Royal Gold, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Royal Gold, Inc. has submitted its 2023 Form 10-K, detailing its operations as a mineral royalty trader.</b>

AI Summary

ROYAL GOLD INC (RGLD) filed a Annual Report (10-K) with the SEC on February 15, 2024. Royal Gold, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is mineral royalty trading. Incorporated in Delaware, Royal Gold, Inc. is listed under SIC code 6795. The filing includes detailed financial information and disclosures for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking ROYAL GOLD INC, this filing contains several important signals. This 10-K filing provides investors with a comprehensive overview of Royal Gold's financial performance, operational activities, and strategic positioning for the fiscal year 2023. Key financial data, risk factors, and executive compensation details within this report are crucial for understanding the company's current financial health and future outlook.

Risk Assessment

Risk Level: medium — ROYAL GOLD INC shows moderate risk based on this filing. The company operates in the mineral royalty trading sector, which is subject to commodity price volatility and operational risks associated with mining activities, as detailed in the 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Royal Gold's performance and potential risks in the mineral royalty market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-15 — Filing Date (Filed as of date)
• 6795 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• ROYAL GOLD INC (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-15 (date) — Filed as of date
• DENVER (location) — Business address city
• DE (location) — State of incorporation
• 303-573-1660 (phone) — Business phone

FAQ

Industry Context

Royal Gold, Inc. operates in the mining industry, specifically as a mineral royalty trader, acquiring and managing royalty interests in gold and other precious metals.

Regulatory Implications

As a publicly traded company, Royal Gold, Inc. is subject to the reporting requirements of the Securities Exchange Act of 1934, necessitating the filing of this Form 10-K.

What Investors Should Do

1. Review the financial statements and management's discussion and analysis (MD&A) for detailed insights into RGLD's fiscal year 2023 performance.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing Royal Gold's business model.
3. Examine executive compensation details to assess alignment with company performance and shareholder interests.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-15: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Royal Gold, Inc. to report its annual financial results and business operations.)

Mineral Royalty Traders

Companies that trade in mineral royalties, which are rights to receive a portion of the revenue or profits from the extraction of minerals. (This describes the core business activity of Royal Gold, Inc. as stated in the filing.)

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year ending December 31, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — nge on which Registered Common Stock, $0.01 par value RGLD Nasdaq Global Select
• $325 million — s: During calendar year 2023 we repaid $325 million under our revolving credit facility. At
• $250 million — facility. At December 31, 2023, we had $250 million outstanding under our $1.0 billion revo
• $1.0 billion — had $250 million outstanding under our $1.0 billion revolving credit facility and had cash
• $104 million — acility and had cash and equivalents of $104 million. 3 Table of Contents We had revenu
• $605.7 million — Table of Contents We had revenue of $605.7 million for the year ended December 31, 2023, c
• $603.2 million — ar ended December 31, 2023, compared to $603.2 million for the comparable prior year period.
• $415.8 million — rable prior year period. We generated $415.8 million of net operating cash flow for the year
• $417.3 million — ar ended December 31, 2023, compared to $417.3 million for the comparable prior year period.
• $1.60 — increased our calendar year dividend to $1.60 per basic share, which is paid in quart

