Royal Gold, Inc.

Good day, and welcome to the Royal Gold Fiscal 2021 Third Quarter Conference Call. All participants will be in a 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. Please go ahead.

Thank you, operator. Good morning and welcome to our discussion of Royal Gold's third quarter 2021 results. This event is being webcast live and you will be able to access the replay of this call on our website. Participating on the call today are Bill Heisenbuttel, President and CEO, Paul Libner, CFO and Treasurer, and Mark Yistel, Executive Vice President and COO of Royal Gold Corporation. Dan Brees, Vice President of Corporate Development of RJAG, 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, adjusted net income per share, net debt, 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. Before beginning, I would like to remind you that Royal Gold continues to operate remotely, and we'll do our best to offer a coordinated response to any questions. I'd also like to mention that we held an investor update a couple of weeks ago that provided detailed information on our assets, growth profile, finances, and strategy. For those of you who joined our call, we thank you for your time. And for those who are unable to participate, I just want to note that all the materials from that event are available on our website. Turning to this quarter's results, I'll begin on slide four. We had another good quarter of operating and financial performance. Total revenue of $143 million was driven by solid operating results across the portfolio. And our royalty segment continued to be an important contributor to our results. as it was in the December quarter. Earnings for the quarter were $54 million or 82 cents per share. Adjusted earnings were 84 cents per share after adjusting for tax and fair value changes in our holdings of equity securities. And Paul will provide more detail on both of those. Operating cash flow remained strong at just over $92 million. We paid our regular dividend of 30 cents per share, returning a further $20 million to shareholders during the quarter. in keeping with our longstanding commitment to capital return. We paid down $50 million on our revolving credit facility during the quarter and ended the quarter with a net cash position of $220 million and over $1.2 billion of liquidity. On April 1st, we chose to repay the outstanding balance on the credit facility in full, leaving us with zero debt and access to our full $1 billion credit facility. We continue to fund our investment in the ComiCal project, and during the quarter, we paid $32.6 million to reach the $212 million necessary to acquire the 80% base silver stream. In early April, we made a further $29 million contribution in the form of stream and debt, increasing our stream rate to 84% of the payable silver as a result of the incremental stream payment. We're pleased with the progress at ComiCal, and Mark will give you more detail in his remarks. And finally, we agreed to fund important social initiatives with two of our operating counterparties. With Golden Star, we entered into a five-year agreement to support a sustainable palm oil agribusiness around the Wausau Mines. With the Pueblo Viejo Joint Venture and the International Relief Organization Project Cure, we are funding the transportation of donated medical supplies and equipment for use in hospitals around the Pueblo Viejo Mines. These are good examples of investments that promote sustainability and social initiatives, and we're pleased to be involved in programs to provide long-lasting benefits to the communities where we have invested. With that, I'll turn the call over to Mark for an update on our portfolio and progress at ComiCap.