Royal Gold Inc (RGLD) 2023 Q3 法說會逐字稿

Hello, and welcome to today's Royal Gold's 2023 Third Quarter Conference Call. My name is Bailey, and I'll be your moderator for today. (Operator Instructions)

您好，歡迎參加今天的皇家黃金 2023 年第三季電話會議。我叫貝利，我將擔任今天的主持人。 （操作員說明）

I'd now pass the conference over to Alistair Baker, Vice President, Investor Relations and Business Development. Alistair, please go ahead.

我現在將會議交給投資者關係和業務開發副總裁阿利斯泰爾貝克 (Alistair Baker)。亞歷斯泰爾，請繼續。

Thank you, operator. Good morning, and welcome to our discussion of Royal Gold's Third Quarter 2023 Results. This event is being webcast live, and you will be able to access a replay of this call on our website. Speaking on the call today are Bill Heissenbuttel, President and CEO; Martin Raffield, Vice President of Operations; Paul Libner, CFO and Treasurer; Randy Shefman, General Counsel; and Dan Breeze, Vice President, Corporate Development of RG AG are also available for questions.

謝謝你，接線生。早安，歡迎來到我們對 Royal Gold 2023 年第三季業績的討論。活動正在進行網路直播，您可以在我們的網站上觀看本次電話會議的重播。總裁兼執行長 Bill Heissenbuttel 在今天的電話會議上發言。馬丁‧拉菲爾德 (Martin Raffield)，營運副總裁； Paul Libner，財務長兼財務主管；蘭迪·謝夫曼，總法律顧問； RG AG 企業發展副總裁 Dan Breeze 也可以回答問題。

During today's call, we will make forward-looking statements, including statements about our projections and expectations for the future. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties are discussed in yesterday's press release and our filings with the SEC. We will also refer to certain non-GAAP financial measures, including adjusted net income and adjusted net income per share. Reconciliations of adjusted net income and adjusted net income per share to the most directly comparable GAAP measures are available in yesterday's press release, which can be found on our website.

在今天的電話會議中，我們將做出前瞻性聲明，包括有關我們對未來的預測和期望的聲明。這些陳述存在風險和不確定性，可能導致實際結果與這些陳述有重大差異。這些風險和不確定性在昨天的新聞稿和我們向美國證券交易委員會提交的文件中進行了討論。我們也將參考某些非公認會計準則財務指標，包括調整後淨利和調整後每股淨利。昨天的新聞稿中提供了調整後淨利潤和調整後每股淨利潤與最直接可比的公認會計準則衡量標準的對賬，該新聞稿可以在我們的網站上找到。

Bill will start with a preview of the quarter. Martin will give some commentary on the portfolio, and Paul will provide a financial summary. After the formal remarks, we'll open the lines for a Q&A session.

比爾將從本季的預覽開始。馬丁將對投資組合發表一些評論，保羅將提供財務摘要。正式發言後，我們將開始問答環節。

Now I'll turn the call over to Bill.

現在我將把電話轉給比爾。

Good morning, and thank you for joining the call.

早安，感謝您加入通話。

I'll begin on Slide 4. Our third quarter was quiet and steady. We turned in good financial results with revenue, operating cash flow and earnings all up compared to the same quarter of last year, and we maintained our strong margins.

我將從幻燈片 4 開始。我們的第三季度平靜而穩定。我們取得了良好的財務業績，營收、營運現金流和獲利均較去年同期有所上升，並維持了強勁的利潤率。

Revenue was $139 million for the quarter and operating cash flow was $98 million. Earnings were $49 million or $0.75 per share after a minor adjustment, adjusted earnings were $0.76 per share. We made a dividend payment of $0.375 per share for the quarter.

該季度營收為 1.39 億美元，營運現金流為 9,800 萬美元。小幅調整後，獲利為 4,900 萬美元，即每股 0.75 美元，調整後獲利為每股 0.76 美元。本季我們支付了每股 0.375 美元的股息。

We also continued our focus on the balance sheet and repaid a further $75 million of the outstanding balance on the revolver and we increased our available liquidity at the end of the quarter to about $770 million. So far in 2023, we have repaid $250 million of the outstanding balance on the revolver.

我們也繼續關注資產負債表，並進一步償還了左輪手槍未清餘額中的 7,500 萬美元，並且我們在季度末將可用流動資金增加到約 7.7 億美元。 2023 年到目前為止，我們已償還左輪手槍未償餘額中的 2.5 億美元。

If you recall, we drew $200 million at the end of December last year to help fund the second of 2 Royalty acquisitions on the Cortez Complex. We have now fully repaid that draw and we've added a cash flowing asset with multi-decade production potential without diluting shareholder exposure.

