Royal Gold Inc (RGLD) 2025 Q1 法說會逐字稿

Welcome, everyone, to the Royal Gold 2025 first quarter conference call. My name is Lauren, and I'll be moderating your call today. (Operator instructions)

歡迎大家參加皇家黃金2025第一季電話會議。我叫勞倫，今天我將主持您的電話會議。（操作員指示）

I would now like to pass the conference call over to Alistair Baker, to begin. Please go ahead.

現在我想將電話會議交給阿利斯泰爾貝克 (Alistair Baker)。請繼續。

Thank you, operator. Good morning, and welcome to our discussion of Royal Gold's first quarter 2025 results. This event is being webcast live and a replay of this call will be available on our website. Speaking on the call today are Bill Heissenbuttel, President and CEO; Paul Libner, Senior Vice President and CFO; and Martin Raffield, Senior Vice President of Operations. Dan Breeze, Senior Vice President, Corporate Development of RGLD; and Randy Shefman, Senior Vice President and General Counsel, are also available for questions.

謝謝您，接線生。早安，歡迎參加我們對皇家黃金 2025 年第一季業績的討論。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。今天參加電話會議的有總裁兼執行長 Bill Heissenbuttel、資深副總裁兼財務長 Paul Libner 和營運資深副總裁 Martin Raffield。RGLD 企業發展資深副總裁 Dan Breeze 和資深副總裁兼總法律顧問 Randy Shefman 也將解答您的問題。

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.

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。

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, adjusted net income per share, adjusted EBITDA and cash G&A.

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 GAAP 財務指標，包括調整後的淨收入、調整後的每股淨收入、調整後的 EBITDA 和現金 G&A。

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.

這些指標與最直接可比較的 GAAP 指標的對帳可在昨天的新聞稿中找到，您可以在我們的網站上找到。

Bill will start with an overview of the quarter, 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.

比爾將首先概述本季度的情況，馬丁將對投資組合發表一些評論，保羅將提供財務更新。正式發言結束後，我們將進入問答環節。

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. Our first quarter gave us a solid start to 2025. Our portfolio delivered steady performance and the strong and rising gold price was a significant tailwind. Earnings for the quarter were a record $113 million or $1.72 per share.

早上好，感謝您參加電話會議。我將從第 4 張投影片開始。我們的第一季為 2025 年開了個好頭。我們的投資組合表現穩定，強勁上漲的金價是一大利好。本季收益達到創紀錄的 1.13 億美元，即每股 1.72 美元。

We recognized a couple of discrete tax items that Paul will describe in more detail, and after adjusting for these items, earnings were a strong $100 million or $1.51 per share. Gold remained the largest contributor to revenue for the quarter at about 75% of total, and our geographic weighting remained consistent with over 53% of our revenue generated from the US, Canada, and Australia.

我們認識到幾個單獨的稅項，保羅將對此進行更詳細的描述，在對這些項目進行調整後，收益達到了 1 億美元或每股 1.51 美元。黃金仍然是本季收入的最大貢獻者，約佔總收入的 75%，我們的地域權重保持不變，超過 53% 的收入來自美國、加拿大和澳洲。

Our low and stable G&A allowed us to maintain our high margins, and we had an adjusted EBITDA margin of 82% for the quarter. We paid our first dividend of 2025 at our new quarterly rate of $0.45 per share, which is a 12.5% increase over 2024. Our annual dividend has increased every year since 2001, and we're the only precious metals company in the S&P High Yield Dividend Aristocrats Index.

我們較低且穩定的 G&A 成本使我們能夠維持較高的利潤率，本季的調整後 EBITDA 利潤率為 82%。我們以新的季度利率每股 0.45 美元支付了 2025 年的第一筆股息，比 2024 年增長了 12.5%。自 2001 年以來，我們的年度股息每年都在增加，我們是標準普爾高收益股息貴族指數中唯一的貴金屬公司。

We also achieved the full repayment of the Rainy River advanced stream deposit during the quarter. We made our investment at Rainy River during the initial construction in 2015, and we are pleased to see New Gold's plans for at least another nine years of operation as they continue to expand the pit and ramp up underground production.

我們還在本季度全額償還了 Rainy River 預付溪流押金。我們在 2015 年初期建設期間對 Rainy River 進行了投資，我們很高興看到 New Gold 計劃至少再運營九年，因為他們將繼續擴大礦坑並提高地下產量。

On the new business front, we entered into an additional agreement with Ero Copper to acquire an incremental stream interest at Xavantina and increase the stream coverage in a very prospective area. Since our initial investment in 2021, Ero has successfully added high-grade resources and increased production in Xavantina, and we are pleased to increase our exposure to this asset.

在新業務方面，我們與 Ero Copper 達成了附加協議，以收購 Xavantina 的增量溪流權益並增加這一極具前景地區的溪流覆蓋率。自 2021 年首次投資以來，Ero 已成功在 Xavantina 增加了高品位資源並提高了產量，我們很高興增加對這項資產的投資。

We paid $50 million for this additional interest from our cash balance, and we ended the quarter with $1.25 billion of total available liquidity. And finally, we published new editions of our Investment Stewardship Report and Asset Handbook in mid-April.

我們從現金餘額中支付了 5,000 萬美元來支付這筆額外利息，本季末我們的可用流動資金總額為 12.5 億美元。最後，我們在四月中旬發布了新版投資管理報告和資產手冊。

These are comprehensive documents that could help the market understand our portfolio and the outlook for our business. The market's focus is often only on the largest assets in our portfolio, but some of the smaller assets are important to our overall business and they have interesting growth potential. The asset handbook provides the detail required to understand and value this potential.

這些全面的文件可以幫助市場了解我們的投資組合和業務前景。市場的焦點往往只在我們投資組合中最大的資產上，但一些較小的資產對我們的整體業務很重要，而且具有有趣的成長潛力。資產手冊提供了理解和評估這一潛力所需的詳細資訊。

I'll now turn the call over to Martin for an overview of Q1 revenue.

