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What changed in ROYAL GOLD INC's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of ROYAL GOLD INC's 2023 and 2024 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 2024 report.

+475 added−597 removedSource: 10-K (2025-02-13) vs 10-K (2024-02-15)

Top changes in ROYAL GOLD INC's 2024 10-K

475 paragraphs added · 597 removed · 327 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

22 edited+6 added−10 removed23 unchanged
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.
Biggest changeRoyalty interests accounted for 33% and 31% of our total revenue for the years ended December 31, 2024 and 2023, respectively. 5 Our long-lived assets (stream and royalty interests, net) for the years ended December 31, 2024 and 2023 are geographically distributed as shown in the following table (amounts are in thousands): As of December 31, 2024 As of December 31, 2023 Stream interest Royalty interest Total stream and royalty interests, net Stream interest Royalty interest Total stream and royalty interests, net Canada $ 417,643 $ 659,070 $ 1,076,713 $ 461,398 $ 614,900 $ 1,076,298 Dominican Republic 302,122 — 302,122 311,050 — 311,050 Africa 237,028 321 237,349 264,529 321 264,850 Chile 211,123 224,116 435,239 222,629 224,116 446,745 United States — 827,277 827,277 — 794,891 794,891 Mexico — 33,800 33,800 — 41,803 41,803 Australia — 19,265 19,265 — 21,288 21,288 Rest of world 85,254 25,785 111,039 92,010 26,639 118,649 Total $ 1,253,170 $ 1,789,634 $ 3,042,804 $ 1,351,616 $ 1,723,958 $ 3,075,574 Our reportable segments for purposes of assessing performance for the years ended December 31, 2024, 2023 and 2022, respectively, are shown below (amounts are in thousands): Year Ended December 31, 2024 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests Canada $ 231,801 $ 43,262 $ — $ 43,755 $ 144,784 Dominican Republic 83,059 23,620 — 8,929 50,510 Africa 82,132 16,069 — 27,501 38,562 Chile 47,531 6,951 — 11,506 29,074 Rest of the world 38,771 7,612 — 11,109 20,050 Total stream interests 483,294 97,514 — 102,800 282,980 Royalty interests United States $ 121,212 $ — $ 5,419 $ 22,902 $ 92,891 Mexico 52,842 — — 8,003 44,839 Australia 28,966 — — 2,023 26,943 Canada 18,945 — 1,203 7,502 10,240 Rest of the world 14,136 — — 855 13,281 Total royalty interests 236,101 — 6,622 41,285 188,194 Total $ 719,395 $ 97,514 $ 6,622 $ 144,085 $ 471,174 6 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 the 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 Australia 19,011 — — 831 18,180 Canada 12,712 — 1,062 5,650 6,000 Rest of the 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 the 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 Rest of the world 8,501 — — — 8,501 Total royalty interests 185,413 — 7,021 34,916 143,476 Total $ 603,206 $ 94,642 $ 7,021 $ 178,442 $ 323,101 _______________________________________________________ (1) Excludes depreciation, depletion and amortization.
A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.
A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, 4 location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.
Regulation Operators of the mines that are subject to our stream and royalty interests must comply with numerous environmental, mine safety, land 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.
Regulation Operators of the mines that are subject to our stream and royalty interests must comply with numerous environmental, mine safety, land 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 and other countries where we hold interests.
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.
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.
(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.
(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.
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.
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. Competition The mining industry in general, and stream and royalty segments in particular, are very competitive.
The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in Subpart 1300 of Regulation S-K (“SK1300”), in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit.
The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in Subpart 1300 of Regulation S-K (“S-K 1300”), in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit.
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.
During the year ended December 31, 2024, we derived approximately 88% of our revenue from precious metals (including 76% from gold and 7 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.
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.
ITEM 1. BUSINESS 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.
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.
Human Capital Resources Employees We currently have 30 employees that work out of our offices in Denver, Colorado, Lucerne, Switzerland, Vancouver, Canada, and Toronto, Canada. Our employees are not subject to a labor contract or collective bargaining agreement.
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.
As of December 31, 2024, we owned royalty interests on 35 production stage properties, 16 development stage properties and 115 exploration stage properties, of which we consider 50 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.
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.
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 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.
Development We support the continued professional development of our employees by underwriting or subsidizing education and professional development programs for our employees. 8 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.
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.
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.
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.
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.
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
The information on our website is not part of this or any other report filed with or furnished to the SEC.
LBMA Price: The London Bullion Market Association PM fixing prices in U.S. dollars for gold and daily fixing prices in U.S. dollars for silver. ​ LME Price : The London Metals Exchange settlement price for copper and other metals, as applicable. ​ Measured mineral resource: That part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling.
LBMA Price: The London Bullion Market Association PM fixing prices in U.S. dollars for gold and daily fixing prices in U.S. dollars for silver. LME Price : The London Metals Exchange settlement price for copper and other metals, as applicable.
This includes our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those forms. These reports are available free of charge on our website at www.royalgold.com as soon as reasonably practicable after they are electronically filed with or furnished to the SEC.
These reports are available free of charge on our website at www.royalgold.com as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. These reports also can be obtained on the SEC’s website at www.sec.gov.
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.
As discussed in further detail throughout this report, some key business highlights and developments for the year ended December 31, 2024 were as follows: • During calendar year 2024 we repaid the remaining $250 million outstanding under our $1 billion revolving credit facility, resulting in the revolving credit facility being fully undrawn and available as of December 31, 2024. • We had record revenue of $719.4 million for the year ended December 31, 2024, compared to $605.7 million for the comparable prior year period, representing a 19% increase. • We generated a record $529.5 million of net operating cash flow for the year ended December 31, 2024, compared to $415.8 million for the comparable prior year period, representing a 27% increase. • We increased our calendar year dividend to $1.80 per basic share, which is paid in quarterly installments throughout calendar year 2025.
As of December 31, 2023, we owned nine stream interests, which are on eight production stage properties and one development stage property.
As of December 31, 2024 we owned nine stream interests, which are on seven production stage properties and two development stage properties. Stream interests accounted for 67% and 69% of our total revenue for the years ended December 31, 2024 and 2023, respectively.
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.
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. 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.
We have benefited from a very low voluntary turnover rate, with many of the current staff still with the Company after 10 years of employment. ​ Diversity and Inclusion ​ We believe that diversity can enhance creativity, productivity, and organizational strength. We strive to maintain an environment where the perspectives and experiences of all personnel are respected and valued.
We have benefited from a very low voluntary turnover rate, with many of the current staff still with the Company after 10 years of employment. 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.
Removed
ITEM 1. BUSINESS Change in Fiscal Year On August 9, 2021, our Board of Directors approved a change in our fiscal year end from June 30 to December 31, effective as of December 31, 2021.
Added
This represents a 13% increase compared with the dividend paid during calendar year 2024. • On February 13, 2024, we entered into a Cost Support Agreement with Centerra Gold Inc. ("Centerra") to incentivize Centerra to continue to invest and maximize the value of the large mineral endowment at Mount Milligan.
Removed
As a result, this Annual Report on Form 10-K (this “Form 10-K”) includes financial information for the transition period from July 1, 2021, through December 31, 2021. Prior to the six months ended December 31, 2021, our fiscal year ended on June 30. References in this report to the “transition period” refer to the six-month period ended December 31, 2021.
Added
The Cost Support Agreement provided a basis for a reserve increase and extension of the Mount Milligan mine life to 2035 and may provide a basis for further extension of the mine life beyond 2035. 3 • We acquired royalty interests for total cash consideration of $106 million on the Back River Gold District in Nunavut, Canada, and the Cactus Project in Arizona, U.S.A.
Removed
Mineralized material: A term used for reporting historically that refers to that part of a mineral system that has potential economic significance but is not included in the proven and probable reserve estimates until further drilling and metallurgical work is completed, and until other economic and technical feasibility factors based on such work have been resolved.
Added
Measured mineral resource: That part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling.
Removed
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.
Added
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.
Removed
We seek to identify potential future candidates for employment and membership on our Board using a wide range of criteria that, depending on the position, may include diversity, experience in the mining industry, integrity, perspective, broad business judgment and leadership skills, personal qualities and reputation in the business community, and relevant technical, management, political, legal, governance, finance and other experience. ​ We are committed to an inclusive work environment where individuals are treated with fairness and respect and are given equal opportunity to develop and advance without regard to age, race, sex, gender identity or characteristics, color, religion, national origin, disability, sexual orientation, marital status, military status, pregnancy, genetic information, or any other status protected by state or local law. ​ We are committed to providing equal opportunities for promotion, compensation, training and development to all qualified individuals.
Added
Compensation and Benefits We offer competitive compensation and benefits to attract and retain top talent. 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.
Removed
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.
Added
SEC Filings We file periodic and current reports, proxy statements, and other information with the SEC. This includes our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those forms.
Removed
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.
Removed
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.
Removed
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.
Removed
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.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

69 edited+40 added−7 removed26 unchanged
Biggest changeHowever, 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.
Biggest changeHowever, 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 hazards and risks faced by the operators of the properties in which we hold stream or royalty interests: • insufficient ore reserves • increased capital or operating costs • declines in the price of gold, silver, copper, or other metals • declines in metallurgical recoveries • inability to replace or increase mineral reserves and/or mineral resources as properties are mined 12 • 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 maintain, or challenges to, exploration or mining rights • changes in mining taxes and royalties payable to governments and political environments in general • changes to environmental, permitting, or other legal or regulatory requirements or the enforcement of such requirements, or other adverse government or court actions • 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 • inadequate supplies of power or other raw materials • pit wall, tailings dam, or heap leach pad 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, heap leach operations, 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, any of which may result in costs and other adverse effects to operators • 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 operators • market risks associated with the perception of 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 adversely affect operations at the properties in which we hold stream or royalty interests, which in turn could adversely affect our revenue, cash flow and financial condition.
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.
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 may be subject to different tax and accounting rules than we are, and we may not be able to compete effectively against them.
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.
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 11 impose substantial demands on management’s time.
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.
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 17 be more common.
We may not have sufficient liquidity or may not be able to obtain debt or equity financing at an acceptable cost of capital in order to fund acquisitions due to economic volatility, credit crises, declines in metal prices, or changes in legal, political, social or other conditions.
We may not have sufficient liquidity or may not be able to obtain debt or equity financing at an acceptable cost of capital in order to fund acquisitions due to economic volatility, credit crises, changes in metal prices, or changes in legal, political, social or other conditions.
If we encounter difficulties in accessing the commercial debt market, our ability to finance new acquisitions of stream and royalty interests could be materially and adversely affected.
If we encounter difficulties in accessing the commercial debt market, our ability to finance new acquisitions of stream and royalty interests could be adversely affected.
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.
Payments to us may be delayed by restrictions imposed by the operators’ lenders, financial distress and related events affecting 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.
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, 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, conversion of operators’ estimates of mineral resources to mineral reserves is subject to future exploration and development and associated risks, and estimated mineral resources may never convert to future mineral reserves.
If material tax law changes are enacted, our future effective tax rate, results of operations, and cash flows could be adversely impacted. ​ Anti-corruption laws and regulations could subject us to liability and require us to incur costs. ​ We are subject to the U.S.
If material tax law changes are enacted, our future effective tax rate, results of operations, and cash flows could be adversely affected. Anti-corruption laws and regulations could subject us to liability and require us to incur costs. We are subject to the U.S.
If we issue additional equity securities, our existing stockholders would be diluted and our per-share financial measures would be reduced. In addition, shares of common stock that we issue in connection with an acquisition may not be subject to resale restrictions.
If we issue additional equity securities, our existing stockholders could be diluted and our per-share financial measures could be reduced. In addition, shares of common stock that we issue in connection with an acquisition may not be subject to resale restrictions.
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.
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 • interest and inflation rates and expectations about both • currency values • credit market conditions Market fluctuations, regardless of cause, may adversely affect our stock price.
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.
These events could damage assets, adversely affect 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.
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.
In addition, we may be required to make retroactive revenue adjustments 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.
