UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended ~~September~~June 30, ~~2021~~2022


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-13357

Royal Gold, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware		84-0835164
(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation)		Identification No.)

1144 15^th Street, Suite 2500
Denver, Colorado		80202
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code (303) 573-1660

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of the Exchange on which Registered
Common Stock, $0.01 par value	RGLD	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were ~~65,637,291~~65,639,660 shares of Royal Gold common stock outstanding as of ~~October~~July 28, ~~2021.~~2022.

Table of Contents

In this Quarterly Report on Form 10-Q, Royal Gold, Inc., together with its subsidiaries, is collectively referred to as “Royal Gold,” “we,” “us,” or “our.”

INDEX

		PAGE

PART I	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Consolidated Balance Sheets	3
	Consolidated Statements of Operations and Comprehensive Income	4
	Consolidated Statements of Changes in Stockholders’ Equity	5
	Consolidated Statements of Cash Flows	6
	Notes to Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	2729

Item 4.	Controls and Procedures	2729

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	2729

Item 1A.	Risk Factors	2729

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2830

Item 3.	Defaults Upon Senior Securities	2830

Item 4.	Mine Safety Disclosures	2830

Item 5.	Other Information	2830

Item 6.	Exhibits	2931

SIGNATURES		3032

Table of Contents

ITEM 1. FINANCIAL STATEMENTS

ROYAL GOLD, INC.

Consolidated Balance Sheets

(Unaudited, amounts in thousands except share data)


	September 30,		June 30,		June 30,		December 31,
	2021		2021		2022		2021
ASSETS
Cash and equivalents	$	160,208	$	225,916	$	280,617	$	143,551
Royalty receivables		52,959		47,242		36,868		54,088
Income tax receivable		4,081		4,520		7,712		4,915
Stream inventory		12,222		17,684		13,172		11,607
Prepaid expenses and other		2,613		1,773		1,971		1,835
Total current assets		232,083		297,135		340,340		215,996
Stream and royalty interests, net (Note 3)		2,476,630		2,262,158		2,389,864		2,443,752
Other assets		96,964		92,312		122,842		97,284
Total assets	$	2,805,677	$	2,651,605	$	2,853,046	$	2,757,032
LIABILITIES
Accounts payable	$	5,471	$	6,398	$	7,067	$	6,475
Dividends payable		19,690		19,681		22,984		22,966
Income tax payable		23,933		14,479		24,047		19,070
Other current liabilities		11,170		11,525		9,915		12,917
Total current liabilities		60,264		52,083		64,013		61,428
Debt (Note 5)		95,403		—

Deferred tax liabilities		87,687		88,000		86,206		87,705
Uncertain tax positions		890		910
Other liabilities		6,920		7,197		6,169		6,688
Total liabilities		251,164		148,190		156,388		155,821
Commitments and contingencies (Note 12)
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued		—		—		—		—
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,563,802 and 65,551,061 shares outstanding, respectively		656		656
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,569,687 and 65,564,364 shares outstanding, respectively						656		656
Additional paid-in capital		2,204,457		2,203,863		2,210,809		2,206,159
Accumulated earnings		336,734		286,249		472,764		381,929
Total Royal Gold stockholders’ equity		2,541,847		2,490,768		2,684,229		2,588,744
Non-controlling interests		12,666		12,647		12,429		12,467
Total equity		2,554,513		2,503,415		2,696,658		2,601,211
Total liabilities and equity	$	2,805,677	$	2,651,605	$	2,853,046	$	2,757,032

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

ROYAL GOLD, INC.

Consolidated Statements of Operations and Comprehensive Income

(Unaudited, amounts in thousands except share data)

Three Months Ended

September 30,

September 30,

2021

2020
Revenue (Note 6)

$
174,431

146,880

Costs and expenses

Cost of sales (excludes depreciation, depletion and amortization)

27,230

21,902
General and administrative

7,129

7,454
Production taxes

2,054

1,355
Exploration costs

—

563
Depreciation, depletion and amortization

50,611

46,300
Total costs and expenses

87,024

77,574

Gain on sale of Peak Gold JV interest

—

33,906
Operating income

87,407

103,212

Fair value changes in equity securities

176

2,539
Interest and other income

819

421
Interest and other expense

(1,908)

(1,875)
Income before income taxes

86,494

104,297

Income tax (expense) benefit

(16,028)

2,377
Net income and comprehensive income

70,466

106,674
Net (income) loss and comprehensive (income) loss attributable to non-controlling interests

(290)

265
Net income and comprehensive income attributable to Royal Gold common stockholders

$
70,176

$
106,939
Net income per share attributable to Royal Gold common stockholders:

Basic earnings per share

$
1.07

$
1.63
Basic weighted average shares outstanding

65,556,608

65,537,714
Diluted earnings per share

$
1.07

$
1.63
Diluted weighted average shares outstanding

65,627,845

65,632,689
Cash dividends declared per common share

$
0.30

$
0.28


	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2022		2021		2022		2021
Revenue (Note 6)	$	146,441	$	168,027	$	308,796	$	310,616

Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)		23,810		24,668		46,450		46,137
General and administrative		9,312		7,212		18,243		14,143
Production taxes		1,425		2,152		3,646		3,987
Depreciation, depletion and amortization		43,989		48,028		91,976		89,324
Total costs and expenses		78,536		82,060		160,315		153,591

Operating income		67,905		85,967		148,481		157,025

Fair value changes in equity securities		(2,191)		1,957		(1,577)		3,859
Interest and other income		1,118		676		2,093		1,409
Interest and other expense		(1,398)		(1,145)		(2,296)		(2,965)
Income before income taxes		65,434		87,455		146,701		159,328

Income tax benefit (expense)		5,911		(5,536)		(9,393)		(23,214)
Net income and comprehensive income		71,345		81,919		137,308		136,114
Net income and comprehensive income attributable to non-controlling interests		(205)		(242)		(492)		(409)
Net income and comprehensive income attributable to Royal Gold common stockholders	$	71,140	$	81,677	$	136,816	$	135,705
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share	$	1.08	$	1.24	$	2.08	$	2.07
Basic weighted average shares outstanding		65,569,190		65,550,682		65,567,621		65,550,542
Diluted earnings per share	$	1.08	$	1.24	$	2.08	$	2.07
Diluted weighted average shares outstanding		65,678,320		65,636,964		65,661,653		65,629,284
Cash dividends declared per common share	$	0.35	$	0.30	$	0.70	$	0.60

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Three months ended ~~September~~June 30, ~~2021~~2022, and ~~2020~~2021

(unaudited, amounts in thousands except share data)


	Royal Gold Stockholders

				Additional
	Common Shares			Paid-In		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Earnings		Interests		Equity
Balance at March 31, 2022	65,568,799	$	656	$	2,208,425	$	424,608	$	12,425	$	2,646,114
Stock-based compensation and related share issuances	888		—		2,384		—		—		2,384
Distributions to non-controlling interests	—		—		—		—		(201)		(201)
Net income and comprehensive income	—		—		—		71,140		205		71,345
Dividends declared	—		—		—		(22,984)		—		(22,984)
Balance at June 30, 2022	65,569,687	$	656	$	2,210,809	$	472,764	$	12,429	$	2,696,658

	Royal Gold Stockholders

				Additional
	Common Shares			Paid-In		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Earnings		Interests		Equity
Balance at March 31, 2021	65,550,445	$	656	$	2,202,410	$	224,254	$	12,805	$	2,440,125
Stock-based compensation and related share issuances	616		—		1,453		—		—		1,453
Distributions to non-controlling interests	—		—		—		—		(400)		(400)
Net income and comprehensive income	—		—		—		81,677		242		81,919
Dividends declared	—		—		—		(19,682)		—		(19,682)
Balance at June 30, 2021	65,551,061	$	656	$	2,203,863	$	286,249	$	12,647	$	2,503,415

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Six Months ended June 30, 2022, and 2021

(unaudited, amounts in thousands except share data)

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

Earnings

Interests

Equity
Balance at June 30, 2021

65,551,061

$
656

$
2,203,863

$
286,249

$
12,647

$
2,503,415
Stock-based compensation and related share issuances

12,741

—

594

—

—

594
Distributions to non-controlling interests

—

—

—

—

(271)

(271)
Net income and comprehensive income

—

—

—

70,176

290

70,466
Dividends declared

—

—

—

(19,691)

—

(19,691)
Balance at September 30, 2021

65,563,802

$
656

$
2,204,457

$
336,734

$
12,666

$
2,554,513

Royal Gold Stockholders

Additional

Common Shares

Paid-In

Accumulated

Non-controlling

Total

Shares

Amount

Capital

Earnings

Interests

Equity
Balance at June 30, 2020

65,631,288

$
655

$
2,210,429

$
61,133

$
29,902

$
2,302,119
Stock-based compensation and related share issuances

14,318

1

105

—

—

106
Sale of Peak Gold JV interest

—

—

(10,829)

—

(16,218)

(27,047)
Distributions to non-controlling interests

—

—

—

—

(261)

(261)
Net income (loss) and comprehensive income (loss)

—

—

—

106,939

(265)

106,674
Dividends declared

—

—

—

(18,370)

—

(18,370)
Balance at September 30, 2020

65,645,606

$
656

$
2,199,705

$
149,702

$
13,158

$
2,363,221


	Royal Gold Stockholders

				Additional
	Common Shares			Paid-In		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Earnings		Interests		Equity
Balance at December 31, 2021	65,564,364	$	656	$	2,206,159	$	381,929	$	12,467	$	2,601,211
Stock-based compensation and related share issuances	5,323		—		4,650		—		—		4,650
Distributions to non-controlling interests	—		—		—		—		(530)		(530)
Net income and comprehensive income	—		—		—		136,816		492		137,308
Dividends declared	—		—		—		(45,981)		—		(45,981)
Balance at June 30, 2022	65,569,687	$	656	$	2,210,809	$	472,764	$	12,429	$	2,696,658

	Royal Gold Stockholders

				Additional
	Common Shares			Paid-In		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Earnings		Interests		Equity
Balance at December 31, 2020	65,548,415	$	656	$	2,201,076	$	189,910	$	13,037	$	2,404,679
Stock-based compensation and related share issuances	2,646		—		2,787		—		—		2,787
Distributions to non-controlling interests	—		—		—		—		(799)		(799)
Net income and comprehensive income	—		—		—		135,705		409		136,114
Dividends declared	—		—		—		(39,366)		—		(39,366)
Balance at June 30, 2021	65,551,061	$	656	$	2,203,863	$	286,249	$	12,647	$	2,503,415

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

ROYAL GOLD, INC.

Consolidated Statements of Cash Flows

(Unaudited, amounts in thousands)


	Three Months Ended				Six Months Ended
	September 30,		September 30,		June 30,		June 30,
	2021		2020		2022		2021
Cash flows from operating activities:
Net income and comprehensive income	$	70,466	$	106,674	$	137,308	$	136,114
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:

Depreciation, depletion and amortization		50,611		46,300		91,976		89,324
Gain on sale of Peak Gold JV interest		—		(33,906)
Non-cash employee stock compensation expense		1,503		1,493		4,542		2,837
Fair value changes in equity securities		(176)		(2,539)		1,577		(3,859)
Deferred tax benefit		(396)		(10,545)
Deferred tax (benefit) expense						(28,114)		8,861
Other		845		111		491		572
Changes in assets and liabilities:
Royalty receivables		(5,718)		(5,884)		17,220		(2,925)
Stream inventory		5,463		(5,488)		(1,564)		(3,785)
Income tax receivable		439		(1,864)		(2,797)		4,419
Prepaid expenses and other assets		(1,026)		260		(1,359)		(582)
Accounts payable		(927)		(235)		592		3,786
Income tax payable		9,454		12,408		4,976		(8,839)
Uncertain tax positions		(20)		(12,196)		—		(12,358)
Other liabilities		(633)		(437)		(3,519)		(479)
Net cash provided by operating activities	$	129,885	$	94,152	$	221,329	$	213,086

Cash flows from investing activities:
Acquisition of stream and royalty interests		(265,000)		(11,304)		(37,841)		(119,315)
Khoemacau subordinated debt facility		(7,000)		—		—		(18,000)
Proceeds from sale of Peak Gold JV interest		—		49,154
Proceeds from sale of Contango shares		—		12,146
Proceeds from sale of equity securities						—		8,651
Other		(733)		(339)		(36)		(177)
Net cash (used in) provided by investing activities	$	(272,733)	$	49,657
Net cash used in investing activities					$	(37,877)	$	(128,841)

Cash flows from financing activities:
Repayment of debt		—		(30,000)		—		(200,000)
Borrowings from revolving credit facility		100,000		—
Net payments from issuance of common stock		(909)		(1,389)		108		(50)
Common stock dividends		(19,682)		(18,365)		(45,953)		(39,364)
Other		(2,269)		(67)		(541)		(774)
Net provided by (used in) financing activities	$	77,140	$	(49,821)
Net (decrease) increase in cash and equivalents		(65,708)		93,988
Net cash used in financing activities					$	(46,386)	$	(240,188)
Net increase (decrease) in cash and equivalents						137,066		(155,943)
Cash and equivalents at beginning of period		225,916		319,128		143,551		381,859
Cash and equivalents at end of period	$	160,208	$	413,116	$	280,617	$	225,916

The accompanying notes are an integral part of these consolidated financial statements.