如果你還記得的話，我們在去年 12 月底籌集了 2 億美元，用於資助對 Cortez Complex 的兩次特許權收購中的第二次收購。我們現在已經完全償還了這筆提款，並且在不稀釋股東風險的情況下增加了具有數十年生產潛力的現金流資產。

While interest costs have risen recently, we believe that paying debt service costs for a short period is a really trade-off for full exposure to long life assets. Barring further business development investments in the short term, we will continue to allocate free cash flow to further reduce the outstanding debt balance.

雖然利息成本最近有所上升，但我們認為，短期支付償債成本確實是充分接觸長期資產的權衡。除非短期內進一步進行業務發展投資，否則我們將繼續分配自由現金流，以進一步減少未償債務餘額。

Our capital allocation strategy of using non-dilutive financing to acquire high-quality assets has been effective over the long term and our commitment to that strategy helps explain why we have the lowest share count in the GDX index.

我們利用非稀釋性融資收購優質資產的資本配置策略長期有效，我們對此策略的承諾有助於解釋為什麼我們在 GDX 指數中擁有最低的股票數量。

I'll now turn the call over to Martin to provide some comments on the portfolio.

我現在將把電話轉給馬丁，以提供一些關於投資組合的評論。

Thanks, Bill. Turning to Slide 5, I'll give some comments on third quarter revenue. Overall, revenue for the quarter was $139 million, with volume of 72,000 gold equivalent ounces, or GEOs.

謝謝，比爾。轉向幻燈片 5，我將對第三季的收入發表一些評論。總體而言，本季營收為 1.39 億美元，交易量為 72,000 黃金當量盎司（GEO）。

Our Royalty segment contributed revenue of $40 million, a 21% increase over the prior year quarter. The positive variance was driven by higher quarter-over-quarter metal prices and higher revenue from the quarter's legacy zone. Also, new revenue from both the Cortez CC Zone and King of the Hills royalties. This was partially offset by Peñasquito, where we recognized no Royalty revenue in the quarter due to the production suspension that started in early June. Peñasquito is one of our principal properties and is generally an important revenue driver. So we are pleased that the strike has been settled and operations are ramping up and we look forward to seeing Royalty contributions restart before the end of the year.

我們的版稅部門貢獻了 4,000 萬美元的收入，比去年同期成長 21%。正差異是由於金屬價格環比上漲以及本季遺留區域收入增加所推動的。此外，來自 Cortez CC 區和 King of the Hills 特許權使用費的新收入。這被 Peñasquito 部分抵消，由於 6 月初開始停產，我們在本季度沒有確認特許權使用費收入。 Peñasquito 是我們的主要產業之一，通常是重要的收入驅動因素。因此，我們很高興罷工已經解決，營運正在加強，我們期待看到版稅捐款在年底前重新啟動。

Revenue from our Stream segment was flat compared to last year at $99 million. The largest variances were due to higher revenue from Khoemacau, Rainy River and Andacollo, which were offset by lower contributions from Mount Milligan and Pueblo Viejo.

Stream 部門的營收與去年持平，為 9,900 萬美元。最大的差異是由於 Khoemacau、Rainy River 和 Andacollo 的收入增加，但被 Mount Milligan 和 Pueblo Viejo 的貢獻減少所抵消。

I'll turn to Slide 6 and give some comments on multiple developments at operations. At Mount Milligan, Centerra reported that production in the quarter was impacted by mine sequencing with the mining of some residual waste transition material as well as lower recoveries because elevated pyrite to chalcopyrite ratios from re-lending low-grade gold, high-grade copper ore mined in Phase 9 with high-grade gold, low-grade copper ore mined in Phase 7.

我將轉向投影片 6，並對營運中的多項進展發表一些評論。 Centerra 報告稱，在Mount Milligan，本季的產量受到礦山排序的影響，其中包括一些殘留廢物過渡材料的開採，以及回收率較低，因為重新出借低品位金礦、高品位銅礦石導致黃鐵礦與黃銅礦的比例上升九期開採高品位金礦，七期開採低品位銅礦。

As a result, Centerra's lowered 2023 gold production guidance to 150,000 to 160,000 ounces and expects copper productions coming in at the low end of the 60 million to 70 million pound guidance range. Centerra is expecting medium-term recoveries for gold and copper to be similar to those seen in 2023 and is undertaking metallurgical reviews to increase recoveries. For 2024, Centerra expects higher levels of gold and similar levels of copper production compared to 2023 guidance levels.