These price adjustments can decrease our revenue in future periods if metal prices decline following shipment. ​ Metal price declines could cause an operator to reduce, suspend, or terminate production or development at a project, which would impact our future revenue from the project.
These price adjustments can decrease our revenue in future periods if metal prices decline following shipment. Metal price declines could cause an operator to reduce, suspend, or terminate production or development at a project, which could decrease or delay our future revenue or revenue expectations from the project.
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.
Our activities and 13 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, fraud, lack of transparency, or underdeveloped laws, courts, or rule of law • exposure to liabilities or increased compliance costs under anti-corruption, anti-money laundering, child labor, or forced labor laws • involvement in operations by state-owned or state-controlled entities • 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, foreign ownership structures, corporate transactions, creditors’ rights, bankruptcy, and liquidation.
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.
In addition, if we have to rely on issuing equity to finance transactions, our stock price could be adversely affected, and our stockholders’ ownership could be diluted. 15 Evolving expectations regarding ESG matters may adversely affect our business, including as a result of additional costs, reputational damage, and/or litigation.
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.
Higher borrowing costs, future increases in our level of indebtedness, or difficulties in accessing the commercial debt market could adversely affect 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 or greater access to financing • 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.
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.
These liabilities could adversely affect 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.
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.
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, including 10 accounting charges.
Among other things, these provisions provide for the following: ​ ● allow our Board of Directors to issue shares of common stock and preferred stock without stockholder approval, except as may be required by Nasdaq rules ● allow our Board of Directors to establish the rights and preferences of authorized and unissued preferred stock ● provide for a classified Board, whereby our Board of Directors is divided into three classes of directors serving staggered three-year terms ● prohibit stockholders from calling special meetings of stockholders ● require advance notice of stockholder proposals and related information ● require vacancies and newly created directorships on the Board of Directors to be filled only by affirmative vote of a majority of the directors then serving on the board ​ These provisions could increase the cost of acquiring us or discourage a third party from acquiring us or removing incumbent management, which could decrease the value of your investment. ​ ITEM 1B.
Among other things, these provisions provide for the following: • our Board of Directors may approve the issuance of shares of common stock and preferred stock without stockholder approval, except as may be required by Nasdaq rules • our Board of Directors may establish the rights and preferences of authorized and unissued preferred stock • our Board of Directors is divided into three classes of directors serving staggered three-year terms • stockholders may not call special meetings of stockholders 18 • stockholders must provide advance notice of stockholder proposals and related information • vacancies and newly created directorships on the Board of Directors may be filled by affirmative vote of a majority of the directors then serving on the Board These provisions could increase the cost of acquiring us or discourage a third party from acquiring us or removing incumbent management, which could decrease the value of your investment.
The market price of our common stock could decline if our stockholders sell substantial amounts of our common stock or are perceived by the market as intending to sell these shares other than in an orderly manner. ​ We may change our practice of paying dividends, which could reduce the value of your investment. ​ We have paid a cash dividend on our common stock since calendar year 2000.
The market price of our common stock could decline if our stockholders sell substantial amounts of our common stock or are perceived by the market as intending to sell these shares other than in an orderly manner. We may change our practice of paying dividends, which could reduce the value of your investment.
In addition, some of our royalty agreements are based on the operator’s concentrate sales to smelters and allow for price adjustments between the operator and the smelter based on changes in metals prices between the date an operator ships concentrate to its offtake customer and the date the sale of concentrate is finally settled (typically a period of three to five months).
In addition, revenue under some of our royalty agreements is based on the operator’s concentrate sales to smelters and may be adversely affected by price adjustments based on changes in metals prices between the date an operator ships concentrate to its offtake customer and the date the sale of concentrate is finally settled (typically a period of three to five months).
We often do not have the protection of security interests that could help us recover all or part of our investment in a stream or royalty interest in the event of an operator’s bankruptcy or insolvency.
As a result, these interests may not survive a bankruptcy or insolvency of an operator. We often do not have the protection of security interests or similar rights that could help us sustain or recover all or part of our investment in a stream or royalty interest in the event of an operator’s bankruptcy or insolvency.
If our Board of Directors reduces or eliminates future dividends, our stock price could fall, and the success of your investment would depend largely on any future stock price appreciation. We have increased our dividend in prior years.
In addition, corporate law limitations or future contractual restrictions could limit our ability to pay dividends in the future. If our Board of Directors reduces or eliminates future dividends, our stock price could fall, and the success of your investment would depend largely on any future stock price appreciation. We have increased our dividend in prior years.
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.
In addition, the contracts governing our stream and royalty interests, including intercreditor agreements with other providers of capital, may not have sufficient legal protections or a court could impose restrictions on enforcement of our rights.
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, Andacollo experienced flooding due to a significant rainfall event in July 2022, which caused operations to shut down for five days and negatively affected production over the following six months. In 2023 and 2024, Andacollo faced drought conditions, causing water restrictions that impacted production.
These production or development decisions could prevent us from recovering our initial investment in the project or result in an impairment to the value of our initial investment. ​ We own nonoperating interests in mining properties and cannot ensure properties are developed or operated in our best interests. ​ Our revenue is derived entirely from stream and royalty interests in properties owned and operated by third parties.
These production or development decisions could prevent us from recovering our investment in the project or result in an impairment to the value of our investment. 9 We own nonoperating interests in mining properties and cannot ensure properties are developed or operated in our best interests.
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.
The operators of the projects in which we hold interests 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.
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.
If our stream or royalty interests were set aside through judicial or administrative proceedings or if we are unable to enforce our contractual rights, our results of operations and 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.
In general, we have no decision-making authority regarding the development or operation of the mineral properties underlying our stream and royalty interests.
Our revenue is derived from stream and royalty interests in properties owned and operated by third parties. In general, we have no decision-making authority regarding the development or operation of the mineral properties underlying our stream and royalty interests.
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.
Risks Relating to Our Business Our revenue is subject to volatility in metal prices, which could adversely affect our results of operations and cash flow. Market prices for gold, silver, copper, and other metals fluctuate widely over time and are affected by numerous factors beyond our control.
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.
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.
This could include adverse effects on operations as a result of increasing occurrences of extreme weather events, flooding, water shortages, changes in rainfall and storm patterns, changes in sea levels, heat stress, wildfires, and other negative weather and climate patterns.
Climate change may also pose physical risks to the properties in which we hold an interest. This could include adverse effects on operations as a result of increasing occurrences of extreme weather events, flooding, water shortages, changes in rainfall and storm patterns, changes in sea levels, heat stress, wildfires, and other negative weather and climate patterns.
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.
Evolving expectations regarding ESG initiatives and disclosures may result in increased costs for the operators and us, enhanced compliance or disclosure obligations, or other effects on our business. In addition, our ESG practices and disclosures may subject us to other adverse effects, including reputational damage and/or litigation.
There can be no assurance, however, that we will continue to do so or that we will pay any dividends. ​ Provisions of Delaware law and our organizational documents could delay or prevent a third party from acquiring us. ​ The anti-takeover provisions of Delaware law impose barriers to the ability of a third party to acquire control of us, even if a change of control would be beneficial to our existing stockholders.
There can be no assurance, however, that we will continue to do so or that we will pay any dividends. Provisions of Delaware law and our organizational documents could delay or prevent a third party from acquiring us.
These individuals have significant industry and Company-specific experience. If we are unsuccessful at retaining or attracting qualified personnel, our business could be disrupted and our reputation could be harmed, adversely impacting our ability to achieve our business objectives.
These individuals have significant industry and Company-specific experience. If we are unsuccessful at retaining or attracting qualified personnel, our business could be disrupted and our reputation could be harmed, adversely affecting our ability to achieve our business objectives. We do not currently maintain key person life insurance on any of these individuals or our directors.
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.
In addition, estimates of mineral resources are subject to similar uncertainties and assumptions as discussed above with respect to mineral reserves. 14 The operators of properties subject to our interests may be subject to growing environmental risks, including risks associated with climate change, which could adversely affect us, our financial condition, or the value of our interests or of our common stock.
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.
For example, during the year ended December 31, 2024, the market price of our common stock ranged from a low of $100.55 to a high of $155.10.
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.
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 assets or confidential information; result in 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.
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, we may not have access to sufficient information on the operations in respect of which we hold stream and royalty interests in order to adequately comply with climate change regulations or meet stockholder expectations on adequate disclosure or to quantify the potential effects of climate change on our business.
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 future success depends largely on our ability to acquire additional stream or royalty interests at appropriate valuations. We may not adequately assess technical, operational, legal, environmental, or social risks in connection with new acquisitions, which could adversely affect our expected investment returns or future results of operations.
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.
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 adverse changes 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 at Mount Milligan and Pueblo Viejo in response to the COVID-19 pandemic.
Our Board of Directors has discretion in determining whether to declare a dividend based on a number of factors, including metal prices, economic or market conditions, earnings, cash flow, financial condition, and funding requirements for future opportunities or operations. In addition, corporate law limitations or future contractual restrictions could limit our ability to pay dividends in the future.
We have paid a cash dividend on our common stock since calendar year 2000. Our Board of Directors has discretion in determining whether to declare a dividend based on a number of factors, including metal prices, economic or market conditions, earnings, cash flow, financial condition, and funding requirements for future opportunities or operations.
Any violations of the FCPA or other anti-corruption laws could result in significant civil or criminal penalties to us and could have an adverse effect on our reputation. ​ Risks Related to our Common Stock ​ Our stock price may continue to be volatile, and you could lose all or part of your investment. ​ The market price of our common stock has fluctuated in the past and may continue to do so in the future.
Risks Related to Our Common Stock Our stock price may continue to be volatile, and you could lose all or part of your investment. The market price of our common stock has fluctuated in the past and may continue to do so in the future.
As a result, it may be difficult for us to project or assess the performance of a stream or royalty interest, and we generally are unable to conduct our own mineral reserve and mineral resource analysis. ​ Our stream and royalty interests may not result in anticipated returns or may not otherwise ultimately benefit our business. ​ We are continually reviewing opportunities to acquire new stream and royalty interests, and we have acquisition opportunities at various stages of review.
Our stream and royalty interests may not result in anticipated returns or may not otherwise ultimately benefit our business. We are continually reviewing opportunities to acquire new stream and royalty interests, and we have acquisition opportunities at various stages of review. Any acquisition could be material to us.
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.
Mining operations are subject to extensive laws and regulations governing land use and the protection of the environment. 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.
The effects of health epidemics, pandemics and similar outbreaks will ultimately depend on many factors that are outside of our control (including the severity and duration of such events and government and operator actions in response to such events) and could materially and adversely impact our business, results of operations, financial position, and/or the trading price of our stock. ​ Risks Relating to our Stream and Royalty Interests ​ Our revenue is subject to operational and other risks faced by operators of the properties in which we hold stream or royalty interests. ​ We generally are not required to pay capital or operating costs on projects in which we hold stream or royalty interests.
The effects of health epidemics, pandemics, and similar outbreaks will ultimately depend on many factors that are outside of our control, including the severity and duration of such events and government and operator actions in response to such events, and could adversely affect our business, results of operations, financial position, and/or the trading price of our stock.
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.
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 effect on our results of operations than if our revenue were less concentrated.
We cannot ensure that any acquisition or other transaction will ultimately benefit Royal Gold. ​ Our future success depends on our ability to acquire additional stream or royalty interests at appropriate valuations. ​ Our future success depends largely on our ability to acquire additional stream and royalty interests at appropriate valuations.
In addition, we could be required to decrease the carrying value of our investment, which could adversely affect our results of operations or financial condition. We cannot ensure that any acquisition or other transaction will ultimately benefit Royal Gold. Our future success depends on our ability to acquire additional stream or royalty interests at appropriate valuations.
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, 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.
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.
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. If any of these events were to occur, our revenue or the value of our interests could be adversely affected.
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.
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.
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.
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.
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.
Adverse publicity or climate-related litigation that affects any of the operators of the principal properties in which we hold interests could adversely affect our business. As a holder of stream and royalty interests, we generally will not have any influence on litigation such as this or access to non-public information concerning such litigation.
We do not independently prepare or verify this information and generally lack sufficient information and access to properties to do so. There are numerous uncertainties inherent in these estimates, many of which are outside the operators’ control.
