, /PRNewswire/ -- Canada News Group News Commentary - Copper is the metal the energy transition cannot proceed without, and the market reflects it. Fortune Business Insights values the global copper market at approximately US$279.29 billion in 2026 and projects roughly US$466.67 billion by 2034, a compound annual growth rate of about 6.63%. The problem for investors is that owning copper usually means owning the cost of digging it up: capital budgets that run into the hundreds of millions, construction schedules measured in years, and a dilution cycle that grinds down early shareholders long before the first concentrate ships.
Active Companies from around the markets with current developments this week include: Salazar Resources Limited (OTCQB: SRLZF) (TSXV: SRL) (FSE: CCG), Franco-Nevada Corporation (NYSE: FNV), Royal Gold, Inc. (Nasdaq: RGLD), and Triple Flag Precious Metals Corp. (NYSE: TFPM).
Forecasters differ on the size without differing on the direction. Grand View Research puts the copper market at about US$260.2 billion in 2026 rising to roughly US$388.8 billion by 2033, a compound annual growth rate of around 5.9%. Both houses point at the same drivers: electrification of transport, grid modernization, renewable generation and data centre buildout, all of which consume copper in quantities that existing mines were not scoped to deliver.
The supply side is where it gets difficult. New copper mines are expensive, slow and concentrated in jurisdictions that require patience. A mid-sized project can absorb a quarter of a billion dollars of initial capital before it produces anything, and the junior company that found the deposit rarely has that money. The usual outcome is that the discoverer sells the asset, or issues so much equity to build it that the original shareholders own a fraction of what they started with.
Which is why the market has spent two decades building alternatives. Royalty and streaming companies exist precisely to separate exposure to a mine from responsibility for funding it, and they have become some of the best-performing businesses in the sector by doing so. The model is simple: put capital in early, take a defined slice of output forever, and never sign a construction contract.
There is a rarer version of the same idea, and it sits at the project level rather than the portfolio level. A carried interest means one partner holds a percentage of a project while another partner funds it through to production. The holder takes ownership economics rather than a royalty percentage, and pays nothing to get there. Very few juniors have one on an asset that is actually being built.
Salazar Resources Limited (OTCQB: SRLZF) (TSXV: SRL) (FSE: CCG) Provides Update on Construction of the Mine at the El Domo Project
Salazar holds a 25% carried interest in the Curipamba-El Domo polymetallic project in Ecuador; Silvercorp holds the remaining 75% and is the operator. Construction is fully funded, with commissioning targeted for July 2027. Cumulative capital expenditure reached US$66.2 million through June 30, 2026, including US$12.3 million in the second quarter against US$4.8 million a year earlier. On July 31, 2026 the operator received the second of four installments, US$43.9 million, under a US$175.5 million stream financing agreement with Wheaton Precious Metals, taking total proceeds to approximately US$87.8 million. Proven and probable reserves of 7.13 million tonnes grading 2.55 g/t gold, 47.82 g/t silver, 1.93% copper, 0.26% lead and 2.63% zinc, supporting an after-tax net present value of US$573 million at an 8% discount rate and a 45% internal rate of return. Salazar Resources Limited (OTCQB: SRLZF) (TSXV: SRL) (FSE: CCG) reported on September 9, 2026 on construction progress at the Curipamba-El Domo polymetallic project in the Bolivar and Los Rios provinces of Ecuador. The detail that separates this from most junior mining news is the ownership structure. Salazar retains a 25% carried interest in the project. Silvercorp holds the other 75%, operates the project, and is funding the build.
The economics attaching to that interest are not speculative. The project carries proven and probable mineral reserves of 7.13 million tonnes grading 2.55 grams per tonne gold, 47.82 grams per tonne silver, 1.93% copper, 0.26% lead and 2.63% zinc, containing 137.7 thousand tonnes of copper, 584 thousand ounces of gold, 187.7 thousand tonnes of zinc, 18.4 thousand tonnes of lead and 11.0 million ounces of silver. Measured and indicated resources stand at 11.4 million tonnes with a further 3.8 million tonnes inferred.
