Royal Gold Provides Update on Its Fiscal 2017 Fourth Quarter
July 10 2017 - 8:30AM
Business Wire
Royal Gold, Inc. (NASDAQ:RGLD) (together with its
subsidiaries, “Royal Gold” or the “Company”) today announced that
its wholly owned subsidiary RGLD Gold AG sold approximately 62,000
gold equivalent ounces comprised of approximately 52,000 gold
ounces, 374,000 silver ounces and 1,165 metric tonnes of copper
related to its streaming agreements during its fiscal 2017 fourth
quarter ended June 30, 2017 (“fourth quarter”). The Company had
approximately 14,000 gold ounces and 537,000 silver ounces in
inventory at June 30, 2017.
RGLD Gold AG’s average realized gold, silver and copper prices
were $1,259 per ounce, $17.32 per ounce, and $5,681 per metric
tonne, respectively, compared to $1,216 and $17.35 per ounce sold
in the prior quarter. This is the first quarter of copper stream
sales. Cost of sales was approximately $318 per gold equivalent
ounce for the fourth quarter using the quarterly average
silver-gold ratio of approximately 73 to 1 and gold-copper ratio of
approximately 0.22 metric tonnes per ounce, compared to $356 per
gold equivalent ounce in the prior quarter. Cost of sales is
specific to our stream agreements and is the result of the
Company’s purchase of gold, silver or copper for cash payments at a
set contractual price, or a percentage of the prevailing market
price of gold, silver or copper when purchased.
Also during the fourth quarter, Royal
Gold repaid $50 million of the outstanding balance
on its revolving credit facility. As of June 30, 2017 there
was $250 million outstanding on the revolver, resulting
in $750 million available under the Company’s previously
announced expanded credit facility.
Royal Gold’s fourth quarter results will be released before the
market opens for trading on Thursday, August 10, 2017, followed by
a conference call that day at noon Eastern Time (10:00 a.m.
Mountain Time). The call will be webcast and archived on the
Company’s website for a limited time.
Fiscal 2017 Fourth Quarter Earnings
Call Information:
Dial-In Numbers: 855-209-8260 (U.S.);
toll free 855-669-9657 (Canada); toll free 412-542-4106
(International) Conference Title: Royal Gold
Webcast URL:
www.royalgold.com under Investors, Events
& Presentations
About Royal Gold
Royal Gold is a precious metals stream and royalty company
engaged in the acquisition and management of precious metal
streams, royalties, and similar production based interests. The
Company owns interests on 194 properties on six continents,
including interests on 38 producing mines and 22 development stage
projects. Royal Gold is publicly traded on the NASDAQ Global Select
Market under the symbol “RGLD.” The Company’s website is located at
www.royalgold.com.
Cautionary “Safe Harbor” Statement Under the Private
Securities Litigation Reform Act of 1995: With the exception of
historical matters, the matters discussed in this press release are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from
projections or estimates contained herein. Such forward-looking
statements include statements about preliminary results of
streaming volume, average realized price per ounce and per pound,
and cost of sales per gold equivalent ounce. Factors that could
cause actual results to differ materially from the projections
include, among others, precious metals, copper and nickel prices;
performance of and production at the Company's stream and royalty
properties, including gold and copper production at Mount Milligan;
gold production at Wassa and Prestea, Andacollo, and gold and
silver production at Pueblo Viejo; the ability of operators of
development properties to finance project construction to
completion and bring projects into production as expected;
operators’ delays in securing or inability to secure necessary
governmental permits; decisions and activities of the operators of
the Company's stream and royalty properties; unanticipated grade,
environmental, geological, seismic, metallurgical, processing,
liquidity or other problems the operators of the mining properties
may encounter; changes in operators’ project parameters as plans
continue to be refined; changes in estimates of reserves and
mineralization by the operators of the Company’s stream and royalty
properties; contests to the Company’s stream and royalty interests
and title and other defects to the Company’s stream and royalty
properties; errors or disputes in calculating stream and royalty
payments, or payments not made in accordance with stream and
royalty agreements; economic and market conditions; risks
associated with conducting business in foreign countries; changes
in laws governing the Company and its stream and royalty properties
or the operators of such properties; and other subsequent events;
as well as other factors described in the Company's Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q, and other filings
with the Securities and Exchange Commission. Most of these factors
are beyond the Company’s ability to predict or control. The Company
disclaims any obligation to update any forward-looking statement
made herein. Readers are cautioned not to put undue reliance on
forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170710005701/en/
Royal Gold, Inc.Karli Anderson, 303-575-6517Vice
President Investor Relations
Royal Gold (NASDAQ:RGLD)
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