The operators of the properties in which we hold stream and royalty interests generally prepare production, mineral reserve, and mineral resource estimates for the properties. We do not independently prepare or verify this information and generally lack sufficient information and access to properties to do so.
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.
Our failure to comply with these covenants could result in an event of default that, if not waived, could result in the acceleration of all outstanding indebtedness. 16 Legal Risks Defects in our stream or royalty interests or the bankruptcy or insolvency of an operator could adversely affect the value of our investments.
For example, we depend on our information technology systems for financial reporting, operational and investment management, and email. These systems contain, among other information, our proprietary business information and personally identifiable information of our employees.
These systems contain, among other information, our proprietary business information and personally identifiable information of our employees and others.
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.
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.
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.
A price decline could also adversely affect our revenue from certain sliding-scale royalty agreements, under which price decreases below specified thresholds result in lower royalty rates.
Although we do not operate these properties, enforcement authorities could deem us to have some culpability for the operators’ actions.
Although we do not operate these properties, enforcement authorities could deem us to have some culpability for the operators’ actions. Any violations of the FCPA or other anti-corruption laws could result in significant civil or criminal penalties to us and could adversely affect our reputation.
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.
In the United States and other countries, indigenous people may be recognized as sovereign entities and may enforce or seek to enforce their own laws and regulations on projects within their sovereign territories.
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.
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. For example, our stream interests at Pueblo Viejo and Andacollo, and certain of our royalty interests at other properties, contain provisions for rate reductions and/or cash price increases.
In the future, we may be unable to obtain new financing or refinancing on acceptable terms. ​ Legal Risks ​ Defects in our stream or royalty interests or the bankruptcy or insolvency of an operator could have a material adverse effect on the value of our investments. ​ Despite our due diligence practices, it is possible that unknown defects or problems will exist relating to the existence, validity, enforceability, terms, or geographic extent of our stream and royalty interests.
Despite our due diligence practices, it is possible that defects or problems will exist relating to the existence, validity, enforceability, terms, or geographic extent of our stream and royalty interests. Similarly, stream interests and, in many jurisdictions, royalty interests, are or can be contractual in nature, rather than interests in land.
Foreign operations also could be adversely impacted by laws and policies of the United States affecting foreign trade, investment and taxation. ​ These risks may limit or disrupt the development or operation of properties in which we hold stream and royalty interests or impair our rights or interests in these properties, which could adversely affect our results of operations or financial condition. ​ If the assumptions underlying operators’ production, mineral reserve, or mineral resource estimates are inaccurate or if future events cause operators to negatively adjust their previous estimates, our future revenue or the value of our investments could be adversely affected. ​ The operators of the properties in which we hold stream and royalty interests generally prepare production, mineral reserve, and mineral resource estimates for the properties.
If the assumptions underlying operators’ production, mineral reserve, or mineral resource estimates are inaccurate or if future events cause operators to negatively adjust their previous estimates, our future revenue or the value of our investments could be adversely affected.
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.
Financing Risks Future indebtedness or difficulties in accessing the commercial debt market could adversely affect our financial condition and impair our ability to operate our business. As of December 31, 2024, we had $1 billion available under our revolving credit facility, none of which was drawn.
Actions taken by us or third-party service providers in response to a cyber-attack may not be adequate.
To the extent artificial intelligence and deepfake technologies capabilities improve and are increasingly adopted by threat actors, they may be used to craft increasingly sophisticated cybersecurity attacks against us or the third-party service providers upon which we are dependent. Actions taken by us or third-party service providers in response to a cyber-attack may not be adequate.
We expect these properties to continue to represent a significant portion of our revenue going forward.
Approximately 55% of our revenue for the year ended December 31, 2024, came from four properties: Mount Milligan (26%), Pueblo Viejo (12%), Cortez (10%), and Andacollo (7%). We expect these properties to continue to represent a significant portion of our revenue going forward.
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%).
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.
If 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.
If such transactions are completed, it may result in a new operator controlling the project, who may not have comparable skills to, and whose interests may differ from, the operator in place at the time of our acquisition, any of which could adversely affect our interests.
Removed
We may be subject to other risks and uncertainties not presently known to us.
Added
We may be subject to other risks and uncertainties not presently known to us or that we currently deem immaterial. In addition, please see our note about forward-looking statements included in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Removed
In addition, we could be required to decrease the carrying value of our investment, which could have a material adverse effect on our results of operations or financial condition.
Added
Our revenue is directly tied to metal prices and is particularly sensitive to changes in the price of gold, as we derive most of our revenue from gold stream and royalty interests.
Removed
If any of these events were to occur, our revenue or the value of our interests could be adversely affected. ​ Climate change may also pose physical risks to the properties in which we hold an interest.
Added
Also, many of our stream and royalty interests relate to metals that are not the primary metal produced at a project, and an operator’s production and development decisions may be influenced by changes in the price of the primary metal.
Removed
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
The operators of the properties in which we hold stream and royalty interests may make decisions that are adverse to our interests, and in some cases, the impact of our stream and royalty interests on operator economics may heighten the risk that operators make development or operating decisions adverse to our interests.
Removed
We may incur additional indebtedness. Our credit facility contains a floating interest rate.
Added
For example, the cost of servicing the burden of our stream or royalty interest may deter operators from seeking to replace current mineral reserves as they are consumed or identify new mineral resources.
Removed
Similarly, stream interests and, in many jurisdictions, royalty interests, are or can be contractual in nature, rather than interests in land. As a result, these interests may not survive a bankruptcy or insolvency of an operator.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeWe describe how risks from identified cybersecurity threats have materially affected or are reasonably likely to materially affect us, including our results of operations and financial condition, under the heading “ A significant disruption to our information technology systems or those of our third-party service providers could adversely affect our business and operating results” in our risk factor disclosures at Item 1A of this Annual Report on Form 10-K. ​ The Chief Financial Officer and Treasurer, with assistance from other members of management and contracted information technology and cybersecurity consultants (including consultants with decades of experience in information technology and cybersecurity roles), is responsible for managing our cybersecurity program, policies and strategy.
Biggest changeWe describe how risks from identified cybersecurity threats have materially affected or are reasonably likely to materially affect us, including our results of operations and financial condition, in the risk factor entitled “ A significant disruption to our information technology systems or those of our third-party service providers could adversely affect our business and operating results” under Item 1A, Risk Factors, of this report.
Added
The Senior Vice President and Chief Financial Officer, with assistance from other members of management and contracted information technology and cybersecurity consultants (including consultants with decades of experience in information technology and cybersecurity roles), is responsible for managing our cybersecurity program, policies and strategy.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeIn many cases, properties shown on the map are in close proximity and the individual properties are not separately identifiable. ​ ​ ​ 23 Table of Contents Aggregate annual production for all properties on which we hold interests during the years ended December 31, 2023, and 2022, the six months ended December 31, 2021, and fiscal year ended June 30, 2021 is shown in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, Stream ​ ​ Metal ​ 2023 2022 2021 2021 ​ Mount Milligan ​ Gold (oz) ​ ​ 165,844 ​ ​ 193,696 ​ ​ 102,746 ​ ​ 154,762 ​ ​ ​ Copper (lb) ​ ​ 62,985,699 ​ ​ 78,742,419 ​ ​ 38,064,499 ​ ​ 84,961,904 ​ Andacollo ​ Gold (oz) ​ ​ 25,455 ​ ​ 26,150 ​ ​ 15,641 ​ ​ 44,140 ​ Pueblo Viejo ​ Gold (oz) ​ ​ 360,931 ​ ​ 442,592 ​ ​ 253,112 ​ ​ 560,812 ​ ​ ​ Silver (oz) ​ ​ 1,362,568 ​ ​ 1,622,221 ​ ​ 1,044,062 ​ ​ 2,033,962 ​ Khoemacau ​ Silver (oz) ​ ​ 1,486,976 ​ ​ 896,883 ​ ​ 257,680 ​ ​ — ​ Other ​ Gold (oz) ​ ​ 503,390 ​ ​ 470,167 ​ ​ 982,812 ​ ​ 421,589 ​ Other ​ Silver (oz) ​ ​ 450,113 ​ ​ 425,791 ​ ​ 448,958 ​ ​ 355,638 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez ​ Gold (oz) ​ ​ 890,702 ​ ​ 414,117 ​ ​ 226,419 ​ ​ 237,023 ​ ​ ​ Silver (oz) ​ ​ 105,836 ​ ​ 126,792 ​ ​ 37,780 ​ ​ 36,280 ​ Penasquito ​ Gold (oz) ​ ​ 129,566 ​ ​ 572,631 ​ ​ 308,552 ​ ​ 613,578 ​ ​ ​ Silver (oz) ​ ​ 16,686,582 ​ ​ 29,731,870 ​ ​ 16,096,518 ​ ​ 30,852,342 ​ ​ ​ Copper (lb) ​ ​ 973,371 ​ ​ 2,531,388 ​ ​ 857,288 ​ ​ 819,648 ​ ​ ​ Lead (lb) ​ ​ 106,938,075 ​ ​ 146,789,281 ​ ​ 81,415,297 ​ ​ 185,597,653 ​ ​ ​ Zinc (lb) ​ ​ 222,457,704 ​ ​ 373,148,732 ​ ​ 212,349,387 ​ ​ 412,746,614 ​ Other ​ Gold (oz) ​ ​ 1,905,190 ​ ​ 1,977,299 ​ ​ 1,690,104 ​ ​ 2,805,320 ​ Other ​ Silver (oz) ​ ​ 2,852,227 ​ ​ 2,843,599 ​ ​ 1,316,894 ​ ​ 3,305,133 ​ Other ​ Copper (lb) ​ ​ 172,192,428 ​ ​ 205,176,006 ​ ​ 91,554,376 ​ ​ 220,937,235 ​ Other ​ Nickel (lb) ​ ​ 27,753,538 ​ ​ 50,797,143 ​ ​ 35,735,347 ​ ​ 92,529,886 ​ Location of the Properties Approximately 80% of our revenue comes from properties outside of the United States, and most of our operators are organized outside of the United States.
Biggest changeYears Ended Stream Metal December 31, 2024 December 31, 2023 December 31, 2022 Mount Milligan Gold (oz) 164,248 165,844 193,696 Copper (lb) 63,066,689 62,985,699 78,742,419 Andacollo Gold (oz) 20,049 25,455 26,150 Pueblo Viejo Gold (oz) 332,184 360,931 442,592 Silver (oz) 1,151,253 1,362,568 1,622,221 Other Gold (oz) 495,446 503,390 470,167 Other Silver (oz) 1,751,266 1,937,089 1,322,674 Royalty Cortez Gold (oz) 720,135 890,702 414,117 Silver (oz) 87,690 105,836 126,792 Other Gold (oz) 2,428,155 1,905,190 2,549,930 Other Silver (oz) 35,152,754 19,538,810 32,554,090 Other Copper (lb) 203,990,454 173,165,799 207,707,394 Other Nickel (lb) 37,912,955 27,753,538 50,797,143 Other Lead (lb) 212,854,866 106,938,075 146,789,281 Other Zinc (lb) 544,744,965 222,457,704 373,148,732 Location of the Properties Approximately 83% of our revenue for the year ended December 31, 2024 came from properties outside of the United States, and most of our operators are organized outside of the United States.
See “Certain Definitions” in Item 1. Business for more information. ​ Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. See “Certain Definitions” in Item 1.
See “Certain Definitions” in Item 1, Business, for more information. Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. See “Certain Definitions” in Item 1, Business, for more information.
PVDC and the Dominican Republic subsequently negotiated the SLA for the Montenegro Fiscal Reserve, which was ratified by the Dominican National Congress and became effective on July 29, 2003. In March 2006, Barrick acquired Placer Dome and in May 2006 amalgamated the companies.
PVDC and the Dominican Republic subsequently negotiated the SLA for the Montenegro Fiscal Reserve, which was ratified by the Dominican Republic National Congress and became effective on July 29, 2003. In March 2006, Barrick acquired Placer Dome and in May 2006 amalgamated the companies.
