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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 September 30, 2022

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 65,643,710 shares of Royal Gold common stock outstanding as of October 27, 2022.

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

18

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

32

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

33

Item 3.

Defaults Upon Senior Securities

33

Item 4.

Mine Safety Disclosures

33

Item 5.

Other Information

33

Item 6.

Exhibits

34

SIGNATURES

35

2

ITEM 1.     FINANCIAL STATEMENTS

ROYAL GOLD, INC.

Consolidated Balance Sheets

(Unaudited, amounts in thousands except share data)

    

September 30, 

    

December 31,

    

2022

    

2021

ASSETS

Cash and equivalents

$

122,238

$

143,551

Royalty receivables

28,476

54,088

Income tax receivable

15,056

4,915

Stream inventory

13,691

11,607

Prepaid expenses and other

2,322

1,835

Total current assets

181,783

215,996

Stream and royalty interests, net (Note 3)

3,084,380

2,443,752

Other assets

110,630

97,284

Total assets

$

3,376,793

$

2,757,032

LIABILITIES

Accounts payable

$

7,332

$

6,475

Dividends payable

22,985

22,966

Income tax payable

21,716

19,070

Other current liabilities

12,443

12,917

Total current liabilities

64,476

61,428

Debt (Note 5)

446,327

Deferred tax liabilities

140,197

87,705

Other liabilities

5,854

6,688

Total liabilities

656,854

155,821

Commitments and contingencies (Note 12)

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 65,592,597 and 65,564,364 shares outstanding, respectively

656

656

Additional paid-in capital

2,211,353

2,206,159

Accumulated earnings

495,570

381,929

Total Royal Gold stockholders’ equity

2,707,579

2,588,744

Non-controlling interests

12,360

12,467

Total equity

2,719,939

2,601,211

Total liabilities and equity

$

3,376,793

$

2,757,032

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

3

ROYAL GOLD, INC.

Consolidated Statements of Operations and Comprehensive Income

(Unaudited, amounts in thousands except share data)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

Revenue (Note 6)

$

131,429

$

174,431

440,226

$

485,047

Costs and expenses

Cost of sales (excludes depreciation, depletion and amortization)

23,221

27,230

69,670

73,367

General and administrative

7,554

7,129

25,797

21,272

Production taxes

1,119

2,054

4,765

6,042

Depreciation, depletion and amortization

37,761

50,611

129,739

139,935

Total costs and expenses

69,655

87,024

229,971

240,616

Operating income

61,774

87,407

210,255

244,431

Fair value changes in equity securities

356

176

(1,221)

4,035

Interest and other income

3,571

819

5,665

2,227

Interest and other expense

(8,814)

(1,908)

(11,110)

(4,873)

Income before income taxes

56,887

86,494

203,589

245,820

Income tax expense

(10,954)

(16,028)

(20,347)

(39,242)

Net income and comprehensive income

45,933

70,466

183,242

206,578

Net income and comprehensive income attributable to non-controlling interests

(141)

(290)

(633)

(699)

Net income and comprehensive income attributable to Royal Gold common stockholders

$

45,792

$

70,176

$

182,609

$

205,879

Net income per share attributable to Royal Gold common stockholders:

Basic earnings per share

$

0.70

$

1.07

$

2.78

$

3.14

Basic weighted average shares outstanding

65,579,834

65,556,608

65,571,737

65,552,586

Diluted earnings per share

$

0.70

$

1.07

$

2.78

$

3.13

Diluted weighted average shares outstanding

65,660,152

65,627,845

65,661,197

65,628,827

Cash dividends declared per common share

$

0.35

$

0.30

$

1.05

$

0.90

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

4

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Three months ended September 30, 2022, and 2021

(unaudited, amounts in thousands except share data)

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

Earnings

Interests

Equity

Balance at June 30, 2022

 

65,569,687

$

656

 

$

2,210,809

$

472,764

$

12,429

$

2,696,658

Stock-based compensation and related share issuances

 

22,910

 

 

 

544

 

 

 

544

Distributions to non-controlling interests

 

 

 

 

 

(210)

 

(210)

Net income and comprehensive income

 

 

 

 

45,792

 

141

 

