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Royal Gold, Inc

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Royal Gold, Inc Ro y al Gold, Inc. World Class royalty Company 2011 2011 a nnual Rep o 1660 Wynkoop Street, Suite 1000 Denver, Colorado 80202 Rt www.royalgold.com 2011 AnnuAl RepoRt 28881cov.indd 1 9/26/11 3:50 PM World class World class Business Model Board of directors CoRpoRatE pRoFilE Royal Gold, Inc. owns and manages royalties and similar interests primarily Royal Gold owns a large portfolio of producing, development, evaluation on precious metals mines, with a focus on gold. The Company’s portfolio and exploration stage royalties and similar interests located in some of provides investors with a unique opportunity to capture value in the the world’s most prolific gold regions. Through this high quality portfolio, precious metals sector without incurring many of the costs and risks Royal Gold maintains upside potential through any exploration successes associated with mine operations. by the operators and benefits when new reserves are produced. A royalty is simply a right to receive a percentage of production from a The Company is guided by the experience of a senior executive mine. By acquiring a royalty, Royal Gold buys a percentage of the metal management team with expertise in the fields of geology, engineering, law produced from a given property in exchange for an initial payment, and finance. Our successful business model generates strong cash flow without assuming any responsibility for the actual mining operation. and high margins with a lower cost structure, providing shareholders with Another interest similar to a royalty is known as a metal stream. This a premium precious metals investment. product allows for a smaller front end payment, but requires that A Denver-based corporation, Royal Gold is traded on the NASDAQ payments be made as metal is delivered to Royal Gold over the life of Global Select Market, under the symbol “RGLD,” and on the Toronto a mine. In either case, Royal Gold does not have to contribute to the Stock Exchange, under the symbol “RGL.” operating or capital costs at the mine after the initial payment is made. BusinEss stRatEGy taBlE oF ContEnts Royal Gold collaborates with mine operators, royalty owners and other business Corporate Profile/Business Strategy Inside front cover partners to acquire or create royalties or metal stream structures to add value Selected Financials 1 to our shareholders. The key elements of our business strategy include: Five-Year Shareholder Return 2 Selected Financial Data 3 1. Focus on Gold. Royal Gold is of precious metals interests Shareholder Letter 4 a precious metals investment through accretive transactions. Management Team 7 vehicle focused on gold. 4. Margin Enhancement. Royal Map of Properties 8 2. Royalty Business Model. Gold’s unique business model Property Portfolio 10 James W. Stuckert M. Craig Haase Tony Jensen Stanley Dempsey Donald Worth Royal Gold’s lower risk business allows us to efficiently grow our Corporate Responsibility/Gold Market 24 Senior Executive Retired Mining Executive President and Chief Chairman Corporate Director model is based on acquiring royalty revenue without adding Free Cash Flow and EBITDA Reconciliation 26 Hilliard, Lyons, Inc. Executive Officer Royal Gold, Inc. royalty interests in precious significant overhead costs. Glossary 27 Royal Gold, Inc. metals properties or entering Form 10-K 28 5. Financial Flexibility. Royal into precious metals stream Corporate Information Last page of 10-K Gold’s liquidity allows the S. Oden Howell, Jr. Gordon J. Bogden William Hayes transactions rather than Board of Directors Inside back cover Company to compete for royalty President Vice Chairman, Mining & Metals Retired Mining Executive engaging in costly and more acquisitions or metal streams Howell & Howell Standard Chartered Bank complex mining operations. NOTES: by means of a purchase, a 1. Certain information, including the Company’s audited financial statements, required to be Contractors 3. Growth and Diversification. corporate transaction, providing included in this Annual Report is contained in the Form 10-K beginning on page 28. Royal Gold is determined to financing, or entering into a 2. We do not own or operate the properties on which we have royalty interests and therefore add to its broad base and strategic exploration alliance. much of the information in this Annual Report regarding the properties is provided to us by the operators, including reserves, production estimates and status of the development geopolitically stable portfolio at the properties. Design: Mark Mock Design Associates Management Photography: Tim O’Hara Board Photography: Lorella Zanetti Printing: Merrill Corporation Zanetti Printing: O’Hara Board Photography: Lorella Design Associates Management Photography: Tim Design: Mark Mock 28881cov.indd 2 9/27/11 6:02 PM Selected FinancialS ROYALTY REVENUE NET INCOME FREE CASH FLOW 1 CALENDAR YEAR DIVIDENDS For the Fiscal Years For the Fiscal Years For the Fiscal Years Dollars per Share Ended June 30, Ended June 30, Ended June 30, ($ Millions) 216.5 ($ Millions) 71.4 ($ Millions) 190.2 0.44 0.36 0.32 136.6 0.28 0.26 38.3 100.1 73.8 24.0 61.7 66.3 21.5 19.7 52.9 48.4 37.9 2007 2008 2009 2010 2011 2007 2008 20092 20103 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 1 The term “free cash flow” is a non-GAAP financial measure. Free cash flow is defined by the Company as operating income plus depreciation, depletion and amortization, non-cash charges and impairment of mining assets, if any, less non-controlling interests in operating income from consolidated subsidiaries. See page 26 for a GAAP reconciliation. 