Short interest for Royal Gold gives investors a sense of the degree to which investors are betting on the decline of Royal Gold's stock. Short interest data is updated every two weeks.

Royal Gold Stock (NASDAQ:RGLD), Short Interest Report

Royal Gold

Royal Gold Inc enquires and manages precious metal royalties and streams, with a focus on gold. The company operates by purchasing a percentage of the metal produced from a mineral property for an initial payment, without assuming responsibility of mining operations. Similarly, precious metal streams are purchase agreements with mine operators providing the right to purchase all or a portion of one or more metals produced from a mine, in exchange for an upfront deposit payment. Generally Royal Gold does not conduct any work on the properties in which it holds royalty and streaming assets. The company owns a portfolio of producing, development, evaluation, and exploration royalties and streams, and the majority of group revenue is generated from Canada, Mexico, Chile, and the United States.

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Barrick&#39;s Production Miss Not So Bad?

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Biden&#39;s 25% China Tariff; Royal Gold Issues 2024 Guidance; Vale Reports Q1 Production And More: Wednesday&#39;s Top Mining Stories

Royal Gold Inc

Royal Gold's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NYSE">RGLD</a>) short percent of float has risen 21.56% since its last report. The company recently reported that it has 2.67 million shares sold short, which is 6.09% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.34 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Royal Gold Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1715011213_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Royal Gold has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Royal Gold's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Royal Gold's peer group average for short interest as a percentage of float is 2.37%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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Looking Into Royal Gold's Recent Short Interest

BMO Capital analyst Jackie Przybylowski maintains Royal Gold (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>) with a Outperform and lowers the price target from $163 to $162.

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BMO Capital Maintains Outperform on Royal Gold, Lowers Price Target to $162

Source: <a href="https://www.streetwisereports.com/article/2024/04/24/barricks-production-miss-not-so-bad.html?utm_medium=feed">Adrian Day 04/24/2024</a>
Global Analyst Adrian Day looks at more first-quarter results from some resource companies, as well as some positive exploration results that, according to him, could extend a mine&#39;s life.
Barrick Gold Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>)&nbsp;maintained its full-year guidance after first-quarter production in both gold and copper, which came in lower than expected. Part of the lower production was because of planned maintenance at the Nevada Gold Mines, but other causes were unexpected, including lower grades at Lumwana.
The lower production, with copper output in particular weak, about 15% lower than the consensus estimates, meant higher per-unit costs. Barrick estimated that its costs for gold at about $1,473 per ounce (for All-In Sustaining Costs) would come in about 8% higher than the previous quarter, while copper would jump about 15%. Once again, Barrick will not generate meaningful free cash flow for the quarter.
As usual, Barrick said it expected production to increase throughout the year, with the first quarter usually being its lowest. It pointed to Pueblo Viejo&#39;s expansion ramping up in the second quarter and the restart of Porgera.
<h2>Potential Bad News From Mali</h2>
Just as Barrick was reporting its first-quarter production (with full results scheduled for May 1) came a report that Mali&#39;s military government was planning to expropriate its Loulo-Gounkoto gold mine, which represents about 9% of the company&#39;s NAV. Mali&#39;s junta has been targeting the mining sector with a controversial audit of the industry as well as a proposed new mining code.
Barrick has not commented on the report. Separately, there are reports that Saudi Arabia is close to a deal to acquire a minority stake in Barrick&#39;s Reko Diq mine in Pakistan, investing at least $1 billion to buy part of the government&#39;s stake.
Saudi Arabia&#39;s interest has been public. Though any deal would not affect Barrick&#39;s interest in the project, it would be a positive, bringing in a wellfunded partner. Barrick&#39;s stock sunk sharply on the one-two punch from the production shortfall and Mali report, falling from over $18 to under $16.50 before a partial recovery.
In truth, it was an overreaction. The higher costs were for the most partly simply a function of lower production, while the production miss, beyond the planned Nevada maintenance, was quite minor, and the company reiterated its full-year guidance, backed by solid reasons. In truth, I think investor sentiment was less about the specifics of the quarter but more a not-illegitimate sense of d&eacute;j&agrave; vu since Barrick has missed its often-optimistic forecasts on more than one occasion. As for the Mali report, expropriation would indeed be serious, but there was little that was new in the widely publicized report. In short, our position has not changed.
We would hold here but look for opportunities to buy.
<h2>Royal Gold Offers Weak Guidance, but Likely Low</h2>
Royal Gold Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rgld#NASDAQ">RGLD</a>) announced its 2024 guidance of between 290K and 315K Gold Equivalent Ounces (GEOs), more-or-less flat versus 2023 actual GEOs of 312K, and meaningfully lower than expected. However, there are several headwinds that are taken into account with Royal&#39;s guidance, which may turn out to be conservative.
It should be emphasized that there are several possibilities for upside, including improvements at Goldrush and Robertson in Nevada and some new assets coming on stream, including IAMGOLD&#39;s new C&ocirc;te gold mine in Ontario.
Royal has also continued to pay down its credit facility, which it used to make major acquisitions in 2022 and 2023; it has repaid $125 million this year, bringing its balance down to $125 million.
We are holding after a better-than-20% jump since the end of February.
<h2>Strong Royalty Quarter for Altius</h2>
Altius Minerals Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/atusf#OTC">ATUSF</a>) said its attributable royalty revenue for the first quarter is expected at $17.4 million, up from less than $16 million in the previous quarter, though down from the first quarter of 2023. The year-ago quarter benefited greatly from high potash prices.
The main gains quarter-on-quarter are from renewal energy (almost doubling) and base metals, while the revenue from coal was eliminated as the Genesee Mine ceased operations at the end of the year. The company continues to buy back shares.
Separately, the eagerly-awaited arbitration hearing over the extent of its royalty on AngloGold&#39;s Beaty project in Nevada has taken place, but the company has not commented on it yet. A ruling may take months.
Altius is a core holding for us; we are holding after a nearly 30% stock price appreciation in the last two months.
<h2>Positive Drilling Could Extend Fortuna Mexican Mine</h2>
Fortuna Silver Mines Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>)&nbsp;reported positive exploration results on its Yessi vein discovery at the San Jose mine in Mexico.
Exploration since the initial discovery last August is intended to test the limits of the vein as well as do in-fill drilling to support a resource estimate. Fortuna earlier said it was bringing forward the planned closure of the San Jose mine to the end of this year, but contingent on any additional resources.
Continued success of the program on the Yessi vein suggests that the closure could be pushed back.
We are holding.
TOP BUYS this week include, in addition to above, Orogen Royalties Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ognrf#OTC">OGNRF</a>) and Midland Exploration Inc. (MD:TSX.V).
Important Disclosures:
<ol>
<li>As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Barrick Gold Corp., Altius Minerals Corp., Fortuna Silver Mines Inc., Orogen Royalties Inc., and Midland Exploration Inc.</li>
<li>Adrian Day: I, or members of my immediate household or family, own securities of: All. My company has a financial relationship with: All. I determined which companies would be included in this article based on my research and understanding of the sector.</li>
<li>Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>
Adrian Day Disclosures
Publisher: Adrian Day. Owner: Investment Consultants International, Ltd. Staff may have positions in securities discussed herein. Adrian Day is also President of Global Strategic Management (GSM), a registered investment advisor, and a separate company from this service. In his capacity as GSM president, Adrian Day may be buying or selling for clients securities recommended herein concurrently, before or after recommendations herein, and may be acting for clients in a manner contrary to recommendations herein. This is not a solicitation for GSM. Views herein are the editor&#39;s opinion and not fact. All information is believed to be correct, but its accuracy cannot be guaranteed. The owner and editor are not responsible for errors and omissions. &copy; 2023. Adrian Day&#39;s Global Analyst. Information and advice herein are intended purely for the subscriber&#39;s own account. Under no circumstances may any part of a Global Analyst e-mail be copied or distributed without prior written permission of the editor. Given the nature of this service, we will pursue any violations aggressively.

Barrick's Production Miss Not So Bad?

Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), the world&#8217;s largest gold miner, saw its share price spike 13% on Thursday after the Denver-based company posted <a href="https://www.benzinga.com/news/earnings/24/04/38438315/why-gold-miner-newmont-shares-are-surging-today">stronger-than-expected earnings</a>.
This ignited a broad-based rally in the gold mining industry, despite the overall <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38439796/stocks-drop-tech-tumbles-with-metas-weak-outlook-q1-stagflation-fears-gold-miners-advance-">weak investor sentiment elsewhere.</a>
Newmont is currently on track to achieve its best-performing session since April 2020, when the mining giant rallied following a major volatility event due to the Covid-19 pandemic.
Chart: Newmont Eyes Top-Performing Session Since April 2020
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-1024x495.png" alt="" class="wp-image-309347" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Newmont Sharply Beats Estimates, Declares First Quarter Dividend</h3>
<ul>
<li>Newmont reported earnings per share (EPS) of $0.55 in Q1 2024, marking a 38% increase from the corresponding quarter of the previous year and surpassing Street&#8217;s consensus estimates of $0.36 by a significant 54%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro platform</a>. </li>
<li>Revenue for the quarter amounted to $4.02 billion, indicating a 50% rise from Q1 2023 and surpassing forecasts of $3.66 billion by a noteworthy 10% margin.</li>
<li>Newmont delivered $288 million in dividends to shareholders and declared a dividend of $0.25 per share of common stock for the first quarter of 2024.</li>
<li>Newmont reported gold Costs Applicable to Sales (CAS) per ounce of $1,057 and gold All-In Sustaining Costs (AISC) per ounce of $1,439, both notably lower than the average realized gold price of $2,090 per ounce. This stark contrast indicates wide profit margins for the company.</li>
<li>&#8220;Newmont delivered a strong first quarter operational performance, producing 2.2 million gold equivalent ounces and generating over $1.4 billion in cash from operations before working capital changes,&#8221; Tom Palmer, Newmont&#8217;s president and CEO, stated. </li>
</ul>
See Also: <a href="https://www.benzinga.com/news/earnings/24/04/38438315/why-gold-miner-newmont-shares-are-surging-today">Why Gold Miner Newmont Shares Are Surging Today</a>
<h3 class="wp-block-heading">Gold Miners Rally In Response To Newmont&#8217;s Results</h3>
Newmont&#8217;s remarkable Q1 earnings report catalyzed a significant rally in gold mining stocks, drawing investors to the industry in anticipation of potentially positive results from other players.
Additionally, miners showed a positive response to the rise in gold prices, with the precious metal gaining 0.7% to $2,330 per ounce, buoyed by escalating stagflationary worries triggered by the latest <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss">gross domestic product report.</a>
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rose 3.1%, while junior gold miners, as tracked by the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) rose 1.8%. 
The top-performing North American gold miners on Thursday included:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
<td>Market Cap</td>
</tr>
<tr>
<td>Newmont Corporation</td>
<td>13.06%</td>
<td>$ 50.54B</td>
</tr>
<tr>
<td>Buenaventura Mining Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>)</td>
<td>6.75%</td>
<td>$ 4.30B</td>
</tr>
<tr>
<td>DRDGOLD Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRD#NYSE">DRD</a>)</td>
<td>4.73%</td>
<td>$ 705.14м</td>
</tr>
<tr>
<td>AngloGold Ashanti plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>)</td>
<td>4.29%</td>
<td>$ 9.57B</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>3.52%</td>
<td>$ 1.88B</td>
</tr>
<tr>
<td>K92 Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNT#NYSE">KNT</a>)</td>
<td>2.69%</td>
<td>$ 1.31B</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>2.31%</td>
<td>$ 1.61B</td>
</tr>
<tr>
<td>Calibre Mining Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXB#NYSE">CXB</a>)</td>
<td>2.19%</td>
<td>$ 1.07B</td>
</tr>
<tr>
<td>Royal Gold, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NYSE">RGLD</a>)</td>
<td>1.91%</td>
<td>$ 8.12B</td>
</tr>
<tr>
<td>Agnico Eagle Mines Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>)</td>
<td>1.90%</td>
<td>$ 32.36B</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:45 p.m. EDT </figcaption></figure>
Now Read: <a href="https://www.benzinga.com/m-a/24/04/38405991/equinox-gold-snaps-up-greenstone-gold-mines-for-995m-in-incredibly-rare-deal">Equinox Gold Snaps Up Greenstone Gold Mines For $995M In &#8216;Incredibly Rare&#8217; Deal</a>
Image: Shutterstock

<h1 class="wp-block-heading">Top Stories for April 17, 2024:</h1>
<ol>
<li>During a visit to Pittsburgh, President Joe Biden plans to announce <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38292245/biden-to-announce-tariff-hikes-on-chinese-steel-aluminum-imports-another-hit-to-rea">new trade policies</a> aimed at boosting the U.S. steel sector by imposing a 25% tariff on certain Chinese steel and aluminum imports.</li>
</ol>
The move seeks to protect American manufacturing jobs from China&#8217;s "unfair" trade practices by more than tripling U.S. tariffs to 25% for some products and increasing others from 0% or 7.5%.
U.S. Trade Representative Katherine Tai will decide the final measures after reviewing current tariffs.&nbsp;
Although Chinese steel and aluminum make up a small part of the U.S. market ($1.7 billion), these policies strive to protect American manufacturers from a potential increase in imports and competitive pressures.
<ol start="2">
<li>Royal Gold Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>) issued its 2024 guidance, forecasting sales volumes, depreciation and amortization expense (DD&amp;A) and tax rates.&nbsp;</li>
</ol>
The company expects to sell 215,000 to 230,000 ounces of gold, 3.2 to 3.8 million ounces of silver, 14 million to 16 million pounds of copper and other metals worth $17 million to $20 million.&nbsp;
DD&amp;A expenses are projected to be between $141 million to $157 million, with an effective tax rate of 17% to 22%.
Given commodity price volatility, the guidance aims to enhance transparency by focusing on physical sales and royalty revenues instead of revenue conversion to gold equivalent ounces.
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38292100/freeport-mcmoran-vs-teck-resources-which-copper-stock-has-more-upside">Freeport-McMoRan Vs. Teck Resources — Which Copper Stock Has More Upside?</a>
<ol start="3">
<li>Vale&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>) first-quarter performance featured a 15% year-over-year increase in iron ore sales at 63.8 metric tons, with production up 6% to 70.8 metric tons due to improved operations at S11D and other initiatives.&nbsp;</li>
</ol>
Pellet production rose 2% to 8.5 metric tons while copper output grew 22% to 81.9 kilotons, mainly from the Salobo 3 ramp-up.&nbsp;
However, nickel production fell 4% to 39.5 kilotons, primarily due to the Onça Puma furnace rebuild, though this was partly mitigated by better output in Canada and Indonesia.
<ol start="4">
<li>Compania de Minas Buenaventura (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) announced first-quarter results with several production targets met or exceeded.&nbsp;</li>
</ol>
Tambomayo surpassed gold, lead and zinc projections due to mining in higher-grade areas, though silver production was lower.&nbsp;
Gold production at Orcopampa and Coimolache aligned with expectations, with Coimolache also facing delays from environmental permitting issues.&nbsp;
Julcani and Uchucchacua met their production targets for silver, lead and zinc, while Yumpag started silver processing earlier than anticipated after receiving operational permits.&nbsp;
El Brocal&#8217;s copper production was on target, with higher silver output and lower zinc grades. Its lead and zinc operations are under maintenance, aiming for an underground exploitation rate of 10,500 tons per day.
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/news/rumors/24/04/38279955/barrick-misses-preliminary-gold-production-estimate-management-unfazed-by-risks-in-key-african-count">Barrick Misses Preliminary Gold Production Estimate, Management Unfazed By Risks In Key African Country</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get connected with the Benzinga community!
Photo: By Asiandelight via Shutterstock

Biden's 25% China Tariff; Royal Gold Issues 2024 Guidance; Vale Reports Q1 Production And More: Wednesday's Top Mining Stories

