Royal Gold, Inc.

Hello all and thank you for joining us on today's Royal Gold 2025 second quarter conference call. My name is Drew and I'll be the operator today. During today's call, after the prepared remarks, there will be a Q&A session. If you would like to ask a question on today's call, please press star followed by one on your telephone keypad and to withdraw your question, it's star followed by two. With that, it's my pleasure to hand over to Alistair Baker, Senior Vice President, Investor Relations and Business Development. To begin, please go ahead when you're ready.

Thank you, operator. Good morning and welcome to our discussion of Royal Gold's second quarter 2025 results. This event is being webcast live and a 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, and Martin Raffield, Senior Vice President of Operations. Other members of the management team are also available for questions. During today's call, we will make forward with 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 are filing 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 cash G&A. Reconciliations of these measures to the most directly comparable gap measures are available in yesterday's press release, which can be found on our website. Bill will start with an overview of the quarter and recent events. Mark 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 will now turn the call over to Bill.

Good morning, and thank you for joining the call. I'll begin on slide five. The second quarter was another excellent quarter for Royal Gold with new records for revenue, earnings, and cash flow. Earnings for the quarter were $132 million or $2.01 per share. We recognized a couple of discrete tax items that Paul will describe in more detail, and after adjusting for these items, earnings were a strong $119 million or $1.81 per share. Gold remained the largest contributor to revenue for the quarter at about 78% of total, and the strong gold price combined with our low and stable cash G&A increased our adjusted EBITDA margin to 84% for the quarter. We were debt-free at the end of the quarter, and we paid our quarterly dividend of 45 cents per share. We also achieved the full offset of the Pueblo Viejo advanced stream deposit during the quarter, despite the recent silver recovery shortfalls. We made our investment at Pueblo Viejo in 2015, and we expect to see further revenue into the mid-2040s as Barrick continues to work on an extension to the mine line. On the strategic front, we have taken steps to position Royal Gold as a premier growth company with the Sandstorm Gold and Horizon Copper acquisition. These transactions will significantly add to our scale, growth, and diversification, and the portfolios are uniquely complementary when you consider how our producing-heavy portfolio fits with the development-heavy Sandstorm and Horizon portfolios. We also think there will be additional benefits, including sector-leading asset diversification with no asset accounting for more than about 12% of NAV, simplification of the Sandstorm and Horizon relationship and elimination of a complex intercompany structure. Additional appeal to investors of a larger and more diversified company with the potential for increased investment from passive funds and stronger cash flows from the combined portfolios, which should allow us to continue a record of increasing the dividend, quickly repaying borrowings, and continuing to compete for the best opportunities in our sector. It is important to note that these transactions do not shift our strategic focus. We remain focused on growth in precious metals maintaining a strong balance sheet and liquidity, and increasing our dividends. While we have been working on these transactions, we have also continued to add assets to the portfolio that meet our criteria for upside and precious metals, and we have completed three recent transactions. Earlier this week, we acquired a gold stream on the world-class Constancy mine operated by First Quantum in Zambia. The economic effective date is August 5th. and we expect gold deliveries of approximately 12,500 ounces this year. This is a mine with a 20-year production history and the potential to operate for a further 20-plus years, and it will be a cornerstone asset in our portfolio. This asset acquisition further enhances our portfolio diversification, and as I mentioned, no single asset will contribute more than 12% of net asset value on a pro forma basis with the Sandstorm and Horizon transactions. In May, we acquired a stream and royalty interest on the Wurrinsa project in Ecuador. This is a large-scale copper-gold Mali project that has world-class potential when it starts production in the early 2030s. And finally, we acquired a royalty on the Lawyer's Ranch development project in British Columbia. This transaction adds to our royalty exposure in an emerging gold camp and is an example of how we can identify early-stage but high-potential opportunities. Finally, I would like to welcome Mark Yistow to our board of directors. Mark's institutional knowledge with royal gold and broad technical background and experience are a welcome addition to the board, and I look forward to benefiting from his guidance for many years to come. I'll now turn the call over to Mark.