現在我將把電話轉給馬丁，讓他概述第一季的收入狀況。

Thanks, Bill. Turning to slide 5, I'll give some comments on first quarter revenue. Overall revenue was $193 million with volume of 67,600 GEOs. On our last quarterly call, we forecasted softer GEO sales from our stream segment in the first quarter. Stream sales met our expectations, and any softness was more than offset by strong metal prices and a stronger contribution from our royalty segment.

謝謝，比爾。翻到第 5 張投影片，我將對第一季的營收發表一些評論。總收入為 1.93 億美元，交易量為 67,600 個 GEO。在我們上次的季度電話會議上，我們預測第一季我們的串流媒體部門的 GEO 銷售額將會下降。串流媒體銷售符合我們的預期，任何疲軟都被強勁的金屬價格和我們特許權使用費部門的更強勁貢獻所抵消。

Royalty revenue was up by about 53% from the prior year quarter to $71 million. We saw another strong quarter from Peñasquito, Manh Choh, and Robinson and lower revenue from the Cortez legacy zone. The contribution of our royalty segment, which has grown over the past few quarters with revenue from several new assets.

特許權使用費收入較去年同期成長約 53%，達到 7,100 萬美元。我們看到 Peñasquito、Manh Choh 和 Robinson 又一個強勁的季度表現，而 Cortez 遺產區的收入則有所下降。我們的特許權使用費部門的貢獻在過去幾季中隨著幾項新資產的收入而成長。

This segment contributed about 37% of total revenue in the quarter. Revenue from our stream segment was $122 million, up by about 19% from last year with increased gold sales from Pueblo Viejo and gold and copper sales from Mount Milligan, partially offset by lower sales from Xavantina.

該部門貢獻了本季總收入的約37%。我們的串流媒體部門的收入為 1.22 億美元，比去年增長約 19%，其中 Pueblo Viejo 的黃金銷售額以及 Mount Milligan 的黃金和銅銷售額有所增加，但 Xavantina 的銷售額下降部分抵消了這一增長。

I'll turn to slide 6 and give some comments on notable developments within the portfolio. At Mount Milligan, Centerra reported first quarter results on Tuesday and confirmed their gold and copper production guidance for 2025. Centerra is expecting gold production of 165,000 to 185,000 ounces and copper production of 50 million to 60 million pounds, with both weighted to the second half of the year.

我將翻到第 6 張投影片，對投資組合內的顯著發展發表一些評論。在 Mount Milligan，Centerra 於週二公佈了第一季業績，並確認了 2025 年黃金和銅產量預期。Centerra 預計黃金產量為 165,000 至 185,000 盎司，銅產量為 5,000 萬至 6,000 萬磅，這兩項產量都將在今年下半年實現。

Remember that we experienced a normal course lag of about six months from production at the mine site to sales, so we will see the benefits of the higher production weighting in the first half of 2026. Centerra also provided an update on the mine life extension project.

請記住，從礦場生產到銷售，我們經歷了大約六個月的正常滯後，因此我們將在 2026 年上半年看到更高生產權重的好處。Centerra 也提供了礦山壽命延長計畫的最新進展。

In addition to extending the mine life beyond 2036, they highlighted the potential for a 10% increase to mill capacity through ball mill motor upgrades and additional downstream flow sheet improvements, which may also improve overall metal recovery.

除了將礦山壽命延長至 2036 年以後之外，他們還強調，透過球磨機馬達升級和額外的下游流程改進，可以將磨機產能提高 10%，這也可能提高整體金屬回收率。

The prefeasibility study could provide a significant catalyst for Royal Gold, and we look forward to seeing the results when it's published in the third quarter. At Andacollo, Teck provided gold production guidance of 35,000 to 39,000 ounces in 2025, which is significantly higher than the 2024 production of 20,800 ounces.

預可行性研究可能為皇家黃金公司提供重要的催化劑，我們期待在第三季發布結果。在安達科洛，Teck 給了 2025 年黃金產量指導價 35,000 至 39,000 盎司，遠高於 2024 年的 20,800 盎司產量。

The main driver of this increase is higher mill throughput due to increased water availability. As with Mount Milligan, we also experienced a normal course lag at Andacollo of about six months from production at the mine site to sales so we expect to see the benefit of this increased production later in 2025.

這種成長的主要驅動力是由於水資源供應增加而導致的工廠產量提高。與 Mount Milligan 一樣，Andacollo 也經歷了從礦場生產到銷售約六個月的正常滯後，因此我們預計在 2025 年晚些時候會看到產量增加的好處。

Turning to slide 7. The quarter, as Barrick announced yesterday, it is maintaining overall gold production guidance of between 680,000 and 765,000 ounces for the year. As we highlighted in our 2025 guidance press release, we estimate an overall average royalty rate of 3.1% on this production.

翻到幻燈片 7。巴里克黃金公司昨日宣布，本季該公司維持全年黃金總產量指引值在 68 萬至 76.5 萬盎司之間。正如我們在 2025 年指導新聞稿中所強調的那樣，我們估計該產品的整體平均特許權使用費率為 3.1%。

Barrick also reported progress on installing ventilation infrastructure at Goldrush, which should support increased mining rates. At Fourmile, the exploration campaign to define the ore body and overall footprint started, which will support the prefeasibility study, and exploration continues at Hanston and Swift targets with encouraging results.

巴里克還報告了 Goldrush 安裝通風基礎設施的進展情況，這將有助於提高採礦率。在 Fourmile，確定礦體和整體足跡的勘探活動已經開始，這將支持預可行性研究，並且 Hanston 和 Swift 目標的勘探仍在繼續，並取得了令人鼓舞的結果。

At Pueblo Viejo, Barrick also reported yesterday that 2025 gold production guidance of 370,000 to 410,000 ounces for its 60% share is unchanged after completing a 35-day shutdown for debottlenecking work on the expanded plant in the first quarter.

巴里克黃金公司昨日還報告稱，在普韋布洛維耶霍，其占股 60% 的金礦在完成擴建工廠為期 35 天的瓶頸消除工作後，2025 年黃金產量預期保持不變，為 370,000 至 410,000 盎司。

Barrick also provided an update on the mine life extension project, which is focusing on housing resettlement and engineering work on the new tailings storage facility. So far, 220 homes have been constructed, 18 families have been resettled, and the tailings facility is on track for commissioning in late 2029.

