Intrinsic value of Royal Gold - RGLD

Previous Close

$79.25

  Intrinsic Value

$9.17

stock screener

  Rating & Target

str. sell

-88%

Previous close

$79.25

 
Intrinsic value

$9.17

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of RGLD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  490
  522
  555
  590
  626
  663
  702
  743
  786
  830
  877
  925
  976
  1,029
  1,085
  1,143
  1,203
  1,267
  1,333
  1,403
  1,476
  1,553
  1,633
  1,717
  1,805
  1,898
  1,995
  2,096
  2,203
  2,315
Variable operating expenses, $m
  328
  349
  371
  395
  419
  444
  470
  497
  526
  556
  587
  619
  653
  688
  726
  764
  805
  848
  892
  939
  988
  1,039
  1,092
  1,149
  1,208
  1,270
  1,335
  1,403
  1,474
  1,549
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  328
  349
  371
  395
  419
  444
  470
  497
  526
  556
  587
  619
  653
  688
  726
  764
  805
  848
  892
  939
  988
  1,039
  1,092
  1,149
  1,208
  1,270
  1,335
  1,403
  1,474
  1,549
Operating income, $m
  162
  173
  184
  195
  207
  220
  233
  246
  260
  275
  290
  306
  323
  341
  359
  378
  398
  419
  441
  464
  489
  514
  541
  568
  598
  628
  660
  694
  729
  766
EBITDA, $m
  162
  173
  184
  195
  207
  220
  233
  246
  260
  275
  290
  306
  323
  341
  359
  378
  398
  419
  441
  464
  489
  514
  541
  568
  598
  628
  660
  694
  729
  766
Interest expense (income), $m
  19
  26
  28
  31
  34
  37
  41
  44
  48
  52
  56
  60
  64
  68
  73
  78
  83
  88
  94
  100
  106
  112
  119
  126
  133
  141
  149
  158
  167
  176
  186
Earnings before tax, $m
  136
  144
  152
  161
  170
  179
  188
  198
  209
  219
  231
  242
  255
  268
  281
  295
  310
  325
  342
  359
  376
  395
  415
  435
  456
  479
  503
  527
  553
  581
Tax expense, $m
  37
  39
  41
  43
  46
  48
  51
  54
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
  92
  97
  102
  107
  112
  117
  123
  129
  136
  142
  149
  157
Net income, $m
  100
  105
  111
  117
  124
  131
  137
  145
  152
  160
  168
  177
  186
  195
  205
  216
  226
  238
  249
  262
  275
  288
  303
  318
  333
  350
  367
  385
  404
  424

