Royal Gold Reports First Quarter 2019 Results
October 31, 2018
DENVER–(BUSINESS WIRE)–Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries,
“Royal Gold” or the “Company,” “we” or “our”) reports net income of
$15.0 million, or ($0.23 per share), on revenue of $100.0 million in its
fiscal first quarter ended September 30, 2018 (“first quarter”).
Earnings were primarily impacted by lower sales as previously guided,
lower metal prices, higher legal expenses and the adoption of new
accounting guidance for equity securities.
First Quarter Highlights Compared to Prior Year Quarter:
- Revenue of $100.0 million, a decrease of 11.1%
- Operating cash flow of $44.6 million, a decrease of 37.7%
- Volume of 82,400 GEOs,1 a decrease of 6.4%
- Dividends paid of $16.4 million, an increase of 4.4%
- Average gold price of $1,213 per ounce, a decrease of 5.1%
“As expected, deliveries from Mount Milligan during the first quarter
were lower due to the suspension of operations earlier in the calendar
year associated with water availability issues,” commented Tony Jensen,
President and CEO. “Peñasquito and Pueblo Viejo production were also
lower but the operators expect improvements in the December quarter with
higher grade ore anticipated.”
“Looking forward to long term value, we made important advancements
during the first quarter by resolving the Voisey’s Bay royalty dispute
and completing a preliminary economic assessment on the Peak Gold
project, and Mount Milligan and Rainy River mill throughputs have
recently improved to targeted levels. Our financial position continues
to strengthen with over $1.1 billion in capacity to take advantage of
new business opportunities.”
_______________________________
1 Gold Equivalent Ounces
(“GEOs”) are calculated as revenue divided by the average gold price for
the same period. GEOs net of stream payments were 68,800 in the first
quarter, compared to 72,000 in the prior first quarter, respectively.
Recent Developments
Mount Milligan
The temporary shutdown of the Mount Milligan processing facility that
occurred earlier in calendar 2018 due to a lack of sufficient water
sources resulted in a decrease in our gold and copper stream deliveries
from the project during the first quarter.
On September 14, 2018, Centerra Gold Inc. (“Centerra”) reported that
Mount Milligan received approval to access certain short-term water
sources until November 15, 2018. On October 31, 2018, Centerra provided
the following update: Centerra has made applications for certain
additional / extended water sources until 2021. Discussions are under
way with regulators, First Nations and other affected stakeholders
regarding these applications and Centerra expects that access to these
sources may be granted as early as the end of January 2019. However,
these applications have not yet been granted and as the flow from the
approved short-term water sources declines during the calendar fourth
quarter and during the remainder of the winter season, Centerra expects
to reduce Mount Milligan throughput to properly manage its water balance
until the water flow increases in the spring.
In addition, development of a long-term water supply plan and
methodology to assess water sources is under way, and applications and
government review of that methodology are expected to commence within
the fourth calendar quarter of 2018. Centerra’s expectation is that its
updated long-term water source (or sources) will be available from and
after 2021 for the entire mine life.
Processing operations were impacted during the first quarter by
unplanned shutdowns for primary crusher maintenance in July and
maintenance to repair transformer damage from a lightning strike in
September. Although these two events reduced operating days, Centerra
reaffirmed their annual guidance expectation. Plant performance for the
first quarter averaged 40,805 tonnes per calendar day, or approximately
55,000 tonnes per operating day, while throughput in August was 61,135
tonnes per operating day.
Resolution of Voisey’s Bay Royalty Dispute
On September 14, 2018, Royal Gold announced that the Labrador Nickel
Royalty Limited Partnership (“LNRLP”) entered into an agreement with
Vale Canada Limited (“Vale”) and certain of its subsidiaries to
comprehensively settle long-standing litigation related to calculation
of LNRLP’s 3% royalty on the sale of all concentrates produced from the
Voisey’s Bay mine in Newfoundland and Labrador, Canada. A wholly owned
indirect subsidiary of Royal Gold is the general partner and 90% owner
of LNRLP, with the remaining 10% owned by a subsidiary of Altius
Minerals Corporation (“Altius”).