巴里克還提供了礦山壽命延長項目的最新進展，該項目的重點是住房安置和新尾礦儲存設施的工程工作。到目前為止，已建造了 220 棟房屋，18 個家庭得到重新安置，尾礦處理廠預計將於 2029 年底投入使用。

I'll wrap up with some comments on other portfolio assets. At Peñasquito, Newmont reported that high grades in the Peñasco resulted in strong gold and steady coke product production in the first quarter. Newmont expects coal production to remain relatively steady through the second quarter before beginning to shift to a higher proportion of silver, lead and zinc and lower gold through the third and fourth quarters.

最後，我將對其他投資組合資產發表一些評論。紐蒙特報告稱，佩納斯基托金礦的高品位使得第一季黃金產量強勁，焦炭產品產量穩定。紐蒙特預計，第二季煤炭產量將保持相對穩定，第三季和第四季將開始轉向增加銀、鉛和鋅的比例，同時減少黃金的比例。

At Khoemacau, MMG provided 2025 silver production guidance of 1.3 million to 1.5 million ounces. MMG also reported the early works on camp and road construction as well as land acquisition and personnel recruitment have started on the expansion project.

在 Khoemacau，MMG 給了 2025 年白銀產量指引 130 萬至 150 萬盎司。MMG也透露，擴建工程的營地和道路建設以及土地徵用和人員招聘等前期工作已經開始。

Construction is expected to begin in 2026 but remain subject to completion of the feasibility study. In Nevada, results of preliminary economic assessment studies were released for various assets operated by IOT, where we have royalty interests.

預計建設將於 2026 年開始，但仍需完成可行性研究。在內華達州，IOT 營運的各項資產的初步經濟評估研究結果已經公佈，我們在這些資產中擁有特許權使用費權益。

At Granite Creek, underground production is ramping up to 60,000 ounces per year over an eight-year mine life, and the feasibility study is expected in the fourth quarter that includes an updated operational plan. The open pit project at Granite Creek is targeted to produce 130,000 ounces per year over a 10-year mine life, and an updated feasibility study is also expected in the fourth quarter.

在 Granite Creek，地下產量在八年的礦山壽命內將增加到每年 60,000 盎司，可行性研究預計將於第四季度完成，其中包括更新的營運計劃。Granite Creek 露天礦計畫的目標是在 10 年的礦場壽命內每年生產 13 萬盎司，預計第四季也將發布最新的可行性研究報告。

At Ruby Hill, the Archimedes project considers a high-grade underground gold mine producing approximately 100,000 ounces per year over a 10-year mine life. And the project conversions a large open pit leach gold mine, producing approximately 280,000 ounces gold equivalent per year over a 16.5-year mine life. We look forward to seeing progress at all of these projects.

在 Ruby Hill，阿基米德計畫考慮建造一座高品位地下金礦，礦山壽命為 10 年，每年產量約 10 萬盎司。該項目將改造一個大型露天浸出金礦，在 16.5 年的礦山壽命內每年生產約 28 萬盎司黃金當量。我們期待看到所有這些項目取得進展。

At Back River and Nunavut, B2Gold expects to pour first gold in the second quarter. Any royalty revenue on production this year will be based on an initial royalty rate of 0.7%. B2 also announced the results of an updated NI 43-101 report, and they are targeting gold production of approximately 300,000 ounces per year for the first six years.

B2Gold 預計第二季在 Back River 和 Nunavut 產出第一批黃金。今年生產的任何特許權使用費收入將基於 0.7% 的初始特許權使用費率。B2 也公佈了最新 NI 43-101 報告的結果，他們的目標是前六年每年生產約 30 萬盎司黃金。

B2 is also finalizing a study in late 2025 or early 2026 to evaluate an increase in mill throughput from 4,000 to potentially 6,000 tonnes per day. Finally, the cash price paid for each ounce of gold delivered at Xavantina will increase from 20% to 40% of stock from the 49,000-ounce delivery threshold it reached.

B2 也將在 2025 年底或 2026 年初完成一項研究，以評估工廠產量是否能從每天 4,000 噸增加到 6,000 噸。最後，在Xavantina交付的每盎司黃金的現金價格將從其達到的49,000盎司交付門檻的20％增加到40％。

We've received deliveries of 46,500 ounces at the end of March, and we expect this cash price increase will occur sometime in this current quarter. Note also that the effect of the transaction that Bill mentioned will be to extend the threshold for deliveries at the current 25% stream rate from 93,000 to 160,000 ounces.

我們在三月底已收到 46,500 盎司的交貨，我們預計現金價格上漲將在本季的某個時候發生。還要注意的是，比爾提到的交易的效果是將當前 25% 流量的交付門檻從 93,000 盎司提高到 160,000 盎司。

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

我現在將電話轉給保羅，讓他審查我們的財務結果。

Thanks, Martin. I'll turn to slide 8 and give an overview of the financial results for the quarter. For this discussion, I'll be comparing the quarter ended March 31, 2025 to the prior year quarter. Revenue for the quarter was up strongly by 30% to $193 million. Metal prices were a primary driver of the revenue increase, with gold up 38%, silver up 37% and copper up 11% over the prior year.

謝謝，馬丁。我將翻到第 8 張投影片並概述本季的財務結果。為了本次討論，我將把截至 2025 年 3 月 31 日的季度與去年同期進行比較。本季營收強勁成長 30%，達到 1.93 億美元。金屬價格是營收成長的主要動力，其中黃金價格比前一年上漲 38%，白銀價格上漲 37%，銅價格上漲 11%。

Gold remains our dominant revenue driver, making up 75% of our total revenue for the quarter, followed by silver at 12% and copper at 9%. Royal Gold has the highest gold revenue percentage when compared to our major peers in the royalty and streaming sector.

黃金仍然是我們的主要收入來源，佔本季總收入的 75%，其次是白銀（12%）和銅（9%）。與特許權使用費和串流媒體領域的主要同行相比，Royal Gold 的黃金收入百分比最高。

Turning to slide 9, I'll provide a bit more detail on certain financial line items for the quarter. G&A expense was $11.1 million, down slightly from the prior year and mostly due to lower corporate costs. We typically see higher G&A expense in the first quarter as this is the period when we grant employee equity awards and recognize higher noncash stock compensation expense when compared to other quarters throughout the year.

