ROYAL GOLD INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - November 2, 2017

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Exhibit 99.1

 

 

Royal Gold Reports First Quarter 2018 Results

 

DENVER, COLORADO. NOVEMBER 1, 2017: ROYAL GOLD, INC. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) reports net income of $28.6 million, or $0.44 per share, on revenue of $112.5 million in its fiscal first quarter ended September 30, 2017. Subsequent to our first quarter-end, New Gold declared commercial production at Rainy River.

 

Fiscal First Quarter Highlights Compared to Prior Year Quarter:

 

·Revenue of $112 million, a decrease of 5%
·Operating cash flow of $72 million, an increase of 30%
·Volume of 88,000 GEOs,1 in line with the prior year quarter
·Dividends paid of $16 million, an increase of 4%
·Repaid $50 million on revolving credit facility
·Average gold price of $1,278, down 4%

 

“The first fiscal quarter reflected steady results, strong cash flow generation, debt reduction, and growth that is already bought and paid for,” commented Tony Jensen, President and CEO. “Our gold and silver stream at Rainy River will further complement Royal Gold’s results in the December quarter. We congratulate New Gold on achieving commercial production at Rainy River ahead of schedule, and we are very pleased to add another Canadian property to our portfolio of 40 worldwide producing interests.”

 

Recent Developments

 

New Gold’s Rainy River

 

On October 19, 2017, New Gold announced that its Rainy River mine, located near Fort Frances, Ontario, achieved commercial production approximately two weeks ahead of schedule.  In its first 30 days of operation, New Gold reported that Rainy River successfully processed approximately 457,000 tonnes of ore and that both grade and recoveries have been consistent with its commissioning plan.  For the period October 1 to October 24, Rainy River processed an average of 18,500 tonnes per day, which is approximately 88% of nameplate capacity.

 

 
1Gold Equivalent Ounces, (“GEOs”) are calculated as revenue divided by the average gold price for the same period. GEOs net of stream payments were 72,000 in the first quarter, compared to 71,300 in the prior year quarter.

 

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On September 28, New Gold announced the approval of its Schedule 2 Amendment that was required to complete construction of the main tailing storage facility.

 

Royal Gold has a streaming interest on 6.5% of the gold (3.25% after delivery of 230,000 ounces) and 60% of the silver (30% after delivery of 3,100,000 ounces) produced at Rainy River. At calendar year-end 2016, New Gold reported reserves of approximately 3.9 million ounces of gold reserves and 10 million ounces of silver reserves at Rainy River.2

 

First Fiscal Quarter 2018 Overview

 

First quarter revenue was $112.5 million compared to $118.0 million in the prior year quarter. Stream and royalty revenue totaled $78.8 million and $33.7 million, respectively, for the quarter. Revenue decreased due to a lower gold price and lower gold sales at Mount Milligan and Andacollo, partially offset by higher sales at Wassa and Prestea and new copper sales from Mount Millligan. Copper deliveries from Mount Milligan began in the June 2017 quarter.

 

First quarter cost of sales of $20.4 million was below the $22.7 million recorded in the prior year quarter, driven by lower gold sales from Andacollo and Mount Milligan.

 

General and administrative expenses decreased to $6.9 million in the first quarter, compared to $10.5 million in the prior year quarter. The decrease was primarily related to $1.8 million in lower non-cash stock-based compensation charges and a decrease in legal costs of approximately $1.1 million.

 

Exploration costs, which are related to our Peak Gold Joint Venture, were $3.2 million in the first quarter, which was in line with the prior year quarter.

 

Interest and other expense of $8.6 million was in line with the prior year quarter of $8.3 million.

 

We recognized first quarter income tax expense of $7.5 million, compared to $7.2 million during the prior year quarter.  This resulted in an effective tax rate of 22.1% compared to 21.1% in the prior year quarter.  The increase was primarily related to a re-measurement of Canadian dollar deferred tax liabilities due to foreign exchange rate changes.