因此，Centerra 將 2023 年黃金產量指引下調至 15 萬至 16 萬盎司，並預計銅產量將處於 6,000 萬至 7,000 萬磅指導範圍的低端。 Centerra 預計黃金和銅的中期回收率將與 2023 年相似，並正在進行冶金審查以提高回收率。 Centerra 預計 2024 年黃金產量將高於 2023 年指引水平，銅產量將達到類似水平。

Also at Mount Milligan, Centerra has launched an asset optimization review to assess productivity and cost efficiency opportunities alongside mine optimization. And their goal is to drive incremental operational improvements. We expect the review to be completed in 2024.

同樣在 Mount Milligan，Centerra 啟動了一項資產優化審查，以評估礦場優化的生產力和成本效率機會。他們的目標是推動漸進式營運改善。我們預計審查將於 2024 年完成。

At Pueblo Viejo, equipment design deficiencies impacted ramp-up of the expansion budget during the quarter and gold production was impacted by lower ore grade process due to the mine sequencing as well as lower mill through some recovery associated with the commissioning of the mill. Barrick is working to address these issues.

在普韋布洛維耶霍，設備設計缺陷影響了本季擴張預算的增加，而黃金產量則受到礦山排序導致的礦石品位降低以及工廠調試過程中一些恢復造成的工廠產量下降的影響。巴里克正在努力解決這些問題。

Approximately 81,000 ounces of silver were deferred during the quarter and the total deferred amount was 698,000 ounces at the end of September. We don't expect any material deliveries of deferred ounces for the remainder of the year, while the expansion was commissioned and ramps up to full production levels and we expect it will take several quarters to deliver the entire deferred amount after the plant is running at full capacity.

本季約有 81,000 盎司白銀被延期，截至 9 月底的延期總量為 698,000 盎司。我們預計今年剩餘時間內不會有任何延期盎司的材料交付，而擴建工程已投入運作並達到全面生產水平，我們預計在工廠以名額已滿。

At Cortez, Barrick released the results of a conceptual preliminary economic assessment on the formal project which indicates the potential gold production profile of 300,000 to 400,000 ounces per year in addition to the Cortez Complex production profile of 950,000 ounces to 1.2 million ounces per year over 10 years. Barrick has stated that ongoing drilling demonstrates the potential to increase the grade and size of the project and work is underway to assess an underground exploration decline to support a pre-feasibility study.

在科爾特斯，巴里克發布了對正式項目的概念性初步經濟評估結果，該結果表明，除科爾特斯綜合體每年950,000 盎司至120 萬盎司的黃金產量外，該項目在10 年內的潛在黃金產量為每年300,000 至400,000 盎司。年。巴里克表示，正在進行的鑽探表明有可能提高該項目的品位和規模，並且正在進行評估地下勘探下降的工作，以支持預可行性研究。

Both of the Royalty acquisitions we completed last year on the Cortez Complex provide exposure to this project and we're pleased to see the upside potential advancing so quickly.

我們去年完成的 Cortez Complex 的兩項版稅收購都為該項目提供了機會，我們很高興看到其上行潛力增長如此之快。

And finally, we are pleased to see continued positive developments that smaller assets in the portfolio, including significant reserve and resource growth at the King of the Hills mine in Western Australia, first gold produced last week at the Bellevue Gold project in Australia, construction progress at Côté and Ontario with first production expected in early 2024. First production expected at Mara Rosa in Brazil in the first half of 2024, and strong quarterly production at Rainy River in Ontario and progress towards first ore production in the second half of 2024 for the new underground mine zone.

最後，我們很高興看到投資組合中規模較小的資產持續取得積極進展，包括西澳大利亞King of the Hills 礦的儲量和資源顯著增長、澳大利亞Bellevue Gold 項目上週產出的第一批黃金、建設進度 Cé´té 和安大略省預計將於 2024 年初首次投產。巴西的 Mara Rosa 預計將於 2024 年上半年首次投產，安大略省 Rainy River 的季度產量強勁，並在下半年實現首次礦石投產。新的地下礦區。

I'll now turn the call over to Paul for a review of our financial results.