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,815
  2,999
  3,190
  3,389
  3,596
  3,812
  4,037
  4,272
  4,517
  4,772
  5,039
  5,318
  5,610
  5,914
  6,233
  6,566
  6,915
  7,281
  7,663
  8,064
  8,484
  8,924
  9,385
  9,869
  10,375
  10,907
  11,464
  12,049
  12,662
  13,305
Adjusted assets (=assets-cash), $m
  2,815
  2,999
  3,190
  3,389
  3,596
  3,812
  4,037
  4,272
  4,517
  4,772
  5,039
  5,318
  5,610
  5,914
  6,233
  6,566
  6,915
  7,281
  7,663
  8,064
  8,484
  8,924
  9,385
  9,869
  10,375
  10,907
  11,464
  12,049
  12,662
  13,305
Revenue / Adjusted assets
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
Average production assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -72
Total debt, $m
  388
  428
  470
  513
  559
  606
  655
  707
  760
  816
  875
  936
  1,000
  1,066
  1,136
  1,209
  1,286
  1,366
  1,449
  1,537
  1,629
  1,726
  1,827
  1,932
  2,043
  2,160
  2,282
  2,410
  2,544
  2,685
Total liabilities, $m
  616
  657
  699
  742
  788
  835
  884
  936
  989
  1,045
  1,104
  1,165
  1,228
  1,295
  1,365
  1,438
  1,514
  1,595
  1,678
  1,766
  1,858
  1,954
  2,055
  2,161
  2,272
  2,389
  2,511
  2,639
  2,773
  2,914
Total equity, $m
  2,198
  2,342
  2,491
  2,647
  2,809
  2,977
  3,153
  3,336
  3,528
  3,727
  3,936
  4,153
  4,381
  4,619
  4,868
  5,128
  5,401
  5,686
  5,985
  6,298
  6,626
  6,970
  7,330
  7,707
  8,103
  8,518
  8,954
  9,410
  9,889
  10,391
Total liabilities and equity, $m
  2,814
  2,999
  3,190
  3,389
  3,597
  3,812
  4,037
  4,272
  4,517
  4,772
  5,040
  5,318
  5,609
  5,914
  6,233
  6,566
  6,915
  7,281
  7,663
  8,064
  8,484
  8,924
  9,385
  9,868
  10,375
  10,907
  11,465
  12,049
  12,662
  13,305
Debt-to-equity ratio
  0.180
  0.180
  0.190
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.220
  0.230
  0.230
  0.230
  0.230
  0.240
  0.240
  0.240
  0.240
  0.240
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
Adjusted equity ratio
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  100
  105
  111
  117
  124
  131
  137
  145
  152
  160
  168
  177
  186
  195
  205
  216
  226
  238
  249
  262
  275
  288
  303
  318
  333
  350
  367
  385
  404
  424
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  100
  105
  111
  117
  124
  131
  137
  145
  152
  160
  168
  177
  186
  195
  205
  216
  226
  238
  249
  262
  275
  288
  303
  318
  333
  350
  367
  385
  404
  424
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  101
  106
  112
  119
  125
  132
  139
  146
  154
  162
  170
  178
  188
  197
  207
  217
  228
  240
  251
  264
  277
  291
  305
  320
  336
  353
  370
  388
  407
  427
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
New CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Free cash flow, $m
  101
  106
  112
  119
  125
  132
  139
  146
  154
  162
  170
  178
  188
  197
  207
  217
  228
  240
  251
  264
  277
  291
  305
  320
  336
  353
  370
  388
  407
  427
Issuance/(repayment) of debt, $m
  37
  40
  42
  44
  45
  47
  49
  51
  54
  56
  58
  61
  64
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  128
  134
  141
Issuance/(repurchase) of shares, $m
  34
  38
  38
  38
  38
  38
  38
  39
  39
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  51
  53
  55
  58
  60
  63
  65
  68
  72
  75
  79
Cash from financing (excl. dividends), $m  
  71
  78
  80
  82
  83
  85
  87
  90
  93
  95
  98
  102
  106
  110
  114
  118
  122
  128
  133
  139
  145
  151
  159
  166
  174
  181
  190
  200
  209
  220
Total cash flow (excl. dividends), $m
  172
  185
  192
  200
  208
  217
  226
  236
  246
  257
  268
  280
  293
  306
  320
  335
  351
  367
  385
  403
  422
  442
  464
  486
  510
  534
  560
  588
  616
  647
Retained Cash Flow (-), $m
  -134
  -144
  -149
  -155
  -162
  -169
  -176
  -183
  -191
  -200
  -208
  -218
  -228
  -238
  -249
  -260
  -273
  -285
  -299
  -313
  -328
  -344
  -360
  -378
  -396
  -415
  -435
  -457
  -479
  -502
Prev. year cash balance distribution, $m
  37
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  75
  41
  43
  45
  47
  48
  50
  53
  55
  57
  60
  63
  65
  68
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  114
  119
  125
  131
  138
  144
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  72
  38
  37
  37
  36
  35
  34
  33
  32
  30
  28
  27
  25
  23
  21
  19
  17
  15
  13
  11
  10
  8
  7
  6
  4
  3
  3
  2
  2
  1
Current shareholders' claim on cash, %
  99.3
  98.6
  98.0
  97.4
  96.8
  96.3
  95.8
  95.3
  94.9
  94.5
  94.0
  93.6
  93.3
  92.9
  92.5
  92.2
  91.9
  91.5
  91.2
  90.9
  90.6
  90.3
  90.0
  89.7
  89.4
  89.1
  88.8
  88.5
  88.2
  88.0

Royal Gold, Inc., together with its subsidiaries, is engaged in acquiring and managing precious metal streams, royalties and similar interests. The Company operates through two segments: Acquisition and Management of Stream Interests, and Acquisition and Management of Royalty Interests. Its assets are located in Canada, Chile, Dominican Republic, Mexico, the United States, Africa, Australia and Other. As of June 30, 2016, the Company owned stream interests on four producing properties and three development-stage properties. It has investments in stream interests relating to Pueblo Viejo, Andacollo, Wassa and Prestea, and Rainy River. As of June 30, 2016, the Company owned royalty interests on 34 producing properties, 21 development-stage properties and 131 exploration-stage properties, of which it considered 50 to be evaluation-stage projects.