 

At September 30, 2017, we had current assets of $155.8 million compared to current liabilities of $39.7 million, resulting in working capital of $116.1 million. This compares to current assets of $143.6 million and current liabilities of $34.3 million at June 30, 2017, resulting in working capital of $109.3 million.

 

During the first quarter, liquidity needs were met from our available cash resources and $84.6 million in revenue net of our streaming payments. The Company repaid $50 million of the outstanding revolving credit facility during the quarter resulting in $800 million available and $200 million outstanding under its revolving credit facility as of September 30, 2017. Working capital, combined with the Company’s undrawn revolving credit facility, totals $916 million of liquidity at September 30, 2017.

 

 

2Cautionary Note to U.S. Investors Concerning Estimates of Proven and Probable Mineral Reserves and Measured and Indicated Mineral Resources: The mineral reserve estimates reported by New Gold were prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves. Royal Gold has not reconciled the reserve estimates provided by New Gold with definitions of reserves used by the U.S. Securities and Exchange Commission.

 

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PROPERTY HIGHLIGHTS

 

A summary of first quarter and historical production reported can be found on Tables 1 and 2. Calendar year 2017 operator production estimates of certain properties in which we have interests compared to actual production through September 30, 2017 can be found on Table 3. Results of our streaming business for the first quarter, compared to the prior year quarter, can be found on Table 4. Highlights at certain of the Company’s principal producing and development properties during the first quarter, compared to the prior year quarter, are detailed in our Annual Report on Form 10-K.

 

CORPORATE PROFILE

 

Royal Gold is a precious metals stream and royalty company engaged in the acquisition and management of precious metal streams, royalties and similar production based interests. The Company owns interests on 197 properties on six continents, including interests on 40 producing mines and 23 development stage projects.  Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol “RGLD.” The Company’s website is located at www.royalgold.com.

 

For further information, please contact:

 

Karli Anderson

Vice President Investor Relations

(303) 575-6517

 

Note: Management’s conference call reviewing the first quarter results will be held on Thursday, November 2, 2017, at noon Eastern Time (10:00 a.m. Mountain Time).  The call will be webcast and archived on the Company’s website for a limited time.

 

First Quarter Earnings Call Information:

 

Dial-In Numbers: 855-209-8260 (U.S.); toll free
  855-669-9657 (Canada); toll free
  412-542-4106 (International)
Conference Title: Royal Gold
Webcast URL: www.royalgold.com under Investors, Events & Presentations

 

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Cautionary “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: With the exception of historical matters, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained herein. Such forward-looking statements include statements about cash flow growth, debt reduction and growth already bought and paid for; Rainy River as a new source of revenue providing further growth and revenue diversification; and operators’ production estimates for calendar year 2017. Net gold and metal reserves attributable to Royal Gold’s stream, royalty and other interests are subject to certain assumptions and, like reserves, do not reflect actual ounces that will be produced. Like any stream, royalty or similar interest on a non-producing or not-yet-in-development project, our interests on development projects are subject to certain risks, such as the ability of the operators to bring the projects into production and operate in accordance with their feasibility studies and mine plans, and the ability of Royal Gold to make accurate assumptions regarding valuation and timing and amount of payments. In addition, many of our interests are subject to risks associated with conducting business in a foreign country, including application of foreign laws to contract and other disputes, foreign environmental laws and enforcement and uncertain political and economic environments. Factors that could cause actual results to differ materially from the projections include, among others, precious metals, copper and nickel prices; performance of and production at the Company's stream and royalty properties, including gold and copper production at Mount Milligan and gold and silver production at Pueblo Viejo; the ability of operators of development properties to finance project construction to completion and bring projects into production as expected; operators’ delays in securing or inability to secure or maintain necessary governmental permits; decisions and activities of the operators of the Company's stream and royalty properties; unanticipated grade, environmental, geological, seismic, metallurgical, processing, liquidity or other problems the operators of the Company’s stream and royalty properties may encounter; changes in operators’ project parameters as plans continue to be refined; changes in estimates of reserves and mineralization by the operators of the Company’s stream and royalty properties; contests to the Company’s stream and royalty interests and title and other defects to the Company’s stream and royalty properties; errors or disputes in calculating stream deliveries and royalty payments, or deliveries or payments not made in accordance with stream and royalty agreements; economic and market conditions; changes in laws governing the Company and its stream and royalty interests or the operators of the properties subject to such interests, and other subsequent events; as well as other factors described in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Most of these factors are beyond the Company’s ability to predict or control. The Company disclaims any obligation to update any forward-looking statement made herein. Readers are cautioned not to put undue reliance on forward-looking statements.

