DENVER, COLORADO. APRIL 17, 2024: ROYAL GOLD, INC. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today its guidance for calendar year 2024 total stream and royalty
sales volume, depletion, depreciation and amortization expense (“DD&A”), and effective tax rate, as well as an update on the recent repayment of outstanding borrowings.
2024 Guidance
Sales guidance for 2024 is provided on a sales volume basis to improve transparency and avoid the effect of volatile
commodity prices in the conversion of revenue to gold equivalent ounces. Sales volume for stream agreements
represents physical metal sold, and sales volume for royalty agreements represents royalty revenue received divided by
the average metal price for the relevant period.
Royal Gold expects 2024 sales volume, DD&A and effective tax rate to be as follows:
2024 Guidance
January 1 – December 31, 2024
Total Sales:
Gold 215,000 – 230,000 oz
Silver 3.2 – 3.8 M oz
Copper 14.0 – 16.0 M lb
Other Metals $17.0 – $20.0 M
DD&A $141 – 157 M
Effective Tax Rate 17 – 22%
Gold, silver and copper are expected to provide the majority of 2024 revenue. Sales from Other Metals are expected to
be relatively minor and the range provided assumes 2024 prices of $7.50/lb for nickel, $0.90/lb for lead, and $1.10/lb for
zinc, which are the metals that are expected to provide most of this component of sales.
The sales guidance provided above equates to approximately 290,000 to 315,000 gold equivalent ounces1 (“GEOs”)
using metal prices of $1,950/oz for gold, $23.00/oz for silver and $3.80/lb for copper. However, when comparing actual
performance to guidance during 2024, we will refer only to the sales volumes provided above and not to a GEO range.
The 2024 sales guidance is calculated based on a review of confidential information and production forecasts provided
to Royal Gold from certain operating counterparties, and publicly available production forecasts for those interests where
Royal Gold does not have rights to receive confidential information. Certain of these third-party forecasts have been
adjusted by Royal Gold based on management’s experience.
This guidance is based on the following key assumptions with respect to our Principal Properties2:
o Sales from Mount Milligan metal deliveries include a normal-course lag between production and stream
deliveries of approximately 5 months, and higher 2024 Mount Milligan gold production guidance provided
by Centerra Gold Inc. is not expected to impact Royal Gold sales until the second half of 2024;
1 Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average
gold price for that same period.
2 As of December 31, 2023, we determined that six of our stream and royalty interests are material to our business: Andacollo, Cortez, Khoemacau,
Mount Milligan, Peñasquito and Pueblo Viejo. Please see our Annual Report on Form 10-K, filed with the Securities and Exchange Commission
("SEC”) on February 15, 2024 (the “2023 Form 10-K”) for additional information regarding our Principal Properties. see & read more on
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