Royal Gold Inc (RGLD) 2024 Q4 法說會逐字稿

Hello everyone and welcome to the Royal Gold 2024 full-year and fourth-quarter conference call. My name is Nadia, and I'll be coordinating the call today. (Operator Instructions)

大家好，歡迎參加皇家黃金2024年全年及第四季電話會議。我叫納迪亞，今天我將負責協調這場電話會議。（操作員指令）

I will now hand over to your host, Alistair Baker, Senior Vice President-Investor Relations and Business Development, to begin. Alistair, please go ahead.

現在我將把主持人、投資者關係和業務發展高級副總裁阿利斯泰爾貝克 (Alistair Baker) 交給他開始發言。亞歷斯泰爾，請說。

Thank you, operator. Good morning and welcome to our discussion of Royal Gold's fourth-quarter and year-end 2024 results. This event is being webcast live and a replay of this call will be available on our website.

謝謝您，接線生。早安，歡迎參加我們對 Royal Gold 2024 年第四季和年終業績的討論。此次活動將進行網路直播，本次通話的重播將在我們的網站上提供。

Speaking on the call today are Bill Heissenbuttel, President and CEO; Paul Libner, Senior Vice President and CFO; Martin Raffield, Senior Vice President of Operations; and Dan Breeze, Senior Vice President-Corporate Development of RGAG. Randy Shefman, Senior Vice President and General Counsel, is also available for questions.

今天參加電話會議的有總裁兼執行長 Bill Heissenbuttel； Paul Libner，資深副總裁兼財務長；馬丁‧拉菲爾德 (Martin Raffield)，營運資深副總裁；以及 RGAG 企業發展資深副總裁 Dan Breeze。資深副總裁兼總法律顧問 Randy Shefman 也可以回答您的問題。

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-gap financial measures including adjusted net income per share, adjusted EIA, and cash GNA. Reconciliations of these measures 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，我們將做出前瞻性陳述，包括有關我們對未來的預測和期望的陳述。這些聲明受到風險和不確定性的影響，可能導致實際結果與這些聲明有重大差異。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差距財務指標，包括調整後每股淨收入、調整後 EIA 和現金 GNA。這些指標與最直接可比較的 GAAP 指標的對帳表可在昨天的新聞稿中查閱，您可以在我們的網站上找到。

So we'll start with an overview of 2024 performance. Dan will provide some background on the cactus royalty acquisition. Martin will give some commentary on the portfolio, and Paul will provide a financial update after the formal remarks, we'll open the lines for a Q&A session.

因此，我們將首先概述 2024 年的表現。丹將提供一些有關仙人掌特許權使用費收購的背景資訊。馬丁將對投資組合發表一些評論，保羅將在正式發言後提供財務更新，我們將開啟問答環節。

I'll now turn the call over to Bill.

我現在將電話轉給比爾。

Good morning and thank you for joining the call. I'll begin on slide 4. 2024 was an excellent year for Royal Gold. We recorded a stronger than anticipated fourth quarter and set records for revenue, operating cash flow, and earnings for both the annual and quarterly period. For the full year, revenue was $719 million operating cash flow was $530 million and net income was $332 million, which were 19%, 27%, and 39% higher, respectively, over 2023. On an adjusted basis, our earnings were a record $346 million or $5.26 per share.

早上好，感謝您參加電話會議。我將從第 4 張幻燈片開始。我們第四季的業績強於預期，並創下了年度和季度收入、經營現金流和收益的新高。全年營收為 7.19 億美元，營運現金流為 5.3 億美元，淨收入為 3.32 億美元，分別比 2023 年成長 19%、27% 和 39%。經過調整後，我們的收益達到創紀錄的 3.46 億美元，即每股 5.26 美元。

Gold remained the largest contributor to revenue for the year at about 76% of total. And almost 60% of our revenue was generated from the U.S., Canada, and Australia. We have a business with very high margins, and our adjusted down margin was just over 81% for the year and reached almost 84% for the fourth quarter. Our business is not directly exposed to inflationary cost pressures, and we have continued to see strong margins with the rising gold price.

黃金仍然是全年收入的最大貢獻者，約佔總收入的 76%。我們近60%的收入來自美國、加拿大和澳洲。我們的業務利潤率非常高，今年調整後的利潤率略高於 81%，第四季達到近 84%。我們的業務並未直接受到通膨成本壓力，而且隨著金價上漲，我們的利潤率持續保持強勁。

During the year, we paid over $105 million back to shareholders and dividends and raised our annual dividend to $1.80 per share for 2025. This is the 24th consecutive annual dividend increase, which is an unmatched record in the precious metals industry. And since we initiated our dividends in 2000, we have returned approximately $1 billion to shareholders.

這一年，我們向股東和股東派發了超過 1.05 億美元的股息和紅利，並將 2025 年的年度股息提高至每股 1.80 美元。這是連續第24年增加年度股息，這是貴金屬產業無與倫比的紀錄。自 2000 年我們開始派發股息以來，我們已向股東返還了約 10 億美元。

We also completely repaid our revolving credit facility in 2024 and we finished the year with no debt and approximately $1.2 billion of available liquidity.

我們也在 2024 年完全償還了循環信貸額度，到年底我們沒有債務，且擁有約 12 億美元的可用流動資金。

There were a few other notable developments during the year, including new revenue from Mara Rosa, Manh Choh, Cote Gold mines, each of which poured first gold during 2024; a new agreement with Centerra at Mount Milligan that provides an incentive for Centerra to continue to invest in the long-term future of Mount Milligan; and the addition of new royalties on the Back River Gold District in Canada and the Cactus Project in Arizona, both of these meet our criteria for investing in good projects with expansion potential operated by strong management teams and located in safe and mining-friendly jurisdictions.

今年還有其他一些值得注意的發展，包括 Mara Rosa、Manh Choh 和 Cote Gold 礦場的新收入，這些礦場將於 2024 年產出第一批黃金；與 Centerra 在 Mount Milligan 達成的新協議，激勵 Centerra 繼續投資 Mount Milligan 的長期未來；以及加拿大 Back River 金礦區和亞利桑那州 Cactus 項目的新特許權使用費的增加，這兩個項目都符合我們的投資標準，即投資於具有擴張潛力的優質項目，這些項目由強大的管理團隊運營，位於安全和採礦友好的管轄區。

Turning to slide 5, we performed very well in 2024 compared to guidance. We issued our annual guidance in April 2024. We provided sales in terms of metal units, rather than one GEO number, to avoid distortion in the GEO calculation caused by volatile metal prices, and we will continue to use this approach. Compared to the guidance ranges, both sales were at the top end of the guidance range. Copper and other metal sales were slightly higher than the guidance ranges. DD&A expense and effective tax rate were within the ranges. And silver sales were slightly lower than the guidance range, primarily due to lower silver deliveries and sales from Pueblo Viejo. Silver recovery at Pueblo Viejo has been disappointing for several quarters, and we flagged this on our last quarterly call.

轉到投影片 5，與指導相比，我們在 2024 年的表現非常出色。我們在 2024 年 4 月發布了年度指引。我們以金屬單位而不是一個 GEO 數字來提供銷售額，以避免金屬價格波動導致 GEO 計算失真，我們將繼續使用這種方法。與指導範圍相比，兩次銷售額均處於指導範圍的最高端。銅和其他金屬的銷售額略高於預期範圍。DD&A 費用和實際稅率均在範圍內。白銀銷量略低於預期範圍，主要原因是 Pueblo Viejo 的白銀交付量和銷量下降。普韋布洛維耶霍 (Pueblo Viejo) 的白銀回收情況連續幾個季度令人失望，我們在上次季度電話會議上就提到了這一點。

Our gold sales for the year were stronger than we expected when we gave our outlook for the fourth quarter on our last quarterly call, and this improvement was related to higher-than-expected fourth quarter revenue from the Penasquito and Cortez royalties and an earlier-than- expected gold delivery from Andacollo in the fourth quarter. These positive developments once again underscore the difficulty we have in forecasting the production levels of projects we don't operate.

我們今年的黃金銷售表現強於我們在上次季度電話會議上對第四季度做出的展望，這一改善與第四季度 Penasquito 和 Cortez 特許權使用費收入高於預期以及 Andacollo 在第四季度的黃金交付早於預期有關。這些積極的發展再次強調了我們在預測我們不運營的項目的生產水平方面所面臨的困難。

I'll turn the call over to Dan to go over the Cactus Royalty purchase. But before handing over, I want to point out that while this is a copper royalty, this purchase does not indicate a strategic shift away from our focus on precious metals. We have consistently said we are open to non-precious metal investments in markets we understand. And we do this as an opportunistic purchase that should provide a good return over a long mine life and a metal we understand very well.

我將把電話轉給丹，討論 Cactus Royalty 的收購事宜。但在移交之前，我想指出的是，雖然這是一筆銅礦特許權使用費，但這次購買並不意味著我們不再將重點放在貴金屬上。我們一直表示，我們對我們了解的市場中的非貴金屬投資持開放態度。我們這樣做是一次投機性的收購，在礦場長期使用期內應該能獲得豐厚的回報，而且我們對這種金屬非常了解。

With that, I'll turn it over to Dan.