我現在將把電話轉給保羅，讓他審查我們的財務表現。

Thanks, Martin. I'll now turn to Slide 7 and give an overview of the financial results for the quarter. For this discussion, I'll be comparing the quarter ended September 30, 2023, to the prior year quarter.

謝謝，馬丁。我現在將轉向投影片 7，概述本季的財務表現。在本次討論中，我將比較截至 2023 年 9 月 30 日的季度與去年同期。

Revenue was up 5.5% to $139 million for the quarter. As Martin mentioned in his remarks, contributions from the new Cortez royalties and the ramp-up at Khoemacau were large drivers to our increased revenue this quarter. Metal prices also contributed to the increase in our revenue this quarter as the price of gold was up 12%, silver was up 23% and copper was up 8%. Gold remains a dominant revenue source, making up 78% of our total revenue for the quarter, followed by silver at 11% and copper at 10%. At 78%, Royal Gold has the highest gold revenue percentage compared to major peers in the Royalty and Streaming sector.

該季度營收成長 5.5%，達到 1.39 億美元。正如 Martin 在演講中提到的，新的 Cortez 特許權使用費和 Khoemacau 的成長是我們本季營收成長的主要推動力。金屬價格也推動了我們本季營收的成長，金價上漲 12%，白銀上漲 23%，銅上漲 8%。黃金仍是主要的收入來源，佔本季總收入的 78%，其次是白銀（佔 11%）和銅（佔 10%）。與版稅和串流媒體行業的主要同行相比，Royal Gold 的黃金收入百分比最高，為 78%。

Turning to Slide 8, I'll provide a bit more detail on specific line items. G&A expense increased to $10 million and was due to higher corporate costs and higher employee-related costs, which include non-cash stock compensation expense. While we are not directly exposed to inflationary pressures that have impacted operating costs in the mining sector, we have seen some inflation impact on our cash G&A. Although we did see an increase over the prior year, our margins remain high and the small employee count and a focus on cost control, our cash G&A costs remain low at about 5% of total revenue.

前往投影片 8，我將提供有關特定行項目的更多詳細資訊。 G&A 費用增加至 1,000 萬美元，原因是公司成本和員工相關成本增加，其中包括非現金股票補償費用。雖然我們沒有直接面臨影響採礦業營運成本的通膨壓力，但我們已經看到通膨對我們的現金一般管理費用產生了一些影響。儘管我們確實比前一年有所增長，但我們的利潤率仍然很高，而且員工人數較少，而且注重成本控制，因此我們的現金管理費用仍然很低，佔總收入的 5% 左右。

Our DD&A expense increased to $40 million from $38 million in the prior year. On a unit basis, this expense was $558 per GEO for the quarter compared to $497 per GEO in the prior year. The higher overall DD&A per GEO this quarter was a result of revenue mix. Specifically, we had higher overall revenue contributions from our Cortez royalties in the current quarter, which royalties carry a higher average depletion rate. In addition, we had no revenue from Peñasquito, which has one of our lowest depletion rates in the portfolio. These 2 factors resulted in the higher DD&A per GEO for the quarter, as there were no other significant changes to our depletion rates during the period.

我們的 DD&A 費用從前一年的 3800 萬美元增加到 4000 萬美元。以單位計算，本季每個 GEO 的費用為 558 美元，而上一年每個 GEO 的費用為 497 美元。本季每個 GEO 的整體 DD&A 較高是收入組合的結果。具體來說，本季我們的 Cortez 特許權使用費對我們的整體收入貢獻較高，這些特許權使用費的平均消耗率較高。此外，我們沒有來自 Peñasquito 的收入，該公司是我們投資組合中損耗率最低的公司之一。這兩個因素導致本季每個 GEO 的 DD&A 較高，因為在此期間我們的消耗率沒有其他重大變化。

Provided that Peñasquito can return to full capacity by the end of the fourth quarter, we are currently forecasting that our DD&A per GEO will be near the upper end of our previously provided guidance range of $490 to $540 per GEO for the fourth quarter.

如果 Peñasquito 能夠在第四季度末恢復滿載，我們目前預測每個 GEO 的 DD&A 將接近我們之前提供的第四季度每個 GEO 490 至 540 美元指導範圍的上限。

Interest expense decreased to $7.3 million in the quarter from $8.8 million in the prior period. The decrease was due to our continued focus on debt servicing during the quarter as we had lower average amounts outstanding under our revolving credit facility when compared to the prior year. The all-in interest rate for borrowings under our credit facility was 6.7% at the end of the third quarter.

