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    Josh Wolfson • RBC Capital Markets

    Josh Wolfson's questions to Royal Gold Inc (RGLD) leadership

    Josh Wolfson's questions to Royal Gold Inc (RGLD) leadership • Q2 2025

    Question

    Josh Wolfson requested more information on the timing for the Sandstorm transaction filings and votes, asked if new technical reports (43-101s) would be filed for key assets, and sought clarification on the accounting for the deferred Mount Milligan gold ounces.

    Answer

    President and CEO William Heissenbuttel stated he could not provide a detailed timetable for the Sandstorm vote but remains confident in a Q4 closing. SVP of Operations Martin Raffield confirmed no new 43-101s are planned. SVP & CFO Paul Libner clarified the Mount Milligan accounting, explaining the ounces have no booked basis yet and the deferred liability will increase by the fair market value of the gold upon receipt, with any mark-to-market difference from the sale price impacting earnings.

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    Josh Wolfson's questions to Triple Flag Precious Metals Corp (TFPM) leadership

    Josh Wolfson's questions to Triple Flag Precious Metals Corp (TFPM) leadership • Q2 2025

    Question

    Josh Wolfson of RBC Capital Markets inquired about the expected steady-state production from the Johnson Camp royalty, the process for enforcing security on the STEP Gold (ATO) stream, and the amount of ATO production assumed in the 2025 guidance.

    Answer

    CEO Sheldon Vanderkooy explained that Triple Flag does not provide asset-specific guidance for Johnson Camp but views it as an attractive, incremental acquisition. Regarding the ATO stream, he noted the arrears are circa US$8 million and expressed confidence in their legal position and parent company guarantee from Step Gold. Vanderkooy affirmed he is comfortable with the full-year 2025 guidance even if ATO contributes zero ounces.

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    Josh Wolfson's questions to Agnico Eagle Mines Ltd (AEM) leadership

    Josh Wolfson's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q2 2025

    Question

    Josh Wolfson of RBC Capital Markets asked for clarity on the timing of tax deferrals that contributed to strong free cash flow and when that liability might reverse. He also questioned the grade sequencing at the Detour mine for H2 and when the positive grade contributions from the Barnat pit at Malartic might end.

    Answer

    EVP & CFO Jamie Porter clarified that cash tax installments are based on prior-year profitability, leading to a significant catch-up payment in 2026 if high gold prices persist. EVP & COO Natasha Vaz stated that Detour's grades will improve in Q4 to the 0.97-1.0 g/t range after mining in a lower-grade domain through Q3. EVP - Exploration Guy Gosselin explained that the positive grade trend at the Barnat pit is expected to continue variably for the remainder of its life due to conservative modeling around old workings.

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    Josh Wolfson's questions to Newmont Corporation (NEM) leadership

    Josh Wolfson's questions to Newmont Corporation (NEM) leadership • Q2 2025

    Question

    Josh Wolfson of RBC Capital Markets inquired about underlying cost trends and the outlook for 2026, including potential project updates and the cadence of future guidance.

    Answer

    President and CEO Tom Palmer stated that costs are in line with expectations, with the focus now on productivity enhancements across the portfolio. He indicated that 2026 guidance will likely be provided in February, and that the Red Chris project is the next major development being evaluated for a full-funds decision in the 2026 timeframe.

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