During the three months ended September 30, 2018, Royal Gold recognized
royalty revenue for Voisey’s Bay metal production attributable to our
90% share of LNRLP of approximately $2.4 million and $2.0 million for
the June 30 and September 30, 2018 quarters, respectively, based on a
new royalty calculation method effective for all production after April
1, 2018. We expect that regular quarterly royalty payments will be
received 45 days after the end of each calendar quarter for the duration
of the remaining mine life.
Completion of Preliminary Economic Assessment for the Peak Gold
Project
On September 24, 2018, Royal Gold announced that the Peak Gold joint
venture, of which our Royal Alaska, LLC subsidiary owns a 40% interest,
completed a Preliminary Economic Assessment (“PEA”) on the Peak Gold
Project located near Tok, Alaska. In summary, the PEA contemplates open
pit mining 9.3 million tonnes of mineralized material grading 3.99 grams
per tonne gold, and presents attractive economics at a base case gold
price of $1,250 per ounce and a silver price of $17.00 per ounce, with
an eight year mine life, 24-month preproduction period and cash costs
after sustaining capital of approximately $470 per ounce. Further
details of the PEA are found in our September 24, 2018 press release
entitled “Royal Gold Announces Preliminary Economic Assessment for the
Peak Gold Project” on our website.
The estimates from the PEA must be regarded as preliminary and do not
provide assurance that a mine can or will be developed at the Peak Gold
Project. Substantial further work, including a full-scale feasibility
study, would be required to confirm and refine these estimates.
Accordingly, there can be no certainty that the results of the PEA will
be realized even if Peak Gold decides to proceed with the mine plan
described in the PEA at any point in the future.
Royal Gold also owns two net smelter return royalties on the Peak Gold
Project.
Purchase of Shares of Contango Ore, Inc.
Subsequent to the quarter end on October 3, 2018, Royal Gold acquired
the second and final tranche of 127,188 shares of Contango ORE, Inc.
(“CORE”), our joint venture partner in the Peak Gold Project, common
stock for consideration of $26 per share, pursuant to a Stock Purchase
Agreement entered into on April 5, 2018 between Royal Gold and certain
individual stockholders of CORE. With the purchase of this second
tranche, Royal Gold owns 809,744 shares of CORE common stock,
representing approximately 13.2% of the shares outstanding.
First Quarter 2019 Overview
First quarter revenue was $100.0 million compared to $112.5 million in
the prior year quarter, with stream revenue totaling $70.0 million and
royalty revenue totaling $30.0 million. The decrease in total revenue
for the first quarter compared to the prior year quarter was due to
lower average gold, silver and copper prices, as well as lower overall
sales and production. Lower stream sales from Mount Milligan and Pueblo
Viejo were partially offset by higher sales from Andacollo and initial
contributions from Rainy River, while a decrease in royalty revenue was
due to lower production at Peñasquito and Cortez.
First quarter cost of sales was approximately $16.5 million, compared to
$20.4 million in the prior year quarter. The decrease was primarily due
to lower stream sales from Mount Milligan partially offset by higher
stream sales at Andacollo. Cost of sales is specific to our stream
agreements and is the result of the purchase of gold, silver and copper
for a cash payment.
General and administrative expenses increased to $9.9 million in the
first quarter from $6.9 million during the prior year quarter. The
increase during the current period was primarily due to greater legal
costs related to the settlement of the Voisey’s Bay royalty calculation
dispute.
Exploration costs attributable to Royal Gold’s controlling membership
interest in the Peak Gold Project increased to $1.8 million in the first
quarter from $1.2 million in the prior year quarter. Royal Gold’s
membership interest in the Peak Gold JV was 40% and 35.8% during the
quarters ended September 30, 2018 and 2017, respectively.
Depreciation, depletion and amortization expense increased to $42.6
million in the first quarter from $39.7 million in the prior year
quarter. The increase was primarily due to additional depletion from the
Voisey’s Bay royalty interest.