本季利息支出從上一季的 880 萬美元減少至 730 萬美元。減少的原因是我們本季繼續關注償債，因為與前一年相比，我們的循環信貸安排下的平均未償金額較低。截至第三季末，我們信貸安排下的借款總利率為 6.7%。

Tax expense for the quarter was $11 million, resulting in an effective tax rate of 17.8%. This compares to a similar tax expense of $11 million and an effective tax rate of 19.3% in the prior year period. We continue to expect our effective tax rate, absent discrete tax items to be in the range of 17% to 22% for the fourth quarter and full year.

該季度的稅費為 1,100 萬美元，有效稅率為 17.8%。相較之下，去年同期的類似稅收費用為 1,100 萬美元，有效稅率為 19.3%。我們繼續預計，在不考慮離散稅項的情況下，第四季和全年的有效稅率將在 17% 至 22% 之間。

Net income for the quarter was up over the prior year to $49 million or $0.75 per share. After adjusting for a small change in the fair value of equity securities, our adjusted net income was $50 million or $0.76 per share, which is 5.5% higher than our adjusted net income in the prior year quarter, up $47 million or $0.71 per share. Our operating cash flow was strong again this quarter at $98 million compared to $95 million in the prior year. The increase during the quarter was a result of higher royalty revenue, primarily from the addition of Cortez interest we acquired in 2022.

該季度淨利潤比上年同期增長 4,900 萬美元，即每股收益 0.75 美元。在對股本證券公允價值的小幅變化進行調整後，我們調整後的淨利潤為5000 萬美元，即每股0.76 美元，比去年同期調整後的淨利潤高出5.5%，增加了4700 萬美元，即每股0.71 美元。本季我們的營運現金流再次強勁，達到 9,800 萬美元，而前一年為 9,500 萬美元。本季的成長是由於特許權使用費收入增加，主要是由於我們在 2022 年收購的 Cortez 權益的增加。

I will now turn to Slide 9 and provide a summary of our financial position at the end of the quarter. During the quarter, we repaid $75 million on our revolving credit facility and reduced the amount drawn to $325 million. As Bill mentioned, we have repaid $250 million of our revolver balance so far this year. And in keeping with our approach to capital allocation, we expect to repay the remaining $325 million before the end of 2024, absent significant business development activity and as cash flow allows. The $675 million undrawn revolver capacity, combined with $93 million of working capital provided us total available liquidity of just under $770 million at the end of the quarter.

我現在將轉向投影片 9，概述我們在本季末的財務狀況。本季度，我們償還了 7,500 萬美元的循環信貸額度，並將提取金額減少至 3.25 億美元。正如比爾所提到的，今年到目前為止，我們已經償還了 2.5 億美元的左輪手槍餘額。根據我們的資本配置方法，在沒有重大業務開發活動且現金流量允許的情況下，我們預計在 2024 年底前償還剩餘的 3.25 億美元。 6.75 億美元的未提取循環能力加上 9,300 萬美元的營運資金，使我們在本季末的可用流動資金總額略低於 7.7 億美元。

That concludes my comments on our financial performance for the quarter, and I'll now turn the call back to Bill for closing comments.

我對本季財務表現的評論就到此結束，現在我將把電話轉回比爾以徵求結束評論。

Thanks, Paul. We had a solid quarter, and our portfolio generally performed well. However, we did see short-term production delays and interruptions at a small number of our larger assets. As a result, we expect that total sales for 2023 may come in at the low end of or slightly below our initial April sales guidance of 320,000 to 345,000 GEOs. The main drivers for this are well known, and they are: one, the slower-than-anticipated ramp-up of the plant expansion of Pueblo Viejo; and two, the 4.5-month suspension of operations at Peñasquito. We hope that these issues are behind us now, and we are pleased that Newmont has restarted operations at Peñasquito, and we feel confident that Barrick is working to address production levels at Pueblo Viejo.