The economic analysis supporting those reserves shows an after-tax net present value of US$573 million at an 8% discount rate, or US$705.6 million at 5%. Table 22.2 of the technical report states a 45% internal rate of return and a three-year payback. Initial capital is US$283.7 million, sustaining capital US$72.5 million, and life-of-mine operating costs US$416.3 million, or US$58.39 per tonne milled. Reserves carry an average net smelter return grade of US$312 per tonne against a US$55 per tonne cut-off, which is an unusually wide margin. Mine life is 11.5 years at a nominal 666 thousand tonnes per year, and a refined flowsheet has improved copper recoveries by 5.4% and gold recoveries by 6.2% relative to the 2021 feasibility study.
"We have been following the ongoing construction at El Domo and are very pleased with the progress being made. Senior management of Salazar has just completed a site tour and have seen firsthand how the mine is developing. We look forward to the commissioning of operations targeted for July 2027," said President and Chief Executive Officer Fredy Salazar.
What has actually been built is the more useful measure. Since construction began in January 2025 and through June 30, 2026, cumulative capital expenditure on the mine reached US$66.2 million, including US$12.3 million during the second quarter of 2026 against US$4.8 million in the same period a year earlier, a pace that has roughly tripled. Approximately 604,600 cubic metres of earthworks excavation and fill were completed in the quarter across the non-contact water channel, the processing plant foundation and the initial tailings storage facility dam. The temporary camp is finished and operational, permanent camp earthworks are advancing, and open-pit pre-stripping has commenced against a planned total of approximately 4.1 million cubic metres.
Two details are worth pulling out. The processing plant foundation is complete and the major plant and water treatment equipment has been procured and is shipping to Ecuador, which moves the schedule risk from procurement toward assembly. And the plant construction contract went to the same contractor that built the flotation mill at the Mirador copper-gold mine in Ecuador, which is a meaningful piece of in-country execution history rather than a first attempt.
Funding is not an open question either. Construction is fully funded, and on July 31, 2026 the operator received the second of four installments under a US$175.5 million stream financing agreement with Wheaton Precious Metals, an amount of US$43.9 million that brought total proceeds under the agreement to approximately US$87.8 million. Alongside its carried interest, Salazar holds a wholly owned exploration portfolio in Ecuador comprising the Monja, Santiago, Pijili, El Tigre and Tarqui-Quimi projects. The NI 43-101 technical report underpinning the project figures is available on the Company's website and on SEDAR+.
There are several risks associated with the Company's plans. Salazar does not operate El Domo and does not control the construction schedule, the budget or the commissioning date; those rest with the operator, and the Company is dependent on the operator and on third-party contractors. A carried interest is not the same as a debt-free windfall, and the terms on which the carry is settled affect what ultimately reaches shareholders. The project is in Ecuador and carries regulatory, permitting, community and jurisdictional risk. Commissioning targeted for July 2027 is a target rather than a commitment, and construction projects of this scale routinely slip. Reserve and resource estimates and the economic analysis derive from a technical report prepared for the operator and for Salazar, are estimates rather than facts, and depend on metal price and cost assumptions that may not hold. Salazar itself is pre-revenue from this asset until commissioning, and its wholly owned exploration portfolio is at an early stage with no reserves defined. Copper, gold, zinc, lead and silver prices are volatile and a sustained fall would reduce the value of the interest.
Read this and more news for Salazar Resources Limited (OTCQB: SRLZF) at: https://canadanewsgroup.com
The mining industry is really coming to life since we are past Labour Day, there are many developments and happenings in the market this week including:
Franco-Nevada Corporation (NYSE: FNV) is the original expression of the idea that you can own mines without building them. The company released its 2026 Asset Handbook on May 6, disclosing 121 cash-flow producing assets, adjusted EBITDA of US$1.66 billion in 2025, no debt, and a nineteen-year unbroken record of dividend increases.
Those three facts together explain why the model attracts capital. A portfolio spread across 121 producing assets absorbs a single mine going wrong. No debt means no refinancing risk in a cyclical industry. And nineteen consecutive years of dividend growth through multiple commodity cycles is the kind of record that operating miners very rarely produce, because operating miners have to fund sustaining capital whether or not the metal price cooperates.