In 2009, the Dominican Republic and PVDC agreed to amend the terms of the SLA. The amendment became effective on November 13, 2009 following its ratification by the Dominican National Congress. The Pueblo Viejo mine achieved commercial production in January 2013.
In 2009, the Dominican Republic and PVDC agreed to amend the terms of the SLA. The amendment became effective on November 13, 2009 following its ratification by the Dominican Republic National Congress. The Pueblo Viejo mine achieved commercial production in January 2013.
On February 13, 2024, TCM, Centerra and RGLD Gold entered into a Processing Cost Support Agreement (the “Cost Support Agreement”), whereby subject to certain conditions, we will provide cost support payments for gold and copper deliveries under the Milligan Stream Agreement in exchange for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future, and a free cash flow interest in Mount Milligan.
On February 13, 2024, TCM, Centerra, and RGLD Gold entered into a Processing Cost Support Agreement (the “Cost Support Agreement”), whereby subject to certain conditions, RGLD Gold will provide cost support payments for gold and copper deliveries under the Milligan Stream Agreement in exchange for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future, and a free cash flow interest in Mount Milligan.
The principal gold deposits and mining operations are located in the southern portion of Crescent Valley, which was formed by basin and range extensional tectonism. ​ Mineralization is sedimentary rock-hosted and consists of submicron to micrometer-sized gold particles and gold in solid solution in pyrite.
The principal gold deposits and mining operations are located in the southern portion of Crescent Valley, which was formed by basin and range extensional tectonism. 43 Mineralization is sedimentary rock-hosted and consists of submicron to micrometer-sized gold particles and gold in solid solution in pyrite.
Terms have been set for both parties in the SLA that governs the development and operation of the mine. ​ In November 2009, following approval by the Dominican Republic National Congress, President Leonel Fernandez ratified the first amendment to the SLA for Pueblo Viejo.
Terms have been set for both parties in the SLA that governs the development and operation of the mine. 35 In November 2009, following approval by the Dominican Republic National Congress, President Leonel Fernandez ratified the first amendment to the SLA for Pueblo Viejo.
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.
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 m high benches.
In such case, and only at Centerra’s election, we will provide cost support payments, in the case of gold, equal to the lower of either $415 or 66% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 35% of the spot copper price for each pound of copper delivered.
In such case, and only at Centerra’s election, RGLD Gold will provide cost support payments, in the case of gold, equal to the lower of either $415 or 66% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 35% of the spot copper price for each pound of copper delivered.
We will have the right to recover any such payments from future cash support payments beginning in approximately 2030 when metal prices are above $1,600 per ounce of gold and $3.50 per pound of copper.
RGLD Gold will have the right to recover any such payments from future cash support payments beginning in approximately 2030 when metal prices are above $1,600 per ounce of gold and $3.50 per pound of copper.
In addition, starting in approximately 2030, we will provide cost support payments, in the case of gold, equal to the lower of either $415 or 50% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 35% of the spot copper price for each pound of copper delivered.
In addition, starting in approximately 2030, RGLD Gold will provide cost support payments, in the case of gold, equal to the lower of either $415 or 50% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 35% of the spot copper price for each pound of copper delivered.
Finally, starting in approximately 2036, we will provide cost support payments, in the case of gold, equal to the lower of either $615 or 66% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 51% of the spot copper price for each pound of copper delivered.
Finally, starting in approximately 2036, RGLD Gold will provide cost support payments, in the case of gold, equal to the lower of either $615 or 66% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 51% of the spot copper price for each pound of copper delivered.
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 requested information prepared in accordance with S-K 1300 or access to underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request. 24 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.
Through approximately 2029, we will only provide cost support payments when the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound.
Through approximately 2029, RGLD Gold will only provide cost support payments when the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound.
These major units are supplemented with a back-up equipment fleet of graders, track and rubber-tired dozers, backhoes, and water trucks. A 15-meter bench height is used for mining both ore and waste. ​ The Mount Milligan sulfide flotation concentrator was designed to process ore at a nominal rate of 60,000 tpd, producing a marketable concentrate of copper, gold, and silver.
These major units are supplemented with a back-up equipment fleet of graders, track and rubber-tired dozers, backhoes, and water trucks. A 15m bench height is used for mining both ore and waste. 29 The Mount Milligan sulfide flotation concentrator was designed to process ore at a nominal rate of 60,000 tpd, producing a marketable concentrate of copper, gold, and silver.
The SLA tax regime includes a stability clause. ​ Stream Agreement Under the Precious Metals Purchase and Sale Agreement dated August 5, 2015 between RGLD Gold and BGC Holdings Ltd. and Barrick, as amended, we own the right to purchase 7.5% of Barrick’s interest in the gold produced from the Pueblo Viejo mine until 990,000 ounces of gold have been delivered, and 3.75% thereafter.
The SLA tax regime includes a stability clause. 33 Stream Agreement Under the Precious Metals Purchase and Sale Agreement dated August 5, 2015 between RGLD Gold and BGC Holdings Ltd., and Barrick, as amended, RGLD Gold owns the right to purchase 7.5% of Barrick’s interest in the gold produced from the Pueblo Viejo mine until 990,000 ounces of gold have been delivered, and 3.75% thereafter.
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.
Royal Gold requested information prepared pursuant to S-K 1300 or access to the underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request. 32 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 holds a 40% interest.
Two styles of mineralization have been identified. ​ o Early-stage porphyry Au-Cu mineralization (and early-stage vein types) associated with composite monzonite porphyry stocks and related hydrothermal breccia, and narrower dyke and breccia complexes. ​ o Late-stage structurally controlled high-gold low-copper mineralization (and intermediate- to late-stage vein types) that is associated with faults and fault breccias, crosscuts/overprints the earlier stage porphyry mineralization and is more spatially widespread.
Two styles of mineralization have been identified. • Early-stage porphyry gold-copper mineralization (and early-stage vein types) associated with composite monzonite porphyry stocks and related hydrothermal breccia, and narrower dyke and breccia complexes. 31 • Late-stage structurally controlled high-gold low-copper mineralization (and intermediate- to late-stage vein types) that is associated with faults and fault breccias, crosscuts/overprints the earlier stage porphyry mineralization and is more spatially widespread.
Pueblo Viejo is accessed from Santo Domingo by traveling northwest on Autopista Duarte, Highway #1, approximately 77 km to Piedra Blanca and proceeding east for approximately 22.5 km on Highway #17 to the gatehouse for Pueblo Viejo.
Pueblo Viejo is accessed from Santo Domingo by traveling northwest on Autopista Duarte, Highway #1, approximately 77 km to Piedra Blanca and proceeding east for approximately 22.5 km on Highway #17 to the gatehouse for Pueblo Viejo. Both Highway #1 and Highway #17 are paved.
Baumann Trust, and Barrick Gold U.S. Inc., successor to Placer Dome U.S. Inc. (“Barrick Gold U.S.”); South Mining Lease dated October 16, 2002 between Tom and Volina Connolly, and the Jeannette L.
Cortez NVR2 - North Mining Lease dated October 16, 2002 between Tom and Volina Connolly, and the Jeannette L. Baumann Trust, and Barrick Gold U.S. Inc., successor to Placer Dome U.S. Inc. (“Barrick Gold U.S.”); South Mining Lease dated October 16, 2002 between Tom and Volina Connolly, and the Jeannette L.
Inc., that Second Amendment to Mining Lease dated May 26, 1994 between ECM, Inc. and Cortez Gold Mines, that Third Amendment to Mining Lease dated December 13, 1999 between ECM, Inc. and Cortez Gold Mines, that Fourth Amendment to Mining Lease dated March 23, 2001 between ECM, Inc. and Cortez Joint Venture, dba Cortez Gold Mines, that Fifth Amendment to Mining Lease dated December 6, 2001 between ECM, Inc. and Cortez Joint Venture, dba Cortez Gold Mines, and that Sixth Amendment to Mining Lease dated December 6, 2002 between ECM, Inc. and Cortez Joint Venture, dba Cortez Gold Mines; that Royalty Deed and Agreement dated April 15, 1991 between Royal Crescent and ECM, Inc., as assigned by that Assignment dated April 16, 1992 from Royal Crescent to Crescent Valley Partners, L.P.; as assigned by that Royalty Deed and Assignment dated October 1, 2008 between Crescent Valley Partners, L.P., and Barrick Gold Finance Inc., and that Deed and Assignment dated September 19, 2016 between ECM, Inc. and Denver Mining Finance Company, Inc. ​ Cortez NVR2 - North Mining Lease dated October 16, 2002 between Tom and Volina Connolly, and the Jeannette L.
Inc., that Second Amendment to Mining Lease dated May 26, 1994 between ECM, Inc. and Cortez Gold Mines, that Third Amendment to Mining Lease dated December 13, 1999 between ECM, Inc. and Cortez Gold Mines, that Fourth Amendment to Mining Lease dated March 23, 2001 between ECM, Inc. and Cortez Joint Venture, dba Cortez Gold Mines, that Fifth Amendment to Mining Lease dated December 6, 2001 between ECM, Inc. and Cortez Joint Venture, dba Cortez Gold Mines, and that Sixth Amendment to Mining Lease dated December 6, 2002 between ECM, Inc. and Cortez Joint Venture, dba Cortez Gold Mines; that Royalty Deed and Agreement dated April 15, 1991 between Royal Crescent and ECM, Inc., as assigned by that Assignment dated April 16, 1992 from Royal Crescent to Crescent Valley Partners, L.P.; as assigned by that Royalty Deed and Assignment dated October 1, 2008 between Crescent Valley Partners, L.P., and Barrick Gold Finance Inc., and that Deed and Assignment dated September 19, 2016 between ECM, Inc. and Denver Mining Finance Company, Inc.
The operation is located approximately 95 km southwest of Elko, in Lander County, Nevada, at 40.24°N latitude and 116.71°W longitude at an elevation of approximately 1,525 m (mill and administration facility). ​ Cortez is located in the high desert region of the Basin and Range physiographic province. The mean annual temperature is 51°F.
The operation is located approximately 95 km southwest of Elko, in Lander County, Nevada, at 40.24°N latitude and 116.71°W longitude at an elevation of approximately 1,525 m (mill and administration facility). 37 Cortez is located in the high desert region of the Basin and Range physiographic province. The mean annual temperature is 11°C.
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.
We provide certain information on copper 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 10m bench height and an average overall pit slope of 53 degrees.
Copper stream deliveries from Mount Milligan were approximately 10.9 million pounds during the year ended December 31, 2023, compared to approximately 14.8 million pounds during the year ended December 31, 2022. Gold and copper stream deliveries for the year ended December 31, 2023, relate to mine production during the approximate period August 2022 to July 2023.
Copper stream deliveries from Mount Milligan were approximately 11.8 million pounds during the year ended December 31, 2024, compared to approximately 10.9 million pounds during the year ended December 31, 2023. Gold and copper stream deliveries for the year ended December 31, 2024, relate to mine production during the approximate period August 2023 to July 2024.
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.
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.
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.
(“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.
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.
Average annual rainfall 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.
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.
RGLD Gold also owns 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.
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.
Gold recovered from the ore is processed into doré on site and shipped to outside refineries for processing into gold bullion. 41 The active heap leach facilities are located at the Pipeline and Cortez Hills complexes.
The operation has received approval to draw groundwater from within a 6 km radius of the operation for the LOM. ​ On January 6, 2022, TCM received the approval of an amendment to EAC #M09-01 to utilize LOM surface water withdrawals external to the TSF during the open water season (April 1 to November 30) from either the Nation River as a single surface water source or Rainbow Creek and Philip Lake 1 as a combined surface water source.
On January 6, 2022, TCM received the approval of an amendment to EAC #M09-01 to utilize LOM surface water withdrawals external to the TSF during the open water season (April 1 to November 30) from either the Nation River as a single surface water source or Rainbow Creek and Philip Lake 1 as a combined surface water source.
The mine ceased operations in 1999. In 2000, the Dominican Republic invited international bids for the leasing and mineral exploitation of the Pueblo Viejo mine site. In July 2001, PVDC (then known as Placer Dome Dominicana Corporation), an affiliate of 49 Table of Contents Placer Dome, was awarded the bid.