謝謝，保羅。我們有一個穩定的季度，我們的投資組合總體表現良好。然而，我們確實看到少數大型資產出現短期生產延遲和中斷。因此，我們預計 2023 年的總銷量可能會處於我們 4 月份最初銷售指引值 320,000 至 345,000 GEO 的低端或略低於該值。造成這種情況的主要驅動因素是眾所周知的，它們是：一是普韋布洛維耶霍工廠擴建速度慢於預期；第二，佩尼亞斯基托工廠暫停營運 4.5 個月。我們希望這些問題現在已經成為過去，我們很高興紐蒙特公司在佩尼亞斯基托重新開始運營，並且我們對巴里克正在努力解決普韋布洛維耶霍的生產水平充滿信心。

Finally, I want to comment briefly on the metal and jurisdictional mix of our portfolio, both of which are important differentiators for Royal Gold. Gold has remained strong this year with strong central bank demand and has performed well despite steady increases in interest rates. As Paul highlighted, 78% of our revenue came from gold this quarter, which is the highest among our large cap peers. And jurisdictionally, the 2 most significant revenue sources for this quarter were Canada and the U.S., which combined provided about 53% of our revenue. We seek to acquire precious metal assets in safe jurisdictions operated by high-quality counterparties, and we believe the transactions we've completed over the past couple of years will continue to enhance our shareholders' exposure to gold revenue in low-risk jurisdictions.

最後，我想簡單評論我們投資組合的金屬和司法組合，這兩者都是 Royal Gold 的重要差異化因素。今年黃金在央行強勁需求的推動下依然保持強勁，儘管利率穩定上升，但仍表現良好。正如保羅所強調的那樣，本季我們 78% 的收入來自黃金，這是我們大盤同行中最高的。從管轄範圍來看，本季兩個最重要的收入來源是加拿大和美國，這兩個國家合計約占我們收入的 53%。我們尋求在由優質交易對手經營的安全司法管轄區收購貴金屬資產，我們相信我們過去幾年完成的交易將繼續增強股東在低風險司法管轄區獲得黃金收入的風險敞口。

Operator, that concludes our prepared remarks. I'll now open the line for questions.

接線員，我們準備好的發言到此結束。我現在將開通提問熱線。

(Operator Instructions) Our first question today comes from the line of Jackie Przybylowski from BMO Capital Markets.

（操作員說明）我們今天的第一個問題來自 BMO 資本市場的 Jackie Przybylowski。

I have a couple. So maybe I'll start with a quick one just to get it out of the way. On Peñasquito, you mentioned that the mines restarted after the strikes. Can you just remind us what, if any, of the lag you expect to see between the mine restart and sales or production to your credit?

我有一對。所以也許我會從一個快速的開始，只是為了擺脫它。關於佩尼亞斯奎托，您提到礦井在罷工後重新啟動。您能否提醒我們，您預計礦場重啟與銷售或生產之間會有怎樣的延遲（如果有的話）？

Yes. Jackie, this is Bill. The Peñasquito royalty, we get paid on provisional and final settlement. So if either of those occur in the fourth quarter, we should receive revenue. There isn't a delay that we have in some of the streams. What I can't tell you and Martin can interject if he disagrees, is how fast they're going to start up. That's just an unknown for us.

是的。傑基，這是比爾。 Peñasquito 特許權使用費，我們在臨時和最終結算時獲得報酬。因此，如果其中任何一個發生在第四季度，我們就應該獲得收入。我們在某些​​串流中沒有延遲。我不能告訴你，如果馬丁不同意，他可以插話，那就是他們啟動的速度有多快。這對我們來說只是一個未知數。

Yes. That's fair. I appreciate that. I guess it's the difference between a Royalty and a Stream in kind where you're accepting delivery, right? This is a little quicker?

是的。這還算公平。我很感激。我想這就是版稅和串流媒體之間的區別，在某種程度上，您接受交付，對嗎？這有點快了？

It is quite, but I would say the delays in the Streams are unique to 2 contracts. So that doesn't apply to the all Streams with a few months delay.

確實如此，但我想說，Streams 中的延遲是 2 個合約所特有的。因此，這不適用於延遲幾個月的所有串流。

Got it. That's helpful. If I can ask -- I think this is probably the first opportunity If I had to ask you both. The press release you put out in September about the ACG transaction. I've read through the disclosures that ACG had on its website as well as your disclosure. And maybe I'm not enough of a legal expert, but if you can maybe just simplify it a little bit, is that opportunity completely off the table for you now? Or is there still -- I know it's obviously delayed from the original time line, but is there still an opportunity at some point that could rematerialize?

知道了。這很有幫助。如果我可以問的話——我想這可能是我第一次有機會問你們兩個。你們在 9 月發布的有關 ACG 交易的新聞稿。我已閱讀了 ACG 在其網站上的披露以及您的披露。也許我還不夠法律專家，但如果你能稍微簡化一下，那麼現在這個機會對你來說是完全不可能的嗎？還是仍然存在——我知道這顯然比原定的時間線有所延遲，但在某個時候是否仍有機會重新實現？

Well, the original transaction has terminated. Our involvement was based on the satisfaction of certain conditions precedent in those conditions were not satisfied. The assets still remain with the seller to say you could have come back yet and might come back, but we're not going to know that for a period of time.