Royal Gold, Inc. (Nasdaq: RGLD) has been scaling the same model by acquisition. The company reported record first quarter 2026 revenue of US$469.1 million, up 142.5% year over year, at an 83% adjusted EBITDA margin, reflecting the first full quarter of contributions from its acquisitions of Sandstorm Gold Royalties and Horizon Copper. It followed with record operating cash flow in the second quarter alongside share repurchases and further debt repayment.
An 83% adjusted EBITDA margin is the number to sit with. It is the arithmetic consequence of holding interests in mines without carrying their operating costs, and it is the same arithmetic that makes a carried interest valuable at the single-project level. Note also that Sandstorm no longer trades as a separate company following that acquisition, which is a reminder of how quickly the composition of this sector changes.
Triple Flag Precious Metals Corp. (NYSE: TFPM) is the younger of the three and has been growing through deployment rather than consolidation. The company reported record gold equivalent ounces and record cash flow per share with a 93% asset margin, and raised its quarterly dividend for a fifth consecutive year.
On the deployment side it signed a stream on Evolution Mining's E44 gold deposit at Northparkes in February and completed a US$440 million gold stream on the Ravenswood gold mine, increasing its 2030 outlook. Triple Flag is included here because it shows the model still funding new construction rather than merely harvesting old deals, which is the mechanism by which projects like El Domo get built without their minority owners writing cheques.
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This article is being distributed by Canada News Group, which is wholly owned and operated by Market Equities Limited ("MEL"). This distribution is being made pursuant to a prior advertising and digital-media agreement for Salazar Resources Limited under which Baystreet.ca Media Corp. ("Baystreet") was paid a fee. Baystreet and Market Equities are separate companies. The owner/operator of Baystreet also serves as a director of Market Equities and receives a management fee from Market Equities for operating its business. Because of this relationship and the compensation described above, Market Equities and its owners, directors, and affiliates have a financial interest in the promotion of Salazar Resources Limited, which constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. We also expect to receive further compensation as part of an ongoing digital media effort to increase visibility for the company, and no further notice will be given. Because of this conflict, individuals are strongly encouraged not to use this publication as the basis for any investment decision.
Market Equities, Baystreet, and their respective owners, operators, directors, and affiliates do not currently own any shares of Salazar Resources Limited, but reserve the right to buy, sell, or hold shares of Salazar Resources Limited at any time without further notice, commencing immediately and ongoing. There may also be third parties who hold shares of Salazar Resources Limited and may liquidate their shares, which could have a negative effect on the price of the stock.
While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in this publication is not trustworthy unless verified by their own independent research. Because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may lose some or all of your investment. This document is governed by the laws of Ireland.
Qualified Persons and Technical Information. The scientific and technical information in this article relating to the mineral resource and mineral reserve estimates and the economic analysis for the Curipamba-El Domo project is derived from the NI 43-101 Technical Report on the Curipamba-El Domo Polymetallic Project prepared by SRK Consulting China Ltd. for Silvercorp Metals Inc., the operator and 75% holder of the project, and Salazar Resources Ltd., with an effective date of December 31, 2025 and issued May 31, 2026. Ms. Yanfang Zhao (MAIG) was responsible for the mineral resource estimate and Mr. Falong Hu (FAusIMM) was responsible for the mineral reserve estimate. The publisher has not independently verified any scientific or technical information in this article.
