Royal Gold Inc (RGLD) 2025 Q3 法說會逐字稿

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

大家好，感謝各位參加今天舉行的 Royal Gold 2025 第三季電話會議。我叫德魯，今天我將擔任電話接線生。（操作說明）

With that, it's my pleasure to hand over to Alistair Baker to begin, please go ahead when you're ready.

那麼，我很高興將麥克風交給艾利斯泰爾·貝克，請您準備好後再開始。

Thank you, operator. Good morning and welcome to our discussion of Royal Gold's third quarter 2025 results. This event is being webcast live, and a replay of this call will be available on our website.

謝謝接線生。早安，歡迎收看我們對Royal Gold 2025年第三季業績的討論。本次活動將進行網路直播，通話回放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; and Martin Raffield, Senior Vice President of Operations. Other members of the management team are also available for questions.

今天參加電話會議的有總裁兼執行長比爾·海森比特爾、高級副總裁兼財務長保羅·利布納以及營運高級副總裁馬丁·拉菲爾德。管理團隊的其他成員也可解答疑問。

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.

在今天的電話會議中，我們將發表一些前瞻性聲明，包括關於我們對未來的預測和預期。這些聲明存在風險和不確定性，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已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. 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.

我們也會參考一些非GAAP財務指標，包括調整後的每股淨收入、調整後的EBITDA和現金一般及行政費用。這些指標與最直接可比較的 GAAP 指標的調整表可在昨天的新聞稿中找到，該新聞稿可在我們的網站上找到。

Bill will start with an overview of the quarter and recent events. Martin will provide portfolio commentary, and Paul will give a financial update. After the formal remarks, we'll open the lines for a Q&A session. I'll now turn the call over to Bill.

比爾將首先概述本季情況和近期發生的事件。Martin 將提供投資組合評論，Paul 將提供財務最新情況。正式致詞結束後，我們將開放問答環節。現在我將把電話交給比爾。

Good morning and thank you for joining the call. I'll begin on slide 4. We had another quarter of very strong results and we set new records for revenue and cash flow. Our portfolio performed well and allowed us to benefit directly from materially stronger gold and silver prices.

早安，感謝各位參加電話會議。我將從第4張投影片開始。我們又迎來了一個業績非常強勁的季度，營收和現金流都創下新紀錄。我們的投資組合表現良好，使我們能夠直接受益於金銀價格的大幅走強。

Earnings for the quarter were $127 million or $1.92 per share, and after adjusting for non-recurrent costs related to the Sandstorm and Horizon transactions, we're a record $136 million or $2.06 per share. Gold remained the largest contributor to revenue for the quarter at about 78% of the total, and a strong gold price combined with our low and stable cash G&A allowed us to maintain an adjusted EBITDA margin of over 80% for the quarter.

本季獲利為 1.27 億美元，即每股 1.92 美元；扣除與 Sandstorm 和 Horizo​​n 交易相關的非經常性成本後，獲利達到創紀錄的 1.36 億美元，即每股 2.06 美元。黃金仍然是本季收入的最大貢獻者，約佔總收入的 78%。強勁的金價加上我們低而穩定的現金一般及行政費用，使我們能夠在本季度保持超過 80% 的調整後 EBITDA 利潤率。

We continued our focus on shareholder returns and paid our quarterly dividend of $0.45 per share. We added a strong operator to our portfolio in First Quantum with the $1 billion Coldstream transaction on Constantine.

我們繼續專注於股東回報，並支付了每股 0.45 美元的季度股息。我們透過以 10 億美元收購 Coldstream 的 Constantine 項目，將強大的營運商 First Quantum 納入了我們的投資組合。

And post quarter end, we received our first gold delivery in early October. We are pleased to add yet another large, long life and cash flowing asset to the portfolio. Also post quarter end, we completed the acquisition of Sandstorm Gold and Horizon Copper on October 20.

季度末之後，我們在10月初收到了第一批黃金。我們很高興能為投資組合再添一項規模龐大、壽命長、現金流充裕的資產。此外，在季度末之後，我們於 10 月 20 日完成了對 Sandstorm Gold 和 Horizo​​n Copper 的收購。

The strategic rationale for the combination of these companies clearly resonated with our shareholders, and we were pleased with the overwhelming shareholder support for the transactions. Not only have we added a series of quality producing and development assets to the portfolio in recent months, but we also saw very positive news within the pre-existing portfolio with the Life of Mine extension at Mount Milligan.

這些公司合併的策略理由顯然引起了股東的共鳴，我們對股東對此交易的壓倒性支持感到高興。近幾個月來，我們不僅在投資組合中增加了一系列優質的生產和開發資產，而且在原有投資組合中也看到了非常積極的消息，即米利根山礦山的礦山壽命延長。

And the Fourmile exploration update, both of which will be covered by Martin later in our presentation. And finally in October we received the first tranche of gold as partial consideration for the Mount Milligan cost support agreement.

還有 Fourmile 勘探的最新進展，這兩點都將由 Martin 在我們的演講中稍後介紹。最後，在 10 月份，我們收到了第一批黃金，作為 Mount Milligan 成本支援協議的部分對價。

This agreement from early 2024 was a key step for Centera to begin work on the Mine Life Extension project, and we are pleased to see the initial results of that project study. This is a win-win for both Royal Gold and Centera shareholders. I'll now turn the call over to Martin to provide a portfolio update. Thanks Bill.

這項從 2024 年初開始的協議是 Centera 開始礦山壽命延長計畫工作的關鍵一步，我們很高興看到該計畫研究的初步結果。這對Royal Gold和Centera的股東來說都是雙贏的局面。現在我將把電話交給馬丁，讓他介紹一下作品集的最新情況。謝謝你，比爾。

Turning to slide 5, overall revenue for the third quarter was a record $252 million with a volume of 72,900 GEOs. Royalty revenue was up about 41% from the prior year quarter to $86 million. We saw very strong revenue from Penasquito, the Cortez CC zone, Laurent Zone 5, and Voices Bay, which was partially offset by a weaker revenue from the Cortez legacy zone.

翻到第 5 張投影片，第三季總營收創下 2.52 億美元的紀錄，銷量達到 72,900 GEO。特許權使用費收入比上年同期成長約 41%，達到 8,600 萬美元。我們看到 Penasquito、Cortez CC 區、Laurent Zone 5 和 Voices Bay 的收入非常強勁，但 Cortez legacy 區的收入較弱，部分抵消了這一強勁的業績。

Revenue from our stream segment was $166 million up about 25% from last year, with increased sales from Andokoyo, Rainy River, Mount Milligan, Comakau and Wassa, partially offset by lower sales from Zainina.

我們的溪流業務收入為 1.66 億美元，比去年增長了約 25%，其中 Andokoyo、Rainy River、Mount Milligan、Comakau 和 Wassa 的銷售額有所增長，但 Zainina 的銷售額下降部分抵消了這一增長。

Turning to slide 6, we saw some material news at Mount Milligan and Cortez in the quarter.

翻到第 6 張幻燈片，我們看到本季 Mount Milligan 和 Cortez 的一些重要新聞。

At Mount Enligan, Centerra reported the results of the M Life extension project. They're expecting an increase in the mine life from 2036 to 2045, and there is potential to extend that further with expansion of the current mineral resource, future raises on the planned new tailings facility, and other mine life extension opportunities. Centerra has reported encouraging support from the government. And Mount Milligan was given fast track status by the province of BC in line with its commitments to streamlining permitting and regulatory processes for critical mineral projects.

在芒特恩利根，Centerra 報告了 M Life 延長計畫的成果。他們預計礦山壽命將從 2036 年延長至 2045 年，隨著現有礦產資源的擴大、未來計劃建設的新尾礦設施的增產以及其他延長礦山壽命的機會，礦山壽命還有可能進一步延長。Centerra表示已獲得政府的積極支持。卑詩省根據其簡化關鍵礦產項目許可和監管流程的承諾，給予了米利根山項目快速通道地位。

Mount Milligan is Royal Gold's largest contributor in terms of revenue, and the mine life extension adds significant value to our largest asset.

就收入而言，Mount Milligan 是 Royal Gold 最大的貢獻者，礦山壽命延長為我們最大的資產增添了巨大的價值。

At Cortez, Barrett provided an update on exploration and development plans for the 4 Mile, which is described as a multi-generational project. Barra has completed a preliminary economic assessment that indicates the potential to produce 600 to 750,000 ounces annually over a 25 year mine life. AI is undertaking a multi-year exploration program, the next step to set the mine up for initial test stopping shortly after underground development has been put in place by 2029.