Royal Gold, Inc. (NASDAQ:<a href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>) (together with its subsidiaries, "Royal Gold" or the "Company," "we" or "our") announced today its guidance for calendar year 2024 total stream and royalty sales volume, depletion, depreciation and amortization expense ("DD&amp;A"), and effective tax rate, as well as an update on the recent repayment of outstanding borrowings.
2024 Guidance
Sales guidance for 2024 is provided on a sales volume basis to improve transparency and avoid the effect of volatile commodity prices in the conversion of revenue to gold equivalent ounces. Sales volume for stream agreements represents physical metal sold, and sales volume for royalty agreements represents royalty revenue received divided by the average metal price for the relevant period.
Royal Gold expects 2024 sales volume, DD&amp;A and effective tax rate to be as follows:
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="2" rowspan="1">
2024 Guidance
January 1 – December 31, 2024
</td>
</tr>
<tr>
<td colspan="2" rowspan="1">Total Sales:</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="2" rowspan="1">Gold</td>
<td colspan="1" rowspan="1">215,000 – 230,000 oz</td>
</tr>
<tr>
<td colspan="2" rowspan="1">Silver</td>
<td colspan="1" rowspan="1">3.2 – 3.8 M oz</td>
</tr>
<tr>
<td colspan="2" rowspan="1">Copper</td>
<td colspan="1" rowspan="1">14.0 – 16.0 M lb</td>
</tr>
<tr>
<td colspan="2" rowspan="1">Other Metals</td>
<td colspan="1" rowspan="1">$17.0 – $20.0 M</td>
</tr>
<tr>
<td colspan="2" rowspan="1">DD&amp;A</td>
<td colspan="1" rowspan="1">$141 – 157 M</td>
</tr>
<tr>
<td colspan="2" rowspan="1">Effective Tax Rate</td>
<td colspan="1" rowspan="1">17 – 22%</td>
</tr>
</tbody>
</table>
</figure>
Gold, silver and copper are expected to provide the majority of 2024 revenue. Sales from Other Metals are expected to be relatively minor and the range provided assumes 2024 prices of $7.50/lb for nickel, $0.90/lb for lead, and $1.10/lb for zinc, which are the metals that are expected to provide most of this component of sales.
The sales guidance provided above equates to approximately 290,000 to 315,000 gold equivalent ounces1 ("GEOs") using metal prices of $1,950/oz for gold, $23.00/oz for silver and $3.80/lb for copper. However, when comparing actual performance to guidance during 2024, we will refer only to the sales volumes provided above and not to a GEO range.
The 2024 sales guidance is calculated based on a review of confidential information and production forecasts provided to Royal Gold from certain operating counterparties, and publicly available production forecasts for those interests where Royal Gold does not have rights to receive confidential information. Certain of these third-party forecasts have been adjusted by Royal Gold based on management's experience.
This guidance is based on the following key assumptions with respect to our Principal Properties2:
<ul>
<li>Sales from Mount Milligan metal deliveries include a normal-course lag between production and stream deliveries of approximately 5 months, and higher 2024 Mount Milligan gold production guidance provided by Centerra Gold Inc. is not expected to impact Royal Gold sales until the second half of 2024;</li>
<li>Continued deferral of silver deliveries and no material deliveries of the outstanding balance of deferred silver from the Pueblo Viejo mine in 2024; Barrick expects plant recovery optimization to progress after completing the ramp up of the expanded plant to full production levels;</li>
<li>Gold production from the Legacy Zone (approximate 9.4% gross royalty rate) at Cortez is expected to be impacted by reduced oxide mill feed due to resource model changes, partially offset by a higher contribution from the new Goldrush mine within the Cortez Complex Zone ("CC Zone") (approximate 1.6% gross royalty rate);</li>
<li>Higher silver, lead and zinc content delivered from the Chile Colorado pit and continued stripping of the Peñasco pit at Peñasquito;</li>
<li>Lower tonnes milled at Andacollo due to water restrictions caused by extreme drought conditions, which is expected to affect sales throughout 2024 due to the normal-course lag between production and stream deliveries of approximately 5 months; and,</li>
<li>Payable silver production of 1.2 to 1.4 million ounces at the Khoemacau mine.</li>
</ul>
The 2024 Effective Tax Rate guidance assumes no unusual or discrete tax items and no changes in laws or regulations or their interpretation in the jurisdictions where we pay taxes.
This guidance also assumes no new royalty or stream interest acquisitions during the remainder of 2024.
1 Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average gold price for that same period. 2 As of December 31, 2023, we determined that six of our stream and royalty interests are material to our business: Andacollo, Cortez, Khoemacau, Mount Milligan, Peñasquito and Pueblo Viejo. Please see our Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC") on February 15, 2024 (the "2023 Form 10-K") for additional information regarding our Principal Properties.
Repayment of Outstanding Borrowings
Royal Gold completed two recent repayments totaling $125 million on the Company's revolving credit facility:
<ul>
<li>$100 million on March 6, 2024, from operating cash flow, and,</li>
<li>$25 million on April 8, 2024, from the proceeds of the repayment by MMG Limited to Royal Gold of the $25 million subordinated debt facility upon the completion of the acquisition of Khoemacau Copper Mining, the owner of the Khoemacau mine. Including capitalized interest, the proceeds received from the repayment of this facility were approximately $37 million.</li>
</ul>
As of April 17, 2024, the amount outstanding on the $1 billion revolving credit facility is $125 million at an all-in borrowing rate of 6.5%.

Guidance

Royal Gold Provides 2024 Guidance; Sees Total Sales Of Gold 215,000–230,000 Oz, Silver 3.2M–3.8M Oz, Copper 14M–16M Lb, Other Metals $17M–$20M, DD&A $141M–157M, Effective Tax Rate 17%–22%

Top Stories for April 9, 2024:
1. Piedmont Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>), a major supplier to the U.S. EV supply chain, and its joint venture partner Sayona Mining are advancing North American Lithium&#8217;s operations to achieve <a href="https://www.benzinga.com/news/24/04/38157048/piedmont-lithium-says-the-joint-venture-partners-of-north-american-lithium-nal-will-complete-activit">steady state production</a> by 2024. 
After starting production in March 2023, they&#8217;ve seen improved process recoveries and production records, with a key focus on ramping up production and reducing costs amidst a challenging lithium market.&nbsp;
Two significant capital projects due to be finished by May 2024 are expected to further enhance production and efficiency.&nbsp;
Piedmont, which owns 25% of the venture, emphasizes North American Lithium&#8217;s strategic importance and its positive trajectory despite market challenges.
2. Royal Gold (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>) reported that its subsidiary RGLD Gold AG sold around 49,500 gold equivalent ounces (GEO) from its streaming agreements in Q1 2024.
The GEOs consist of 38,100 ounces of gold, 635,000 ounces of silver and 1,100 tons of copper.&nbsp;
The average realized prices for these metals were $2,054 per ounce, $23.22 per ounce and $8,453 per ton ($3.83 per pound), respectively.
The cost of sales was roughly $436 per GEO. Royal Gold will release its full Q1 results after market close on May 8, 2024.
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/news/24/04/38149136/fortuna-silver-mines-highlights-strong-q1-gold-silver-production-amid-precious-metal-surge">Fortuna Silver Mines Highlights Strong Q1 Gold, Silver Production Amid Precious Metal Surge</a>
3. Hecla Mining (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HL#NASDAQ">HL</a>) reported a significant increase in Q1 2024 production, with silver output rising 43% to 4.2 million ounces and gold production steady at 36,592 ounces. 
The increases were attributed to Greens Creek&#8217;s consistent performance, Lucky Friday reaching full production of 1.1 million ounces of silver and a 29% throughput increase at Keno Hill. 
Lead and zinc production also saw notable rises due to the ramp-up at Lucky Friday, increasing 129% and 28%, respectively.&nbsp;
The company is aiming for 17 million ounces of silver in 2024 and 20 million by 2026, capitalizing on the growing demand for silver in energy transitions, particularly in solar energy.
4. Coeur Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>) announced the start of commercial production at its expanded Rochester mine in Nevada as of March 31, 2024. 
The mine&#8217;s new crushing circuit and truck load-out facility have reached average throughput of nearly 70,000 tons per day, with full capacity of 88,000 tons per day expected by mid-2024.
A total of 9.3 million tons of ore have been placed on the new leach pad and a ramp-up in production is forecasted for the latter half of 2024, positioning Rochester to significantly enhance Coeur&#8217;s cash flow as one of the largest heap leach operations globally and the largest domestic silver source in the U.S.
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38143157/mining-executives-weigh-in-on-gold-price-financing-projects-were-definitely-glad">Mining Executives Weigh In On Gold Prices, Financing, Projects: &#8216;We&#8217;re Definitely Glad&#8217;</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get connected with the Benzinga community!
Photo: Shutterstock

Piedmont Advances NAL Operations; Royal Gold Subsidiary Sells 49,500 GEOs; Hecla Mining Reports Q1 Production And More: Tuesday's Top Mining Stories

Last week&#39;s stellar first-quarter finish was followed up by a fairly brutal start to the month, particularly for the Dow Jones Industrial Average (DJI). The blue-chip index notched four-straight daily losses, three of which were in the triple digits, and marked its worst day in over a year on Thursday with a 530-point drop. Though things appear to be turning around at this point on Friday, the Dow is still headed for its worst week since August. The S&amp;P 500 Index (SPX) and Nasdaq Composite (IXIC) also pulled back from their recent record highs and are headed for losing weeks. Overall,&nbsp;rising Treasury yields weighed on the market this week, as well as several comments from Federal Reserve members regarding rate cuts this year.&nbsp;
<h2>This Week&#39;s Commodities Updates</h2>
Gold and oil prices surged this week, with gold hitting a string of record highs as the front-month June contract rose above $2,300 for the first time ever.&nbsp;Gold stocks&nbsp;rose in response, including Barrick Gold (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Royal Gold (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rgld#NASDAQ">RGLD</a>). Oil&#39;s rampant run can be attributed to rising tensions in the Middle East, particularly between Israel and Iran.&nbsp;
<h2>Stock Signals to Watch Right Now</h2>
According to Schaeffer&#39;s Senior Quantitative Analyst Rocky White, energy stock EQT Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eqt#NYSE">EQT</a>) is one of the 25 best stocks to own in April. Plus, retailer&nbsp;Williams-Sonoma (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wsm#NYSE">WSM</a>)&nbsp;could notch new record highs given its technical setup, while Nutanix (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ntnx#NASDAQ">NTNX</a>) and CVS Health (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvs#NYSE">CVS</a>) are flashing bull signals as well.&nbsp;
On the other hand, present on White&#39;s&nbsp;list of the worst stocks to own in April are Hewlett Packard Enterprise (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hpe#NYSE">HPE</a>), Live Nation Entertainment (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lyv#NYSE">LYV</a>), and airline stocks United Airlines (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ual#NASDAQ">UAL</a>), American Airlines (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aal#NASDAQ">AAL</a>), and Delta Air Lines (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dal#NYSE">DAL</a>), which is particularly notable amid Boeing&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>) recent saga.&nbsp; &nbsp;
<h2>Inflation Data, FOMC Meeting Minutes Ahead</h2>
All eyes will be on inflation data next week, as well as&nbsp;the Federal Open Market Committee&#39;s (FOMC) meeting minutes, as investors continue to debate the future of interest rates. It&#39;s also worth noting how the S&amp;P 500 typically performs after fast starts to the year.
The article &quot;<a href="https://www.marketbeat.com/articles/dow-endures-rocky-start-to-second-quarter-2024-04-08/">Dow Endures Rocky Start to Second Quarter</a>&quot; first appeared on MarketBeat.