In 2000, the Dominican Republic invited international bids for the leasing and mineral exploitation of the Pueblo Viejo mine site. In July 2001, PVDC (then known as Placer Dome Dominicana Corporation), an affiliate of Placer Dome, was awarded the bid.
Access from the divided highway to the site is via a two-lane, paved highway. Gravel surfaced internal access roads provide access to the mine site facilities. ​ The Pueblo Viejo mine is supplied with electric power from two sources via two independent 230 kV transmission circuits.
Gravel surfaced internal access roads provide access to the mine site facilities. The Pueblo Viejo mine is supplied with electric power from two sources via two independent 230 kV transmission circuits.
Inc., Royal Gold and Royal Crescent; that Fourth Amended Memorandum of Grant of Royalty dated October 1, 2008 between Cortez JV, Royal Gold and Royal Crescent; and subject to that Royalty Deed and Assignment dated October 1, 2008 from Royal Gold to Barrick Gold Finance Inc. ​ Cortez GSR3 - 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.
Cortez GSR3 - 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.
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.
Precipitation averages 15 cm 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.
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.
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.
The mine operates year round. ​ Area of Interest At Pueblo Viejo, our stream interest covers a Special Lease Agreement of Mining Rights (“SLA”), as amended in November 2009 and in October 2013.
Area of Interest At Pueblo Viejo, our stream interest covers a Special Lease Agreement of Mining Rights (“SLA”), as amended in November 2009 and in October 2013.
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.
James, Mackenzie, Vanderhoof, Smithers, and Fraser Lake. Area of Interest At Mount Milligan, RGLD Gold’s 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.
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.
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.
The results of this study were presented before COREMA for approval. On July 13, 1995, COREMA granted CMCA an environmental permit to operate the existing Andacollo mine. ​ According to the operator, all major permits for current operations are in place and the operation is in material compliance with those permits.
On July 13, 1995, COREMA granted CMCA an environmental permit to operate the existing Andacollo mine. According to the operator, all major permits for current operations are in place and the operation is in material compliance with those permits.
The stopes will be extracted on a transverse primary/secondary system with (where possible), a continuous mining front. Broken material is hauled from the mine using 63-tonne capacity haul trucks out of the mine declines. Void space is then filled with cemented rock fill.
The stopes are extracted on a transverse primary/secondary system with (where possible), a continuous mining front. Broken material is hauled from the mine using 63-tonne capacity haul trucks out of the mine declines. Void space is then filled with cemented rock fill. A paste plant is expected to be constructed to provide backfill.
The primary access is a set of twin declines developed to allow exploration and initial test stoping on the orebody. The primary method of extraction at the Goldrush mine is longhole open stoping. The basic mining unit is a stope with the dimensions of 15 m (width) by 15 m (strike length) by 20 m (height).
The primary access is a set of twin declines and the primary method of extraction at the Goldrush mine is longhole open stoping. The basic mining unit is a stope with the dimensions of 15 m (width) by 15 m (strike length) by 20 m (height).
In 1969, the original Cortez mine went into production. From 1969 to 1997, gold ore was sourced from open pits at Cortez, Gold Acres, Horse Canyon and Crescent. In 1991, the Pipeline and South Pipeline deposits were discovered, with development approval received in 1996.
Property History In 1964, a joint venture was formed to explore the Cortez area. In 1969, the original Cortez mine went into production. From 1969 to 1997, gold ore was sourced from open pits at Cortez, Gold Acres, Horse Canyon and Crescent. In 1991, the Pipeline and South Pipeline deposits were discovered, with development approval received in 1996.
Milling activities at Cortez are conducted at the Pipeline complex, which includes crushing and grinding facilities, CIL circuits, reagent storage areas and a recovery/refining circuit. Plant throughput can reach up to 16,300 tpd depending on the hardness of the ore being processed. ​ The Goldrush underground project is currently in development.
Milling activities at Cortez are conducted at the Pipeline complex, which includes crushing and grinding facilities, CIL circuits, reagent storage areas and a recovery/refining circuit. Plant throughput can reach up to 16,300 tpd depending on the hardness of the ore being processed. The Goldrush underground mine is currently ramping up to full production levels after officially opening in early 2024.
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.
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.
Subsequent to that early mining activity, Rosario Resources commenced mining operations on the property in 1975. In 1979, the Central Bank of the Dominican Republic purchased all foreign-held shares in Rosario Resources and the Dominican Government continued operations as Rosario Dominicana S.A. Gold and silver production from oxide, transitional, and sulfide ores occurred from 1975 to 1999.
In 1979, the Central Bank of the Dominican Republic purchased all foreign-held shares in Rosario Resources and the Dominican Government continued operations as Rosario Dominicana S.A. Gold and silver production from oxide, transitional, and sulfide ores occurred from 1975 to 1999. The mine ceased operations in 1999.
Production stage properties 2. Development stage properties 3. Exploration stage properties. Royal Gold further subdivides exploration stage properties into two categories: a. Evaluation stage properties, for which mineral resources have been declared, supported by an appropriate technical report, and b.
Stage of the Properties (Exploration, Development, or Production) S-K 1300 subdivides mineral properties into three stages. 1. Production stage properties 2. Development stage properties 3. Exploration stage properties. Royal Gold further subdivides exploration stage properties into two categories: a. Evaluation stage properties, for which mineral resources have been declared, supported by an appropriate technical report, and b.
The cash purchase price equals 15% of the monthly average gold price for the month preceding the delivery date for all gold purchased. As of December 31, 2023, approximately 349,100 ounces of payable gold have been delivered to us. ​ Although Andacollo is primarily a copper mine, our stream agreement covers only gold and not copper production.
The cash purchase price equals 15% of the monthly average gold price for the month preceding the delivery date for all gold purchased. As of December 31, 2024, approximately 368,500 ounces of payable gold have been delivered to RGLD Gold. Although Andacollo is primarily a copper mine, RGLD Gold’s stream agreement covers only gold and does not cover copper production.
Both Highway #1 and Highway #17 are paved. ​ Elevation at the mine site ranges from 565 m at Loma Cuaba to approximately 65 m at the Hatillo Reservoir. The site is characterized by rugged and hilly terrain covered with subtropical wet forest and scrub cover. The region has a tropical climate with little fluctuation in seasonal temperatures.
Elevation at the mine site ranges from 565 m at Loma Cuaba to approximately 65 m at the Hatillo Reservoir. The site is characterized by rugged and hilly terrain covered with subtropical wet forest and scrub cover. The region has a tropical climate with little fluctuation in seasonal temperatures. The heaviest rainfall occurs between May and October.
Mineralization is disseminated throughout the host rock matrix in zones of silicified, decarbonatized, and/or argillized, silty calcareous rocks. ​ The Cortez Hills deposit consists of the Breccia Zone, Middle Zone, Lower Zone, Renegade Zone and the Pediment deposit.
Mineralization is disseminated throughout the host rock matrix in zones of silicified, decarbonatized, and/or argillized, silty calcareous rocks. The Cortez Hills deposit consists of the Breccia Zone, Middle Zone, Lower Zone, Renegade Zone and the Pediment deposit. The maximum strike length of mineralization in the Cortez Hills deposit is approximately 1,300 m, and the maximum width is approximately 420 m.
It is a port city with a population of over three million with daily air service to the USA and other countries. Most non-technical staff positions and labor requirements are filled from local communities.
The city of Santo Domingo is the principal source of supply for the mine. It is a port city with a population of over three million with daily air service to the USA and other countries. Most non-technical staff positions and labor requirements are filled from local communities. The mine operates year round.
Our material properties are located in Botswana, Canada, Chile, the Dominican Republic, Mexico and the United States. ​ Type and Amount of Ownership Interests A metal stream is 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.
Type and Amount of Ownership Interests A metal stream is 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.
The heaviest rainfall occurs between May and October. ​ Infrastructure Infrastructure to support the mining and processing operation is in place. ​ The main road from Santo Domingo to within about 22.5 km of the mine site is a surfaced, four-lane, divided highway that is generally in good condition.
Infrastructure Infrastructure to support the mining and processing operation is in place. The main road from Santo Domingo to within about 22.5 km of the mine site is a paved, four-lane, divided highway that is generally in good condition. Access from the divided highway to the site is via a two-lane, paved highway.
Inc., as assigned by that Assignment and Quitclaim Deed dated August 14, 1991 from Placer Dome U.S. Inc. to Cortez Gold Mines, as amended by that First Amendment to Mining Lease dated December 22, 1992 between ECM, Inc. and Placer Dome U.S.
Inc. to Cortez Gold Mines, as amended by that First Amendment to Mining Lease dated December 22, 1992 between ECM, Inc. and Placer Dome U.S.
Current mining operations supplement fresh ore from the Monte Negro and Moore pits with stockpiled ore to achieve the required ore blend for ore processing. ​ Equipment planning has considered mine design production of approximately 57 to 63 Mtpa total material movement, including limestone.
It achieved commercial production in January 2013 and completed its ramp-up to full design capacity in 2014. Current mining operations supplement fresh ore from the Monte Negro and Moore pits with stockpiled ore to achieve the required ore blend for ore processing. Equipment planning has considered mine design production of approximately 57 to 63 Mtpa total material movement, including limestone.
The Cortez property has received approval for a number of POOs and reclamation permits since the early 1980s. Permits were issued to allow mining and processing of ore from the East Pit, Horse Canyon Pit, Gold Acres, South Extension Pit, Cortez Canyon, and other areas that are no longer actively mined. The major environmental analysis documents (e.g.
Permits were issued to allow mining and processing of ore from the East Pit, Horse Canyon Pit, Gold Acres, South Extension Pit, Cortez Canyon, and other areas that are no longer actively mined. The major environmental analysis documents (e.g.
The power plant began supplying power to the mine using natural gas in the first quarter of 2020. ​ In addition to the existing access roads, the site infrastructure includes accommodations, offices, a truck shop, a medical clinic and other buildings, water supply, the TSF, and water treatment facilities. A double and single fence system protects the process plant site.
In addition to the existing access roads, the site infrastructure includes accommodations, offices, a truck shop, a medical clinic and other buildings, water supply, the TSF, and water treatment facilities. A double and single fence system protects the process plant site.
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.
These cities have a combined population of about 350,000 inhabitants. 25 Area of Interest The stream interest of our wholly owned subsidiary, RGLD Gold AG (“RGLD Gold”), at Andacollo covers 1,225 exploitation mining concessions, including 1,174 concessions termed the “Mining Properties” and 51 concessions termed the “Dayton Concessions.” RGLD Gold’s 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.
(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.
(8) Idaho Royalty rates are rounded. We also own two additional royalties in the Cortez area where there is currently no attributable production. 39 Royalty Agreements Cortez GSR1 and GSR2 - Royalty Agreement dated April 1, 1999 between The Cortez Joint Venture (“Cortez JV”), Placer Dome U.S. Inc., and Royal Crescent Valley Inc.
The Lease has a term of 25 years with one extension by right for 25 years and a second 25 year extension at the mutual agreement of Barrick and the Dominican state, allowing a possible total term of 75 years. ​ Under the SLA, PVDC is obligated to make the following payments to the Dominican Republic: a net smelter return royalty of 3.2% based on gross revenues less some deductible costs (royalties do not apply to copper or zinc); a net profits interest of 28.75% based on an adjusted taxable cash flow; a corporate income tax of 25% based on adjusted net income; a withholding tax on interest paid on loans and on payments abroad; and other general tax obligations.
Under the SLA, PVDC is obligated to make the following payments to the Dominican Republic: a net smelter return royalty of 3.2% based on gross revenues less some deductible costs (royalties do not apply to copper or zinc); a net profits interest of 28.75% based on an adjusted taxable cash flow; a corporate income tax of 25% based on adjusted net income; a withholding tax on interest paid on loans and on payments abroad; and other general tax obligations.
Operators make all or substantially all development and operating decisions, including decisions about permitting, feasibility analysis, mine design and operation, processing, tailings storage facility (“TSF”) design and operation, plant and equipment matters, and temporary or permanent suspension of operations, as well as estimates of resources and reserves. ​ Mine Types and Mineralization Styles Our operating stream and royalty interests cover all types of mineralization styles in a number of primary commodities.