翻到第 9 張投影片，我將提供有關本季某些財務項目的更多詳細資訊。一般及行政費用為 1,110 萬美元，較前一年略有下降，主要原因是公司成本降低。我們通常會在第一季看到更高的 G&A 費用，因為與全年其他季度相比，這是我們授予員工股權獎勵並確認更高非現金股票薪酬費用的時期。

Excluding noncash stock compensation expense, our cash G&A remained low at approximately 4% of revenue for the quarter. Our DD&A expense decreased to $33 million from $39 million in the prior year. The lower overall depletion expense this quarter was due to lower depletion rates in our stream segment as a result of reserve increases.

除非現金股票薪酬費用外，我們的現金 G&A 費用仍保持在低位，約佔本季收入的 4%。我們的 DD&A 費用從上年的 3,900 萬美元減少至 3,300 萬美元。本季整體耗竭費用較低是由於儲量增加導致溪流部分的耗竭率較低。

Lower gold sales from Xavantina and lower gold production at Cortez also contributed to the decrease. On a unit basis, this expense was $488 per GEO for the quarter compared to $539 per GEO in the prior year. Interest and other expense decreased significantly to $1.2 million from $4.6 million in the prior year.

Xavantina 的黃金銷售下降和 Cortez 的黃金產量下降也是黃金銷量下降的原因。以單位計算，本季每 GEO 的費用為 488 美元，而去年同期為每 GEO 539 美元。利息和其他費用從去年的 460 萬美元大幅減少至 120 萬美元。

The decrease was primarily due to lower average amounts outstanding under the revolving credit facility. Tax expense for the quarter was $10 million compared to $27 million in the prior year. The lower income tax expense in the current period included two discrete tax benefits: first, a $12 million benefit, net of valuation allowance, for additional recoverable basis in foreign jurisdictions; and second, a $1.7 million benefit related to a withholding tax refund on a foreign royalty.

下降的主要原因是循環信貸額度下未償還的平均金額較低。本季稅費為 1,000 萬美元，而去年同期為 2,700 萬美元。本期較低的所得稅費用包括兩項單獨的稅收優惠：第一，扣除估值準備金後的 1200 萬美元優惠，用於在外國司法管轄區額外可收回的基礎；第二，與外國特許權使用費預扣稅退稅有關的 170 萬美元優惠。

Excluding these discrete tax benefits, our effective tax rate for the quarter was 19.4%. Net income for the quarter increased significantly over the prior year to a record $113.5 million or $1.72 per share. The increase in net income was primarily due to higher revenue, lower income tax expense and lower interest expense.

不包括這些單獨稅收優惠，我們本季的有效稅率為 19.4%。本季淨收入較上年大幅成長，達到創紀錄的 1.135 億美元或每股 1.72 美元。淨收入的增加主要歸因於收入增加、所得稅支出減少和利息支出減少。

After adjusting for the discrete tax benefits I just mentioned, adjusted net income was $99.8 million or $1.51 per share. This is the second highest in the company's history after the record earnings we recognized in the fourth quarter of 2024. Our operating cash flow this quarter was $136 million, down slightly from $138 million in the prior period.

調整我剛才提到的單獨稅收優惠後，調整後的淨收入為 9,980 萬美元，即每股 1.51 美元。這是繼 2024 年第四季創下的創紀錄收益之後，公司歷史上第二高的收益。本季我們的營運現金流為 1.36 億美元，較上一季的 1.38 億美元略有下降。

The slight decrease was primarily due to an increase in cash taxes paid, offset partially by higher net cash proceeds received from our stream and royalty interest. Finally, I will now turn to slide 10 and provide a brief summary of our financial position as of March 31, 2025.

輕微下降主要是由於支付的現金稅增加，但被我們從溪流和特許權使用費權益中獲得的淨現金收益增加部分抵消。最後，我現在將翻到第 10 張投影片，簡要概述截至 2025 年 3 月 31 日的財務狀況。

We remain debt-free at the end of the quarter, and our total liquidity grew to approximately $1.25 billion, which includes the fully undrawn and available $1 billion revolving credit facility and approximately $250 million of working capital. That concludes my comments on our financial performance for the quarter.

截至本季末，我們仍處於無債務狀態，總流動資金成長至約 12.5 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以及約 2.5 億美元的營運資金。這是我對本季財務業績的評論。

And I'll now turn the call back to Bill for closing comments.

現在我將把電話轉回給比爾，請他發表最後評論。

Thanks, Paul. The first quarter provided a good start to 2025. Our portfolio performance was solid, and we are maintaining our 2025 guidance ranges for metal sales, DD&A and tax rate. The outlook for economic conditions remains uncertain and that is reflected with generally elevated volatility in the markets.

謝謝，保羅。第一季為2025年開了個好頭。我們的投資組合表現穩健，我們維持 2025 年金屬銷售、DD&A 和稅率的指導範圍。經濟狀況的前景仍不確定，這反映在市場波動性普遍上升。

However, I think we are well positioned to provide stability. With our leverage to a strong gold price, our diversified portfolio, strong balance sheet and commitment to paying a dividend, we are well placed to continue to deliver solid results.

然而，我認為我們有能力提供穩定。憑藉強勁的金價、多元化的投資組合、強勁的資產負債表以及支付股息的承諾，我們有能力繼續實現穩健的業績。

And on a final note, Kevin McArthur will retire from the Board at our upcoming stockholder meeting. Kevin has served on the Board since 2014, and he is leaving to focus on a new role that will require significant attention. Kevin's strategic and operational insights will be missed, and I would like to thank him for his many contributions to Royal Gold.

最後要說的是，凱文·麥克阿瑟將在我們即將召開的股東大會上退出董事會。凱文自 2014 年起擔任董事會成員，他將離職，專注於需要高度關注的新職位。我們會懷念凱文的戰略和營運見解，並感謝他為皇家黃金做出的許多貢獻。

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。我現在開始回答問題。

(Operator instructions)

（操作員指示）

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Great, thanks, Bill, and team for the conference call. Maybe my first question is on your asset handbook, and thanks once again for publishing an asset handbook. I found it very helpful. Especially this year, I see that you've included the -- your operators or the different operators' multiyear production outlook for your assets.