 

Statement Regarding Third-Party Information:  Certain information provided in this press release, including production estimates for calendar 2017, has been provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for, the accuracy, completeness or fairness of such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.

 

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TABLE 1

First Quarter Fiscal 2018

Revenue and Reported Production for Principal Stream and Royalty Interests

(In thousands, except reported production in oz. and lbs.)

 

      Three Months Ended  Three Months Ended
      September 30, 2017  September 30, 2016
          Reported      Reported
Stream/Royalty  Metal(s)  Revenue   Production1  Revenue   Production1
Stream:                       
Mount Milligan     $31,952          $38,386        
   Gold        18,600  oz.        28,900  oz.
   Copper        2.6  M lbs.         N/A    
Pueblo Viejo2     $25,403          $20,950        
   Gold        12,900  oz.        11,000  oz.
   Silver        536,600  oz.        323,300  oz.
Andacollo  Gold  $12,337    9,700  oz.  $20,169    15,200  oz.
Wassa and Prestea  Gold  $9,070    7,100  oz.  $5,999    4,500  oz.
Total stream revenue     $78,762          $85,504        
                            
Royalty:                           
Peñasquito     $7,796          $5,821        
   Gold        134,000  oz.        100,100  oz.
   Silver        5.9  M oz.        5.2  M oz.
   Lead        36.2  M lbs.        33.0  M lbs.
   Zinc        92.4  M lbs.        73.0  M lbs.
Cortez  Gold  $2,988    29,900  oz.  $2,040    21,800  oz.
Other3  Various  $22,930     N/A      $24,582    N/A   
Total royalty revenue     $33,714          $32,443        
Total revenue     $112,476          $117,947        

 

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TABLE 2

Historical Production

 

            Reported Production For The Quarter Ended1
Property  Stream/Royalty  Operator  Metal(s)  Sep. 30, 2017  Jun. 30, 2017  Mar. 31, 2017  Dec. 31, 2016  Sep. 30, 2016
Stream:                                       
Mount Milligan4  35.00% of payable gold; 18.75% of payable copper  Centerra  Gold   18,600  oz.   19,800  oz.   28,900  oz.   25,700  oz.   28,900  oz.
         Copper   2.6  M lbs.   2.6  M lbs.    N/A        N/A        N/A   
Pueblo Viejo  7.5% of gold produced up to 990,000 ounces; 3.75% therafter  Barrick (60%)  Gold   12,900  oz.   10,500  oz.   15,600  oz.   13,700  oz.   11,000  oz.
   75% of payable silver up to 50 million ounces; 37.5% therafter     Silver   536,600  oz.   374,500  oz.   322,000  oz.   543,300  oz.   323,300  oz.
Andacollo  100% of gold produced  Teck  Gold   9,700  oz.   14,900  oz.   8,500  oz.   9,200  oz.   15,200  oz.
Wassa and Prestea  9.25% of gold produced up to 240,000 ounces; 5.5% therafter  Golden Star  Gold   7,100  oz.   6,300  oz.   5,400  oz.   4,000  oz.   4,500  oz.
                                             
Royalty:                                            
Peñasquito  2.0% NSR  Goldcorp                                      
         Gold   134,000  oz.   133,300  oz.   137,500  oz.   185,400  oz.   100,100  oz.
         Silver   5.9  M oz.   5.6  M oz.   4.8  M oz.   5.0  M oz.   5.2  M oz.
         Lead   36.2  M lbs.   27.4  M lbs.   31.3  M lbs.   33.6  M lbs.   33.0  M lbs.
         Zinc   92.4  M lbs.   85.7  M lbs.   88.5  M lbs.   70.5  M lbs.   73.0  M lbs.
Cortez  GSR1 and GSR2, GSR3, NVR1  Barrick  Gold   29,900  oz.   16,600  oz.   11,300  oz.   14,500  oz.   21,800  oz.

