Royal Gold Inc (RGLD) 2025 Q2 法說會逐字稿

Hello all, and thank you for joining us on today's Royal Gold 2025 second quarter conference call. My name is Drew, and I'll be the operator today. (Operator Instructions)

大家好，感謝您參加今天的 Royal Gold 2025 第二季電話會議。我叫德魯，今天由我來擔任接線生。（操作員指示）

With that, it's my pleasure to hand over to Alistair Baker, Senior Vice President, Investor Relations and Business Development to begin. Please go ahead when you're ready.

現在，我很高興將發言權交給投資者關係和業務發展資深副總裁 Alistair Baker。準備好後請繼續。

Thank you, operator. Good morning, and welcome to our discussion of Royal Gold's second quarter of 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. Other members of the management team 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 年第二季業績的討論。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。管理團隊的其他成員也可以回答問題。

During today's call, we will make forward a few 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.

在今天的電話會議上，我們將發表一些聲明，包括有關我們對未來的預測和期望的聲明。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。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。

We will also refer to certain non-GAAP financial measures, including adjusted net income per share, adjusted EBITDA, and cash G&A is. 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.

我們也將參考某些非 GAAP 財務指標，包括調整後每股淨收入、調整後 EBITDA 和現金 G&A。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 and recent events. 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的情況和近期事件。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 the call over to Bill.

我現在把電話轉給比爾。

Good morning, and thank you for joining the call. I'll begin on slide 5. The second quarter was another excellent quarter for Royal Gold with new records for revenue, earnings, and cash flow. Earnings for the quarter were $132 million or $2.01 per share.

早上好，感謝您參加電話會議。我將從第 5 張投影片開始。第二季度對於皇家黃金來說又是一個出色的季度，營收、收益和現金流均創下新高。本季收益為 1.32 億美元，即每股 2.01 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 $119 million or $1.81 per share. Gold remained the largest contributor to revenue for the quarter at about 78% of total and the strong gold price combined with our low and stable cash G&A increased our adjusted EBITDA margin to 84% for the quarter.

我們認識到幾個單獨的稅項，保羅將對其進行更詳細的描述。經過這些項目調整後，收益達到了 1.19 億美元，即每股 1.81 美元。黃金仍然是本季營收的最大貢獻者，約佔總營收的 78%，強勁的金價加上我們低且穩定的現金 G&A 使我們本季的調整後 EBITDA 利潤率升至 84%。

We were debt free at the end of the quarter, and we paid our quarterly dividend of $0.45 per share. We also achieved the full offset of the Pueblo Viejo advanced stream deposit during the quarter, despite the recent silver recovery shortfalls. We made our investment of Pueblo Viejo in 2015, and we expect to see further revenue into the mid-2040s as Barrick continues to work on an extension to the mine.

我們在本季末已無債務，並支付了每股 0.45 美元的季度股息。儘管近期白銀回收率出現不足，但我們在本季度也實現了 Pueblo Viejo 高級溪流礦床的完全補償。我們在 2015 年對 Pueblo Viejo 進行了投資，隨著巴里克繼續擴建該礦，我們預計到 2040 年代中期我們將獲得更多收入。

On the strategic front, we have taken steps to position Royal Gold as a premier growth company with the Sandstorm Gold and Horizon Copper acquisitions. These transactions will significantly add to our scale, growth, and diversification, and the portfolios are uniquely complementary when you consider how our producing heavy portfolio fits for the development heavy Sandstorm and Horizon portfolios.

在策略方面，我們已採取措施，透過收購 Sandstorm Gold 和 Horizo​​n Copper，將 Royal Gold 定位為一家一流的成長型公司。這些交易將顯著擴大我們的規模、成長和多樣化，當你考慮到我們的生產型投資組合如何適應開發型投資組合的 Sandstorm 和 Horizo​​n 投資組合時，這些投資組合具有獨特的互補性。

We also think there will be additional benefits, including sector-leading asset diversification with no asset accounting for more than about 12% of NAV, simplification of the Sandstorm and Horizon relationship and elimination of a complex intercompany structure. Additional appeal to investors of a larger and more diversified company with the potential for increased investment from passive funds and stronger cash flows from the combined portfolios, which should allow us to continue a record of increasing the dividends, quickly repaying borrowings and continuing to compete for the best opportunities in our sector.

我們也認為還會有其他好處，包括業界領先的資產多元化（沒有資產佔資產淨值的 12% 以上）、簡化 Sandstorm 和 Horizo​​n 關係以及消除複雜的公司間結構。一家規模更大、更加多元化的公司對投資者俱有額外的吸引力，因為它有可能增加被動基金的投資，並從合併後的投資組合中獲得更強勁的現金流，這應該使我們能夠繼續增加股息、快速償還借款並繼續爭奪我們所在行業的最佳機會。

It is important to note that these transactions do not shift our strategic focus. We remain focused on growth in precious metals, maintaining a strong balance sheet and liquidity, and increasing our dividends. While we've been working on these transactions, we have also continued to add assets to the portfolio that meet our criteria for upside and precious metals, and we have completed three recent transactions.