Cautionary Note Regarding the Project and the Carried Interest. Salazar Resources Limited holds a 25% carried interest in the Curipamba-El Domo project and is not the operator. Silvercorp Metals Inc. holds the remaining 75% interest, operates the project and is responsible for its construction and funding. Salazar does not control the construction schedule, budget, commissioning date or operating decisions, and is dependent on the operator and on third-party contractors. Mineral resources and mineral reserves are estimates, mineral resources that are not mineral reserves do not have demonstrated economic viability, and estimates may prove inaccurate. Net present value, internal rate of return, capital cost, operating cost, recovery, mine life and payback figures are forward-looking estimates derived from the technical report referenced above and depend on assumptions regarding metal prices, costs, recoveries, permitting and schedule that may not be realised. Commissioning targeted for July 2027 is a target and not a commitment. Construction progress, expenditure and stream financing figures are as disclosed and are stated as at the dates indicated. The project is located in Ecuador and is subject to regulatory, permitting, taxation, community and jurisdictional risks. References to Wheaton Precious Metals and Silvercorp Metals Inc. describe counterparties to the project and its financing and are not comparisons; neither company is involved in the production or distribution of this article. Readers should review the Company's disclosure record on SEDAR+ at www.sedarplus.ca in full.
Cautionary Note Regarding Referenced Companies. References to Franco-Nevada Corporation, Royal Gold, Inc. and Triple Flag Precious Metals Corp. are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Salazar Resources Limited. They are large, established, revenue-generating royalty and streaming companies holding diversified portfolios of interests across many producing assets, whereas the profiled company is a junior exploration company holding a single carried interest in a project under construction together with early-stage exploration properties. Their revenues, margins, portfolios, dividends and share performance are not indicative of Salazar Resources Limited's prospects, and a carried interest is a different instrument from a royalty or a stream. None of those companies is involved in the production or distribution of this article. No partnership, affiliation, sponsorship, or endorsement is implied. Market-size figures cited in this article are third-party projections of total market value and do not represent addressable revenue for any company named, including the profiled company.
Eagle Eye Disclosure. Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided in the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision. See it at eagle-eye.dev.
Cautionary Note Regarding Forward-Looking Statements. This publication contains "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of applicable United States securities laws, including statements regarding the construction schedule, budget and expected commissioning date for the El Domo project, expected timing of first commercial concentrate production, the use of proceeds from the stream financing agreement, mineral resource and mineral reserve estimates, projected economics including net present value and internal rate of return, mine life, and projections of copper market size and growth. Such statements are generally identified by words such as "expects", "plans", "anticipates", "believes", "intends", "estimates", "targeted", "potential", or that events "will", "would", "may", "could" or "should" occur. Such statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially, including risks related to construction and development delays, fluctuating commodity prices, the availability of financing, regulatory and permitting matters in Ecuador, reliance on the project operator and third-party contractors, community relations, and other risks associated with mineral exploration and development described in the Company's filings available under its profile on SEDAR+ at www.sedarplus.ca. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of the Company's news release. Do not place undue reliance on such statements. The forward-looking statements in this publication are made as of the date above and Canada News Group undertakes no obligation to update them.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of RGLD, WPM, GROY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Royal Gold delivers robust Q2 2026 results, with revenue up 114.9% and operating cash flow surging 119.3% year-over-year. RGLD's growth is fueled by increased gold equivalent ounces from recent acquisitions and higher precious metal prices, supporting a 17.3% OCF per share CAGR through 2028. Trading at a forward P/OCF of 19.61, RGLD is below its 10-year average, offering a 44% total return potential by end-2027 if it re-rates to fair value.
DENVER--(BUSINESS WIRE)--ROYAL GOLD, INC. (NASDAQ: RGLD) announced today that management will present in the live Virtual Non-Deal Roadshow Series hosted by Renmark Financial Communications Inc.
Alistair Baker, Senior Vice President, Investor Relations and Business Development, will present on Thursday, September 17, at 12:00 p.m. ET (10:00 a.m. MT), and access to a replay of the event will be available on our website later that week or may be accessed on the Renmark Financial Communications Inc. website at https://www.renmarkfinancial.com/vndrs.
To ensure smooth connectivity, please access the link above using the latest version of Google Chrome.
Corporate Profile
Royal Gold is a high-margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals and mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
It's possible to exploit September's poor seasonal stock-market odds without going short the market. Instead, you can shift into industries and sectors that historically have done well in September.
Shares of Royal Gold, Inc. (RGLD) up 1,191% since institutions first bought big in 2003.