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ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

1. OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS

Royal Gold Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in a mining project that provide the right to revenue or metals produced from the project after deducting contractually specified costs, if any.

~~Change in Fiscal Year End~~

On August 9, 2021, our board of directors approved a change in our fiscal year end from June 30 to December 31, effective as of December 31, 2021. As a result, we expect to file a Transitional Report on Form 10-KT in early 2022 for the six-month transition period from July 1, 2021, to December 31, 2021.

Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended ~~September~~June 30, ~~2021~~2022 are not necessarily indicative of the results that may be expected for the ~~six-month transition period~~calendar year ending December 31, ~~2021.~~2022. These interim unaudited consolidated financial statements should be read in conjunction with our ~~Annual~~Transition Report on Form 10-K for the ~~fiscal year~~six months ended ~~June 30,~~December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on ~~August 12, 2021~~February 17, 2022 (“~~Fiscal 2021 10-K”~~Transition Report”).

Recent Accounting Standards

We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.

2. ACQUISITIONS ~~AND DISPOSITIONS~~

~~Red Chris~~Lawyers Royalty Acquisition

On ~~August 11, 2021,~~March 24, 2022, we acquired a ~~1.0%~~0.5% net smelter ~~return~~returns royalty ~~covering approximately 5,100 hectares,~~(“NSR”) on production from the Lawyers Project, currently operated by Benchmark Metals Inc., which ~~includes the currently known mineralization and prospective exploration areas of the Red Chris Mine~~is located in British Columbia, Canada. As part of this transaction, we also acquired a right of first offer (“ROFO”) for an existing 2.0% NSR royalty over the Ranch Project owned by Thesis Gold, Inc. that is located adjacent to the Lawyers Project. We paid ~~$165~~$8.0 million in cash consideration for the royalty and ROFO to ~~Glencore Canada Corporation, a wholly owned subsidiary of Glencore International AG.~~

Guardsmen Resources Inc. The Red Chris Mine is an operating open pit mine producing gold, copper and silver, and is located on the northern edge of the Skeena Mountains. The mine is owned and operated by a joint venture (the “Red Chris JV”), which is owned 70% by Newcrest Mining Ltd. (“Newcrest”) and 30% by Imperial Metals Corporation, in which Newcrest is the operator.

~~The Red Chris royalty~~Lawyers Project acquisition has been accounted for as an asset acquisition. The ~~$165~~$8.0 million cash consideration, plus direct acquisition costs, have been recorded ~~and allocated between production and~~as an exploration stage royalty ~~interests~~interest (Note 3) within Stream and royalty interests, net on our consolidated balance sheets. ~~Approximately $116.1~~

Khoemacau Silver Stream

On February 23, 2022, we made an advance payment of $10.0 million toward the option stream which increased our right to receive payable silver produced from Khoemacau from 90% to 93%, and ~~$48.9~~on March 14, 2022, we made our final advance payment of $16.5 million ~~was allocated~~toward the option stream which increased our right to receive payable silver produced from 93% to 100%. Cumulative advance payments of $265 million, plus direct acquisition costs, have been recorded as a production stage stream interest within Stream and ~~exploration stage~~ royalty interests, net on our consolidated balance sheets.

As of June 30, 2022, $25.0 million of the subordinated debt facility, and $3.5 million of accrued interest ~~respectively, as of September 30,~~remains outstanding on the Khoemacau subordinated debt facility, and these amounts are included in Other assets in our

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ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

~~2021. The~~consolidated balance sheets. Refer to our Transition Report for further details on the Khoemacau silver stream acquisition ~~cost of the production stage Red Chris royalty will be depleted using the units of production method, which is estimated using aggregate proven~~ and ~~probable reserves, as provided by Newcrest.~~subordinated debt facility.

~~NX Gold Mine Gold Stream Acquisition~~

On June 30, 2021, we announced that we entered into a precious metals purchase agreement for gold produced from the operating underground NX Gold Mine in Brazil (“NX Gold Stream”) with Ero Gold Corporation, a wholly owned subsidiary of Ero Copper Corporation, and certain of its affiliates (together, “Ero”).

On August 6, 2021, we made an advance payment of $100 million upon closing the transaction. In exchange for the consideration provided, we will receive 25% of the gold produced from the NX Gold Mine until the delivery of 93,000 ounces, and 10% thereafter. We will pay 20% of the spot gold price for each ounce delivered until the delivery of 49,000 ounces, and 40% of the spot gold price thereafter. Per the purchase agreement, we may make up to an additional $10 million of advance payments from the beginning of calendar 2022 through the end of calendar 2024 based on Ero meeting success-based targets related to regional exploration and resource additions.

3. STREAM AND ROYALTY INTERESTS, NET

The NX Gold Stream has been accounted for as an asset acquisition. The $100 million advance payment, plus direct acquisition costs, have been recorded and allocated between production and exploration stagefollowing tables summarize our stream ~~interests (Note 3) within~~ ~~Stream~~ and royalty interests, net ~~on our consolidated balance sheets. Approximately $54.9 million and $45.1 million was allocated to production stage and exploration stage stream interest, respectively,~~ as of ~~September~~June 30, ~~2021.The acquisition cost of the production stage NX Gold Stream will be depleted using the units of production method, which is estimated using aggregate proven~~2022 and ~~probable reserves, as provided by Ero.~~December 31, 2021.


As of June 30, 2022 (Amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage stream interests:
Mount Milligan	$	790,635	$	(369,245)	$	421,390
Pueblo Viejo		610,404		(274,189)		336,215
Andacollo		388,182		(146,235)		241,947
Khoemacau		265,911		(8,055)		257,856
Rainy River		175,727		(56,351)		119,376
Wassa		146,475		(90,625)		55,850
Other		69,101		(8,371)		60,730
Total production stage stream interests		2,446,435		(953,071)		1,493,364

Production stage royalty interests:
Voisey's Bay		205,724		(116,383)		89,341
Red Chris		116,187		(1,797)		114,390
Peñasquito		99,172		(55,399)		43,773
Cortez		80,681		(28,232)		52,449
Other		447,251		(392,962)		54,289
Total production stage royalty interests		949,015		(594,773)		354,242
Total production stage stream and royalty interests		3,395,450		(1,547,844)		1,847,606

Development stage stream interests:
Other		12,038		—		12,038
Development stage royalty interests:
Côté		45,421		—		45,421
Other		62,796		—		62,796
Total development stage stream and royalty interests		120,255		—		120,255

Exploration stage stream interests:
NX Gold		34,253		—		34,253
Exploration stage royalty interests:
Pascua-Lama		177,690		—		177,690
Red Chris		48,895		—		48,895
Côté		29,610		—		29,610
Other		131,555		—		131,555
Total exploration stage stream and royalty interests		422,003		—		422,003
Total stream and royalty interests, net	$	3,937,708	$	(1,547,844)	$	2,389,864

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ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

~~3. STREAM AND ROYALTY INTERESTS, NET~~


As of December 31, 2021 (Amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage stream interests:
Mount Milligan	$	790,635	$	(336,921)	$	453,714
Pueblo Viejo		610,405		(260,321)		350,084
Andacollo		388,182		(139,035)		249,147
Khoemacau		239,411		(3,402)		236,009
Rainy River		175,727		(50,115)		125,612
Wassa		146,475		(84,915)		61,560
Other		69,101		(4,193)		64,908
Total production stage stream interests		2,419,936		(878,902)		1,541,034

Production stage royalty interests:
Voisey's Bay		205,724		(113,602)		92,122
Red Chris		116,187		—		116,187
Peñasquito		99,172		(53,022)		46,150
Cortez		80,681		(23,225)		57,456
Other		447,799		(387,364)		60,435
Total production stage royalty interests		949,563		(577,213)		372,350
Total production stage stream and royalty interests		3,369,499		(1,456,115)		1,913,384

Development stage stream interests:
Other		12,037		—		12,037
Development stage royalty interests:
Côté		45,421		—		45,421
Other		54,755		—		54,755
Total development stage stream and royalty interests		112,213		—		112,213

Exploration stage stream interests:
NX Gold		30,974		—		30,974
Exploration stage royalty interests:
Pascua-Lama		177,690		—		177,690
Red Chris		48,895		—		48,895
Côté		29,610		—		29,610
Other		130,986		—		130,986
Total exploration stage stream and royalty interests		418,155		—		418,155
Total stream and royalty interests, net	$	3,899,867	$	(1,456,115)	$	2,443,752

~~The following tables summarize our stream and royalty interests, net as of September 30, 2021, and June 30, 2021.~~

As of September 30, 2021 (Amounts in thousands):

Cost

Accumulated Depletion

Net
Production stage stream interests:

Mount Milligan

$
790,635

$
(320,831)

$
469,804
Pueblo Viejo

610,404

(252,167)

358,237
Andacollo

388,182

(134,661)

253,521
Khoemacau

223,496

(78)

223,418
Rainy River

175,727

(46,106)

129,621
Wassa

146,475

(81,958)

64,517
Other

54,933

(2,420)

52,513
Total production stage stream interests

2,389,852

(838,221)

1,551,631

Production stage royalty interests:

Voisey's Bay

205,724

(111,535)

94,189
Red Chris

116,105

—

116,105
Peñasquito

99,172

(51,552)

47,620
Cortez

80,681

(21,368)

59,313
Other

442,995

(384,488)

58,507
Total production stage royalty interests

944,677

(568,943)

375,734
Total production stage stream and royalty interests

3,334,529

(1,407,164)

1,927,365

Development stage stream interests:

Other

12,037

—

12,037
Development stage royalty interests:

Côté

45,421

—

45,421
Other

54,756

—

54,756
Total development stage stream and royalty interests

112,214

—

112,214

Exploration stage stream interests:

NX Gold

45,067

—

45,067
Exploration stage royalty interests:

Pascua-Lama

177,690

—

177,690
Red Chris

48,895

—

48,895
Côté

29,610

29,610
Other

135,789

—

135,789
Total exploration stage stream and royalty interests

437,051

—

437,051
Total stream and royalty interests, net

$
3,883,794

$
(1,407,164)

$
2,476,630

~~Table of Contents~~

~~ROYAL GOLD, INC.~~

~~Notes to Consolidated Financial Statements~~

~~(Unaudited)~~

As of June 30, 2021 (Amounts in thousands):

Cost

Accumulated Depletion

Net
Production stage stream interests:

Mount Milligan

$
790,635

$
(300,378)

$
490,257
Pueblo Viejo

610,404

(243,706)

366,698
Andacollo

388,182

(131,578)

256,604
Rainy River

175,727

(41,772)

133,955
Wassa

146,475

(78,865)

67,610
Total production stage stream interests

2,111,423

(796,299)

1,315,124

Production stage royalty interests:

Voisey's Bay

205,724

(109,850)

95,874
Peñasquito

99,172

(50,176)

48,996
Cortez

80,681

(19,128)

61,553
Other

442,871

(381,191)

61,680
Total production stage royalty interests

828,448

(560,345)

268,103
Total production stage stream and royalty interests

2,939,871

(1,356,644)

1,583,227

Development stage stream interests:

Khoemacau

223,502

—

223,502
Other

12,037

—

12,037
Development stage royalty interests:

Côté

45,423

—

45,423
Other

54,755

—

54,755
Total development stage stream and royalty interests

335,717

—

335,717

Exploration stage royalty interests:

Pascua-Lama

177,690

—

177,690
Côté

29,610

—

29,610
Other

135,914

—

135,914
Total exploration stage royalty interests

343,214

—

343,214
Total stream and royalty interests, net

$
3,618,802

$
(1,356,644)

$
2,262,158

~~COVID-19 Pandemic~~

At times since early 2020, several of our operating counterparties have instituted temporary operational curtailments due to the ongoing COVID-19 pandemic. In addition, the pandemic and resulting economic and societal impacts have made it difficult for operators to forecast expected production amounts and, at times, operators have had to withdraw or revise previously disclosed guidance. For the most part, our results of operations and financial condition have not been materially impacted by these measures to date. However, the effects of the pandemic will ultimately depend on many factors that are outside of our control, including the severity and duration of the pandemic, government and operator actions in response to the pandemic, and the development, availability, and public acceptance of effective treatments and vaccines. As a result, we are currently unable to predict the nature or extent of any future impact on our results of operations and financial condition. We continue to monitor the impact of developments associated with the pandemic on stream and royalty interests as part of our regular asset impairment analysis.

4. MARKETABLE EQUITY SECURITIES

As of ~~September~~June 30, ~~2021,~~2022, our marketable equity securities include warrants to purchase up to 19,640,000 common shares of TriStar Gold Inc. Our marketable equity securities are measured at fair value (Note 11) each reporting period with any changes in fair value recognized in net income.

The fair value of our marketable equity securities ~~increased $0.2~~decreased $2.2 million and ~~$2.5~~$1.6 million for the three and six months ended ~~September~~June 30, 2022, respectively, and increased $2.0 million and $3.9 million for the three and six months ended June 30, 2021, ~~and 2020, respectively, and these~~respectively. These changes are included in Fair value changes in equity securities on our consolidated statements of ~~operation~~operations and comprehensive income. The carrying value of our marketable equity securities as of June 30, 2022 and December 31, 2021, was $0.2 million and $1.7 million, respectively, and is included in Other assets on our consolidated balance sheets.

