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Royal Gold Q4 Stream Segment's Sales Decrease 13% Sequentially
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Royal Gold, Inc. (RGLD - Free Report) issued a stream segment sales update for fourth-quarter 2024. In the quarter, RGLD Gold AG — the fully-owned subsidiary of Royal Gold — sold 46,900 gold equivalent ounces (GEOs), comprising 36,600 ounces of gold, 478,900 ounces of silver and 1,300 tons of copper related to its streaming agreements.
This marks a dip from 53,800 GEOs sold in the third quarter of 2024 and 49,900 GEOs sold in the fourth quarter of 2023.
RGLD Metal Average Realized Prices Rise Sequentially
The average realized price of gold was $2,662 per ounce in the fourth quarter compared with $2,459 per ounce in third-quarter 2024. The average realized price of silver stood at $31.65 per ounce, up from the third quarter’s $29.10.
Average realized copper prices were $9,313 per ton, up 1.9% sequentially. The company ended the quarter with 15,500 ounces of gold and 338,400 ounces of silver in inventory.
For the December-end quarter, the cost of sales was $521 per GEO compared with the prior quarter’s $506 per GEO.
Royal Gold’s Top Line Rises Y/Y in Q3
RGLD reported adjusted earnings per share (EPS) of $1.47 in third-quarter 2024, beating the Zacks Consensus Estimate of $1.34. The company had reported an EPS of 76 cents in the year-ago quarter.
Royal Gold generated record revenues of $194 million, up 39.8% year over year. The upside was driven by higher average metal prices; gold sales from Mount Milligan; gold and silver sales from Pueblo Viejo; and gold, silver, zinc and lead production from Peñasquito.
However, these factors were offset by lower gold sales from Andacollo, production from the Cortez Legacy Zone and silver sales from Khoemacau.
Royal Gold’s fourth-quarter revenues will likely reflect the impacts of higher gold, silver and copper prices, which will be somewhat offset by lower sales.
The Zacks Consensus Estimate for the company’s fourth-quarter earnings is pegged at $1.58. Notably, it reported earnings of 95 cents in the third quarter of 2023.
Royal Gold has a four-quarter trailing earnings surprise of 9.8%, on average.
Osisko Gold Royalties (OR - Free Report) reported 20,005 attributable gold equivalent ounces for the fourth quarter of 2024. This brings the total GEOs for 2024 to 80,740, within the company’s guided 77,000-83,000 GEOs.
Preliminary revenues from royalties and streams for the fourth quarter were C$79.3 million ($56.7 million). Preliminary cost of sales (excluding depletion) came in at C$3.1 million ($2.2 million) in the quarter. OR reported a record quarterly cash margin of C$76.3 million ($54.6 million). The cash margin was 96.2%.
For 2024, preliminary revenues from royalties and streams reached a record C$262.2 million ($191.2 million). The company reported revenues of C$247.3 million ($171.8 million) from royalties and streams in 2023. The impacts of the year-over-year decline in GEOs on Osisko Gold’s revenues were offset by higher gold, silver and copper prices.
Alamos Gold Inc. (AGI - Free Report) reported gold production of 140,200 ounces for the fourth quarter of 2024, up 8.3% from the third quarter of 2024. The reported figure came in line with the company’s quarterly guidance.
AGI’s consolidated gold revenues in fourth-quarter 2024 were $375 million, inclusive of silver sales. In the quarter, the company sold 141,257 ounces at an average realized gold price of $2,632 per ounce.
B2Gold Corp. (BTG - Free Report) announced its total consolidated gold production for fourth-quarter 2024 at 186,001 ounces. Better-than-expected production at Masbate and Otjikoto offset lower production levels at Fekola in the quarter.
In the fourth quarter of 2023, B2Gold’s gold production from these three mines was 270,611 ounces. BTG’s consolidated gold revenues in fourth-quarter 2024 were $500 million, down 2.3% year over year. In the quarter, the company sold 187,793 ounces at an average realized gold price of $2,661 per ounce.