值得注意的是，這些交易不會改變我們的策略重點。我們繼續關注貴金屬的成長、維持強勁的資產負債表和流動性以及增加股息。在我們進行這些交易的同時，我們也繼續在投資組合中添加符合上行和貴金屬標準的資產，而我們最近完成了三筆交易。

Earlier this week, we acquired a gold stream on the world-class Kansanshi mine operated by First Quantum in Zambia. The economic effective date is August 5, and we expect gold deliveries of approximately 12,500 ounces this year. This is the mine with a 20-year production history and the potential to operate for a further 20 plus years, and it will be a cornerstone asset in our portfolio.

本週早些時候，我們在尚比亞第一量子公司營運的世界級坎桑西礦場獲得了一條金流。經濟生效日期為 8 月 5 日，我們預計今年的黃金交付量約為 12,500 盎司。該礦擁有20年的生產歷史，並有潛力再開採20多年，它將成為我們投資組合中的基石資產。

This asset acquisition further enhances our portfolio diversification, and as I mentioned, no single asset will contribute more than 12% of net asset value on a pro forma basis with the Sandstorm and Horizon transactions. In May, we acquired stream and royalty interest on the Warintza project in Ecuador. This is a large-scale copper gold molly project that has world-class potential when it starts production in the early 2030s.

這項資產收購進一步增強了我們的投資組合多樣化，正如我所提到的，在 Sandstorm 和 Horizo​​​​n 交易中，沒有任何一項資產的貢獻會超過淨資產價值的 12%。五月，我們收購了厄瓜多爾 Warintza 專案的溪流和特許權使用費權益。這是一個大型銅金礦項目，若在2030年代初投產，將具有世界級的潛力。

And finally, we acquired a royalty on the Lawyers-Ranch development project in British Columbia. This transaction adds to our royalty exposure in an emerging gold camp and is an example of how we can identify early stage but high potential opportunities.

最後，我們獲得了不列顛哥倫比亞省 Lawyers-Ranch 開發案的特許權使用費。這項交易增加了我們在新興金礦領域的特許權使用費曝險，也是我們如何識別早期但潛力巨大的機會的一個例子。

Finally, I would like to welcome Mark Isto to our Board of Directors. Mark's institutional knowledge with royal gold and broad technical background and experience are a welcome addition to the Board, and I look forward to benefiting from his guidance for many years to come.

最後，我歡迎馬克·伊斯託加入我們的董事會。馬克在皇家黃金方面的機構知識以及廣泛的技術背景和經驗對董事會來說是一大補充，我期待在未來的許多年裡受益於他的指導。

I'll now turn the call over to Martin.

我現在將電話轉給馬丁。

Thanks, Bill. Turning to slide 6, I'll get some comments on second quarter revenue. Overall revenue was a record $210 million with volume of 63,900 GEOs. Royalty revenue was up by about 50% from the prior year quarter to $77 million. We saw another strong quarter from Peñasquito and Manh Choh, with additional strong contributions from Bellevue and Wharf.

謝謝，比爾。翻到第 6 張投影片，我將對第二季的營收發表一些評論。總收入達到創紀錄的 2.1 億美元，GEO 交易量達到 63,900 份。特許權使用費收入較去年同期成長約 50%，達到 7,700 萬美元。我們看到 Peñasquito 和 Manh Choh 在本季度表現再創佳績，此外 Bellevue 和 Wharf 也做出了巨大貢獻。

Revenue from our stream segment was $133 million, up by about 8% from last year, with increased sales from Mount Milligan, Pueblo Viejo, and Khoemacau partially offset by lower sales from Xavantina, Wassa, and Rainy River. I’ll turn to slide 7 and get some comments on notable developments within the portfolio.

我們的溪流部門收入為 1.33 億美元，比去年增長約 8%，其中 Mount Milligan、Pueblo Viejo 和 Khoemacau 的銷售額增加，但 Xavantina、Wassa 和 Rainy River 的銷售額下降部分抵消了這一增長。我將翻到第 7 張投影片並聽取一些有關投資組合內顯著發展的評論。

At Mount Milligan, Centerra reported yesterday that they had encountered lower than expected gold grades from areas they were mining in the second quarter. They've started an infill and grade control program to address this issue and reduce their 2025 gold production guidance to 145,000 to 165,000 ounces. There is no change to the previous copper production guidance of GBP50 million to GBP60 million.

在 Mount Milligan，Centerra 昨天報告稱，他們在第二季開採的地區發現金礦品位低於預期。他們已經啟動了一項填充和品位控制計劃來解決這個問題，並將其 2025 年黃金產量預期降低至 145,000 至 165,000 盎司。先前 5,000 萬至 6,000 萬英鎊的銅產量預期沒有變化。

Centerra expects production of both metals to be weighted towards the second half of the year. Centerra also reported that the pre-feasibility study for the mine life extension project remains on track for completion in the third quarter. We expect this will be a positive catalyst for Royal Gold and look forward to seeing the results.