As a result of the adoption of new Accounting Standards Update (“ASU”)
guidance, we recognized a loss on changes in fair value of equity
securities related to our holdings in CORE and Rubicon Minerals
Corporation of $1.5 million for the three months ended September 30,
2018. The new ASU guidance, which impacts how we recognize changes in
fair value on our equity securities at each reporting period, was
adopted on July 1, 2018. The new guidance could increase our earnings
volatility in the future.
We recognized first quarter income tax expense of $4.1 million, compared
to $7.5 million during the prior year quarter. Our effective tax rate
for the first quarter was 25.6% compared to 22.1% for the prior year
quarter. The increase in the effective rate was primarily due to fewer
tax benefits attributable to equity award vesting and exercise in
the current quarter compared to the prior year quarter.
At September 30, 2018, we had current assets of $159.4 million compared
to current liabilities of $37.4 million, resulting in working capital of
$122.0 million. This compares to current assets of $125.8 million and
current liabilities of $51.4 million at June 30, 2018, resulting in
working capital of $74.4 million.
During the first quarter, liquidity needs were met from $83.5 million in
net revenue and our available cash resources. As of September 30, 2018,
the Company had no amount outstanding and the full $1 billion available
under its revolving credit facility. Working capital, combined with the
Company’s undrawn revolving credit facility, resulted in approximately
$1.1 billion of total liquidity at September 30, 2018.
Property Highlights
A summary of first quarter and historical production reported by
operators of our stream and royalty properties can be found on Tables 1
and 2. Calendar year 2018 operator production estimates for certain
properties in which we have interests compared to actual production at
those properties through September 30, 2018 can be found on Table 3.
Results of our streaming business for the first quarter, compared to the
prior year quarter, can be found on Table 4. Highlights at certain of
the Company’s principal producing and development properties during the
first quarter, compared to the prior year quarter, are detailed in our
Quarterly Report on Form 10-Q.
CORPORATE PROFILE
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. As of November 1, 2018, the Company
owns interests on 191 properties on six continents, including interests
on 40 producing mines and 18 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.
Note: Management’s conference call reviewing the first quarter
results will be held on Thursday, November 1, 2018, 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.
First 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 |
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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 future
production contributions from Peñasquito, Pueblo Viejo, Mount Milligan
and Rainy River, future contributions from Voisey’s Bay, the results of
the Peak Gold preliminary economic assessment and attractive economics
presented therein, strengthening financial position, access to capital
and taking advantage of new business opportunities, the impact of
temporary shutdowns and restarts of mill processing operations at Mount
Milligan, the availability of sufficient water resources to avoid future
potential shutdowns and reduced production at Mount Milligan, and
operators’ production estimates for calendar year 2018 and their
estimates of reserves and mineralized material. Net gold and metal
reserves attributable to Royal Gold’s stream, royalty and other
interests are subject to certain assumptions and, like reserves, do not
reflect actual ounces that will be produced. Like any stream, royalty or
similar interest on a non-producing or not-yet-in-development project,
our interests on development projects are subject to certain risks, such
as the ability of the operators to bring the projects into production
and operate in accordance with their feasibility studies and mine plans,
and the ability of Royal Gold to make accurate assumptions regarding
valuation and timing and amount of payments. In addition, many of our
interests are subject to risks associated with conducting business in a
foreign country, including application of foreign laws to contract and
other disputes, foreign environmental laws and enforcement and uncertain
political and economic environments. 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; the ability of operators
to finance project construction to completion and bring projects into
production as expected, including development stage mining properties,
mine and mill expansion projects and other development and construction
projects; operators’ delays in securing or inability to secure or
maintain 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 Company’s stream and
royalty properties may encounter; operators’ inability to access
sufficient raw materials, water or power; 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 in the properties where the
Company holds stream and royalty interests; errors or disputes in
calculating stream deliveries and royalty payments, or deliveries or
payments not made in accordance with stream and royalty agreements;
economic and market conditions; changes in laws governing the Company
and its stream and royalty interests or the operators of the properties
subject to such interests, 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.