FINANCIAL RATIOS  of  Royal Gold (RGLD)

Valuation Ratios
P/E Ratio 50.6
Price to Sales 11.7
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 19.4
Price to Free Cash Flow 19.4
Growth Rates
Sales Growth Rate 22.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 25.8%
Total Debt to Equity 25.8%
Interest Coverage 7
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity 4.5%
Return On Equity - 3 Yr. Avg. 1.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 79.8%
Gross Margin - 3 Yr. Avg. 81.7%
EBITDA Margin 67.6%
EBITDA Margin - 3 Yr. Avg. 55.1%
Operating Margin 33.1%
Oper. Margin - 3 Yr. Avg. 21.9%
Pre-Tax Margin 27%
Pre-Tax Margin - 3 Yr. Avg. 14.4%
Net Profit Margin 23.1%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate 22.7%
Eff/ Tax Rate - 3 Yr. Avg. -78.5%
Payout Ratio 59.8%

RGLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RGLD stock intrinsic value calculation we used $459.042 million for the last fiscal year's total revenue generated by Royal Gold. The default revenue input number comes from 0001 income statement of Royal Gold. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RGLD stock valuation model: a) initial revenue growth rate of 6.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for RGLD is calculated based on our internal credit rating of Royal Gold, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Royal Gold.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RGLD stock the variable cost ratio is equal to 66.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RGLD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.3% for Royal Gold.

Corporate tax rate of 27% is the nominal tax rate for Royal Gold. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RGLD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RGLD are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in Royal Gold operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RGLD is equal to -3.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2102.167 million for Royal Gold - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 65.454 million for Royal Gold is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Royal Gold at the current share price and the inputted number of shares is $5.2 billion.

RELATED COMPANIES Price Int.Val. Rating
ABX Barrick Gold 14.02 19.55  str.buy
HL Hecla Mining 2.36 0.78  str.sell
NGD New Gold 0.830 0.92  hold
SAND Sandstorm Gold 4.40 0.88  str.sell
IAG IAMGOLD 3.46 1.50  str.sell
GSS Golden Star Re 2.98 27.83  str.buy