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Notes to Consolidated Financial Statements

(Unaudited)

~~securities as of September 30, 2021, and June 30, 2021, was $3.3 million and $3.1 million, respectively, and is included in~~ ~~Other assets~~ ~~on our consolidated balance sheets.~~

5. DEBT

~~Our debt as of September 30, 2021, and June 30, 2021, consists of the following:~~

As of September 30, 2021

As of June 30, 2021


Principal

Debt Issuance Costs

Total

Principal

Debt Issuance Costs¹

Total

(Amounts in thousands)

(Amounts in thousands)
Revolving credit facility

$
100,000

$
(4,597)

$
95,403

$
—

$
(3,443)

$
(3,443)
Total debt

$
100,000

$
(4,597)

$
95,403

$
—

$
(3,443)

$
(3,443)

⁽¹⁾ ~~Included in Other assets on our consolidated balance sheets.~~

Revolving credit facility

As of ~~September~~June 30, ~~2021,~~2022, we had ~~$100 million~~0 amounts outstanding ~~and $900 million available under our revolving credit facility. The interest rate on borrowings~~ under our revolving credit facility dated June 2, 2017, and as ~~of September 30, 2021, was LIBOR plus 1.10% for an all-in rate of 1.21%.~~amended. Interest expense, ~~recognized~~which includes interest on ~~the revolving credit facility~~outstanding borrowings and amortization of debt issuance costs, was $0.2 million and $0.5 million for the three and six months ended ~~September~~June 30, 2022, respectively, and $0.3 million and $1.1 million for the three and six months ended June 30, 2021, ~~and 2020, was approximately $1.0 million and $1.3 million, respectively, and included interest on the outstanding borrowings and the amortization of the debt issuance costs.~~respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of ~~September~~June 30, ~~2021.~~2022.

On July 7, 2021, we entered into a fourth amendment to our revolving credit facility dated June 2, 2017. The amendment extends the maturity date from June 3, 2024, to July 7, 2026, adds provisions to provide for the eventual replacement of LIBOR and makes certain changes to the lenders under the agreement.

On October 8, 2021, we repaid $50 million of the outstanding borrowings under our revolving credit facility. This increased the amount available under our revolving credit facility to $950 million and decreased the amount outstanding to $50 million.

~~Royal Gold~~We may repay any borrowings under the revolving credit facility at any time without premium or penalty.

6. REVENUE

Revenue Recognition

A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below.

Stream Interests

A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time) commencing shortly after

~~Table of Contents~~

~~ROYAL GOLD, INC.~~

~~Notes to Consolidated Financial Statements~~

~~(Unaudited)~~

receipt and purchase of the metal. We settle our forward sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our forward sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.

Royalty Interests

Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable ~~offsite treatment, refining, transportation and, if applicable, mining~~ costs.

Table of Contents

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

Royalty Revenue Estimates

For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our ~~Fiscal 2021 10-K.~~Transition Report. For the three months ended ~~September~~June 30, ~~2021,~~2022, royalty revenue that was estimated or was attributable to metal production for a period prior to ~~September~~June 30, ~~2021,~~2022, was not material.

Disaggregation of Revenue

We have identified 2 material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 10.

Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):


	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2022		2021		2022		2021
Stream revenue:
Gold	$	75,325	$	91,187	$	152,827	$	156,698
Silver		12,892		8,449		24,331		21,255
Copper		16,662		14,785		32,972		31,814
Total stream revenue	$	104,879	$	114,421	$	210,130	$	209,767
Royalty revenue:
Gold	$	28,974	$	37,164	$	66,890	$	68,409
Silver		3,512		4,356		7,829		8,564
Copper		3,281		3,977		9,986		7,993
Other		5,795		8,109		13,961		15,883
Total royalty revenue	$	41,562	$	53,606	$	98,666	$	100,849
Total revenue	$	146,441	$	168,027	$	308,796	$	310,616

Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):


		Three Months Ended				Six Months Ended
		June 30,		June 30,		June 30,		June 30,
	Metal(s)	2022		2021		2022		2021
Stream revenue:
Mount Milligan	Gold & Copper	$	45,627	$	43,802	$	88,043	$	77,606
Pueblo Viejo	Gold & Silver		19,812		26,585		43,076		56,759
Andacollo	Gold		11,721		27,868		27,395		40,889
Wassa	Gold		8,248		7,129		15,451		15,902
Khoemacau	Silver		5,203		—		7,591		—
Other	Gold & Silver		14,268		9,037		28,574		18,611
Total stream revenue		$	104,879	$	114,421	$	210,130	$	209,767
Royalty revenue:
Peñasquito	Gold, Silver, Lead & Zinc	$	9,664	$	13,399	$	22,758	$	26,527
Cortez	Gold		8,138		13,739		24,852		22,348
Other	Various		23,760		26,468		51,056		51,974
Total royalty revenue		$	41,562	$	53,606	$	98,666	$	100,849
Total revenue		$	146,441	$	168,027	$	308,796	$	310,616

Please refer to Note 10 for the geographical distribution of our revenue by reportable segment.

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ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

~~Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):~~

Three Months Ended

September 30,

September 30,

2021

2020
Stream revenue:

Gold
$
83,318

$
83,597
Silver

13,877

10,898
Copper

18,726

12,008
Total stream revenue
$
115,921

$
106,503
Royalty revenue:

Gold
$
43,417

$
26,904
Silver

3,952

3,441
Copper

4,967

4,060
Other

6,174

5,972
Total royalty revenue
$
58,510

$
40,377
Total revenue
$
174,431

$
146,880

~~Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):~~

Three Months Ended

September 30,

September 30,

Metal(s)

2021

2020
Stream revenue:

Mount Milligan

Gold & Copper

$
53,455

$
34,620
Pueblo Viejo

Gold & Silver

27,198

31,270
Andacollo

Gold

11,601

23,509
Wassa

Gold

8,033

9,108
Khoemacau

Silver

107

—
Other

Gold & Silver

15,527

7,996
Total stream revenue

$
115,921

$
106,503
Royalty revenue:

Cortez

Gold

17,101

5,684
Peñasquito

Gold, Silver, Lead & Zinc

$
12,212

$
10,209
Other

Various

29,197

24,484
Total royalty revenue

$
58,510

$
40,377
Total revenue

$
174,431

$
146,880

~~Please refer to Note 10 for the geographical distribution of our revenue by reportable segment.~~

7. STOCK-BASED COMPENSATION

We recognized stock-based compensation expense as ~~follows:~~follows (amounts in thousands):


	Three Months Ended				Three Months Ended				Six Months Ended
	September 30,		September 30,		June 30,		June 30,		June 30,		June 30,
	2021		2020		2022		2021		2022		2021

		(Amounts in thousands)
Stock options	$	16	$	15
Stock appreciation rights		414		371
Restricted stock		1,116		997	$	1,201	$	550	$	2,356	$	1,082
Performance stock		(43)		110		847		479		1,478		844
Stock appreciation rights						360		446		692		876
Stock options						10		18		16		35
Total stock-based compensation expense	$	1,503	$	1,493	$	2,418	$	1,493	$	4,542	$	2,837

Stock-based compensation expense is included within General and administrative expense in the consolidated statements of operations and comprehensive income.

~~Table of Contents~~

~~ROYAL GOLD, INC.~~

~~Notes to Consolidated Financial Statements~~

~~(Unaudited)~~

~~During~~There were 0 awards granted during the three months ended ~~September~~June 30, ~~2021,~~2022 and ~~2020,~~2021. During the six months ended June 30, 2022 and 2021, we granted the following stock-based compensation awards:


		Three Months Ended				Six Months Ended
		September 30,		September 30,		June 30,		June 30,
	2021		2020		2022		2021

		(Number of shares)				(Number of shares)
Stock options		—		2,860
Stock appreciation rights		—		64,100
Performance stock (at maximum 200% attainment)						39,380		—
Restricted stock		50,604		26,104		28,220		—
Performance stock (at maximum 200% attainment)		73,200		35,380
Total equity awards granted		123,804		128,444		67,600		—

As of ~~September~~June 30, ~~2021,~~2022, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:


	Unrecognized		Weighted-		Unrecognized		Weighted-
	compensation		average vesting		compensation		average vesting
	expense		period (years)		expense		period (years)
Stock options	$	78		1.8
Stock appreciation rights		2,019		1.6
Restricted stock		8,237		2.9	$	8,347		2.4
Performance stock		5,565		2.6		6,039		2.2
Stock appreciation rights						964		1.1
Stock options						33		1.1

8. EARNINGS PER SHARE (“EPS”)

Basic EPS ~~were~~was computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock option awards, unexercised stock-settled stock appreciation rights and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic EPS are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted EPS.

~~The following tables summarize the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data):~~

Three Months Ended

September 30,

September 30,

2021

2020
Net income attributable to Royal Gold common stockholders

$
70,176

$
106,939
Weighted-average shares for basic EPS

65,556,608

65,537,714
Effect of other dilutive securities

71,237

94,975
Weighted-average shares for diluted EPS

65,627,845

65,632,689
Basic EPS

$
1.07

$
1.63
Diluted EPS

$
1.07

$
1.63

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ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

~~9. INCOME TAXES~~The following tables summarize the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data):


	Three Months Ended				Three Months Ended				Six Months Ended
	September 30,		September 30,		June 30,		June 30,		June 30,		June 30,
	2021		2020		2022		2021		2022		2021

	(Amounts in thousands, except rate)
Income tax expense (benefit)	$	16,028	$	(2,377)
Effective tax rate		18.5%		(2.3)%
Net income attributable to Royal Gold common stockholders					$	71,140	$	81,677	$	136,816	$	135,705
Weighted-average shares for basic EPS						65,569,190		65,550,682		65,567,621		65,550,542
Effect of other dilutive securities						109,130		86,282		94,032		78,742
Weighted-average shares for diluted EPS						65,678,320		65,636,964		65,661,653		65,629,284
Basic EPS					$	1.08	$	1.24	$	2.08	$	2.07
Diluted EPS					$	1.08	$	1.24	$	2.08	$	2.07

The effective tax rate for the three months ended September 30, 2020, included discrete tax benefits attributable to the settlement of an uncertain tax position with a foreign jurisdiction and the release of a valuation allowance related to deferred tax assets.

9. INCOME TAXES


	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2022		2021		2022		2021
Income tax benefit (expense)	$	5,911	$	(5,536)	$	(9,393)	$	(23,214)
Effective tax rate		9.0%		(6.3%)		(6.4%)		(14.6%)

The effective tax rate for the three and six months ended June 30, 2022, included a discrete income tax benefit of $18.8 million attributable to the release of a valuation allowance on certain deferred tax assets. The effective tax rate for the three and six months ended June 30, 2021, included a discrete tax benefit of $11.5 million attributable to the settlement of an uncertain tax position with a foreign jurisdiction.

10. SEGMENT INFORMATION

We manage our business under 2 reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):

As of September 30, 2021

As of June 30, 2021

Total stream

Total stream

Stream

Royalty

and royalty

Stream

Royalty

and royalty


interest

interest

interests, net

interest

interest

interests, net
Canada

$
599,425

$
415,213

$
1,014,638

$
624,212

$
252,547

$
876,759
Dominican Republic

358,237

—

358,237

366,698

—

366,698
Chile

253,521

224,116

477,637

256,604

224,116

480,720
Africa

287,935

321

288,256

291,112

321

291,433
Mexico

—

63,687

63,687

—

66,867

66,867
United States

—

110,153

110,153

—

112,817

112,817
Australia

—

27,788

27,788

—

28,117

28,117
Rest of world

109,618

26,616

136,234

12,038

26,709

38,747
Total

$
1,608,736

$
867,894

$
2,476,630

$
1,550,664

$
711,494

$
2,262,158

~~Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):~~

Three Months Ended September 30, 2021


Revenue

Cost of sales⁽¹⁾

Production taxes

Depletion ⁽²⁾

Segment gross profit
Stream interests

$
115,921

$
27,230

$
—

$
41,922

$
46,769
Royalty interests

58,510

—

2,054

8,597

47,859
Total

$
174,431

$
27,230

$
2,054

$
50,519

$
94,628

Three Months Ended September 30, 2020


Revenue

Cost of sales⁽¹⁾

Production taxes

Depletion ⁽²⁾

Segment gross profit
Stream interests

$
106,503

$
21,902

$
—

$
39,027

$
45,574
Royalty interests

40,377

—

1,355

7,187

31,835
Total

$
146,880

$
21,902

$
1,355

$
46,214

$
77,409

~~(1)~~

~~Excludes depreciation, depletion and amortization~~

~~(2)~~

~~Depletion amounts are included within~~ ~~Depreciation, depletion and amortization~~ ~~on our consolidated statements of operations and comprehensive income.~~


	As of June 30, 2022						As of December 31, 2021
					Total stream						Total stream
	Stream		Royalty		and royalty		Stream		Royalty		and royalty
	interest		interest		interests, net		interest		interest		interests, net
Canada	$	540,766	$	414,496	$	955,262	$	579,326	$	412,419	$	991,745
Chile		241,947		224,116		466,063		249,147		224,116		473,263
Dominican Republic		336,215		—		336,215		350,083		—		350,083
Africa		313,707		321		314,028		297,569		321		297,890
United States		—		101,921		101,921		—		107,761		107,761
Mexico		—		55,877		55,877		—		60,977		60,977
Australia		—		26,861		26,861		—		27,496		27,496
Rest of world		107,020		26,617		133,637		107,920		26,617		134,537
Total	$	1,539,655	$	850,209	$	2,389,864	$	1,584,045	$	859,707	$	2,443,752

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ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):


	Three Months Ended June 30, 2022
	Revenue		Cost of sales⁽¹⁾		Production taxes		Depletion ⁽²⁾		Segment gross profit
Stream interests	$	104,879	$	23,810	$	—	$	37,790	$	43,279
Royalty interests		41,562		—		1,425		6,075		34,062
Total	$	146,441	$	23,810	$	1,425	$	43,865	$	77,341

	Three Months Ended June 30, 2021
	Revenue		Cost of sales⁽¹⁾		Production taxes		Depletion ⁽²⁾		Segment gross profit
Stream interests	$	114,421	$	24,668	$	—	$	38,746	$	51,007
Royalty interests		53,606		—		2,152		9,190		42,264
Total	$	168,027	$	24,668	$	2,152	$	47,936	$	93,271


	Six Months Ended June 30, 2022
	Revenue		Cost of sales⁽¹⁾		Production taxes		Depletion ⁽²⁾		Segment gross profit
Stream interests	$	210,130	$	46,450	$	—	$	74,169	$	89,511
Royalty interests		98,666		—		3,646		17,561		77,459
Total	$	308,796	$	46,450	$	3,646	$	91,730	$	166,970

	Six Months Ended June 30, 2021
	Revenue		Cost of sales⁽¹⁾		Production taxes		Depletion ⁽²⁾		Segment gross profit
Stream interests	$	209,767	$	46,137	$	—	$	71,341	$	92,289
Royalty interests		100,849		—		3,987		17,797		79,065
Total	$	310,616	$	46,137	$	3,987	$	89,138	$	171,354

(1)	Excludes depreciation, depletion and amortization

(2)	Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.