說完這些，我就把麥克風交給丹。

Thanks, Bill. Turning to slide 6, in late December, we acquired a 2.5% NSR royalty over the Cactus project from a private seller for $55 million. Cactus is a brownfield copper project in Arizona, approximately 70 kilometers southeast of Phoenix. Arizona Sonoran Copper, the current operator, has the right to repurchase 0.5% of this royalty until July of this year. The project was operated from 1974 through 1984 by ASARCO. And Arizona Sonoran acquired the project assets and interest in 2020 from the ASARCO Trust.

謝謝，比爾。翻到第 6 張投影片，12 月下旬，我們以 5,500 萬美元的價格從一位私人賣家手中獲得了 Cactus 專案 2.5% 的 NSR 特許權使用費。Cactus 是亞利桑那州的棕地銅項目，位於菲尼克斯東南方約 70 公里處。現任營運商亞利桑那索諾蘭銅業公司有權在今年7月之前回購0.5%的特許權使用費。該專案從 1974 年到 1984 年由 ASARCO 營運。亞利桑那索諾蘭公司於 2020 年從 ASARCO Trust 手中收購了該專案資產和權益。

The project is attractive on its own merits, and we have the confidence in the Arizona Sonoran management team, some of whom we've worked with in the past. We are not alone in our positive view of this project, as Arizona Sonoran has attracted the attention of Rio Tinto and Hudbay, two base metal mining companies that together own just over 17% of the shares outstanding.

這個專案本身就很有吸引力，我們對亞利桑那索諾蘭管理團隊充滿信心，其中一些我們過去曾合作過。我們並不是唯一對該項目持正面看法的公司，因為亞利桑那索諾蘭金礦已經吸引了力拓和哈德貝的注意，這兩家賤金屬礦業公司合計持有該公司超過 17% 的流通股。

Turning to slide 7, the royalty covers about 50% to 60% of the Parks/Salyer deposit and 100% of the Cactus East and West deposits. We estimate that the first royalty payment to us will occur in about year five of operation and generate 4,000 to 6,000 GEOs per year in the first 15 years at current prices. The mineral resource estimate is current. And there are approximately 7.3 billion pounds of copper contained in the measured and indicated resource. And an additional 3.8 billion pounds in the inferred resource.

轉到幻燈片 7，特許權使用費涵蓋 Parks/Salyer 礦床的約 50% 至 60% 以及 Cactus East 和 West 礦床的 100%。我們估計，第一筆特許權使用費將在營運的第五年左右支付給我們，並以當前價格在前 15 年內每年產生 4,000 至 6,000 個 GEO。該礦產資源估算是最新的。已測量和指示的資源量中含有約 73 億磅銅。並且推斷資源量還有額外的38億磅。

The results of the August 2024 PEA show a straightforward project producing 5.3 billion pounds over a 31-year mine life. Most of the mining will be done by open pit. And copper cathodes will be produced with the conventional heap leach and SX-EW process.

2024 年 8 月的 PEA 結果顯示，一個簡單的項目，在 31 年的礦山壽命內生產了 53 億磅。大部分採礦將以露天開採的方式進行。並將採用傳統的堆浸和SX-EW工藝生產陰極銅。

Arizona Sonoran is working to update the resource and complete a pre-feasibility study this year, followed by a feasibility study and construction decision in 2026. First production is expected in the 2028 to 2029 timeframe. Permitting should be straightforward given that most of the project is on private land, several of the key permits require only amendments given its brownfield status, and the project is subject to only state of Arizona permits.

亞利桑那索諾蘭公司正在努力更新資源並在今年完成預可行性研究，隨後在 2026 年進行可行性研究並做出建設決策。預計首次生產將在 2028 年至 2029 年間進行。由於該項目大部分位於私人土地上，因此許可申請應該很簡單，鑑於其屬於棕地狀態，幾項主要許可證僅需進行修改，且該項目僅需獲得亞利桑那州的許可證。

I'll now turn the call over to Martin to discuss portfolio highlights from the quarter.

現在我將把電話轉給馬丁，討論本季的投資組合亮點。

Thanks, Dan. Turning to slide 8, I'll give some comments on fourth quarter revenue. Overall revenue was a record $203 million with the volume of 76,100 GEOs. On our third quarter call, we forecasted a slightly softer fourth quarter, but strong metal prices and a stronger contribution from our Royalty segment helped overall revenue exceed our expectations.

謝謝，丹。轉到第 8 張投影片，我將對第四季的收入發表一些評論。總收入達到創紀錄的 2.03 億美元，GEO 數量達到 76,100 個。在第三季電話會議上，我們預測第四季會略微疲軟，但強勁的金屬價格和特許權使用費部門的強勁貢獻幫助整體收入超出了我們的預期。

Royalty revenue was up strongly by about 43% from the prior-year quarter to $78 million. And the Royalty segment contributed about 38% to total revenue which is higher than we've seen over the past several quarters. We have 35 Royalty assets that generate revenue and although they are generally smaller contributors than our Stream assets, strong performance from several of these can have a positive impact on our overall revenue. In addition to a very strong quarter from Penasquito, strong contributions from Manh Choh, Bellevue, and Robinson more than offset lower revenue from the Cortez legacy zone.

特許權使用費收入較去年同期強勁成長約 43%，達到 7,800 萬美元。特許權使用費部分對總收入的貢獻約為 38%，高於過去幾季的水準。我們擁有 35 項可產生收入的 Royalty 資產，儘管它們通常比我們的 Stream 資產的貢獻較小，但其中一些資產的強勁表現可以對我們的整體收入產生積極影響。除了 Penasquito 本季表現非常強勁之外，Manh Choh、Bellevue 和 Robinson 的強勁貢獻也足以彌補 Cortez 傳統區域的收入下降。

Revenue from our Stream segment was $125 million, up by about 27% from last year with increased contributions from Mount Milligan, Rainy River, Pueblo Viejo, and Wassa.

我們的 Stream 部門收入為 1.25 億美元，較去年增長約 27%，其中 Mount Milligan、Rainy River、Pueblo Viejo 和 Wassa 的貢獻有所增加。

I'll turn to slide 9 and give some comments on notable developments within the portfolio. Firstly, I'll note that as part of an annual materiality review of individual Stream and Royalty interests, we have redefined our principal properties to be Andacollo, Cortez, Mount Milligan, and Pueblo Viejo. These four properties contributed approximately 55% of our total revenue in 2024. This review considers primarily the relative contribution of estimated future revenue and to a lesser extent, historical revenue to our portfolio from each property. While Penasquito and Khoemac a u are relatively smaller, these and other assets remain important contributors, and we will continue providing disclosure on non-principal properties as appropriate.

我將轉到第 9 頁，對投資組合內的顯著發展發表一些評論。首先，我要指出的是，作為對各個 Stream 和 Royalty 權益進行年度實質審查的一部分，我們已將主要財產重新定義為 Andacollo、Cortez、Mount Milligan 和 Pueblo Viejo。這四處房產為我們 2024 年的總收入貢獻了約 55%。這次審查主要考慮了預計未來收入以及（較小程度上）歷史收入對我們每項資產的投資組合的相對貢獻。雖然 Penasquito 和 Khoemac a u 規模相對較小，但這些資產和其他資產仍然是重要貢獻者，我們將繼續在適當情況下揭露非主要資產。

Moving on to specific property updates, Barrick held an investor day in late November and gave some details on plans at Cortez. In the near term, Barrick is expecting overall gold production from Cortez to increase, with mining of ore in the Crossroads pit increasing following stripping, as well as the continued ramp-up at the Goldrush underground mine, which is expected to produce 400,000 ounces of gold per year at full production levels. For 2025, Barrick is forecasting production from the Cortez complex of between 680,000 and 765,000 ounces, with Crossroads and Goldrush driving production to over 1 million ounces in 2027.

在談到具體的房地產更新時，巴里克在 11 月下旬舉行了投資者日活動，並透露了科爾特斯的一些計劃細節。巴里克預計，短期內科爾特斯金礦的黃金總產量將會增加，Crossroads礦場的開採量在剝離後將會增加，同時Goldrush地下礦的產量也將持續增加，預計在滿負荷生產的情況下，該礦場的黃金年產量將達到40萬盎司。巴里克預測，到 2025 年，科爾特斯金礦的產量將在 68 萬至 76.5 萬盎司之間，而到 2027 年，Crossroads 和 Goldrush 的產量將超過 100 萬盎司。

Relating to the longer term potential of Cortez, Barrick reported several developments, including the receipt of the Record of Decision for the Robertson project in the fourth quarter, the significant increase in gold resources at the Fourmile project after incorporating results from recent drilling, and further exploration progress at the Hanson target at Cortez Hills underground and the Swift target to the west for the pipeline deposit.

關於科爾特斯的長期潛力，巴里克報告了幾項進展，包括第四季度收到羅伯遜項目的決策記錄、在納入最近鑽探結果後 Fourmile 項目的黃金資源大幅增加，以及科爾特斯山地下漢森目標和西邊管道礦床 Swift 目標的進一步勘探進展。

According to Barrick, a PEA for the Fourmile project, which covers approximately one-third of the known ore body as defined by drilling to-date, indicates the potential for gold production levels exceeding 500,000 ounces per year. Barrick plans to advance these projects with feasibility work ongoing for the Robertson open pit project, a pre-feasibility study planned to begin in 2025 at the Fourmile project, and continuing exploration at the Hanson and Swift targets.