NTNX

Dow Endures Rocky Start to Second Quarter

Royal Gold Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rgld#NASDAQ">RGLD</a>) announced its<a href="https://www.benzinga.com/markets/penny-stocks/24/03/37432139/mcewen-mining-buenaventura-report-financial-results-royal-gold-declares-a-dividend-and-more-"> second-quarter dividend</a>.
Following the slight underperformance of the stock, its valuation appears &ldquo;more compelling,&rdquo; given the latest commodity price assumptions, according to BMO Capital Markets.
The Royal Gold Analyst: BMO Capital&#39;s Jackie Przybylowski upgraded the rating for the Denver-based company from Market Perform to Outperform, while raising the price target from $148 to $158.
The Royal Gold Thesis: The <a href="https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/">sector</a> is poised to benefit from &ldquo;a positive environment for meaningful new stream and royalty deals through this year,&rdquo; Przybylowski said in the upgrade note.
Royal Gold has adopted creative solutions to protect asset value, both for itself and the mine operator, the analyst stated. This is demonstrated by the company&rsquo;s efforts to continuously improve asset quality &ldquo;through the addition of long-lived assets (including the Barrick/Newmont Cortez royalty)&rdquo; and the new Mt Milligan agreement announced in February 2024, he added.
&ldquo;The royalty and streaming model could be appealing as the largest and most well-funded companies could see opportunities for material new growth in 2024,&rdquo; Przybylowski wrote.
Although growth has remained modest, &ldquo;this could change through the year,&rdquo; with opportunities for more and larger transactions, &ldquo;including M&amp;A (likely including divestments of Newmont assets), organic growth fueled by high commodity prices, and balance sheet repair,&rdquo; he added.
RGLD Price Action: Shares of Royal Gold had risen by 6.24% to $116.93 at the time of publication on Wednesday.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.

Analyst Color

Long Ideas

Upgrades

Movers

Royal Gold's Growth Remains 'Modest,' Says Bullish Analyst: 'This Could Change'

WIIM

Royal Gold shares are trading higher after BMO Capital upgraded the stock from Market Perform to Outperform and raised its price target from $148 to $158.

BMO Capital analyst Jackie Przybylowski upgrades Royal Gold (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>) from Market Perform to Outperform and raises the price target from $148 to $158.

BMO Capital Upgrades Royal Gold to Outperform, Raises Price Target to $158

Royal Gold's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NYSE">RGLD</a>) short percent of float has fallen 8.74% since its last report. The company recently reported that it has 2.32 million shares sold short, which is 4.49% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.56 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Royal Gold Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1711036811_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Royal Gold has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Royal Gold's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Royal Gold's peer group average for short interest as a percentage of float is 2.62%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(RGLD) - Analyzing Royal Gold's Short Interest

Top Stories for Mar. 1, 2024:
1. McEwen Mining Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mux#NYSE">MUX</a>) reported fourth-quarter and full-year 2023 <a href="https://www.benzinga.com/quote/MUX/earnings">financial results on Friday.</a>
In the fourth quarter, net income was $137.9 million ($2.88 per share) compared to a net loss of $37.4 million ($0.79 per share) for Q4 2022.
As a result of improvements in mining productivity, the company achieved daily, monthly, and quarterly production records, while the Fox Complex achieved the highest average daily mill throughput of 1,300 tons per day.
For the year, the company reported a net income of $54.7 million ($1.15 per share) compared to a loss of $81.1 million ($1.71 per share) in 2022.
Gold production at its Fox Complex and Gold Bar mine were just above the low end of guidance, while the San Jos&eacute; mine was just below and cash costs and all-in sustaining costs were 12-18% higher than guided.
Following the October 2023 financing, McEwen Mining&#39;s stake in McEwen Copper dropped to 47.7%, shifting its accounting to equity investment, resulting in a $224 million gain and a $384 million investment valuation.
2. Peru&#39;s largest publicly traded precious metals miner, Compa&ntilde;ia de Minas Buenaventura S.A.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bvn#NYSE">BVN</a>) announced its fourth-quarter and full-year 2023 financial results.
In the fourth quarter, the company reported an EBITDA of $116.4 million (up from $76.9 million in 4Q22) and an annual EBITDA of $238.3 million (up from $173.1 million in FY22).
However, it reported a fourth-quarter net loss of $3.0 million, down from a net income of $56.7 million in the same quarter in 2022, with annual net income of $39.5 million for all of 2023, which was lower than the previous year&#39;s $124.4 million.
The company ended the year with a cash position of $219.8 million and reduced net debt to $486.8 million. It also completed a sale of Contacto to Howden for $33.7 million, began silver production at Yumpag and faced a $113.2 million provision due to a Supreme Court ruling.
Additionally, Buenaventura received $49.0 million in dividends from Cerro Verde in December, totaling $146.9 million for 2023, and proposed a dividend payment of $0.0726 per share/ADS.
3. Royal Gold, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rgld#NASDAQ">RGLD</a>) announced its board of directors declared a second-quarter dividend of 40 cents per share.
The dividend will be distributed on Friday, April 19, 2024, to shareholders as of the close of business on Friday, April 5, 2024.
4. HC Wainwright &amp; Co. analyst Heiko Ihle reiterated U.S. Gold Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/usau#NASDAQ">USAU</a>) with a Buy and maintained a price target of $11.
Now Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37426845/bitcoin-options-on-horizon-grayscale-pushes-for-regulatory-approval">Bitcoin Options On Horizon? Grayscale Pushes For Regulatory Approval</a>
Photo: Shutterstock

USAU

McEwen Mining, Buenaventura Report Financial Results; Royal Gold Declares A Dividend And More: Friday's Top Mining Stories

Top Stories for Feb. 29, 2024:
1. Jefferies analyst Matthew Murphy initiated coverage on Royal Gold (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rgld#NASDAQ">RGLD</a>) with a Hold rating and announced a Price Target of $117.
2. Golden Minerals Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aumn#NYSE">AUMN</a>) stopped mining operations at its Velarde&ntilde;a Properties in Mexico.
After restarting operations in late December 2023, the initial performance of the mine and processing plant over the first months did not achieve the projected results.
The company is now exploring potential alternatives, including a sale of the properties or winding up of some of its Mexico operations.
3. The world&rsquo;s largest global mining company BHP Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bhp#NYSE">BHP</a>) has started restructuring its global operations, starting in Australia, where it is facing a slowdown in the nickel market.
Management is looking to cut costs and improve productivity overall, but particularly in Australia following concerns over wage inflation.
CEO Mike Henry believes the nickel industry in the region needs more than Australian federal tax credits and royalty relief to stop the shutdown of its Western Australia site.
In light of the situation, Australian Prime Minister Anthony Albanese stated that the government is considering &quot;providing further support with a smart, targeted and time-limited policy.&quot;
4. Board Member James Donald Hoffman of Reliance (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rs#NYSE">RS</a>) made an insider sale of 40,000 shares on Wednesday, Feb. 28 for a total of $12,917,867.
5. ArcelorMittal (OTC: <a class="ticker" href="https://www.benzinga.com/stock/amsyf#OTC">AMSYF</a>), the largest steel producer in Europe and among the largest in the Americas, published its 2023 annual report.
The company reported $68.3 billion in revenue, produced 58.1 million metric tons of crude steel, 42 million metric tons of iron ore and shipped 55.6 million metric tons of steel in 2023.
This compared to the previous year&rsquo;s $79.8 billion&nbsp;in revenue, 59 million metric tons of crude steel, 45.3 million metric tons of iron ore and 55.9 million metric tons of steel shipped.
Now Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37406620/merrill-and-wells-fargo-jump-on-board-bitcoin-etfs-reach-wall-street-elite">Merrill And Wells Fargo Jump On Board: Bitcoin ETFs Reach Wall Street Elite</a>
Photo: Shutterstock

AMSYF

AUMN

Jefferies Covers Royal Gold; Golden Minerals Halts Velardeña; BHP Restructures Global Ops And More: Thursday's Mining Highlights

Jefferies analyst Matthew Murphy initiates coverage on Royal Gold (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>) with a Hold rating and announces Price Target of $117.