A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):


	Three Months Ended				Three Months Ended				Six Months Ended
	September 30,		September 30,		June 30,		June 30,		June 30,		June 30,
		2021		2020		2022		2021		2022		2021
Total segment gross profit	$	94,628	$	77,409	$	77,341	$	93,271	$	166,970	$	171,354

Costs and expenses
General and administrative expenses		7,129		7,454		9,312		7,212		18,243		14,143
Exploration costs		—		563
Depreciation and amortization		92		86		124		92		246		186
Gain on sale of Peak Gold JV interest		—		33,906
Operating income		87,407		103,212		67,905		85,967		148,481		157,025
Fair value changes in equity securities		176		2,539		(2,191)		1,957		(1,577)		3,859
Interest and other income		819		421		1,118		676		2,093		1,409
Interest and other expense		(1,908)		(1,875)		(1,398)		(1,145)		(2,296)		(2,965)
Income before income taxes	$	86,494	$	104,297	$	65,434	$	87,455	$	146,701	$	159,328

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ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

Our revenue by reportable segment for the three and six months ended ~~September~~June 30, ~~2021,~~2022 and ~~2020,~~2021 is geographically distributed as shown in the following table (amounts in thousands):


	Three Months Ended				Three Months Ended				Six Months Ended
	September 30,		September 30,		June 30,		June 30,		June 30,		June 30,
	2021		2020		2022		2021		2022		2021
Stream interests:
Canada	$	64,031	$	41,586	$	54,591	$	52,040	$	106,077	$	94,649
Dominican Republic		27,198		31,270		19,812		26,585		43,076		56,759
Africa						14,540		7,928		25,375		17,470
Chile		11,601		23,509		11,721		27,868		27,395		40,889
Africa		8,679		10,138
Rest of world		4,412		—		4,215		—		8,207		—
Total stream interests	$	115,921	$	106,503	$	104,879	$	114,421	$	210,130	$	209,767

Royalty interests:
United States	$	27,080	$	13,698	$	16,845	$	21,349	$	41,202	$	37,823
Mexico		15,427		11,577		11,940		16,191		27,821		31,461
Canada		6,402		7,410		5,773		9,601		16,551		18,213
Australia		6,917		4,542		4,040		4,249		8,086		8,610
Africa		602		750		114		559		430		1,307
Rest of world		2,082		2,400		2,850		1,657		4,576		3,435
Total royalty interests	$	58,510	$	40,377	$	41,562	$	53,606	$	98,666	$	100,849
Total revenue	$	174,431	$	146,880	$	146,441	$	168,027	$	308,796	$	310,616

11. FAIR VALUE MEASUREMENTS

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Quoted prices for identical instruments in active markets;

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~~ROYAL GOLD, INC.~~

~~Notes to Consolidated Financial Statements~~

~~(Unaudited)~~

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The following table sets forth our financial assets measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy.


	As of September 30, 2021										As of June 30, 2022
			Fair Value										Fair Value
	Carrying Amount		Total		Level 1		Level 2		Level 3		Carrying Value		Total		Level 1		Level 2		Level 3
Assets (amounts in thousands):
Marketable equity securities⁽¹⁾	$	3,258	$	3,258	$	—	$	3,258	$	—	$	155	$	155	$	—	$	155	$	—

(1) Included in Other assets on our consolidated balance sheets.

The TriStar Gold Inc. warrants (Note 4) classified within Level 2 of the fair value hierarchy are model-derived (Black-Scholes) valuations in which the significant inputs are observable in active markets. The carrying value of our revolving credit facility (Note 5) approximates fair value as of ~~September~~June 30, ~~2021.~~2022.

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ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

As of ~~September~~June 30, ~~2021,~~2022, we had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with stream and royalty interests, intangible assets and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired. If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs.

12. COMMITMENTS AND CONTINGENCIES

~~Khoemac~~a~~u Silver Stream Acquisition~~

~~Option Silver Stream~~

~~As of September 30, 2021, Royal~~NX Gold ~~has remaining committed funding of $42.4 million as part of our Khoemac~~a~~u silver stream acquisition, which may be drawn at the election of Khoemac~~a~~u Copper Mining (Pty.) Limited (“KCM”) prior to the completion of construction. Refer to our Fiscal 2021 10-K for further details on the Khoemac~~au silver stream acquisition and subordinated debt facility. Additionally, on October 8, 2021 we made an advance payment of $15.9 million toward the option stream which increased our right to receive payable silver produced from Khoemaca~~u from a rate of 84% to 90% until delivery of approximately 36.0 million silver ounces, and 45% (from 42%) thereafter.~~

~~Subordinated Debt Facility~~Exploration Payment

On ~~July 7, 2021, KCM drew~~March 22, 2022, we made a payment of $3.2 million to a subsidiary of Ero Copper Corporation (“Ero”) as part of our commitment to support the ~~remaining $7.0 million~~achievement of success-based targets related to regional exploration and mineral resource additions. This payment has been recorded to exploration stage stream interests (Note 3) within Stream and royalty interests, net on the $25.0 million subordinated debt facility provided by Royal Gold. The subordinated debt facility has a term of seven years, carries interest at a rate of LIBOR +11% and requires mandatory repayment upon certain events. As of September 30, 2021, $25.0 million was outstanding on the subordinated debt facility and is included in ~~Other assets~~ in our consolidated balance sheets. As of June 30, 2022, $6.8 million of advance payments remain if Ero meets certain success-based targets related to regional exploration and mineral resource additions through calendar 2024. Refer to our Transition Report for further information on the NX Gold stream acquisition.

Ilovica Gold Stream Acquisition

As of ~~September~~June 30, ~~2021,~~2022, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.

13. SUBSEQUENT EVENTS

Acquisition of Additional Royalty Interest on Cortez Complex

On August 2, 2022, we announced that we acquired a sliding-scale gross royalty (the “Cortez Royalty”) on an area including the Cortez mine operational area and the Fourmile development project in Nevada (the “Cortez Complex”). We paid $525 million in cash consideration for the Cortez Royalty to Kennecott Royalty Company, a wholly owned subsidiary of Rio Tinto European Holdings Limited. The area within the Cortez Complex is owned or controlled by Nevada Gold Mines LLC (“NGM”), a joint venture between Barrick Gold Corporation (“Barrick”) (61.5% owner and operator) and Newmont Corporation (38.5% owner), with the exception of the Fourmile project which is 100% owned and operated by Barrick.

The Cortez Royalty is a life of mine sliding scale gross royalty payable at a rate of 0% at a gold price less than $400 per ounce, increasing to 3% at a gold price above $900 per ounce, and is payable on 40% of all production from the Cortez Complex. The Cortez Royalty does not cover the existing deposits within the Robertson property. At current gold prices the Cortez Royalty is an effective 1.2% gross royalty on the Cortez Complex and is not subject to any stepdowns or caps.

The Cortez Royalty is payable after cumulative production from the Cortez Complex of 15 million gold equivalent ounces from January 1, 2008 onwards. According to Barrick public disclosure, cumulative production from January 1, 2008, was approximately 14.8 million ounces as of June 30, 2022.

The purchase price was funded with debt and available cash on hand. In anticipation of this acquisition, we borrowed $500 million under our revolving credit facility in July 2022, leaving $500 million available. Per our credit facility dated June 2, 2017, as amended, the borrowing was under a Base Rate loan option with an all-in interest rate of approximately 5.6%. We anticipate converting the Base Rate loan into a LIBOR loan on or around August 5, 2022.

Agreement to Acquire Great Bear Royalties Corporation

On July 11, 2022, we announced that we had entered into a definitive agreement with Great Bear Royalties Corporation (“GBR”) to acquire all of the issued and outstanding common shares of GBR for cash consideration of C$6.65 per common share, which values GBR at approximately C$199.5 million (approximately US$155 million) on a fully diluted basis. GBR’s sole material asset is a 2.0% NSR royalty (the “Royalty”) that includes the entire 9,140 hectares of the Great Bear Project in the Red Lake district of Ontario, Canada, indirectly owned and operated by Kinross Gold Corporation (“Kinross”). We plan to fund the purchase price with available cash on hand.

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ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

As part of our due diligence, we entered into a co-operation agreement with Kinross to obtain access to Kinross personnel and certain information pertaining to the Great Bear Project. In exchange, we agreed to amend certain terms of the royalty agreement upon closing of the acquisition, including providing an option to Kinross to purchase a 25% interest in the Royalty for an amount equal to 25% of our purchase price of GBR, adjusted for inflation, at any time from the transaction closing date until the earlier of a construction decision for the Great Bear Project and 10 years after the transaction closing date.

The acquisition has been unanimously approved by the boards of directors of both Royal Gold and GBR, and the board of directors of GBR has resolved to recommend that the shareholders of GBR approve the acquisition. All directors and officers of GBR have entered into support agreements to vote their shares in support of the acquisition representing, in aggregate, approximately 10.5% of the outstanding common shares of GBR. The arrangement agreement provides us a customary right to match any superior proposal and includes customary non-solicitation covenants. In addition, the arrangement agreement requires GBR to pay a termination fee of C$7.0 million (approximately US$6 million) to us if GBR terminates the arrangement agreement in certain circumstances.

The transaction is subject to approval by the shareholders of GBR, and regulatory and court approvals. GBR expects to hold a special meeting of shareholders to approve the transaction on August 31, 2022, and subject to approval by shareholders, GBR will shortly thereafter seek approval by the Supreme Court of British Columbia of a plan of arrangement under the provisions of the Business Corporations Act (British Columbia). We expect the transaction to close during the quarter ending September 30, 2022.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General Presentation

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide information to assist you in better understanding and evaluating our financial condition and results of ~~operations.~~operations of Royal Gold. You should read this MD&A in conjunction with our consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q, as well as our ~~Fiscal~~Transition Report on Form 10-K for the six months ended December 31, 2021, ~~10-K.~~filed with the Securities and Exchange Commission (“SEC”) on February 17, 2022 (“Transition Report”).

This MD&A contains forward-looking information. You should review our important note about forward-looking statements following this MD&A.

We do not own, develop, or mine the properties on which we hold stream or royalty interests. Certain information provided in this Quarterly Report on Form 10-Q about operating properties in which we hold interests, including information about mineral reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of those properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the ~~Securities and Exchange Commission.~~SEC. We have not verified, and are not in a position to verify, and expressly disclaim any responsibility for the accuracy, completeness, or fairness of, this third-party information and refer the reader to the public reports filed by the operators for information regarding those properties.

Overview of Our Business

We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or finance projects that are in production or in the development stage in exchange for stream or royalty interests.

We manage our business under two segments:

●

Acquisition and Management of Stream Interests — A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. As of ~~September~~June 30, ~~2021,~~2022, we owned nine stream interests, which are on eight producing properties and one development stage property. Stream interests accounted for approximately ~~66%~~72% and 68% of our total revenue for the three and six months ended ~~September~~June 30, 2022, respectfully, and 68% for each of the three and six months ended June 30, 2021, ~~and 73% for the three months ended September 30, 2020.~~respectfully. We expect stream interests to continue representing a significant portion of our total revenue.