巴里克公司表示，Fourmile 計畫的初步經濟評估涵蓋了迄今為止鑽探確定的已知礦體的約三分之一，表明其黃金產量可能超過每年 50 萬盎司。巴里克計劃推進這些項目，正在進行 Robertson 露天項目的可行性工作，計劃於 2025 年開始對 Fourmile 項目進行預可行性研究，並繼續對 Hanson 和 Swift 目標進行勘探。

As a reminder, our approximate exposure to these areas is 9.4% gross royalty on Crossroads; a 1.6% gross royalty on Goldrush, Fourmile, Hanson, and Swift; and a 0.45% gross royalty on Robertson.

提醒一下，我們在這些領域的投資大約是 Crossroads 的 9.4% 的總特許權使用費； Goldrush、Fourmile、Hanson 和 Swift 的毛特許權使用費為 1.6%；以及對 Robertson 徵收 0.45% 的總特許權使用費。

Barrick also provided some updates on Pueblo Viejo in the same section and outlined several projects that are intended to achieve planned throughputs and recoveries. Barrick expects plant throughput to increase steadily from 2024 and reach the expanded 14 million-tonne per year capacity in 2028. Note that a 35-day shutdown is expected in the first quarter of 2025 to complete a thickener optimization.

巴里克還在同一節中提供了有關 Pueblo Viejo 的一些最新消息，並概述了旨在實現計劃吞吐量和回收率的幾個項目。巴里克預計，該工廠的產量將從 2024 年開始穩步增長，並在 2028 年達到每年 1,400 萬噸的產能。請注意，預計 2025 年第一季將停工 35 天，以完成增稠劑的最佳化。

With respect to recoveries, Barrick expects gold recovery to increase from approximately 80% at the end of 2024 to 90% by the end of 2026, and a project to improve silver recovery is targeted for completion by the fourth quarter of 2025. Barrick is guiding that its share of gold production for 2025 will range between 370,000 and 410,000 ounces, which is expected to increase further in 2026 as throughput and recovery projects are completed.

在回收率方面，巴里克預計黃金回收率將從 2024 年底的約 80% 上升至 2026 年底的 90%，而提高白銀回收率的項目計劃於 2025 年第四季度完成。巴里克預計，2025 年其黃金產量份額將在 37 萬至 41 萬盎司之間，隨著吞吐量和回收項目的完成，預計 2026 年將進一步增加。

Barrick also reported that it's currently advancing work on the new El Naranjo tailings storage facility with a late 2029 target for commissioning. The facility is expected to provide storage capacity for eight additional years beyond the current life of mine which is expected to be 2046.

巴里克還報告稱，該公司目前正在推進新的 El Naranjo 尾礦儲存設施的建設工作，目標於 2029 年底投入使用。該設施預計將在礦井目前的使用壽命（預計為 2046 年）之外提供額外八年的儲存容量。

Turning to slide 10. At Andacollo, Teck reported in January that risk mitigation plans to increased water availability were implemented in 2024, enabling mill throughput rates consistent with the mine plan through the second half of 2024. Teck also provided copper production guidance that reflects ongoing drought conditions that remain a production risk and expects copper production to increase by about 26% from approximately 39,700 tonnes in 2024 to a range of 45,000 to 55,000 tonnes per year from 2025 through 2027. Gold and copper grades have been relatively well-correlated and gold production has historically tended to track copper production.

翻到第 10 張投影片。在安達科洛，泰克公司在 1 月份報告稱，已於 2024 年實施了增加水資源可用性的風險緩解計劃，從而使工廠的生產率在 2024 年下半年能夠與礦山計劃保持一致。泰克還提供了銅產量指導，該指導反映了持續的乾旱條件仍然是一種生產風險，並預計銅產量將從 2024 年的約 39,700 噸增加約 26% 至 2025 年至 2027 年每年 45,000 至 55,000 噸。黃金和銅的品位相對而言具有較好的相關性，而且從歷史上看，黃金產量往往與銅產量呈正相關。

At Khoemac a u, in January, MMG provided copper production guidance of 43,000 to 53,000 tonnes in 2025, up from 39,000 tonnes in 2024. MMG reported that it is working to access higher grade areas to achieve a higher production run rate of 60,000 tonnes per year of copper in concentrate by 2027. MMG does not provide silver guidance, but there is a relatively strong correlation between silver and copper grades and production at Khoemac a u.

今年 1 月，MMG 在 Khoemac a u 給出了 2025 年銅產量指導價 43,000 至 53,000 噸，高於 2024 年的 39,000 噸。MMG 報告稱，該公司正努力進入更高品位的地區，以實現到 2027 年每年 60,000 噸銅精礦的更高生產運行率。MMG 不提供白銀指導，但 Khoemac a u 的銀和銅品位與產量之間存在相對較強的相關性。

Additionally, MNG reported that a feasibility study for the expansion to 130,000 tonnes per year started in December 2024. And construction of the expansion is expected to begin in 2026. First concentrate production is expected in 2028, subject to refining the timeline in the feasibility study. Recall that Royal Gold silver stream interest cover expanded production from the Zone 5 mine and the Mango North East deposit.

此外，MNG 報告稱，擴建至每年 13 萬噸的可行性研究將於 2024 年 12 月啟動。擴建工程預計將於 2026 年開始。預計第一批精礦將於 2028 年投產，具體時間表需根據可行性研究中的細化而定。回想一下，Royal Gold 銀流權益涵蓋了 5 區礦場和 Mango 東北礦床的擴大產量。

I'll wrap up with a few brief comments on other portfolio assets, particularly related to 2025 production and catalysts.

最後，我將對其他投資組合資產發表一些簡短的評論，特別是與 2025 年生產和催化劑相​​關的評論。

B2Gold has recently reported that the Goose Project at Back River is on track for first gold to be poured by the end of the second quarter. Recall that our royalty ramps up gradually over about three years to the full 3.3% GSR level.

B2Gold 最近報導稱，Back River 的 Goose 專案預計在第二季末產出第一批黃金。回想一下，我們的特許權使用費在大約三年的時間內逐漸增加到 3.3% 的 GSR 水準。

We're looking forward to a full year of contribution from Mara Rosa, Cote Gold, and Manh Choh after each pour first gold in 2024. 2025 production guidance is 94,000 to 104,000 ounces at Mara Rosa and Mora Rosa and 200,000 ounces at Manh Choh. And at Cote, we expect to receive royalty revenue on approximately two-thirds of the 360,000 to 400,000 ounces produced.

我們期待 Mara Rosa、Cote Gold 和 Manh Choh 在 2024 年產出第一批黃金後，能夠做出全年的貢獻。在 Cote，我們預計將從所產 36 萬至 40 萬盎司黃金中獲得約三分之二的特許權使用費收入。

The cash price paid at Xavantina will increase from 20% to 40% of spot price when they reach the 49,000 ounce delivery threshold which we expect will occur sometime in the second quarter. Since we acquired our stream interest, Xavantina production has outperformed our initial expectations, and we have received delivery of 45,000 ounces as of the end of December. Note that the change in the cash price will not impact GEOs.

當達到 49,000 盎司的交貨門檻時，Xavantina 支付的現金價格將從現貨價格的 20% 上漲至 40%，我們預計這將在第二季的某個時候發生。自從我們收購了溪流權益以來，Xavantina 的產量已經超出了我們最初的預期，截至 12 月底，我們已收到 45,000 盎司的交付。請注意，現金價格的變動不會影響 GEO。

And finally, we're looking forward to seeing results of Mount Milligan PEA towards midyear. If Centerra shows a mine life extension beyond 2035, it should be a significant positive development for Royal Gold.

最後，我們期待在年中看到 Mount Milligan PEA 的結果。如果 Centerra 顯示礦山壽命將延長至 2035 年以後，這對 Royal Gold 來說應該是一個重大的積極發展。

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

現在我將交給保羅來審查我們的財務結果。

Thanks, Martin. I'll now turn to slide 11 and give an overview of the financial results for the quarter. For this discussion, I'll be comparing the quarter end of December 31, 2024, to the prior quarter.

謝謝，馬丁。現在我將翻到第 11 張投影片並概述本季的財務結果。為了本次討論，我將把 2024 年 12 月 31 日的季度末與上一季進行比較。

Revenue for the quarter was up 33% to a record $203 million. Metal prices were a primary driver of the revenue increase, with gold and silver both up 35% and copper up 13% over the prior year. Gold remains our dominant revenue source, making up 77% of our total revenue for the quarter, followed by silver at 10%, and copper at 9%. Royal Gold has the highest gold revenue percentage when compared to our major peers in the royalty and streaming sector.