Initiation

Jefferies Initiates Coverage On Royal Gold with Hold Rating, Announces Price Target of $117

Top Stories for Feb. 14, 2024:
1. Royal Gold, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rgld#NASDAQ">RGLD</a>) announced that RGLD Gold AG, its wholly-owned subsidiary, <a href="https://www.benzinga.com/topic/mining">executed an agreement</a> with Centerra Gold Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cgau#NYSE">CGAU</a>) and its wholly-owned subsidiary, Thompson Creek Metals Company Inc.
Royal Gold secured a deal with Centerra Gold to extend the Mount Milligan Mine&#39;s life to 2035, promising Royal Gold $125 million in immediate cash and gold plus long-term financial interests.
This arrangement, which maintains the original streaming agreement, encourages further investment by Centerra to potentially prolong the mine&#39;s operation beyond 2035 through exploration and resource development.
President and CEO of Royal Gold Bill Heissenbuttel said, &ldquo;This announcement demonstrates our willingness to work with our operating counterparties and be flexible and creative in order to find mutually beneficial opportunities to maximize value.... Mount Milligan is a large and potentially long-life operation, and our support is designed to allow Centerra to extend the mine life and add long-term value for each company&rsquo;s stakeholders.&rdquo;
2. Reliance Steel &amp; Aluminum Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rs#NYSE">RS</a>) entered into a definitive agreement to acquire all of American Alloy Steel, Inc.&rsquo;s outstanding equity interests and related real estate assets, which is expected to enhance Reliance&#39;s value-added processing capabilities.
American Alloy has five service centers in the U.S., a plate fabrication business and a joint venture in Canada to serve a wide range of industries across North America and certain international markets. The company reported annual net sales of approximately $310 million in 2023.
President and Chief Executive Officer of Reliance Karla Lewis commented, &quot;American Alloy adds specialty carbon steel plate to Reliance&#39;s product portfolio as well as new fabrication capabilities. We look forward to continuing to grow the American Alloy business, especially in value-added processing, as well as leveraging our collaboration efforts to expand the product and service offerings of both American Alloy and our existing Reliance companies as they find opportunities to work together and grow.&quot;
3. IperionX Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ipx#NASDAQ">IPX</a>) is on course to commercially scale its titanium metal production.
With its HAMR titanium furnace ready for U.S. installation in early 2024 and aiming to start production by mid-year, IperionX has made significant strides in its titanium production capabilities.
The company&#39;s Titanium Manufacturing Campus in Virginia is also on schedule, bolstered by a $2.4 million payment from a $12.7 million Department of Defense grant, marking a major advancement in its commercial-scale titanium manufacturing.
Now Read:&nbsp;<a href="https://www.benzinga.com/top-stories/24/02/37135619/yellen-urges-focus-on-long-term-inflation-trend-after-january-data-rattles-markets-inflation-is-movi">Yellen Urges Focus On Long-Term Inflation Trend After January Data Rattles Markets: &#39;Inflation Is Moving Decisively Down&#39;</a>
Photo: Shutterstock

CGAU

Royal Gold Strikes A Deal With Centerra Gold; Reliance Steel Acquires American Alloy Steel; IperionX Looks To Scale Titanium Production

Royal Gold (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>) reported its Q4 earnings results on Wednesday, February 14, 2024 at 04:05 PM.
Here's what investors need to know about the announcement.
<h3>Earnings</h3>
Royal Gold beat estimated earnings by 21.79%, reporting an EPS of $0.95 versus an estimate of $0.78.
Revenue was down $10.31 million from the same period last year.
<h3>Past Earnings Performance</h3>
Last quarter the company missed on EPS by $0.01 which was followed by a 1.85% increase in the share price the next day.
Here's a look at Royal Gold's past performance:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.77</td>
<td>0.88</td>
<td>0.99</td>
<td>0.78</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.76</td>
<td>0.88</td>
<td>0.96</td>
<td>0.91</td>
</tr>
<tr>
<td>Revenue Estimate</td>
<td>135.95M</td>
<td>154.45M</td>
<td>159.77M</td>
<td>140.82M</td>
</tr>
<tr>
<td>Revenue Actual</td>
<td>138.62M</td>
<td>144.04M</td>
<td>170.39M</td>
<td>162.98M</td>
</tr>
</tbody>
</table>

To track all earnings releases for Royal Gold <a href="https://www.benzinga.com/quote/RGLD/earnings">visit their earnings calendar here.</a> 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

Royal Gold: Q4 Earnings Insights

Royal Gold Sees FY24 GEOs Sales 47,000-52,000

Royal Gold (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>) reported quarterly earnings of $0.95 per share which beat the analyst consensus estimate of $0.77 by 23.38 percent. The company reported quarterly sales of $152.67 million which beat the analyst consensus estimate of $140.16 million by 8.93 percent. This is a 6.33 percent decrease over sales of $162.98 million the same period last year.

Earnings Beats

Royal Gold Q4 2023 Adj EPS $0.95 Beats $0.77 Estimate, Sales $152.67M Beat $140.16M Estimate

Royal Gold Announces Additional Agreement With Centerra That Provides For Mine Life Extension At Mount Milligan; Company Will Receive Approximately $125M

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
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The yellow metal experienced a significant drop in U.S. trade on Wednesday after consumer price index data revealed higher-than-expected inflation growth in March, contributing to a surge in the dollar to five-month highs. 



However, gold prices staged a recovery in the following days amid signs of ongoing economic weakness in China, which bolstered safe-haven demand for the precious metal. Moreover, the increased geopolitical tensions in the Middle East also <a href="https://tokenist.com/three-reasons-why-gold-prices-are-surging-to-record-highs/" target="_blank">pushed gold prices to fresh record highs.</a> 



Overall, gold continues to attract safe-haven demand amid concerns about deteriorating economic conditions worldwide. Major central banks in Asia and other emerging markets have been increasing their gold holdings in recent months, with the People&rsquo;s Bank Of China (OTCMKTS:<a href="https://investorplace.com/stock-quotes/bachy-stock-quote/">BACHY</a>) purchasing gold for the 17th consecutive month, reflecting heightened risk aversion. 



This rally in gold prices has also prompted financial institutions like Goldman Sachs (NYSE:<a href="https://investorplace.com/stock-quotes/gs-stock-quote/">GS</a>) to <a href="https://www.investing.com/news/commodities-news/gold-prices-2024-outlook-goldman-sachs-raises-its-forecast-3377005" target="_blank">revise their outlooks,</a> with the investment bank now forecasting even brighter days ahead for the precious metal. Goldman Sachs raised its forecast for gold prices, citing the metal&rsquo;s relative stability despite stronger-than-expected U.S. CPI data this week. The bank noted that gold&rsquo;s bull market is not being driven by the usual macroeconomic factors, leading to their decision to revise their forecast.



More precisely, Goldman Sachs upgraded its price forecast to $2,700 per ounce by year-end, compared to the previous expectation of $2,300 per ounce. These gold stocks will likely benefit from the potential surge.



<h2>Royal Gold (RGLD)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/gold1600-300x169.jpg" alt="An image of multiple gold bars. Gold prices"><div>Source: Shutterstock</div></div>Royal Gold (NASDAQ:<a href="https://investorplace.com/stock-quotes/rgld-stock-quote/">RGLD</a>) is a leading gold royalty company. With a diversified portfolio of assets worldwide, Royal Gold offers investors exposure to the gold mining sector without the operational risks associated with traditional mining companies.



Royal Gold <a href="https://au.finance.yahoo.com/news/royal-gold-provides-q1-2024-130000172.html">announced</a> last week that its subsidiary, RGLD Gold AG, sold about 49,500 gold equivalent ounces (GEOs) in the first quarter of 2024. That comprised approximately 38,100 ounces of gold, 635,000 ounces of silver and 1,100 tonnes of copper under its streaming agreements. 



The subsidiary had an inventory of approximately 16,800 ounces of gold, 349,400 ounces of silver and 400 tonnes of copper as of March 31, 2024. During the <a href="https://finance.yahoo.com/news/royal-gold-inc-rgld-reports-114517190.html">first quarter,</a> RGLD Gold AG realized average prices of $2,054 per ounce for gold, $23.22 per ounce for silver and $8,453 per tonne ($3.83 per pound) for copper. 



Back in February, Royal Gold reported net income of $239.4 million, or $3.64 per share, on revenue of $605.7 million and operating cash flow of $415.8 million. In the fourth quarter of 2023, the company <a href="https://financialpost.com/pmn/business-wire-news-releases-pmn/royal-gold-reports-strong-fourth-quarter-and-full-year-2023-operating-and-financial-results#:~:text=Adjusted%20net%20income%201%20was%20%24232.9%20million%2C%20or,million%20and%20operating%20cash%20flow%20of%20%24101.1%20million.">reported</a> net income of $62.8 million, or $0.95 per share, on revenue of $152.7 million and operating cash flow of $101.1 million.



Royal Gold shares are almost flat on the year.



<h2>Newmont (NEM)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/nem1600-300x169.jpg" alt="Newmont logo on a mobile phone screen"><div>Source: Piotr Swat/Shutterstock</div></div>Newmont (NYSE:<a href="https://investorplace.com/stock-quotes/nem-stock-quote/">NEM</a>), one of the best-performing gold stocks, is a leading gold mining company with operations and assets spanning several continents. Newmont offers a strong exposure to surging gold prices as it is one of the world&rsquo;s largest gold producers.



In 2023, Newmont <a href="https://www.newmont.com/investors/news-release/news-details/2024/Newmont-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Provides-2024-Outlook-for-Integrated-Company/default.aspx" target="_blank">completed</a> the acquisition of Newcrest Mining Limited, becoming the world&rsquo;s leading gold company with robust copper optionality. The company delivered $1.4 billion in dividends and produced 5.5 million gold ounces and 891 thousand GEOs last year.



Looking ahead to 2024, Newmont said it aims to focus on its Tier 1 Portfolio, comprising eleven managed Tier 1 and Emerging Tier 1 assets and three non-managed operations. The company also said it remains on track to achieve $500 million in synergies related to the Newcrest transaction by the end of 2025.



Newmont stock is down about 7% on the year.