在科爾特斯，巴雷特介紹了 4 英里油田的勘探和開發計劃的最新進展，該計劃被描述為一個多代人的項目。Barra 已完成初步經濟評估，結果顯示該礦在 25 年的礦山壽命期內，每年有潛力生產 60 萬至 75 萬盎司黃金。AI公司正在進行一項多年勘探計劃，下一步是為礦山進行初步測試做準備，預計到2029年地下開發完成後不久即可停止。

Barri believes there is potential to increase the production rates further as confidence in the ore body and geotechnical modeling progresses. The royalties we acquired in 2022 at Cortez provide full coverage of 4 mile at a rate equivalent to an approximate 1.6% gross royalty.

巴里認為，隨著對礦體和岩土工程建模的信心不斷增強，產量還有進一步提高的潛力。我們在 2022 年於 Cortez 獲得的特許權使用費，可涵蓋 4 英里範圍，費率相當於約 1.6% 的毛特許權使用費。

At Kinany, First Quantum announced last week that the estuary expansion is complete and is transitioning to operations. First Quantum reported that throughput and recoveries at the estuary expansion are ramping up faster than expected, and copper production in the fourth quarter of 2025 is expected to exceed 3rd quarter levels.

上週，First Quantum公司宣布，Kinany的河口擴建工程已經完成，正在過渡到營運階段。第一量子礦業公司報告稱，河口擴建計畫的吞吐量和回收率正在以超出預期的速度提升，預計 2025 年第四季的銅產量將超過第三季的水平。

We received the first gold delivery under our new stream in early October. We've now reached the regular cadence for monthly deliveries, and we're expecting total deliveries and sales of approximately 7,500 ounces in 2025.

10月初，我們收到了新業務模式的第一批黃金。我們現在已經達到了每月正常交付的節奏，預計 2025 年的總交付量和銷售額將達到約 7,500 盎司。

This is about 5,000 ounces less in 2025 than our estimate when we announced the transaction, and this difference is related to timing of the initial delivery and is not related to production shortfalls. We also had some notable updates that a handful of our smaller assets. At Rainy River, New gold reported strong production for the quarter due to processing of higher grade ore in the open pit.

到 2025 年，我們的產量將比宣布交易時的估計少約 5,000 盎司，這一差異與首次交付的時間有關，與產量不足無關。我們也對一些較小的資產進行了一些值得注意的更新。由於露天礦坑中處理了品位更高的礦石，雷尼河新金礦本季產量強勁成長。

Underground development is also advancing well, and they are expecting 2025 gold production to be above the midpoint of the 265,000 to 295,000 ounce guidance range. At Back River, B2 Gold announced that commercial production was achieved on October second and reiterated near and long-term gold production estimates.

地下開發也進展順利，他們預計 2025 年黃金產量將高於 265,000 至 295,000 盎司指引範圍的中點。B2 Gold公司宣布，Back River金礦於10月2日實現商業化生產，並重申了近期和長期黃金產量預測。

At Coca, MMG confirmed the timing for the expansion project and they expect to complete the feasibility study by the end of 2025 and produce first concentrate in 2028. At Cactus, Arizona Snoring reported PFS results, which indicate a 22 year mine life with average copper production of 198 million pounds per year and 226 million pounds per year in the 1st 10 years. Arizona Snoring expects to complete a feasibility study in the second half of next year, leading to a final investment decision as early as the fourth quarter of 2026. And first production of copper cathodes in the second half of 2029.

在可口可樂公司，MMG確認了擴建工程的進度，他們預計在2025年底完成可行性研究，並在2028年生產第一批濃縮物。亞利桑那州卡克圖斯礦的斯諾林公司公佈了初步可行性研究結果，顯示該礦的開採壽命為 22 年，平均每年銅產量為 1.98 億磅，前 10 年每年銅產量為 2.26 億磅。Arizona Snoring 預計將於明年下半年完成可行性研究，最快將於 2026 年第四季做出最終投資決定。銅陰極的首次生產預計將於 2029 年下半年開始。

At Red Cross, Newmont reported that it aims to deliver a development proposal for the B block cave expansion to its board towards the middle of 2026. In September, the government of Canada recognized the Red Cross expansion as a project of national importance, granting it priority status under the Major Projects Office Fast Track initiative.

根據紅十字會報道，紐蒙特公司表示，其目標是在 2026 年年中向董事會提交 B 區塊洞穴擴建開發方案。9 月，加拿大政府將紅十字會擴建項目認定為國家重點項目，並根據重大項目辦公室快速通道計畫授予其優先地位。

And at Zaventina, Ero reported an increase in reserves and resources driven by plans to market a high-grade gold concentrate over the next 12 to 18 months, as well as exploration efforts that continue to extend the known limits of mineralization.

在 Zaventina，Ero 報告稱，由於計劃在未來 12 至 18 個月內銷售高品位黃金精礦，以及勘探工作不斷擴大已知的礦化範圍，儲量和資源量有所增加。

And finally, while sandstorm assets weren't part of our portfolio until quarter end, there were a couple of developments of the larger assets that are worth noting. At Mara, Glencore submitted the rigy application to the government of Argentina in August, which Glencore described as a significant step towards development. And at Platt Reef, Ivanhoe announced the first feed of ore into the phase one concentrator last week, and the first concentrate is expected in mid to late November.

最後，雖然沙塵暴資產直到季度末才納入我們的投資組合，但一些較大的資產出現了一些值得注意的進展。嘉能可於 8 月向阿根廷政府提交了 Mara 計畫的嚴格申請，嘉能可稱此舉是邁向發展的重要一步。上週，艾芬豪礦業宣布普拉特礁礦區第一期選礦廠已開始接收第一批礦石，預計第一批精礦將於 11 月中下旬產出。

We visited the site in October and were impressed with how Inhower has advanced the project and is preparing to transition to operations. I'll now turn the call over to Paul.

我們於 10 月參觀了該專案現場，並對 Inhower 公司推進專案以及準備過渡到營運的方式印象深刻。現在我將把電話交給保羅。

Thanks, Martin. I will turn to slide 7 and give an overview of the financial results for the quarter. For the discussion of slides 7 and 8, I'll be comparing the quarter end of September 30, 2025 to the prior year quarter.

謝謝你，馬丁。接下來我將翻到第 7 張投影片，概述本季的財務表現。在討論投影片 7 和 8 時，我將把 2025 年 9 月 30 日的季度末與去年同期進行比較。

Revenue for the quarter was up strongly by 30% to $252 million which was another record for the company.

本季營收強勁成長 30%，達到 2.52 億美元，再次創下公司紀錄。

Metal prices were a primary driver of the revenue increase, with gold up 40%, silver up 34%, and copper up 6% over the prior year. Gold remains our dominant revenue driver, making up 78% of our total revenue for the quarter, followed by silver at 12% and copper at 7%. [Ogold] has the highest gold revenue percentage when compared to our large cap peers in the royalty and streaming sector.

金屬價格是營收成長的主要驅動力，其中黃金價格較前一年上漲 40%，白銀價格上漲 34%，銅價上漲 6%。黃金仍然是我們主要的收入來源，佔本季總收入的78%，其次是白銀（12%）和銅（7%）。 [Ogold]在特許權使用費和串流媒體領域的大型同業中，黃金收入佔比最高。

Turn to slide 8. I'll provide more detail on certain financial items for the quarter.

翻到第8張幻燈片。我將提供本季度某些財務項目的更多詳細資訊。

G&A expense was $10.2 million and was relatively unchanged, excluding non-cash stock compensation expense, our cash G&A has dropped to less than 3% of revenue for the quarter, which shows the efficiency of our business model.

一般及行政費用為 1,020 萬美元，與上一季基本持平。若不計非現金股票補償費用，本季現金一般及行政費用已降至收入的 3% 以下，顯示我們商業模式的效率。

Our DDNA expense decreased to $33 million from $36 million. The lower overall depletion expense was primarily due to lower depletion rates in our stream segment as a result of reserve increases. The largest reserve increase was at Mount Milligann following the life of mine extension, which dropped the DDNA rate to $220 per ounce from $340 per ounce.

我們的DDNA支出從3600萬美元減少到3300萬美元。整體消耗費用降低主要是因為儲量增加導致我們流段的消耗率降低。儲量增幅最大的是米利根山礦，在礦場壽命延長後，DDNA 價格從每盎司 340 美元降至每盎司 220 美元。

The decreases in stream depletion rates were partially offset by higher production at Boises Bay compared to the prior year. On a unit basis, this expense was $451 per GEO for the quarter compared to $462 per GEO. We incurred $13 million of acquisition related costs this quarter related to the Sandstorm and Horizon acquisitions.

