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Royal Gold sinks to US$67.7M loss in Q3'16


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Royal Gold sinks to US$67.7M loss in Q3'16

Royal Gold Inc.has plunged to a US$67.7 million, or US$1.04-per-share, net loss attributable toshareholders in the third quarter of the 2016 financial year, from a US$25.0 million,or 38-cent-per-share, net income attributable to shareholders in the same periodof fiscal 2015.

Impairments totaling about US$99.0 million more than offset aUS$19.4 million, or 26%, increase in revenue for the quarter from a year ago.

Royal Gold said the increase in revenue was driven by higherreturns from the newly acquiredstreams at the gold-silver minein the Dominican Republic, the Wassaand Prestea goldmines in Ghana and the Carmende Andacollo copper-gold mine in Chile.

Further impacting the third-quarter result was a US$7.4 millionyear-over-year increase in the cost of sales to US$17.9 million.

Adjusted EBITDA for the quarter, meanwhile, rose to US$69.3 millionfrom US$57.7 million in the year-ago quarter.

Stream segment gold purchases rose year over year to about 40,800ounces from 26,200 ounces, while gold sales reached 54,300 ounces compared to 24,200ounces in the third quarter of the 2015 financial year.

Third-quarter silver stream purchases from the Pueblo Viejo minetotaled 209,800 ounces, but Royal Gold did not report any sales.

Separately, the company announced a 21% increase in its attributablereserves.

At the end of 2015, precious metals reserves on properties subjectto Royal Gold's interests were 86.1 million ounces of gold and 779.5 million ouncesof silver. This compares to reserves of 73.7 million ounces of gold and 764.0 millionounces of silver as of Dec. 31, 2014.

On a gold equivalent basis, reserves attributable to Royal Goldincreased to 6.4 million ounces, from 5.3 million ounces at the end of 2014.