• Royal Gold average gross margin for 2023 was 84.51%, a 0.55% increase from 2022.
• Royal Gold average gross margin for 2022 was 84.98%, a 0.18% decline from 2021.
• Royal Gold average gross margin for 2021 was 84.83%, a 0.62% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.