Statement Regarding Third-Party Information: Certain information
provided in this press release, including production estimates for
calendar 2018, has been provided to us by the operators of the relevant
properties or is publicly available information filed by these operators
with applicable securities regulatory bodies, including the Securities
and Exchange Commission. 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 such third-party information and
refers the reader to the public reports filed by the operators for
information regarding those properties.
|
TABLE 1 First Quarter Fiscal 2019
Revenue and Operators’ Reported Production for Principal Stream (In thousands, except reported production in oz. and lbs.) |
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| Three Months Ended | Three Months Ended | ||||||||||||||||||||
| September 30, 2018 | September, 2017 | ||||||||||||||||||||
| Reported | Reported | ||||||||||||||||||||
| Stream/Royalty | Metal(s) | Revenue | Production1 | Revenue | Production1 | ||||||||||||||||
| Stream: | |||||||||||||||||||||
| Andacollo | Gold | $ | 27,743 | 22,700 | oz. | $ | 12,337 | 9,700 | oz. | ||||||||||||
| Pueblo Viejo | $ | 19,486 | $ | 25,403 | |||||||||||||||||
| Gold | 9,200 | oz. | 12,900 | oz. | |||||||||||||||||
| Silver | 540,200 | oz. | 536,600 | oz. | |||||||||||||||||
| Mount Milligan | $ | 8,847 | $ | 31,952 | |||||||||||||||||
| Gold | 5,500 | oz. | 18,600 | oz. | |||||||||||||||||
| Copper | 837,100 | lbs. | 2.6 | Mlbs. | |||||||||||||||||
| Wassa and Prestea | Gold | $ | 8,061 | 6,500 | oz. | $ | 9,070 | 7,100 | oz. | ||||||||||||
| Other2 | $ | 5,900 | $ | N/A | |||||||||||||||||
| Total stream revenue | $ | 70,037 | $ | 78,762 | |||||||||||||||||
| Royalty: | |||||||||||||||||||||
| Peñasquito | $ | 3,637 | $ | 7,796 | |||||||||||||||||
| Gold | 50,300 | oz. | 133,300 | oz. | |||||||||||||||||
| Silver | 4.2 | Moz. | 5.9 | Moz. | |||||||||||||||||
| Lead | 29.9 | Mlbs. | 36.2 | Mlbs. | |||||||||||||||||
| Zinc | 64.2 | Mlbs. | 92.4 | Mlbs. | |||||||||||||||||
| Cortez | Gold | $ | 603 | 7,000 | oz. | $ | 2,988 | 29,900 | oz. | ||||||||||||
| Other2 | Various | $ | 25,715 | N/A | $ | 22,930 | N/A | ||||||||||||||
| Total royalty revenue | $ | 29,955 | $ | 33,714 | |||||||||||||||||
| Total Revenue | $ | 99,992 | $ | 112,476 | |||||||||||||||||
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TABLE 2 Operators’ Historical Production |
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| Property | Operator | Stream/Royalty | Reported Production For The Quarter Ended1 | |||||||||||||||||||||||||||||||
| Metal(s) | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |||||||||||||||||||||||||||||
|
Stream: |
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| Mount Milligan3 | Centerra | 35% of payable gold | Gold | 5,500 | oz. | 20,700 | oz. | 25,800 | oz. | 12,600 | oz. | 18,600 | oz. | |||||||||||||||||||||
| 18.75% of payable copper | Copper | 0.8 | Mlbs. | 1.6 | Mlbs. | 4.3 | Mlbs. | 1.8 | Mlbs. | 2.6 | Mlbs. | |||||||||||||||||||||||
| Pueblo Viejo | Barrick (60%) | 7.5% of gold produced up to 990,000 ounces; 3.75% therafter | Gold | 9,200 | oz. | 13,200 | oz. | 8,500 | oz. | 14,500 | oz. | 12,900 | oz. | |||||||||||||||||||||
| 75% of payable silver up to 50 million ounces; 37.5% therafter | Silver | 540,200 | oz. | 616,300 | oz. | 260,800 | oz. | 469,600 | oz. | 536,600 | oz. | |||||||||||||||||||||||
