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Okay, moving on to our last royalty streaming company, certainly not the least. Pleased to have Bill Heissenbuttel from Royal Gold. Bill is Vice President of Corporate Development and like the other two royalty streaming companies, Royal Gold has also been in the acquisition game lately on Mt. Milligan so maybe I'll turn it over to yourself. Update us on the company please.
Good afternoon ladies and gentlemen. I'd like to thank Bank of America Merrill Lynch for the opportunity to present this afternoon. I will be making forward-looking statements so I must ask you to familiarize yourself for the safe harbor statement. And as this is our really our first investor presentation after our June fiscal year end, I'd like to give you a summary both of financial results and some of the other events that marked our year.
Our revenues were up 21% as higher gold prices and greater contributions from Andacollo, Penasquito and Holt offset lower base metal prices and production declines at Cortez and Leeville. Our adjusted EBITDA which is just EBITDA adjusted for non-cash stock compensation was $238 million for 25% increase. And as a royalty company, we've been able to maintain our attractive high margin business model with over 90% of revenue reporting as adjusted EBITDA. From a geographical perspective, our revenues will drive from safe political jurisdictions such as Canada, Chile and the US. We saw an increase in reserves subject to our royalty interest even though higher cost has started to impact reserve calculations in the industry.