Company Quick10K Filing
Royal Gold
Price125.59 EPS2
Shares66 P/E55
MCap8,241 P/FCF37
Net Debt48 EBIT139
TEV8,289 TEV/EBIT60
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-06
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10-Q 2013-12-31 Filed 2014-01-30
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10-K 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-03
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8-K 2020-11-18
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8-K 2020-09-30
8-K 2020-09-30
8-K 2020-09-16
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8-K 2020-07-07
8-K 2020-05-06
8-K 2020-04-09
8-K 2020-02-05
8-K 2019-12-05
8-K 2019-11-20
8-K 2019-11-06
8-K 2019-10-30
8-K 2019-10-11
8-K 2019-09-26
8-K 2019-08-07
8-K 2019-06-11
8-K 2019-06-03
8-K 2019-05-30
8-K 2019-05-01
8-K 2019-02-25
8-K 2019-02-14
8-K 2019-02-06
8-K 2019-01-01
8-K 2018-11-14
8-K 2018-10-31
8-K 2018-09-19
8-K 2018-08-08
8-K 2018-06-18
8-K 2018-05-30
8-K 2018-05-02
8-K 2018-02-07

RGLD 10Q Quarterly Report

Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosure
Item 5. Other Information
Item 6. Exhibits
EX-31.1 rgld-20210331xex31d1.htm
EX-31.2 rgld-20210331xex31d2.htm
EX-32.1 rgld-20210331xex32d1.htm
EX-32.2 rgld-20210331xex32d2.htm

Royal Gold Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
3.32.62.01.30.70.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12013201520172020
Rev, G Profit, Net Income
0.50.2-0.1-0.4-0.7-1.02012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from        to        

Commission File Number: 001-13357

Royal Gold, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

    

84-0835164

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation)

Identification No.)

1144 15th Street, Suite 2500

Denver, Colorado

80202

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code (303) 573-1660

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

    

Trading Symbol

    

Name of the Exchange on which Registered

Common Stock, $0.01 par value

RGLD

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)  Yes     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer  

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

There were 65,606,496 shares of the Company’s common stock, par value $0.01 per share, outstanding as of April 29, 2021.

Table of Contents

In this Quarterly Report on Form 10-Q, Royal Gold, Inc., together with its subsidiaries, is collectively referred to as “Royal Gold,” “we,” “us,” or “our.”

INDEX

    

    

PAGE

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Consolidated Balance Sheets

3

Consolidated Statements of Operations and Comprehensive Income

4

Consolidated Statements of Changes in Stockholders’ Equity

5

Consolidated Statements of Cash Flows

6

Notes to Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

19

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

32

Item 4.

Controls and Procedures

32

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

32

Item 1A.

Risk Factors

33

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

33

Item 3.

Defaults Upon Senior Securities

33

Item 4.

Mine Safety Disclosure

33

Item 5.

Other Information

33

Item 6.

Exhibits

34

SIGNATURES

35

2

Table of Contents

ITEM 1.     FINANCIAL STATEMENTS

ROYAL GOLD, INC.

Consolidated Balance Sheets

(Unaudited, amounts in thousands except share data)

    

March 31, 

    

June 30, 

    

2021

2020

ASSETS

Cash and equivalents

$

370,260

$

319,128

Royalty receivables

45,427

27,689

Income tax receivable

14,669

2,435

Stream inventory

14,491

11,671

Prepaid expenses and other

1,475

1,227

Total current assets

446,322

362,150

Stream and royalty interests, net (Note 3)

2,224,435

2,318,913

Other assets

82,769

85,224

Total assets

$

2,753,526

$

2,766,287

LIABILITIES

Accounts payable

$

4,380

$

2,484

Dividends payable

19,680

18,364

Income tax payable

25,660

13,323

Other current liabilities

12,971

9,384

Total current liabilities

62,691

43,555

Debt (Note 5)

146,270

300,439

Deferred tax liabilities

84,079

86,439

Uncertain tax positions

12,957

25,427

Other liabilities

7,404

8,308

Total liabilities

313,401

464,168

Commitments and contingencies (Note 13)

EQUITY

Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued

Common stock, $.01 par value, 200,000,000 shares authorized; and 65,550,445 and 65,531,288 shares outstanding, respectively

656

655

Additional paid-in capital

2,202,410

2,210,429

Accumulated earnings

224,254

61,133

Total Royal Gold stockholders’ equity

2,427,320

2,272,217

Non-controlling interests

12,805

29,902

Total equity

2,440,125

2,302,119

Total liabilities and equity

$

2,753,526

$

2,766,287

The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents

ROYAL GOLD, INC.

