Royal Gold, Inc. RGLD issued a stream segment sales update for third-quarter 2024. In the quarter, RGLD Gold AG — the fully-owned subsidiary of Royal Gold — sold 53,800 gold equivalent ounces (GEOs), comprising 40,700 ounces of gold, 688,200 ounces of silver and 1,400 tons of copper related to its streaming agreements. This marks a growth from 52,600 GEOs sold in the second quarter of 2024.

RGLD Gold & Silver Average Realized Prices Rise Sequentially

The average realized price of gold was $2,459 per ounce in the third quarter compared with $2,339 per ounce in third-quarter 2024. The average realized price of silver stood at $29.10 per ounce, up from the second quarter’s $28.46. 
Average realized copper prices were $9,141 per ton, down 3.5% sequentially. The company ended the quarter with 17,000 ounces of gold, 219,100 ounces of silver and 400 tons of copper in inventory.

For the September-end quarter, the cost of sales was $506 per GEO compared with the prior quarter’s $459 per GEO.

Royal Gold’s Top Line Rises Y/Y in Q2

The company reported adjusted earnings per share of $1.25 in second-quarter 2024, beating the Zacks Consensus Estimate of $1.17. The bottom line increased 42% year over year.

RGLD generated revenues of $174 million, up 20.8% year over year. The upside resulted from higher metal prices and copper sales at Mount Milligan. Increased gold and silver production at Peñasquito also drove the results. The gains were partially offset by lower gold and silver sales at Pueblo Viejo.

Royal Gold has a four-quarter trailing earnings surprise of 6.4%, on average.

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

RGLD’s Peer Performance in Q2

Royal Gold belongs to the Mining-Gold industry along with Barrick Gold Corporation GOLD, B2Gold Corp. BTG and Franco-Nevada Corporation FNV. Let us take a look at the peer performance in the second quarter of 2024. 

Barrick recorded net earnings (on a reported basis) of $370 million or 21 cents per share in second-quarter 2024, up from $305 million or 17 cents per share in the year-ago quarter. Barring one-time items, adjusted earnings per share were 32 cents. The figure beat the Zacks Consensus Estimate of 26 cents.

Barrick recorded total sales of $3,162 million, up 11.6% year over year. The figure beat the Zacks Consensus Estimate of $3,015.7 million.

Franco-Nevada reported adjusted earnings of 75 cents per share in second-quarter 2024, missing the Zacks Consensus Estimate of 78 cents. The bottom line decreased 21% year over year.
The company generated revenues of $260 million in the reported quarter, down 21.2% year over year. The downside was led by lower contributions from Antapaccay, Candelaria and Energy assets, partially offset by record gold prices. In the June-end quarter, 74.2% of revenues were sourced from Precious Metal  assets (60.3% gold, 10.8% silver and 3.1% platinum group metals).

B2Gold reported adjusted earnings per share of 6 cents for second-quarter 2024, missing the Zacks Consensus Estimate of 8 cents. The bottom line fell 14% year over year. This was mainly attributed to the loss of production at the Fekola mine due to damage to an excavator. B2Gold generated revenues of $493 million in the quarter compared with the prior-year quarter’s $471 million. Average realized gold moved up 19% year over year to $2,343 per ounce , which offset the impacts of a 12% decline in gold ounces sold (due to lower production).