與前一年相比，博伊西斯灣的產量增加，部分抵消了河川消耗率的下降。以單位計算，本季每 GEO 的這項支出為 451 美元，而上一季為 462 美元。本季度，我們因收購 Sandstorm 和 Horizo​​n 而產生了 1,300 萬美元的收購相關成本。

Acquisition related costs are attributable to financial advisory, legal, accounting, tax, and consulting services. I'll provide some additional accounting and financial commentary on the Sandstorm and Horizon acquisitions in a moment. Interest and other expenses increased during the quarter to $8.6 million due primarily to higher average amounts outstanding under the revolving credit facility compared to the previous year.

收購相關成本包括財務諮詢、法律、會計、稅務及顧問服務費用。稍後我將對 Sandstorm 和 Horizo​​n 的收購提供一些額外的會計和財務評論。本季利息和其他支出增加至 860 萬美元，主要原因是循環信貸額度下的未償餘額平均高於去年同期水準。

Tax expense for the quarter was $29 million compared to $22 million and our effective tax rate for the quarter was 17.9%. That income for the quarter increased significantly over the prior year to $127 million or $1.92 per share.

本季稅項支出為 2,900 萬美元，而上一季為 2,200 萬美元；本季實際稅率為 17.9%。該季度營收較上年同期大幅成長至 1.27 億美元，即每股 1.92 美元。

The increase in net income was primarily due to higher revenue offset by the Sandstorm Horizon acquisition related costs and higher income tax and interest expense. After adjusting for the acquisition related costs, adjusted net income was a record $136 million or $2.06 per share.

淨收入的成長主要是由於收入增加，但被收購 Sandstorm Horizo​​n 的相關成本以及更高的所得稅和利息支出所抵消。扣除收購相關成本後，調整後的淨收入創下 1.36 億美元的紀錄，即每股 2.06 美元。

Our operating cash flow this quarter was also a record at $174 million up significantly from $137 million in the prior period. The increase in the current quarter was primarily due to the higher net cash proceeds received from our stream and royalty interests. With respect to the outlook for the rest of the year, we are maintaining our 2025 guidance ranges for metal sales, DNA, and the effective tax rate.

本季我們的經營現金流也創下歷史新高，達到 1.74 億美元，較上一季的 1.37 億美元大幅成長。本季成長主要是由於我們從流式資產和特許權使用費權益中獲得的淨現金收益增加所致。對於今年剩餘時間的展望，我們維持對 2025 年金屬銷售額、DNA 和有效稅率的預期範圍。

Note that these guidance ranges were provided in March of 2025, and when we refer to our expectations for the remainder of the year, we are excluding any contributions or impacts from the Constania Stream acquisition, defer goal consideration from the Mount Milligan cost Support Agreement, and the Sandstorm and Horizon acquisitions.

請注意，這些指導範圍是在 2025 年 3 月提供的，當我們提及對今年剩餘時間的預期時，我們不包括 Constania Stream 收購的任何貢獻或影響、Mount Milligan 成本支持協議中的遞延目標考慮以及 Sandstorm 和 Horizo​​​​n 收購。

I'll now provide a few additional comments on the Sandstorm and Horizon accounting treatment and financial results. First, we currently are in the process of finalizing the accounting treatment for both transactions. However, we anticipate both transactions to qualify as business combinations under US GAAP.

接下來，我將對 Sandstorm 和 Horizo​​n 的會計處理和財務結果做一些補充說明。首先，我們目前正在最終確定這兩筆交易的會計處理方法。但是，我們預期這兩項交易均符合美國通用會計準則下的企業合併條件。

As a result, approximately $13 million in acquisition-related costs were expended during the third quarter. We also expect additional deal-related closing costs to be expensed during the fourth quarter.

因此，第三季在收購相關成本方面支出約 1,300 萬美元。我們也預計，第四季還將計入與交易相關的其他結算費用。

And second, Sandstorm and Horizon will not be publishing third quarter results given the timing of the transaction closings. However, for the third quarter, Sandstorm recognized nearly $58 million of revenue and $37 million of operating cash flow, while Horizon recognized $6 million of revenue and $3 million of operating cash flow.

其次，鑑於交易完成的時間，Sandstorm 和 Horizo​​n 將不會公佈第三季業績。然而，第三季度，Sandstorm 確認了近 5,800 萬美元的收入和 3,700 萬美元的營運現金流，而 Horizo​​n 確認了 600 萬美元的收入和 300 萬美元的營運現金流。

I will point out that these figures are unaudited and were prepared in accordance with IRRS accounting standards, so they are not directly comparable to Royal Gold's financial information prepared in accordance with the US GAAP, but they should help the market understand the relative contributions of each company in the quarter.

我要指出的是，這些數據未經審計，並且是按照 IRRS 會計準則編制的，因此它們與 Royal Gold 按照美國 GAAP 編制的財務資訊沒有直接可比性，但它們應該有助於市場了解每家公司在本季度的相對貢獻。

We will provide consolidated results from the transaction closing date within our next quarterly release and audited financial results. I will end on slide 9 and summarize our financial position. As disclosed in August, we drew $825 million on our $1.4 billion dollar revolving credit facility to help fund the Constantia acquisition.

我們將在下一季發布的經審計財務報告中提供交易完成日期的合併表現。我將在第九張投影片上總結我們的財務狀況。正如我們在 8 月所揭露的那樣，我們從 14 億美元的循環信貸額度中提取了 8.25 億美元，以幫助資助對 Constantia 的收購。

We repaid $50 million of that borrowing in September and ended the quarter with $775 million drawn. That left us with approximately $813 million of liquidity between the undrawn and available amounts on the revolver and $188 million of working capital as of September 30. We drew an additional $450 million on the credit facility on October 10 for the closing of the Sandstorm and Horizon transactions.

我們在9月償還了其中5,000萬美元的借款，本季末剩餘貸款額為7.75億美元。截至 9 月 30 日，循環信貸額度中未提取和可用金額共計約 8.13 億美元流動資金，營運資金為 1.88 億美元。10 月 10 日，我們從信貸額度中提取了 4.5 億美元，用於完成 Sandstorm 和 Horizo​​n 交易。

And we currently have $1.225 billion drawn, leaving $175 million undrawn and available. Further, we anticipate making a $75 million repayment towards the revolver balance on November 10th. The current all-in borrowing rate on the credit facility is approximately 5.3%. In keeping with our long standing practice, we intend to pay down our outstanding debt from future cash flow, and we expect to repay the outstanding balance around mid-2027 based on current metal prices and absent further acquisitions.

目前我們已提取12.25億美元，還剩1.75億美元未提取，可供使用。此外，我們預計將於 11 月 10 日向循環貸款餘額償還 7,500 萬美元。該信貸安排目前的綜合借款利率約為 5.3%。根據我們長期以來的做法，我們打算用未來的現金流償還未償債務，預計在目前的金屬價格下，如果沒有進一步的收購，我們將在 2027 年年中左右償還未償餘額。

In terms of additional liquidity, after the quarter end, we received the first tranche of gold as part of the deferred gold consideration for the Mount Milligan cost support agreement. In keeping with our previous commentary, we sold those ounces shortly after receipt and realized proceeds of $44 million.

就額外流動性而言，季度末之後，我們收到了第一批作為 Mount Milligan 成本支持協議的遞延黃金對價的黃金。正如我們之前的評論所述，我們在收到這些黃金後不久就將其售出，並獲得了 4400 萬美元的收益。

Recall that the delivery and sell these ounces are not revenue and will not be reflected in our calculation of GEOs. The next 2 tranches of gold to be delivered by Centerra are also tied to production at the Greenstone mine. They are payable upon production of 500,000 ounces and 700,000 ounces of gold, and based on projections by Equinox Gold, these hurdles are expected to be met in the second half of 2026 and the first half of 2027 respectively.

請注意，這些盎司的交付和銷售不屬於收入，也不會反映在我們的 GEO 計算中。Centerra 即將交付的接下來兩批黃金也與 Greenstone 礦場的生產有關。這些款項將在黃金產量達到 50 萬盎司和 70 萬盎司時支付，根據 Equinox Gold 的預測，這些里程碑預計將分別在 2026 年下半年和 2027 年上半年實現。

With respect to further financial commitments, we have $100 million of funding outstanding for the warrants and acquisition. We expect to fund the remaining commitment in $250 million tranches, with the first tranche expected in the fourth quarter of 2025 and the second in May of 2026. That concludes my comments on our financial performance for the quarter, and I will now turn the call back to Bill for closing comments.

