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 2020-12-31 Filed 2021-02-04
10-Q 2020-09-30 Filed 2020-11-05
10-K 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-Q 2019-12-31 Filed 2020-02-06
10-Q 2019-09-30 Filed 2019-11-07
10-K 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-02
10-Q 2018-12-31 Filed 2019-02-07
10-Q 2018-09-30 Filed 2018-11-01
10-K 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-03
10-Q 2017-12-31 Filed 2018-02-08
10-Q 2017-09-30 Filed 2017-11-02
10-K 2017-06-30 Filed 2017-08-10
10-Q 2017-03-31 Filed 2017-05-10
10-Q 2016-12-31 Filed 2017-02-02
10-Q 2016-09-30 Filed 2016-11-03
10-K 2016-06-30 Filed 2016-08-11
10-Q 2016-03-31 Filed 2016-04-28
10-Q 2015-12-31 Filed 2016-02-04
10-Q 2015-09-30 Filed 2015-11-05
10-K 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-04-30
10-Q 2014-12-31 Filed 2015-01-29
10-Q 2014-09-30 Filed 2014-10-30
10-K 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-01
10-Q 2013-12-31 Filed 2014-01-30
10-Q 2013-09-30 Filed 2013-11-07
10-K 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-03
10-Q 2011-09-30 Filed 2011-11-03
10-K 2011-06-30 Filed 2011-08-18
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-12-31 Filed 2011-02-04
10-Q 2010-09-30 Filed 2010-11-05
10-K 2010-06-30 Filed 2010-08-26
10-Q 2010-03-31 Filed 2010-05-07
10-Q 2009-12-31 Filed 2010-02-05
8-K 2020-11-18
8-K 2020-11-04
8-K 2020-10-13
8-K 2020-09-30
8-K 2020-09-30
8-K 2020-09-16
8-K 2020-08-05
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-20201231xex31d1.htm
EX-31.2 rgld-20201231xex31d2.htm
EX-32.1 rgld-20201231xex32d1.htm
EX-32.2 rgld-20201231xex32d2.htm

Royal Gold Earnings 2020-12-31

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 December 31, 2020

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 January 28, 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

31

Item 4.

Controls and Procedures

31

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

31

Item 1A.

Risk Factors

32

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

32

Item 3.

Defaults Upon Senior Securities

32

Item 4.

Mine Safety Disclosure

32

Item 5.

Other Information

32

Item 6.

Exhibits

33

SIGNATURES

34

2

Table of Contents

ITEM 1.     FINANCIAL STATEMENTS

ROYAL GOLD, INC.

Consolidated Balance Sheets

(Unaudited, amounts in thousands except share data)

    

December 31, 

    

June 30, 

    

2020

2020

ASSETS

Cash and equivalents

$

381,859

$

319,128

Royalty receivables

44,316

27,689

Income tax receivable

8,939

2,435

Stream inventory

13,900

11,671

Prepaid expenses and other

1,477

1,227

Total current assets

450,491

362,150

Stream and royalty interests, net (Note 3)

2,231,980

2,318,913

Other assets

81,263

85,224

Total assets

$

2,763,734

$

2,766,287

LIABILITIES

Accounts payable

$

2,587

$

2,484

Dividends payable

19,680

18,364

Income tax payable

23,318

13,323

Other current liabilities

11,569

9,384

Total current liabilities

57,154

43,555

Debt (Note 5)

195,983

300,439

Deferred tax liabilities

85,017

86,439

Uncertain tax positions

13,267

25,427

Other liabilities

7,634

8,308

Total liabilities

359,055

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 65,548,415 and 65,531,288 shares outstanding, respectively

656

655

Additional paid-in capital

2,201,076

2,210,429

Accumulated earnings

189,910

61,133

Total Royal Gold stockholders’ equity

2,391,642

2,272,217

Non-controlling interests

13,037

29,902

Total equity

2,404,679

2,302,119

Total liabilities and equity

$

2,763,734

$

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

Six Months Ended

December 31, 

December 31, 

December 31, 

December 31, 

    