Centerra 預計這兩種金屬的產量將集中在今年下半年。Centerra 還報告稱，礦山壽命延長計畫的預可行性研究仍有望在第三季完成。我們預計這將成為皇家黃金的積極催化劑，並期待看到結果。

At Andacollo, tech reported that the SAG mill successfully restarted in late June, and production has now resumed to full rates after a mechanical issue caused a maintenance shutdown of the SAG mill in early June. Tech also reported that 2025 copper production guidance is unchanged from the previous range of 45,000 to 55,000 tonnes. Tech does not provide gold production guidance, but we expect the gold deliveries in the fourth quarter of this year will be lower due to the month-long shutdown.

在安達科洛，技術人員報告稱，半自磨機於 6 月底成功重啟，在 6 月初因機械故障導致半自磨機維護停機後，生產現已恢復滿載運轉。Tech 還報告稱，2025 年銅產量預期保持不變，仍為先前的 45,000 至 55,000 噸。科技公司沒有提供黃金產量指導，但我們預計，由於長達一個月的停工，今年第四季的黃金交付量將會下降。

Given the normal cost delay between production and sales, we do not expect this shutdown to impact our 2025 sales. Tech also reported that both unions at Andacollo had ratified year labor contracts in June and July.

考慮到生產和銷售之間的正常成本延遲，我們預計此次停產不會影響我們 2025 年的銷售。Tech 還報告稱，安達科洛的兩個工會已於 6 月和 7 月批准了年度勞動合約。

At Pueblo Viejo, we achieved the full offset of the stream advance payment. We acquired our interest in mid-2015, and we are looking forward to further contributions through the mid-2040s as Barrick advances the mine life extension project. We also had some updates for the handful of our smaller assets. At Back River, B2 Gold announced the first gold pour on June 30, and they expect to ramp up to commercial production in the third quarter.

在 Pueblo Viejo，我們實現了溪流預付款的完全抵消。我們在 2015 年中期獲得了我們的權益，並且隨著巴里克推進礦山壽命延長項目，我們期待在 2040 年代中期做出進一步的貢獻。我們也對少數較小的資產進行了一些更新。在 Back River，B2 Gold 於 6 月 30 日宣布首次產出黃金，並預計在第三季商業化生產。

At Cote, IAMGOLD reported in June that the processing plant operated at nameplate capacity on average for over 30 consecutive days. At Mara Rosa, Hochschild reported that mining activity is continuing, but operation of the processing plant was temporarily suspended in June after heavier than usual rainfall, as well as contracted performance issues.

IAMGOLD 在 6 月報告稱，Cote 加工廠已連續 30 多天以額定產能平均運作。霍赫希爾德報告稱，馬拉羅莎的採礦活動仍在繼續，但由於降雨量超過正常水平以及合約履行問題，加工廠的運營於 6 月暫停。

At Rainy River, New Gold reported record monthly production in June. Production is expected to continue to increase in the third quarter, and the 2025 guidance range of 265,000 to 295,000 ounces is unchanged. At Xavantina, Ero revised gold production guidance down to 50,000 to 60,000 ounces for 2025 due to temporary impacts from the transition to mechanized mining. Ero expects this transition to drive higher production with a step change in mining rates in the second half of 2025.

在 Rainy River，New Gold 報告稱 6 月月產量創歷史新高。預計第三季產量將繼續增加，2025 年的指導範圍 265,000 至 295,000 盎司保持不變。在 Xavantina，由於向機械化採礦過渡帶來的暫時影響，Ero 將 2025 年的黃金產量預期下調至 50,000 至 60,000 盎司。Ero 預計，這一轉變將推動產量的提高，並在 2025 年下半年大幅提高採礦率。

Additionally, stream deliveries from Xavantina reached the 49,000 ounce threshold in July, and our cash payment per ounce increased from 25% to 40% of the spot price. And finally, at Cactus, Arizona Sonoran announced it will buy back 0.5% of our 2.5% NSR royalty to $7 million. The buyback was expected and was factored into our initial valuation when the royalty was acquired in late 2024.

此外，Xavantina 的蒸汽交付量在 7 月達到了 49,000 盎司的門檻，我們每盎司的現金支付額從現貨價格的 25% 增加到 40%。最後，亞利桑那州索諾蘭州卡克特斯宣布將回購我們 2.5% NSR 特許權使用費中的 0.5%，金額達到 700 萬美元。此次回購是預料之中的，並且在 2024 年底收購特許權使用費時已計入我們的初始估值。

I'll now turn the call over to Paul.

我現在將電話轉給保羅。

Thanks, Martin. I will 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 June 30, 2025, to the prior year quarter. Revenue for the quarter was up strongly by 20% to $210 million, which was another record for the company.

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 6 月 30 日的季度與去年同期進行比較。本季營收強勁成長 20%，達到 2.1 億美元，創下公司的另一個紀錄。

Metal prices were a primary driver for the revenue increase, with gold up 40%, silver up 17%, and copper down slightly by 2% over the prior year. Gold remains our dominant revenue driver, making up 78% of our total revenue for the quarter, followed by silver at 11% and copper at 7%. Royal Gold has the highest gold revenue percentage when compared to our major peers in the royalty and streaming sector.

