The five key elements to our strategy are:

Gold Focus: Royal Gold’s focus is to provide investors exposure to gold. Gold provides unique qualities that make it an attractive asset for any investment portfolio, and our unique business model makes Royal Gold an attractive investment for investors seeking gold exposure.

Growth with Optionality: Royal Gold prioritizes investment in long-lived assets that we believe will provide our shareholders organic growth with optionality – including exploration and expansion potential. Life of mine exposure is key.

Capital Discipline: Royal Gold maintains a disciplined approach to capital allocation throughout the metal price cycle. We maintain a strong balance sheet that allows us to opportunistically invest, often when counterparties most need financing.

Financial Flexibility: Royal Gold’s unique business model allows us to source our capital efficiently. Our preference is to limit shareholder dilution and grow our business from cash on hand, free cash flow, and conservative use of debt.

Return to Shareholders: Royal Gold is committed to providing a return to shareholders. We aim to protect and create shareholder value by maintaining a lean cost structure and by paying a growing and sustainable dividend.

In executing our strategy, we are fundamentally guided by a mandate to deliver value to shareholders and, in doing so, follow a philosophy to:

  • Measure our actions on a per share basis to evaluate impacts to shareholders

  • Limit shareholder dilution by growing out of cash flow to the greatest extent possible

  • Judge success on total value returned to our investors rather than enterprise value or market capitalization