Royal Gold, Inc.

Good day, and welcome to the Royal Gold September Quarter 2021 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Alistair Baker, Vice President of Investor Relations and Business Development. Please go ahead.

Thank you, Operator. Good morning and welcome to our discussion of Royal Gold September quarter 2021 results. This event is being webcast live and you will be able to access a replay of this call on our website. Participating on the call today are Bill Heisenbuttel, President and CEO, Paul Libner, CFO and Treasurer, I'm Mark Gistow, Executive Vice President and COO of Royal Gold Corporation. Dan Breeze, Vice President Corporate Development of RGAG, and Randy Sheffman, General Counsel, are also available for questions. During today's call, we will make forward-looking statements, including statements about our projections and expectations for the future. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties are discussed in yesterday's press release and our filings with the SEC. We will also refer to certain non-GAAP financial measures, including adjusted net income and net cash. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are available in yesterday's press release, which can be found on our website. Bill will give you an overview of the quarter, followed by Mark with an operating update. Paul will then provide a financial update, and Bill will wrap up the call with some closing comments. We'll then open the lines for a Q&A session. Now, I will turn the call over to Bill.

Good morning, and thank you for joining the call. Turning to this quarter's results, I'll begin on slide four. This was another great quarter for Royal Gold. Performance was excellent once again across the portfolio, and we recognize revenue of $174 million today. gold equivalent ounce volume of $97,400 and operating cash flow of $130 million, all of which are quarterly records for the company. Earnings for the quarter were $70 million or $1.07 per share. We had net cash of $60 million at the end of the quarter and subsequently paid down $50 million on our revolving credit facility. We now have $50 million of debt outstanding and access to $950 million of available liquidity under our credit facility. We received our first silver deliveries from ComiCow, and after the end of the quarter, we increased our stream percentage to 90% of the payable silver. Mark will share more details on his recent visit to ComiCow, and we're looking forward to increased contributions as the mine continues to ramp up. We have also seen recent positive news from the acquisitions we announced last quarter. Newcrest published a positive block cave pre-feasibility study at Redcrest. I would like to compliment our technical team for its work on our acquisition due diligence. Our team's estimate of cumulative GEO production for the next two decades was in line with Newcrest's study, and the study clearly demonstrates a long mine life with good future optionality. Arrow Copper released further positive exploration results at NX Gold, which confirms exciting near-mine and regional exploration potential. And construction progress continues at the Cote Project, and it is on track for first production in the second half of 2023. And we continue to progress our work on ESG initiatives. At Rainy River, we entered into contribution agreements with the Riverside Foundation for Healthcare and the McKinac Center for Wellness, supporting our partner Newgold in its community outreach efforts and helping to bring new medical equipment and wellness programs to the communities that surround the mine. We have also achieved net zero carbon emissions for our direct corporate operations during fiscal 2020 with the purchase of carbon credits. And we received further recognition of our corporate ESG practices with an upgrade in our MSCI ESG rating to AA, which places us in the top tier of companies in our sector. Finally, I'd like to comment briefly on the transaction announced earlier this week between Golden Star and Shifeng. We've been aware of this transaction for several months and have had direct communication with Shifeng during that time. Shifeng is a $4 billion company with several operating assets in China and Laos, and they plan to apply their financial and operating resources to the potential Golden Star has identified at Wausau. Closing of the transaction won't occur until the new year, And in the meantime, we're looking forward to further building our relationship with Xipeng. With that, I'll turn the call over to Mark for an update on our portfolio.