​ ​ ​ 709,600 oz. ​ ​ Silver ​ ​ ​ ​ 29.7 Moz. ​ ​ ​ ​ 31.8 Moz. ​ ​ Lead ​ ​ ​ ​ 146.8 Mlbs. ​ ​ ​ ​ 173.3 Mlbs. ​ ​ Zinc ​ ​ ​ ​ 373.1 Mlbs. ​ ​ ​ ​ 433.3 Mlbs.
Peñasquito ​ ​ ​ $ 17,772 ​ ​ ​ ​ $ 43,165 ​ ​ ​ ​ ​ Gold ​ ​ ​ ​ 129,600 oz. ​ ​ ​ ​ 572,600 oz. ​ ​ Silver ​ ​ ​ ​ 16.7 Moz. ​ ​ ​ ​ 29.7 Moz. ​ ​ Lead ​ ​ ​ ​ 106.9 Mlbs. ​ ​ ​ ​ 146.8 Mlbs. ​ ​ Zinc ​ ​ ​ ​ 222.4 Mlbs. ​ ​ ​ ​ 373.1 Mlbs.
The decrease in our working capital was primarily attributable to the acquisition of royalty and stream interests during the year ended December 31, 2022, which is discussed further below under “Summary of Cash Flows.” During the year ended December 31, 2022, liquidity needs were met from $417.3 million in net cash provided by operating activities and our available cash resources.
During the year ended December 31, 2023, liquidity needs were met from $415.8 million in net cash provided by operating activities and our available cash resources. Working capital, combined with the $750 million of available capacity under our revolving credit facility, resulted in approximately $845 million of total liquidity at December 31, 2023.
The change was primarily due to a decrease in the fair value of marketable equity securities as discussed further in Note 5 of our notes to consolidated financial statements. Interest and other expense increased to $17.2 million for the year ended December 31, 2022, from $5.8 million for the year ended December 31, 2021.
Interest and other expense increased to $30.9 million for the year ended December 31, 2023, from $17.2 million for the year ended December 31, 2022. The increase in the current period was primarily attributable to higher interest expense as a result of higher interest rates when compared to the prior period.
Refer to Note 3 of our notes to consolidated financial statements for further discussion on the acquisition of the Idaho Royalty.
The all-in interest rates as of December 31, 2023 and 2022, were 6.56% and 5.93%, respectively. Refer to Note 5 of our notes to consolidated financial statements for further discussion on our debt.
(6) The estimated and actual production figures for Khoemac a u are not available through the ramp-up period. (7) The estimated and actual production figures for Cortez represent the Cortez Legacy Zone area only. (8) The estimated and actual gold and silver production figures shown for Peñasquito are payable gold and silver in concentrate and doré.
(6) The estimated and actual production figures for Khoemac a u are payable silver in concentrate. Deliveries to Royal Gold are determined using a fixed silver payability factor of 90%. (7) The estimated and actual production figures for Cortez include the entirety of the Cortez Complex.
The effective tax rate for the year ended December 31, 2022, was primarily impacted by the release of a valuation allowance on certain foreign deferred tax assets.
The effective tax rates for the years ended December 31, 2023 and 2022, were primarily impacted by the release of valuation allowances on certain foreign deferred tax assets. Liquidity and Capital Resources We use our liquidity and capital resources to fund dividends and for the acquisition of stream and royalty interests, including any conditional funding schedules.
The decrease in net income was primarily due to lower revenue and higher interest expense as a result of higher amounts outstanding under our revolving credit facility compared to the prior period. This decrease was partially offset by a decrease in income tax expense as discussed in further detail below.
The decrease was primarily due to higher interest paid on the outstanding revolving credit facility compared to the prior period.
Removed
(2) Based on the average LME Price for the period. ​ Acquisition of Additional Royalty Interests on Cortez Complex ​ On December 29, 2022, we acquired two portions of a gross smelter return royalty (the “Idaho Royalty”) that together cover a large area including the Cortez mine operational area and the entirety of the Fourmile development project in Nevada (the “Cortez Complex”) from certain holders who are successors in interest to Idaho Mining Corporation for cash consideration of $204.1 million.
Added
(2) Based on the average LME Price for the period. ​ Cost Support Agreement for Mount Milligan ​ On February 13, 2024, we entered into a Cost Support Agreement with Centerra to incentivize Centerra to continue to invest and maximize the value of the large mineral endowment at Mount Milligan.