Operators make all or substantially all development and operating decisions, including decisions about permitting, feasibility analysis, mine design and operation, processing, tailings storage facility (“TSF”) design and operation, plant and equipment matters, and temporary or permanent suspension of operations, as well as estimates of resources and reserves.
Requirements of the Environmental License included submission of detailed design of tailings dams, installation of monitoring stations, and submission for review of the waste management plan and incineration plant. ​ An environmental evaluation report was submitted in 2008 to address an increase in the planned processing rate to 24,000 tpd and in September 2010 the Ministry of Environment and Natural Resources issued the Environmental License 101-06 Modified. ​ When the former Rosario mine shut down its operations in 1999, proper closure and reclamation was not undertaken.
An environmental evaluation report was submitted in 2008 to address an increase in the planned processing rate to 24,000 tpd and in September 2010 the Ministry of Environment and Natural Resources issued the Environmental License 101-06 Modified. When the former Rosario mine shut down its operations in 1999, proper closure and reclamation was not undertaken.
During the year ended December 31, 2023, an additional 341,000 ounces of silver deliveries were deferred. The deferred ounces are the result of a mechanism in the stream agreement that allows for the deferral of deliveries in a period if Barrick’s share of silver production is insufficient to cover its stream delivery obligations.
The deferred ounces are the result of a mechanism in the stream agreement that allows for the deferral of deliveries in a period if Barrick’s share of silver production is insufficient to cover its stream delivery obligations.
In 2019, PVDC signed a 10-year natural gas supply contract with AES Andres DR, S.A. (“AES”) in the Dominican Republic. AES also completed a new gas pipeline to the facility.
In 2019, PVDC signed a 10-year natural gas supply contract with AES Andres DR, S.A. (“AES”) in the Dominican Republic. AES also completed a new gas pipeline to the facility. The power plant began supplying power to the mine using natural gas in the first quarter of 2020.
With respect to our material properties, our disclosures in this Item 2 are based on information provided to us by the operators of the properties or the operators’ public filings with the SEC or Canadian securities regulators including technical reports filed with Canadian securities administrators pursuant to National Instrument 43-101 (“NI 43-101”), 2014 Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards and 2019 Best Practice Guideline (“CIM Standards”) and a technical report prepared under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code”).
Sources of Information Our disclosures in this Item 2 are based on information provided to us by the operators of the properties or disclosed by the operators in their public filings with the SEC or Canadian securities regulators, including technical reports filed with Canadian securities administrators pursuant to National Instrument 43-101 (“NI 43-101”), and the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards and 2019 Best Practice Guideline (“CIM Standards”).
This tax is calculated and paid based on a prescribed net income formula which is different from book income. Property Geology The Cortez property is situated along the Cortez/Battle Mountain trend.
The State of Nevada imposes a 5% Net Proceeds of Minerals tax on the value of all minerals severed in the State. This tax is calculated and paid based on a prescribed net income formula which is different from book income. Property Geology The Cortez property is situated along the Cortez/Battle Mountain trend.
James, and 95 km west of Mackenzie. ​ Infrastructure Infrastructure to support the mining and processing operation is in place and fully supports the project. ​ The Mount Milligan mine is accessible by commercial air carrier to Prince George, British Columbia, then by vehicle from the east via Mackenzie on the Finlay Philip Forest Service Road and the North Philip Forest Service Road, and from the west via Fort St.
The Mount Milligan mine is accessible by commercial air carrier to Prince George, British Columbia, then by vehicle from the east via Mackenzie on the Finlay Philip Forest Service Road and the North Philip Forest Service Road, and from the west via Fort St. James on the North Road and Rainbow Forest Service Road.
On August 9, 2012, we increased our gold stream interest in the Mount Milligan project by an additional 12.25% for $200 million and cash payments equal to the lesser of $435 or the prevailing market price for each payable ounce of gold delivered to us. ​ Subsequently, on October 20, 2016, after the first few years of operations, Centerra acquired all of the issued and outstanding common shares of TCM.
On August 9, 2012, we increased our gold stream interest in the Mount Milligan project by an additional 12.25% for $200 million and cash payments equal to the lesser of $435 or the prevailing market price for each payable ounce of gold delivered to us.
Process piping is typically left above ground on pipe racks or in pipe corridors. ​ A TSF is operating in the El Llagal valley approximately 3 km south of the plant site and the progressive raising of a large rock-filled dam with an impermeable saprolite core is underway. ​ The site has sufficient access, surface rights, and suitable sources of power, water, and personnel to maintain an efficient mining operation. ​ The city of Santo Domingo is the principal source of supply for the mine.
A TSF is operating in the El Llagal valley approximately 3 km south of the plant site and the progressive raising of a large rock-filled dam with an impermeable saprolite core is underway. The site has sufficient access, surface rights, and suitable sources of power, water, and personnel to maintain an efficient mining operation.
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 effective December 30, 2022. ​ Property Description The Cortez Complex is a combination of open pit and underground mining operations and projects owned and operated by NGM.
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 effective December 30, 2022.
The Goldrush system remains open to the north into Fourmile, to the southeast, and in multiple directions in the Ken Balleweg (KB) Domain. ​ Robertson is an igneous related gold system. Gold mineralization is found in Upper Plate siliciclastics of the Devonian Slaven and Silurian Elder formations, as well as inside Eocene intermediate composition igneous rocks, primarily diorite and granodiorite.
Robertson is an igneous related gold system. Gold mineralization is found in Upper Plate siliciclastics of the Devonian Slaven and Silurian Elder formations, as well as inside Eocene intermediate composition igneous rocks, primarily diorite and granodiorite.
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.
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 the Annual Information Form, dated February 23, 2024, of Teck Resources Limited (“Teck”), attached as Exhibit 99.1 to Teck’s Annual Report on Form 40-F for the year ended December 31, 2023.
Centerra expects this review to identify and drive incremental operational improvements and is expected to be completed in 2024. ​ On February 13, 2024, we entered into the Cost Support Agreement described above to incentivize Centerra to continue to invest and maximize the value of the large mineral endowment at Mount Milligan.
On February 13, 2024, we entered into the Cost Support Agreement described above to incentivize Centerra to continue to invest and maximize the value of the large mineral endowment at Mount Milligan.
Elko, the closest city to Cortez, is serviced by daily commercial airline flights to Salt Lake City, Utah. ​ Electric power is provided to the Cortez site by NV Energy by an approximately 80 km long radial transmission line originating at their Falcon substation. The incoming NV Energy line terminates at the Barrick owned Pipeline Substation.
Electric power is provided to the Cortez site by NV Energy by an approximately 80 km long radial transmission line originating at its Falcon substation. The incoming NV Energy line terminates at the Barrick owned Pipeline Substation.
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.
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. The mineralized zone starts approximately 60 m below surface and continues to 600 m below surface.
The maximum strike length of mineralization in the Cortez Hills deposit is approximately 1,300 m, and the maximum width is approximately 420 m. The mineralized zone starts at approximately 120 m below surface and continues to more than 600 m below surface. Select areas of the underground mineral resource have expansion potential.
The mineralized zone starts at approximately 120 m below surface and continues to more than 600 m below surface. Select areas of the underground mineral resource have expansion potential. Exploration to fully delineate the extent of the Cortez Hills deposit is ongoing.
In addition, estimates of mineral resources are subject to similar uncertainties and assumptions as discussed above with respect to mineral reserves . 30 Table of Contents Material Properties ​ The disclosures below regarding our principal properties are derived from publicly available reports of the operators and/or other reports provided to us under the terms of our stream or royalty agreements with the respective operators and have generally been prepared pursuant to the mining disclosure regime of the applicable jurisdiction in which the operator reports.
Material Properties The disclosures below regarding our Principal Properties are derived from publicly available reports of the operators and/or other reports provided to Royal Gold under the terms of Royal Gold's stream or royalty agreements with the respective operators and have generally been prepared pursuant to the mining disclosure regime of the applicable jurisdiction in which the operator reports.
Any references in this report to the technical report summaries or other information publicly disclosed by the operators of the properties shall not be deemed to incorporate such information by reference into this report or any future filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates such information by reference. ​ Internal controls for determining and reporting the mineral resources and mineral reserves disclosed in Item 2 are the internal controls specific to the individual projects and are maintained by the operators.
Any references in this report to the technical reports, technical report summaries, or other information publicly disclosed by the operators of the properties subject to our stream and royalty interests shall not be deemed to incorporate such information by reference into this report or any future filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates such information by reference.
The CC Zone includes an approximate equivalent 1.6% GSR royalty over the Cortez Hills, Cortez Pits, Fourmile and Goldrush deposits, an approximate equivalent 2.2% GSR royalty rate over the Goldrush SE deposit, and a 0.45% GSR royalty rate over the Robertson deposit. (7) ​ Royal Gold owns royalty and stream interests in varying percentages on these properties.
The CC Zone includes an equivalent 1.6% GSR royalty over the Cortez Hills, Cortez Pits, Fourmile, and Goldrush deposits, a 2.2% GSR royalty rate over the Goldrush SE deposit, and a 0.45% GSR royalty rate over the Robertson deposit.
Open pit operations moved 115 million tonnes of combined ore and waste in 2023. Two different mining methods are used at the underground operations, long-hole open stoping and drift-and-fill.
Open pit operations moved 115 million tonnes of combined ore and waste in 2023. Two different mining methods are used at the underground operations, long-hole open stoping and drift-and-fill. Underground operations at the Cortez Hills and Goldrush mines are based on ore production rates of 3,500 tpd and 6,000 tpd, respectively.
Geomorphologically, it is characterized by northerly trending valleys bounded by low rolling foothills of the Andes. The average annual temperature is 18.8°C with a range from -5°C in the winter to 32°C in the summer.
The mine property lies at the southern limit of the Atacama Desert at a mean elevation of 1,050 meters (“m”) above sea level. Geomorphologically, it is characterized by northerly trending valleys bounded by low rolling foothills of the Andes. The average annual temperature is 18.8°C with a range from -5°C in the winter to 32°C in the summer.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeCrandall , 41, has advised companies regarding corporate governance, SEC reporting, capital markets, and transactional matters for over 16 years. He joined Royal Gold as Vice President, Corporate Secretary and Chief Compliance Officer in February 2024. Before joining Royal Gold, Mr.
Biggest changeHe joined Royal Gold as Vice President, Corporate Secretary and Chief Compliance Officer in February 2024. Before joining Royal Gold, Mr. Crandall was in private legal practice, most recently as a partner at Hogan Lovells since 2017 and previously in other roles at Hogan Lovells and other international law firms. Mr.
Libner began his career with Ernst & Young where he provided audit and business advisory services, primarily for the financial services and healthcare industries, and later held various finance 67 Table of Contents and accounting roles within the financial services industry. Mr. Libner holds a Bachelor of Science degree and Master of Accountancy degree from the University of Denver.
Libner began his career with Ernst & Young where he provided audit and business advisory services, primarily for the financial services and healthcare industries, and later held various finance and accounting roles within the financial services industry. Mr. Libner holds a Bachelor of Science degree and Master of Accountancy degree from the University of Denver.
From 1987 to 1994, he was a Senior Credit Analyst and an Associate at Chemical Bank Manufacturers Hanover. Mr. Heissenbuttel holds a Master of Business Administration degree from the University of Chicago and a Bachelor of Arts degree from Northwestern University. Daniel Breeze , 51, has more than 26 years of technical and commercial experience across international markets. Mr.
From 1987 to 1994, he was a Senior Credit Analyst and an Associate at Chemical Bank Manufacturers Hanover. Mr. Heissenbuttel holds a Master of Business Administration degree from the University of Chicago and a Bachelor of Arts degree from Northwestern University. Daniel Breeze , 52, has more than 27 years of technical and commercial experience across international markets. Mr.
Breeze holds Master of Engineering and Master of Business Administration degrees from the University of Toronto and a Bachelor of Science degree in Civil Engineering from the University of Manitoba. Mr. Breeze is also a registered Professional Engineer. Paul Libner , 50, has more than 27 years of finance and accounting experience. Mr.
