Royal Gold, Inc. (NASDAQ:RGLD) Q4 2022 Earnings Call Transcript

Bill Heissenbuttel: Well, the goal here is our Investor Day is April 20th, would be to have it out in advance of that meeting, so that we can take questions from folks who have had a chance to get through it. A lot of it, I think, will look similar. I think the one thing that we’ve made a lot of great strides on it, and Mark deserves all the credit for it or most of the credit for it, is TCFD disclosure. And I think you’ll see — compared to what we did last year, you’re going to see a lot more detail on that analysis.

Lawson Winder: All right. That’s fantastic. I look forward to that. Can I actually — follow-up on the deal pipeline question that was asked earlier by Cosmos. So you’ve had a lot of success increasing exposure, particularly to high-quality North American-based assets in the past year. I think it’s great for the Company. What are you seeing in the pipeline in terms of similar kinds of North American-based assets, particularly in that $200 million to $300 million range, but perhaps outside of that? And then maybe just jumping off from that, if it’s not North America, what are the geographies that kind of feature in the current pipeline?

Bill Heissenbuttel: Yes. I’m not sure we can break it down geographically too much. But Dan, is there anything you would add there?

Dan Breeze: Yes. I think it’s fairly broad. And you’re right, looking back over 2022, 2021, even the $1.3 billion or so that we deployed, we were very happy with the quality of the assets that we were able to acquire. There is — certainly is quality out there still. Lawson, we’re focused on, as I mentioned, both royalties and streams right now. But we’re also very, very disciplined. And I mentioned about these smaller royalties over earlier stage projects. We’re very focused on the people, project and place criteria that we’ve talked to in the past. And we don’t have to do anything. We’re very, very patient. So, I’d say, the quality is still there. We’ve been able to transact, but we’re also really careful at the moment with some of these royalty opportunities that are maybe a little bit too early for us to consider.

Operator: There are no questions waiting at this time. So, I’ll pass the conference back over to the management team for any closing remarks.

Bill Heissenbuttel: Thank you. Thank you for taking the time to join us today. We certainly appreciate your interest in Royal Gold. And we look forward to updating you on our progress during our Investor Day and the next quarterly call. Have a good day.

Operator: That concludes the Royal Gold, Inc. calendar year 2022 fourth quarter conference call. Thank you for your participation. You may now disconnect your lines.