嗯，原來的交易已經終止了。我們的參與是基於滿足某些先決條件（如果這些條件未滿足）。資產仍保留在賣方手中，表明您可以回來並可能會回來，但我們在一段時間內不會知道這一點。

Okay. No, that's helpful. The disclosures that ACG had on its website, it sounded like -- it sounded like they were sort of still working on it, but it was -- I was -- I don't know, it's just my poor reading of the -- of the text. I think it be a hard time understanding exactly what they're saying.

好的。不，這很有幫助。 ACG 在其網站上披露的內容，聽起來像是——聽起來他們仍在努力解決這個問題，但它是——我是——我不知道，這只是我對它的閱讀很差——的文字.我認為很難準確地理解他們在說什麼。

Yes. As we said today, what I would say is just assume there is no transaction there.

是的。正如我們今天所說，我想說的是假設那裡沒有交易。

Okay. That's helpful. And maybe just on like a bigger picture on that point, Bill. What is your outlook for new Royalty or Stream transactions right now? Is there a lot sort of in the pipeline? Is there a lot that you guys are kind of working on or how optimistic are you at the moment?

好的。這很有幫助。也許只是在這一點上有一個更大的圖景，比爾。您目前對新的版稅或串流交易的前景如何？管道中有很多東西嗎？你們有很多工作要做嗎？還是你們目前有多樂觀？

I'm always optimistic. We're always busy from a business development perspective, but maybe if I can get Dan to chime in here and give you his perspective as Head of our Business Development team.

我總是很樂觀。從業務開發的角度來看，我們總是很忙，但也許我能讓丹插話進來，向您介紹他作為我們業務開發團隊負責人的觀點。

Sure, Bill. Jackie, hope you're doing well. Thanks for the question there.

當然，比爾。傑基，希望你一切都好。謝謝你的提問。

Yes, I agree with Bill. It's been quite busy for us, Jackie. And I think where we're seeing a lot of the activity right now is in, let's call it, the sub-$100 million range. So more on the Royalty side. And I think that's just a function of where the equity markets are right now. As you know, it's really difficult for smaller companies to raise equity and so they're talking to groups like ours. Maybe that will change with gold at 2,000 here or so, and maybe that window will open up. But right now, they're very interested to talk to a group like ours. So we're -- we're quite active on that side. We're looking at geology. We're looking at the land packages. Our geologists are quite busy and we're just trying to look for good investments with interesting upside. So that's really where a lot of the focus is now.

是的，我同意比爾的觀點。我們真的很忙，傑基。我認為我們現在看到的很多活動都在（我們稱之為）1 億美元以下的範圍內。皇室方面的情況較多。我認為這只是股市目前狀況的一個函數。如您所知，小公司籌集股權確實很困難，因此他們正在與像我們這樣的團體進行談判。也許隨著金價達到 2,000 左右，情況會發生變化，也許這個窗口就會打開。但現在，他們非常有興趣與我們這樣的團體交談。所以我們在這方面非常積極。我們正在研究地質學。我們正在研究土地套餐。我們的地質學家非常忙碌，我們只是想尋找具有有趣優勢的良好投資。所以這確實是現在大家關注的焦點。

And if you look at what Martin talked about in the comments there and the various royalties that are just starting to produce. We've had good success with these smaller royalties. So we happily add more of those in the portfolio.

如果你看看馬丁在評論中談論的內容以及剛開始產生的各種版稅。我們透過這些較小的版稅取得了很好的成功。因此，我們很高興在產品組合中添加更多此類內容。

But we always talk, Jackie, about this $100 million to $300 million range. That's still very much intact. And so we do see opportunities in that range. It's more development type project financing that we're seeing and more on the gold side as well. So overall, quite busy for us right now.

但傑基，我們總是談論 1 億至 3 億美元的範圍。那仍然完好無損。所以我們確實看到了這個範圍內的機會。我們看到更多的是開發類​​型的專案融資，黃金方面也有更多的融資。總的來說，我們現在很忙。

That's great. I mean...

那太棒了。我是說...

Does that help?

這樣有幫助嗎？

Yes, absolutely. It's totally understandable in light of the relatively high cost of other sort of project financings that years would be fairly attractive, but also, if equity and debt are unavailable, it makes it difficult to do those bigger streams. So I appreciate that. That's helpful color. Thanks, Dan and thanks, Bill. That's all for me.

