ROYAL GOLD INC: Results of Operations and Financial Condition, Other Events, Financial Statements and Supporting Documents (Form 8-K)

0

Item 2.02 Results of Operations and Financial Condition.

On April 12, 2022, Royal Gold, Inc. ("Royal Gold," "we," "our" or "us") issued a
press release with guidance for the fiscal year ending December 31, 2022, and
certain operating information about Royal Gold's quarter ended March 31, 2022. A
copy of the press release is furnished as Exhibit 99.1 to this Current Report on
Form 8-K (this "Current Report").

The information furnished under this Item 2.02, including the exhibit, will not
be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended, and will not be deemed incorporated by reference into any
filing under the Securities Act of 1933, as amended, except as expressly set
forth by reference to such filing.


Section 8.01 Other Events

Royal Gold is also filing this Current Report to provide certain updated
information regarding the estimates of mineral resources and mineral reserves
(as such terms are defined in Subpart 1300 of Regulation S-K ("SK1300")
previously reported by the operators of four of our material properties and
included in our Transition Report on Form 10-KT ("Form 10-KT"). As discussed in
the Form 10-KT, as a company owning royalty and streaming interests in mining
properties owned by third parties, we have relied on certain exemptions from
filing certain information required by SK1300. The updated information provided
herein was not available to us until after the filing of our Form 10-KT.
Therefore, the mineral resource and mineral reserve estimates for the four
properties provided in this Current Report supersedes the mineral resource and
mineral reserve information disclosed with respect to these properties in the
Form 10-KT.

We have determined that seven of our stream and royalty interests are material
to our business under SK1300: Andacollo, Cortez, Khoemacau, Mount Milligan,
Peñasquito, Pueblo Viejo, and Wassa. We sometimes refer to these properties as
our material, or principal, properties. In making this determination, we
considered historical and estimated future revenue. Estimated future revenue is
based on several factors, including mineral reserves subject to our stream and
royalty interests, production estimates, feasibility studies, technical reports,
metal price and mine life assumptions.

We are providing updated summary and individual property information regarding
the mineral resource and mineral reserve estimates as of December 31, 2021,
reported by the operators of four of our material properties, which information
was not available to us until after the filing of our Form 10-KT: Andacollo,
Cortez, Mount Milligan and Peñasquito. We are also updating the summary tables
for information as of December 31, 2021, reported by the operators of
nonmaterial properties to the extent we received the information after the
filing of our Form 10-KT. The information regarding the mineral resource and
mineral reserve estimates included in this Current Report for Andacollo, Mount
Milligan, and Peñasquito are as reported by the operators of these properties.
The mineral resource and mineral reserve estimates for Cortez are based on
nonpublic information specific to our royalty area provided to us by the
operator of the property.

Mineral resource estimates reported as of December 31, 2021, as compared to
mineral resource estimates reported as of December 31, 2020 and included in our
Form 10-KT: increased at Andacollo, primarily due to improved economic
assumptions related to operational costs, higher gold prices, and adjustments in
mine design; increased at Mount Milligan primarily because the operator updated
its estimates following the completion of in-fill drilling; decreased at
Peñasquito primarily due to the operator's design updates; and remained largely
unchanged at Cortez.

Mineral reserve estimates reported as of December 31, 2021, as compared to
mineral reserves estimates reported as of December 31, 2020, and included in our
Form 10-KT: decreased at Andacollo, Mount Milligan and Peñasquito primarily due
to mining depletion; and decreased slightly at Cortez as mining depletion was
largely offset by replacement.

Measurement units presented in this document are US standard units. There may be
small rounding differences due to unit conversions. Additional specific mineral
reserve and mineral resource information on certain of our material properties
is available under Material Properties, below.

                                       2

Royal Gold owns metal streams and royalties for properties with a broad
geographic distribution. Estimates of mineral resources and mineral reserves for
these properties are tabulated based on the most recent disclosure presented by
each of the individual operators of these properties, at dates and metal prices
and grade and recovery assumptions specific to each mineral resource and mineral
reserve estimate. It is not possible for Royal Gold to update or modify the
individual estimates for these properties because we do not have access to
sufficient technical data required to do so. The summary of mineral resources
table is exclusive of mineral reserves and aggregated by metal and by geographic
area. The summary of mineral reserves table is aggregated by metal and by
geographic area. Our material properties (Andacollo, Cortez, Khoemacau, Mount
Milligan, Peñasquito, Pueblo Viejo, and Wassa) and properties with mineral
resources and mineral reserves that represent over 10% of the aggregate mineral
resources or reserves that generate our stream or royalty interests (Peñasquito
and Red Chris) are listed individually.