關於進一步的財務承諾，我們還有 1 億美元的資金尚未用於認股權證和收購。我們預計將分兩期支付剩餘承諾款項，每期2.5億美元，第一期預計將於2025年第四季支付，第二期預計將於2026年5月支付。以上就是我對本季財務表現的評論，現在我將把電話轉回給比爾，請他做總結發言。

Thanks, Paul. I'd like to welcome several new colleagues to Royal Gold, including those who have recently joined us from Sandstorm. These transactions significantly increased the size of our business and we are pleased to add some very capable individuals to our team with institutional knowledge of the Sandstorm and Horizon assets, which will help us as we manage this much larger portfolio.

謝謝你，保羅。我謹代表 Royal Gold 向幾位新同事表示歡迎，其中包括最近從 Sandstorm 加入我們的同事。這些交易顯著擴大了我們的業務規模，我們很高興能為我們的團隊增添一些非常有能力的人才，他們對 Sandstorm 和 Horizo​​​​n 的資產擁有豐富的機構知識，這將有助於我們管理這個更大的投資組合。

And finally, I would like to address the transformative quarter we just completed at Royal Gold. Over the past few years, we have heard criticisms about our revenue and NAD concentration, our limited growth profile, and the shorter duration of our portfolio.

最後，我想談談我們Royal Gold剛完成的具有變革意義的一個季度。過去幾年，我們聽到了一些批評，批評內容涉及我們的收入和 NAD 集中度、有限的成長前景以及較短的投資組合期限。

I believe we have answered these questions with the transactions we have closed this year and the developments in the portfolio, and I would like to highlight these three areas. We have one of, if not the most diversified portfolios by revenue and net asset value in our sector.

我認為，透過我們今年完成的交易和投資組合的發展，我們已經回答了這些問題，我想重點介紹以下三個方面。我們擁有業內收入和淨資產價值最多元化的投資組合之一，甚至可以說是最多元化的。

We have added [Mara, Admain, latt Reef, and Oyu Togoi] growth potential to our previous growth prospects the Great Bear, Red Crisp, Laurina, and Comau. And we have increased the duration of our portfolio with the Mount Milligan Minelife extension, the 4 mile upside potential, Kananine, and the longer dated growth from sandstorm and Horizon.

我們已將 [Mara、Admain、latt Reef 和 Oyu Togoi] 的成長潛力加入我們先前的成長前景 Great Bear、Red Crisp、Laurina 和 Comau 中。我們透過延長 Mount Milligan 礦山壽命、4 英里上升潛力、Kananine 以及 Sandstorm 和 Horizo​​n 帶來的更長期成長，提高了我們投資組合的期限。

These events combined to position Royal Gold as a premier company in our sector with a well diversified gold-focused portfolio with organic growth potential. We'll be working over the next few months to make sure the market understands the potential value that exists in the expanded royal gold portfolio. Operator, that concludes our prepared remarks. I'll now open the line for questions.

這些事件共同促成了 Royal Gold 成為我們行業內的領先公司，擁有多元化的黃金投資組合和內生成長潛力。接下來的幾個月，我們將努力確保市場了解擴大後的皇家黃金投資組合所蘊含的潛在價值。操作員，我們的發言到此結束。現在開始接受提問。

Thank you. With that, we'll start today's Q&A session.(Operator Instructions) Cosmos Chiu, CIBC.

謝謝。接下來，我們將開始今天的問答環節。 （操作說明）Cosmos Chiu，加拿大帝國商業銀行。

Thanks, Bill and team for a very good presentation. Maybe my first question is on the Cassanche stream, the new stream you have. As you mentioned, 5,000 ounces is deferred, I guess, if that's a word for it, given the, need to initiate delivery mechanisms, for the new contract. I guess my question is two parts. Number one, could you maybe talk a little bit more about, what that means in terms of setting up or initiating these delivery mechanisms? Is it, computer systems? Is it, the way you report, or is the actual delivery?

感謝比爾和他的團隊帶來的精彩演講。我的第一個問題可能是關於 Cassanche 流，也就是你們新開的那條流。正如您所提到的，5000盎司的交付被推遲了，我想，如果用「推遲」這個詞合適的話，這是因為需要啟動新合約的交付機制。我的問題可以分為兩個部分。首先，您能否再詳細談談，就建立或啟動這些交付機製而言，這意味著什麼？是電腦系統嗎？是指你的報道方式，還是實際交付情況？

And then number two in terms of the 5,000 ounces that you thought you might get in 2025, is that going to come in in 2026 then? And is that going to be sort of in addition to what you would expected in 2026 anyways?

其次，關於您預計在 2025 年獲得的 5,000 盎司，是否會在 2026 年實現？這是否會成為您在 2026 年預期之外的額外收穫？

Yeah, Cosmos, it's Bill. Thanks for the question. I may try to handle this one, and then the other guys can jump in. Really just there's nothing real complicated about the system or setting it's com, to be H1st, I think we had just announced Conanji, and we had our earnings call within, I don't know, a week or so of that. And when you look at a model, you look at it and say, okay, that's production, we'll get so many ounces. But what we didn't do at the time was just overlay the delivery mechanism, which was you're going to start getting them in October. So it was just really, it was just a mistake on our part in terms of when do we expect the ounces to come. It is not a reflection of a production shortfall. There's nothing wrong with the agreement as the way it is structured. We just pushed ounces that in, just a basic model said you're going to get so many ounces. Just some of those ounces are going to come in next year.

是的，Cosmos，我是比爾。謝謝你的提問。我可能會先處理這件事，然後其他人再加入。其實這個系統或設定它的com並沒有什麼特別複雜的，為了成為H1st，我想我們當時剛剛宣布了Conanji，然後我們在大概一周左右的時間裡召開了財報電話會議。當你觀察一個模型時，你會看著它說，好的，這就是產量，我們將獲得多少盎司。但我們當時沒有做的，就是簡單地疊加交付機制，也就是你們將在十月開始收到它們。所以，這真的只是我們在預期盎司何時到來時犯的一個錯誤。這並非產量不足的體現。就協議的結構而言，沒有任何問題。我們只是簡單地輸入了盎司數，一個基本模型就顯示你會得到多少盎司。其中一部分要到明年才能到貨。

Hm. I guess mathematically if I were to take your 12,500 ounces that you had expected, that would have been from August to December in 2025. If I were to gross it up, for a full year in 2026, that would be 30,000 ounces. And then if that's the case, can I just add the additional 5,000 ounces to it in 2026? Like, is that the type of how I should think about it, or is that not the case?

嗯。我猜，從數學角度來說，如果我以你預期的12500盎司來計算，那應該是2025年8月到12月期間的產量。如果以 2026 年全年總量計算，那就是 30,000 盎司。如果真是這樣的話，我可以在 2026 年再增加 5000 盎司嗎？我該這樣想嗎？還是不該這樣想？

Well, no, see what what would happen is when you get to the end of 2026, the ounces that are derived from production in December, for example, are going to be delivered in 2027.

不，你看，到了 2026 年底，例如，12 月生產的盎司黃金將在 2027 年交付。

So it's not as though you take 30,000 ounces and add a bunch of, some new ounces. It's just a delay like there is, our other concentrate operations like Annaoyo and Milligan.

所以，這並不是說你要拿出 30,000 盎司，然後再加上一些新的盎司。這只是像我們其他精礦開採項目（如 Annaoyo 和 Milligan）一樣的延誤而已。

Understood. Okay, great. Maybe switching gears a little bit, Bill, I see that you now have, $1.225 billion of debt on your balance sheet. I guess my question is how comfortable are you with that level of debt? I know you do say that, under current metal prices you can actually repay everything by mid 2027 absent any further acquisitions, but how realistic is it to assume there won't be any other acquisitions?

明白了。好的，太好了。比爾，或許我們可以稍微換個話題，我看到你的資產負債表上現在有 12.25 億美元的債務。我想問的是，您對這種程度的債務能接受嗎？我知道您說過，以目前的金屬價格，如果沒有進一步的收購，您實際上可以在 2027 年年中償還所有債務，但是假設不會有其他收購有多現實？

I mean, you never know in this business, right? I mean, if you had told me on January 1st of this year that we're going to make about $5 billion of investments during 2025, I wouldn't have believed you. It, certainly, we have gone years where there haven't been many investments, and I think 2024 is probably a. An example of it, so you know it is possible that that we don't find anything we like and we just continue to pay down, the debt. As to the first part of your question, the debt level I'm very comfortable with, and I think what we need to show as we move forward through 2026 is, what is the running trailing 12 month EBITDA of this of all these combined companies and with Conany.

