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Dec 31, 2024
Royal Gold Q4 2024 Earnings Report
Key Takeaways
Royal Gold delivered a record-breaking Q4 2024 with strong revenue growth, higher net income, and an improved operating margin. The company benefited from increased gold, silver, and copper prices, as well as strong production contributions from key assets.
Forward Guidance
Royal Gold expects a softer start to 2025 with Q1 stream sales between 40,000 and 45,000 GEOs. Full-year guidance will be provided in March 2025.
Positive Outlook
- Maintained a debt-free balance sheet after repaying $250M in debt.
- 2025 dividend increased by 12.5% to $1.80 per share.
- Strong contributions from new mining operations.
- High adjusted EBITDA margin of 81% provides strong profitability.
- Continued acquisitions in high-quality gold assets.
Challenges Ahead
- Q1 2025 expected to be softer than Q4 2024.
- Silver sales slightly missed guidance expectations.
- Revenue growth still dependent on gold price fluctuations.
- Limited production upside in some legacy assets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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