Filing Documents

• rgld-20231231x10k.htm (10-K) — 4674KB
• rgld-20231231xex4d1.htm (EX-4.1) — 41KB
• rgld-20231231xex21d1.htm (EX-21.1) — 48KB
• rgld-20231231xex23d1.htm (EX-23.1) — 9KB
• rgld-20231231xex31d1.htm (EX-31.1) — 18KB
• rgld-20231231xex31d2.htm (EX-31.2) — 15KB
• rgld-20231231xex32d1.htm (EX-32.1) — 7KB
• rgld-20231231xex32d2.htm (EX-32.2) — 6KB
• rgld-20231231xex97d1.htm (EX-97.1) — 55KB
• rgld-20231231x10k003.jpg (GRAPHIC) — 114KB
• rgld-20231231x10k004.gif (GRAPHIC) — 189KB
• rgld-20231231x10k005.gif (GRAPHIC) — 88KB
• rgld-20231231x10k006.gif (GRAPHIC) — 180KB
• rgld-20231231x10k007.gif (GRAPHIC) — 190KB
• rgld-20231231x10k008.gif (GRAPHIC) — 124KB
• rgld-20231231x10k009.jpg (GRAPHIC) — 94KB
• rgld-20231231x10k010.jpg (GRAPHIC) — 7KB
• rgld-20231231x10k011.gif (GRAPHIC) — 142KB
• rgld-20231231x10k012.jpg (GRAPHIC) — 46KB
• rgld-20231231xex97d1002.jpg (GRAPHIC) — 5KB
• rgld-20231231xex97d1008.jpg (GRAPHIC) — 11KB
• rgld-20231231xex97d1011.jpg (GRAPHIC) — 2KB
• 0001558370-24-001192.txt (&nbsp;) — 18314KB
• rgld-20231231.xsd (EX-101.SCH) — 58KB
• rgld-20231231_cal.xml (EX-101.CAL) — 79KB
• rgld-20231231_def.xml (EX-101.DEF) — 222KB
• rgld-20231231_lab.xml (EX-101.LAB) — 521KB
• rgld-20231231_pre.xml (EX-101.PRE) — 403KB
• rgld-20231231x10k_htm.xml (XML) — 3403KB

Business

Business 3 ITEM 1A.

Risk Factors

Risk Factors 11 ITEM 1B. Unresolved Staff Comments 20 ITEM 1C. Cybersecurity 21 ITEM 2.

Properties

Properties 21 ITEM 3.

Legal Proceedings

Legal Proceedings 67 ITEM 4. Mine Safety Disclosure 67 PART II. ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 68 ITEM 6. Reserved 69 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 70 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 79 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 80 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 110 ITEM 9A.

Controls and Procedures

Controls and Procedures 110 ITEM 9B. Other Information 112 ITEM 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 112 PART III. ITEM 10. Directors, Executive Officers and Corporate Governance 112 ITEM 11.

Executive Compensation

Executive Compensation 112 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 112 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 112 ITEM 14. Principal Accountant Fees and Services 112 PART IV. ITEM 15. Exhibits and Financial Statement Schedules 113 ITEM 16 Form 10-K Summary 117

SIGNATURES

SIGNATURES 118 2 Table of Contents This report contains and incorporates by reference "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments. Actual results may differ, possibly materially, from forward-looking statements due to various factors. For a discussion of some of these factors, see Item 1A Risk Factors, and Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), of this report. Royal Gold does not own, develop, or mine the properties on which it holds stream or royalty interests. Certain information provided in this report about operating properties in which we hold interests, including information about mineral reserves, mineral resources, 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 (the "SEC"). Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness, or fairness of, this third-party information and refers the reader to the public reports filed by the operators for information regarding those properties. Unless the context otherwise requires, references to "Royal Gold," the "Company," "we," "us," and "our" refer to Royal Gold, Inc. and its consolidated subsidiaries. PART I

BUSINESS

ITEM 1. BUSINESS Change in Fiscal Year 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, this Annual Report on Form 10-K (this "Form 10-K") includes financial information for the transition period from July 1, 2021, through December 31, 2021. Prior to the six months ended December 31, 2021, our fiscal year ended on June 30. References in this report to the "transition period" refer to the six-month period ended December 31, 2021. Overview We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production, development or in the exploration stage in exchange for stream or royalty interests. We do not conduct mining operations on the properties in which we hold stream and royalty interests and are generally not required to contribute to capital costs, environmental costs, or other operating costs on the properties. Please refer to Item 2, Properties, for a discussion of the developments at our principal 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 financial, legal (including corporate governance) and technical (including environmental issues concerning air, water and biodiversity and social impacts) and other confidential information regarding an opportunity; submission of indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes. As discussed in further detail throughout this report, some key highlights and

View Full Filing

View this 10-K filing on SEC EDGAR