- Royal Gold press release (NASDAQ:RGLD): Q2 Non-GAAP EPS of $0.88 beats by $0.01.
- Revenue of $144.04M (-1.6% Y/Y) misses by $5.9M.
- Operating cash flow of $107.9 million.
- Revenue split: 77% gold, 15% silver, 6% copper
- Production volume of 72,900 GEOs.
- Maintained high adjusted EBITDA margin of 80%.
- Outlook: There is no change to previously issued guidance for sales of 320,000 to 345,000 GEOs, DD&A expense of $490 to $540 per GEO, and an effective tax rate of 17% to 22% for 2023. However, if operations at Peñasquito remain suspended through the remainder of 2023, and absent other unforeseen events at our producing properties, total GEO sales may come in around the low end of the 2023 guidance range. Additionally, the contribution from the potential acquisition of the Serrote and Santa Rita royalty acquisitions is not included in the 2023 guidance for sales, DD&A and effective tax rate.
- Centerra continues to expect that full year 2023 production at Mount Milligan will be back-end weighted, with gold production at the low end of the guidance range of 160,000 to 170,000 ounces, and copper production tracking towards the mid-point of the guidance range of 60 to 70 million pounds. Centerra also expects to make four concentrate shipments in the third quarter and another four shipments in the fourth quarter, although the timing of shipments may be affected by logistical delays resulting from labor disruptions in the Port of Vancouver.
- Rainy River remains positioned to meet the previously-provided production guidance range for 2023 of 235,000 to 265,000 GEOs.