我的意思是，在這個行業裡，你永遠無法預料會發生什麼，對吧？我的意思是，如果你在今年1月1日告訴我，我們將在2025年進行大約50億美元的投資，我不會相信的。當然，我們已經經歷了多年投資匱乏的時期，我認為2024年可能就是如此。舉個例子，這樣你就知道，我們有可能找不到自己喜歡的東西，然後繼續償還債務。關於你問題的第一部分，我對目前的債務水準非常滿意。我認為，隨著我們邁向 2026 年，我們需要展示的是，所有這些合併後的公司以及 Conany 的過去 12 個月的 EBITDA 是多少。

And your pro forma leverage is going to be, I don't know, 1 between 1 and 1.5 on that, on that debt to do basis, and that's extremely comfortable. I, I'm not concerned at all.

而你的預期槓桿率，我不知道，大概在 1 到 1.5 之間，基於這個債務比率，這非常有利。我一點也不擔心。

Great. And that may be one last question. Congratulations on closing of the deal with Sandstorm Gold and Horizon Copper. And with that, and despite, the, simplification of the structure, you still will hold a 30% joint venture interest in Hamdan. Historically, World Gold was never in the business of really holding on to joint venture partnerships for the long-term. I don't know if this is a question I should ask SSR Mining, but.

偉大的。這或許是最後一個問題了。恭喜您與 Sandstorm Gold 和 Horizo​​n Copper 完成交易。因此，儘管結構簡化，您仍將持有 Hamdan 30% 的合資權益。從歷史上看，世界黃金公司從來沒有真正打算長期維持合資夥伴關係。我不知道這個問題是否該問SSR Mining，但…

How do you look at that 30% joint venture interest?

您如何看待這30%的合資權益？

Game kinda like, potentially convert into more of a conventional royalty interest.

遊戲性質，有可能轉化為更傳統的版稅權益。

Yeah, because I think we've been pretty consistent saying that our goal, is to not be a joint venture partner. It's not what we do, and it is probably very high on our priority list of trying to find a way to convert it into something that is more traditional for our business.

是的，因為我認為我們一直都明確表示，我們的目標不是成為合資夥伴。這不是我們通常的做法，而且我們可能非常優先考慮的是找到一種方法，將其轉變為更符合我們業務傳統的做法。

What are some of the key sort of, not hurdles, but discussion points then and and when could we expect that to constantly?

那麼，屆時有哪些關鍵的討論要點（不是障礙），以及我們何時才能持續看到這種情況？

I wish I could give you a timeline. I certainly can't.

我真希望我能給你一個時間表。我當然做不到。

I can't give you a timeline, but if you go through this when you're taking exposure to cost overruns and operating expenses and you want to convert it into. Something that doesn't have that exposure, there, there's a value discussion to have with who, whomever you sell it to, and then what gold price do you use, there's a big difference between current gold prices and, what you would call long long-term consensus prices. So, but, those are all the typical, topics that will come up when it comes down to negotiating something.

我無法給出具體時間表，但如果你遇到成本超支和營運費用方面的問題，並且想要將其轉化為…如果某件商品沒有這種市場曝光度，那麼在出售給誰時，就需要討論其價值，以及使用什麼黃金價格。目前的黃金價格與所謂的長期共識價格之間存在著很大的差異。所以，這些都是談判時通常會遇到的典型話題。

Of course, thanks, Bill and team for answering all my questions. That's all I have. Thank.

當然，謝謝比爾和他的團隊解答我的所有問題。這就是我全部的資料了。感謝。

You. Thanks, guys.

你。謝謝各位。

Josh Wolston, RBC.

Josh Wolston，RBC。

Thanks very much. I noticed in the text, and also in some of Bill's commentary, there was some disclosure about, working over the next couple of months to ensure the market understands the business following the deals that were completed. I'm just wondering if you can provide some more insights on, what this means, given both of these transactions were press released and, the information is out there in terms of some of the details.

非常感謝。我注意到，在正文中以及比爾的一些評論中，都透露出，在接下來的幾個月裡，公司將努力確保市場了解已完成交易後的業務情況。我想知道，鑑於這兩筆交易都已透過新聞稿發布，並且一些細節資訊也已公開，您能否就此提供更多見解，說明這意味著什麼。

Thanks. Yeah, I mean, when I talk about working hard for to make sure people understand what the all these companies together with consent you mean, I'm, I, I'm really what I'm saying is, spending as much time as I can in front of investors and analysts. Look, there's a lot that's happened in our company in the last six months, and I think we need to be able to focus people a little bit on saying, okay, this is what it looks like. These are the growth prospects and just sending that message over and over again because I truly believe there is a evaluation GAAP, and I want to be in front of people telling our story, telling people again why we think.

謝謝。是的，我的意思是，當我談到努力工作以確保人們理解所有這些公司與同意之間的關係時，我，我，我真正想說的是，盡可能多地花時間與投資者和分析師見面。你看，過去六個月裡，我們公司發生了很多事情，我認為我們需要讓大家稍微集中一下注意力，告訴大家，好吧，事情現在看起來是這樣的。這就是成長前景，我一遍又一遍地傳達這個訊息，因為我真心相信存在評估公認會計準則，我想站在人們面前講述我們的故事，再次告訴人們我們為什麼這麼想。

The Sandstorm Horizon deal make sense. Why can [Sancy] make sense? But at the same time, being in front of them to listen to, are there any other concerns out there? Because as I said in my prepared remarks, I think we addressed the major ones we heard over and over again. But maybe there's something out there. So I, when I talk about working hard to make sure the market understands that, I'm just talking about physically being in front of people, telling the story and listening.

Sandstorm Horizo​​n的交易是合理的。為什麼桑西的話能讓人信服？但同時，站在他們面前傾聽他們的意見，他們還有其他擔憂嗎？正如我在準備好的演講稿中所說，我認為我們已經解決了反覆聽到的主要問題。但或許還有其他辦法。所以，當我談到努力確保市場理解這一點時，我指的只是親自站在人們面前，講述故事並傾聽。

When it come to, disclosures, the company, historically issued and thinking about, guidance both near term and long-term, I understand that the company's historical views on this. I'm just wondering if there's any refreshed perspectives, and then also when we think about 2026, when will the company look to provide that insight? Is it still going to be in April or can we expect something more, prompt earlier in the year? Thank you.

就資訊揭露而言，該公司歷來發布並考慮近期和長期業績指引，我理解該公司對此的歷史看法。我只是想知道是否有新的視角，以及展望 2026 年，公司何時會提供這方面的見解？還是會在四月嗎？還是會提前到年初？謝謝。

Yeah, so I think I can say that we are planning an investor day, I think it's in late March, and, I think that at that point in time is when we expect to talk about 2026 guidance. As far as long-term guidance, 3 year, 5 year, the position is still what it's been, Josh, you've heard me over and over again say we don't own these properties, we're not close enough to them to tell you what's going to happen in 3 years, so there is still that reluctance. What we have done in the past is go asset by asset to some extent and say this is what the operator thinks. Here's our interest, and then, help people from the operators forecast what it might look like on a, on an asset by asset basis, but I don't think you'll see us go to a, sort of a consolidated 3 or 5 year, but again, look out for that investor day early next year.

是的，所以我想說我們正在計劃舉辦投資者日活動，我認為是在三月下旬，屆時我們預計會談到 2026 年的業績指引。至於長期指引，例如 3 年、5 年，情況依然如此。喬希，你已經聽我一遍又一遍地說，我們不擁有這些房產，我們與它們的距離不夠近，無法告訴你 3 年後會發生什麼，所以我們仍然不願做出預測。我們過去的做法是，在一定程度上逐一資產進行分析，然後說這是營運商的想法。這就是我們的興趣所在，然後，幫助運營商預測一下，逐個資產地來看，情況可能會如何，但我認為你不會看到我們進行某種形式的3年或5年綜合預測，但再次提醒大家，請關註明年初的投資者日。

Thank you.

謝謝。

And then there was a couple of, financial items that, I just wanted to drill down on, specifically at least on the income statement for cost items, minority interest kind of jumped up this quarter, and then. LZ 5 on the asset list was quite high in terms of, revenues. Is there any insight you can provide there, as well as the fourth quarter expenses for the Sandstorm deal?

然後還有幾個財務項目，我想深入研究一下，特別是損益表中的成本項目，少數股東權益在本季度大幅上升，然後。資產清單上的 LZ 5 收入相當高。您能否提供一些見解，以及關於 Sandstorm 交易第四季的支出？

Thanks. Paul, can I turn the minority interest, question to you?

謝謝。保羅，我可以把少數股東權益的問題交給你嗎？

Yeah, sure.Hey, Josh. Yeah, so the minority interest was you saw was a little bit, higher or unusual this quarter, to give you a little bit of background, and this isn't really, unique to us, we are a general partner, of a partnership that holds a very small royalty interest on the pipeline and crossroads deposit at Cortez, and we actually administer some of the custodial functions on behalf of some of those partners. And some of those partners, as part of that royalty lectors see some of that, their royalty proceeds actually in kind or or in gold.