金屬價格是營收成長的主要推動力，其中黃金價格上漲 40%，白銀價格上漲 17%，銅價格比前一年略有下降 2%。黃金仍然是我們的主要收入來源，佔本季總收入的 78%，其次是白銀（11%）和銅（7%）。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 $10.3 million and was in line with the prior year. Excluding non-cash stock compensation expense, our cash G&A was less than 4% for the quarter. Our DD&A expense decreased to $31 million from $36 million in the prior 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 1,030 萬美元，與上年持平。不包括非現金股票薪酬費用，本季我們的現金 G&A 費用不到 4%。我們的 DD&A 費用從上年的 3,600 萬美元減少至 3,100 萬美元。

The lower overall depletion expense was primarily due to lower depletion rates in our stream segment, as well as lower gold sales from Xavantina during the quarter. These decreases were partially offset by higher production at Voisey's Bay and Manh Choh compared to the prior year. On a unit basis, this expense was $487 per GEO for the quarter compared to $480 per GEO in the prior year.

整體耗竭費用較低主要是因為本季我們的流部門耗竭率較低，以及 Xavantina 的黃金銷售量較低。與前一年相比，Voisey's Bay 和 Manh Choh 的產量增加部分抵消了這些下降。以單位計算，本季每 GEO 的費用為 487 美元，而去年同期為每 GEO 480 美元。

Tax expense for the quarter was $10.5 million compared to $19 million in the prior year. The lower income tax expense in the current period included two discrete tax benefits. First, a $9 million benefit related to a withholding tax refund on a foreign royalty; and second, a $4 million benefit for the release of a valuation allowance. Excluding all discrete tax benefits, our effective tax rate for the quarter was 17.9%.

本季稅費為 1,050 萬美元，而去年同期為 1,900 萬美元。本期較低的所得稅費用包括兩項單獨的稅務優惠。第一，與外國特許權使用費預扣稅退稅有關的 900 萬美元收益；第二，與釋放估價準備有關的 400 萬美元收益。不包括所有單獨稅收優惠，本季我們的有效稅率為 17.9%。

Net income for the quarter increased significantly over the prior year to a record $132.3 million or $2.01 per share. The increase in net income was primarily due to higher revenue and lower tax expense. After adjusting for the discrete tax benefits I just mentioned, adjusted net income was a record $118.8 million or $1.81 per share.

本季淨收入較上年大幅成長，達到創紀錄的 1.323 億美元或每股 2.01 美元。淨收入的增加主要歸因於收入增加和稅費降低。在調整了我剛才提到的單獨稅收優惠後，調整後的淨收入達到了創紀錄的 1.188 億美元或每股 1.81 美元。

Our operating cash flow this quarter was also a record at $153 million, up significantly from $114 million in the prior period. The increase is primarily due to higher net cash proceeds received from our stream and royalty interest, lower income tax expense, and lower interest expense on our debt when compared to the prior year period. Finally, we are maintaining our 2025 guidance ranges for metal sales, DD&A, and tax rates.

本季我們的經營現金流也創下了 1.53 億美元的新高，較上一季的 1.14 億美元大幅成長。成長的主要原因是與去年同期相比，我們從溪流和特許權使用費中獲得的淨現金收益增加、所得稅費用減少以及債務利息費用減少。最後，我們維持 2025 年金屬銷售額、DD&A 和稅率的指導範圍。

I will end on slide 10 and provide a brief summary of our financial position as of June 30, 2025. We remain debt free at the end of the quarter and our total liquidity grew to just over $1.25 billion which includes the fully undrawn and available $1 billion revolving credit facility and nearly $270 million of working capital.

我將在第 10 張投影片上結束演講，並簡要概述截至 2025 年 6 月 30 日的財務狀況。截至本季末，我們仍無債務，總流動資金成長至略高於 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近 2.7 億美元的營運資金。

Our recent business development successes have prompted us to make use of our available liquidity to finance recent acquisitions. As we detailed on Tuesday with the Kansanshi transaction, we amended our revolver in late June and extended the maturity by two years to 2030 and increased the record feature from $250 million to $400 million.

我們最近的業務發展成功促使我們利用可用的流動資金來為最近的收購提供資金。正如我們週二在 Kansanshi 交易中詳細說明的那樣，我們在 6 月底修改了循環信貸，將期限延長兩年至 2030 年，並將記錄特徵從 2.5 億美元增加到 4 億美元。

We recently exercised the accordion feature and now have a total committer revolver capacity of $1.4 billion. We view our credit facility as a key strategic financing tool, and I would like to again thank each banking partner within our syndication for the continued and growing support.

我們最近行使了「手風琴」功能，現在總承諾循環信貸額度已達到 14 億美元。我們將信貸工具視為關鍵的策略融資工具，我再次感謝我們銀團內的每一位銀行合作夥伴持續不斷的支持。

Also, as we detailed on Tuesday's consent transaction call, we drew $825 million on the revolver and used $175 million of our available cash to fund the acquisition. The current all-in borrowing rate on the recent drop is approximately 5.5%. Upon this draw and the exercise of the recording feature, we now have $575 million available under our credit facility.