Consolidated Statements of Operations and Comprehensive Income

(Unaudited, amounts in thousands except share data)

Three Months Ended

Nine Months Ended

March 31, 

March 31, 

March 31, 

March 31, 

    

2021

    

2020

    

2021

    

2020

Revenue (Note 7)

$

142,589

$

136,437

$

447,829

$

378,853

Costs and expenses

Cost of sales (excludes depreciation, depletion and amortization)

21,469

21,961

68,230

63,149

General and administrative

6,932

9,551

21,175

23,658

Production taxes

1,835

851

4,591

2,934

Exploration costs

565

563

4,705

Depreciation, depletion and amortization

41,296

51,228

135,541

130,038

Total costs and expenses

71,532

84,156

230,100

224,484

Gain on sale of Peak Gold JV interest

33,906

Operating income

71,057

52,281

251,635

154,369

Fair value changes in equity securities

1,902

(3,819)

4,060

(4,972)

Interest and other income

733

620

1,767

1,621

Interest and other expense

(1,820)

(2,088)

(5,274)

(7,139)

Income before income taxes

71,872

46,994

252,188

143,879

Income tax (expense) benefit

(17,679)

(8,702)

(31,332)

3,700

Net income and comprehensive income

54,193

38,292

220,856

147,579

Net (income) loss and comprehensive (income) loss attributable to non-controlling interests

(167)

262

(1)

2,750

Net income and comprehensive income attributable to Royal Gold common stockholders

$

54,026

$

38,554

$

220,855

$

150,329

Net income per share attributable to Royal Gold common stockholders:

Basic earnings per share

$

0.82

$

0.59

$

3.36

$

2.30

Basic weighted average shares outstanding

65,550,400

65,511,878

65,544,978

65,501,678

Diluted earnings per share

$

0.82

$

0.59

$

3.36

$

2.29

Diluted weighted average shares outstanding

65,621,603

65,600,770

65,624,472

65,626,400

Cash dividends declared per common share

$

0.300

$

0.280

$

0.880

$

0.825

The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Three months ended March 31, 2021 and 2020

(unaudited, amounts in thousands except share data)

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

Earnings (Losses)

Interests

Equity

Balance at December 31, 2020

 

65,548,415

$

656

 

$

2,201,076

$

189,910

$

13,037

$

2,404,679

Stock-based compensation and related share issuances

 

2,030

 

 

 

1,334

 

 

 

1,334

Distributions to non-controlling interests

 

 

 

 

 

(399)

 

(399)

Net income and comprehensive income

 

 

 

 

 

54,026

 

167

 

54,193

Dividends declared

 

 

 

 

 

(19,682)

 

 

(19,682)

Balance at March 31, 2021

 

65,550,445

$

656

 

$

2,202,410

$

224,254

$

12,805

$

2,440,125

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

Earnings (Losses)

Interests

Equity

Balance at December, 2019

 

65,496,004

$

655

 

$

2,205,364

$

10,290

$

30,905

$

2,247,214

Stock-based compensation and related share issuances

 

16,244

 

 

 

3,134

 

 

 

3,134

Distributions from (to) non-controlling interests

 

 

 

600

 

 

(344)

 

256

Net income (loss) and comprehensive income (loss)

 

 

 

 

 

38,554

 

(262)

 

38,292

Dividends declared

 

 

 

 

 

(18,361)

 

 

(18,361)

Balance at March 31, 2020

 

65,512,248

$

655

 

$

2,209,098

$

30,483

$

30,299

$

2,270,535

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Nine months ended March 31, 2021 and 2020

(unaudited, amounts in thousands except share data)

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

Earnings (Losses)

Interests

Equity

Balance at June 30, 2020

 

65,531,288

$

655

 

$

2,210,429

$

61,133

$

29,902

$

2,302,119

Stock-based compensation and related share issuances

 

19,157

 

1

 

 

2,810

 

 

 

2,811

Sale of Peak Gold JV interest

(10,829)

(16,218)

(27,047)

Distributions to non-controlling interests

 

 

 

 

 

(880)

 

(880)

Net income and comprehensive income

 

 

 

 

 

220,855

 

1

 

220,856

Dividends declared

 

 

 

 

 

(57,734)

 

 

(57,734)

Balance at March 31, 2021

 

65,550,445

$

656

 

$

2,202,410

$

224,254

$

12,805

$

2,440,125

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

(Losses) Earnings

Interests

Equity

Balance at June 30, 2019

 

65,440,492

$

655

 

$

2,201,773

$

(65,747)

$

33,772

$

2,170,453

Stock-based compensation and related share issuances

 

71,756

 

 

 

4,025

 

 

 

4,025

Distributions from (to) non-controlling interests

 

 

 

3,300

 

 

(723)

 

2,577

Net income (loss) and comprehensive income (loss)

 

 

 

 

 

150,329

 

(2,750)

 

147,579

Dividends declared

 

 

 

 

 

(54,099)

 

 

(54,099)

Balance at March 31, 2020

 

65,512,248

$

655

 

$

2,209,098

$

30,483

$

30,299

$

2,270,535

The accompanying notes are an integral part of these consolidated financial statements.

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ROYAL GOLD, INC.