 

 

FOOTNOTES

Tables 1 and 2

 

1Reported production relates to the amount of metal sales that are subject to our stream and royalty interests for the stated period, as reported to us by operators of the mines.
2The first silver stream deliveries were in March 2016, with the first silver sales made during the June 2016 quarter.
3Individually, no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for the entire period.
4Reflects the October 20, 2016 amendment to our Mount Milligan streaming agreement. Prior to the amendment, Royal Gold held a 52.25% gold stream. Gold concentrate that was in transit at October 20, 2016 was delivered to us under the 52.25% gold stream. Royal Gold began receiving gold and copper deliveries reflecting the amended stream agreement in April 2017.

 

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TABLE 3

Calendar 2017 Operator’s Production Estimate vs Actual Production

 

   Calendar 2017 Operator's Production  Calendar 2017 Operator's Production
   Estimate1  Actual2,3
   Gold   Silver  Base Metals  Gold   Silver  Base Metals
Stream/Royalty  (oz.)   (oz.)  (lbs.)  (oz.)   (oz.)  (lbs.)
Stream:                      
Andacollo4   61,600          40,500       
Mount Milligan5   235,000-255,000       55 - 65 million   164,000            41.3 million
Pueblo Viejo6   635,000-650,000   Not provided      468,000   Not provided   
Wassa and Prestea7   255,000-280,000          195,800       
                       
Royalty:                      
Cortez GSR1   102,200          57,200       
Cortez GSR2   1,600          600       
Cortez GSR3   103,800          57,800       
Cortez NVR1   63,900          29,900       
Peñasquito8   410,000   Not provided      393,000    16.0 million   
Lead          125 million           96.8 million
Zinc          325 million           263.2 million

 

1Production estimates received from our operators are for calendar 2017. There can be no assurance that production estimates received from our operators will be achieved. Please refer to our cautionary language regarding forward-looking statements and the statement regarding third party information contained in this press release, as well as the Risk Factors identified in Part I, Item 1A, of our Fiscal 2016 Form 10-K for information regarding factors that could affect actual results.

 

2Actual production figures shown are from our operators and cover the period January 1, 2017 through September 30, 2017.

 

3Actual production figures for Cortez are based on information provided to us by Barrick Gold Corporation, and actual production figures for Andacollo, Mount Milligan, Pueblo Viejo, Peñasquito (gold) and Wassa and Prestea are the publicly reported figures of the operators of those properties.

 

4The estimated and actual production figures shown for Andacollo are contained gold in concentrate.

 

5The estimated and actual production figures shown for Mount Milligan are payable gold and copper in concentrate.

 

6The estimated and actual production figures shown for Pueblo Viejo are payable gold in doré and represent Barrick’s 60% interest in Pueblo Viejo.

 

7The estimated gold production figures shown for Wassa and Prestea are payable gold in concentrate and doré.

 

8The estimated and actual gold production figures shown for Peñasquito are payable gold in concentrate. The operator did not provide estimated silver, lead and zinc production.