RGLD acquires and manages precious metal streams, royalties, and other mining interests, with gold as the company’s primary focus, though it deals in other metals too. RGLD’s second-quarter fiscal 2026 report showed total revenue of $450.5 million (a 114.9% year-over-year gain) led by higher metal prices and production expansion, adjusted net income of $218.2 million or $2.56 per share (a 41.4% lift), record operating cash flow of $335.2 million (a 119.4% jump), and $70.3 million returned to shareholders via dividends and repurchases.
No wonder RGLD shares are up 20% this year – and they could rise more. MoneyFlows data shows how Big Money investors are again betting heavily on the stock.
Institutions Buying Royal Gold Institutional volumes reveal plenty. In the last year, RGLD has enjoyed strong investor demand, which we believe to be institutional support.
Each green bar signals unusually large volumes in RGLD shares. They reflect our proprietary inflow signal, pushing the stock higher:
RGLD shares are up 53.4% in a year thanks to institutional support. Source: www.moneyflows.com Plenty of materials names are under accumulation right now. But there’s a powerful fundamental story happening with Royal Gold.
Royal Gold Fundamental Analysis Institutional support and a healthy fundamental backdrop make this company worth investigating. As you can see, RGLD has had strong sales and earnings growth:
Also, EPS is estimated to ramp higher this year by +23.2%.
Now it makes sense why the stock has been generating Big Money interest. RGLD has a track record of strong financial performance.
Marrying great fundamentals with MoneyFlows software has found some big winning stocks over the long term.
Royal Gold has been a top-rated stock at MoneyFlows for decades. That means the stock has unusual buy pressure and growing fundamentals. We have a ranking process that showcases stocks like this on a weekly basis.
It made the rare Outlier 20 inflow report 50 times and is up 1,191% since 2003. The blue bars below show when RGLD was a top pick…institutions keep buying up shares:
RGLD shares are up over 1,100% since 2003 – this is a cornerstone holding for institutions. Source: www.moneyflows.com Tracking unusual volumes reveals the power of money flows.
This is a trait that most outlier stocks exhibit…the best of the best. Big Money demand drives stocks upward.
Royal Gold Price Prediction The RGLD action isn’t new at all. Big Money buying in the shares is signaling to take notice. Given the historical gains in share price and strong fundamentals, this stock could be worth a spot in a diversified portfolio.
Disclosure: the author holds no position in RGLD at the time of publication.
If you are a Registered Investment Advisor (RIA) or a serious investor, take your investing to the next level. MoneyFlows created 11 Frontiers indexes to help serious investors capture AI-driven themes and learn the leading stocks in each Frontier. Get started here.
Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:
Consolidated Water Co. Ltd. (CWCO - Free Report) is an operator of water production and water treatment plants. The Zacks Consensus Estimate for its current year earnings has been revised 2.1% downward over the last 60 days.
Criteo S.A. (CRTO - Free Report) is a global commerce media company connecting brands, retailers, and consumers through AI-powered advertising solutions. The Zacks Consensus Estimate for its current year earnings has been revised 14.4% downward over the last 60 days.
Royal Gold, Inc. (RGLD - Free Report) is an acquirer and manager of precious metal streams, royalties, and related interests. The Zacks Consensus Estimate for its current year earnings has been revised 12.3% downward over the last 60 days.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of RGLD, BTG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
I've been writing about gold, silver, and copper for more than a year, as several trends pushed the prices of these metals to new all-time highs earlier this year before they gave back some of those gains in recent months. All three metals have begun to climb again in August, however, and I believe they will move higher in the coming months and years due to those trends.
There are multiple ways to invest in these commodities, including mining company stocks, physical holdings, and exchange-traded funds (ETFs). And I've recommended all three at various times.
But now I'm looking at Royal Gold (RGLD +2.63%), which is none of the above. Based in Denver, the company does not operate mines. Instead, it acquires and manages metal streams and royalty interests and has assembled a diversified portfolio of precious-metal assets.
For the uninitiated, a stream is an agreement that gives Royal Gold the right to purchase metals produced from a mine at a pre-set price. And a royalty is the right to a percentage of a mine's output.
Image source: Getty Images.
