Royal Gold Reports Record Revenue In Second Quarter

DENVER, CO – Royal Gold Inc. reported net income of $59.9 million on record revenue of $158.4 million in its second quarter of fiscal 2021 ended December 31, 2020 (second quarter), with an adjusted net income was $60.1 million.

Highlights: Record revenue of $158.4 million, an increase of 28% over the prior year quarter; 76% of revenue from gold at an average price of $1,874 per ounce; Operating cash flow of $99.9 million, an increase of 28% over the prior year quarter; Volume of 84,500 GEOs; $200 million of debt, net cash of $182 million, with $1.2 billion of liquidity available; Annual dividend increased to $1.20 per share, a 7% increase over the prior year, and the 20th consecutive annual increase; Khoemacau construction 85% complete, and 80% base silver stream fully funded; and Continued Board renewal with election of Fabiana Chubbs.

“Excellent performance from our operating portfolio combined with continued robust metal prices led to another quarter of record revenue and strong operating cash flow,” said, Bill Heissenbuttel, President and CEO. “The positive price environment continues to support organic growth from within the portfolio including new revenue contributions from Relief Canyon and South Laverton. Solid operating cash flow of almost $100 million allowed us to further strengthen the balance sheet, increase our annual dividend for the 20th consecutive year, and complete our funding of the advance payment for the 80% base silver stream at Khoemacau. We are pleased to see progress at Khoemacau remain on track for first shipment of concentrate in the third calendar quarter of 2021. We continued our long-standing practice of maintaining an independent and highly qualified Board of Directors with the election of Fabiana Chubbs following the retirement of Chris Thompson in November. I would like to welcome Fabiana to the Board and thank Chris for his invaluable contribution to Royal Gold over the past several years.”