 

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TABLE 4

Stream Summary

 

   Three Months Ended   Three Months Ended   As of   As of 
   September 30, 2017   September 30, 2016   September 30, 2017   June 30, 2017 
Gold Stream  Purchases (oz.)   Sales (oz.)   Purchases (oz.)   Sales (oz.)   Inventory (oz.)   Inventory (oz.) 
Mount Milligan   18,767    18,618    29,900    28,900    227    100 
Pueblo Viejo   10,482    12,889    13,700    11,000    10,482    12,900 
Andacollo   13,023    9,655    15,300    15,200    3,518    100 
Wassa and Prestea   7,351    7,073    4,500    4,500    1,213    1,000 
Total   49,623    48,235    63,400    59,600    15,440    14,100 
                               
   Three Months Ended   Three Months Ended   As of   As of 
   September 30, 2017   September 30, 2016   September 30, 2017   June 30, 2017 
Silver Stream  Purchases (oz.)   Sales (oz.)   Purchases (oz.)   Sales (oz.)   Inventory (oz.)   Inventory (oz.) 
Pueblo Viejo   470,007    536,605    543,300    323,300    470,212    536,800 
                               
   Three Months Ended   Three Months Ended   As of   As of 
   September 30, 2017   September 30, 2016   September 30, 2017   June 30, 2017 
Copper Stream  Purchases (tonnes)   Sales (tonnes)   Purchases (tonnes)   Sales (tonnes)   Inventory (tonnes)   Inventory (tonnes) 
Mount Milligan   1,169    1,169     N/A      N/A     -    - 

 

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ROYAL GOLD, INC.

Consolidated Balance Sheets

As of September 30,

(In thousands except share data)

 

   September 30, 2017   June 30, 2017 
ASSETS        
Cash and equivalents  $88,395   $85,847 
Royalty receivables   29,079    26,886 
Income tax receivable   26,023    22,169 
Stream inventory   7,794    7,883 
Prepaid expenses and other   4,488    822 
Total current assets   155,779    143,607 
Stream and royalty interests, net   2,852,598    2,892,256 
Other assets   57,518    58,202 
Total assets  $3,065,895   $3,094,065 
LIABILITIES          
Accounts payable  $2,924   $3,908 
Dividends payable   15,708    15,682 
Income tax payable   11,686    5,651 
Foreign withholding taxes payable   3,462    3,425 
Other current liabilities   5,915    5,617 
Total current liabilities   39,695    34,283 
Debt   539,772    586,170 
Deferred tax liabilities   121,731    121,330 
Uncertain tax positions   28,120    25,627 
Other long-term liabilities   6,391    6,391 
Total liabilities   735,709    773,801 
Commitments and contingencies          
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 65,306,271 and 65,179,527 shares outstanding, respectively   653    652 
Additional paid-in capital   2,184,639    2,185,796 
Accumulated other comprehensive income   1,076    879 
Accumulated earnings   100,972    88,050 
Total Royal Gold stockholders’ equity   2,287,340    2,275,377 
Non-controlling interests   42,846    44,887 
Total equity   2,330,186    2,320,264 
Total liabilities and equity  $3,065,895   $3,094,065 

 

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ROYAL GOLD, INC.

Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands except for per share data)

 

   For The Three Months Ended 
   September 30,   September 30, 
   2017   2016 
Revenue  $112,476   $117,947 
           
Costs and expenses          
Cost of sales   20,419    22,662 
General and administrative   6,899    10,507 
Production taxes   543    497 
Exploration costs   3,203    3,288 
Depreciation, depletion and amortization   39,692    40,102 
Total costs and expenses   70,756    77,056 
           
Operating income   41,720    40,891 
           
Interest and other income   989    1,557 
Interest and other expense   (8,617)   (8,305)
Income before income taxes   34,092    34,143 
           
Income tax expense   (7,544)   (7,188)
Net income   26,548    26,955 
Net loss attributable to non-controlling interests   2,083    2,832 
Net income attributable to Royal Gold common stockholders  $28,631   $29,787 
           
Net income  $26,548   $26,955 
Adjustments to comprehensive income, net of tax          
Unrealized change in market value of available-for-sale securities   197    - 
Comprehensive income   26,745    26,955 
Comprehensive loss attributable to non-controlling interests   2,083    2,832 
Comprehensive income attributable to Royal Gold stockholders  $28,828   $29,787 
           
Net income per share available to Royal Gold common stockholders:          
Basic earnings per share  $0.44   $0.46 
Basic weighted average shares outstanding   65,235,496    65,116,686 
Diluted earnings per share  $0.44   $0.46 
Diluted weighted average shares outstanding   65,404,680    65,280,904 
Cash dividends declared per common share  $0.24   $0.23 

 

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ROYAL GOLD, INC.