本季營收成長 33%，達到創紀錄的 2.03 億美元。金屬價格是營收成長的主要推動力，其中黃金和白銀價格較上年同期均上漲了 35%，銅價格上漲了 13%。黃金仍然是我們的主要收入來源，佔本季總收入的 77%，其次是白銀（10%）和銅（9%）。與特許權使用費和串流媒體領域的主要同行相比，皇家黃金的黃金收入百分比最高。

Turning to slide 12, I'll provide a bit more detail on specific financial line items for the quarter. G&A expense was $8.9 million, down slightly from the prior year, and mostly due to lower corporate costs. Excluding non-cash stock compensation expense, our cash G&A expense has remained stable or decreased which, combined with the increase in our revenue, the result was margin expansion over the past year.

前往第 12 張投影片，我將提供有關本季度具體財務項目的更多詳細資訊。一般及行政開支為 890 萬美元，較前一年略有下降，主要由於公司成本降低。除非現金股票薪酬費用外，我們的現金一般及行政開支保持穩定或減少，再加上我們收入的增加，導致過去一年利潤率有所擴大。

Our cash G&A has decreased from approximately 5% of revenue in the prior period to nearly 3% this quarter. Our DD&A expense decreased to $34 million from $40 million in the prior year. On a unit basis, this expense was $444 per GEO for the quarter, compared to $518 per GEO in the prior year.

我們的現金一般及行政開支已從上一期佔收入的約 5% 下降至本季的近 3%。我們的 DD&A 費用從上年的 4,000 萬美元減少至 3,400 萬美元。以單位計算，本季每 GEO 的費用為 444 美元，而去年同期為每 GEO 518 美元。

The lower overall depletion expense and DD&A per GEO this quarter was due to lower depletion rates in our Stream segment and a higher concentration of revenue from the Royalty segment. In particular, increased production at Penasquito which carries a lower depletion rate. It is worth noting that some of our royalties have low depletion rates. So in a quarter like this, where there was an increase in the concentration of Royalty revenue, depletion expense can be lower and our margins may increase.

本季每位 GEO 的整體耗竭費用和 DD&A 較低，是由於我們的 Stream 部門的耗竭率較低以及來自 Royalty 部門的收入集中度較高。尤其是 Penasquito 的產量有所提高，其消耗率較低。值得注意的是，我們的部分特許權使用費的耗竭率較低。因此，在這樣的季度中，特許權使用費收入集中度增加，耗竭費用可能會降低，而我們的利潤率可能會增加。

Interest expense decreased significantly to $1.4 million from $6 million in the prior year. The decrease was primarily due to lower average amounts outstanding on the revolving credit facilities. Tax expense for the quarter was $26 million resulting in an effective tax rate of 19.5%. This compares to tax expense of $13 million, an effective tax rate of 17.5% in the prior year. The higher tax expense in the current period was due to higher pretax income driven primarily by our record revenue.

利息支出從上年的600萬美元大幅下降至140萬美元。下降的主要原因是循環信貸額度的平均未償還金額較低。本季稅費為 2,600 萬美元，有效稅率為 19.5%。相較之下，去年的稅費為 1,300 萬美元，有效稅率為 17.5%。本期稅費增加主要是由於創紀錄的收入推動的稅前收入增加。

Net income for the quarter was up 71% over the prior year to a record $107 million or $1.63 per share. The increase in net income was primarily due to higher revenue and lower interest expense. Our operating cash flow this quarter was a record $141 million, up 40% over the prior year. The increase in operating cash flow was primarily due to higher stream and royalty cash receipts.

本季淨收入較上年同期成長 71%，達到創紀錄的 1.07 億美元或每股 1.63 美元。淨收入的增加主要歸因於收入增加和利息支出減少。本季我們的營運現金流達到創紀錄的 1.41 億美元，比上年增長 40%。經營現金流的增加主要由於流量和特許權使用費現金收入的增加。

We expect to provide full-year 2025 guidance for metal sales, depletion expense, and our effective tax rate in mid to late March. However, to help you prepare your estimates, we expect our Stream segment sales to range between 40,000 and 45,000 GEOs during the first quarter of 2025.

我們預計將在 3 月中下旬提供 2025 年全年金屬銷售、耗竭費用和有效稅率的指導。但是，為了幫助您準備估算，我們預計 2025 年第一季 Stream 部門的銷售將在 40,000 至 45,000 GEO 之間。

As with our prior practice, this is the only quarter during the year when we will give quarterly guidance. And this quarterly guidance should not be viewed as indicative of the full-year guidance.

與我們之前的做法一樣，這是我們一年中唯一提供季度指引的季度。此季度指引不應被視為全年指引的參考。

I'll now turn to slide 13 and provide a summary of our financial position as of December 31, 2024. We remain debt-free at the end of the quarter and our total liquidity was approximately $1.2 billion which includes the fully undrawn and available $1 billion revolving credit facility and approximately $190 million of working capital.

現在我將翻到第 13 張投影片，提供截至 2024 年 12 月 31 日的財務狀況摘要。截至本季末，我們仍無債務，總流動資金約為 12 億美元，其中包括尚未提取且可用的 10 億美元循環信貸額度和約 1.9 億美元的營運資金。

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

這是我對本季財務業績的評論。現在我將電話轉回給比爾，請他發表最後評論。

Thanks Paul. 2024 was a very strong year for Royal Gold. Our business is designed to deliver leverage to gold. And our 2024 results demonstrate the direct relationship between a strong and rising gold price and Royal Gold's financial performance. We saw contributions from a number of new producing assets; we acquired two quality royalties; produced our first asset handbook; increased our dividends; and hopefully set the stage for an increase in the mine life of our largest revenue source.

謝謝保羅。 2024 年對於皇家黃金來說是非常強勁的一年。我們的業務旨在為黃金提供槓桿。我們的 2024 年業績表明，強勁上漲的金價與皇家黃金的財務業績之間存在直接關係。我們看到了許多新生產資產的貢獻；我們獲得了兩項優質版稅；製作了我們的第一本資產手冊；增加了我們的股利；並希望為延長我們最大收入來源的礦場壽命奠定基礎。

Looking forward to 2025, we think the uncertain global, geopolitical, and macroeconomic outlet will continue to buy us risk in the gold price to the upside. While we expect to give formal guidance in mid to late March, we believe the guidance ranges will be similar to what we provided in 2024.

展望2025年，我們認為全球、地緣政治和宏觀經濟的不確定性將持續為金價帶來上行風險。雖然我們預計將在 3 月中下旬提供正式指導，但我們相信指導範圍將與我們在 2024 年提供的指導範圍相似。

Our key assets are positioned to provide medium term growth, and we will watch with interest several catalysts: Wrap up progress at Goldrush and continued studies at Fourmile, both at the Cortez complex; tThe planned ramp-up of throughput at Pueblo Viejo; feasibility study work on the Khoemac a u expansion; a life- of-mine extension study at Mount Milligan; and first production at Back River.

我們的關鍵資產有望實現中期成長，我們將密切關注以下幾個催化劑：完成位於 Cortez 綜合設施內的 Goldrush 專案的進展並繼續進行 Fourmile 的研究； tPueblo Viejo 的吞吐量計畫將大幅提升； Khoemac a u 擴建的可行性研究工作；在米利根山進行礦山壽命延長研究；並在 Back River 首次進行製作。

On the business development front, we will continue to look for the best opportunities to provide further growth, continuing our strategy of adding exposure to high-quality assets with upsides, experienced management, and good jurisdictions. And with a strong balance sheet and robust cash flow, we are positioned to compete for those opportunities with our disciplined approach to project evaluation.

在業務發展方面，我們將繼續尋找進一步成長的最佳機會，繼續執行增加具有優勢、經驗豐富的管理和良好司法管轄區的優質資產的投資策略。憑藉強大的資產負債表和強勁的現金流，我們有能力透過嚴謹的專案評估方法來爭取這些機會。

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

接線員，我們的準備好的發言到此結束。我現在開始回答提問。

(Operator Instructions)

（操作員指令）

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Thanks Bill, Dan, Martin, Paul, and Alistair. Maybe my first question is on Cortez. Bill, I know you don't give out longer term guidance. However, the Cortez royalty is certainly very complex. There's different parts to it, legacy, royalties versus, well, the newer ones here. So I guess my question is, as you mentioned, Cortez is looking at midpoit 720,000-ish ounces this year, can grow to 1 million ounces by 2027 based on Crossroads, Goldrush. And Martin, thanks for giving us the 9.4%, 2.2%. My question is, how can we use that information potentially to help us refine our model in terms of what growth could come through at Cortez? Is it as simple as taking the 9.4% and the 2.2%, averaging out to 5.8% GSR? And say the growth, the additional analysis, will be subject to that kind of GSR? Or how can you help us out?