●

Acquisition and Management of Royalty Interests — Royalties are non-operating interests in mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any. As of ~~September~~June 30, ~~2021,~~2022, we owned royalty interests on 3633 producing properties, 1518 development stage properties and ~~130~~125 exploration stage properties, of which we consider 5153 to be evaluation stage projects. We use “evaluation stage” to describe exploration stage properties that contain ~~mineralized material~~mineral resources and on which operators are engaged in the search for mineral reserves. Royalty interests accounted for ~~34%~~28% and 32% of our total revenue for the three and six months ended ~~September~~June 30, 2022, respectfully, and 32% for each of the three and six months ended June 30, 2021, ~~and 27% for the three months ended September 30, 2020.~~respectfully.

We do not conduct mining operations on the properties in which we hold stream and royalty interests, and we generally are not required to contribute to capital costs, environmental costs or other operating costs on those properties.

We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity. We generally have acquisition opportunities in various stages of review. Our review process may include, for example, engaging consultants and advisors to analyze an opportunity; analysis of technical, financial, legal, and other confidential information of an opportunity; submission of

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indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes.

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Business Trends and Uncertainties

Metal Prices

Our financial results are primarily tied to the price of gold, silver, copper, and other metals. Metal prices have fluctuated widely in recent years and we expect this volatility to continue. The marketability and price of metals are influenced by numerous factors beyond our control, and significant changes in metal prices can have a material effect on our revenue.

For the three and six months ended ~~September~~June 30, ~~2021,~~2022, and ~~2020,~~2021, average metal prices and percentages of revenue by metal were as follows:


	Three Months Ended						Three Months Ended						Six Months Ended
	September 30, 2021			September 30, 2020			June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Metal	Average Price		Percentage of Revenue	Average Price		Percentage of Revenue	Average Price		Percentage of Revenue	Average Price		Percentage of Revenue	Average Price		Percentage of Revenue	Average Price		Percentage of Revenue
Gold ($/ounce)	$	1,790	73%	$	1,909	75%	$	1,871	71%	$	1,816	76%	$	1,874	71%	$	1,805	72%
Silver ($/ounce)	$	24.36	10%	$	24.26	10%	$	22.60	11%	$	26.69	8%	$	23.32	10%	$	26.47	10%
Copper ($/pound)	$	4.25	14%	$	2.96	11%	$	4.31	14%	$	4.40	11%	$	4.43	14%	$	4.12	13%
Other		N/A	3%		N/A	4%		N/A	4%		N/A	5%		N/A	5%		N/A	5%

Acquisition of Additional Royalty Interest on Cortez Complex

On August 1, 2022, we announced that we acquired a sliding-scale gross royalty (the “Cortez Royalty”) on an area including the Cortez mine operational area and the Fourmile development project in Nevada (the “Cortez Complex”). We paid $525 million in cash consideration for the Cortez Royalty to Kennecott Royalty Company, a wholly owned subsidiary of Rio Tinto European Holdings Limited. The area within the Cortez Complex is owned or controlled by Nevada Gold Mines LLC (“NGM”), a joint venture between Barrick Gold Corporation (“Barrick”) (61.5% owner and operator) and Newmont Corporation (38.5% owner), with the exception of the Fourmile project which is 100% owned and operated by Barrick. Refer to Note 13 of our notes to consolidated financial statements for further discussion on the Cortez Royalty.

Agreement to Acquire Great Bear Royalties Corporation

On July 11, 2022, we announced that we had entered into a definitive agreement with Great Bear Royalties Corporation (“GBR”) to acquire all of the issued and outstanding common shares of GBR for cash consideration of C$6.65 per common share, which values GBR at approximately C$199.5 million (approximately US$155 million) on a fully diluted basis (the “Great Bear Acquisition”). GBR’s sole material asset is a 2.0% NSR royalty (the “Royalty”) that includes the entire 9,140 hectares of the Great Bear Project in the Red Lake district of Ontario, Canada, indirectly owned and operated by Kinross Gold Corporation.

The transaction is subject to approval by the shareholders of GBR, and regulatory and court approvals. Subject to the receipt of all necessary approvals, we expect the transaction to close during the quarter ending September 30, 2022. Refer to Note 13 of our notes to consolidated financial statements for further discussion on the Great Bear Acquisition.

Lawyers Royalty Acquisition

On March 24, 2022, we acquired a 0.5% net smelter returns royalty (“NSR”) on production from the Lawyers Project, an exploration stage project currently operated by Benchmark Metals Inc., which is located in British Columbia, Canada. As part of this transaction, we also acquired a right of first offer (“ROFO”) for an existing 2.0% NSR royalty over the Ranch Project owned by Thesis Gold, Inc. that is located adjacent to the Lawyers Project. We paid $8.0 million in cash consideration for the royalty and ROFO to Guardsmen Resources Inc.

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NX Gold Exploration Payment

On March 22, 2022, we made a payment of $3.2 million to a subsidiary of Ero Copper Corporation (“Ero”) as part of our commitment to support achievement of success-based targets related to regional exploration and mineral resource additions. As of June 30, 2022, up to $6.8 million of additional exploration and mineral resource addition payments remain if Ero meets certain success-based targets through calendar 2024. Refer to our Transition Report for further information on the NX Gold stream acquisition.

COVID-19 Pandemic

~~NX Gold Mine Gold Stream Acquisition~~

~~On June 30, 2021, we announced that we entered into a precious metals purchase agreement for gold produced from the operating underground NX Gold Mine in Brazil with Ero.~~

On August 6, 2021, we made an advance payment of $100 million upon closing the transaction. In exchange for the consideration paid upon closing, we will receive 25% of the gold produced from the NX Gold Mine until the delivery of 93,000 ounces, and 10% thereafter. We will pay 20% of the spot gold price for each ounce delivered until the delivery of 49,000 ounces, and 40% of the spot gold price thereafter. We may also make up to an additional $10 million in advance payments from the beginning of calendar 2022 through the end of calendar 2024 based on Ero meeting success-based targets related to regional exploration and resource additions.

~~Change in Fiscal Year End~~

~~Red Chris Royalty Acquisition~~

On August 11, 2021, we acquired a 1.0% net smelter return royalty covering approximately 5,100 hectares, which include the currently known mineralization and prospective exploration areas of the Red Chris Mine in British Columbia, Canada. We paid $165 million in cash consideration for the royalty to Glencore Canada Corporation, a wholly owned subsidiary of Glencore International AG.

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The Red Chris Mine is an operating open pit mine producing gold, copper and silver and is located on the northern edge of the Skeena Mountains. The mine is owned and operated by the Red Chris JV, which is owned 70% by Newcrest and 30% by Imperial Metals Corporation, in which Newcrest is the operator.

Operators’ Production Estimates by Stream and Royalty Interest for Calendar ~~2021~~2022

We generally receive annual production estimates from many of the operators of ~~our~~the producing mines in which we own a stream or royalty interest during the first quarter of each calendar year. In some instances, an operator may revise its original calendar year guidance throughout the year. The following table shows current production estimates for calendar ~~2021,~~2022, as well as actual production through ~~September~~June 30, ~~2021,~~2022, for our principal properties as reported to us by the operators.

Operators’ Estimated and Actual Production by Stream and Royalty Interest for Calendar ~~2021~~2022

Principal Producing Properties

Calendar Year 2021 Operator’s Production

Calendar Year 2022 Operator’s Production

Estimate⁽¹⁾

Actual⁽²⁾

Estimate⁽¹⁾

Actual⁽²⁾

Gold

Silver

Base Metals

Gold

Silver

Base Metals

Gold

Silver

Base Metals

Gold

Silver

Base Metals

Stream/Royalty

(oz.)

(lbs.)

(oz.)

(lbs.)

(oz.)

(lbs.)

(oz.)

(lbs.)

Stream:

Andacollo⁽³⁾

N/A

28,300

36,000

12,200

Mount Milligan⁽⁴⁾

180,000 - 200,000

97,300

190,000 - 210,000

39,100

Copper

70 - 80 Million

38.4 Million

70 - 80 Million

20.6 Million

Pueblo Viejo⁽⁵⁾

470,000 - 510,000

N/A

381,000

N/A

400,000 - 440,000

N/A

209,000

N/A

Wassa⁽⁶⁾

145,000 - 155,000

116,800

155,000 - 170,000

77,400

Khoemacau⁽⁷⁾

N/A

0.5 Million

Royalty:

Cortez⁽⁸⁾

350,000 - 375,000

248,000

280,000

154,000

Peñasquito⁽⁹⁾

660,000

30 Million

520,000

23.6 Million

475,000

29 Million

258,000

15.8 Million

Lead

190 Million

138 Million

150 Million

79 Million

Zinc

475 Million

325 Million

350 Million

208 Million

(1)

Production estimates received from our operators are for calendar ~~2021.~~2022. There can be no assurance that production estimates received from the operators will be achieved. Please also refer to our cautionary language regarding forward-looking statements, as well as the Risk Factors identified in Part I, Item 1A, of our Transition Report for information regarding factors that could affect actual results.

(2)

Actual production figures shown are ~~provided by our~~from the operators and cover the period from January 1, ~~2021,~~2022, through ~~September~~June 30, ~~2021,~~2022, unless otherwise noted in footnotes to this table. Such amounts may differ from our reported revenue and production and are not reduced to show the production attributable to our interests.

(3)	The actual production figure shown for Andacollo is contained gold in concentrate.

(4)	The estimated production figures shown for Mount Milligan are payable gold and copper in concentrate. ~~The actual~~Actual figures reflect production ~~figures cover the period January 1, 2021,~~ through ~~June 30, 2021.~~March 31, 2022.

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(5)	The estimated and actual production figures shown for Pueblo Viejo are payable gold in doré and represent the 60% interest in Pueblo Viejo held by Barrick Gold Corporation (“Barrick”). The operator did not provide estimated or actual silver production.

(6)	The estimated production figure shown for Wassa is payable gold in doré. poured in the period.

(7)	The estimated ~~and actual~~ production figures for Khoemacau are not available through the ramp-up ~~period.~~period, which the operator expects to be completed by the fourth quarter of 2022.

(8)	~~Production from~~The estimated and actual production figures for Cortez represent the areas subject to ~~Royal Gold’s~~our royalty interests.

(9)	The estimated and actual gold and silver production figures shown for Peñasquito are payable gold and silver in concentrate and doré. The estimated and actual lead and zinc production figures shown are payable lead and zinc in concentrate.

Property Developments

This section provides recent updates for our principal properties as reported by the operators, either directly to us or in their publicly available documents.

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Stream Interests

Andacollo

Gold stream deliveries from Andacollo were approximately ~~6,400~~9,900 ounces for the three months ended ~~September~~June 30, ~~2021,~~2022, compared to approximately ~~13,700~~11,300 ounces for the three months ended ~~September~~June 30, ~~2020.~~2021. The decrease in deliveries resulted primarily from Andacollo experiencing lower gold grades and lower gold recoveries, in line with the expected downward trend of gold grades, as well as differences in the timing of shipments and settlements during the periods.

The current life of mine for Andacollo is expected to continue until 2035. According to Teck, additional permits or permit amendments will be required to execute the life of mine plan.

Khoemacau Project

Silver stream deliveries from Khoemacau were approximately 246,800 ounces for the three months ended June 30, 2022. First concentrate was shipped from Khoemacau in mid-July 2021 and we received our first silver stream deliveries during the quarter ended September 30, 2021.

According to Khoemacau Copper Mining (Pty.) Limited (“KCM”), ramp-up of operations continued and average monthly underground production increased consistently during the quarter ended June 30, 2022, from approximately 6,300 tons per day (5,700 tonnes per day) in March to approximately 8,000 tons per day (7,300 tonnes per day) in June. KCM reported an accident in the underground mine and two fatalities on May 11, 2022, which resulted in short-term production disruptions immediately after the accident. Investigations into the cause of the accident remain ongoing.

KCM expects that the mining rate will continue to increase steadily from current levels and reach full sustained production by the fourth quarter of 2022, absent further COVID-19 impacts. With the results experienced so far during the ramp-up period, KCM continues to expect that at full production Khoemacau will produce 171,000 to 182,000 tons (155,000 to 165,000 tonnes) of high-grade copper and silver concentrate a year, containing approximately 66,000 to 72,000 tons (60,000 to 65,000 tonnes) of payable copper and 1.8 to 2.0 million ounces of payable silver, over an approximate 20-year mine life from Zone 5.

Mount Milligan

Gold stream deliveries from Mount Milligan were approximately 23,800 ounces for the three months ended June 30, 2022, compared to approximately 20,800 ounces for the three months ended June 30, 2021. Increased gold deliveries resulted from differences in the timing of shipments and settlements during the periods and gold grade variability in the concentrate shipments.

Copper stream deliveries from Mount Milligan were approximately 4.0 million pounds during the three months ended June 30, 2022, compared to approximately 5.1 million pounds during the three months ended June 30, 2021. Decreased copper deliveries resulted from differences in the timing of shipments and settlements during the periods.

Teck expects grades to continue to decline towards reserve grades in calendar 2021 and future years. The current life of mine for Andacollo is expected to continue until calendar 2035. Additional permits or permit amendments will be required to execute the life of mine plan.

