Royal Gold Provides 2024 Guidance for Sales, DD&A and Effective Tax Rate, and Update on Repayment of Outstanding Borrowings

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.