DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company”) today announced that its wholly owned subsidiary, RGLD Gold AG, sold approximately 56,000 gold equivalent ounces comprised of approximately 44,000 gold ounces, 545,000 silver ounces and 1,100 tonnes of copper related to its streaming agreements during its fiscal 2019 second quarter ended December 31, 2018 (“second quarter”). The Company had approximately 17,000 gold ounces, 511,000 silver ounces and 400 tonnes of copper in inventory at December 31, 2018.
RGLD Gold AG’s average realized gold, silver and copper prices for the second quarter were $1,219 per ounce, $14.45 per ounce, and $6,092 per tonne ($2.76 per pound), respectively, compared to $1,221, $15.25, and $5,800 ($2.63 per pound) in the prior quarter, respectively. Cost of sales was approximately $327 per gold equivalent ounce for the second quarter using the quarterly average silver-gold ratio of approximately 84 to 1 and copper-gold ratio of approximately 0.20 tonnes per ounce, compared to $288 per gold equivalent ounce in the prior quarter. Cost of sales is specific to our stream agreements and is the result of the Company’s purchase of gold, silver or copper for cash payments at a set contractual price, or a percentage of the prevailing market price of gold, silver or copper when purchased.
As previously announced and anticipated, reduced sales were experienced during the second quarter from Mount Milligan due to rail transportation issues experienced in July 2018, and from Pueblo Viejo due to a change to the provisional payment schedule that resulted in lower deliveries in the first quarter with correspondingly lower sales in the second quarter