Royal Gold, Inc.

Hello everyone and welcome to the Royal Gold 2024 second quarter conference call. My name is Seb and I'll be the operator for your call today. If you would like to ask a question during the Q&A session, please press star 1 on your telephone keypad. If you would like to withdraw your question, please press star 2. I will now hand the floor to Alistair Baker to begin. Please go ahead.

Thank you, operator. Good morning and welcome to our discussion of Royal Gold's second quarter 2024 results. This event is being webcast live and the replay of this call will be available on our website. Speaking on the call today are Bill Heisenbuttel, President and CEO, Paul Libner, Senior Vice President and CFO, Martin Rothfield, Senior Vice President of Operations, and Dan Breeze, Senior Vice President Corporate Development of RGAG. Randy Sheffman, Senior Vice President and General Counsel, is also available for questions. During today's call, we will make forward of these 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 for the SEC. We will also refer to certain non-GAAP financial measures, including adjusted net income, adjusted net income per share, adjusted EBITDA, and net cash. Reconciliations of these measures to the most directly comparable GAAP measures are available in yesterday's press release, which can be found on our website. Bill will start with an overview of the quarter, then we'll provide an overview of our most recent acquisition. Martin will give some commentary on the portfolio, and Paul will provide a financial update. After the formal remarks, we'll open the lines for a Q&A session. I'll now turn the call over to Bill.

Good morning. Thank you for joining the call. I'll begin on slide four. We had strong financial performance during the quarter with near record revenue of $174 million, a 21% increase over the same period last year. Operating cash flow of $114 million and earnings of $81 million were $1.23 per share. After minor adjustments, earnings were a record $1.25 per share. Revenue was 74% gold, and over 56% of our revenue was generated from the U.S., Canada, and Australia. Our adjusted EBITDA margin remained strong and steady at 81% for the quarter, and despite a 21% increase in revenue, our cash CNA was flat, providing further evidence of the scalability of our business model. Solid portfolio performance and the strong gold price helped us generate significant cash flow during the quarter, that we allocated in line with our long-held strategy, which included payment of our regular quarterly dividend of $26 million, repayment of $100 million of the balance outstanding on the revolving credit facility. We ended the quarter with $50 million of debt outstanding, and we have now returned to a net cash position. After quarter end, we made a further repayment of $25 million, and so far in 2024, we have repaid $225 million of debt. And finally, we reinvested in the business with the acquisition of two more royalties on the Back River Gold District, which increases our exposure to the Goose Gold Development Project in Nunavut, Canada. We'd like to give you a brief overview of this acquisition, and I'll turn the call over to Dan to review the asset.