太好了，謝謝比爾和團隊參加電話會議。也許我的第一個問題是關於您的資產手冊，再次感謝您發布資產手冊。我發現它非常有用。特別是今年，我看到您已經包含了您的運營商或不同運營商對您的資產的多年生產展望。

I guess one of the major requests from investors has always been for a long-term guidance from Royal Gold. I know you won't be giving one out. However, maybe Bill, walk us through how we can use this new information in the 2024 asset handbook to help us build our own sort of near-term and long-term kind of growth profile.

我想投資者的主要要求之一一直是希望皇家黃金能提供長期指引。我知道你不會給答案。但是，比爾，也許可以向我們介紹如何使用 2024 年資產手冊中的這些新資訊來幫助我們建立我們自己的短期和長期成長概況。

Well, sure. Thanks for the question. And obviously, the information in the handbook, I think it only went out to 2028. So we don't give long-term guidance. And what we typically do is we'll take an operator's forecast so we may adjust it.

嗯，當然。謝謝你的提問。顯然，我認為手冊中的資訊只到 2028 年為止。所以我們不提供長期指導。我們通常會根據營運商的預測進行調整。

We may adjust it up, we may adjust it down based on factors that we see, but what we wanted the market to try to understand is how do the operators see their own projects and try to put all that information into a couple of pages.

我們可能會根據看到的因素進行調整，也可能會對其進行下調，但我們希望市場能夠了解運營商如何看待自己的項目，並嘗試將所有這些資訊放在幾頁紙中。

So that you can say, okay, Xavantina expects 55,000 ounces of gold to be produced. This is the stream that Royal Gold has. Here's the cash price. And maybe that just helps you refine the short term to the medium term, look at it.

所以你可以說，好吧，Xavantina 預計將生產 55,000 盎司黃金。這是 Royal Gold 所擁有的串流。這是現金價格。也許這只是幫助你將短期目標細化為中期目標，看看吧。

So it's more about condensing information that's already out there to try to make it easier for you to build it into a model and do your calculations.

因此，它更多的是濃縮已經存在的信息，以便您更輕鬆地將其構建到模型中並進行計算。

Yeah. I think it helps. And then maybe my next question is on the corporate development end. And you've been active. You've made a number of sort of changes or increases in existing assets within your portfolio. Xavantina, we touched on it Back River.

是的。我認為它有幫助。那麼我的下一個問題可能與企業發展有關。而且你一直很活躍。您對投資組合中的現有資產進行了多種更改或增加。Xavantina，我們談到了 Back River。

So is that where you're seeing some of the key opportunities? Or you've done Cactus as well so that's a completely new asset. So could you maybe talk about the opportunity set? Is it mostly coming from current assets or are there new opportunities coming from new assets as well? Maybe talk about that landscape.

那麼，您是否看到了一些關鍵的機會？或者您也做過 Cactus，所以這是一個全新的資產。那你能談談機會集嗎？它主要來自現有資產還是也有來自新資產的新機會？也許可以談談那片風景。

Yeah. Let me touch on existing asset opportunities and then the general market. I'll try to get Dan Breeze on here. But look, the assets in our portfolio, we know them better than anybody else. We have a regular dialogue with the companies and we have existing agreements.

是的。讓我談談現有的資產機會，然後談談一般市場。我會嘗試讓 Dan Breeze 加入這裡。但是，我們比任何人都更了解我們投資組合中的資產。我們與這些公司保持定期對話，並且我們已達成協議。

They know how we work. And sometimes it's just easier to build on a relationship that we've built together than it is for a company to go out and look. Now I would say the in-portfolio opportunities relative to new business, that's going to be pretty small. It's opportunistic. And again, it really comes down to the relationship and the familiarity we have with the project. As for new opportunities, I don't know, Dan, can you jump in here?

他們知道我們是如何工作的。有時，鞏固我們共同建立的關係比公司出去尋找更容易。現在我想說的是，相對於新業務而言，投資組合內的機會將會非常小。這是機會主義的。再次強調，這實際上取決於我們與該專案的關係和熟悉程度。至於新的機會，我不知道，丹，你能加入嗎？

Sure, Bill. Cosmos, we talked a little bit about this. I think it was in the last call just in terms of the landscape, and we made comments that things were very busy or getting very busy at the start of the new year. That's really continued, Cosmos. I think it's one of the busier times we've seen in recent memory.

當然，比爾。Cosmos，我們對此進行了一點討論。我認為就情況而言，這是最後一次通話，我們評論說新年伊始事情非常忙碌或變得非常忙碌。這確實還在繼續，Cosmos。我認為這是我們近年來經歷的最繁忙的時期之一。

And it's really hard to say where -- specifically where one set of opportunities is coming from. It's really broad right now. I think if you look back in the landscape in terms of the announced transactions in our sector over the last, say, 12 to 18 months, that's the kinds of things that are available right now to look at.

而且很難說清楚這些機會具體來自哪裡。現在它真的很廣泛。我認為，如果你回顧過去 12 到 18 個月內我們行業宣布的交易情況，你會發現這些都是現在值得關注的事情。

And to your comment on the third-party royalty market, I think that's going to remain quite strong. You mentioned Cactus. We bought the B2Gold royalties as well last year, third-party royalties. And I think just with these prices we're seeing right now, it's motivating sellers.

至於您對第三方特許權使用費市場的評論，我認為該市場將保持強勁。您提到了仙人掌。我們去年也買了 B2Gold 的版稅，也就是第三方版稅。我認為，就我們現在看到的這些價格而言，它正在激勵賣家。

And so I think that that third-party market continues to roll forward. But there are other things, there are bigger things on the streaming side. We're seeing some new royalty opportunities, I'd say, over earlier-stage type projects as well.

因此我認為第三方市場將繼續向前發展。但還有其他事情，串流媒體方面還有更大的事情。我想說，在早期類型的專案中，我們也看到了一些新的特許權使用費機會。

So we're quite busy but it's very broad in terms of what we're looking at.

