3 So, with that, I will turn it over to Bill to start the session. William Heissenbuttel: Thanks very much, Alistair. Good afternoon, everyone. Welcome to Royal Gold's Investor Day. I certainly appreciate your interest in our company. I hope you do find the day to be informative and interesting as we give you an update on our business. So, today, as Alistair just said, we have 10 members of the Royal Gold team present, which means you have a little more than 25% of our entire company in this room. While Alistair has introduced you to those present, I would like to take the time to extend a special thanks to Alistair, Kevin [Chiew] and Kim for the work necessary to pull this day together and really the extraordinary work necessary to complete the asset handbook, which is now available on our website. I know these thanks are extended to our full team, but I wanted to recognize their leadership in this process. So, much of today is about telling you what is new at Royal Gold, and I'm going to start with what hasn't changed, and that is our strategy. I think if you've heard it once, you've heard it time and again. We are focused on providing exposure to precious metals, gold in particular, through passive investing in mining properties that produce those metals. The exposure we provide provides investors -- it's not the rigid, one ounce will always be one ounce characteristic of physical gold -- nor do we provide exposure to the metal that is accompanied by the capital and the operating cost of a mining company. We like to think of ourselves as an investment through all cycles, and we acknowledge that the recent gold bull market that existed until a few weeks ago, really brought greater interest in the operating companies. But our exposure to our company provides both upside prices but also, we think, a shelter when the gold price turns as we have seen in the last few weeks. So, our goals are simple, and, I think, as is our execution strategy, and it all starts with finding quality assets. Think about Cortez, Pueblo Viejo, Kansanshi and Antamina. Those are just a few examples of the world-class assets that are operated by world-class operating companies. I would say don't be surprised if Mount Milligan ends up with a mine life that extends beyond all of them. We seek to acquire these quality assets with as little dilution to shareholders as possible. While we did issue equity to close the Sandstorm acquisition last year, those were the first shares that this company has issued since 2012. We believe our high margin, high cash flow generating business is ideally suited to debt finance. We use it quite a bit to finance growth when we cannot cover those acquisitions from operating cash flow. So, we're quick to use that, and we try to be quick about repaying debt. We usually find the timing of the investments in this sector are far enough apart that we can usually draw down and then repay debt in a period of time that allows us to rebuild the liquidity and be ready for that next quality investment. And finally, we spent the better part of two-plus decades focused on increasing returns to shareholders. No other precious metal company has our 25-year history of annual
Transcript Page 2 Page 4