好的，當然。嘿，喬許。是的，所以您看到的少數股東權益在本季度略高或不尋常，為了給您提供一些背景信息，這並非我們獨有的情況，我們是一家合夥企業的普通合夥人，該合夥企業持有科爾特斯管道和十字路口礦藏的一小部分特許權使用費權益，我們實際上代表其中一些合夥人管理一些託管職能。而其中一些合作夥伴，作為版稅的一部分，可以看到他們的一部分版稅收入實際上是以實物或黃金的形式獲得的。

Well, during the quarter we actually sold some of those ounces for one of those partners, and they actually had a pretty small, book value, if you will, compared to the spot when we sold those ounces. So the sales proceeds that we recognized, were actually included in interest and other income.

嗯，本季我們確實為其中一位合作夥伴出售了一些黃金，而且與我們出售這些黃金時的現貨價格相比，它們的帳面價值實際上相當低。因此，我們確認的銷售收入實際上包含在利息和其他收入中。

But then given that partnership is fully consolidated under US GAAP, that gain, was actually backed out in other comprehensive income or that minority interest that you call, before arriving at EPS. So really at the end of the day there was no effect, on our results.

但考慮到該合夥企業已根據美國通用會計準則完全合併，因此，在計算每股收益之前，該收益實際上已在其他綜合收益或您所說的少數股東權益中扣除。所以說到底，對我們的結果並沒有產生任何影響。

Thank you. And then sorry, just the deal expenses for the fourth quarter if there's any insight and then also Lorenzo in 5.

謝謝。然後，抱歉，只是第四季度的交易費用，如果有什麼見解的話，還有 Lorenzo 在 5。

Yeah, I'm happy to take the deal deal expenses obviously, yeah, we're still going through, the accounting of those expenses, you can appreciate, but, certainly from the period October 1 through, closing, additional again legal, advisory service, type fees, so accounting for all those, but we will, have some of those charges come through, in Q4 as well, and again those will be a non-recurring kind of one time in nature.

是的，我很樂意承擔這筆交易的費用，顯然，我們仍在核算這些費用，您可以理解，但從 10 月 1 日到交易完成期間，肯定會有一些額外的法律、諮詢服務等費用，所以我們會核算所有這些費用，但其中一些費用也會在第四季度出現，而且這些費用都是一次性的，不會經常發生。

And I can take the zone 5 question if you like, Bill.

如果你願意，我可以回答第五區的問題，比爾。

Sure, Martin.

當然可以，馬丁。

So Josh Agnico identified a mining area, in Q3 that was mistakenly excluded from our partial royalty area, and that exclusion goes back to November 2022. It's quite easy to see why it happened. The various zone blocks outside of zone that are plunging into the royalty area. And the area in question was actually accessed from one of the Laron mineshafts rather than the zone 5 decline.

因此，Josh Agnico 在第三季度發現了一個礦區，該礦區被錯誤地排除在我們的部分特許權使用費區域之外，而這種排除可以追溯到 2022 年 11 月。這件事發生的原因很容易理解。區域外的各區域塊正向下延伸至特許權區域。而涉事區域實際上是從拉龍礦井的其中一個豎井進入的，而不是從 5 號區域的斜坡進入的。

They made that payment up in Q3, and completely covered the November 2022 through June 2025 shortfall.

他們在第三季補足了這筆款項，完全彌補了 2022 年 11 月至 2025 年 6 月的資金缺口。

Got it. Okay.

知道了。好的。

So sort of a true up I guess you could say for historical production.

所以可以說，這算是對歷史產量的一種修正。

Exactly right.

完全正確。

Okay, thank.

好的，謝謝。

You very much.

非常感謝。

Thanks Steph.

謝謝Steph。

Brian McArthur, Raymond James.

Brian McArthur，Raymond James。

Good morning and thank you for taking my questions. A lot of them are dealt with, but can I just ask on 4 mile, you've been very kind and give us the 1.6% equivalent, but is that a combination of GSR1, GSR2, GSR 3, and VR1? Like, is this going to be variable?

早上好，感謝您回答我的問題。很多問題都已解決，但我可以問一下關於 4 英里的問題嗎？您非常友好地給出了 1.6% 的等效值，但這是否是 GSR1、GSR2、GSR 3 和 VR1 的組合？這個數值會是可變的嗎？

I just can't remember where all the different pieces cover it, or is that 1.6.

我只是記不清所有不同的部件在哪裡了，或者那是 1.6 版？

A pretty good thing to use on an annual basis or they're going to be years it's 1% and years it's 3%.

每年使用一次都相當不錯，否則有些年利率是 1%，有些年利率是 3%。

No, that's a pretty good number to use. The 1.6 is the real royalty, and it's the bit of the Idaho royalty that, and we bought those two, towards the end of 2022, so it's completely separate from all the legacy stuff that you've known for years.

不，這個數字相當不錯。1.6 才是真正的皇室血統，它是愛達荷州皇室血統的一部分，我們在 2022 年底買下了這兩台，所以它與你多年來所熟知的所有傳統血統完全不同。

Perfect, so.

完美，就是這樣。

It's that simple 1.6% royalty.

就是這麼簡單的1.6%的版稅。

Yeah.

是的。

Excellent. And just so I can clarify my own mind back to Cosmos's question on Kenan sheets, so this 5,000 ounces, it, it's just an MPV problem if I want to put it that way of being delayed a quarter. It, it's not like, those ounces are gone forever just because of the true update of the transaction or something. It's just purely a concentrate delivery and all the ounces are the same, in the end, is that right?

出色的。為了澄清我自己的想法，回到 Cosmos 關於 Kenan 表格的問題，這 5,000 盎司，如果我非要這麼說的話，這只是一個 MPV 問題，延遲了一個季度。並不是說，僅僅因為交易的真正更新或其他原因，那些盎司的魚就永遠消失了。它只是純粹的濃縮液，最終每盎司的量都一樣，對嗎？

All the answers are the same. It's just a timing issue.

所有答案都一樣。只是時間安排的問題。

Great. Thank you very much.

偉大的。非常感謝。

Thanks, Brian.

謝謝你，布萊恩。

Lawson Winder, Bank of America Securities.

勞森·溫德，美國銀行證券。

Thank you very much, operator, and hello Bill and team. Thank you for the update today and would like to ask just a couple things. So first of all, on capital returns, we're approaching the time of year where Royal Gold, typically considers the next dividend increase.

非常感謝接線員，比爾和團隊您好。感謝您今天提供的最新消息，我還想問幾個問題。首先，關於資本回報，我們即將迎來 Royal Gold 通常考慮下一次提高股利的時期。

When you think about everything that's happened this year, do you think about there being an opportunity for a bigger than usual increase because of the larger portfolio, or? Could it just be a smaller increase given the heavy capital spending so far this year and then sort of related to that, what are your thoughts on share buybacks and it just kind of occurred to me when you were speaking, Bill, in response to one of the other questions about the evaluation GAAP. I mean, do you see an opportunity to utilize a share buyback to help close that?

考慮到今年發生的一切，你是否認為由於投資組合規模擴大，存在著比平常更大成長的機會？鑑於今年迄今的巨額資本支出，這是否會只是較小的增幅？另外，您對股票回購有什麼看法？比爾，在你回答另一個關於評估 GAAP 的問題時，我突然想到了這一點。我的意思是，你認為可以透過股票回購來幫助完成這項交易嗎？

Yeah, thanks a lot, and, look, on the dividend, you're absolutely right. Our board looks at it in November, I'm not going to lead high or low in terms of, what we might do there, but I, the thing we have been saying to folks is when we're going through sandstorm and horizon and Conania, one of the things the board. Said to us was, you're going to be issuing 1,819 million shares, you'll be taking on debt. We have an almost 25 year record of increasing dividends. We want to know, what's going to happen to that. That was part of their, analysis and increasing it every year is sort of near and dear to our heart. This is a board decision. I'm not going to say anything. We'll be back to the market in, a couple of weeks.

是的，非常感謝。而且，關於股息，您說得完全正確。我們的董事會將在 11 月審議此事，我不會就我們可能會採取的措施給出明確的建議，但我們一直告訴大家的是，當我們經歷沙暴、地平線和科納尼亞事件時，董事會考慮的其中一件事就是…他們告訴我們，你們將發行 18.19 億股股票，你們將承擔債務。我們已有近25年不斷提高股利的紀錄。我們想知道，接下來會發生什麼事。那是他們分析的一部分，而且每年都在增加，這對我們來說意義非凡。這是董事會的決定。我什麼也不說。我們將在幾週後重返市場。

But I, it's really important to us, notwithstanding that we have, $1.225 billion in debt, I can tell you when we went through 2015, we had the exact same thing. We spent over a billion dollars in CapEx, continued to increase the dividend. So, that on the dividends on the share buybacks, I want to give this some time, again, like talking about going to work in front of the market, telling the story. I want to see what happens to our evaluation. I mean, we still trade at a premium, and it still might be hard to justify share buybacks. But right now I want to see, what the messaging can do. And at the same time, we do want to repay that debt. So there is a use for the capital, for the cash flow that is being generated, over the course of the next year, and that's a priority as well is to pay that debt.