感謝 Bill、Dan、Martin、Paul 和 Alistair。也許我的第一個問題是關於 Cortez 的。比爾，我知道你不會給予長期指導。然而，科爾特斯家族的皇室血統確實非常複雜。它有不同的部分，遺產、版稅與這裡的新內容。所以我想我的問題是，正如你所提到的，Cortez 今年的中點產量為 72 萬盎司左右，根據 Crossroads、Goldrush 的數據，到 2027 年可以成長到 100 萬盎司。還有馬丁，謝謝你給我們 9.4% 和 2.2% 的數據。我的問題是，我們如何潛在地利用這些資訊來幫助我們完善模型，以了解 Cortez 能夠實現怎樣的成長？是不是只要 9.4% 加上 2.2%，平均得出 5.8% 的 GSR 就夠了？並且說成長、附加分析會受到這種 GSR 的影響？或者您可以如何幫助我們？

Yeah. Cosmos, we struggle with the exact same thing. And I I think -- Well, I mean, the issue is, and I understand, Barrick talks about it as one project. It is not one project to us. When you've got a 9.4% and 1.6% loyalty, the GEOs that result from that are completely dependent on where the ounces come from. Now, I think when we get to the point next month where we're giving you the guidance for this year, I think we'll be able to give you the math to make it work. But unless Barrick gives us permission to talk longer term about where ounces are coming from, it's something we always have to work with with our operators because we don't want to frontrun them, we don't want to put information out that they're not comfortable putting out there.

是的。科斯莫斯，我們也在為同樣的事情而奮鬥。我認為——嗯，我的意思是，問題是，而且我明白，巴里克將其作為一個項目來討論。對我們來說，這不是一個專案。當忠誠度分別為 9.4% 和 1.6% 時，所產生的 GEO 完全取決於黃金的來源。現在，我認為，下個月我們為您提供今年的指導時，我們將能夠為您提供可行的計算方法。但除非巴里克允許我們長期談論黃金的來源，否則我們必須始終與我們的運營商合作解決這個問題，因為我們不想搶在他們之前，我們不想洩露他們不願意透露的資訊。

Now I will say, 1 million ounces in 2027 to me sounds exciting because if it is Crossroads, that is a bigger piece -- has a bigger royalty rate associated with it. But longer term, I just can't help you right now. I mean, we will continue to work with Barrick to try to improve that. Right now, the best we're going to be able to do is on an annual basis.

現在我想說，2027 年的 100 萬盎司對我來說聽起來很令人興奮，因為如果是 Crossroads，那是一個更大的份額——有更高的特許權使用費率。但從長遠來看，我現在無法幫助你。我的意思是，我們將繼續與巴里克合作，努力改善這一點。目前，我們所能做的最好的就是按年度進行。

Okay. So I guess we'll find out a bit more, maybe come mid or late March when we get the 2025 guidance. We might see the full picture, but you will help us --

好的。所以我想我們會發現更多信息，也許是在三月中旬或下旬，當我們獲得 2025 年的指導時。我們也許能看到全貌，但你會幫助我們--

Yeah. I think we'll be able to do that.

是的。我想我們能夠做到這一點。

Okay. And then maybe quickly on Pueblo Viejo. As we know, there's a 30-day shutdown impact in Q1 2025 for the thickener optimization, is that going to impact Q1 or Q2? And then my second part of my question is I seem to see that gold recoveries going to take a bit longer to optimize Barrick's silver recovery which should be by the end of 2025 versus optimization of gold recovery by the end of 2026. Can you maybe comment on that as well in terms of how they're able to optimize the silver recovery (inaudible)?

好的。然後可能很快就會到達 Pueblo Viejo。眾所周知，由於增稠劑優化，2025 年第一季將有 30 天的停工影響，這會影響第一季還是第二季？我的問題的第二部分是，我似乎認為黃金回收需要更長的時間才能優化巴里克的白銀回收，這應該是在 2025 年底，而黃金回收的優化則要在 2026 年底。你能不能評論一下他們如何優化銀礦回收率（聽不清楚）？

Okay. I'll take the first part of your question. And then I may turn it over to Martin to do the second part. So the way our deliveries work, they work on a quarterly basis. We get deliveries the 15th of March, June, September, December based on the three-month period of the last month. So the March delivery will be December, January, February. It all depends when this 30-day period lasts. Let's just assume for a second it's all January, February. So the deliveries we get in March will be down. Whatever we get delivered in March gets sold in June. And so that's how you should -- there's always sort of a three- to five-month lag between what they're producing and what we're selling. If the 30-day period goes half February and half March, you're going to see lower deliveries and margins. But then, it will impact the June delivery and therefore, the September sales. So it all depends where this 30-day period ends up. But at least, you understand how deliveries go and that we sell -- what we get in one quarter, we sell it in the following quarter.

好的。我來回答你問題的第一部分。然後我可能會把它交給馬丁來做第二部分。我們的送貨方式是按季度進行。根據上個月的三個月週期，我們將在 3 月、6 月、9 月、12 月 15 日交貨。因此三月的交貨將是十二月、一月、二月。這一切都取決於這 30 天期限持續到何時。我們先假設都是一月、二月。因此，三月的出貨量將會下降。我們三月交付的所有貨物都會在六月售出。所以你應該這樣做——他們生產的產品和我們銷售的產品之間總是有三到五個月的延遲。如果 30 天的時間跨度為二月的一半和三月的一半，您將會看到更低的交付量和利潤率。但這會影響六月的交貨，進而影響九月的銷售。所以這一切都取決於這 30 天的期限何時結束。但至少，你了解交貨情況以及我們銷售的情況——我們在一個季度收到的產品，將在下一個季度賣出。

Of course

當然

Martin, is there anything you can add on silver recovery?

馬丁，關於銀的回收還有什麼可以補充的嗎？

Yeah. Hi Cosmos. I think Barrick got a lot of projects running at the moment to improve both the gold and silver recovery side. If you look at the presentation a couple of days or yesterday, they've got the SAG mill (inaudible) cyclones being put in, that's going to improve the outputs of the SAG mills and send the fine straight to the thickeners and then the autoclaves. They've got grinding thickener modifications ongoing. As you mentioned, improving and replacing the central well to improve the (inaudible) feed and density.

是的。你好，Cosmos。我認為巴里克目前正在進行許多項目來提高黃金和白銀的回收率。如果您看一下前幾天或昨天的演示，您會發現他們已經安裝了 SAG 磨機（聽不清楚）旋風分離器，這將提高 SAG 磨機的產量，並將細粉直接送往增稠機，然後再送往高壓釜。他們正在對研磨增稠劑進行改造。正如您所提到的，改進和更換中央井可以提高（聽不清楚）進料和密度。

In terms of the silver recovery, the important, the cooling tower upgrade. Because that allows the (inaudible) temperature to be reduced, but it allows prior to that the lime boil temperature to be higher. And that is really the important thing for silver recovery, breaking down the (inaudible) site, releasing the silver in the lime boil. So that cooling tower upgrade is the thing that is going to improve silver recovery.

就銀的回收而言，重要的是冷卻水塔的升級。因為這允許（聽不清楚）溫度降低，但在此之前它允許石灰沸騰溫度更高。這對於銀的回收來說確實是最重要的，分解（聽不清楚）場地，在石灰沸騰中釋放銀。因此，冷卻水塔的升級將會提高銀的回收率。

And then they've got further projects on the carbon regeneration kiln upgrades that improve both gold and silver recovery. So to answer your question, it's not completely clear to us why the gold recover is over a longer period of time. But it is clear to us that improving the silver recovery in the third, fourth quarter this year is really related to that cooling tower upgrade that allows the lime boil to work more efficiently and allows more silver to be recovered.

然後他們還有進一步的碳再生窯升級項目，以提高金和銀的回收率。所以要回答你的問題，我們並不完全清楚為什麼黃金的復甦需要更長的時間。但我們很清楚，今年第三季和第四季銀回收率的提高確實與冷卻水塔的升級有關，冷卻水塔的升級使石灰煮沸效率更高，從而可以回收更多的銀。

Great. Thanks, Martin. I guess that's what matters to you in terms of being able to really understand why the silver recovery goes up. That's the most important part to Royal Gold. I would imagine. Maybe one last question on Cactus, Bill, as you mentioned, this is a copper royalty. But Bill, as you mentioned, this is not an indication of you changing your strategy in terms for the company. So could you maybe comment on I saw that in the last quarter, your revenue mix was 76% gold, 12% silver, 9% copper, are you happy with that mix?

偉大的。謝謝，馬丁。我想這對你來說很重要，因為你能夠真正理解白銀復甦的原因。這對 Royal Gold 來說至關重要。我可以想像。也許關於 Cactus 的最後一個問題，比爾，正如你所提到的，這是銅的特許權使用費。但是比爾，正如你所提到的，這並不表示你改變了公司的策略。那麼，您能否評論一下，我看到上個季度您的收入結構是 76% 的黃金、12% 的白銀、9% 的銅，您對這個結構滿意嗎？

I'm happy with the mix. I think the things I think I've said is that when our business development team is out there marketing, looking for opportunities, we're focused on precious metals. If someone happens to call us up and say, hey, I've got is copper royalty, do you want to have a look? Sure. We'll look at it. We don't really target percentage of revenue. Do I want gold revenue to be higher? Yeah. I mean, that's what we do. But it certainly doesn't mean we throw to the curb good opportunities that happen to be in markets that we understand. It's really just what we focus on, where we put our efforts, but we're always willing to react to other things.