Mineral resources and mineral reserves are presented for the properties or
portions of the properties that generate our stream and royalty interests
without regard to the specific percentage of Royal Gold's stream and royalty
interest. In cases where our stream or royalty interest covers only a portion of
a property, only the covered portion of the mineral resource or mineral reserve
is included in the summary.

                     Summary Mineral Resources (1)(2)(3)(4)

                                                                          Measured &
                                 Measured Mineral  Indicated Mineral 

Indicated mineral Inferred mineral

                                    Resources          Resources          Resources          Resources
                     Stream or                                  Grade              Grade             Grade             Grade
                      Royalty                          Tons     (opt;     Tons     (opt;    Tons     (opt;     Tons    (opt;
                      Interest                      (Millions)  % Cu)  (Millions)  % Cu) (Millions)  % Cu)  (Millions) % Cu)
GOLD RESOURCES
North America
Peñasquito            2.0% NSR       34.6    0.008        194.7 0.008        229.3 0.008        99.0  0.012
Red Chris (5)         1.0% NSR       11.5    0.005        536.5 0.009        548.0 0.009       217.0  0.009
                       35% of
                      payable
Mount Milligan          gold        148.3    0.009        164.7 0.009        313.0 0.009        19.0  0.011
Cortez                  (6)           0.0    0.048          5.7 0.039          5.7 0.039         3.8  0.010
Remainder of North
America                 (7)         453.8    0.019      2,729.5 0.011      3,183.3 0.012     1,470.6  0.015
North America Total     (7)         648.2    0.016      3,631.0 0.011     
4,279.3 0.011     1,809.4  0.014
Central America
                      7.5% of
                      payable
Pueblo Viejo            gold         61.2    0.059         90.4 0.055        151.6 0.057        41.9  0.050
Remainder of Central
America                 (7)             -        -         13.9 0.081         13.9 0.081        13.7  0.120
Central America
Total                   (7)          61.2    0.059        104.3 0.059        165.5 0.059        55.6  0.067
South America
                      100% of
                      payable
Andacollo               gold         45.7    0.003        390.1 0.003        435.9 0.003        80.0  0.002
Remainder of South
America                 (7)          45.5    0.045        434.8 0.036        480.3 0.037       566.7  0.023
South America Total     (7)          91.3    0.024        824.9 0.020      
 916.2 0.021       646.7  0.020
Africa
                      10.5% of
                      payable
Wassa                   gold          1.8    0.220         18.6 0.112         20.3 0.121        74.0  0.111
Remainder of Africa     (7)           9.2    0.057         28.9 0.057      
  38.0 0.057        37.0  0.060
Africa Total            (7)          11.0    0.083         47.4 0.078         58.4 0.079       111.1  0.094
Australia
Australia Total         (7)          23.4    0.100        175.4 0.064        198.8 0.069       348.6  0.030
Europe
Europe Total            (7)             -        -            -     -            -     -           -      -
TOTAL GOLD RESOURCES    (7)         835.1    0.023      4,783.0 0.016      5,618.1 0.017     2,971.3  0.021


                                       3

                                                                        Measured &
                               Measured Mineral  Indicated Mineral 

Indicated mineral Inferred mineral

                                   Resources         Resources          Resources          Resources
                    Stream or                                 Grade              Grade             Grade             Grade
                     Royalty                         Tons     (opt;     Tons     (opt;    Tons     (opt;     Tons    (opt;
                     Interest                     (Millions)  % Cu)  (Millions)  % Cu) (Millions)  % Cu)  (Millions) % Cu)
SILVER RESOURCES
North America
Peñasquito           2.0% NSR      34.6    0.751        194.7 0.769        229.3 0.766        99.0  0.817
Remainder of North
America                (7)        305.3    0.081      2,189.9 0.101      2,495.2 0.099       686.3  0.434
North America Total    (7)        339.9    0.149      2,384.6 0.156      2,724.5 0.155       785.3  0.482
Central America
                      75% of
                     payable
Pueblo Viejo          silver       61.2    0.336         90.4 0.315        151.6 0.323        41.9  0.263
Remainder of
Central America        (7)            -        -         13.4 0.114         13.4 0.114        10.9  0.142
Central America
Total                  (7)         61.2    0.336        103.8 0.289        165.0 0.306        52.8  0.238
South America
South America Total    (7)          1.2    0.215          1.8 0.138        
 2.9 0.169         5.4  0.062
Africa
                      90% of
                     payable
Khoemacau             silver        6.1    0.722          3.7 1.006          9.8 0.829        54.7  0.659
Remainder of Africa    (7)            -        -            -     -        
   -     -           -      -
Africa Total           (7)          6.1    0.722          3.7 1.006          9.8 0.829        54.7  0.659
Australia
Australia Total        (7)          0.5    0.128          1.3 0.921          1.8 0.701         0.9  1.707
Europe
Europe Total           (7)            -        -            -     -            -     -           -      -
TOTAL SILVER
RESOURCES              (7)        408.9    0.186      2,495.1 0.163      2,904.1 0.166       899.1  0.477