Removed
The area within the Cortez Complex is owned or controlled by Nevada Gold Mines LLC (“NGM”), a joint venture between Barrick Gold Corporation (“Barrick”) and Newmont Corporation (“Newmont”), with the exception of the Fourmile development project which is 100% owned and operated by Barrick.
Added
The Cost Support Agreement is expected to provide a basis for a reserve increase and extension of the Mount Milligan mine life to 2035.
Removed
The Idaho Royalty comprises a 0.24% gross royalty that covers areas including the Pipeline and Crossroads deposits and a 0.45% gross royalty that covers areas including the Cortez Hills, Goldrush, Fourmile and Robertson deposits. The Idaho Royalty is life of mine, not subject to any stepdowns or caps, and has no applicable deductions.
Added
Please refer to Part I, Item 2, Properties, of this report for additional information regarding the Cost Support Agreement. ​ Operators’ Production Estimates by Stream and Royalty Interest for Calendar 2023 We received annual production estimates from many of the operators of our producing mines during the first calendar quarter of 2023.
Removed
The purchase price was funded with amounts available under the revolving credit facility and cash on hand. ​ The economic effective date for the transaction was December 1, 2022, and revenue of $0.7 million on production of approximately 116,000 ounces attributable to the royalty was recognized in the fourth quarter of 2022. ​ Acquisition of Great Bear Royalties Corp. ​ On September 9, 2022 we completed the acquisition of all of the issued and outstanding shares of Great Bear Royalties Corporation (“GBR”) for cash consideration of approximately C$199.6 million (US$151.7 million) (the “Acquisition Price”).
Added
(3) The estimated and actual production figures shown for Andacollo are contained gold in concentrate. Deliveries to Royal Gold are determined using a fixed gold payability factor of 89%. (4) The estimated and actual production figures shown for Mount Milligan are payable gold and copper in concentrate.
Removed
GBR’s sole material asset is a 2.0% net smelter return royalty (“Great Bear Royalty”) that covers the entirety of the Great Bear Project in the Red Lake district of Ontario, Canada, owned and operated by a subsidiary of Kinross Gold Corporation (“Kinross”). The Great Bear Royalty includes all metals produced from contiguous claims covering 9,140 hectares.
Added
Deliveries to Royal Gold are determined using a fixed payability factor of 97% for gold and a minimum payability factor of 95% for copper. Actual production figures are for the period January 1, 2023, through September 30, 2023.
Removed
Royalty payments will be made quarterly with applicable standard deductions. Refer to Note 3 of our notes to consolidated financial statements for further discussion on the GBR acquisition. The purchase price was funded with available cash on hand.
Added
Barrick reports production from the entirety of the Cortez Complex and does not report production separately for the Legacy Zone and CC Zone. Production estimates for the Legacy Zone are provided to us by Barrick and production estimates for 100% of the Cortez Complex are publicly disclosed by Barrick.
Removed
As part of the acquisition and in exchange for information and access to the project provided by Kinross, we granted an option to Kinross to purchase a 25% interest in the Great Bear Royalty (0.5% of the 2.0% royalty rate) for an amount equal to 25% of the Acquisition Price, adjusted for inflation, at any time from the transaction closing date until the earlier of a construction decision for the Great Bear Project and 10 years after the transaction closing date. ​ On February 13, 2023, Kinross announced an initial mineral resource of 5 million ounces of gold (2.7 million ounces Indicated, 2.3 million ounces Inferred) at the Great Bear Project based on drilling to an approximate depth of 500 meters. 70 Table of Contents Kinross expects 2023 activity to include drilling of 180,000 meters at depth, along strike and on parallel structures to support engineering studies and permitting activities. ​ Acquisition of Gross Royalty on Cortez Complex ​ On August 2, 2022, we acquired a sliding scale gross royalty (the “Rio Tinto Royalty”) on production from an area within the Cortez Complex for cash consideration of $525 million.
Added
Actual production figures are for the period January 1, 2023 through September 30, 2023, and no production occurred during the third quarter of 2023 due to the suspension of operations resulting from a strike action on June 7, 2023.
Removed
The area within the Cortez Complex is owned or controlled by NGM, with the exception of the Fourmile development project which is 100% owned and operated by Barrick.