此外，正如我們在周二的同意交易電話會議上所詳述的那樣，我們從循環信貸中提取了 8.25 億美元，並使用了 1.75 億美元的可用現金來資助此次收購。近期的全額借款利率約為5.5%。經過這次提款和記錄功能的行使，我們現在有 5.75 億美元的可用信貸額度。

As part of the Warintza acquisition in May, $100 million of funding remains outstanding. We expect to fund the remaining commitment in two $50 million tranches, with the first tranche expected in the third quarter of 2025 and the second in May of 2026. And with respect to the Sandstorm and Horizon transactions, we expect a further draw on the credit facility upon closing, which should occur in the fourth quarter.

作為 5 月 Warintza 收購的一部分，仍有 1 億美元的資金尚未償還。我們預計將分兩期 5,000 萬美元提供剩餘資金，第一期預計在 2025 年第三季提供，第二期預計在 2026 年 5 月提供。對於 Sandstorm 和 Horizo​​n 交易，我們預計在交易完成後將進一步動用信貸額度，這應該發生在第四季度。

Finally, we anticipate receiving the first delivery of deferred goal consideration from the Mount Milligan cost support agreement in the latter part of the third quarter or early in the fourth quarter. As a reminder, as partial consideration for this agreement, Centerra will deliver 50,000 gold ounces in the future. The first deliveries will be in tranches of 11,111 ounces each and relate to production thresholds reached at Equinox Gold's Greenstone mine.

最後，我們預計將在第三季後半段或第四季初收到 Mount Milligan 成本支援協議的首批延期目標對價。提醒一下，作為本協議的部分對價，Centerra 將在未來交付 50,000 盎司黃金。首批交付的黃金數量為每批 11,111 盎司，與 Equinox Gold 的 Greenstone 礦場達到的生產門檻相關。

The first of those thresholds should occur during the third quarter, and we expect to receive this delivery within 60 days of the threshold being reached. To remind you of the accounting, when we receive the deferred gold balances, the Mount Milligan deferred support liability on our balance sheet will increase by the fair market value of the gold on the date the deferred gold is received.

第一個門檻應該會在第三季出現，我們預計將在達到門檻後的 60 天內收到這批貨物。提醒您注意會計事項，當我們收到遞延黃金餘額時，我們資產負債表上的 Mount Milligan 遞延支持負債將增加收到遞延黃金當天黃金的公平市場價值。

We expect to sell the deferred gold ounces within a few days or a week after they are received. If the price we sell the gold that is higher or lower than the fair market value when we receive the gold, the mark-to-market difference will go through our earnings.

我們預計在收到延期的黃金盎司後幾天或一周內將其出售。如果我們出售黃金的價格高於或低於我們收到黃金時的公平市場價值，那麼以市價計算的差額將計入我們的收益。

Understanding there are some accounting related complexities for the deferred gold ounces we will receive and sell, I will provide another explanation of the accounting treatment at our next quarterly call. You should also remember that these deferred gold ounces are not included in our 2025 sales guidance, and the sales will not be reflected in our calculation of GEO.

我了解到，對於我們將收到和出售的遞延黃金盎司，存在一些與會計相關的複雜性，我將在下次季度電話會議上對會計處理提供另一種解釋。您還應該記住，這些延期黃金盎司不包括在我們的 2025 年銷售指南中，銷售額不會反映在我們對 GEO 的計算中。

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

這就是我對本季度財務業績的評論，現在我將把電話轉回給比爾進行總結發言。

Thanks, Paul. I want to finish with a brief update on the Sandstorm and Horizon transactions. Since the announcement on July 7, we have had constructive engagement with many investors and shareholders, and we believe there is widespread support for the transactions. Investors appreciate the logic of combining complimentary portfolios to create a larger portfolio with growth, diversification, and scale. And we believe that Royal Gold will have the size to attract more generalist investors who like the reduced single asset risk.

謝謝，保羅。最後，我想簡單介紹一下 Sandstorm 和 Horizo​​n 交易的最新情況。自 7 月 7 日宣布以來，我們與許多投資者和股東進行了建設性的接觸，我們相信這些交易得到了廣泛的支持。投資者欣賞將互補投資組合結合起來以創建具有成長性、多樣化和規模性的更大投資組合的邏輯。我們相信，Royal Gold 的規模足以吸引更多喜歡降低單一資產風險的綜合型投資者。

We're feeling confident in our ability to close on the timeline we put forward. We have received approval under the Canadian Competition Act and reviews under the Investment Canada Act and South Africa Competition Act are underway. We expect to file the preliminary proxy with the SEC shortly, and we remain confident that the required approvals will be obtained in order to close in the fourth quarter.

我們有信心按照我們提出的時間表完成任務。我們已獲得《加拿大競爭法》的批准，並正在根據《加拿大投資法》和《南非競爭法》進行審查。我們預計很快就會向美國證券交易委員會提交初步代理，並且我們仍然相信我們將獲得所需的批准以便在第四季度完成交易。

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）

Fahad Tariq, Jefferies.

