How did RGLD's revenue streams and expenses evolve in Q4 2024?

**Royal Gold Inc. (RGLD) experienced significant growth in its revenue streams and operational performance in Q4 2024**, as evidenced by the following key points:

1. **Revenue Evolution**:
- RGLD's total revenue for Q4 2024 increased to $483.29 million. This growth was primarily driven by higher average metal prices, increased gold sales from Mount Milligan, and higher production from Peñasquito.
- The company's stream revenues amounted to $358.53 million, while royalty revenues were $236.1 million. Stream revenues saw a 34.4% year-over-year increase, and royalty revenues rose by 53.5%.
- RGLD's revenue split revealed 76% gold, 12% silver, and 9% copper, indicating a diversified and robust revenue model.
2. **Expense Analysis**:
- In Q4 2024, RGLD's cost of sales was $27.2 million, up from $21.4 million in the same quarter of the previous year. This increase was due to higher metal prices and increased sales volumes.
- General and administrative (G&A) expenses amounted to $10.1 million, reflecting a 2% year-over-year increase.
- Depreciation, depletion, and amortization (DD&A) expenses decreased to $36.2 million from $40.1 million, due to lower depletion rates and reduced sales from certain operations.
- Interest and other expenses decreased significantly to $1.2 million from $2.2 million.
3. **Net Income and Cash Flow**:
- RGLD reported a net income of $96.2 million for Q4 2024, up from $49.3 million in the same quarter of the previous year. This increase was attributed to higher revenue and lower interest expenses.
- The company's operating cash flow was robust at $136.7 million, supporting its financial health and liquidity needs.
- RGLD's adjusted EBITDA was $156 million, marking a 45.9% year-over-year increase, with an EBITDA margin of 81%.

In conclusion, RGLD's Q4 2024 financial performance showcased strong revenue growth, well-managed expenses, and improved profitability, underscored by increased cash flows and a solid net income. The company's strategic focus on optimizing its operations and capitalizing on favorable metal price conditions has yielded positive results, positioning it well for continued growth and value creation in the future.