我對這個混音很滿意。我認為我說過的是，當我們的業務開發團隊在外面行銷、尋找機會時，我們專注於貴金屬。如果有人碰巧打電話給我們說，嘿，我得到了銅的特許權使用費，你想看一看嗎？當然。我們會看看的。我們實際上並沒有以收入百分比為目標。我是否希望黃金收入更高？是的。我的意思是，這就是我們所做的。但這絕不意味著我們會放棄我們所了解的市場中存在的良好機會。這其實只是我們關注的重點、我們努力的地方，但我們始終願意對其他事情做出反應。

Of course. One last question on Cactus. As you mentioned, I think the majority of the royalty is Cactus East and Cactus West, with a bit at Parks and Salyer. I don't know the asset as well, so I'm just trying to figure out how this comes around or comes together. But what can we expect when the pre-feasibility study is due to be released? And later on in 2025, I'm sure we're going to see some Parks and Salyer. But Cactus East and West going to be in there as well. Because, again, I'm just trying to refine my model here. If I was just taking the entire resource here, this could be worth a lot more than the $55 million that you paid for. So number one, I'm just trying to figure out the different components to it. What's going to be included in the pre-feas that's coming up? And how can we possibly evaluate?

當然。關於 Cactus 的最後一個問題。正如您所提到的，我認為大部分皇室成員都在 Cactus East 和 Cactus West，還有一部分在 Parks 和 Salyer。我對資產也不太了解，所以我只是想弄清楚它是如何產生或組合起來的。但是，當預可行性研究即將發佈時，我們可以期待什麼呢？我相信到 2025 年晚些時候我們會看到 Parks 和 Salyer。但是 Cactus East 和 West 也會在那裡。因為，我只是想在這裡改進我的模型。如果我把這裡的全部資源都拿走，那麼它的價值可能遠遠超過你所支付的 5500 萬美元。所以首先，我只是想弄清楚它的不同組成部分。即將進行的預演中會包含哪些內容？我們又該如何評價呢？

Yeah. Cosmos, what I'd like to do is ask Dan or Martin. Dan, I don't know if there's anything just sort of commercially from a valuation perspective you might be able to add? Or Martin, if you have anything specific to the study that's coming out, that would help.

是的。科斯莫斯，我想問丹或馬丁。丹，我不知道您是否能從商業估值角度補充一些內容？或者馬丁，如果你對即將發表的研究有任何具體訊息，那將會很有幫助。

Yeah. Thanks, Bill. Hi Cosmos. Good to hear from. I think I might just pass over to Martin. And Martin, maybe what we can do is just share a little bit of color about how the ops team there came up with the schedule in terms of those deposits and how we're thinking about it. Cosmos, I'll think we'll defer you over to the operator ultimately in terms of how they're looking at the assets and give you some commentary. Martin, any color on the scheduling?

是的。謝謝，比爾。你好，Cosmos。很高興收到你的來信。我想我可能還是把麥克風交給馬丁。馬丁，也許我們可以做的就是分享那裡的營運團隊如何制定存款時間表以及我們對此的看法。科斯莫斯，我想我們最終會將你交給運營商，看看他們如何看待資產並給你一些評論。馬丁，有什麼日程嗎？

Yes. Certainly. Cosmos, we believe that the Parks/Salyer deposit is going to be the first area into production. And we believe we've probably got about 50% to 60% of that AOI coverage, possibly even a little bit higher. However, the first production to come out of there is our AOI is likely to be delayed by a couple of years, I'd say, as they move from the south to the north with the mining. So we've got a good portion of the Parks/Salyer area and we've got complete coverage over the Cactus West and the Cactus Underground portions. Those, we do believe, are going to come in a bit lighter. However, because they're working on the PFS at the moment, there's a lot of scope to change things as they run their optimization processes. So we're waiting with a great deal of interest like you in terms of seeing what that and PFS comes out with.

是的。當然。Cosmos，我們相信Parks/Salyer礦床將成為第一個投入生產的地區。我們相信我們的 AOI 覆蓋率可能已經達到約 50% 至 60%，甚至可能更高一些。然而，我想說，由於採礦活動從南部轉移到北部，我們的 AOI 的第一批產量可能會延遲幾年。因此，我們已涵蓋了公園/薩利爾 (Parks/Salyer) 地區的很大一部分，並且已完全涵蓋了 Cactus West 和 Cactus Underground 部分。我們確實相信，這些將會變得更輕鬆。然而，由於他們目前正在研究 PFS，因此在運行優化流程時有很大的改變空間。因此，我們像您一樣懷著極大的興趣等待著看到它和 PFS 的結果。

Yeah. I think that's probably enough said at the moment on that.

是的。我想目前關於這一點可能已經說得足夠多了。

No, that's perfect. Thanks, Dan and Martin. We'll keep our eyes out for the pre-feas as well. But those are the questions I have. Thanks again for answering all my questions.

不，那太完美了。謝謝，丹和馬丁。我們也會密切注意預先發生的事件。但這些都是我的問題。再次感謝您回答我的所有問題。

Brian MacArthur, Raymond James.

布萊恩·麥克阿瑟、雷蒙·詹姆斯。

Good morning. My question is really Cosmos' last question. But just to be clear, when you say the first payments that you think you're going to get on Cactus on year five, that is purely on the assumption of where the minings come from. There's not a checkerboard royalty, this is all one royalty. And the buyback of 0.5% is all the same royalty. There's not like multiple royalties, I don't see here that's part of the equation. This is just purely your assumptions about what the future mining plan will be when you say you won't get any royalties until year five. Is that correct?

早安.我的問題實際上是 Cosmos 的最後一個問題。但需要明確的是，當您說您認為在第五年將在 Cactus 上獲得第一筆付款時，這純粹是基於對採礦來源的假設。這不是棋盤版稅，這都是單一版稅。而0.5%的回購都是相同的特許權使用費。這不像是多重版稅，我不認為這是等式的一部分。當您說直到第五年您才會獲得任何特許權使用費時，這僅僅是您對未來採礦計劃的假設。那正確嗎？

Yeah. Brian, thanks for the question. Martin, chime in here if you -- I'd go straight here. Technically, there are two royalties. They're the exact same thing. We only describe it as one just to keep it simple. But there's no checkererboard, it's just the coverage -- it's just the timing of when we think the material is going to be processed. It's not really on-again, off-again, and on-again, off-again approach in terms of our AOI.

是的。布萊恩，謝謝你的提問。馬丁，如果你願意的話請加入討論——我會直接說到這裡。從技術上來說，有兩種版稅。它們是完全相同的東西。為了簡單起見，我們僅將其描述為一個。但是，沒有棋盤，只有覆蓋範圍——只是我們認為材料將被處理的時間。就我們的 AOI 而言，這並不是真正時斷時續的方法。

Great. I just want to make sure. Because I looked at your production profile or the same that you have on your page 7 now, basically, you just start and it turns out you'd start to get the big year of production is when when you'd start to kick the royalty. And the way you see things now, I realize, it can all change with the feasibility. Is that the right way to look at this?

偉大的。我只是想確認一下。因為我看了你的生產資料，或現在你第 7 頁的內容，基本上，你剛開始，結果你就開始獲得生產的大年，那時你就會開始獲得版稅。我意識到，現在你看待事物的方式都可以隨著可行性而改變。這是看待這個問題的正確方法嗎？

That's the way we're looking at it now. Now, as Martin said, as they go through these studies, that could change. And maybe they do want it in a different sequence. But right now, where you're going I think is the correct way to think about it.

我們現在就是這樣看待這個問題的。現在，正如馬丁所說，隨著這些研究的進行，情況可能會改變。也許他們確實希望採用不同的順序。但現在，我認為你要去的地方是正確的思考方式。

Great. Thanks. It's just the same thing as (inaudible). I'm just trying to get the math to work on this thing. The second thing, can you remind me, I see deferred silver is up to 1.7 million ounces that PV now. I mean that's almost $1 a share, whatever. Effectively, what actually happens if they finally get the recoveries work? Can you just remind me how you start to recover those deferred ounces?

偉大的。謝謝。這和（聽不清楚）。我只是想用數學來解決這個難題。第二件事，你能提醒我嗎，我看到延期白銀的 PV 現在已達到 170 萬盎司。我的意思是這幾乎相當於每股 1 美元，不管怎樣。實際上，如果他們最終完成了恢復工作，實際上會發生什麼？你能提醒我你是如何開始恢復那些延期的盎司的嗎？

Yeah. I'll try to see if I can keep this as simple as possible. And Dan can always cut me off if I go astray. The key recovery rate is 52.5%. So when silver recovery was 70%, we'd get our 75% of the silver, not a big deal. As the silver recovery went down, basically, the 75% will go all the way up. So at 52.5%, we're getting 100% of the silver. They've been below that. And that's when you start getting into the deferral of the ounces.

是的。我將嘗試看看是否能夠讓其盡可能簡單。如果我誤入歧途，丹總是可以阻止我。密鑰回收率為52.5%。因此，當銀回收率達到 70% 時，我們就能獲得 75% 的銀，這不是什麼大問題。隨著白銀回收率的下降，基本上 75% 會一路上升。所以以 52.5% 的比例，我們就拿到 100% 的白銀了。他們一直低於這個水平。從那時起，您就開始推遲盎司的供應。

When they start getting above 52.5%, that's when I think you're going to see the deferred ounces unwind in the other direction and come back to us.