<h2>Barrick Gold (GOLD)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/10/GOLD1600o-300x169.jpg" alt="The Barrick Gold (GOLD) logo is displayed on a smartphone screen over a bright blue background."><div>Source: madamF / Shutterstock.com</div></div>Barrick Gold (NYSE:<a href="https://investorplace.com/stock-quotes/gold-stock-quote/">GOLD</a>) is a leading gold mining company headquartered in Toronto, Canada. Barrick Gold is known for its large-scale gold production, one of the key reasons why investors see GOLD as one of the top gold stocks to own.



Barrick Gold <a href="https://www.barrick.com/English/investors/presentations/event-details/2024/q4-2023-results/default.aspx" target="_blank">reported</a> adjusted fourth-quarter profit that topped analyst expectations. Free cash flow totaled $136 million, compared to negative $96 million the previous year. For the year, Barrick forecasts gold production between 3.90 million and 4.30 million ounces, with all-in sustaining costs per ounce ranging from $1,320 to $1,420. 



Barrick maintained its dividend at 10 cents per share and introduced a new share buyback program. The board authorized a buyback program of up to $1 billion, reflecting the company&rsquo;s confidence in its financial position and commitment to delivering value to shareholders.



The GOLD stock is nearly flat on the year.



On the date of publication, Shane Neagle did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://protect-us.mimecast.com/s/XtC3C1wq33iErOvYSGOsXg?domain=investorplace.com/">Publishing Guidelines.</a>
<div>Shane Neagle is fascinated by the ways in which technology is poised to disrupt investing. He specializes in fundamental analysis and growth investing.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/golden-opportunities-3-stocks-to-buy-as-gold-prices-reach-new-heights/">Golden Opportunities: 3 Stocks to Buy as Gold Prices Reach New Heights</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Golden Opportunities: 3 Stocks to Buy as Gold Prices Reach New Heights

There's a lot to be optimistic about in the Materials sector as 2 analysts just weighed in on Royal Gold (RGLD – Research Report) and CF Holdings (...

Analysts Are Bullish on Top Materials Stocks: Royal Gold (RGLD), CF Holdings (CF)

Gold miners that are lagging the price of gold may serve as a compelling buying opportunity. As the price of gold goes up, gold miners' profits and cash flow should increase at a higher rate than the underlying bullion price.

Gold Miners: Primed To Catch Up, Overtake Gold As Precious Metals Rally

With expected interest rate cuts, surging gold jewelry demand, and ongoing geopolitical conflicts, gold prices have hit record highs this year. Thus, it could be wise to buy fundamentally sound gold stocks Centerra Gold (CGAU), Gold Fields (GFI), and Kinross Gold (KGC), which are well-poised for success. Keep reading… In 2024, Gold has soared to record highs above $2,400 an ounce, with China playing a vital role in this significant surge. Heightened geopolitical tensions and lower interest rates have boosted yellow metal's appeal as an investment. China demand, spanning retail shoppers to the central bank, has driven the rally.
Therefore, investors could consider investing in quality gold stocks Centerra Gold Inc. (<a href="https://stocknews.com/stock/CGAU/">CGAU</a>), Gold Fields Limited (<a href="https://stocknews.com/stock/GFI/">GFI</a>), and Kinross Gold Corporation (<a href="https://stocknews.com/stock/KGC/">KGC</a>) for long-term success.
Gold, often deemed a hedge investment against market losses, has broken record-high price levels since the beginning of 2024. On April 12, gold prices set a <a href="https://capex.com/en/overview/gold-price-prediction">new record high of $2,430 Oz</a>. Also, during the first quarter of 2024, the prices have surged around 13%, fueled by interest rate cuts, central bank demand, and investors' trust.
However, gold prices retreated slightly due to the easing fears of a wider Middle East conflict. <a href="https://www.reuters.com/markets/commodities/gold-retreats-middle-east-tensions-ebb-2024-04-22/">Spot gold was down 1.2% at $2,362.09</a> per ounce at 9:29 GMT on April 22, and U.S. gold futures fell 1.6% to $2,376.10. Despite this, market experts <a href="https://www.cbsnews.com/news/gold-prices-are-climbing-what-experts-say-about-investing-now/">anticipate continued gold strength</a>.
The gold market is expected to reach 6.32 kilotons by 2029, expanding at a <a href="https://www.mordorintelligence.com/industry-reports/gold-market">CAGR of 7.4%</a> during the forecast period (2024-2029). Moreover, the jewelry industry accounted for a <a href="https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/">48.7% share of the total gold demand</a> in 2023, making it the largest gold-demanding sector closely followed by investment demand worldwide.
Moreover, investors' interest in gold stocks is evident from the SPDR Gold Shares (<a href="https://stocknews.com/stock/GLD/">GLD</a>) 20.3% gains over the past six months.
Given these encouraging market trends, let's look at the fundamentals of the three best <a href="https://stocknews.com/category/gold-miners/">Miners - Gold</a> stocks, beginning with number 3.
Stock #3: Kinross Gold Corporation (<a href="https://stocknews.com/stock/KGC/">KGC</a>)
Headquartered in Toronto, Canada, KGC engages in the acquisition, exploration, and development of gold properties. It operates various mines, including the Fort Knox and Manh Choh projects in Alaska, the Round Mountain and Bald Mountain mines in Nevada, the U.S., the Paracatu mine in Brazil, and the La Coipa and the Lobo-Marte project in Chile.
On February 14, 2024, KGC's Board of Directors declared a dividend of $0.03 per common share for the fourth quarter of 2023. The dividend was paid on March 21, 2024, to shareholders of record as of the close of business on March 6, 2024.
KGC pays an annual dividend of $0.12, which translates to a yield of 1.77% at the current share price. Its four-year average dividend yield is 1.95%. Moreover, the company's dividend payouts have increased at a CAGR of 10.1% over the past three years.
In terms of forward <a href="https://www.investopedia.com/terms/e/ev-ebitda.asp">EV/EBITDA</a>, KGC is trading at 5.49x, 33.9% lower than the industry average of 8.30x. Likewise, the stock's forward Price/Cash Flow multiple of 5.31 is 37.2% lower than the industry average of 8.47.
For the fourth quarter that ended December 31, 2023, KGC's metal sales increased 3.7% year-over-year to $1.12 billion. The company's operating earnings were $193.50 million, against an operating loss of $160.10 million in the prior year's quarter.
Also, the company's adjusted net earnings from continuing operations attributable to common shareholders came in at $140 million and $0.11 per share, up 29.4% and 22.2% year-over-year, respectively.
Per the 2024 guidance, KGC expects gold equivalent production of 2.1 million in the full year, and production guidance for the U.S. is 730,000.
Analysts expect KGC's revenue for the first quarter (ended March 2024) to increase 8.8% year-over-year to $1.01 billion. For the fiscal year 2024, the company's revenue is expected to grow 2.6% year-over-year to $4.35 billion. Furthermore, it has topped the consensus EPS estimates in each of the trailing four quarters.
Shares of KGC have gained 26.1% over the past six months and 34.1% over the past year to close the last trading session at $6.77.
KGC's bright prospects are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
KGC has a B grade for Quality and Value. It is ranked #12 out of 42 stocks in the <a href="https://stocknews.com/category/gold-miners/">Miners - Gold</a> industry.
To check other POWR Ratings of KGC for Momentum, Growth, Stability, and Sentiment, <a href="https://stocknews.com/stock/KGC/">click here</a>.
Stock #2: Gold Fields Limited (<a href="https://stocknews.com/stock/GFI/">GFI</a>)
Headquartered in Sandton, South Africa, GFI operates as a gold producer with reserves and resources in Chile, South Africa, Ghana, Canada, Australia, and Peru. The company also explores copper and silver deposits.
On March 28, 2024, GFI commenced production at its Salares Norte mine in Chile's Atacama province by pouring its first gold-silver doré. The event marks a significant milestone for the company. The project will add considerate value to the company's growth, expand its portfolio, and lead to value upliftment and meaningful addition to its cash flow profile.
For the fiscal year that ended December 31, 2023, GFI's revenue increased 5% year-over-year to $4.50 billion. The company's profit before taxation grew 5.2% from the prior year to $1.21 billion. Its profit for the year of $726.30 million indicates marginal growth from the previous year, while its EPS was $0.77 for the year.
Analysts expect GFI's revenue and EPS for the fiscal year (ending December 2024) to grow 20.3% and 23.1% year-over-year to $5.41 billion and $1.16, respectively. Further, the company topped the consensus EPS estimates in three of the trailing four quarters.
Over the past month, the stock has surged 24.2% and 25.4% over the past six months to close the last trading session at $17.65.
GFI's POWR Ratings reflect its robust outlook. The stock has an overall rating of B, translating to a Buy in our proprietary rating system.
GFI has an A grade for Quality. It is ranked #10 among 42 stocks within the same industry.
To see the other ratings of GFI for Sentiment, Growth, Momentum, Value, and Stability, <a href="https://stocknews.com/stock/GFI/">click here</a>.
Stock #3: Centerra Gold Inc. (<a href="https://stocknews.com/stock/CGAU/">CGAU</a>)
Based in Toronto, Canada, CGAU operates as a gold mining company that engages in acquiring, exploring, developing, and operating gold and copper properties globally. The company's flagship projects include the 100% owned Mount Milligan gold-copper mine in British Columbia, Canada, and the Öksüt Gold Mine in Turkey.
On February 22, 2024, CGAU announced a quarterly dividend of C$0.07 ($0.05) per common share, which amounted to around $11.20 million. The quarterly dividend was paid on March 27, 2024, to shareholders of record as of the close of business on March 13, 2024.
CGAU's annual dividend of $0.21 translates to a yield of 3.33% at the current share price. Its four-year average dividend yield is 2.65%. Moreover, the company's dividend payouts have increased at a CAGR of 5.9% over the past three years.
On February 14, CGAU and its subsidiary, Thompson Creek Metals Company Inc., entered into an additional agreement with RGLD Gold AG, a subsidiary of Royal Gold, Inc. (<a href="https://stocknews.com/stock/RGLD/">RGLD</a>), in regard to the Mount Milligan Mine, resulting in a mine life extension to 2035 and also established favorable parameters for potential future mine life extensions.
The additional agreement with RGLD Gold AG will potentially unlock incremental mineral reserves and resources at Mount Milligan for mutual benefit.
For the fourth quarter that ended December 31, 2023, CGAU's revenue grew 63.2% from the year-ago value to $340 million. Its reported earnings from mine operations of $138.10 million indicate growth of 318.5% from the prior year's quarter. The company's free cash flow was $111 million for the quarter.
Furthermore, the company's adjusted net earnings came in at $61.20 million, or $0.28 per share, compared to an adjusted net loss of $13.70 million or $0.06 per share in the prior year's quarter, respectively.
According to the 2024 guidance, CGAU expects full-year consolidated gold production between 370,000 and 410,000 ounces, projecting an 11% increase from the midpoint of guidance over last year's production, and copper production is expected between 55 and 65 million pounds.
Analysts expect CGAU's revenue and EPS for the fiscal year (ending December 2024) to grow 6.6% and 924.8% year-over-year to $1.17 billion and $0.51, respectively. Moreover, the company surpassed the consensus revenue estimates in three of the trailing four quarters.
Over the past month, CGAU's stock has surged 11.3% and 23.1% over the past six months to close the last trading session at $6.19.
CGAU's sound fundamentals are reflected in its POWR Ratings. The stock has an overall grade of A, translating to a Strong Buy in our proprietary rating system.
CGAU has an A grade for Growth and a B for Quality, Value, and Sentiment. It is ranked #2 in the list of 42 stocks within the Miners - Gold industry.
To see the other ratings of CGAU for Stability and Momentum, <a href="https://stocknews.com/stock/CGAU/">click here</a>.
What To Do Next?
43 year investment veteran, Steve Reitmeister, has just released his 2024 market outlook along with trading plan and top 11 picks for the year ahead.
<a href="https://report.stocknews.com/sign-up/stock-market-outlook-2024/?formplacement=artbotad_smo24_rep">2024 Stock Market Outlook &gt;</a>