45,933

Dividends declared

 

 

 

 

 

(22,986)

 

 

(22,986)

Balance at September 30, 2022

 

65,592,597

$

656

 

$

2,211,353

$

495,570

$

12,360

$

2,719,939

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

Earnings

Interests

Equity

Balance at June 30, 2021

 

65,551,061

$

656

 

$

2,203,863

$

286,249

$

12,647

$

2,503,415

Stock-based compensation and related share issuances

 

12,741

 

 

 

594

 

 

 

594

Distributions to non-controlling interests

 

 

 

 

 

(271)

 

(271)

Net income and comprehensive income

 

 

 

 

 

70,176

 

290

 

70,466

Dividends declared

 

 

 

 

 

(19,691)

 

 

(19,691)

Balance at September 30, 2021

 

65,563,802

$

656

 

$

2,204,457

$

336,734

$

12,666

$

2,554,513

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Nine Months ended September 30, 2022, and 2021

(unaudited, amounts in thousands except share data)

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

Earnings

Interests

Equity

Balance at December 31, 2021

 

65,564,364

$

656

 

$

2,206,159

$

381,929

$

12,467

$

2,601,211

Stock-based compensation and related share issuances

 

28,233

 

 

 

5,194

 

 

 

5,194

Distributions to non-controlling interests

 

 

 

 

 

(740)

 

(740)

Net income and comprehensive income

 

 

 

 

 

182,609

 

633

 

183,242

Dividends declared

 

 

 

 

 

(68,968)

 

 

(68,968)

Balance at September 30, 2022

 

65,592,597

$

656

 

$

2,211,353

$

495,570

$

12,360

$

2,719,939

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

Earnings

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

 

15,387

 

 

 

3,381

 

 

 

3,381

Distributions to non-controlling interests

 

 

 

 

 

(1,070)

 

(1,070)

Net income and comprehensive income

 

 

 

 

 

205,879

 

699

 

206,578

Dividends declared

 

 

 

 

 

(59,055)

 

 

(59,055)

Balance at September 30, 2021

 

65,563,802

$

656

 

$

2,204,457

$

336,734

$

12,666

$

2,554,513

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

5

ROYAL GOLD, INC.

Consolidated Statements of Cash Flows

(Unaudited, amounts in thousands)

Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

Cash flows from operating activities:

Net income and comprehensive income

$

183,242

$

206,578

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

Depreciation, depletion and amortization

129,739

139,935

Non-cash employee stock compensation expense

6,632

4,340

Fair value changes in equity securities

1,221

(4,035)

Deferred tax (benefit) expense

(17,757)

8,465

Other

734

1,418

Changes in assets and liabilities:

Royalty receivables

25,612

(8,643)

Stream inventory

(2,083)

1,678

Income tax receivable

(10,141)

4,858

Prepaid expenses and other assets

(3,073)

(1,608)

Accounts payable

857

2,859

Income tax payable

2,646

615

Uncertain tax positions

(12,378)

Other liabilities

(1,310)

(1,111)

Net cash provided by operating activities

$

316,319

$

342,971

Cash flows from investing activities:

Acquisition of stream and royalty interests

(715,829)

(384,315)

Khoemacau subordinated debt facility

(25,000)

Proceeds from sale of equity securities

8,651

Other

(676)

(910)

Net cash used in investing activities

$

(716,505)

$

(401,574)

Cash flows from financing activities:

Repayment of debt

(50,000)

(200,000)

Borrowings from revolving credit facility

500,000

100,000

Net payments from issuance of common stock

(1,438)

(959)

Common stock dividends

(68,938)

(59,046)

Other

(751)

(3,043)

Net cash provided by (used in) financing activities

$

378,873

$

(163,048)

Net decrease in cash and equivalents

(21,313)

(221,651)

Cash and equivalents at beginning of period

143,551

381,859

Cash and equivalents at end of period

$

122,238

$

160,208

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

6

Table of Contents

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

1.    OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS

Royal Gold Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), 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 September 30, 2022 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2022. These interim unaudited consolidated financial statements should be read in conjunction with our Transition Report on Form 10-K for the six months ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on February 17, 2022 (“Transition Report”).