法哈德·塔里克，傑富瑞。

Hi. Thanks for taking my question. Could you maybe talk through the deleveraging goal pro forma after these transactions are complete? I think the revolver will be somewhere around $1.2 billion. Maybe just talk through how you're thinking about deleveraging going forward. Thanks.

你好。感謝您回答我的問題。您能否談談這些交易完成後的去槓桿目標形式？我認為該筆貸款的金額大約在 12 億美元左右。也許只是談談您對未來去槓桿的看法。謝謝。

Yeah, thanks for the question. I think if you followed our history, you've seen us take advances under the revolving credit and then pay that off over time. That would still be the plan. I think Paul mentioned that if we didn't do anything on the business development front that would -- that we would expect it to take a couple of years.

是的，謝謝你的提問。我想，如果你了解我們的歷史，你會發現我們透過循環信貸獲得預付款，然後隨著時間的推移償還。這仍然是計劃。我認為保羅提到過，如果我們在業務發展方面不做任何事情，那麼——我們預計這將需要幾年時間。

But we have to balance that with other investment opportunities that that might come up. So the plan as it always is to take excess cash flow, each quarter and pay down the revolver. And at some point, we might get it back to zero.

但我們必須平衡這一因素與可能出現的其他投資機會。因此，計劃一如既往，每個季度利用多餘的現金流來償還循環信貸。而到了某個時候，我們可能會將其恢復到零。

Okay. Thank you.

好的。謝謝。

Lawson Winder, Bank of America.

美國銀行的勞森·溫德（Lawson Winder）。

Thank you very much, operator and hello, gentlemen. Thank you for today's update. Can I ask about Mount Milligan and their reduction in their 2025 gold production guidance? So Royal Gold has reiterated their volume production guidance range or volume sales guidance range for 2025. Despite that -- and so -- that's also in light of Andacollo underperforming and then Xavantina also underperforming year-to-date.

非常感謝，接線員，你好，先生們。感謝您今天的更新。我可以問一下關於米利根山及其 2025 年黃金產量預期下調的情況嗎？因此，Royal Gold 重申了 2025 年的產量指引範圍或產量銷售指引範圍。儘管如此——而且——這也是考慮到安達科洛 (Andacollo) 表現不佳，而 Xavantina 今年迄今表現不佳。

Could you maybe walk us through what some of the assets are in the portfolio that are offsetting, what you're seeing in weakness in those sort of key assets allowing you to remain comfortable with the 2025 guidance range?

您能否向我們介紹一下投資組合中哪些資產可以起到抵消作用，您認為這些關鍵資產存在哪些弱點，從而使您對 2025 年的指導範圍感到滿意？

Yeah, Lawson, thanks for the question. I think what I might do is turn it over to Martin and let him walk you through how we come up with our guidance ranges and maybe that will help answer the question. So over to you Martin.

是的，勞森，謝謝你的提問。我認為我可以做的是把它交給馬丁，讓他向你介紹我們如何得出指導範圍，也許這將有助於回答這個問題。那麼交給你了，馬丁。

Yeah. Thanks, Lawson. So we don't disclose our guidance based on individual operations. So I'm not really able to give much specific comment in terms of your question about which ones are going to be offsetting this. What I will say is that at the start of each year, we do carry out a rigorous risk adjusted budgeting and guidance preparation process.

是的。謝謝，勞森。因此，我們不會根據個別營運情況揭露指導。因此，對於您提出的哪些措施可以抵消這一影響的問題，我真的無法給出具體的評論。我想說的是，每年年初，我們都會進行嚴格的風險調整預算和指導準備流程。

We don't take the guidance ranges supplied by the operators and just use those and come up with our guidance. We receive monthly budget data from the stream partners. We forecast each asset based on historical performance and based on our specific knowledge of that operation.

我們不會採用營運商提供的指導範圍，而只是使用這些範圍並提出我們的指導。我們從流合作夥伴收到每月的預算資料。我們根據歷史表現以及對每項資產的具體了解來預測該資產。

We build in timing adjustments between production deliveries and sales. And in the case of concentrate producing operations like Mount Milligan and Andacollo, those can be up to five to six months when you include port transport, ocean shipping, and smelting et cetera. And that's a pretty inexact process, especially in the ocean shipping side, because -- and you'll often see in our press releases that we reference early or late deliveries compared to our expectation during the quarter. So some variability in there.

我們在生產交付和銷售之間建立了時間調整。對於像 Mount Milligan 和 Andacollo 這樣的精礦生產業務，如果包括港口運輸、海運和冶煉等，則可能需要長達五到六個月的時間。這是一個相當不精確的過程，特別是在海運方面，因為——你經常會在我們的新聞稿中看到，與本季度的預期相比，我們提到了提前或延遲的交貨。因此其中存在一些可變性。

For the royalty assets, we generally have lower information rights. And on those, we tend to rely on historic performance and public disclosures for our risk adjustment process. So as I said at the beginning, we don't just take the numbers provided by the operations. We put a lot of risk adjustment into those. Those come out with the numbers and given that we are comfortable with maintaining our 2025 guidance range at this stage in the year, even though those have been offset somewhat by Milligan underperformance and Xavantina guidance reduction.