~~Khoemacau~~

~~First concentrate was shipped in mid-July from the long-life Khoemac~~a~~u project in Botswana and we received our first silver stream deliveries of approximately 105,800 ounces during the three months ended September 30, 2021.~~

~~According to KCM, construction at Khoemac~~au is substantially complete and activity is focused on ramping up to full production levels. Progress within the mine has been slower than planned due to underground equipment operator shortages caused by international travel restrictions, the late arrival of key underground equipment caused by COVID-19 considerations and recent unrest in South Africa, and typical ramp up issues related to drilling and blasting of the first stopes. With an improvement in the availability of operators, all required equipment now on site, and experience gained from mining the first stopes, progress is being made on resolving these issues and mining rates have steadily improved to approximately 40% of the target mining rate of 10,000 tonnes per day at the end of October. Stope mining began in September and ground conditions, ore body grades and widths are all in line with expectations.

KCM reported that progress in the process plant has also been in line with expectations, and nameplate capacity of 10,000 tonnes per day was reached consistently for discrete periods during the commissioning period using stockpiled ore. Recoveries in October reached 85% for copper and 81% for silver and are expected to reach target recoveries of 88% for copper and 84% for silver as the plant operations progress to steady state and with ongoing adjustments to the process. Copper concentrate produced so far has met required offtake specifications.

KCM expects that the mining rate will continue to ramp-up steadily and reach approximately 75% of target production at the end of the first calendar quarter of 2022, and full sustained production during the third calendar quarter of 2022. While the Government of Botswana lifted the COVID-19 state of emergency on September 30, 2021, KCM has advised that COVID-19 considerations, both locally and internationally, remain a risk to ramp-up progress.

~~On October 8, 2021, we acquired the right to receive a further 6% of the payable silver from Khoemac~~au with an advance payment of $15.9 million, which was requested by KCM to maintain appropriate working capital levels during the ramp up period. With project construction essentially complete, KCM has advised that it is well advanced in closing out all major project contracts and there is limited scope for change to the remaining project capital cost to completion. We have remaining committed funding of $26.5 million to KCM in the form of additional advance payments under the stream, which may be drawn at the election of KCM prior to the earlier of completion of development or 60 days after the start of commercial production. KCM has advised that it expects to have sufficient working capital available through the ramp-up period and it does not expect to draw materially on this remaining available funding.

~~With the results experienced during the ramp-up period, KCM continues to expect that Khoemac~~au will produce 155,000 to 165,000 tonnes of high-grade copper and silver concentrate a year, containing approximately 60,000 to 65,000 tonnes of payable copper and 1.8 to 2.0 million ounces of payable silver, over an approximate 20-year mine life.

~~We hold the right to receive 90% of the payable silver produced from Khoemac~~au until the delivery of approximately 36.0 million silver ounces, and 45% thereafter. We will pay a cash price equal to 20% of the spot silver price for each ounce delivered; however, if KCM achieves mill throughput levels above 13,000 tonnes per day (30% above current mill design capacity), we will pay a higher ongoing cash price for silver ounces delivered in excess of specific annual thresholds.

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~~Mount Milligan~~

Gold stream deliveries from Mount Milligan were approximately 10,800 ounces for the three months ended September 30, 2021, compared to approximately 19,600 ounces for the three months ended September 30, 2020. Copper stream deliveries from Mount Milligan were approximately 2.6 million pounds during the three months ended September 30, 2021, compared to approximately 5.8 million pounds during the three months ended September 30, 2020. The decrease in deliveries resulted from differences in the timing of shipments and settlements during the periods.

Pueblo Viejo

Gold stream deliveries from Pueblo Viejo were approximately ~~9,200~~8,600 ounces for the three months ended ~~September~~June 30, ~~2021,~~2022, compared to approximately ~~9,400~~9,800 ounces for the three months ended ~~September~~June 30, ~~2020.~~ 2021. Decreased deliveries resulted from processing lower grade stockpile ore.

Silver stream deliveries were approximately ~~396,500~~307,100 ounces for the three months ended ~~September~~June 30, ~~2021,~~2022, compared to ~~408,600~~approximately 386,500 ounces for the three months ended ~~September~~June 30, ~~2020.~~

~~Silver~~2021. During the second quarter an additional 45,000 ounces of silver deliveries ~~during the three months ended September 30, 2021, included normal-course stream deliveries of approximately 377,800 ounces and previously deferred deliveries of approximately 18,700 ounces.~~were deferred. The deferred ounces are the result of a mechanism in the stream agreement that allows for the deferral of deliveries in a period if Barrick’s share of silver ~~recoveries fall below~~production is insufficient to cover its stream delivery obligations. The stream agreement terms include a fixed 70% silver recovery rate. If actual recovery rates fall below the contractual 70% recovery rate, ounces may be deferred with ~~the delivery of those~~ deferred ounces to be ~~made~~delivered in future periods as silver recovery allows. ~~Temporary operational issues with the silver circuit caused recoveries to fall below the fixed 70% recovery rate starting in the quarter ended March 31, 2021, and continuing into the quarter ended~~As of June 30, 2021. Barrick advised that it completed maintenance work on the silver recovery circuit in the quarter ended June 30, 2021, and made modifications to the silver circuit to further improve recoveries in the quarter ended September 30, 2021. As of September 30, 2021,2022, approximately ~~418,300~~484,000 ounces remain deferred, and ~~we expect~~the timing for the delivery of ~~these~~the entire deferred ~~ounces to continue over the next several quarters.~~amount is uncertain.

On May 4, 2022, Barrick reported ~~that~~continued progress on the plant expansion and mine life extension project to increase throughput and allow the mine to maintain minimum average annual gold production of approximately 800,000 ounces after calendar 2022 ~~(on a 100%~~and beyond calendar 2040 (100% basis) ~~is progressing well.~~. With respect to the plant expansion, Barrick reported that as of March 31, 2022, construction was 39% complete, with completion expected by the end of calendar 2022. With respect to the mine life extension, Barrick also ~~reported~~disclosed that ~~production would end in 2030 without~~social, environmental and technical studies for additional tailings ~~storage~~ capacity ~~but~~continued to advance, and that ~~work continues on a new~~the final location and construction of the tailings storage facility would be subject to ~~extend~~ the ~~mine life until~~completion of an Environmental and Social Impact Assessment (“ESIA”) in accordance with Dominican Republic legislation and international standards. Once completed, the ~~2040s. Barrick reported that~~ESIA would be submitted to the Government of the Dominican Republic ~~has launched independent studies to review alternatives~~ for ~~a new tailings storage facility~~evaluation and ~~that the Pueblo Viejo Joint Venture will be completing site investigations to improve confidence in the preferred options.~~

~~On October 19, 2021, Barrick reported that Pueblo Viejo is on track to deliver production guidance for calendar 2021 of 470,000 to 510,000 ounces of gold (60% interest).~~final decision.

~~Wassa~~Royalty Interests

Cortez

Gold ~~stream deliveries from Wassa were~~production attributable to our existing royalty interest at Cortez was approximately ~~4,300~~52,000 ounces for the three months ended ~~September~~June 30, ~~2021,~~2022, compared to approximately ~~4,000~~89,800 ounces for the three months ended ~~September~~June 30, ~~2020.~~2021.

On July 14, 2022, Barrick reported lower production at Cortez for the quarter ended June 30, 2022 due to mine sequencing as it transitions from the end of open pit mining at Pipeline to a new phase at Crossroads, which is expected to underpin stronger performance for Cortez in the December quarter of 2022.

~~Royalty Interests~~Peñasquito

~~Cortez~~

Production attributable to our royalty interest at ~~Cortez~~Peñasquito was approximately ~~99,600~~130,600 ounces of gold, 8.07 million ounces of silver, 35.0 million pounds of lead and 84.9 million pounds of zinc for the three months ended ~~September~~June 30, ~~2021, compared~~2022. This compares to approximately ~~37,600~~179,800 ounces of gold, 7.61 million ounces of silver, 41.8 million pounds of lead and 101.7 million pounds of zinc for the three months ended ~~September~~June 30, ~~2020. The increase~~2021. Gold production was ~~a result of production ramping up at~~lower compared to the ~~Crossroads deposit.~~prior year quarter due to lower ore grade milled and lower mill recovery.

~~Peñasquito~~

During the three months ended September 30, 2021, gold production at Peñasquito was approximately 170,400 ounces; silver production was approximately 7.79 million ounces; lead production was approximately 41.9 million pounds; and zinc production was approximately 98.3 million pounds. During the three months ended September 30, 2020, gold production was approximately 130,700 ounces; silver production was approximately 6.38 million ounces; lead production was approximately 41.7 million pounds; and zinc production was approximately 98.0 million pounds. According to Newmont, the increase in production was primarily attributable to higher mill throughput and higher recoveries.

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Results of Operations

Quarter Ended ~~September~~June 30, ~~2021,~~2022, Compared to Quarter Ended ~~September~~June 30, ~~2020~~2021

For the quarter ended ~~September~~June 30, ~~2021,~~2022, we recorded net income and comprehensive income attributable to Royal Gold stockholders (“net income”) of ~~$70.2~~$71.1 million, or ~~$1.07~~$1.08 per basic and diluted share, as compared to net income of ~~$106.9~~$81.7 million, or ~~$1.63~~$1.24 per basic and diluted share, for the quarter ended ~~September~~June 30, ~~2020~~2021. The decrease in net income was primarily attributable to a ~~one-time gain attributable to the sale of our Peak Gold JV interest in the prior comparable period. This~~ decrease ~~was partially offset by an increase~~ in revenue, as discussed below.

For the quarter ended ~~September~~June 30, ~~2021,~~2022, we recognized total revenue of ~~$174.4~~$146.4 million, comprised of stream revenue of ~~$115.9~~$104.9 million and royalty revenue of ~~$58.5~~$41.6 million at an average gold price of ~~$1,790~~$1,871 per ounce, an average silver price of ~~$24.36~~$22.60 per ounce and an average copper price of ~~$4.25~~$4.31 per pound. This is compared to total revenue of ~~$146.9~~$168.0 million for the

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three months ended ~~September~~June 30, ~~2020,~~2021, comprised of stream revenue of ~~$106.5~~$114.4 million and royalty revenue of ~~$40.4~~$53.6 million, at an average gold price of ~~$1,909~~$1,816 per ounce, an average silver price of ~~$24.26~~$26.69 per ounce and an average copper price of ~~$2.96~~$4.40 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the quarter ended ~~September~~June 30, ~~2021,~~2022, compared to the quarter ended ~~September~~June 30, ~~2020,~~2021, are as follows:

Revenue and Reported Production Subject to Our Stream and Royalty Interests

(Amounts in thousands, except reported production oz. and lbs.)


		Three Months Ended				Three Months Ended					Three Months Ended				Three Months Ended
		September 30, 2021				September 30, 2020					June 30, 2022				June 30, 2021
				Reported				Reported					Reported				Reported
Stream/Royalty	Metal(s)	Revenue		Production⁽¹⁾		Revenue		Production⁽¹⁾		Metal(s)	Revenue		Production⁽¹⁾		Revenue		Production⁽¹⁾
Stream⁽²⁾:
Mount Milligan		$	53,455			$	34,620				$	45,627			$	43,802
	Gold			19,300	oz.			11,800	oz.	Gold			15,500	oz.			16,100	oz.
	Copper			4.4	Mlbs.			4.1	Mlbs.	Copper			4.0	Mlbs.			3.4	Mlbs.
Pueblo Viejo		$	27,198			$	31,270				$	19,812			$	26,585
	Gold			9,800	oz.			11,100	oz.	Gold			7,100	oz.			11,100	oz.
	Silver			386,500	oz.			451,200	oz.	Silver			274,500	oz.			247,500	oz.
Andacollo	Gold	$	11,601	6,500	oz.	$	23,509	12,200	oz.	Gold	$	11,721	6,300	oz.	$	27,868	15,400	oz.
Wassa	Gold	$	8,033	4,500	oz.	$	9,108	4,900	oz.	Gold	$	8,248	4,400	oz.	$	7,129	4,000	oz.
Khoemacau	Silver	$	107	4,500	oz.	$	N/A	N/A		Silver	$	5,202	221,800	oz.	$	—	—
Other⁽³⁾		$	15,527			$	7,996				$	14,268			$	9,037
	Gold			6,300	oz.			4,000	oz.	Gold			6,900	oz.			4,000	oz.
	Silver			165,400	oz.			23,200	oz.	Silver			53,700	oz.			72,000	oz.
Total stream revenue		$	115,921			$	106,503				$	104,879			$	114,421

Royalty⁽²⁾:
Cortez	Gold	$	17,101	106,300	oz.	$	5,684	37,600	oz.
Peñasquito		$	12,212			$	10,209				$	9,664			$	13,399
	Gold			170,400	oz.			130,700	oz.	Gold			130,600	oz.			179,800	oz.
	Silver			7.8	Moz.			6.4	Moz.	Silver			8.1	Moz.			7.6	Moz.
	Lead			42.0	Mlbs.			41.7	Mlbs.	Lead			35.0	Mlbs.			41.8	Mlbs.
	Zinc			98.3	Mlbs.			98.0	Mlbs.	Zinc			84.9	Mlbs.			101.7	Mlbs.
Cortez										Gold	$	8,138	52,000	oz.	$	13,739	89,800	oz.
Other⁽³⁾	Various	$	29,197	N/A		$	24,484	N/A		Various	$	23,760	N/A		$	26,468	N/A
Total royalty revenue		$	58,510			$	40,377				$	41,562			$	53,606
Total Revenue		$	174,431			$	146,880				$	146,441			$	168,027

(1)	Reported production relates to the amount of metal sales subject to our stream and royalty interests for the three months ended ~~September~~June 30, ~~2021,~~2022, and ~~2020,~~2021, and may differ from the operators’ public reporting.