但是，這對我們來說真的很重要，儘管我們有 12.25 億美元的債務，我可以告訴你，當我們經歷 2015 年時，我們也面臨著完全相同的情況。我們在資本支出方面投入了超過十億美元，並持續提高股利。所以，關於股票回購的股息，我想再花點時間，就像在市場面前工作一樣，講述這個故事。我想看看我們的評估結果會如何。我的意思是，我們的股票仍然享有溢價，因此可能仍然很難證明股票回購的合理性。但現在我想看看這種訊息傳遞方式能起到什麼作用。同時，我們也想償還這筆債務。因此，這筆資金，也就是接下來一年產生的現金流，是有用途的，而首要任務就是償還債務。

Great, thank you for that. Thinking about 2026, very helpful to have that investor day kind of in the back of my mind, but then just thinking about the portfolio, so the contentious stream and sandstorm, it's changed very substantially as you look at 2026.

太好了，謝謝你。展望 2026 年，將投資者日記在心裡非常有幫助，但再想想投資組合，那些充滿爭議的事件和沙塵暴，隨著你展望 2026 年，情況已經發生了非常大的變化。

Conceptually, would you expect the material increase in.

從概念上講，你認為材料會增加嗎？

GEOs next year versus 2025 and then also thinking about when we can get real numbers on those, would we expect the 2026 guidance to then come out with that investor day in March or could we possibly get something a little earlier here just given all the moving parts.

明年的 GEOs 與 2025 年相比如何？也要考慮我們何時才能獲得這些方面的真實數據，我們是否應該期待 2026 年的業績指引在 3 月份的投資者日上公佈，或者考慮到所有不確定因素，我們是否有可能提前獲得一些資訊？

No, I think the investor day is when you're going to hear about what we expect for 2026. I mean, you have to understand that.

不，我認為投資者日那天你們才會聽到我們對 2026 年的預期。我的意思是，你必須明白這一點。

Sort of assets, the producing assets have been in our portfolio for 2.5 weeks. So, I even thinking about making an estimate for next year right now would not be, the smartest thing in the world. So, investor day, we'll be talking about guidance, and talking about the all the portfolio in this new portfolio, as you say, and what it means for next year.

這類資產，生產性資產已經在我們的投資組合中存在了 2.5 週。所以，我現在就考慮對明年的情況進行預測，絕對不是最明智的做法。所以，在投資者日當天，我們將討論績效指引，並像你所說的，討論這個新投資組合中的所有資產，以及這對明年意味著什麼。

Very helpful. And then just finally there was an update from Arrow yesterday on Zaventina. This concept of pro processing stockpiles would real gold benefit from.

很有幫助。昨天，Arrow 終於發布了 Zaventina 的最新消息。這種專業處理庫存的概念將有利於真正的黃金。

That in any way? Yes, I mean, it's gold production. We expect it will. A flow through to our interest.

無論如何？是的，我的意思是，這是黃金生產。我們預計會如此。與我們的興趣點相符。

Okay, thank you very much, appreciate it. Thanks.

好的，非常感謝，感激不盡。謝謝。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，加拿大豐業銀行。

Okay, good morning, everybody. Thank you so much for taking my question. Just wanted to, finish up on this, on the sams on transaction. Bill, you mentioned that, we'll take another charge you for, you've, integrating asset people at this point. Is it fair to assume that as we look at Twenty6, besides, looking at obviously the depreciation and what, the guidance on that basis, all of the noise will be out of, so all of the unusual items are going to be closed in 2025, have the people and have respond and everything finalized and so 2026 would be a to look at.

好的，大家早安。非常感謝您回答我的問題。我只是想把這件事，也就是關於交易的那些事，做完。比爾，你提到了這一點，我們會再向你收取一項費用，因為你目前正在整合資產人員。我們是否可以合理地假設，當我們審視 Twenty6 時，除了顯然要考慮折舊以及基於此的指導之外，所有乾擾因素都將消除，所有不尋常的項目都將在 2025 年完成，人員將做出回應，一切都將最終確定，因此 2026 年值得關注。

Yeah, Tanya, that is, that, that's the one thing I've sort of said to the team is I want everything done by the end of this year that is non-recurring with respect to this transaction because as I said, we need to start building this record of quarter over quarter of sort of recurring business where we can show the revenue, we can show the cash flow that we're generating. And what I don't want to have is a bunch of expenses leaking into the 1st quarter. Now we may not, depending on the invoicing that we get, we may not be able to do that, but I'm highly confident that we're going to be able to isolate the rest of the transaction expenses in the 4th quarter of this year.

是的，Tanya，我跟團隊說過，我希望今年年底前完成所有與這筆交易相關的非經常性事項，因為正如我所說，我們需要開始建立季度環比的經常性業務記錄，這樣我們才能展示收入，才能展示我們產生的現金流。我最不希望看到的就是一大堆開銷湧入第一季。現在，根據我們收到的發票情況，我們可能無法做到這一點，但我非常有信心，我們將在今年第四季將剩餘的交易費用隔離。

Okay, so that'll be good. So like 2026 will be what this would look like with all of these pieces in place.

好的，那很好。所以，如果所有這些條件都具備，到 2026 年大概就會是這個樣子。

Yeah, okay, That that's good, and maybe I could go on to, Paul. This is an accounting question from a non-accountant, so maybe, I just want to make sure that I count correctly, the amount mail then.

好的，那就好，也許我可以繼續講下去，保羅。這是一個非會計專業人士提出的會計問題，所以也許，我只是想確保我計算的郵件數量正確。

Cost support agreement of that 11,000s that $44 million that came in on October 3rd, so nothing through the income statement. Where will it show up in the cash flow? Where is that going to be put exactly so I have it in the exact place.

10 月 3 日收到的 11,000 萬美元成本支持協議金額為 4,400 萬美元，因此不會影響損益表。它將在現金流的哪個部分體現出來？它到底要放在哪裡？我好確保它放在正確的位置。

Hey Tanya, yeah, thanks for the question. Yeah, so we, we've talked, on a few calls and had some commentary even today, just on that treatment, but, yeah, the Milligan cost per agreement, certainly was, a unique transaction for us. But, even Bill mentioned today, certainly it's a win-win for both companies. But, you may recall that the consideration that we received for that additional support that, we're going to provide. Was in the form of cash and then that deferred gold and then the free cash flow interest at Milligan as well. And so I think the easiest way to think about this and on how it will impact the financials is, all that consideration that we received as part of the agreement will eventually be all be recognized as that deferred support liability that's on the balance sheet currently at $25 million.

嗨，塔尼亞，是的，謝謝你的提問。是的，我們已經透過幾次電話討論過，甚至今天也對此發表了一些評論，但，是的，Milligan 的每份協議的成本，對我們來說確實是一筆獨特的交易。但正如比爾今天所提到的，這無疑對兩家公司來說都是雙贏的局面。但是，您可能還記得，我們​​為提供額外支持而獲得的報酬。以現金支付，然後是遞延黃金，然後是 Milligan 的自由現金流利息。因此，我認為思考這個問題以及它將如何影響財務狀況的最簡單方法是，我們作為協議的一部分收到的所有對價最終都將確認為資產負債表上目前為 2500 萬美元的遞延支持負債。

Because we have that obligation to provide additional cash payments, under the agreement in exchange for that consideration that, Milligan or Center provided. So with the gold that we received in, early October, that deferred support liability is going to increase by the fair value.

因為我們有義務根據協議提供額外的現金支付，作為對價，Milligan 或 Center 提供了該對價。因此，隨著我們在 10 月初收到的黃金，遞延支持負債將以公允價值增加。

Of those ounces that we received and sold, again, we sell those ounces, immediately or shortly after, we receive them, so you're not going to see much, if any, likely not much, in the form of, a P&L impact. So, but again, as a reminder, when we, receive and sell those s, they're not part of our sales guidance here in 2025. But even as I mentioned in the prepared remarks that we do anticipate receiving the next delivery in 2026, so you won't see those ounces show up in some of that guidance that we provide in 2026, as well.