2020

    

2019

    

2020

    

2019

Revenue (Note 7)

$

158,360

$

123,643

$

305,240

$

242,417

Costs and expenses

Cost of sales (excludes depreciation, depletion and amortization)

24,859

21,077

46,760

41,188

General and administrative

6,789

6,665

14,244

14,108

Production taxes

1,401

984

2,756

2,083

Exploration costs

1,514

563

4,140

Depreciation, depletion and amortization

47,945

40,096

94,245

78,810

Total costs and expenses

80,994

70,336

158,568

140,329

Gain on sale of Peak Gold JV interest

33,906

Operating income

77,366

53,307

180,578

102,088

Fair value changes in equity securities

(382)

222

2,158

(1,153)

Interest and other income

613

226

1,034

1,001

Interest and other expense

(1,578)

(2,217)

(3,454)

(5,051)

Income before income taxes

76,019

51,538

180,316

96,885

Income tax (expense) benefit

(16,031)

(11,124)

(13,654)

12,401

Net income and comprehensive income

59,988

40,414

166,662

109,286

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

(99)

907

166

2,488

Net income and comprehensive income attributable to Royal Gold common stockholders

$

59,889

$

41,321

$

166,828

$

111,774

Net income per share attributable to Royal Gold common stockholders:

Basic earnings per share

$

0.91

$

0.63

$

2.55

$

1.70

Basic weighted average shares outstanding

65,546,938

65,495,907

65,542,326

65,480,759

Diluted earnings per share

$

0.91

$

0.63

$

2.54

$

1.70

Diluted weighted average shares outstanding

65,619,241

65,611,567

65,625,965

65,613,406

Cash dividends declared per common share

$

0.300

$

0.280

$

0.580

$

0.545

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 December 31, 2020 and 2019

(unaudited, amounts in thousands except share data)

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

(Losses) Earnings

Interests

Equity

Balance at September 30, 2020

 

65,545,606

$

656

 

$

2,199,705

$

149,702

$

13,158

$

2,363,221

Stock-based compensation and related share issuances

 

2,809

 

 

 

1,371

 

 

 

1,371

Distributions to non-controlling interests

 

 

 

 

 

(220)

 

(220)

Net income and comprehensive income

 

 

 

 

 

59,889

 

99

 

59,988

Dividends declared

 

 

 

 

 

(19,681)

 

 

(19,681)

Balance at December 31, 2020

 

65,548,415

$

656

 

$

2,201,076

$

189,910

$

13,037

$

2,404,679

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

(Losses) Earnings

Interests

Equity

Balance at September 30, 2019

 

65,495,787

$

655

 

$

2,202,350

$

(12,676)

$

31,999

$

2,222,328

Stock-based compensation and related share issuances

 

217

 

 

 

1,214

 

 

 

1,214

Distributions from (to) non-controlling interests

 

 

 

1,800

 

 

(187)

 

1,613

Net income (loss) and comprehensive income (loss)

 

 

 

 

 

41,321

 

(907)

 

40,414

Dividends declared

 

 

 

 

 

(18,355)

 

 

(18,355)

Balance at December 31, 2019

 

65,496,004

$

655

 

$

2,205,364

$

10,290

$

30,905

$

2,247,214

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Six months ended December 31, 2020 and 2019

(unaudited, amounts in thousands except share data)

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

(Losses) Earnings

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

 

17,127

 

1

 

 

1,476

 

 

 

1,477

Sale of Peak Gold JV interest

(10,829)

(16,218)

(27,047)

Distributions to non-controlling interests

 

 

 

 

 

(481)

 

(481)

Net income (loss) and comprehensive income (loss)

 

 

 

 

 

166,828

 

(166)

 

166,662

Dividends declared

 

 

 

 

 