| Andacollo | Teck | 100% of gold produced | Gold | 22,700 | oz. | 12,400 | oz. | 5,400 | oz. | 17,000 | oz. | 9,700 | oz. | |||||||||||||||||||||
| Wassa and Prestea4 | Golden Star | 10.5% of gold produced up to 240,000 ounces; 5.5% therafter | Gold | 6,500 | oz. | 2,800 | oz. | 6,300 | oz. | 6,800 | oz. | 7,100 | oz. | |||||||||||||||||||||
| Royalty: | ||||||||||||||||||||||||||||||||||
| Peñasquito | Goldcorp | 2.0% NSR | ||||||||||||||||||||||||||||||||
| Gold | 50,300 | oz. | 79,600 | oz. | 91,200 | oz. | 71,100 | oz. | 134,000 | oz. | ||||||||||||||||||||||||
| Silver | 4.2 | Moz. | 5.0 | Moz. | 5.0 | Moz. | 5.1 | Moz. | 5.9 | Moz. | ||||||||||||||||||||||||
| Lead | 29.9 | Mlbs. | 26.6 | Mlbs. | 26.0 | Mlbs. | 33.4 | Mlbs. | 36.2 | Mlbs. | ||||||||||||||||||||||||
| Zinc | 64.2 | Mlbs. | 73.7 | Mlbs. | 88.0 | Mlbs. | 94.4 | Mlbs. | 92.4 | Mlbs. | ||||||||||||||||||||||||
| Cortez | Barrick | GSR1 and GSR2, GSR3, NVR1 | Gold | 7,000 | oz. | 3,900 | oz. | 18,900 | oz. | 25,000 | oz. | 29,900 | oz. | |||||||||||||||||||||
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FOOTNOTES |
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|
Tables 1 and 2 |
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| 1 |
Reported production relates to the amount of metal sales that are subject to our stream and royalty interests for the stated period, as reported to us by operators of the mines. |
|
| 2 |
Individually, no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for either period. The “Other” category for streams is our Rainy River gold and silver stream. |
|
| 3 |
Reflects the October 20, 2016 amendment to our Mount Milligan streaming agreement. Prior to the amendment, Royal Gold held a 52.25% gold stream. |
|
|
4 |
The gold stream percentage at Wassa and Prestea increased to 10.5% from 9.25%, effective January 1, 2018. |
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TABLE 3
Calendar 2018 Operator’s Production Estimate vs Actual |
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| Calendar 2018 Operator’s Production | Calendar 2018 Operator’s Production | ||||||||||||||||||
| Estimate1 | Actual2,3 | ||||||||||||||||||
| Gold | Silver | Base Metals | Gold | Silver | Base Metals | ||||||||||||||
| Stream/Royalty | (oz.) | (oz.) | (lbs.) | (oz.) | (oz.) | (lbs.) | |||||||||||||
| Stream: | |||||||||||||||||||
| Andacollo4 | 66,700 | 43,300 | |||||||||||||||||
| Mount Milligan5 | 175,000 – 195,000 | 134,700 | |||||||||||||||||
| Copper | 40 – 47 million | 35.3 million | |||||||||||||||||
| Pueblo Viejo6 | 575,000 – 590,000 | Not provided | 415,000 | Not provided | |||||||||||||||
| Wassa and Prestea7 | 225,000 – 235,000 | 175,900 | |||||||||||||||||
| Royalty: | |||||||||||||||||||
| Cortez GSR1 | 48,300 | 29,100 | |||||||||||||||||
| Cortez GSR2 | 2,200 | 700 | |||||||||||||||||
| Cortez GSR3 | 50,500 | 29,800 | |||||||||||||||||
| Cortez NVR1 | 31,600 | 18,100 | |||||||||||||||||
| Peñasquito8 | 310,000 | Not provided | 220,000 | 14.1 million | |||||||||||||||
| Lead | 160 million | 82.5 million | |||||||||||||||||
| Zinc | 300 million | 225.9 million | |||||||||||||||||
| 1 |
Production estimates received from our operators are for calendar 2018. There can be no assurance that production estimates received from our operators will be achieved. Please refer to our cautionary language regarding forward-looking statements and the statement regarding third party information contained in this press release, as well as the Risk Factors identified in Part I, Item 1A, of our Fiscal 2018 Form 10-K for information regarding factors that could affect actual results. |
