During the year we completed two capital markets transactions and equity placement and a convertible note both of which allowed us to position the company well from a liquidity perspective to continue to find new investments. And in keeping with our history over the past decade, we again increased our dividend. And our current calendar year dividend payout is up over 100% relative to what it was in Calendar 2008.Now one of the struggles many gold companies have had over the past few years in the inability to outperform the gold price for the ETF. It does us real good to talk about the fact that ETF buyers do not receive dividends and do not benefit from reserve expanses if in fact the share price cannot outperform the gold price. So if we look back from our last fiscal year end, the total return on Royal Gold shares has outperformed the gold price over the last one, three and five year periods.
Royal Gold CEO At BoaML 18th Annual Canada Mining Conference (Transcript)
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