當它們開始超過 52.5% 時，我認為你會看到延期的盎司在另一個方向放鬆並回到我們身邊。

The only thing I'd caution you a little bit is when you're looking at the value of what we might get, number one, if they deliver deferred silver, we have paid 30% of spot price so you're immediately taking 70% of the value. And then we have deferred some cash price payments based on the fact that we have not been getting the ounces. Those also have to be paid. I don't have the exact number right now. But if you look at the gross value of the silver right now, the net to us might be, I don't know, 35%, 40% of the value when all is said and done. So I guess, don't look at that gross number and say, wow, you guys (inaudible) a lot. Because there are payments that would have to be made once those ounces are received by us.

我唯一要提醒你的是，當你考慮我們可能獲得的價值時，第一，如果他們交付延期的白銀，我們已經支付了現貨價格的 30%，因此你會立即獲得 70% 的價值。由於我們尚未收到黃金，因此我們推遲了部分現金價格支付。這些也必須付費。我現在還沒有確切的數字。但如果你看看現在白銀的總價值，我們得到的淨值可能是，我不知道，總價值的 35% 還是 40%。所以我想，不要看著那個總數說，哇，你們（聽不清楚）很多。因為一旦我們收到這些盎司，就必須付款。

Thanks, Bill. That's what I was trying to figure out. So that's very, very helpful. Thank you very much for taking my questions.

謝謝，比爾。這就是我想弄清楚的。這非常非常有幫助。非常感謝您回答我的問題。

(Operator Instructions)

（操作員指令）

(inaudible), Scotiabank.

（聽不清楚），加拿大豐業銀行。

Good afternoon, everyone, and thanks for taking my question. So I'd just like to ask about your deal pipeline. Are you still seeing opportunities mostly in the $100 million or $300 million range? And then this year, can we still expect more transactions -- more deals on non-gold? (inaudible) you talked about being opportunistic in nature, but are you still expecting anything?

大家下午好，感謝您回答我的問題。所以我只想詢問一下你的交易管道。您是否仍看到大部分價值在 1 億美元或 3 億美元範圍內的機會？那麼今年我們還能期待更多的交易嗎──更多的非黃金交易？（聽不清楚）您談到本質上是機會主義的，但您還期待什麼嗎？

And then maybe just comment on your structure? (inaudible) structure deals in like combinations of equity, debt, or has this changed? And then (inaudible) about a deal in the market like $1 billion deal. Do you want to comment on this? If you want to pick on this deal, can you do it by yourself or would you do a syndicated deal approach if you have (inaudible)?

然後也許只是評論一下你的結構？（聽不清楚）結構類似股權、債務的組合，還是已經改變了？然後（聽不清楚）關於市場上的一筆交易，例如 10 億美元的交易。您想對此發表評論嗎？如果你想挑選這筆交易，你可以自己做嗎？（聽不清楚）？

Yeah. Let me try to tackle a couple of them. And then I might get Dan in here. We don't comment on a particular transaction. There's $1 billion deal in the market, we wouldn't comment specifically on it. I think generally speaking, we're totally open to syndication. The only thing about syndication is you have to find a partner that thinks similarly to you in terms of structure returns, security, guarantees. There's a lot you have to agree with your partner. But we could handle $1 billion, so I'm not worried about doing that by ourselves. But again, if someone comes along and says we want to work together, happy to do it, that's great.

是的。讓我嘗試解決其中幾個問題。然後我可能會讓丹進來。我們不會對具體交易發表評論。市場上有 10 億美元的交易，我們不會對此發表具體評論。我認為總體來說，我們完全願意接受聯合組織。關於聯合組織的唯一事情是，你必須找到一個在結構回報、安全性和擔保方面與你有相同想法的合作夥伴。你需要與你的伴侶達成很多共識。但我們可以處理 10 億美元，所以我不擔心我們自己做不到。但是，如果有人過來並說我們想一起工作，並且很樂意這樣做，那就太好了。

The equity debt stream side of things, you've seen us do debt at Khoemac a u, you've seen us do debt at Golden Star. Both those loans were repaid. We'd rather not do it. But if a stream transaction is a 60% to 70% of total financing, somewhere around there, and doing some debt and doing some equity would get us the transaction, we are open to it. Again, not our preference, but if it gets us to live stream transaction, we have to consider it.

就股權債務流方面而言，您已經看到我們在 Khoemac a u 做債務，您已經看到我們在 Golden Star 做債務。這兩筆貸款均已償還。我們寧願不這麼做。但如果流交易佔總融資額的 60% 到 70% 左右，而且透過一些債務和一些股權交易可以讓我們實現交易，那麼我們就會對此持開放態度。再說一遍，這不是我們的偏好，但如果它能讓我們進行直播交易，我們就必須考慮它。

And then more copper. No. Again, this isn't a change in strategy. If something comes up in the latter part of this year, middle part of this year, that's copper and we like it, we might do it. But it's certainly -- again, this isn't a switch to, okay, how many copper deals can we do, how many zinc deals or nickel deals, whatever. That's not the approach. And nobody can ever forecast what transactions are coming up in this market. So don't take one deal as an indication of what's to come. Dan, do you want to just talk about the market in general?

然後是更多的銅。不。再說一遍，這並不是戰略的改變。如果今年下半年或年中出現了某種銅的市場機會並且我們喜歡它，我們可能會購買。但這肯定是——再說一次，這並不是要轉換到我們可以做多少銅交易、多少鋅交易或鎳交易等等。這不是正確的做法。沒有人能夠預測這個市場將會發生什麼樣的交易。因此，不要將一筆交易視為未來交易的預兆。丹，你想簡單談談市場狀況嗎？

Sure, Bill. Maybe just to answer the last question there which is the range, $100 million to $300 million. I think that still holds. And we always talk about that, it seems, every quarter. But you look at the last two deals that we've announced, including Cactus, here today, they were sub-$100 million deals. So we do look at things that are smaller. We do see things that come across on our radar that are interesting and we'll obviously transact. We are aware of a couple of larger opportunities in the market. And in general, I would say, the things that we've seen the pipeline right now are more precious, weighted (inaudible), and in particular, around project development. So I think that kind of summarizes it from what we see right now. Does that answer your question?

當然，比爾。也許只是為了回答最後一個問題，範圍，1 億美元到 3 億美元。我認為這仍然成立。而且似乎每個季度我們都會談論這個問題。但看看我們今天宣布的最後兩筆交易，包括 Cactus 的交易，它們的交易金額都低於 1 億美元。所以我們確實會關注較小的事物。我們確實看到了一些有趣的事情，而且我們顯然會進行交易。我們意識到市場上存在一些更大的機會。總的來說，我想說，我們現在看到的管道更為珍貴，更有分量（聽不清楚），特別是圍繞著專案開發。所以我認為這是我們現在看到的情況的總結。這回答了你的問題嗎？

Yeah. Thank you very much. Maybe just a follow-up to that. The corporate opportunities make sense to you, why or why not if you don't?

是的。非常感謝。也許只是對此的一個後續行動。這些企業機會對你來說很有意義，如果你不這麼認為，那又為什麼沒有呢？

You're talking about M&A amongst royalty and streaming companies?

您談論的是版稅和串流媒體公司之間的併購嗎？

Yes.

是的。

Okay. We always looked at it. There are obviously times when that could very well makes sense. I think the thing that we have found historically is you have certain companies that trade at higher multiples. You have certain companies that trade at lower multiples. And where the transactions probably makes sense to between those EFC, lower multiple company wants to trade at a higher multiple and then get a takeover premium on that higher multiple in (inaudible) less and less sense. We haven't done a true corporate transaction in about 15 years. And at that time, we were getting bigger and one of the assets we don't feel the need to get bigger. We don't need to add assets in one go. So if it makes sense, we're open to it. But you will see a lot. And I think that's the reason of the valuation differences and finding two parties who find the right time and the right price that's really tough to find. So totally open to it. But you just don't see a lot.

好的。我們總是看著它。顯然有時候這是非常合理的。我認為，從歷史上看，某些公司的本益比較高。某些公司的本益比較低。而對於 EFC 而言，交易可能有意義，但市盈率較低的公司希望以更高的市盈率進行交易，然後在更高的市盈率上獲得收購溢價，這（聽不清楚）越來越沒有意義。我們已經有大約 15 年沒有進行過真正的公司交易了。當時，我們已經變得越來越大，而我們覺得沒有必要再擴大其中一項資產。我們不需要一次性添加資產。所以如果它有意義，我們就會接受它。但你會看到很多。我認為這就是估值差異的原因，而找到合適的時間和合適的價格的雙方確實很難。所以對此完全持開放態度。但你看到的並不多。

Okay. Thank you for that. And one other question. Yesterday, we saw a new mine plan, Rainy River from New Gold. Maybe just provide some comments on this from (inaudible) perspective.

好的。謝謝你。還有一個問題。昨天，我們看到了一個新的礦山計劃，來自 New Gold 的 Rainy River。也許只是從（聽不清楚）的角度對此提供一些評論。

Yeah. I'm going to turn it over to Martin. But I must caution you, it's also news to us (inaudible). We may not have had a chance to digest everything we just saw. But I don't know, Martin, if you have any color you can add.