Consolidated Statements of Cash Flows

(In thousands)

 

   For The Three Months Ended 
   September 30,   September 30, 
   2017   2016 
Cash flows from operating activities:          
Net income  $26,548   $26,955 
Adjustments to reconcile net income to net cash provided by operating activities:          
           
Depreciation, depletion and amortization   39,692    40,102 
Amortization of debt discount and issuance costs   3,679    3,351 
Non-cash employee stock compensation expense   2,373    4,144 
Deferred tax expense (benefit)   (727)   (1,030)
Other   (223)   (153)
Changes in assets and liabilities:          
Royalty receivables   (2,193)   (7,048)
Stream inventory   89    (3,125)
Income tax receivable   (3,854)   (3,215)
Prepaid expenses and other assets   (1,654)   (1,724)
Accounts payable   (985)   1,777 
Income tax payable   6,035    (13,264)
Foreign withholding taxes payable   37    1,086 
Uncertain tax positions   2,493    6,374 
Other liabilities   299    878 
Net cash provided by operating activities  $71,609   $55,108 
           
Cash flows from investing activities:          
Acquisition of stream and royalty interests   (5)   (90,083)
Other   100    (226)
Net cash provided by (used in) provided by investing activities  $95   $(90,309)
           
Cash flows from financing activities:          
Borrowings from revolving credit facility   -    70,000 
Repayment of revolving credit facility   (50,000)   - 
Net payments from issuance of common stock   (3,529)   (2,038)
Common stock dividends   (15,682)   (15,012)
Purchase of additional royalty interest from non-controlling interest   -    (1,025)
Other   55    (315)
Net cash (used in) provided by financing activities  $(69,156)  $51,610 
Net increase in cash and equivalents   2,548    16,409 
Cash and equivalents at beginning of period   85,847    116,633 
Cash and equivalents at end of period  $88,395   $133,042 

 

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SCHEDULE A

 

Non-GAAP Financial Measures

 

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

 

Our management uses Adjusted EBITDA as a measure of operating performance to assist in comparing performance from period to period on a consistent basis; as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; in communications with the board of directors, stockholders, analysts and investors concerning our financial performance; as useful comparisons to the performance of our competitors; and as metrics of certain management incentive compensation calculations. We believe that these measures are used by and are useful to investors and other users of our financial statements in evaluating our operating performance because they provide an additional tool to evaluate our performance without regard to special and non-core items, which can vary substantially from company to company depending upon accounting methods, book value of assets and capital structure. We have provided reconciliations of all non-GAAP measures to their nearest U.S. GAAP measures and have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve significant management judgment.


Adjusted EBITDA Reconciliation

 

Adjusted EBITDA is defined by the Company as net income (loss) plus depreciation, depletion and amortization, non-cash charges, income tax expense, interest and other expense, and any impairment of mining assets, less non-controlling interests in operating loss (income) of consolidated subsidiaries, interest and other income, and any royalty portfolio restructuring gains or losses. Other companies may define and calculate this measure differently. Adjusted EBITDA identifies the cash generated in a given period that will be available to fund the Company's future operations, growth opportunities, shareholder dividends and to service the Company's debt obligations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. See the table below for a reconciliation of net income to Adjusted EBITDA.

 

   For The Three Months Ended 
   September 30, 
   (Unaudited, in thousands) 
   2017   2016 
         
Net income  $26,548   $26,955 
Depreciation, depletion and amortization   39,692    40,102 
Non-cash employee stock compensation   2,373    4,144 
Interest and other, net   7,628    6,748 
Income tax expense   7,544    7,188 
Non-controlling interests in operating loss of consolidated subsidiaries   2,083    2,984 
           
Adjusted EBITDA  $85,868   $88,121 

 

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ROYAL GOLD INC Reports