<hr />
GFI shares fell $0.71 (-4.02%) in premarket trading Monday. Year-to-date, GFI has gained 18.58%, versus a 4.98% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Rjkumari Saxena</h2> <img src='https:/wp-content/uploads/2024/04/Rajkumari-Saxena_Image-1.jpeg' style="float:left; padding:5px;width:125px;">Rajkumari started her career as a writer but gradually shifted her focus to financial journalism, leveraging her educational background in Commerce. Fascinated by the interplay of business and economic shifts in equities, she aspires to evolve as an analyst. With a knack for simplifying complex financial concepts, her mission is to empower investors with insights that lead to profitable decisions.<a href="https://stocknews.com/authors/?author=rajkumari-saxena">More...</a>The post <a href=https://stocknews.com/news/gfi-kgc-cgau-rgld-3-gold-stocks-to-buy-poised-for-success/>3 Gold Stocks to Buy Poised for Success</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Gold Stocks to Buy Poised for Success

Bank of America Securities analyst Lawson Winder maintained a Sell rating on Royal Gold (RGLD – Research Report) today. The company's shares opened...

Bank of America Securities Sticks to Their Sell Rating for Royal Gold (RGLD)

In a report released on April 19, Josh Wolfson from RBC Capital maintained a Buy rating on Royal Gold (RGLD – Research Report), with a price target...

Royal Gold (RGLD) Gets a Buy from RBC Capital

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
You don&rsquo;t need much to understand the incentive for gold stocks to buy. Just open a newspaper (or a news app for the modern audience).



First and foremost, ongoing geopolitical flashpoints represent a cynical catalyst for the safe-haven asset class. While tensions appear to have cooled between Israel and Iran, all it takes is one miscalculation before circumstances spiral out of control. Further, the conflict in the Middle East may only be beginning as the world puts a spotlight on Israel&rsquo;s military campaign against the Hamas terror group.



Of course, we can&rsquo;t forget about the current crisis in Ukraine. With critical aid passing in the House of Representatives, the U.S. government effectively sent the message that America and the west will not back down. That&rsquo;s only going to embolden the Russians in their destabilizing territorial ambitions. About the only investment-related positive here is that gold stocks will likely rise.



Finally, we have monetary policy. With inflation continuing to be sticky, we just don&rsquo;t know what economic conditions and the Federal Reserve will dictate. Chances are, if the labor market continues booming, prices will continue their ascent. That&rsquo;s yet another reason to consider these gold stocks, arranged from large-capitalization firms to small.



<h2>BHP (BHP)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/06/bhp-1600-300x169.jpg" alt="Smartphone with BHP Group logo in front of BHP website. BHP stock."><div>Source: T. Schneider / Shutterstock</div></div>When it comes to gold stocks, it might make sense to kick things off with a well-rounded player in the basic materials industry. Here, BHP (NYSE:<a href="https://investorplace.com/stock-quotes/bhp-stock-quote/">BHP</a>) offers an intriguing angle because it doesn&rsquo;t just cover the safe-haven asset. Instead, the company extracts myriad other metals, including copper, zinc, molybdenum and one of the hottest assets right now, uranium.



Let&rsquo;s face it &ndash; basic materials can be a volatile sector. Sometimes, it&rsquo;s just good policy to have a diverse player in your portfolio. With BHP, you have a wide range of pertinent commodities that can keep the lights on. And while the average price target doesn&rsquo;t reflect it, the overall analyst consensus view of <a href="https://www.tipranks.com/stocks/bhp/forecast">moderate buy</a> does.



Now, part of the reason why expert price targets reflect downside risk has to do with sales forecasts. For example, analysts anticipate <a href="https://seekingalpha.com/symbol/BHP/earnings/estimates">fiscal year 2026 sales</a> to come in at under $53 billion. That implies a reversal of sentiment. However, I anticipate that these projections need a rethink. If inflation worsens, the value of key commodities &ndash; which are priced in dollars &ndash; will need to rise to reflect reality.



<h2>Royal Gold (RGLD)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/09/costco-gold-bars1600-300x169.png" alt="Gold bars and Financial concept, studio shots. Costco's gold bars, cost stock"><div>Source: Misunseo / Shutterstock.com</div></div>One of the biggest gold stocks available, Royal Gold (NASDAQ:<a href="https://investorplace.com/stock-quotes/rgld-stock-quote/">RGLD</a>) also happens to be one of the most distinct. <a href="https://finance.yahoo.com/quote/RGLD/profile">Per its public profile</a>, Royal acquires and manages precious metal streams, royalties, and related interests. Specializing primarily in royalties, this business model involves providing upfront capital to miners. In return, the company providing the capital gets a share of the revenue generated.



Fundamentally, one of the key advantages of a royalty model is pricing predictability. With a pure-play miner, you just don&rsquo;t know what you&rsquo;re going to get. However, with a royalty firm, the core contract is known upfront. Therefore, Royal Gold carries the advantage of being relatively more predictable than other gold stocks. However, upside is also limited &ndash; per the contractual relationship &ndash; so there is a downside to the arrangement.



Still, with the historical volatility of gold stocks, it makes sense to have a royalty specialist among your holdings. Further, analysts anticipate big things for the company. For the current fiscal year, they&rsquo;re anticipating earnings per share of $4.26 on revenue of $697.71 million. That&rsquo;s up from last year&rsquo;s results of $3.53 EPS on sales of $605.72 million.



<h2>Hecla Mining (HL)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/gold1600-300x169.jpg" alt="An image of multiple gold bars. Gold prices"><div>Source: Shutterstock</div></div>One of the larger enterprises among gold stocks to buy, Hecla Mining (NYSE:<a href="https://investorplace.com/stock-quotes/hl-stock-quote/">HL</a>), together with its subsidiaries, provides precious and base metal properties in the U.S., Canada, Japan, Korea and China. <a href="https://finance.yahoo.com/quote/HL/profile">Per its corporate profile</a>, Hecla mines silver, gold, lead and zinc concentrates. It also provides carbon material containing silver and gold for custom smelters, metal traders and third-party processors.



As a pure-play mining enterprise, Hecla will invariably carry higher risk compared to royalty or streaming companies. A streaming enterprise is similar to royalty firms except that it takes a cut of the actual production rather than revenue. Still, in exchange for the risk of being a pure-play miner, HL stock enjoys higher upside potential. Analysts rate shares a <a href="https://www.tipranks.com/stocks/hl/forecast">consensus strong buy</a> with a $6.83 price target. And the high-side target stands at $10.25.