Added
Estimated production figures are not available as 2023 production guidance was withdrawn by Newmont on July 20, 2023, due to the suspension of operations Results of Operations Year Ended December 31, 2023, Compared with Year Ended December 31, 2022 (In thousands, except share data) ​ For the year ended December 31, 2023, we recorded net income attributable to Royal Gold stockholders of $239.4 million, or $3.64 per basic share and $3.63 per diluted share, as compared to net income attributable to Royal Gold stockholders of $239.0 million, or $3.64 per basic and $3.63 per diluted share, for the year ended December 31, 2022.
Removed
The royalty is a life of mine sliding scale gross royalty payable at a rate of 0% at a gold price less than $400 per ounce, increasing to 3% at a gold price above $900 per ounce, and is payable on 40% of all production from the Cortez Complex except for the existing deposits within the Robertson property.
Added
Revenue and the corresponding production attributable to our stream and royalty interests, for the year ended December 31, 2023, compared to the year ended December 31, 2022, is as follows: Revenue and Reported Production Subject to our Stream and Royalty Interests Year Ended December 31, 2023 and 2022 (In thousands, except reported production in oz. and lbs.) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Reported ​ ​ ​ ​ Reported Stream/Royalty Metal(s) Revenue Production (1) Revenue Production (1) Stream (2) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ ​ ​ $ 158,167 ​ ​ ​ ​ $ 180,543 ​ ​ ​ ​ ​ Gold ​ ​ ​ ​ 58,000 oz. ​ ​ ​ ​ 67,800 oz. ​ ​ Copper ​ ​ ​ ​ 11.8 Mlbs. ​ ​ ​ ​ 14.8 Mlbs.
Removed
The purchase price was funded with debt and available cash on hand. ​ For the year ended December 31, 2022, we received revenue of $4.5 million on production of approximately 227,000 ounces attributable to the Rio Tinto Royalty. ​ Lawyers Royalty Acquisition ​ On March 24, 2022, we acquired a 0.5% net smelter returns royalty (“NSR”) on production from the Lawyers Project, currently operated by Benchmark Metals Inc., which is located in British Columbia, Canada.
Added
Cortez CC Zone ​ Gold ​ ​ 14,626 ​ 494,700 oz. ​ ​ 2,790 ​ 114,400 oz.
Removed
As part of this transaction, we also acquired a right of first offer (“ROFO”) for an existing 2.0% NSR royalty over the Ranch Project owned by Thesis Gold, Inc. that is located adjacent to the Lawyers Project. We paid $8.0 million in cash consideration for the royalty and ROFO to Guardsmen Resources Inc.
Added
The decrease was primarily due to lower depletion rates at Pueblo Viejo as a result of proven and probable mineral reserve increases when compared to the prior year.
Removed
The Lawyers Project acquisition has been accounted for as an asset acquisition. ​ Khoemac a u Silver Stream ​ On February 23, 2022, we made an advance payment of $10.0 million toward the option stream which increased our right to receive payable silver produced from Khoemac a u from 90% to 93%, and on March 14, 2022, we made our final advance payment of $16.5 million toward the option stream which increased our right to receive payable silver produced from 93% to 100%. ​ Operators’ Production Estimates by Stream and Royalty Interest for Calendar 2022 We received annual production estimates from many of the operators of our producing mines during the first calendar quarter of 2022.
Added
The decrease was partially offset by higher depletion expense at Khoemac a u due to the ramp-up of production in 2023 and additional depletion from the newly acquired royalties at Cortez in 2022. There were no impairment charges on any of our stream or royalty interests for the year ended December 31, 2023.
