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Royalgoldar19 Edits-New Pagination V6.Indd DISCIPLINED SUCCESSFUL STRATEGY RESULTS ANNUAL REPORT 2019 ROYAL GOLD, INC. GOLD, ROYAL 2019 ANNUAL REPORT ANNUAL 2019 1660 WYNKOOP STREET, SUITE 1000 DENVER, COLORADO 80202 WWW.ROYALGOLD.COM TABLE OF CONTENTS BOARD OF DIRECTORS 1 Letter to Shareholders 24 Corporate Responsibility 4 Letter from the Chairman 26 Total Return to Shareholders 5 Key Elements of Our Business Strategy 27 Forward Looking Statements 6 Selected Financial Data 28 Glossary 7 Financial Highlights 29 Form 10-K 8 Portfolio Map Last Page of 10-K Corporate Information 10 Principal Producing Properties Inside Back Cover 18 Property Tables Board of Directors/Management 22 Property Table Footnotes Left to right: Christopher M.T. Thompson, William M. Hayes, Jamie C. Sokalsky, Tony A. Jensen, Ronald J. Vance, Sybil E. Veenman, C. Kevin McArthur CORPORATE PROFILE MANAGEMENT Royal Gold, Inc. acquires and manages precious metal Royal Gold owns a large portfolio of producing, streams and royalty interests, with a primary focus on gold. development, evaluation and exploration stage The Company’s portfolio provides investors with a unique royalties and streams located in some of the world’s most opportunity to capture value in the precious metals sector prolifi c gold regions. Approximately 91% of our reserves without incurring many of the costs and risks associated and 87% of Royal Gold’s fiscal 2019 revenue was with mine operations. derived from North America, the Dominican Republic and Chile. Precious metal streams are purchase agreements with mine operators that provide, in exchange for a lump Gold attributed approximately 78% of Royal Gold’s total sum advance payment, the right to purchase all or a revenue in fi scal 2019, while precious metals attributed portion of one or more metals produced from a mine, approximately 87% of Royal Gold’s total revenue in Tony A. Jensen William H. at a price determined for the life of the transaction by fi scal 2019. President and Heissenbuttel the purchase agreement. A royalty is the right to receive Chief Executive O cer Chief Financial O cer and With this high-quality portfolio, Royal Gold maintains Vice President, Strategy a percentage of the metal produced from a mineral upside potential through exploration successes by the property. Existing royalties can be acquired outright operators and generally benefi ts when new reserves from either a mineral resource company or a private are discovered and produced. This successful business party; new royalties can be created by providing capital model generates strong cash fl ow and high margins with to an operator or explorer in exchange for a royalty. a lower cost structure, providing shareholders with a Except for one joint venture property where Royal Gold premium precious metals investment. conducts exploration, Royal Gold does not conduct work on the properties in which Royal Gold holds stream and Royal Gold, Inc. is based in Denver, Colorado, and is royalty interests, and Royal Gold is not responsible for publicly traded on the Nasdaq Global Select Market, under contributing to exploration, operating, environmental or the symbol “RGLD.” Daniel K. Breeze Mark E. Isto Bruce C. Kirchho capital costs on those properties. Vice President, Vice President, Vice President, Corporate Development Operations General Counsel and Secretary DESIGN: Watermark (www.watermark.agency) LETTER TO SHAREHOLDERS DEAR FELLOW SHAREHOLDER, Our focus has been to provide investors exposure lived, and diversifi ed assets with exploration upside, to gold through a lower risk investment compared to while providing generalist investors stability in the event other gold equities. We engineered Royal Gold to deliver of broader market declines, a positive carrying cost our stockholders upside to gold price appreciation, supported by two decades of paying a growing dividend, organic reserve increases, and production expansion and substance as the second largest publicly traded while mitigating the risks of operating and capital costs, precious metal company in the United States. asset concentration and business complexity. COMPANY PERFORMANCE We have underpinned this unique business model with Over the fiscal year ending June 30, 2019, our total a basic and perhaps old-fashioned philosophy that: shareholder return was 11.7% compared to that of the • measures all our actions on a per share basis to make S&P 500 at 9.8%. We reached our then all-time high sure we are adding value, share price of $102 at fiscal year-end in what was a • limits shareholder dilution by growing out of cash fl ow relatively inactive but improving gold market. to the greatest extent possible, and Our market performance was driven by solid operating • judges success on total shareholder value returned to and fi nancial results. Our gold equivalent production our investors rather than enterprise value or market was 335,000 ounces, and we generated $253.2 million capitalization. in operating cash fl ow while aggressively rebuilding