(2)	Refer to “Property Developments” above for a discussion of recent developments at principal properties.

(3)	Individually, except for our stream interest at Rainy River, which contributed 6% of total revenue for the three months ended ~~September~~June 30, 2022 and 2021, no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for either period.

The ~~increase~~decrease in our total revenue resulted primarily from ~~higher~~lower gold sales at ~~Mount Milligan, an increase in average copper prices, higher~~Andacollo and Pueblo Viejo and lower gold production at Cortez and ~~$4.4~~Peñasquito. The decrease was offset by $9.4 million of new revenue from the ~~newly acquired~~ NX Gold ~~Stream,~~and Khoemacau streams which were not in production during the prior year quarter.

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~~offset by a decrease in gold sales from Andacollo and lower average gold prices compared to the prior period.~~ Gold and silver ounces and copper pounds purchased and sold during the three months ended ~~September~~June 30, ~~2021,~~2022 and ~~2020,~~2021, and gold and silver ounces and copper pounds in inventory as of ~~September~~June 30, ~~2021,~~2022, and ~~June 30,~~December 31, 2021, for our streaming interests were as follows:


	Three Months Ended		Three Months Ended		As of	As of	Three Months Ended		Three Months Ended		As of	As of
	September 30, 2021		September 30, 2020		September 30, 2021	June 30, 2021	June 30, 2022		June 30, 2021		June 30, 2022	December 31, 2021
Gold Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Mount Milligan	10,800	19,300	19,600	11,800	2,900	11,400	23,800	15,500	20,800	16,100	8,500	4,100
Andacollo							9,900	6,300	11,300	15,400	3,600	2,200
Pueblo Viejo	9,200	9,800	9,400	11,100	9,200	9,800	8,600	7,100	9,800	11,100	8,600	8,600
Andacollo	6,400	6,500	13,700	12,200	2,200	2,400
Wassa	4,300	4,500	4,000	4,900	2,200	2,300	3,500	4,400	3,600	4,000	1,400	1,600
Other	7,500	6,300	4,400	4,000	2,500	1,300	6,900	6,900	3,800	4,000	1,900	2,200
Total	38,200	46,400	51,100	44,000	19,000	27,200	52,700	40,200	49,300	50,600	24,000	18,700

	Three Months Ended		Three Months Ended		As of	As of	Three Months Ended		Three Months Ended		As of	As of
	September 30, 2021		September 30, 2020		September 30, 2021	June 30, 2021	June 30, 2022		June 30, 2021		June 30, 2022	December 31, 2021
Silver Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Pueblo Viejo	396,500	386,500	408,600	451,200	396,500	386,500	307,000	274,500	386,500	247,500	307,100	316,000
Khoemacau	105,800	4,500	—	—	101,300	—	247,000	221,800	—	—	79,600	42,000
Other	109,700	165,400	52,700	23,200	43,100	98,900	55,200	53,700	98,600	72,000	16,400	34,300
Total	612,000	556,400	461,300	474,400	540,900	485,400	609,200	550,000	485,100	319,500	403,100	392,300

	Three Months Ended		Three Months Ended		As of	As of	Three Months Ended		Three Months Ended		As of	As of
	September 30, 2021		September 30, 2020		September 30, 2021	June 30, 2021	June 30, 2022		June 30, 2021		June 30, 2022	December 31, 2021
Copper Stream	Purchases (Mlbs.)	Sales (Mlbs.)	Purchases (Mlbs.)	Sales (Mlbs.)	Inventory (Mlbs.)	Inventory (Mlbs.)	Purchases (Mlbs.)	Sales (Mlbs.)	Purchases (Mlbs.)	Sales (Mlbs.)	Inventory (Mlbs.)	Inventory (Mlbs.)
Mount Milligan	2.6	4.4	5.8	4.1	—	1.7	4.0	4.0	4.2	3.4	—	0.9

Cost of sales, which excludes depreciation, depletion and amortization, ~~increased~~decreased to ~~$27.2~~$23.8 million for the three months ended ~~September~~June 30, ~~2021,~~2022, from ~~$21.9~~$24.7 million for the three months ended ~~September~~June 30, ~~2020.~~2021. The ~~increase,~~decrease, when compared to the prior period, was primarily due to ~~an increase in gold and copper sales from Mount Milligan and an increase in the average copper price. This increase was partially offset by a decrease in the average gold price and~~ a decrease in gold sales at Andacollo ~~when compared~~and Pueblo Viejo, offset by gold sales at NX Gold and silver sales at Khoemacau. Stream deliveries from the NX Gold and Khoemacau streams were not due to us during the prior ~~period.~~year comparable quarter. Cost of sales is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper (Mount Milligan) spot price near the date of metal delivery.

General and administrative costs increased to $9.3 million for the three months ended June 30, 2022, from $7.2 million for the three months ended June 30, 2021. The increase was primarily due to an increase in employee-related costs including non-cash compensation expense, as well as higher costs associated with environmental, social and governance (“ESG”) initiatives.

Depreciation, depletion and amortization decreased to $44.0 million for the three months ended June 30, 2022, from $48.0 million for the three months ended June 30, 2021. The decrease was primarily due to lower gold sales at Andacollo and Pueblo Viejo compared to the prior period. The decrease was partially offset by additional depletion from the newly producing Khoemacau and the newly acquired NX Gold streams when compared to the prior year comparable quarter.

For the three months ended June 30, 2022, we recorded an income tax benefit of $5.9 million, compared with income tax expense of $5.5 million for the three months ended June 30, 2021. The income tax benefit resulted in an effective tax rate of (9.0%) in the current period, compared with 6.3% for the three months ended June 30, 2021. The three months ended June 30, 2022, included a discrete tax benefit attributable to a release of a valuation allowance while the three months ended June 30, 2021, included a discrete tax benefit attributable to the settlement of an uncertain tax position in a foreign jurisdiction.

Six Months Ended June 30, 2022, Compared to Six Months Ended June 30, 2021

For the six months ended June 30, 2022, we recorded net income and comprehensive income attributable to Royal Gold stockholders (“net income”) of $136.8 million, or $2.08 per basic and diluted share, as compared to net income of $135.7 million, or $2.07 per basic and diluted share, for the six months ended June 30, 2021.

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For the six months ended June 30, 2022, we recognized total revenue of $308.8 million, comprised of stream revenue of $210.1 million and royalty revenue of $98.7 million at an average gold price of $1,874 per ounce, an average silver price of $23.32 per ounce and an average copper price of $4.43 per pound. This is compared to total revenue of $310.6 million for the six months ended June 30, 2021, comprised of stream revenue of $209.8 million and royalty revenue of $100.8 million, at an average gold price of $1,805 per ounce, an average silver price of $26.47 per ounce and an average copper price of $4.12 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the six months ended June 30, 2022, compared to the six months ended June 30, 2021, are as follows:

Revenue and Reported Production Subject to Our Stream and Royalty Interests

(Amounts in thousands, except reported production oz. and lbs.)


		Six Months Ended				Six Months Ended
		June 30, 2022				June 30, 2021
				Reported				Reported
Stream/Royalty	Metal(s)	Revenue		Production⁽¹⁾		Revenue		Production⁽¹⁾
Stream⁽²⁾:
Mount Milligan		$	88,043			$	77,606
	Gold			29,400	oz.			25,400	oz.
	Copper			7.6	Mlbs.			7.8	Mlbs.
Pueblo Viejo		$	43,076			$	56,759
	Gold			15,600	oz.			21,600	oz.
	Silver			.6	Moz.			.7	Moz.
Andacollo	Gold	$	27,395	14,700	oz.	$	40,889	22,500	oz.
Wassa	Gold	$	15,451	8,300	oz.	$	15,902	8,700	oz.
Khoemacau	Silver	$	7,592	221,800	oz.	$	—	—
Other⁽³⁾		$	28,573			$	18,611
	Gold			13,700	oz.			8,200	oz.
	Silver			226,900	oz.			138,300	oz.
Total stream revenue		$	210,130			$	209,767

Royalty⁽²⁾:
Cortez	Gold	$	24,852	154,000	oz.	$	22,348	141,700	oz.
Peñasquito		$	22,758			$	26,527
	Gold			264,100	oz.			360,100	oz.
	Silver			15.7	Moz.			15.7	Moz.
	Lead			77.0	Mlbs.			91.9	Mlbs.
	Zinc			205.0	Mlbs.			221.0	Mlbs.
Other⁽³⁾	Various	$	51,056	N/A		$	51,974	N/A
Total royalty revenue		$	98,666			$	100,849
Total revenue		$	308,796			$	310,616

⁽¹⁾	Reported production relates to the amount of metal sales subject to our stream and royalty interests for the six months ended June 30, 2022, and 2021, and may differ from the operators’ public reporting.

⁽²⁾	Refer to “Property Developments” above for a discussion of recent developments at principal properties.

⁽³⁾	Individually, except for our stream interest at Rainy River, which contributed 6% of total revenue for the six months ended June 30, 2022 and 2021, no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for either period.

The decrease in our total revenue resulted primarily from lower gold sales at Andacollo and Pueblo Viejo and lower gold production at Peñasquito. The decrease was offset by $15.8 million of new revenue from the NX Gold and Khoemacau streams which were not in production during the prior year comparable period.

Gold and silver ounces and copper pounds purchased and sold during the six months ended June 30, 2022 and 2021, and gold and silver ounces and copper pounds in inventory as of June 30, 2022, and December 31, 2021, for our streaming interests were as follows:

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Revenue and Reported Production Subject to Our Stream and Royalty Interests

(Amounts in thousands, except reported production oz. and lbs.)


	Six Months Ended		Six Months Ended		As of	As of
	June 30, 2022		June 30, 2021		June 30, 2022	December 31, 2021
Gold Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Mount Milligan	33,800	29,400	33,000	25,400	8,500	4,100
Andacollo	16,000	14,700	22,000	22,500	3,500	2,200
Pueblo Viejo	15,700	15,600	20,900	21,600	8,700	8,600
Wassa	8,000	8,300	8,000	8,700	1,300	1,600
Other	13,500	13,700	8,300	8,200	2,000	2,200
Total	87,000	81,700	92,200	86,400	24,000	18,700

	Six Months Ended		Six Months Ended		As of	As of
	June 30, 2022		June 30, 2021		June 30, 2022	December 31, 2021
Silver Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Pueblo Viejo	581,600	590,500	634,000	665,600	307,100	316,000
Khoemacau	362,100	221,800	—	—	79,600	42,000
Other	106,300	226,900	170,800	138,300	16,400	34,300
Total	1,050,000	1,039,200	804,800	803,900	403,100	392,300

	Six Months Ended		Six Months Ended		As of	As of
	June 30, 2022		June 30, 2021		June 30, 2022	December 31, 2021
Copper Stream	Purchases (Mlbs.)	Sales (Mlbs.)	Purchases (Mlbs.)	Sales (Mlbs.)	Inventory (Mlbs.)	Inventory (Mlbs.)
Mount Milligan	6.7	7.6	8.6	7.8	—	0.9

General and administrative costs increased to $19.9 million for the six months ended June 30, 2022, from $14.1 million for the six months ended June 30, 2021. The increase was primarily due to an increase in employee-related costs including non-cash compensation expense, as well as higher costs associated with ESG initiatives.

Depreciation, depletion and amortization increased to ~~$50.6~~$92.0 million for the ~~three~~six months ended ~~September~~June 30, ~~2021,~~2022, from ~~$46.3~~$89.3 million for the ~~three~~six months ended ~~September~~June 30, ~~2020.~~2021. The increase was primarily due to higher gold sales ~~from~~at Mount Milligan, higher gold production at Cortez and ~~maiden gold sales~~additional depletion from the newly acquired Khoemacau and NX Gold ~~Stream~~streams when compared to the prior year period. The increase was partially offset by lower gold and silver sales ~~from~~at Pueblo Viejo and lower gold sales ~~from~~at Andacollo.

For the ~~three~~six months ended ~~September~~June 30, ~~2021,~~2022, we recorded income tax expense totaling ~~$16.0~~$9.4 million, compared with income tax ~~benefit~~expense of ~~$2.4~~$23.2 million for the ~~three~~six months ended ~~September~~June 30, ~~2020.~~2021. The income tax expense resulted in an effective tax rate of ~~18.5%~~6.4% in the current period, compared with ~~(2.3%)~~14.6% for the ~~three~~six months ended ~~September~~June 30, ~~2020.~~2021. The ~~three~~six months ended ~~September~~June 30, ~~2020,~~2022, included a discrete income tax ~~expense items primarily from~~benefit attributable to the release of a valuation allowance on certain deferred tax assets. The six months ended June 30, 2021, included a discrete tax benefit attributable to the settlement of an uncertain tax position ~~due to a settlement agreement~~ with a foreign ~~tax authority and a change in the realizability of certain deferred tax assets.~~jurisdiction.