因此我們非常忙，但我們關注的內容非常廣泛。

Great. Maybe one last question then on taxes. God, I love taxes. But on taxes, there was a discrete tax item in the quarter, $13.7 million. Just want to confirm that's a sort of onetime benefit or onetime item.

偉大的。那麼最後一個問題是關於稅收的。天哪，我喜歡稅收。但在稅收方面，本季有一項單獨的稅項，金額為 1,370 萬美元。只是想確認這是一次性福利或一次性項目。

And then if you can remind us, as you mentioned, if I were to exclude that benefit, it would be 19.4% effective tax rate. Could you remind us what we -- what the guidance was for the percentage for the full year and toward tax expense? And for that, should we factor in the 19.4% as part of that calculation for the full year? Or should we use the other number that's without -- or with the discrete tax benefit?

然後，如果您能提醒我們，正如您所提到的，如果我排除該福利，則有效稅率將是 19.4%。您能否提醒我們—全年百分比和稅費的指導是什麼？那麼，我們是否應該將 19.4% 作為全年計算的一部分呢？或者我們應該使用沒有或有離散稅收優惠的其他數字？

So I'll ask Paul to hop in.

所以我會請保羅加入。

You don't want to answer that question?

你不想回答這個問題嗎？

Well, I don't like taxes as much as you do.

嗯，我不像你那麼喜歡稅收。

Okay.

好的。

Hey, Cosmos, thanks for the question, and yeah, good to hear from you. Yeah, I think to unwind your question there or to summarize it maybe into just a short answer, we did have those two discrete items. You have heard us say or me say in the past, these discrete items, I mean, they're largely infrequent and they're unusual.

嘿，Cosmos，謝謝你的提問，很高興收到你的來信。是的，我認為為了解答您的問題或將其總結為一個簡短的答案，我們確實有這兩個獨立的項目。您曾聽我們或我說過，這些離散項目，我的意思是，它們基本上不常見，而且不尋常。

So if we took away those two discrete items for the quarter, yes, the effective tax rate was 19.4%. Our guidance for the year is 17% to 22%. So that number wedges right nicely in the mid part of that guidance range that we provided earlier. And again, no changes to that guidance.

因此，如果我們去掉本季的這兩個獨立項目，那麼實際稅率就是 19.4%。我們對今年的預期是 17% 至 22%。因此，這個數字正好位於我們之前提供的指導範圍的中間部分。再次強調，該指導意見沒有任何變化。

Got you. Great. Thanks, Bill and team and those are the questions I have. Thank you.

明白了。偉大的。謝謝比爾和他的團隊，這些就是我的問題。謝謝。

Thanks Cosmos.

謝謝 Cosmos。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Great, good morning, everybody. Thank you so much for taking my questions got voted off an island on a previous call, so really appreciate it. I do have a few questions. Can I just start on the quarterly basis? I know on the previous conference call, we talked about how the year shapes up with each a stronger second half versus first half. Is that still the case from a production, a GEO sales standpoint? I understand the pricing, it depends on pricing. But generally, on the asset basis, is that what we should expect?

太好了，大家早安。非常感謝您回答我的問題，這個問題在之前的電話中被否決了，我真的很感激。我確實有幾個問題。我可以按季度開始嗎？我知道在之前的電話會議上，我們討論了今年的情況，下半年將比上半年更加強勁。從生產和 GEO 銷售的角度來看，情況仍然如此嗎？我了解定價，這取決於定價。但整體而言，從資產基礎來看，這是我們應該期待的嗎？

I think that's still our expectation, but Martin can jump in here if I've gone astray there.

我認為這仍然是我們的期望，但如果我誤入歧途，馬丁可以介入。

No, that is still the expectation, Tanya, stronger second half, yes.

不，那仍然是預期，Tanya，下半場會更強，是的。

Okay. And when I -- stronger second half, do we have a strong Q4, like everybody else does? I'm just trying to understand.

好的。當我——下半年更加強勁時，我們是否會像其他人一樣擁有強勁的第四季？我只是想了解一下。

It's hard for us to break. Yeah. Go ahead, Martin. We can expect a stronger fourth quarter. The problem that we sometimes run into is deliveries like a Milligan or an Andacollo can be really, really lumpy. And if we happen to have it in early, that can move it quarter-to-quarter and that's why I think we talk more haves than we do quarters because we could end up with a (inaudible) shipment at some unexpected time. And then that particular quarter is not what we thought it would be.

我們很難打破這種局面。是的。繼續吧，馬丁。我們可以預期第四季會更加強勁。我們有時會遇到的問題是，像米利根 (Milligan) 或安達科洛 (Andacollo) 這樣的球拍的投遞可能會非常非常不平穩。如果我們碰巧提前收到貨，那麼這可能會使發貨週期從一個季度推遲到另一個季度，這就是為什麼我認為我們談論的發貨量比季度多，因為我們可能會在某個意想不到的時間收到（聽不清楚）貨件。但那個特定季度的情況並不像我們想像的那樣。

Okay. No, I appreciate that. But as you know it today, that's sort of how you would see it pan out with a stronger Q4, assuming the timing is delivered as you expect? Okay. And then the other, just one other on just on the modeling side. Just on the payments for 2025 that you have out there. Can you just remind me, Paul, just sort of payments, I saw $58 million was paid in Q1.

好的。不，我很感激。但是正如您今天所知，假設時間按照您預期的那樣實現，您會看到第四季度表現更加強勁嗎？好的。然後是另一個，只是在建模方面還有另一個。僅討論您所支付的 2025 年款項。保羅，你能提醒我嗎，只是付款，我看到第一季支付了 5800 萬美元。

Can you just remind me, I just want to make sure I have all the payments that you have in the public domain right now that needs to go through your cash flow statement this year.

你能提醒我嗎，我只是想確保我擁有你目前在公共領域的所有付款，這些付款需要通過你今年的現金流量表。

If I'm understanding your question correctly, Tanya, so we have no other commitments out there that would go through -- that are known. Yeah, we did the -- I'm sorry, the Xavantina transaction, $50 million, but there are no other commitments that we have that you should be modeling for.