對於特許權使用費資產，我們一般擁有較低的資訊權。在此基礎上，我們傾向於依靠歷史績效和公開揭露來進行風險調整。正如我在一開始所說的，我們不僅僅接受營運提供的數字。我們對此進行了大量風險調整。這些都是數字，並且考慮到我們願意在今年的這個階段維持 2025 年的指導範圍，儘管這些數字在一定程度上被 Milligan 表現不佳和 Xavantina 指導減少所抵消。

Okay. No, that's great. That's a very clear explanation. Can I ask about Kansanshi as well. I'm sure you're very pleased to have gotten that asset. I mean, it's a fabulous asset. So congratulations on achieving this deal. What I wanted to ask about though with respect to this deal is exposure to Africa. And Zambia, relative to other African jurisdictions has proven to be one of the better quality jurisdictions in Africa.

好的。不，那太好了。這是一個非常清楚的解釋。我也可以問一下 Kansanshi 的狀況嗎？我確信您對於獲得該資產感到非常高興。我的意思是，這是一筆寶貴的財富。恭喜您達成這筆交易。我想問的是有關這筆交易對非洲的影響。事實證明，與其他非洲司法管轄區相比，尚比亞是非洲品質較好的司法管轄區之一。

But without question, there's a lot of political volatility in the country, and you do have Khoemacau and Botswana, and there's been a recent political change there with the new President. Where you are today, like assuming Kansanshi is in the portfolio, are you at a point now where you're matched out on African exposure? Or are you still comfortable adding additional exposure in Africa?

但毫無疑問，該國的政治局勢非常動盪，科馬考和波札那的情況也一樣，隨著新總統的上任，那裡的政治局勢最近也發生了變化。您現在的處境是，假設堪薩斯城在投資組合中，那麼您現在是否已經達到了與非洲投資相符的程度？還是您仍然願意在非洲增加更多的曝光度？

Yeah, Lawson, it's not so much a continent approach that we would take. We're very comfortable in the three countries where we have interests. So it's more of a country by country, and I certainly wouldn't want to sit here today and rule out further investments in a country where we have found that our investments have done well.

是的，勞森，我們採取的並不是大陸方法。我們對擁有利益的三個國家感到非常滿意。因此，這更多的是針對一個國家而言的，我今天坐在這裡當然不想排除在我們發現我們的投資表現良好的國家進行進一步投資的可能性。

I think Botswana, in particular, stands out a little bit. I wouldn't want to take Africa off the table, because we have other investments. If we're comfortable with a country, we would consider additional investments and I have to tell you there's political uncertainty all over the world and even in countries that, we tend to think of as stable. So -- and that's one of the reasons we really like the Sandstorm and Horizon transactions. The diversification in the portfolio, I think is really helpful for us.

我認為博茨瓦納尤其突出。我不想放棄非洲，因為我們還有其他投資。如果我們對一個國家感到滿意，我們就會考慮增加投資，我必須告訴你，世界各地都存在著政治不確定性，即使在我們認為穩定的國家也是如此。所以——這就是我們真正喜歡 Sandstorm 和 Horizo​​n 交易的原因之一。我認為投資組合的多元化對我們確實很有幫助。

Okay, yeah, well said on global political risk. And if I could just ask one more question on capital allocation. The shares without question have underperformed since you announced the Sandstorm transaction. I think there are some folks wondering whether or not there's any consideration for Royal Gold to implement the buyback as a result and fully acknowledge that you've been reluctant to do that historically, but in light of the current situation, is there any consideration to that?

好的，是的，關於全球政治風險的說法很好。我是否可以再問一個有關資本配置的問題？自從你們宣布 Sandstorm 交易以來，毫無疑問，股價表現不佳。我認為有些人想知道皇家黃金是否會考慮實施回購，並且完全承認你們過去一直不願意這樣做，但鑑於目前的情況，是否有任何考慮？

At this point, I don't think so. I think what we're going to do with excess cash flow at this point is pay down the debt that we are going to take on with these transactions. To the extent we can find business development opportunities, we'll look at those as well. But debt repayment, I think is going to be a key focus before we ever get to consideration of a buyback.

目前，我不這麼認為。我認為我們現在要利用多餘的現金流來償還這些交易所所承擔的債務。只要我們能找到業務發展機會，我們也會考慮這些機會。但我認為，在我們考慮回購之前，債務償還將是一個重點。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作員指示）

Josh Wolfson, RBC.

喬許·沃爾夫森（Josh Wolfson），加拿大皇家銀行。

Yeah, thanks very much. Just a couple of quick ones. On the Sandstorm transaction, is there any more information you can provide on the timing of the circular filing and when the shareholder votes are scheduled?