對於我們收到並售出的那些盎司黃金，我們會在收到後立即或不久後售出，因此您不會看到太多，如果有的話，很可能不會對損益表產生太大影響。所以，再次提醒大家，當我們收到並出售這些產品時，它們並不屬於我們 2025 年的銷售指導範圍。但正如我在準備好的演講稿中提到的，我們預計將在 2026 年收到下一批貨物，因此您不會在我們 2026 年提供的一些指導中看到這些盎司的出現。

Yeah, I appreciate, I know it's not part of your revenue. I know it's not part of your GEO ounces. Does it go anywhere through the cash flow statements or just a balance sheet that I think about?

是的，我很感激，我知道這不屬於你們的收入來源。我知道它不屬於你們的地理盎司數。它是否體現在現金流量表中，還是只是體現在我所想到的資產負債表中？

Just balance sheet.

僅資產負債表。

The balance sheet. Okay, that's all I just wanted to, clarify, and then, maybe I can have maybe Bill or, someone in the team just, talk to us about, you're, you've done two big deals, I just quickly looked at your available liquidity after you adjust for the sandstorm deal and your 100 million payment that needs to go out.

資產負債表。好的，我只是想澄清一下，然後，也許我可以請比爾或團隊裡的某個人跟我們談談，你們已經完成了兩筆大交易，我剛才快速查看了一下你們在扣除沙塵暴交易和需要支付的 1 億美元款項後的可用流動資金。

Plus, the 4, the, just, you have maybe $300 million,$400 million of available liquidity. Are you still looking at, transactions in this market opportunities, or have we put a pause on that?

另外，還有，你可能有 3 億到 4 億美元的可用流動資金。您還在關注這個市場的交易機會嗎？還是我們已經暫停了這方面的工作？

No, we're still looking, well I don't think we'll ever stop looking. There are still opportunities in the market. They're, I think the ones we're seeing are not of the scale that of the ones we just did like Conany.

不，我們仍在尋找，而且我認為我們永遠不會停止尋找。市場仍然存在機會。我認為，我們現在看到的這些，規模不如我們剛剛做的那些，例如康納尼。

I think one of the interesting dynamics on the BD side is with where the gold price has gone. I've always said that BD is harder to do when the gold price is volatile because it's hard to land on a gold price that both the seller and the purchaser can agree on and. If, yeah, no one, I don't think anybody in our sector is using $4000 an ounce to value things, but at the same time, I'm not sure the seller is going to be accepting of a long-term consensus price of $3000 so that may slow the processes down a little bit, but we're not closed, we're not going to sit on our hands until we repay that debt. We're still active.

我認為孟加拉國方面一個有趣的動態是黃金價格的走勢。我一直認為，當金價波動較大時，BD（買賣交易）會更難進行，因為很難找到一個買賣雙方都能接受的金價。是的，我認為我們這個行業裡沒有人會用每盎司 4000 美元的價格來給黃金估價，但同時，我也不確定賣家是否會接受 3000 美元的長期共識價格，這可能會稍微減慢交易進程，但我們並沒有放棄，我們不會坐等還清債務。我們仍在活動中。

And would, what would you be comfortable size-wise? Would it be that 100 million to 300 million range?

那麼，您覺得什麼樣的尺寸比較適合呢？會是1億到3億這個範圍嗎？

Yeah, I mean that that's what we normally see in the market, I think at this point what I would say if we did do something would have to be something we really loved, like, yeah, because you have a choice so we can continue to pay down the debt or we can make new investments, and I'm happy doing both, but the investment that we might make, I think would have to be something we found so attractive we just could not pass it up.

是的，我的意思是，這通常是我們在市場上看到的現象。我認為，如果我們真的要做什麼，那一定是我們真正喜歡的事情。因為我們可以選擇繼續償還債務，也可以進行新的投資。我樂意兩者都做，但我們可能進行的投資，我認為必須是我們認為非常有吸引力，以至於我們無法拒絕的事情。

So would it be fair to assume, Bill, that it would be like, so if anything in your existing, portfolio came, available, in, let's say in, parts of projects that you already have an interest and something becomes available that would be kind of viewed as a bolt on, would that be what you're saying versus like going into new jurisdictions?

比爾，那麼這樣理解是否合理：如果你的現有投資組合中，有你感興趣的項目的一部分出現，而這部分又恰好可以作為附加投資，你指的是這種情況，還是指進入新的司法管轄區？

No, I mean, not just bolt on acquisitions. If it comes within the portfolio, great, we'll look at it and if it's a completely new company, new project, we'll look at that as well if it's attractive, we may decide that we do want to make that investment. We just have to manage. I think people want to see the debt come down even though I'm comfortable with it, but there we just have to balance it.

不，我的意思是，不僅僅是零星收購。如果它在我們投資組合之內，那就太好了，我們會考慮；如果它是一家全新的公司、一個全新的項目，我們也會考慮，如果它有吸引力，我們可能會決定進行這項投資。我們只能想辦法應對。我認為人們都希望看到債務下降，雖然我個人覺得債務水平還可以接受，但我們必須找到一個平衡點。

Yeah, fair enough. It's nice to see the $4000 gold price. We just don't know how long it stays, right? Thank you.

嗯，有道理。看到金價達到每盎司4000美元真是令人高興。我們只是不知道它會持續多久，對吧？謝謝。

Exactly. Thanks.

確切地。謝謝。

Derek Mar, TD Cowen.

Derek Mar，TD Cowen。

Thank you. I just had a quick accounting question. Is there going to be a bump in the cost base of some of these former sandstorm assets, i.e., will depreciation for the assets be higher than they were when they were in sandalone and sandstorm?

謝謝。我有個會計方面的問題想請教一下。這些以前在沙暴行動中累積的資產，其成本基礎是否會上升？也就是說，這些資產的折舊是否會比它們在沙暴行動和沙暴行動期間更高？

Paul, over to you.

保羅，該你了。

Derek. Yeah, sir.Hey Derek, yeah, as we, as I mentioned, our prior marks, and we're still going through that accounting, at the moment, and, as far as the, allocation of the purchase price there which obviously will include, the allocation among the different interests at Sandstorm and impacting the depletion rate, so we're still going through all that at the moment, I do think that we'll be able to private a bit more information on that, within our next, update call.

德里克。是的，先生。嘿，德里克，是的，正如我剛才提到的，我們之前的業績，目前我們仍在進行會計核算，至於收購價格的分配，這顯然包括在 Sandstorm 不同權益之間的分配，並會影響損耗率，所以我們目前仍在處理所有這些問題。我認為，在下次更新電話會議上，我們將能夠提供更多相關資訊。

Okay great thanks that's it for me.

好的，非常感謝，我的情況就是這樣。

Carey MacRury, Canaccord.

Carey MacRury，Canaccord。

Hey, good morning guys. So based on Barrack's 4 mile update, it looks like demineralization and potentially trending maybe off your royalty ground. Is that the case, or do you see it as all being on your royalty ground?

嘿，各位早安。根據 Barrack 4 英里的最新情況來看，礦化作用似乎正在減弱，而且可能正在超出您的特許權範圍。情況真是如此嗎？還是您認為這一切都屬於您的版稅範圍？

Pardon, can I push that one to you?

不好意思，我可以把那個問題推給你嗎？

Yeah, on our royalty grounds, Kerry. We don't see any of the material that they're identifying at the moment as being off our ground.

是的，就我們皇室成員而言，凱裡。我們認為他們目前所指認的任何材料都不在我們這片土地上。

Okay, great.

好的，太好了。

And then, I know inclusion in the S&P 500's always been an elusive target. Do you see with these transactions that that's more likely now, or have the goalpos moved on that?

而且，我知道被納入標普500指數一直是個難以企及的目標。你認為從這些交易來看，這種情況發生的可能性更大嗎？還是說目標已經轉移了？

I think we're still a bit of ways, the last time we checked, I think that the minimum was like $20.5 billion and. We would still have a ways to go to achieve that one. Okay, great, thanks guys. Thank you.

我認為我們還有一段路要走，上次我們查看的時候，最低目標好像是 205 億美元。我們距離實現這個目標還有很長的路要走。好的，太好了，謝謝大家。謝謝。

That concludes the Q&A portion of today's call. I'll now hand back over to Bill for some closing comments.

今天的電話會議問答環節到此結束。現在我將把發言權交還給比爾，讓他做一些總結性發言。

Well, thanks everyone for taking the time to join us today and for all the good questions. We appreciate your interest in Royal Gold. We look forward to updating you on our progress in the new year. Take care.

感謝大家今天抽出時間參加我們的節目，也感謝大家提出的所有好問題。感謝您對皇家黃金的關注。我們期待在新的一年向您報告我們的進展。小心。

Thank you all for joining. That concludes today's call. You may now disconnect your line.

感謝各位的參與。今天的電話會議到此結束。現在您可以斷開線路了。