Royal Gold, Inc.

Royal Gold 2025 third quarter conference call. My name is Drew and I'll be the operator on the call today. After the prepared remarks, we will have a Q&A session. If you would like to ask a question, please press star followed by one on your telephone keypad. And so with your question, it's star followed by two. With that, it's my pleasure to hand over to Alistair Baker to begin. Please go ahead when you're ready.

Thank you, operator. Good morning and welcome to our discussion of Royal Gold's third 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-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, adjusted EBITDA, and cash G&A. 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 and recent events. Martin will provide portfolio commentary and Paul will give 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 and thank you for joining the call. I'll begin on slide four. We had another quarter of very strong results and we set new records for revenue and cash flow. Our portfolio performed well and allowed us to benefit directly from materially stronger gold and silver prices. Earnings for the quarter were $127 million, or $1.92 per share, and after adjusting for non-recurring costs related to the Sandstorm and Horizon transactions, were a record $136 million, or $2.06 per share. Gold remained the largest contributor to revenue for the quarter at about 78% of the total and a strong gold price combined with our low and stable cash GMA allowed us to maintain an adjusted EBITDA margin of over 80% for the quarter. We continued our focus on shareholder returns and paid our quarterly dividend of 45 cents per share. We added a strong operator to our portfolio in first quantum with the $1 billion GoldStream transaction on Consantion. And post quarter end, we received our first gold delivery in early October. We are pleased to add yet another large, long life and cash flowing asset to the portfolio. Also post quarter end, we completed the acquisition of Sandstorm Gold and Horizon Copper on October 20th. The strategic rationale for the combination of these companies clearly resonated with our shareholders, and we were pleased with the overwhelming shareholder support for the transactions. Not only have we added a series of quality producing and development assets to the portfolio in recent months, But we also saw very positive news within the pre-existing portfolio with the life of mine extension at Mount Milligan and the four mile exploration update, both of which will be covered by Martin later in our presentation. And finally, in October, we received the first tranche of gold as partial consideration for the Mount Milligan cost support agreement. This agreement from early 2024 was a key step for Sentara to begin work on the mine life extension project. And we are pleased to see the initial results of that project study. This is a win-win for both Royal Gold and Sentara shareholders. I'll now turn the call over to Martin to provide a portfolio update.