是的，非常感謝。僅舉幾例。關於 Sandstorm 交易，您能否提供更多有關通函提交時間和股東投票安排的資訊？

Josh, I really can't. I'm sort of focused on our side of things, and I don't honestly have the timetable straight in my head, but we're going to shortly file the preliminary proxy with the SEC. And I think once we know whether we're going to get comments, whether we have to respond to comments, the timing of it then will play out once we have that. So there's nothing we see that that makes us think the fourth quarter isn't a good target, but I don't think I can provide much more in the way of a detailed timetable at this point.

喬希，我真的不能。我主要關注我們這邊的事情，說實話我腦子裡還沒有明確的時間表，但我們很快就會向美國證券交易委員會提交初步代理文件。我認為，一旦我們知道是否會收到評論，是否需要回應評論，那麼時機就會確定。因此，我們沒有看到任何跡象表明第四季度不是一個好的目標，但我認為目前我無法提供更多詳細的時間表。

Okay, thanks. And then, with this transaction, are there going to be any additional disclosures, or documentation, I guess specifically for 43-101. I know historically sometimes these transactions would require some disclosures on key assets, either for the target companies or yourselves?

好的，謝謝。然後，對於這筆交易，是否會有任何額外的披露或文件，我猜特別是針對 43-101。我知道從歷史上看，有時這些交易會要求對關鍵資產進行一些披露，無論是對目標公司還是對你們自己？

Josh, actually, let me -- Martin, do you have a view on what we might see in terms of 43-101 or similar technical reports?

喬希，實際上，讓我——馬丁，你對我們可能會看到的 43-101 或類似的技術報告有什麼看法？

Josh, are you asking whether we would be putting out 43-101s or are you talking about operator 43-101s that we expect?

喬希，你是在問我們是否會推出 43-101 還是你在談論我們預期的 43-101 操作員？

It would be your filing of the 43-101s for your underlying stream related operations or Sandstorm or Horizon filing any of these documents, if you're aware of that.

如果你知道的話，這將是您為底層流相關操作提交的 43-101 文件，或 Sandstorm 或 Horizo​​n 提交的任何這些文件。

Yeah, we're not planning on filing any documents for the -- for any 43-101 documents for these properties at the moment, no.

是的，我們目前不打算為這些房產提交任何 43-101 文件，沒有。

Okay. And then last question just on -- related to some of the accounting that was commented on with the Mount Milligan ounces in the third or fourth quarter. Could you remind us what the -- I guess what the book value was of those answers?

好的。最後一個問題與第三季或第四季對 Mount Milligan 盎司的一些會計評論有關。您能否提醒我們－我猜這些答案的帳面價值是多少？

Hi Josh, this is Paul. Thanks for question. If you're calling the transaction back in 2024, we did receive some cash and also that free cash flow interest, and then also these deferred gold ounces. The only thing that was booked at the time of the transaction was -- is part of this deferred support liability that we have on the balance sheet was that cash, the $25 million.

嗨，喬希，我是保羅。感謝您的提問。如果您回顧 2024 年的交易，我們確實收到了一些現金以及自由現金流利息，然後還有這些遞延黃金盎司。交易時唯一入帳的是－我們資產負債表上的遞延支持負債的一部分是現金，即 2,500 萬美元。

So we have no basis in those ounces yet. So once we receive those ounces, again, that deferred liability will go up by the fair market value of those ounces received and then we'll subsequently sell those ounces in the market within a few days afterwards of receipt. And then that deferred liability will go up by that -- the fair market value of those ounces received.

所以我們還沒有這些盎司的依據。因此，一旦我們收到這些盎司，遞延負債將再次增加，增加金額相當於收到的盎司的公平市場價值，然後我們將在收到這些盎司後的幾天內在市場上出售這些盎司。然後遞延負債將增加——收到的這些盎司的公平市場價值。

Okay. So just to clarify, your comments on the accounting impact is the difference of when you book that income in the third quarter versus the sale price in the fourth quarter not related to what [stays] in the book today.

好的。因此，需要澄清的是，您對會計影響的評論是，您在第三季記帳的收入與第四季度的銷售價格之間的差異，與今天帳簿上的內容無關。

Correct. Yeah, more of a mark-to-market. I just want to make you aware of it. But more importantly, just as I said, also in those prepared remarks is that, again, those ounces will not be part of our -- they're not part of our 2025 sales guidance and they're not going to be reflected in our in our GEO calculations.

正確的。是的，更多的是以市價計價。我只是想讓你意識到這一點。但更重要的是，正如我所說的那樣，在那些準備好的評論中，這些盎司將不屬於我們的一部分 - 它們不是我們 2025 年銷售指南的一部分，也不會反映在我們的 GEO 計算中。

Got it. Okay. That's very helpful. Thank you.

知道了。好的。這非常有幫助。謝謝。

Thanks, Josh.

謝謝，喬希。

With that, we have no further questions at this time. So I'll hand back over to Bill Heissenbuttel for some closing comments.

至此，我們目前沒有其他問題了。因此我將把時間交還給 Bill Heissenbuttel 來做一些結束語。

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

好吧，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。我們期待在下次季度電話會議上向您通報我們的進度。小心。

That concludes today's call. You may now disconnect your line.

今天的電話會議到此結束。現在您可以斷開線路了。