Royal Gold (RGLD) Renmark Financial Communications Virtual Non-Deal Roadshow Series summary

Business model and strategy

• Focus remains on high-margin, gold-centric revenue streams with consistent cash flow and limited exposure to operating and capital cost risks.

• Portfolio is highly diversified across assets, operators, and jurisdictions, reducing single asset and counterparty risks.

• Maintains a disciplined capital allocation framework targeting double-digit returns, strong balance sheet, and sustainable dividend growth.

• Added a $600 million revolving credit facility and authorized a share buyback to enhance capital flexibility.

• Strategy emphasizes organic growth, selective acquisitions, and careful avoidance of shareholder dilution.

Recent transactions and portfolio developments

• Completed the transformative Sandstorm Horizon corporate transaction, significantly increasing portfolio growth and diversification.

• Executed single-asset transactions, including a gold stream on Kansanshi mine (Zambia) and a stream/royalty on Warintza (Ecuador).

• Extended Mount Milligan mine life to 2045 and gained full exposure to Barrick’s Fourmile project.

• Raised dividends for the 25th consecutive year and repaid $800 million in debt since October 20th.

• Increased average portfolio reserve life to 18 years, a 25% year-over-year improvement.

Financial performance and growth outlook

• Achieved record revenue, cash flow, and earnings in the first clean quarter post-transactions, with adjusted EBITDA near $400 million.

• Business model delivers an 82% EBITDA margin and low, fixed costs, supporting resilience against inflation.

• Portfolio includes over 360 assets, with 80 currently producing revenue and a strong pipeline of development and exploration projects.

• Organic growth is driven by mine life extensions, production expansions, and new projects entering production through the next decade.

• Five-year outlook is underpinned by multiple assets, not reliant on a single project, and includes catalysts like Back River, Platreef, and Robertson.