是的，一點沒錯。這是完全可以理解的，因為其他類型的專案融資成本相對較高，幾年的融資相當有吸引力，但如果無法獲得股權和債務，就很難進行更大的融資。所以我很欣賞這一點。這是有用的顏色。謝謝丹，謝謝比爾。這就是我的全部。

(Operator Instructions) Our next question today comes from the line of Brian MacArthur from Raymond James.

（操作員說明）今天我們的下一個問題來自 Raymond James 的 Brian MacArthur。

My question has to do with the deferred Silver Stream at PV. And can you just remind me when we finally get this up and running, how this trigger works? Do you get back -- I mean, once they get the fixed rate 70% and it works, you're entitled to 75% of the silvers, I understand it. But to catch up, do you go right 100% of the silver when the trigger works? Or is there a scale in function because you made the comment it would take a number of quarters going forward. I mean any details you could give us on that would be helpful.

我的問題與 PV 的延期銀流有關。當我們最終啟動並運行這個程式時，您能提醒我這個觸發器是如何運作的嗎？你回來了嗎——我的意思是，一旦他們獲得 70% 的固定利率並且有效，你就有權獲得 75% 的白銀，我理解。但要趕上，當扳機起作用時，你是否會100%白銀？或者功能是否有規模，因為您發表了評論，這需要幾個季度的時間才能實現。我的意思是，您可以向我們提供的任何詳細資訊都會有所幫助。

Yes, Brian, well, the thing that sticks in my mind is, I believe and someone on the team can correct me, if the recovery goes above somewhere around 52.5%. We start to recoup the silver. So it is gradual. We don't jump to a given number. The reason there's deferred silver is we could not demand from Barrick, more than 100% of their share of the silver. So it's not as though we can go beyond that.

是的，Brian，嗯，我腦子裡一直縈繞著的事情是，如果恢復率高於 52.5% 左右，我相信團隊中的某個人可以糾正我。我們開始收回銀子。所以這是漸進的。我們不會跳到給定的數字。之所以存在延期白銀，是因為我們無法向巴里克索取超過 100% 的白銀份額。所以我們似乎無法超越這個範圍。

But that's really -- to me, that's the number I'm looking for. If the recovery gets above that 52.5%, we'll start to see it. And I think at that point, we can probably do a better job of helping you figure out when it might come in.

但這確實是——對我來說，這就是我正在尋找的數字。如果復甦率高於 52.5%，我們就會開始看到這一點。我認為到那時，我們可能可以更好地幫助您弄清楚它何時會出現。

Okay. But you do -- you do get -- like technically just in the Stream rate, you get 75%. You can't go over 100%. But at the minute you get the trigger, then you can go and take -- you can basically sweep all the silver that comes out any quarter theoretically. Is that fair?

好的。但你確實——你確實得到了——就像從技術上講，在流速率中，你得到了 75%。你不能超過 100%。但在你扣下板機的那一刻，你就可以去拿——理論上你基本上可以掃蕩任何季度產生的所有白銀。這樣公平嗎？

Theoretically -- their share.

理論上——他們的份額。

Okay. Right. Their share. Okay. I think I've got that. I just have always -- because I noticed last year, you did get some -- you did catch up some and then it went the other way. So I was just trying to figure out exactly because it is starting to build up to be a significant amount right now. So I was just trying to figure out how fast that would come out going forward.

好的。正確的。他們的份額。好的。我想我已經明白了。我只是一直——因為我去年註意到，你確實得到了一些——你確實趕上了一些，然後事情就相反了。所以我只是想準確地弄清楚，因為它現在開始累積到很大的數量。所以我只是想弄清楚未來會以多快的速度實現。

Thank you. There are no additional questions waiting at this time. So I'd like to pass the call back over to Bill Heissenbuttel for any closing remarks.

謝謝。目前沒有其他問題等待。因此，我想將電話轉回比爾·海森巴特爾 (Bill Heissenbuttel)，讓其結束語。

Well, thank you very much for taking the time to join us today. We certainly appreciate your interest in Royal Gold, and we look forward to updating you on our progress during our next quarterly call. Take care.

非常感謝您今天抽出時間加入我們。我們當然感謝您對 Royal Gold 的興趣，我們期待在下一次季度電話會議上向您通報我們的最新進展。小心。

This concludes today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。