This strategy requires preparation—being ready to the balance sheet. Our net debt at June 30, 2019 was execute when opportunities surface; patience—waiting $95.1 million, representing only 0.3x of our 2019 EBITDA. for the right prospects and acquisition environment; Earnings per share were $1.43. We obtained these results judgment—knowing how, when and where to deploy in a relatively fl at gold market in which the gold price resources; and tenacity—sticking to our focus and averaged $1,263/ounce in fi scal 2019 compared to an philosophy. average of $1,297/ounce in fi scal 2018. We compete for investors who have many attractive We stayed dedicated to growing our dividend, which investment alternatives in the broader market. For that has increased in each of the last 19 years. In fiscal reason, Royal Gold needs to be an attractive investment year 2019, we paid our stockholders $67.5 million in for shareholders in all market conditions. We seek to dividends, representing a cash flow payout ratio of provide gold investors a portfolio of world-class, long- approximately 27%. 1 ROYAL GOLD, INC | 2019 ANNUAL REPORT In the last fiscal year, our operating portfolio generally facilities, which Vale expects to extend the Voisey’s Bay performed well and several growth projects advanced. mine life until 2034. • Newmont Goldcorp announced that the $420 million In September 2018, the Peak Gold, LLC joint venture, pyrite leach project designed to improve gold and where we hold a 40% interest, completed a Preliminary silver recovery over the life of the Peñasquito mine in Economic Assessment (PEA) on the Peak Gold project Zacatecas, Mexico, was commissioned at no cost to located in Alaska, United States. PEA highlights included Royal Gold. an eight-year mine life producing approximately 1.1 and • The Barrick-Newmont Goldcorp joint venture announced 2.0 million ounces of gold and silver, respectively, from that a potential mill expansion at the Pueblo Viejo mine two deposits grading nearly 4 grams of gold per tonne; in the Dominican Republic moved to the feasibility attractive economics represented by a 29% internal stage and is intended to sustain production levels at after-tax rate of return; and $470 per gold ounce all-in 800,000 ounces annually after 2023 and convert about sustaining cost. The combination of robust grade, near- seven million ounces of mineralized material to reserves, surface open-pit mineralization, and a large, prospective each on a 100% project basis. land package close to existing infrastructure, positions the Peak Gold Project well for future development. Royal • Newgold announced that mill throughput and recovery Gold will continue to advance exploration and base line at the Rainy River mine in Ontario, Canada, reached environmental data collection in the coming year, but original design capacity during the fiscal year. always with an eye on converting our equity into an interest • Nevada Gold Mines LLC announced that the Cortez more closely aligned with our business model. Crossroads mine in Nevada, United States, began In February 2019, we added our next growth vehicle producing gold during the fiscal year, with production with the acquisition of a silver stream on Cupric Canyon expected to ramp up over the next few years. Capital’s Khoemacau project in Botswana. Royal Gold will Nonetheless, our financial results were hampered by make an advance payment of $212 million in exchange for difficulties at two operations. 80% of the silver produced from Khoemacau until certain • Centerra’s Mount Milligan mine in British Columbia, delivery thresholds are met, and at Cupric’s option, up Canada, our largest revenue source, struggled to reach to an additional $53 million payable in exchange for up targeted mill throughput over the last two winter seasons to the remaining 20% of the silver produced. Royal Gold due to limited water availability. With near-term permits will pay a cash price for each ounce of silver delivered now in place, mine management is carrying out an action equal to 20% of the silver spot price, subject to increase plan to increase water supply to the mill and eliminate if Cupric achieves production above target throughput similar processing reductions in the future. levels. We also will extend a $25 million debt facility to • A road blockade at Peñasquito stopped production for fund potential cost overruns. Khoemacau is a high-quality 48 days in our fourth fiscal quarter. Newmont Goldcorp and long-lived project with an expected initial mine life resumed operations and entered into dialogue with of 21 years with annual average silver production of 1.9 concerned stakeholders in June 2019, with the million ounces and excellent exploration potential. The assistance of government officials. While many issues Khoemacau stream complements our production profile were addressed, the illegal blockade recommenced in with construction already underway and first production mid-September 2019. Newmont Goldcorp continues to expected in calendar 2021.
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