Breeze holds Master of Engineering and Master of Business Administration degrees from the University of Toronto and a Bachelor of Science degree in Civil Engineering from the University of Manitoba. Mr. Breeze is also a registered Professional Engineer. Paul Libner , 51, has more than 28 years of finance and accounting experience. Mr.
Raffield holds a Ph.D. in geotechnical engineering and a B.Sc. in mining geology from Cardiff University in the United Kingdom. Randy Shefman , 51, has more than 24 years of legal experience in international transactions across the mining, oil and gas, and power sectors.
Raffield holds a Ph.D. in geotechnical engineering and a B.Sc. in mining geology from Cardiff University in the United Kingdom. Randy Shefman , 52, has more than 25 years of legal experience in international transactions across the mining, oil and gas, and power sectors. Mr.
ITEM 4. MINE SAFETY DISCLOSURE Not applicable. INFORMATION ABOUT OUR EXECUTIVE OFFICERS The executive officers of the Company and their ages as of February 1, 2024, are as follows: William Heissenbuttel , 58, has more than 36 years of corporate finance experience, including almost 30 years in project and corporate finance in the metals and mining industry. Mr.
ITEM 4. MINE SAFETY DISCLOSURE Not applicable. INFORMATION ABOUT OUR EXECUTIVE OFFICERS The executive officers of the Company and their ages as of February 1, 2025, are as follows: William Heissenbuttel , 59, has more than 37 years of corporate finance experience, including almost 31 years in project and corporate finance in the metals and mining industry. Mr.
Breeze has served as Vice President Corporate Development of our wholly owned subsidiary, RGLD Gold AG, since January 2019 and is a member of the Board of Directors of RGLD Gold AG. Before joining Royal Gold, Mr.
Breeze has served as Senior Vice President, Corporate Development of our wholly owned subsidiary, RGLD Gold AG, since March 2024 and is a member of the Board of Directors of RGLD Gold. Mr. Breeze previously served as Vice President, Corporate Development of RGLD Gold from January 2019 to February 2024. Before joining Royal Gold, Mr.
Libner has served as our Chief Financial Officer and Treasurer since January 2020. Previously, he served as our Controller and Treasurer from June 2018 to January 2020 and Controller from 2004 to May 2018. Mr.
Libner has served as our Senior Vice President and Chief Financial Officer since March 2024. Previously, he served as our Chief Financial Officer and Treasurer from January 2020 to February 2024, Controller and Treasurer from June 2018 to January 2020, and Controller from 2004 to May 2018. Mr.
Shefman holds an LL.M. degree in Environmental and Natural Resources Law and Policy from the University of Denver, a J.D. degree from the University of Colorado, and a Bachelor of Arts degree in history from the University of Michigan. David R.
Shefman holds an LL.M. degree in Environmental and Natural Resources Law and Policy from the University of Denver, a J.D. degree from the University of Colorado, and a Bachelor of Arts degree in history from the University of Michigan. David Crandall , 42, has advised companies regarding corporate governance, SEC reporting, capital markets, and transactional matters for over 17 years.
Martin Raffield , 55, has over 30 years of underground and open pit mining experience in operational, corporate, construction and consulting roles in North and South America, Africa and Europe. Prior to joining Royal Gold as Vice President, Operations in January 2022, Dr. Raffield operated an independent consulting company during 2021.
Martin Raffield , 56, has over 31 years of underground and open pit mining experience in operational, corporate, construction and consulting roles in North and South America, Africa and Europe. Dr. Raffield has served as Senior Vice President, Operations since March 2024. Dr. Raffield previously served as Vice President, Operations from January 2022 to February 2024.
From November 2019 to September 2020, he was the Executive Vice President and Chief Operating Officer of Harte Gold Corp. Dr. Raffield served Golden Star Resources as Executive Vice President and Chief Technical Officer in 2019 and Senior Vice President, Project Development and Technical Services from 2011 to 2018.
Raffield served Golden Star Resources as Executive Vice President and Chief Technical Officer in 2019 and Senior Vice President, Project Development and Technical Services from 2011 to 2018. From 2007 to 2010 he was engaged by SRK Consulting (USA) as Principal Consultant and Practice Leader.
He joined Royal Gold in 2011 as Associate General Counsel and served in that capacity until his appointment as Vice President and General Counsel in January 2020. Prior to Royal Gold, Mr. Shefman was in private legal practice with regional and international law firms, including LeBouef Lamb Greene & MacRae, Holland & Hart, and Hogan Lovells. Mr.
Shefman was in private legal practice with regional and international law firms, including LeBouef Lamb Greene & MacRae, Holland & Hart, and Hogan Lovells. Mr.
Crandall was in private legal practice, most recently as a partner at Hogan Lovells since 2017 and previously in other roles at Hogan Lovells and other international law firms. Mr. Crandall holds a J.D. degree from Stanford Law School and a Bachelor of Arts degree from Johns Hopkins University. PART II
Crandall holds a J.D. degree from Stanford Law School and a Bachelor of Arts degree from Johns Hopkins University. PART II
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From 2007 to 2010 he was engaged by SRK Consulting (USA) as Principal Consultant and Practice Leader.
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Prior to joining Royal Gold, Dr. Raffield operated an independent consulting company during 2021. From November 2019 to September 2020, he was the Executive Vice President and Chief Operating Officer of Harte Gold Corp. Dr.
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Shefman has served as our Senior Vice President and General Counsel since March 2024. 45 Previously, he served as our Vice President and General Counsel from January 2020 to February 2024 and Associate General Counsel from 2011 to January 2020. Prior to Royal Gold, Mr.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe 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.
Biggest changeThe newly declared dividend is 13% higher than the dividend paid during calendar year 2024. We have steadily increased our annual dividend for 24 years, or since calendar year 2001. We expect to pay our annual dividend using cash on hand. ITEM 6. RESERVED 46
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.
This figure does not reflect the beneficial ownership of shares held in nominee name. Dividends On November 19, 2024, we announced an increase in our annual dividend for calendar year 2025 from $1.60 to $1.80 per share, payable on a quarterly basis of $0.45 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 8, 2024, we had 776 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 trades on the Nasdaq Global Select Market under the symbol “RGLD.” As of February 3, 2025, we had 772 holders of record of our common stock.
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We 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.
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The graph assumes $100 was invested in each of stock or index as of the market close on December 31, 2018.
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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.

Item 7. Management's Discussion & Analysis

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

46 edited+20 added−29 removed30 unchanged
Biggest changeThese 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.
Biggest changeThe increase was partially offset by lower production from the Cortez Legacy Zone, lower gold sales from Andacollo, and lower silver sales from Khoemac a u when compared to the prior year. 49 Gold and silver ounces and copper pounds purchased and sold during the year ended December 31, 2024 and 2023, as well as gold, silver and copper in inventory as of December 31, 2024 and 2023, for our stream interests were as follows: Year Ended December 31, 2024 Year Ended December 31, 2023 As of December 31, 2024 As of December 31, 2023 Gold Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.) Mount Milligan 58,000 57,500 56,800 58,000 4,500 4,000 Pueblo Viejo 26,500 24,900 25,400 27,100 7,700 6,200 Andacollo 19,300 20,000 22,500 25,500 — 800 Other 51,100 52,200 48,600 48,500 3,300 4,200 Total 154,900 154,600 153,300 159,100 15,500 15,200 Year Ended December 31, 2024 Year Ended December 31, 2023 As of December 31, 2024 As of December 31, 2023 Silver Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.) Pueblo Viejo (1) 859,900 863,400 907,000 1,021,900 219,400 223,000 Other 1,490,700 1,531,900 1,793,900 1,757,100 119,000 160,100 Total 2,350,600 2,395,300 2,700,900 2,779,000 338,400 383,100 Year Ended December 31, 2024 Year Ended December 31, 2023 As of December 31, 2024 As of December 31, 2023 Copper Stream Purchases (Mlbs.) Sales (Mlbs.) Purchases (Mlbs.) Sales (Mlbs.) Inventory (Mlbs.) Inventory (Mlbs.) Mount Milligan 11.8 11.8 10.9 11.8 — — _______________________________________________ (1) Pueblo Viejo silver purchases for the year ended December 31, 2024 do not include 816,500 ounces of silver permitted to be deferred based on the terms of the Pueblo Viejo silver stream agreement.
The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (depending on the frequency of deliveries under the respective stream agreement and our sales policy in effect at the time) commencing shortly after receipt and purchase of the metal.
The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (typically depending on the frequency of deliveries under the respective stream agreement and our sales policy in effect at the time) commencing shortly after receipt and purchase of the metal.
The recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable mineral reserves, mineral resources and other relevant information received from the operators.
The recoverability of the carrying value of stream 52 and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable mineral reserves, mineral resources and other relevant information received from the operators.
(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.
(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 Gold Inc. ("Centerra") to incentivize Centerra to continue to invest and maximize the value of the large mineral endowment at Mount Milligan.
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.
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.
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.
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. 53 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.
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.
In all of our most significant 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.
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.
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, generally discusses year-to-year comparisons between the year ended December 31, 2024 and the year ended December 31, 2023.
We seek to acquire existing stream and royalty interests or finance projects that are in production, development or exploration stage in exchange for stream or royalty interests. ​ We manage our business under two segments: ​ ● Acquisition and Management of Stream Interests — A metal stream is 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.
We manage our business under two segments: • Acquisition and Management of Stream Interests — A metal stream is 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.
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.
As of December 31, 2024, we owned royalty interests on 35 production stage properties, 16 development stage properties and 115 exploration stage properties, of which we consider 50 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.
A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below. ​ Stream Interests ​ A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement.
Stream Interests A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement.
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.
During the year ended December 31, 2024, liquidity needs were met from $529.5 million in net cash provided by operating activities and our available cash resources. Working capital, combined with available capacity under our revolving credit facility, resulted in approximately $1.2 billion of total liquidity at December 31, 2024.
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.
As of December 31, 2024, we owned nine stream interests, which are on seven production stage properties and two development stage properties. Stream interests accounted for 67% and 69% of our total revenue for the years ended December 31, 2024 and 2023, respectively.
(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.
(3) Individually, with the exception of the Wassa stream ( 6.7 % for the year ended December 31, 2024 and 5.4% for the year ended December 31, 2023), Rainy River stream ( 6.4% fo r the year ended December 31, 2024 and 6.4% for the year ended December 31, 2023), Peñasquito royalty (6.4% for the year ended December 31, 2024), Xavantina stream (5.4% for the year ended December 31, 2024), and Khoemac a u stream (5.7% for the year ended December 31, 2023), no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for either period.
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.
Other (3) Various $ 166,307 N/A $ 92,891 N/A Total royalty revenue $ 236,101 $ 187,437 Total Revenue $ 719,395 $ 605,717 ________________________________________________ (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, 2024 and 2023, 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.
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.
Royalty interests accounted for 33% and 31% of our total revenue for the years ended December 31, 2024 and 2023, 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.
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.
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.
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.
We have steadily increased our annual dividend for 24 years, or since calendar year 2001. We expect to pay our annual dividend using cash on hand. 51 Summary of Cash Flows Operating Activities Net cash provided by operating activities totaled $529.5 million for the year ended December 31, 2024, compared to $415.8 million for the year ended December 31, 2023.
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.
Income tax expense was $93.6 million for the year ended December 31, 2024, as compared to $42.0 million for the year ended December 31, 2023, which resulted in an effective tax rate of 22.0% in the current period and 14.9% in the prior year. The year ended December 31, 2024 included a $13.0 million U.S.
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 our risk factors included in Item 1A of this report for a discussion of certain risks that may impact our liquidity and capital resources.
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.
We believe that our current liquidity and capital resources will be adequate to cover our operating needs for the foreseeable future. At December 31, 2024, we had working capital of $190.1 million, including $195.5 million of cash and equivalents. This compares to working capital of $95.0 million, including $104.2 million of cash and equivalents at December 31, 2023.
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.
Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of 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 needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; changes of control of properties or operators; contractual 54 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 investments, acquisitions or other transactions; adverse economic and market conditions; effects 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.