2 Net income attributable to Royal Gold shareholders for FY2009 was impacted by two one-time gains related to the Barrick royalty portfolio acquisition and the Benso royalty buy-back by Golden Star. The effect of these gains was $0.62 per basic share after taxes. 3 Net income attributable to Royal Gold shareholders for FY2010 was impacted by pre-tax effects of severance and acquisition costs of $19.4 million, or $0.33 per share, related to the International Royalty Corporation transaction. Forward looking StatementS Cautionary “Safe Harbor” Statement under the Private Securities Litigation Reform Act due to the current supply and demand factors for gold; that our growing cash flow will of 1995: With the exception of historical matters, the matters discussed in this report are allow us to invest internally generated funds and reduce our need for external resources; forward-looking statements that involve risks and uncertainties that could cause actual that we want to grow our business and offer our shareholders an attractive return; and results to differ materially from projections or estimates contained herein. Such forward- operator estimated proven and probable reserves, production, production or mine start-up, looking statements include statements regarding investment in a lower risk vehicle; a and mill throughput. Factors that could cause actual results to differ materially from these geopolitically stable portfolio; Royal Gold’s business strategy; that the Company’s portfolio forward-looking statements include, among others, declines in gold and other metals prices; will provide shareholders with price appreciation, production expansion and reserve the performance of our producing royalty properties; unanticipated grade, geological, increases through exploration; that the Company has a thoroughly diversified portfolio; metallurgical, processing or other problems at the royalty properties; as well as other factors the expectation of further production gains in fiscal 2012 from the Peñasquito, Holt, described elsewhere in this report and our report on Form 10-K (see Part I, Item 1A, Risk Wolverine, and Canadian Malartic mines; that Pascua-Lama and Mt. Milligan will become Factors). The reader is urged to read the Risk Factors in connection with the risks inherent our largest revenue sources once they reach full production; that our royalty option on in our forward-looking statements. We disclaim any obligation to update any forward-looking the KSM project will be an excellent entry point into this deposit; that our exploration and statements. Readers are cautioned not to put undue reliance on forward-looking development properties represent potential future value; that Royal Gold has a bright future statements. 1 28881nar.indd 1 9/27/11 12:13 PM World class Performance Five-Year SHareHolder return comPariSon 250 This graph compares the value of the Company’s Common Royal Gold, Inc. Stock with the value of two stock market indices: Standard and 200 S&P 500 Index Poor’s 500 Index and the PHLX Gold/Silver Sector IndexSM PHLX Gold/Silver SectorSM (XAUSM) as of June 30, 2011. The Company believes that 150 the XAUSM is more representative of the gold mining industry whereas the Standard and Poor’s 500 Index includes only one 100 gold mining company. 50 0 2006 2007 2008 2009 2010 2011 PHlx gold/Silver Sector annual return Percentage Sm Sm index (xau ): Years Ended June 30, Agnico Eagle Mines Limited Company Name/Index 2007 2008 2009 2010 2011 AngloGold Ashanti Limited - ADR Royal Gold, Inc. -13.88 33.16 34.29 16.00 23.02 Barrick Gold Corporation S&P 500 Index 20.59 -13.12 -26.21 14.43 30.69 Compania Minas Buenaventura - ADR Freeport-McMoRan Copper & Gold PHLX Gold/Silver Sector -3.85 46.32 -28.87 28.73 13.38 Gold Fields Limited - ADR Goldcorp Inc. Harmony Gold Mining Limited - ADR indexed returnS 1 Kinross Gold Corporation Years Ended June 30, Newmont Mining Corporation Base Period Pan American Silver Corporation Company Name/Index 2006 2007 2008 2009 2010 2011 Randgold Resources Limited - ADR Royal Gold, Inc. 100 86.12 114.68 154.01 178.65 219.78 Royal Gold, Inc. S&P 500 Index 100 120.59 104.77 77.30 88.46 115.61 Silver Standard Resources Inc. Silver Wheaton Corporation PHLX Gold/Silver Sector 100 96.15 140.68 100.07 128.82 146.05 Yamana Gold, Inc.
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