Recent Accounting Standards

We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.

2.    ACQUISITIONS

Acquisition of Great Bear Royalties Corporation

On September 9, 2022, we completed the previously announced acquisition of all of the issued and outstanding shares of Great Bear Royalties Corporation (“GBR”) for cash consideration of approximately C$199.6 million (US$151.7 million) (“the Acquisition Price”).  GBR’s sole material asset is a 2.0% net smelter return royalty (“Great Bear Royalty”) that covers the entirety of the Great Bear Project in the Red Lake district of Ontario, Canada, owned and operated by a subsidiary of Kinross Gold Corporation (“Kinross”).  The Great Bear Royalty includes all metals produced from contiguous claims covering 9,140 hectares and will be registered on title to the relevant claims. Royalty payments will be made quarterly with applicable standard deductions. The purchase price was funded with available cash on hand.

As part of the acquisition and in exchange for information and access to the project provided by Kinross, we granted an option to Kinross to purchase a 25% interest in the Great Bear Royalty (0.5% of the 2.0% royalty rate) for an amount equal to 25% of the Acquisition Price, adjusted for inflation, at any time from the transaction closing date until the earlier of a construction decision for the Great Bear Project and 10 years after the transaction closing date.

The Great Bear Royalty is the sole material asset of GBR and represents substantially all the fair value of GBR’s gross assets. As a result, the GBR acquisition has been accounted for as an asset acquisition and the fair values of the GBR assets acquired are shown below:

7

Table of Contents

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

(in thousands)

Purchase Price

$

151,679

Cash

315

Other assets

293

Royalty interests in mineral property (Great Bear royalty)

151,071

Total allocated purchase price

$

151,679

The $151.1 million allocated fair value of the Great Bear Royalty, plus $2.3 million of direct transaction costs and deferred tax of $53.6 million have been capitalized with the Great Bear Royalty interest and allocated to exploration stage royalty interests within Stream and royalty interests, net on our consolidated balance sheets. The deferred tax was recorded as a gross-up to the Great Bear Royalty mineral interest as prescribed by the applicable guidance.

Acquisition of Additional Royalty Interest on Cortez Complex

On August 2, 2022, we acquired a sliding scale gross royalty (“Cortez Complex Royalty”) on production from an area including the Cortez mine operational area and the Fourmile development project (the “Cortez Complex”) for cash consideration of $525 million. The area within the Cortez Complex is owned or controlled by Nevada Gold Mines LLC (“NGM”), a joint venture between Barrick Gold Corporation (“Barrick”) and Newmont Corporation, with the exception of the Fourmile development project which is 100% owned and operated by Barrick. The royalty is a life of mine sliding scale gross royalty payable at a rate of 0% at a gold price less than $400 per ounce, increasing to 3% at a gold price above $900 per ounce, and is payable on 40% of all production from the Cortez Complex. Based on information available, the royalty would not cover the existing deposits within the Robertson property.  At current gold prices the Cortez Complex Royalty is an effective 1.2% gross royalty on the Cortez Complex and is not subject to any stepdowns or caps.  Deductions from the Cortez Complex Royalty payments are limited to third-party royalties that existed prior to the creation of the royalty in 2008, which include the existing Crossroads and Pipeline royalties owned by Royal Gold. The purchase price was funded with debt and available cash on hand.

The acquisition has been accounted for as an asset acquisition and the $525 million cash consideration, plus direct acquisition costs, have been recorded and allocated between production and exploration stage royalty interests (Note 3) within Stream and royalty interests, net on our consolidated balance sheets. On the date of acquisition, approximately $199 million and $326 million was allocated to production stage and exploration stage royalty interests, respectively. The acquisition cost of the production stage Cortez Complex Royalty will be depleted using the units of production method, which is estimated using aggregate proven and probable reserves, as provided by NGM.

The royalty is payable after cumulative production from the Cortez Complex of 15 million gold equivalent ounces from January 1, 2008 onwards. During the quarter ended September 30, 2022, the production threshold was reached and approximately 3,300 ounces of gold production was attributable to the royalty. We expect all production from the Cortez Complex in the fourth quarter of 2022 to be subject to the royalty. The royalty is payable within forty-five days after the end of each calendar quarter.