Consolidated Statements of Cash Flows

(Unaudited, amounts in thousands)

Nine Months Ended

March 31, 

March 31, 

    

2021

    

2020

Cash flows from operating activities:

Net income and comprehensive income

$

220,856

$

147,579

Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:

Depreciation, depletion and amortization

135,541

130,038

Gain on sale of Peak Gold JV interest

(33,906)

Non-cash employee stock compensation expense

4,236

8,283

Fair value changes in equity securities

(4,060)

4,972

Deferred tax benefit

(9,050)

(37,117)

Other

684

703

Changes in assets and liabilities:

Royalty receivables

(17,738)

(11,589)

Stream inventory

(2,820)

(567)

Income tax receivable

(12,235)

(8,658)

Prepaid expenses and other assets

998

(5,771)

Accounts payable

1,244

(1,295)

Income tax payable

12,337

14,054

Uncertain tax positions

(12,470)

(132)

Other liabilities

2,681

8,695

Net cash provided by operating activities

$

286,298

$

249,195

Cash flows from investing activities:

Acquisition of stream and royalty interests

(82,488)

(107,855)

Proceeds from sale of Peak Gold JV interest

49,154

Proceeds from sale of Contango shares

12,146

Other

(451)

2,766

Net cash used in investing activities

$

(21,639)

$

(105,089)

Cash flows from financing activities:

Repayment of debt

(155,000)

(115,000)

Net payments from issuance of common stock

(1,425)

(4,257)

Common stock dividends

(56,417)

(53,111)

Other

(685)

2,502

Net cash used in financing activities

$

(213,527)

$

(169,866)

Net increase (decrease) in cash and equivalents

51,132

(25,760)

Cash and equivalents at beginning of period

319,128

119,475

Cash and equivalents at end of period

$

370,260

$

93,715

The accompanying notes are an integral part of these consolidated financial statements.

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ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

1.    OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS

Royal Gold is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty 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. Royalties are non-operating interests in a mining project that provide the right to revenue or metals produced from the project after deducting contractually specified costs, if any.  

Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and nine months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. These interim unaudited consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed with the Securities and Exchange Commission on August 6, 2020 (“Fiscal 2020 10-K”).

Recently Adopted Accounting Standards

Current Expected Credit Loss

In June 2016, the Financial Accounting Standards Board issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments, which, together with subsequent amendments, changes how an entity records credit losses from an “incurred loss” approach to an “expected loss” approach. This update was effective for annual periods beginning after December 15, 2019 and interim financial statement periods within those years, with early adoption permitted. On July 1, 2020, we adopted the new guidance and, based on our assessment, the adoption of the new guidance did not have any impact on our consolidated financial statements.

2.    SALE OF PEAK GOLD JV INTEREST

On September 30, 2020, we entered into an agreement with an affiliate of Kinross Gold Corporation to sell our 40% membership interest in the Manh Choh Project (formerly known as the Peak Gold Project) for cash consideration of $49.2 million and to sell our 809,744 common shares in Contango Ore, Inc. (“Contango”), our partner in Peak Gold, LLC, the owner of the Manh Choh Project, for cash consideration of $12.1 million.

In addition to the total cash consideration of $61.3 million, we received the following royalty interests:

An incremental 28% net smelter return royalty on silver produced from an area of interest which includes the current Manh Choh Project resource area. Peak Gold, LLC retains the right to acquire 50% of this royalty for consideration of $4.0 million; and
An incremental 1% net smelter return royalty on certain State of Alaska mining claims acquired by a wholly owned subsidiary of Contango in the transaction, increasing our royalty on this area from 2% to 3%.

The royalties are recorded as exploration stage royalty interests in Stream and royalty interests, net in our consolidated balance sheet as of March 31, 2021 and were assigned a combined value of approximately $4.4 million on the date of the transaction. We recorded a gain of $33.9 million on the sale of our 40% membership interest in the Manh Choh Project during the three months ended September 30, 2020. The mark-to-market increase of $3.6 million on the sale of our 809,744

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Table of Contents

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

common shares in Contango is included in Fair value changes in equity securities on our consolidated statements of operations and comprehensive income and was recognized during the three months ended September 30, 2020.

3.    STREAM AND ROYALTY INTERESTS, NET

The following tables summarize our stream and royalty interests, net as of March 31, 2021 and June 30, 2020.

As of March 31, 2021 (Amounts in thousands):

    

Cost

    

Accumulated Depletion

    

Net

Production stage stream interests:

Mount Milligan

$

790,635

$

(283,660)

$

506,975

Pueblo Viejo

610,404

(235,169)

375,235

Andacollo

388,182

(124,225)

263,957

Rainy River

175,727

(38,368)

137,359

Wassa

146,475

(76,131)

70,344

Total production stage stream interests

2,111,423

(757,553)

1,353,870

Production stage royalty interests:

Voisey's Bay

205,724

(107,225)

98,499

Peñasquito

99,172

(48,765)

50,407

Cortez

80,681

(17,584)

63,097

Other

442,891

(377,642)

65,249

Total production stage royalty interests

828,468

(551,216)

277,252

Total production stage stream and royalty interests

2,939,891

(1,308,769)

1,631,122

Development stage stream interests:

Khoemacau

212,877

212,877

Other

12,037