COMPANY NEWS

▶ What Type Of Shareholder Owns Royal Gold, Inc.s (NASDAQ:RGLD)?   [Dec-11-18 08:47AM  Simply Wall St.]
▶ Is The Rally Over For Gold?   [Nov-09-18 10:03AM  Benzinga]
▶ Zooming in on NASDAQ:RGLDs 1.3% Dividend Yield   [Nov-02-18 11:28AM  Simply Wall St.]
▶ Royal Gold: Fiscal 1Q Earnings Snapshot   [Oct-31-18 06:23PM  Associated Press]
▶ Top 3 Gold Stocks as of October 2018   [Oct-15-18 03:34PM  Investopedia]
▶ Royal Gold Provides Update on its Fiscal 2019 First Quarter   [Oct-09-18 09:00AM  Business Wire]
▶ This Gold Company's Oil Bets Are Really Paying Off   [Sep-28-18 06:00AM  Motley Fool]
▶ Westwater Appoints Karli Anderson to its Board of Directors   [Sep-27-18 08:00AM  GlobeNewswire]
▶ Royal Gold Resolves Voiseys Bay Royalty Dispute   [Sep-14-18 09:00AM  Business Wire]
▶ 3 Top Gold Stocks to Watch in September   [Sep-13-18 07:02AM  Motley Fool]
▶ 3 Top Mid-Cap Stocks to Buy Right Now   [Sep-07-18 09:08AM  Motley Fool]
▶ Royal Gold Announces Fourth Quarter Dividend   [Aug-22-18 01:14PM  Business Wire]
▶ Royal Gold, Inc. to Host Earnings Call   [10:00AM  ACCESSWIRE]
▶ Royal Gold: Fiscal 4Q Earnings Snapshot   [Aug-08-18 05:49PM  Associated Press]
▶ 3 Growth Stocks for in-the-Know Investors   [Jul-13-18 09:22AM  Motley Fool]
▶ Why This Gold and Silver Company Is Shifting Gears   [Jul-09-18 08:00AM  Motley Fool]
▶ Stocks Drift Lower; Micron Slumps On China Ruling; Royal Gold Breaks Out   [Jul-03-18 12:45PM  Investor's Business Daily]
▶ This Gold Miner's Troubles Hold a Lesson for Investors   [Jun-19-18 09:31AM  Motley Fool]
▶ This Gold Company Is Preparing for a New Growth Phase   [Jun-18-18 08:15AM  Motley Fool]
▶ 3 Gold Stocks That Could Bounce Back   [Jun-07-18 10:13AM  InvestorPlace]
▶ What Is Royal Gold Incs (NASDAQ:RGLD) Share Price Doing?   [Jun-06-18 11:46AM  Simply Wall St.]
▶ Royal Gold Announces New Organizational Structure   [Jun-01-18 08:00AM  Business Wire]
▶ Royal Gold Announces Third Quarter Dividend   [May-30-18 01:30PM  Business Wire]
▶ These Gold Streaming Stocks Are Buys for 2018   [May-13-18 09:32AM  Motley Fool]
▶ Is Franco-Nevada Corporation (FNV) a Buy?   [May-04-18 02:30PM  Motley Fool]
▶ What Is Gold Streaming?   [09:16AM  Motley Fool]
▶ Everything You Need to Know About Royal Gold Stock   [May-02-18 09:16PM  Motley Fool]
▶ Royal Gold: Fiscal 3Q Earnings Snapshot   [06:31PM  Associated Press]
▶ Earnings Preview For Royal Gold   [03:11PM  Benzinga]
▶ Where Will Wheaton Precious Metals Be in 5 Years?   [May-01-18 10:15AM  Motley Fool]
▶ 3 Gold Mining Stocks That Are Waking Up   [Apr-16-18 11:51AM  InvestorPlace]
▶ Royal Gold Provides Update on its Fiscal 2018 Third Quarter   [Apr-09-18 04:10PM  Business Wire]
▶ Is Royal Gold, Inc. a Buy?   [Mar-23-18 02:16PM  Motley Fool]
▶ Which Gold Stocks Have the Best Dividend?   [09:18AM  Motley Fool]
▶ Royal Gold Announces Second Quarter Dividend   [Mar-20-18 03:01PM  Business Wire]
▶ 2 Gold and Silver Stocks to Avoid (and 1 to Buy)   [Mar-02-18 08:16AM  Motley Fool]
▶ Time to Get Greedy With Wheaton Precious Metals Stock   [Feb-28-18 08:45AM  Motley Fool]
▶ Royal Gold, Inc. to Host Earnings Call   [09:30AM  ACCESSWIRE]
▶ Royal Gold reports 2Q loss   [Feb-07-18 05:21PM  Associated Press]
▶ Read This Before You Buy Gold Stocks   [Feb-06-18 06:07AM  Motley Fool]
▶ Better Buy: Wheaton Precious Metals vs. Royal Gold   [Feb-02-18 08:18AM  Motley Fool]
▶ Here's How Royal Gold, Inc. Crushed It in 2017   [Jan-31-18 06:49AM  Motley Fool]
▶ Could Gold be Set for a Big Move in 2018?   [Jan-26-18 04:39PM  Market Realist]
▶ Analyzing the Technicals of Mining Stocks in January 2018   [Jan-24-18 09:37AM  Market Realist]
▶ Is Franco-Nevada Corp a Buy in 2018?   [Jan-19-18 09:33AM  Motley Fool]
▶ Technicals for Mining Shares and How Theyre Moving   [Jan-11-18 07:36AM  Market Realist]

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