|
| 2 |
Actual production figures shown are from our operators and cover the period January 1, 2018 through September 30, 2018. |
|
| 3 |
Actual production figures for Cortez are based on information provided to us by Barrick Gold Corporation, and actual production figures for Andacollo, Mount Milligan, Pueblo Viejo, Peñasquito (gold) and Wassa and Prestea are the publicly reported figures of the operators of those properties. |
|
| 4 |
The estimated and actual production figures shown for Andacollo are contained gold in concentrate. |
|
| 5 |
The estimated and actual production figures shown for Mount Milligan are payable gold and copper in concentrate. |
|
| 6 |
The estimated and actual production figures shown for Pueblo Viejo are payable gold in doré and represent Barrick’s 60% interest gold produced from Pueblo Viejo. The operator did not provide estimated silver production. |
|
| 7 |
The estimated gold production figures shown for Wassa and Prestea are payable gold in concentrate and doré. |
|
| 8 |
The estimated and actual gold production figures shown for Peñasquito are payable gold in concentrate and doré. The estimated and actual lead and zinc production figures shown are payable lead and zinc from concentrate. The operator did not provide estimated silver production and the actual silver production figure shown is payable silver in concentrate and doré. |
|
|
TABLE 4 Stream Summary |
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| Three Months Ended | Three Months Ended | As of | As of | |||||||||||||||
| September 30, 2018 | September 30, 2017 | September 30, 2018 | June 30, 2018 | |||||||||||||||
| Gold Stream | Purchases (oz.) | Sales (oz.) | Purchases (oz.) | Sales (oz.) | Inventory (oz.) | Inventory (oz.) | ||||||||||||
| Andacollo | 15,300 | 22,700 | 13,000 | 9,600 | — | 7,400 | ||||||||||||
| Mount Milligan | 12,600 | 5,500 | 18,700 | 18,600 | 7,400 | 300 | ||||||||||||
| Pueblo Viejo | 8,900 | 9,200 | 10,500 | 12,900 | 8,900 | 9,200 | ||||||||||||
| Wassa and Prestea | 6,500 | 6,500 | 7,400 | 7,100 | 3,900 | 3,900 | ||||||||||||
| Rainy River | 3,600 | 4,500 | NA | NA | – | 800 | ||||||||||||
| Total | 46,900 | 48,400 | 49,600 | 48,200 | 20,200 | 21,600 | ||||||||||||
| Three Months Ended | Three Months Ended | As of | As of | |||||||||||||||
| September 30, 2018 | September 30, 2017 | September 30, 2018 | June 30, 2018 | |||||||||||||||
| Silver Stream | Purchases (oz.) | Sales (oz.) | Purchases (oz.) | Sales (oz.) | Inventory (oz.) | Inventory (oz.) | ||||||||||||
| Pueblo Viejo | 509,500 | 540,200 | 470,000 | 536,000 | 509,500 | 540,200 | ||||||||||||
| Rainy River | 35,200 | 31,500 | — | — | 36,000 | 32,300 | ||||||||||||
| Total | 544,700 | 571,700 | 470,000 | 536,000 | 545,500 | 572,500 | ||||||||||||
| Three Months Ended | Three Months Ended | As of | As of | |||||||||||||||
| September 30, 2018 | September 30, 2017 | September 30, 2018 | June 30, 2018 | |||||||||||||||
| Copper Stream | Purchases (Mlbs.) | Sales (Mlbs.) | Purchases (Mlbs.) | Sales (Mlbs.) | Inventory (Mlbs.) | Inventory (Mlbs.) | ||||||||||||
| Mount Milligan | 1.6 | 0.8 | 2.6 | 2.6 | 0.8 | — | ||||||||||||
Contacts
Royal Gold
Alistair Baker, 720-554-6995
Director,
Business Development