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Royal Gold Q4 Stream Segment's Sales Decrease 13% Sequentially
Royal Gold, Inc. (RGLD - Free Report) issued a stream segment sales update for fourth-quarter 2024. In the quarter, RGLD Gold AG — the fully-owned subsidiary of Royal Gold — sold 46,900 gold equivalent ounces (GEOs), comprising 36,600 ounces of gold, 478,900 ounces of silver and 1,300 tons of copper related to its streaming agreements.
This marks a dip from 53,800 GEOs sold in the third quarter of 2024 and 49,900 GEOs sold in the fourth quarter of 2023.
RGLD Metal Average Realized Prices Rise Sequentially
The average realized price of gold was $2,662 per ounce in the fourth quarter compared with $2,459 per ounce in third-quarter 2024. The average realized price of silver stood at $31.65 per ounce, up from the third quarter’s $29.10.
Average realized copper prices were $9,313 per ton, up 1.9% sequentially. The company ended the quarter with 15,500 ounces of gold and 338,400 ounces of silver in inventory.
For the December-end quarter, the cost of sales was $521 per GEO compared with the prior quarter’s $506 per GEO.
Royal Gold’s Top Line Rises Y/Y in Q3
RGLD reported adjusted earnings per share (EPS) of $1.47 in third-quarter 2024, beating the Zacks Consensus Estimate of $1.34. The company had reported an EPS of 76 cents in the year-ago quarter.
Royal Gold generated record revenues of $194 million, up 39.8% year over year. The upside was driven by higher average metal prices; gold sales from Mount Milligan; gold and silver sales from Pueblo Viejo; and gold, silver, zinc and lead production from Peñasquito.
However, these factors were offset by lower gold sales from Andacollo, production from the Cortez Legacy Zone and silver sales from Khoemacau.
Royal Gold’s fourth-quarter revenues will likely reflect the impacts of higher gold, silver and copper prices, which will be somewhat offset by lower sales.
The Zacks Consensus Estimate for the company’s fourth-quarter earnings is pegged at $1.58. Notably, it reported earnings of 95 cents in the third quarter of 2023.
Royal Gold has a four-quarter trailing earnings surprise of 9.8%, on average.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
RGLD Stock’s Price Performance
In the past year, Royal Gold’s shares have gained 13.4% compared with the industry’s growth of 25.6%.
Image Source: Zacks Investment Research
Royal Gold’s Zacks Rank
The company currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Preliminary Results of Other Gold Stocks
Osisko Gold Royalties (OR - Free Report) reported 20,005 attributable gold equivalent ounces for the fourth quarter of 2024. This brings the total GEOs for 2024 to 80,740, within the company’s guided 77,000-83,000 GEOs.
Preliminary revenues from royalties and streams for the fourth quarter were C$79.3 million ($56.7 million). Preliminary cost of sales (excluding depletion) came in at C$3.1 million ($2.2 million) in the quarter. OR reported a record quarterly cash margin of C$76.3 million ($54.6 million). The cash margin was 96.2%.
For 2024, preliminary revenues from royalties and streams reached a record C$262.2 million ($191.2 million). The company reported revenues of C$247.3 million ($171.8 million) from royalties and streams in 2023. The impacts of the year-over-year decline in GEOs on Osisko Gold’s revenues were offset by higher gold, silver and copper prices.
Alamos Gold Inc. (AGI - Free Report) reported gold production of 140,200 ounces for the fourth quarter of 2024, up 8.3% from the third quarter of 2024. The reported figure came in line with the company’s quarterly guidance.
AGI’s consolidated gold revenues in fourth-quarter 2024 were $375 million, inclusive of silver sales. In the quarter, the company sold 141,257 ounces at an average realized gold price of $2,632 per ounce.
B2Gold Corp. (BTG - Free Report) announced its total consolidated gold production for fourth-quarter 2024 at 186,001 ounces. Better-than-expected production at Masbate and Otjikoto offset lower production levels at Fekola in the quarter.
In the fourth quarter of 2023, B2Gold’s gold production from these three mines was 270,611 ounces. BTG’s consolidated gold revenues in fourth-quarter 2024 were $500 million, down 2.3% year over year. In the quarter, the company sold 187,793 ounces at an average realized gold price of $2,661 per ounce.