Removed
The actual production figure is for the period January 1, 2022 through September 30, 2022. ​ 72 Table of Contents Results of Operations Year Ended December 31, 2022, Compared with Year Ended December 31, 2021 (In thousands, except share data) ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ December 31, ​ December 31, ​ 2021 ​ 2022 ​ (unaudited) Revenue $ 603,206 ​ $ 653,568 ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ Cost of sales (excludes depreciation, depletion and amortization) ​ 94,642 ​ ​ 98,467 General and administrative ​ 34,612 ​ ​ 29,306 Production taxes ​ 7,021 ​ ​ 8,399 Depreciation, depletion and amortization ​ 178,935 ​ ​ 189,009 Impairment of royalty interests ​ 4,287 ​ ​ — Total costs and expenses ​ 319,497 ​ ​ 325,181 ​ ​ ​ ​ ​ ​ Operating income ​ 283,709 ​ ​ 328,387 ​ ​ ​ ​ ​ ​ Fair value changes in equity securities ​ (1,503) ​ ​ 2,510 Interest and other income ​ 7,832 ​ ​ 3,019 Interest and other expense ​ (17,170) ​ ​ (5,753) Income before income taxes ​ 272,868 ​ ​ 328,163 ​ ​ ​ ​ ​ ​ Income tax expense ​ (32,926) ​ ​ (53,223) Net income and comprehensive income ​ 239,942 ​ ​ 274,940 Net (income) loss and comprehensive (income) loss attributable to non-controlling interests ​ (960) ​ ​ (898) Net income and comprehensive income attributable to Royal Gold common stockholders $ 238,982 ​ $ 274,042 ​ ​ ​ ​ ​ ​ Basic earnings per share $ 3.64 ​ $ 4.17 Basic weighted average shares outstanding ​ 65,576,995 ​ ​ 65,552,586 Diluted earnings per share $ 3.63 ​ $ 4.17 Diluted weighted average shares outstanding ​ 65,661,748 ​ ​ 65,624,007 Cash dividends declared per common share $ 1.425 ​ $ 1.25 ​ ​ For the year ended December 31, 2022, we recorded net income attributable to Royal Gold stockholders of $239.0 million, or $3.64 per basic share and $3.63 per diluted share, as compared to net income attributable to Royal Gold stockholders of $274.0 million, or $4.17 per basic and diluted share, for the year ended December 31, 2021.
Added
This compares to working capital of $122.2 million, including $118.6 million of cash and equivalents at December 31, 2022. The decrease in our working capital was primarily due to a decrease in our available cash, which resulted from increased debt repayments during the current period.
Removed
Refer to Note 4 of our notes to consolidated financial statements for further discussion on the decrease in depletion rates at Mount Milligan. This decrease was partially offset by additional depletion from Khoemac a u which produced first deliveries in the September 30, 2021 quarter.
Added
We expect to pay our annual dividend using cash on hand. ​ Summary of Cash Flows Operating Activities Net cash provided by operating activities totaled $415.8 million for the year ended December 31, 2023, compared to $417.3 million for the year ended December 31, 2022.
Removed
We recognized a loss in fair value changes in equity securities of $1.5 million for the year ended December 31, 2022, compared to a gain in fair value changes in equity securities of $2.5 million for the year ended December 31, 2021.
Added
Readers are cautioned not to put undue reliance on forward-looking statements. ​

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

2 edited+0 added−0 removed3 unchanged
Biggest changeThe table below shows the impact that a 10% increase or decrease in the average price of the specified metal would have had on our total reported revenue for the year ended December 31, 2022: ​ ​ ​ ​ Metal Percentage of Total Reported Revenue Associated with Specified Metal Amount by Which Total Reported Revenue Would Have Increased or Decreased If Price of Specified Metal Had Averaged 10% Higher or Lower in Period Gold 73% $45.1 million Copper 12% $13.2 million Silver 11% $3.5 million ​ ​ ​ 81 Table of Contents
Biggest changeThe table below shows the impact that a 10% increase or decrease in the average price of the specified metal would have had on our total reported revenue for the year ended December 31, 2023: ​ ​ ​ ​ Metal Percentage of Total Reported Revenue Associated with Specified Metal Amount by Which Total Reported Revenue Would Have Increased or Decreased If Price of Specified Metal Had Averaged 10% Higher or Lower in Period Gold 76% $46.5 million Silver 12% $4.2 million Copper 9% $10.3 million ​ ​ ​ 79 Table of Contents
Risk Factors of this report for more information about risks associated with metal price volatility. ​ During the year ended December 31, 2022, we reported revenue of $603.2 million, with an average gold price for the period of $1,800 per ounce (based on the LBMA Price), an average silver price of $21.73 per ounce (based on the LBMA Price), and an average copper price of $3.99 per pound (based on the LME Price).
Risk Factors of this report for more information about risks associated with metal price volatility. ​ During the year ended December 31, 2023, we reported revenue of $605.7 million, with an average gold price for the period of $1,941 per ounce (based on the LBMA Price), an average silver price of $23.35 per ounce (based on the LBMA Price), and an average copper price of $3.85 per pound (based on the LME Price).

Other RGLD 10-K year-over-year comparisons