For the current fiscal year, covering experts anticipate EPS of 1 cent on revenue of $809.73 million. That&rsquo;s a significant turnaround from a loss per share of 1 cent on sales of $720.23 million. In fairness, analysts are projecting sales growth decline in fiscal 2025 but this forecast likely requires a rethink given present circumstances.



<h2>Coeur Mining (CDE)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/10/gold_g_1600-300x169.jpg" alt="A photo of a gold nugget on a table, being picked up by tweezers, with more gold behind it. Stocks to Buy in March"><div>Source: aerogondo2 / Shutterstock.com</div></div>Headquartered in Chicago, Illinois, Coeur Mining (NYSE:<a href="https://investorplace.com/stock-quotes/cde-stock-quote/">CDE</a>) explores precious metals in the U.S., Canada and Mexico. <a href="https://finance.yahoo.com/quote/CDE/profile">According to its public profile</a>, Coeur primarily explores gold, silver, zinc and lead properties. It also markets and sells its concentrates to third-party customers and smelters via off-take agreements. It&rsquo;s one of the mid-tier enterprises among gold stocks in terms of relative size.



As an upstream specialist, heightened risk exists for CDE stock. In addition, shares have recently witnessed a surge in market value between late March through early April. Therefore, the average price target among covering experts of $4.51 implies downside risk. Even the high-side target of $5.40 may be disappointing to onlookers.



However, the lack of resoundingly bullish coverage could be an attractive contrarian opportunity for gamblers. In particular, Coeur is forecasted to incur a loss per share of 2 cents. While the bottom line is red, it&rsquo;s a much better print than last year&rsquo;s loss of 23 cents.



Further, sales projections call for a consensus $962.1 million. That&rsquo;s up 17.2% from 2023&rsquo;s haul of $821.21 million. That&rsquo;s fairly significant compared to other gold stocks, making CDE a worthwhile idea.



<h2>DRDGOLD (DRD)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/07/gold-1600-300x169.jpg" alt="A gold bar along with some coins made of precious metals. gold stocks"><div>Source: allstars / Shutterstock.com</div></div>Based in resource-rich South Africa, DRDGOLD (NYSE:<a href="https://investorplace.com/stock-quotes/drd-stock-quote/">DRD</a>) is a mining firm engaged in the surface gold tailings retreatment business. It&rsquo;s also involved in exploration, extraction, processing and smelting activities. To be sure, this subsegment of the basic materials ecosystem carries higher-than-average volatility risks. Nevertheless, as the fear trade kicks into high gear, DRD stock warrants a closer examination.



To be upfront, DRDGOLD represents one of the smaller enterprises among gold stocks. To reflect this point, DRD only features one analyst&rsquo;s coverage, <a href="https://www.moomoo.com/news/post/19448421/hc-wainwright-co-reiterates-buy-on-drdgold-maintains-15-25?level=1&amp;data_ticket=1712876770208478">H.C. Wainwright&rsquo;s Heiko Ihle</a>. However, the expert believes that shares could hit $13.25, which implies significant upside from the current market value. With the underlying fundamentals pointing in a positive direction, it may be worth some pocket change.



Looking at data provided by Seeking Alpha, revenue for the fiscal year ending June 2024 could come in at $317.25 million. That&rsquo;s up around 8.4% on a year-over-year basis. However, it&rsquo;s possible that the top line could improve due to heightened demand for gold.



If so, DRD&rsquo;s <a href="https://www.gurufocus.com/stock/DRD/summary?search=drd">price/earnings-to-growth (PEG) ratio of 0.29X</a> &ndash; well below the sector median of 1.22X &ndash; could be enticing. It&rsquo;s one of the gold stocks to put on your radar.



<h2>Gold Royalty (GROY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/10/gold-stocks-300x169.png" alt="An image of a rising bar graph on top of gold bars, representing gold stocks"><div>Source: Alexander Limbach / Shutterstock</div></div>Another royalty enterprise, Gold Royalty (NYSEAMERICAN:<a href="https://investorplace.com/stock-quotes/groy-stock-quote/">GROY</a>) essentially provides financing solutions to the metals and mining industry. In addition, it also acquires streams and similar interest at varying stages of the mine life cycle. Fundamentally, Gold Royalty&rsquo;s business model offers pricing predictability, as stated earlier. However, GROY enjoys another element desirable for speculators.



Currently, Gold Royalty carries a market capitalization of only $290.32 million. That means unlike larger-cap royalty and streaming enterprises, GROY offers significant mobility. Indeed, since the start of the year, GROY gained almost 38% of equity value. Better yet, it could be due for even more gains.



For the current fiscal year, experts believe the company will post a loss per share of 2 cents. That&rsquo;s a big improvement over last year&rsquo;s loss of 4 cents. However, the real star of the show is the sales forecast. At $9.97 million, a successful meeting of the target would mean 227.1% upside against last year&rsquo;s print of $3.05 million.



Analysts also peg shares as a <a href="https://www.tipranks.com/stocks/groy/forecast">consensus moderate buy</a> with a $4.63 average price target. That implies nearly 133% upside potential, making it one of the gold stocks for gamblers.



<h2>U.S. Gold (USAU)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/gold1600c-300x169.jpg" alt="Gold nuggets on top of American paper money representing gold stocks"><div>Source: Shutterstock</div></div>If you want to dial up the risk-reward profile for your gold stocks to buy, U.S. Gold (NASDAQ:<a href="https://investorplace.com/stock-quotes/usau-stock-quote/">USAU</a>) presents an enticing argument. <a href="https://finance.yahoo.com/quote/USAU/profile">According to its corporate profile</a>, the company engages in the exploration and development of gold and precious metals in the U.S., just like its name suggests. It also explores copper and silver deposits.



As an upstream enterprise, U.S. Gold is highly risky. Basically, you just don&rsquo;t know whether you&rsquo;ll strike it rich or end up with fool&rsquo;s gold. That said, USAU stock carries a lowly market cap of $44.16 million. That&rsquo;s below the top threshold of nano-cap status. In other words, USAU is a penny stock and it should be treated with extreme caution.



Here&rsquo;s something intriguing about the company, however. If you look at the company&rsquo;s &ldquo;earnings&rdquo; history, it has consistently <a href="https://finance.yahoo.com/quote/USAU/analysis">beat its bottom-line targets</a>. Granted, we&rsquo;re talking about losses per share coming in less bad than anticipated. Still, the average surprise is 25.18%.



Again, this is an upstream enterprise: the company will win or lose with probably no in between. Still, analyst rate shares a <a href="https://www.tipranks.com/stocks/usau/forecast">moderate buy</a> with a $13.13 price target, projecting 218% upside potential.



On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/7-gold-stocks-to-buy-as-the-fear-trade-kicks-into-high-gear-2/">7 Gold Stocks to Buy as the Fear Trade Kicks into High Gear</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

7 Gold Stocks to Buy as the Fear Trade Kicks into High Gear

Companies in the Materials sector have received a lot of coverage today as analysts weigh in on Eldorado Gold (EGO – Research Report), LyondellBase...

Analysts Offer Insights on Materials Companies: Eldorado Gold (EGO), LyondellBasell (LYB) and Royal Gold (RGLD)

9 out of 12 S&P500 materials stocks deliver EPS wins this week: Earnings Scorecard

Earnings week ahead: Disney, Palantir, Shopify, Uber, Plug Power and more

ABNB

ACAD

AFRM

ALLO

AMCR

ANET

APDN

BACHY

BCRX

BLNK

BNTX

BYND

CRMD

CRSP

CTVA

DDOG

DOCN

DVAX

EDIT

EXAS

FVRR

GPRO

GROY

GRWG

HOOD

HUBS

LAZR

LCID

MAIN

MARA

MCHP

NKLA

NVAX

OGEN

ORMP

PLTR

PLUG

RBLX

RGLS

RIVN

SAVA

SEDG

SHOP

SPCE

STWD

TEVA

TWLO

UBER

UPST

VRTX

VTRS

WISH

WYNN

Press Releases

Royal Gold Announces Additional Agreement with Centerra that Provides for Mine Life Extension at Mount Milligan

Royal Gold Reports Strong Fourth Quarter and Full Year 2023 Operating and Financial Results

Royal Gold Presenting at the BMO 33rd Global Metals, Mining and Critical Minerals Conference

Royal Gold Announces Second Quarter Dividend

Royal Gold to Participate in the Renmark Financial Communications Virtual Non-Deal Roadshow Series on Wednesday, March 13

Royal Gold Presenting at the Gold Forum Europe 2024 Conference

Royal Gold Announces Investor Update on Wednesday, April 17, 2024

Royal Gold Provides Update on Q1 2024 Stream Segment Sales and Details for Release of Q1 2024 Results

Royal Gold Provides 2024 Guidance for Sales, DD&A and Effective Tax Rate, and Update on Repayment of Outstanding Borrowings

Royal Gold Presenting at the BofA Securities 2024 Global Metals, Mining & Steel Conference

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Royal Gold Stock (NASDAQ:RGLD), Short Interest Report

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