Lawyers Royalty Acquisition

On March 24, 2022, we acquired a 0.5% net smelter returns royalty (“NSR”) on production from the Lawyers Project, currently operated by Benchmark Metals Inc., which is located in British Columbia, Canada. As part of this transaction, we also acquired a right of first offer (“ROFO”) for an existing 2.0% NSR royalty over the Ranch Project owned by Thesis Gold, Inc. that is located adjacent to the Lawyers Project.  We paid $8.0 million in cash consideration for the royalty and ROFO to Guardsmen Resources Inc. The Lawyers Project acquisition has been accounted for as an asset acquisition. The $8.0 million cash consideration, plus direct acquisition costs, have been recorded as an exploration stage royalty interest (Note 3) within Stream and royalty interests, net on our consolidated balance sheets.

Khoemacau Silver Stream

On February 23, 2022, we made an advance payment of $10.0 million toward the option stream which increased our right to receive payable silver produced from Khoemacau from 90% to 93%, and on March 14, 2022, we made our final advance payment of $16.5 million toward the option stream which increased our right to receive payable silver produced from 93%

8

Table of Contents

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

to 100%. Cumulative advance payments of $265 million, plus direct acquisition costs, have been recorded as a production stage stream interest within Stream and royalty interests, net on our consolidated balance sheets.

As of September 30, 2022, $25.0 million of the subordinated debt facility, and $4.4 million of accrued interest remains outstanding on the Khoemacau subordinated debt facility, and these amounts are included in Other assets in our consolidated balance sheets. Refer to our Transition Report for further details on the Khoemacau silver stream acquisition and subordinated debt facility.

3.    STREAM AND ROYALTY INTERESTS, NET

The following tables summarize our stream and royalty interests, net as of September 30, 2022 and December 31, 2021.

As of September 30, 2022 (Amounts in thousands):

    

Cost

    

Accumulated Depletion

    

Net

Production stage stream interests:

Mount Milligan

$

790,635

$

(379,708)

$

410,927

Pueblo Viejo

610,404

(281,730)

328,674

Andacollo

388,182

(149,586)

238,596

Khoemacau

265,911

(11,621)

254,290

Rainy River

175,727

(58,328)

117,399

Wassa

146,475

(93,474)

53,001

Other

69,100

(11,200)

57,900

Total production stage stream interests

2,446,434

(985,647)

1,460,787

Production stage royalty interests:

Cortez

280,219

(28,352)

251,867

Voisey's Bay

205,724

(117,228)

88,496

Red Chris

116,187

(1,797)

114,390

Peñasquito

99,172

(56,529)

42,643

Other

447,246

(395,641)

51,605

Total production stage royalty interests

1,148,548

(599,547)

549,001

Total production stage stream and royalty interests

3,594,982

(1,585,194)

2,009,788

Development stage stream interests:

Other

12,038

12,038

Development stage royalty interests:

Côté

45,421

45,421

Other

73,233

73,233

Total development stage stream and royalty interests

130,692

130,692

Exploration stage stream interests:

NX Gold

34,253

34,253

Exploration stage royalty interests:

Cortez

325,654

325,654

Great Bear

206,965

206,965

Pascua-Lama

177,690

177,690

Red Chris

48,895

48,895

Côté

29,610

29,610

Other

120,833

120,833

Total exploration stage stream and royalty interests

943,900

943,900

Total stream and royalty interests, net

$

4,669,574

$

(1,585,194)

$

3,084,380

9

Table of Contents

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

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

    

Cost

    

Accumulated Depletion

Net

Production stage stream interests:

Mount Milligan

$

790,635

$

(336,921)

$

453,714

Pueblo Viejo

610,405

(260,321)

350,084

Andacollo

388,182

(139,035)

249,147

Khoemacau

239,411

(3,402)

236,009

Rainy River

175,727

(50,115)

125,612

Wassa

146,475

(84,915)

61,560

Other

69,101

(4,193)

64,908

Total production stage stream interests

2,419,936

(878,902)

1,541,034

Production stage royalty interests:

Voisey's Bay

205,724

(113,602)

92,122

Red Chris

116,187

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