COPPER RESOURCES
North America
                      18.75%
                     payable
Mount Milligan        copper      148.3    0.16%        164.7 0.15%        313.0 0.16%        19.0  0.19%
Red Chris (5)        1.0% NSR      11.5    0.24%        536.5 0.33%        548.0 0.32%       217.0  0.30%
Remainder of North
America                (7)        293.8    0.28%      2,793.2 0.25%      3,086.9 0.25%     1,003.0  0.24%
North America Total    (7)        453.5    0.24%      3,494.4 0.26%      3,947.9 0.26%     1,239.0  0.25%
Central America
Central America
Total                  (7)            -        -            -     -            -     -           -      -
South America
South America Total    (7)         41.9    0.12%        549.2 0.27%        591.1 0.26%     1,823.5  0.43%
Africa
Africa Total           (7)            -        -            -     -            -     -           -      -
Australia
Australia Total        (7)          0.5    1.22%         28.9 0.36%         29.4 0.38%       237.9  0.30%
Europe
Europe Total           (7)         21.1    0.28%         25.4 0.26%         46.5 0.27%         7.8  1.23%
TOTAL COPPER
RESOURCES              (7)        517.1    0.23%      4,097.8 0.26%      

4,614.9 0.26% 3,308.1 0.35%

The dates of mineral resources vary between July 2, 2007and December 31, 2021. The information included in this table that relates to our material

the properties are dated December 31, 2021with the exception of Wassa and Khoemacau, which

are dated at the earliest December 31, 2020.

Metal prices for gold resources vary between $1,100 per ounce and (2) $1,750 per ounce; metal prices for silver resources vary between

$17.00 per ounce and $25.00 per ounce; and metal prices for copper

resources vary between $2.50 per pound and $3.50 per pound.

Metal prices, recoveries and cut-off grades used for mineral reporting

the resources are specific to each individual property and have been reviewed by (3) qualified persons selected by the individual operators. royal gold doesn’t

has determined that such persons are or are not “qualified persons”

    under SK1300.


                                       4

(4) In some cases, we have omitted mineral resource information for properties

other than our material properties.

Although Red Chris’ aggregate resources represent more than 10% of the (5) aggregate mineral resources to which our royalty or stream interest applies,

royal gold the royalty interest in Red Chris is only 1% NSR. Consequently, we

do not consider Red Chris as a material property.

For Cortez, we control five separate, overlapping royalties. On average, above (6) a gold price of $470 per ounce after relevant deductions, the combined value

the royalties of GSR1, GSR2, GSR3, NVR1 and NVR1C are equivalent to one

approximately 8% gross smelter royalties for us.

royal gold holds royalties and stream interests in varying percentages on these (7) properties. The resources listed are 100% of the resources to which the

    stream or royalty interest applies.


                     Summary Mineral Reserves (1)(2)(3)(4)

                             Proven Mineral   Probable Mineral   Total Mineral
                                Reserves          Reserves          Reserves
                 Stream or                               Grade             Grade            Grade
                  Royalty                       Tons     (opt;     Tons    (opt;    Tons    (opt;
                 Interest                    (Millions)  % Cu)  (Millions) % Cu) (Millions) % Cu)
. . .


Item 9.01   Financial Statements and Exhibits.

(d) Exhibits

Exhibit
No.                                 Description
 99.1        Press Release dated April 12, 2022   (furnished, not filed)
  104      Cover Page Interactive Data File (formatted as inline XBRL).


                                       14

© Edgar Online, source Previews

Share.

Comments are closed.