ROYAL GOLD INC 10-Q

ITEM 1A. RISK FACTORS The following risk factor supplements, and should be read in conjunction with, the risk factors included in the section entitled “Risk Factors” of our 2023 10-K. We have limited access to the properties in which we hold stream or royalty interests and to information concerning the properties, which may make it difficult for us to project or assess the performance of our stream and royalty interests, confirm information provided by the operators concerning the properties including mineral resources and mineral reserves, and disclose technical information concerning the properties in a manner permitted by the SEC. Our stream and royalty agreements provide us with limited access and information rights concerning the properties in which we hold stream or royalty interests. Operators generally provide us with limited information on mine production relating to the properties that are subject to our interests. Our access to additional property information depends upon the terms of the contracts that underlay our stream and royalty interests, which terms vary significantly among properties. In circumstances where we do receive additional property information, we generally do not have access to drilling, metallurgical, permitting, development, production, operating, or other data in sufficient detail, nor do we have access to properties, sufficient to confirm disclosure from the operators, including verifying mineral resources and mineral reserves 27 disclosed by the operators. As a result, we generally rely on the operators’ disclosures and limited information provided to us by the operators for the information we use in monitoring our interests and in preparing our public disclosure. Because we have limited information concerning the properties in which we hold stream or royalty interests, it may be difficult for us to project or assess the performance of a stream or royalty interest. Also, we generally are unable to evaluate the accuracy, completeness or fairness of the information provided to us, or disclosed, by operators and that we use in preparing our public disclosure. Any actions we take based on inaccurate or incomplete information from operators could negatively affect our business, financial condition, or results of operations. The correction of inaccurate or incomplete information from operators could also cause the price of our common stock to decline. In addition, most foreign-domiciled operators of properties in which we hold stream and royalty interests do not disclose information about their properties in accordance with Subpart 1300 of Regulation S-K (“SK1300”). We have repeatedly requested the operators of our material properties that do not themselves report under SK1300 to prepare technical report summaries for us under SK1300 or permit us the access and information sufficient for us to prepare our own technical report summaries relating to the properties for filing with the SEC, but in each case, the operator denied our request. We believe the information provided to us, or disclosed by the foreign-domiciled operators, including mineral resources, mineral reserves and other technical information concerning properties in which we hold stream and royalty interests, is prepared under guidelines that are substantially similar to the information that would be prepared under SK1300. However, the SEC may limit the information we can provide in our public filings, such as mineral resources and mineral reserves, for properties that are not the subject of technical report summaries prepared under SK1300, which could make it more difficult for investors to evaluate our business. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. MINE SAFETY DISCLOSURE Not applicable.