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.
At December 31, 2024, our contractual cash obligations were 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 6 of our Notes to Consolidated Financial Statements.
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.
For the years ended December 31, 2024, and 2023, the average prices and percentages of revenue by metal were as follows: Year Ended December 31, 2024 December 31, 2023 Metal Average Price Percentage of Revenue Average Price Percentage of Revenue Gold ($/ounce) (1) $ 2,386 76% $ 1,941 76% Silver ($/ounce) (1) $ 28.27 12% $ 23.35 12% Copper ($/pound) (2) $ 4.15 9% $ 3.85 9% Other N/A 3% N/A 3% (1) Based on the average LBMA Price for the 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 was primarily due to higher average gold, silver and copper prices and higher gold sales from Xavantina and Wassa, partially offset by lower gold sales from Andacollo and lower silver sales from Khoemac a u when compared to the prior year.
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.
Results of Operations Year Ended December 31, 2024, Compared with Year Ended December 31, 2023 For the year ended December 31, 2024, we recorded net income attributable to Royal Gold stockholders of $332.0 million, or $5.04 per basic and diluted share, as compared to net income attributable to Royal Gold stockholders of $239.4 million, or $3.64 per basic and $3.63 per diluted share, for the year ended December 31, 2023.
In accordance with this guidance, revenue attributable to our stream and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers, as described below. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement.
A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers, as described below.
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.
Financing Activities Net cash used in financing activities totaled $360.5 million for the year ended December 31, 2024, compared to net cash used in financing activities of $427.4 million for the year ended December 31, 2023. The decrease, when compared to the prior year, was primarily due to lower debt repayments.
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.
The decrease was primarily due to lower stream depletion rates, as a result of proven and probable mineral reserve increases by our operators, lower gold sales from Andacollo, lower silver sales from Khoemac a u and lower gold production from the Cortez Legacy Zone when compared to the prior year.
The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper (Mount Milligan) spot price near the date of metal delivery.
For Mount Milligan, the cash payments under the existing stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery.
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.
General and administrative costs increased to $40.9 million for the year ended December 31, 2024, from $39.8 million for the year ended December 31, 2023. The increase was primarily due to higher non-cash stock compensation expense when compared to the prior year.
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.
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.
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.
This increase was partially offset by higher cash taxes of $21.8 million when compared to the prior year. Investing Activities Net cash used in investing activities totaled $77.7 million for the year ended December 31, 2024, compared to net cash used in investing activities of $2.8 million for the year ended December 31, 2023.
Metal prices have fluctuated widely in recent years, and we expect this volatility to continue.
Metal Prices Our financial results are primarily tied to the price of gold, silver, copper, and other metals. Metal prices have fluctuated widely in recent years, and we expect this volatility to continue.
The Cost Support Agreement is expected to provide a basis for a reserve increase and extension of the Mount Milligan mine life to 2035.
The Cost Support Agreement provided a basis for a reserve increase and extension of the Mount Milligan mine life to 2035 and may provide a basis for further extension of the mine life beyond 2035. Please refer to Note 7 of the Notes to Consolidated Financial Statements of this report for additional information regarding the Cost Support Agreement.
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.
The increase in our total revenue for the year ended December 31, 2024, compared with the year ended December 31, 2023, resulted primarily from higher average gold, silver and copper prices, higher production from Peñasquito, and higher gold sales at Xavantina and Wassa which are included in other stream revenue in the table above.
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.
A discussion of the changes in our financial condition and results of operations for the year ended December 31, 2022 has been omitted from this report, but may be found in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 15, 2024, which is available free of charge on the SEC’s website at www.sec.gov and our website at www.royalgold.com.
For 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.
For the year ended December 31, 2024, we recognized total revenue of $719.4 million, which is comprised of stream revenue of $483.3 million and royalty revenue of $236.1 million, at an average gold price of $2,386 per ounce, an average silver price of $28.27 per ounce and an average copper price of $4.15 per pound, compared to 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 silver price of $23.35 per ounce and an average copper price of $3.85 per pound, for the year ended December 31, 2023. 48 Revenue and the corresponding production attributable to our stream and royalty interests, for the year ended December 31, 2024, compared to the year ended December 31, 2023, is as follows: Revenue and Reported Production Subject to our Stream and Royalty Interests Year Ended December 31, 2024 and 2023 (In thousands, except reported production in oz. and lbs.) Year Ended December 31, 2024 Year Ended December 31, 2023 Stream/Royalty Metal(s) Revenue Reported Production (1) Revenue Reported Production (1) Stream (2) : Mount Milligan $ 186,039 $ 158,167 Gold 57,500 oz. 58,000 oz.
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.
The decrease was partially offset by higher production from Peñasquito when compared to the prior year. Interest and other expense decreased to $9.7 million for the year ended December 31, 2024, from $30.9 million for the year ended December 31, 2023.
Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment.
Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery.
Total stream revenue ​ ​ ​ $ 418,280 ​ ​ ​ ​ $ 417,793 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty (2) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez Legacy Zone ​ Gold ​ $ 79,920 ​ 396,000 oz. ​ $ 47,769 ​ 299,800 oz.
Total stream revenue $ 483,294 $ 418,280 Royalty (2) : Cortez Legacy Zone Gold $ 58,183 209,200 oz. $ 79,920 396,000 oz. Cortez CC Zone Gold 11,611 511,000 oz. 14,626 494,700 oz.
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.
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. Revenue A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer.
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.
As of December 31, 2024, we had $1.0 billion available under our revolving credit facility. We were in compliance with each financial covenant under the revolving credit facility as of December 31, 2024. Refer to Note 5 of our Notes to Consolidated Financial Statements and below under Recent Liquidity and Capital Resource Developments for further discussion on our debt.
The decrease was primarily due to higher interest paid on the outstanding revolving credit facility compared to the prior period.
The decrease was primarily due to lower interest expense as a result of lower average amounts outstanding under our revolving credit facility compa red to the prior year.
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.
Dividend Increase On November 19, 2024, we announced an increase in our annual dividend for calendar year 2025 from $1.60 to $1.80 per share, payable on a quarterly basis of $0.45 per share. The newly declared dividend is 13% higher than the dividend paid during calendar year 2024.
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.
Depreciation, depletion and amortization decreased to $144.4 million for the year ended December 31, 2024, from $164.9 million for the year ended December 31, 2023.
Removed
Due to our change in fiscal year from June 30 to December 31, the comparative year ended December 31, 2021 was unaudited.
Added
Overview of Our Business We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or finance projects that are in production, development or exploration stage in exchange for stream or royalty interests.
Removed
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.
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
We generally have acquisition opportunities in various stages of review.
Added
Business Trends and Uncertainties Acquisition of Cactus Project Royalty On December 31, 2024, RG Royalties, LLC, a wholly-owned subsidiary of Royal Gold, acquired two royalties for cash consideration of $55 million that constitute an aggregate 2.5% net smelter return ("NSR") royalty (the “Cactus Royalty”) on the Cactus Project from a private seller.
Removed
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.
Added
The Cactus Project is being developed by Arizona Sonoran Copper Company Inc. (“ASCU”), and is located in Arizona.
Removed
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.
Added
The Cactus Royalty covers the Cactus East and Cactus West deposits as well as portions of the Parks/Salyer deposit and is subject to a right in favor of ASCU, until July 10, 2025, to buy back 0.5% of the aggregate 2.5% royalty for $7 million. The purchase price was funded with available cash on hand.
Removed
We do not participate in the preparation or calculation of the operators’ estimates or production reports and have not independently assessed or verified, and disclaim all responsibility for, the accuracy of this information.
Added
Please refer to Note 3 of the Notes to Consolidated Financial Statements for more information on the acquisition of the Cactus Royalty. 47 Acquisition of Back River Royalties On June 26, 2024, International Royalty Corporation, a wholly-owned subsidiary of Royal Gold, acquired a 0.7% NSR royalty (the "Hill Royalty") that declines by 50% after $5 million Canadian dollars in royalty revenue is received, and a 26.25% interest in a 5% gross smelter return royalty (the "KM Royalty") that is payable after approximately 780,000 ounces have been produced on the Back River Gold Project ("Back River") for aggregate cash consideration of $51 million.
Removed
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.
Added
Payments for the Hill Royalty are deductible from the KM Royalty. Back River is operated by B2Gold Corporation and is located in Western Nunavut, Canada. The purchase price was funded with available cash on hand. Please refer to Note 3 of the Notes to Consolidated Financial Statements for more information on the acquisition of the Back River royalties.
Removed
Please also refer to our cautionary language regarding forward-looking statements following this MD&A, as well as the Risk Factors identified in Part I, Item 1A, of this report for information regarding factors that could affect actual results.
Added
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.
Removed
(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.
Added
Copper 11.8 Mlbs. 11.8 Mlbs. Pueblo Viejo $ 83,059 $ 76,247 Gold 24,900 oz. 27,100 oz. Silver 863,400 oz. 1.0 Moz. Andacollo Gold $ 47,531 20,000 oz. $ 48,920 25,500 oz. Other (3) $ 166,665 $ 134,946 Gold 52,200 oz. 48,500 oz. Silver 1.5 Moz. 1.8 Moz.
Removed
(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.
Added
Total deferred silver ounces were 1.7 million ounces at December 31, 2024, and the timing for the delivery of this deferred amount is uncertain. Cost of sales, which excludes depreciation, depletion, and amortization, increased to $97.5 million for the year ended December 31, 2024, from $90.5 million for the year ended December 31, 2023.
Removed
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.
Added
Separately, and in addition to the cash payments under the existing stream agreement, the Mount Milligan Cost Support Agreement detailed in Note 7 of our Notes to Consolidated Financial Statements provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met, or earlier, if metal prices are below certain thresholds and if requested by Centerra.
Removed
(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.
Added
For the year ended December 31, 2024, amounts outstanding under our revolving credit facility averaged $82.0 million at an average all-in borrowing rate of 6.5%, 50 compared to average amounts outstanding of $391.4 million at an average all-in borrowing rate of 6.4% for the year ended December 31, 2023.
Removed
(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.
Added
GILTI income tax expense related to consideration received from the Mount Milligan Cost Support Agreement. The year ended December 31, 2023 included a release of valuation allowances on certain foreign deferred tax assets.
Removed
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.
Added
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. We occasionally borrow and repay amounts under our revolving credit facility and may do so in the future.
Removed
(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.
Added
The increase in our working capital was primarily due to an increase in our available cash, which primarily resulted from higher net cash proceeds from our stream and royalty interests and cash proceeds received for the Mount Milligan Cost Support Agreement, partially offset by the Cactus and Back River royalty acquisitions during the current year.
Removed
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.
Added
Recent Liquidity and Capital Resource Developments Revolving Credit Facility Repayment During the year ended December 31, 2024, we repaid the remaining $250 million of outstanding borrowings on our revolving credit facility, making the entire $1 billion revolving credit facility available as of December 31, 2024.
Removed
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.
Added
The increase, when compared to the prior year, was primarily due to higher net cash proceeds received from our stream and royalty interests of $80.3 million, cash proceeds of $24.5 million received from the Mount Milligan Cost Support Agreement, lower debt cash interest payments of $21.5 million and $12.0 million of interest from the repayment of the Khoemac a u subordinated debt facility.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeRisk 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).
Biggest changeDuring the year ended December 31, 2024, we reported revenue of $719.4 million, with an average gold price for the period of $2,386 per ounce (based on the LBMA Price), an average silver price of $28.27 per ounce (based on the LBMA Price), and an average copper price of $4.15 per pound (based on the LME Price).
The 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
The 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, 2024: 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% $53.0 million Silver 12% $5.3 million Copper 9% $11.6 million 55
Please see the risk factor entitled “ Our revenue is subject to volatility in metal prices, which could negatively affect our results of operations or cash flow. ” under Part I, Item 1A.
Please see the risk factor entitled “ Our revenue is subject to volatility in metal prices, which could adversely affect our results of operations and cash flow ” under Item 1A, Risk Factors, of this report for more information about risks associated with metal price volatility.

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