Liquidity and Capital Resources

Overview

At ~~September~~June 30, ~~2021,~~2022, we had current assets of ~~$232.1~~$340.3 million compared to current liabilities of ~~$60.3~~$64.0 million, which resulted in working capital of ~~$171.8~~$276.3 million and a current ratio of 45 to 1. This compares to current assets of ~~$297.1~~$216.0 million and current liabilities of ~~$52.1~~$61.4 million at ~~June 30,~~December 31, 2021, resulting in working capital of ~~$245.0~~$154.6 million and a current ratio of approximately 64 to 1. The ~~decrease~~increase in working capital was primarily due to ~~the cash payments associated with the acquisitions of the Red Chris royalty and NX Gold Stream during the quarter ended September 30, 2021.~~an increase in our available cash.

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During the ~~three~~six months ended ~~September~~June 30, ~~2021,~~2022, liquidity needs were met from ~~$129.9~~$221.3 million in net cash provided by operating activities and our available cash resources. As of ~~September~~June 30, ~~2021,~~2022, we had ~~$900 million~~$1 billion available ~~and $100 million outstanding~~ under our revolving credit facility. Working capital, combined with available capacity under our revolving credit facility, resulted in approximately ~~$1.1~~$1.3 billion of total liquidity at ~~September~~June 30, ~~2021.~~2022. We were in compliance with each financial covenant under the revolving credit facility as of ~~September~~June 30, ~~2021.~~2022. Refer to Note 513 of our notes to consolidated financial statements and below (“Recent Liquidity Developments”) for further discussion on our ~~outstanding~~ debt. On October 8, 2021, we repaid $50 million of the outstanding borrowings under the revolving credit facility. This increased the amount available under our revolving credit facility to $950 million and decreased the amount outstanding to $50 million.

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We believe that our current financial resources and funds generated from operations will be adequate to cover anticipated expenditures for debt service, general and administrative expense costs and capital expenditures for the foreseeable future. Our current financial resources are also available to fund dividends and for acquisitions of stream and royalty interests, including any conditional funding schedules. Our long-term capital requirements are primarily affected by our ongoing acquisition activities. We currently, and generally at any time, have acquisition opportunities in various stages of active review. In the event of one or more substantial stream or royalty interest or other acquisitions, we may seek additional debt or equity financing as necessary. We occasionally borrow and repay amounts under our revolving credit facility and may do so in the future.

Please refer to our risk factors included in Part 1, Item 1A of our ~~Fiscal 2021 10-K~~Transition Report for a discussion of certain risks that may impact our liquidity and capital resources.

Recent Liquidity Developments

Revolving Credit Facility Draw

In July 2022, we borrowed $500 million under our revolving credit facility for business development activities and have $500 million available.

Business Development Activities

Refer to Note 13 of our notes to consolidated financial statements for further discussion on the liquidity needs for the proposed Great Bear Acquisition and the Cortez Royalty acquisition.

Cash Flows

Operating Activities

Net cash provided by operating activities totaled ~~$129.9~~$221.3 million for the ~~three~~six months ended ~~September~~June 30, ~~2021,~~2022, compared to ~~$94.2~~$213.1 million for the ~~three~~six months ended ~~September~~June 30, ~~2020.~~2021. The increase was primarily due to an increase in cash proceeds received from our stream and royalty interests, net of cost of sales and production taxes, of approximately ~~$33.1 million.~~$20.2 million compared to the prior year period. This increase was partially offset by an increase in income taxes paid of $6.1 million compared to the prior year period.

Investing Activities

Net cash used in investing activities totaled ~~$272.7~~$37.9 million for the ~~three~~six months ended ~~September~~June 30, ~~2021,~~2022, compared to ~~net cash provided by investing activities of $49.7~~$128.8 million for the ~~three~~six months ended ~~September~~June 30, ~~2020.~~2021. The ~~period over period change~~decrease was primarily due to ~~the Red Chris~~lower acquisitions of stream and royalty ~~acquisition of $165 million and the NX Gold Stream acquisition of $100 million, whereas~~interests compared to the prior year ~~period included $49.2 million received for the sale of our Peak Gold JV investment and $12.1 million for the sale of our Contango shares.~~period.

Financing Activities

Net cash ~~provided by~~used in financing activities totaled ~~$77.1~~$46.4 million for the ~~three~~six months ended ~~September~~June 30, ~~2021,~~2022, compared to net cash used in financing activities of ~~$49.8~~$240.2 million for the ~~three~~six months ended ~~September~~June 30, ~~2020.~~2021. The ~~period over period change~~decrease was primarily due to ~~an increase in borrowings from~~a repayment of $200 million on our revolving credit facility ~~compared to~~during the prior year ~~period, whereas the prior year included a $30 million repayment of our revolving credit facility.~~period.

~~Recent Liquidity Development~~

~~Revolving Credit Facility Amendment~~

On July 7, 2021, we entered into a fourth amendment to our revolving credit facility dated as of June 2, 2017. The amendment extends the maturity date from June 3, 2024, to July 7, 2026, adds provisions to provide for the eventual replacement of LIBOR and makes certain changes to the lenders under the agreement.

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Recently Adopted Accounting Standards and Critical Accounting Policies

Refer to Note 1 of our notes to consolidated financial statements for further discussion on any recently adopted accounting standards. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations in our ~~Fiscal 2021 10-K~~Transition Report for discussion on our critical accounting policies.

Forward-Looking Statements

This report and our other public communications include “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements.

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Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statement regarding the following: ~~statements about~~funding of the purchase price for the Great Bear Acquisition; timing of the receipt of approvals for and closing of the Great Bear Acquisition; our due diligence review process; volatility of metal prices and factors impacting same; our expected financial performance and outlook, including sales volume, revenue, expenses, tax rates, earnings or cash flow; operators’ expected operating and financial performance, including production, deliveries, mine plans, facilities, mineral resources and reserves, access to and adequacy of water sources, development, cash flows, capital expenditures, and ~~capital expenditures; planned~~permitting and environmental impact studies; effects of the pandemic; estimates of fair value and potential ~~acquisitions~~impairments; tax changes; timing for the delivery of deferred silver ounces from Pueblo Viejo; stronger performance at Cortez for the fourth quarter of 2022; adequacy of our current financial resources and funds from operations to cover anticipated expenditures for the foreseeable future; seeking additional debt or ~~dispositions, including funding schedules~~equity financing as necessary; borrowing and ~~conditions; liquidity, financing~~repaying amounts under our revolving credit facility; and ~~stockholder returns; our overall investment portfolio; macroeconomic~~disclosure controls and ~~market conditions including the impacts of COVID-19; prices for gold, silver, copper, nickel~~procedures and ~~other metals; potential impairments; or tax changes.~~internal controls over financial reporting.

~~Factors~~The risks and uncertainties that could cause actual results to differ materially from ~~these forward-looking~~those in forward looking statements include, ~~among others, the following:~~without limitation, a lower-price environment for gold, silver, copper, nickel or other metals; operating activities or financial performance of ~~properties on which we hold stream or royalty interests,~~operators, including inaccuracies in the operator’s disclosures, variations between actual and forecasted performance, ~~operators’~~the operator’s ability to complete projects on schedule and as planned, the operator’s changes to mine plans and reserves and resources, the operator’s liquidity needs, mining ~~and environmental~~ hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, contractual issues involving our ~~stream or~~ royalty ~~agreements,~~agreement, or operational disruptions due to ~~COVID-19,~~public health crises; environmental risks, including ~~due to variant strains of the virus;~~those caused by climate change; potential cyber-attacks, including ransomware; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; ~~environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value and complete acquisitions;~~ adverse economic and market conditions; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; the ability to obtain, or delays in obtaining, stockholder and court approval of the Great Bear Acquisition; the risk that an event, change or other circumstance could give rise to the termination of the arrangement agreement with GBR; the risk that a condition to closing of the Great Bear Acquisition may not be satisfied; the risk that any announcement relating to an acquisition could have adverse effects on the market price of Royal Gold’s common stock; the risk of litigation related to acquisitions; and the diversion of management time from ongoing business operations due to acquisition-related issues; and other factors described in ~~Item 1A. Risk Factors of~~ our ~~Fiscal 2021 10-K~~reports filed with the Securities and ~~this Form 10-Q.~~Exchange Commission, including our Transition Report. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this presentation could also have material adverse effects on forward looking statements.

Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any

forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our earnings and cash flows are significantly impacted by changes in the market price of gold and other metals. Gold, silver, copper, and other metal prices can fluctuate significantly and are affected by numerous factors, such as demand, production levels, economic policies of central banks, producer hedging, world political and economic events, inflation and the strength of the U.S. dollar relative to other currencies. Please see the risk factor entitled “Our revenue is subject to volatility in metal prices, which could negatively affect our results of operations or cash flow.” under Part I, Item 1A of our ~~Fiscal 2021 10-K,~~Transition Report, for more information about risks associated with metal price volatility.

During the ~~three~~six months ended ~~September~~June 30, ~~2021,~~2022, we reported revenue of ~~$174.4~~$308.8 million, with an average gold price for the period of ~~$1,790~~$1,874 per ounce, an average silver price of ~~$24.36~~$23.32 per ounce, and an average copper price of ~~$4.25~~$4.43 per pound. The table below shows the impact that a 10% increase or decrease in the average price of the specified metal would have had on our total reported revenue for the ~~three~~six months ended ~~September~~June 30, ~~2021:~~2022:


Metal	Percentage of Total Reported Revenue Associated with Specified Metal	Amount by Which Total Reported Revenue Would Have Increased or Decreased If Price of Specified Metal Had Averaged 10% Higher or Lower in Period
Gold	~~73%~~71%	$~~12.9~~24.9 million
Copper	14%	$~~4.0~~7.9 million
Silver	10%	$~~0.6~~1.7 million

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer (the principal executive officer) and Chief Financial Officer (the principal financial and accounting officer), we evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of ~~September~~June 30, ~~2021.~~2022. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of ~~September~~June 30, ~~2021,~~2022, at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended ~~September~~June 30, ~~2021,~~2022, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within Royal Gold have been detected.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors included in the section entitled “Risk Factors” of our ~~Fiscal 2021 10-K.~~Transition Report.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

Period
(a) Total Number of Shares Purchased⁽¹⁾
(b) Average Price Paid Per Share
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Programs
July 2021
—
—
N/A
N/A
August 2021
4,766
$112.03
N/A
N/A
September 2021
—
—
N/A
N/A
Total
4,766
$112.03
N/A
N/A

~~(1)~~	~~Represents shares~~
Period	(a) Total Number of ~~common stock withheld by us~~Shares Purchased⁽¹⁾	(b) Average Price Paid Per Share	(c) Total Number of Shares Purchased as ~~payment~~Part of ~~withholding taxes due upon~~Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the ~~vesting of restricted stock held by our employees.~~Plan or Programs
April 2022	—	—	N/A	N/A
May 2022	—	—	N/A	N/A
June 2022	—	—	N/A	N/A
Total	—	—	N/A	N/A

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURE

Not applicable.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS


Exhibit Number		Description

~~10.1~~10.1*▲		Form of [First][Second] Amendment ~~No. 4~~ to ~~Revolving Facility Credit~~Employment Agreement, ~~dated~~ as of July 7, 2021, and entered into by and among Royal Gold, Inc., RGLD Gold AG, RG Royalties, LLC, Royal Gold International Holdings, Inc., the banks and financial institutions identified therein as a “Lender,” and The Bank of Nova Scotia as Administrative Agent for the Lendersapplicable (filed as Exhibit 10.1 ~~to Royal Gold’s~~of the Current Report on Form 8-K ~~filed~~ on ~~July 12, 2021,~~May 25, 2022, and incorporated herein by reference).

10.2*▲		Form of Amendment to Employment Agreement (filed as Exhibit 10.1 of the Current Report on Form 8-K on April 11, 2022, and incorporated herein by reference).

31.1*		Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1‡		Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2‡		Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101*		The following financial statements from Royal Gold, Inc.’s Quarterly Report on Form 10-Q for the quarter ended ~~September~~June 30, ~~2021,~~2022, formatted in Inline XBRL: (a) Consolidated Statements of Cash Flows, (b) Consolidated Statements of Operations, (c) Consolidated Statements of Comprehensive Income, (d) Consolidated Balance Sheets, and (e) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.

104*		The cover page from Royal Gold, Inc.’s Quarterly Report on Form 10-Q for the quarter ended ~~September~~June 30, ~~2021,~~2022, formatted in Inline XBRL (included as Exhibit 101).

*	Filed herewith.

‡	Furnished herewith.

▲	Identifies a management contract or compensation plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ROYAL GOLD, INC.

Date: ~~November~~August 4, ~~2021~~2022
	By:	/s/ William Heissenbuttel
		William Heissenbuttel
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: ~~November~~August 4, ~~2021~~2022	By:	/s/ Paul Libner
		Paul Libner
		Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

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	As of September 30, 2021						As of June 30, 2021
	Principal		Debt Issuance Costs		Total		Principal		Debt Issuance Costs¹		Total

		(Amounts in thousands)						(Amounts in thousands)
Revolving credit facility	$	100,000	$	(4,597)	$	95,403	$	—	$	(3,443)	$	(3,443)
Total debt	$	100,000	$	(4,597)	$	95,403	$	—	$	(3,443)	$	(3,443)


Period	(a) Total Number of Shares Purchased⁽¹⁾	(b) Average Price Paid Per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Programs
July 2021	—	—	N/A	N/A
August 2021	4,766	$112.03	N/A	N/A
September 2021	—	—	N/A	N/A
Total	4,766	$112.03	N/A	N/A