是的。我要把它交給馬丁。但我必須提醒你，這對我們來說也是新聞（聽不清楚）。我們可能沒有機會消化剛剛看到的一切。但我不知道，馬丁，你是否可以添加任何顏色。

Yeah. It is pretty new to us. We understand, to a certain extent, how the mines are operating in our portfolio, but we don't have very intricate knowledge of them. So if a company changes plan as they come out as Rainy River did with a fairly low Q1 and Q2 from a production perspective, we don't have a lot of color to add to what Dave said. So yes, it's new to us and we're busy digesting at the moment.

是的。對我們來說這還挺新的。我們在一定程度上了解我們投資組合中的礦山的運作情況，但對它們並不是非常詳細的了解。因此，如果一家公司像 Rainy River 一樣改變計劃，從生產角度來看第一季和第二季的業績都相當低迷，那麼我們對 Dave 所說的話就沒有太多可補充的了。是的，這對我們來說是新的，我們目前正忙於消化。

Okay. Thank you for that. And my last question, updates on reserves and resources, when can we expect that? And your guidance that's coming out in mid to late March, is that coming out on Investor Day?

好的。謝謝你。我的最後一個問題，關於儲量和資源的最新情況，我們什麼時候可以期待？您在三月中下旬發布的指導意見是在投資者日當天發布的嗎？

I'm sorry. I didn't get the first part of the question. Did you say reserves and resources?

對不起。我沒明白問題的第一部分。你說的是儲量和資源嗎？

Yes, your reserves and resources, when are they coming up?

是的，你的儲備和資源什麼時候到帳？

Yes. It's sort of an iterative process for us a little bit because we have some companies that report as of 12/31. We have Australian companies report as of June 30. We're have a section under our portfolio that has reserves and resources that will get updated as we go. We're going to have a new asset handbook. That will be more of a point in time, reserve and resource number. So between the website, we have that handbook. We don't come out with one big announcement. It's more as we get information from the operators, we update the information.

是的。對我們來說，這有點像是一個迭代過程，因為我們有一些公司截至 12 月 31 日的報告。我們有截至 6 月 30 日的澳洲公司報告。我們的投資組合下有一個部分，其中包含儲備和資源，我們會隨時更新。我們將會有一本新的資產手冊。這將更多的是一個時間點、儲備和資源數量。因此，在網站上，我們有這本手冊。我們不會發布什麼重大公告。當我們從運營商獲得資訊時，我們會更新這些資訊。

I think the second part of your question was an Investor Day.

我認為你問題的第二部分是投資者日。

Yes. I'm asking you if the guidance in late March is coming with an Investor Day.

是的。我問的是，三月下旬的指導意見是否會隨投資者日一起發布。

No. We don't expect to have an Investor Day around that. I'm sure Alistair will release it. And we'll see what questions we get. If it makes sense to pull groups together, I guess we can do that. But we don't have any plans to do it right now.

不。我們預計不會在那時舉辦投資者日。我確信阿利斯泰爾會發布它。我們將看看會收到哪些問題。如果將各個群體聚集在一起是有意義的，我想我們可以這樣做。但目前我們還沒有計劃這麼做。

Okay. Thank you. Those are all my questions. Thank you.

好的。謝謝。這些就是我的全部問題。謝謝。

(inaudible) Derick Ma, TD Cowen.

（聽不清楚） Derick Ma，TD Cowen。

Thank you. My question is on capital allocation and Royal Gold is debt-free now, generating $141 million operating cash flow in Q4, $1.2 billion available liquidity. Is there sufficient supply of potential deals in the market to deploy all the capital that you're generating in your view?

謝謝。我的問題是關於資本配置，Royal Gold 現在沒有債務，第四季度產生了 1.41 億美元的營運現金流，12 億美元的可用流動資金。您認為市場上是否有足夠的潛在交易來部署您所籌集的所有資本？

If I could forecast the deals we're going to see, I could answer the question. Based on the fact that we see transactions, again, in $100 million to $300 million range, you can say, unless you've seen two or three of these things, you probably have more capital than you need. The problem is you just don't know what's going to happen. And just everybody in the industry goes back to 2015 when we deployed a $1 billion-plus in a four- or five-month period. So we have to be a little bit careful. We do think the best place to invest to use the capital we have is to buy new assets because we've quoted in at NAV and hopefully, we trade at a premium to that. That has increased in value.

如果我能預測我們將會看到的交易，我就能回答這個問題。基於我們看到的交易金額在 1 億到 3 億美元的事實，你可以說，除非你見過兩三筆這樣的交易，否則你可能擁有的資金比你需要的還多。問題是你根本不知道接下來會發生什麼事。業內每個人都回想起 2015 年，當時我們在四、五個月內部署了 10 多億美元。因此我們必須要小心一點。我們確實認為，利用現有資本進行投資的最佳場所是購買新資產，因為我們已經以資產淨值報價，並且希望我們的交易價格能高於該價格。其價值已增加。

If we get to the point where we're just not seeing transactions and not meeting the criteria that we have and we think we have more capital than we need, yeah, then we're going to have a discussion with our Board, do we do anything, (inaudible) we do anything?

如果我們看不到交易，也不符合我們的標準，而且我們認為我們擁有的資本超過了我們所需的，是的，那麼我們將與董事會進行討論，我們會做什麼，（聽不清楚）我們會做什麼？

I've never really seen that happen. The transactions tend to come frequently enough that we're able to take the capital we're generating and redeployed into assets.

我從來沒見過這樣的事情發生。交易往往足夠頻繁，以便我們能夠將我們產生的資本重新部署到資產中。

This is maby a difficult follow-up, but at what point do you think you are over-capitalized then given your cash flows (inaudible)?

這可能是一個困難的後續問題，但考慮到你的現金流，你認為什麼時候資本過剩？（聽不清楚）？

I haven't given enough thought to that and haven't had the discussion with the team or the Board to give you a figure where we think, oh, we don't need anything more than that.

我還沒有充分考慮這一點，也沒有與團隊或董事會進行討論來給出一個我們認為的數字，哦，我們不需要更多了。

Okay. That's fair. And one more question on Cactus. The area of interest, I don't think that includes their target at Main spring, but does it include the Northwest extension? Has it helped them now?

好的。這很公平。還有一個關於 Cactus 的問題。我不認為感興趣的區域包括他們在主泉的目標，但是它包括西北延伸嗎？現在這對他們有幫助嗎？

Martin, do you have a thought on that?

馬丁，你對此有什麼想法嗎？

Yes, it does include up to the northwest.

是的，它確實包括西北部。

(inaudible) extension. (inaudible) exploration optionality. Northwest of Cactus and northwest extension, I believe, that's one of the exploration targets?

（聽不清楚）延伸。 （聽不清楚）探索可選性。我相信，仙人掌西北部和西北延伸區是勘探目標之一？

Yes, it includes that area.

是的，包括那個區域。

Okay. Great. Thank you very much.

好的。偉大的。非常感謝。

Josh Wolfson, RBC.

喬許·沃爾夫森（Josh Wolfson），RBC。

Apologies in advance for the sticky nature this question, but just the comments earlier on the guidance and some of the discussion on flat year-over-year ranges, are you thinking about that more in terms of the individual metals? And I asked because there have been some significant ratio changes on a year-over-year basis. Thank you.

對於這個問題的棘手性質，我提前表示歉意，但只是之前對指導意見的評論以及關於同比持平範圍的一些討論，您是否更多地從單個金屬的角度考慮這個問題？我之所以問這個問題，是因為與去年同期相比，這些比例發生了一些顯著的變化。謝謝。

Yeah Josh. We plan to give this year's guidance the way we did last year which is (inaudible) metal and then revenue for the smaller metals. I guess if we find a point where gold in particular has found a new range, we might go back to (inaudible) yield, I don't know yet. But if we had just gone to yields in 2024, we would have been way off and been explaining like two or three (inaudible) numbers. So for the time being, we're going to stick with the way we did it last year.

是的，喬希。我們計劃按照去年的方式給出今年的指導，即（聽不清楚）金屬，然後是小金屬的收入。我想，如果我們找到黃金特別是黃金找到新區間的點，我們可能會回到（聽不清楚）收益率，但我現在還不知道。但如果我們只是在 2024 年計算收益率，我們就會偏離目標，只能解釋兩三個（聽不清楚）數字。因此，目前，我們將堅持去年的做法。

Okay. So which would imply when you're saying sort of stable numbers, that would be up by individual metal?

好的。那麼，當您說穩定的數字時，這是否意味著該數字將由單一金屬決定？

Correct.

正確的。

Great. Thank you.

偉大的。謝謝。

I will now hand back to Bill Heissenbuttel for any closing comments.

現在我將把麥克風交還給 Bill Heissenbuttel，請他做最後評論。

I just wanted to thank you for taking the time to join us today. Thank you for the questions. We certainly appreciate your interest, and we look forward to updating you on our progress during our next quarterly call. Take care.

我只是想感謝您今天抽出時間來參加我們的活動。感謝您的提問。我們非常感謝您的關注，並期待在下次季度電話會議中向您通報我們的進展。小心。

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

謝謝。今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。