(38,051)

 

 

(38,051)

Balance at December 31, 2020

 

65,548,415

$

656

 

$

2,201,076

$

189,910

$

13,037

$

2,404,679

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

 

55,512

 

 

 

891

 

 

 

891

Distributions from (to) non-controlling interests

 

 

 

2,700

 

 

(379)

 

2,321

Net income (loss) and comprehensive income (loss)

 

 

 

 

 

111,774

 

(2,488)

 

109,286

Dividends declared

 

 

 

 

 

(35,737)

 

 

(35,737)

Balance at December 31, 2019

 

65,496,004

$

655

 

$

2,205,364

$

10,290

$

30,905

$

2,247,214

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

5

Table of Contents

ROYAL GOLD, INC.

Consolidated Statements of Cash Flows

(Unaudited, amounts in thousands)

Six Months Ended

December 31, 

December 31, 

    

2020

    

2019

Cash flows from operating activities:

Net income and comprehensive income

$

166,662

$

109,286

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

Depreciation, depletion and amortization

94,245

78,810

Gain on sale of Peak Gold JV interest

(33,906)

Non-cash employee stock compensation expense

2,892

3,639

Fair value changes in equity securities

(2,158)

1,153

Deferred tax benefit

(8,405)

(36,126)

Other

398

566

Changes in assets and liabilities:

Royalty receivables

(16,627)

(7,714)

Stream inventory

(2,229)

(3,956)

Income tax receivable

(6,504)

(6,968)

Prepaid expenses and other assets

900

(7,020)

Accounts payable

(549)

(929)

Income tax payable

9,995

7,392

Uncertain tax positions

(12,160)

3,230

Other liabilities

1,510

8,133

Net cash provided by operating activities

$

194,064

$

149,496

Cash flows from investing activities:

Acquisition of stream and royalty interests

(48,832)

(72,417)

Proceeds from sale of Peak Gold JV interest

49,154

Proceeds from sale of Contango shares

12,146

Other

(364)

4,363

Net cash provided by (used in) investing activities

$

12,104

$

(68,054)

Cash flows from financing activities:

Repayment of debt

(105,000)

(85,000)

Net payments from issuance of common stock

(1,415)

(2,747)

Common stock dividends

(36,735)

(34,755)

Other

(287)

2,089

Net cash used in financing activities

$

(143,437)

$

(120,413)

Net increase (decrease) in cash and equivalents

62,731

(38,971)

Cash and equivalents at beginning of period

319,128

119,475

Cash and equivalents at end of period

$

381,859

$

80,504

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

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Table of Contents

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 six months ended December 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. These interim unaudited 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 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, 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 Peak Gold 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 were recorded as exploration stage royalty interests in Stream and royalty interests, net in our consolidated balance sheet as of December 31, 2020 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 Peak Gold 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 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.

7

Table of Contents

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

3.    STREAM AND ROYALTY INTERESTS, NET

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

As of December 31, 2020 (Amounts in thousands):

    

Cost

    

Accumulated Depletion

    

Net

Production stage stream interests:

Mount Milligan

$

790,635

$

(270,370)

$

520,265

Pueblo Viejo

610,405

(226,083)

384,322

Andacollo

388,182

(120,847)

267,335

Rainy River

175,727

(34,820)

140,907

Wassa

146,475

(72,839)

73,636

Total production stage stream interests

2,111,424

(724,959)

1,386,465

Production stage royalty interests:

Voisey's Bay

205,724

(104,850)

100,874

Peñasquito

99,172

(47,263)

51,909

Cortez

80,681

(16,418)

64,263

Other

521,289

(433,800)

87,489

Total production stage royalty interests

906,866

(602,331)

304,535

Total production stage stream and royalty interests

3,018,290

(1,327,290)

1,691,000

Development stage stream interests:

Khoemacau

180,220

180,220

Other

12,037

12,037

Development stage royalty interests:

Other

69,780