如果我理解正確的話，Tanya，那麼我們沒有其他已知的承諾。是的，我們做了——對不起，Xavantina 交易，價值 5000 萬美元，但我們沒有其他需要您效仿的承諾。

Okay. So just the one that came through Q1?

好的。那麼只是 Q1 中出現的那個嗎？

Correct.

正確的。

Okay, perfect. Thank you for that. Just wanted to check. And then before getting to the transactions, and I'm getting that, Pueblo Viejo, just on Barrick's call yesterday. It seems like they got the Pueblo Viejo back up again and the throughput is moving higher. Gold recovery is supposed to be picking up not so much Q3. Q2, Q3, but into Q4.

好的，完美。謝謝你。只是想檢查一下。在開始交易之前，我了解到，Pueblo Viejo 就在昨天巴里克的電話會議上。看起來他們已經讓 Pueblo Viejo 恢復正常，而且吞吐量也不斷提高。黃金復甦預計將在第三季有所回升。Q2、Q3，但進入Q4。

They don't talk about the silver circuit. So can someone just bring me up to speed on the silver circuit? What are you expecting there? And then just remind me on the silver deferrals of what's outstanding. And should this circuit be operational, let's say, Q1 of next year, how do we see that silver deferral come through for you? Thank you.

他們不談論銀電路。那麼有人可以告訴我有關銀電路的最新情況嗎？您在那裡期待什麼？然後請提醒我關於未償還的白銀延期款項。如果這條線路在明年第一季投入運營，我們如何看到白銀延期為您帶來好處？謝謝。

Martin, do you want to do a high level on the silver circuit and what they're up to?

馬丁，你想對銀牌賽道進行高水準的介紹嗎？他們正在做什麼？

Yes. So to answer the last question first, Tanya, the current deferral is 1.97 million ounces at the end of the first quarter. And really, the discussion that they gave during their conference call was very similar to the discussion previously. It appears when they talked in Q4, Q1 was going to be thickener optimization type work to get that signal working properly. That has now been confirmed to have been completed.

是的。因此，首先回答最後一個問題，Tanya，第一季末的當前遞延量為 197 萬盎司。事實上，他們在電話會議中的討論與先前的討論非常相似。看來，當他們在第四季度談話時，第一季將進行增稠劑優化類型的工作，以使該訊號正常工作。現已確認該任務已完成。

So that was a big job off the list of things that is required to improve recovery and overall throughput. There are several other things happening over the year. The glam service water type work, the cooling towers in Q3, and that's -- that's one of the things that we really expect to have a significant improvement on the silver recovery going into Q4 and into 2026.

因此，這是提高恢復率和整體吞吐量所需要做的一項艱鉅任務。今年還發生了幾件其他的事情。華麗的服務水類型的工作，第三季度的冷卻塔，這是我們真正期望在第四季度和 2026 年白銀復甦方面取得顯著改善的事情之一。

And then there's carbon generation, carbon regeneration kiln work happening in Q4, that again, is going to help to improve recovery. So no real change in the messaging there. I think going forward over the year, we are going to see that recovery improving on the gold side. And towards the end of the year, we're going to see the silver starting to come up broadly in Q4.

然後是第四季的碳生成和碳再生窯工作，這又將有助於提高回收率。因此那裡的訊息傳遞並沒有真正的改變。我認為展望今年，我們將看到黃金方面的復甦有所改善。接近年底，我們將看到白銀價格在第四季開始全面上漲。

And we're actually going on site on Monday so we're going to get -- on Tuesday next week. So we're going to start to get a clearer view of how that work is taking place.

我們實際上是在周一去現場，所以我們會在下週二到達。因此，我們將開始更清楚地了解這項工作是如何進行的。

And how should I be thinking about all the accumulation of this deferred silver and how it starts coming through on the -- on your revenue side? Should I be thinking all of this deferral to be sort of taking two years to sort of get through the system? How should I be thinking about it?

我應該如何看待這些遞延白銀的積累，以及它們如何開始體現在您的收入方面？我是否應該認為所有這些延期都需要兩年的時間才能通過系統？我該如何思考這個問題？

Yeah, I mean. Go ahead, Martin.

是的，我是說。繼續吧，馬丁。

No, you go ahead, Bill. I was going to say we've given -- we have made -- I don't want to get that answer wrong so I think --

不，你繼續吧，比爾。我想說我們已經給予了——我們已經做出了——我不想回答錯誤，所以我認為--

I'll try not to get it wrong. I would just say to temper expectations when it comes to the timing of the deferred silver. If you look at -- and we talked about this before, the silver recovery has to get above 52.5% and then we start getting the silver. If you look at the technical report that's out there that shows silver production and you say, okay, that's 100%, Barrick's is 60%. Our current deliveries are 75%.

我會盡量不犯錯。我只是想說，對於延期白銀發行的時間安排，要降低預期。如果你看一下——我們之前討論過這個問題，白銀回收率必須達到 52.5% 以上，然後我們才能開始獲得白銀。如果你看一下現有的顯示白銀產量的技術報告，你會說，好吧，這是 100%，巴里克是 60%。我們目前的交付率為75%。

So when you look at the difference, that 25% that's sort of available based on their forecast production, I think you'll get a sense that I don't think it's going to come in very quickly. I think it's going to -- it may come in over a few years.

因此，當您看到差異時，根據他們的預測產量，這 25% 是可用的，我想您會感覺到，我認為這不會很快到來。我認為它將會——它可能會在未來幾年內實現。

Okay. All right. Okay, all right. Just every day, keep thinking about the silver circuit. Maybe moving on to the M&A side. I'm just -- I've kind of seen a bit of a shift in what's available out there in the transaction market just from some of your peers. And I just wanted to understand whether you're seeing a similar thing in terms of opportunities for yourself.

好的。好的。好的，好的。只是每天，不停地想著銀色的電路。或許會轉向併購方面。我只是——從你們的一些同行我看到了交易市場上可用資源的某種轉變。我只是想了解您是否也看到了類似的機會。

One of the opportunities has -- brought to my attention has been that the base metal companies are coming forward where they haven't previously with maybe some balance sheet repair, given the weaker commodity prices there and some larger streams. Are you seeing that as well? Number one.

