Item 2.02 Results of Operations and Financial Condition.
OnApril 12, 2022 ,Royal Gold, Inc. ("Royal Gold ," "we," "our" or "us") issued a press release with guidance for the fiscal year endingDecember 31, 2022 , and certain operating information aboutRoyal Gold's quarter endedMarch 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 ofDecember 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 ofDecember 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 ofDecember 31, 2021 , as compared to mineral resource estimates reported as ofDecember 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 atMount 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 ofDecember 31, 2021 , as compared to mineral reserves estimates reported as ofDecember 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 underMaterial Properties , below. 2Royal 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 forRoyal 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 ofRoyal 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 0.014Central 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 0.020Africa 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 0.094Australia 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 0.062Africa 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 0.659Australia 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
the properties are dated
are dated at the earliest
Metal prices for gold resources vary between
resources vary between
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.
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,
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
the royalties of GSR1, GSR2, GSR3, NVR1 and NVR1C are equivalent to one
approximately 8% gross smelter royalties for us.
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).
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