引起我注意的一個機會是，由於大宗商品價格疲軟以及一些較大的流量，賤金屬公司正在向前邁進，這可能是它們以前沒有做過的事情，可能會修復一些資產負債表。您也看到了嗎？第一。

Dan, you want to go first?

丹，你想先走嗎？

Sure. Tanya, thanks for the question. I think in general, as I was saying to Cosmos earlier that all this opportunity set is pretty broad. But in that opportunity set, we are seeing those kinds of opportunities. And obviously, the gold price, I think it's attracting the interest of the base metal operators and looking for ways to potentially monetize in this environment. So we're seeing some of those pop up as well, Tanya. That's a fair comment.

當然。塔妮婭，謝謝你的提問。我認為總的來說，正如我之前對 Cosmos 所說的那樣，所有這些機會都非常廣泛。但在那套機會中，我們看到了這類機會。顯然，我認為黃金價格正在吸引基本金屬業者的興趣，並在尋找在這種環境下實現潛在盈利的方法。所以我們也看到了其中一些的出現，Tanya。這是一個公正的評論。

Okay. And I was also told that there are some other opportunities as well in the gold space above and beyond just the normal mine build, in the primary metal that there is obviously some more asset sales beyond the Newmont stuff and maybe more M&A opportunities as well.

好的。我還被告知，除了正常的礦場建設之外，黃金領域還存在一些其他機會，在原生金屬領域，除了紐蒙特資產之外，顯然還有更多的資產出售，也許還有更多的併購機會。

And also what I found is that the size has moved up significantly up to the $1 billion range. And I know last quarter, we talked about the $100 million to $300 million range for you. Has your range of what opportunities you're seeing changed from that $100 million to $300 million?

而且我還發現，規模已大幅上升至 10 億美元左右。我知道上個季度我們討論了 1 億到 3 億美元的範圍。您所看到的機會範圍是否從 1 億美元變成 3 億美元？

(multiple speakers)

（多位發言者）

Yeah. Sorry, Dan. We are seeing some larger ones, but again, that's -- when we talk $100 million to $300 million, we're trying to talk about what I would consider normal. And we still see some of those opportunities, but we do, from time to time, get larger opportunities like when we bought the Cortez royalty a couple of years ago.

是的。對不起，丹。我們看到了一些更大的數字，但是，當我們談論 1 億美元到 3 億美元時，我們試圖談論的是我認為正常的數字。我們仍然看到了一些這樣的機會，但我們確實時不時地會得到更大的機會，就像幾年前我們收購 Cortez 特許權時那樣。

Okay. It just seems that there's been a shift that it's moved up into a larger range, and I just didn't understand whether you're seeing those ones as well. Majority of yours are in the $100 million to $300 million range, is that how I should be thinking about it?

好的。看起來它已經發生了變化，進入了更大的範圍，我只是不明白你是否也看到了這些。你們的大部分投資都在 1 億到 3 億美元之間，我該這樣考慮嗎？

Again, on a normal course basis, yeah. But we are seeing larger opportunities right now. I just wouldn't shift your expectations on a go-forward basis to a much larger dollar amount.

再次，在正常課程基礎上，是的。但我們現在看到了更大的機會。我只是不會將你的未來預期轉移到更大的金額。

Okay. And then lastly, with everything shifting around, valuation shifting around, how does corporate transaction fit in for you versus just normal asset transaction?

好的。最後，隨著一切事物的變化，估值也在變化，與普通資產交易相比，企業交易對您來說如何？

Yeah. I think we've been pretty consistent that we have models on all of our competitors. We're always open to a dialogue. It's just -- it's always hard to find that right time, right, where the valuations are right, the kind of work, the social issues work.

是的。我認為我們一直非常一致地擁有針對所有競爭對手的模型。我們始終願意進行對話。只是——總是很難找到正確的時間，正確的估值，正確的工作類型，正確的社會問題。

And so we find ourselves focused on the asset deals just because it's just a little harder to have a meeting of the minds when it comes to the corporate deals, but we're obviously open to it.

因此，我們發現自己專注於資產交易，因為在公司交易方面達成共識有點困難，但我們顯然對此持開放態度。

Okay. Just it seems that the overall market has had a shift in the quarter to just a different type of opportunity. So look forward to seeing that. I think it will be quite active. And thank you also for the asset handbook. We do find it very useful.

好的。看起來整個市場在本季已經發生了轉變，出現了不同類型的機會。所以我期待看到這一點。我認為它會非常活躍。也感謝您提供的資產手冊。我們確實發現它非常有用。

Good. Thanks for the questions.

好的。感謝您的提問。

Derick Martin, TD Cowen.

德里克馬丁（Derick Martin），TD Cowen。

Thank you. If MMG moves forward with a full construction decision at Khoemacau with the expansion. Could you give us a sense of what the correlation between the copper and silver grades are, the two deposits that fall within the area of interest and how that might impact the stream?

謝謝。如果 MMG 繼續推進 Khoemacau 的全面建設決策並進行擴建。您能否向我們介紹銅和銀品位之間的相關性，這兩個礦床位於感興趣的區域內，以及它們將如何影響溪流？

Martin, do you want to take that?

馬丁，你想拿走這個嗎？

Yes, Derick, thanks. So I don't have the numbers right at my fingertips, but I think it's safe to say that the correlation is similar to the correlation in the Zone 5 mine. So yeah, I think that's all I would say at the moment, correlated similar to Zone 5.

是的，德里克，謝謝。因此，我手頭上沒有確切的數字，但我認為可以肯定地說，這種相關性與 5 區礦井的相關性相似。是的，我想這就是我現在想說的全部，與第 5 區有相似的相關性。

No, that's fine, thank you. I appreciate that. That's all for me.

不，沒關係，謝謝。我很感激。對我來說就這些了。

Thank you. We have no more questions registered, so I will now hand back over to Bill for final remarks.

謝謝。我們沒有其他問題了，所以我現在將發言權交還給比爾，請他做最後的發言。

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

感謝您今天抽出時間來參加我們的活動。我們非常感謝您的關注，並期待在下次季度電話會議上向您通報我們的進展。謝謝。

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

今天的電話會議到此結束。謝謝大家的加入。現在您可以斷開線路了。