The key benefit of this model, in my opinion, is that it significantly reduces the risks to shareholders from mining, as many operations are located in difficult regions and countries with relatively high political risks, such as war, civil strife, and government expropriation.
The company had a strong second quarter Royal Gold's streams and royalties have been robust in recent months, leading to strong second-quarter financial results. Revenue rose 56.5% to $450 million. Earnings were $2.56 a share, 41% higher than a year ago. Both revenue and earnings missed estimates by a hair.
Still, the company had record operating cash flow of $335.2 million, more than double what it was a year ago. In Q2, 76% of Royal Gold's revenue came from gold, 12% from silver, and 8% from copper.
Finally, what trends do I believe will push the prices of gold, silver, and copper higher?
Copper and silver prices have been surging, in fits and starts, since late 2023 due to growing demand from artificial intelligence (AI) hyperscalers building data centers, coupled with a sluggish pace of new supply. The two metals are critical components for those facilities. If you think the massive build-out of AI infrastructure will continue, as I do, you should expect demand for those two metals to continue expanding.
Today's Change
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Current Price
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259.01
Gold is a different story. It tends to move due to macroeconomic factors, including inflation, currency movements, and monetary policy.
Weaker U.S. economic data, such as the poor July employment report, suggest the Federal Reserve will wait to hike its target interest rate. That's good for gold, which can't compete with interest-producing assets. Also, the U.S. dollar has weakened against other major currencies. That makes gold cheaper for international buyers.
Finally, since the Russian invasion of Ukraine in 2022 and the U.S. response of freezing Russia's foreign exchange reserves, many central banks around the world have been stocking up on gold to diversify away from the dollar. It's an ongoing trend that has significantly bolstered gold's price in recent years.
I see all of those trends continuing for the foreseeable future, sending prices of gold, silver, and copper higher. Royal Gold is a way to invest in all three. The stock is up 31% over just the past month alone.
Bard Associates Inc. purchased a new stake in Royal Gold, Inc. (NASDAQ:RGLD – Free Report) (TSE:RGL) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 13,916 shares of the basic materials company’s stock, valued at approximately $2,778,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Plancorp LLC raised its holdings in shares of Royal Gold by 69.8% in the fourth quarter. Plancorp LLC now owns 13,732 shares of the basic materials company’s stock worth $3,053,000 after buying an additional 5,646 shares during the period. World Investment Advisors purchased a new position in Royal Gold during the 4th quarter valued at $1,024,000. TD Asset Management Inc boosted its holdings in Royal Gold by 161.2% during the 4th quarter. TD Asset Management Inc now owns 43,836 shares of the basic materials company’s stock valued at $9,744,000 after acquiring an additional 27,051 shares during the period. Vestcor Inc grew its position in Royal Gold by 62.5% in the 4th quarter. Vestcor Inc now owns 32,177 shares of the basic materials company’s stock valued at $7,153,000 after acquiring an additional 12,381 shares during the last quarter. Finally, WJ Financial Advisors LLC bought a new position in Royal Gold in the 4th quarter valued at $1,010,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.
Insider Activity In related news, SVP Randy Shefman sold 500 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $215.85, for a total transaction of $107,925.00. Following the sale, the senior vice president directly owned 8,582 shares of the company’s stock, valued at approximately $1,852,424.70. This represents a 5.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.35% of the stock is currently owned by corporate insiders.
Royal Gold Trading Up 2.6% NASDAQ RGLD opened at $259.01 on Friday. Royal Gold, Inc. has a 52 week low of $168.88 and a 52 week high of $306.25. The company has a 50 day moving average price of $210.17 and a 200 day moving average price of $236.60. The company has a quick ratio of 2.68, a current ratio of 2.92 and a debt-to-equity ratio of 0.05. The firm has a market cap of $21.95 billion, a PE ratio of 28.28, a price-to-earnings-growth ratio of 1.90 and a beta of 0.44. Royal Gold (NASDAQ:RGLD – Get Free Report) (TSE:RGL) last announced its earnings results on Wednesday, August 5th. The basic materials company reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.01. Royal Gold had a net margin of 47.74% and a return on equity of 12.06%. The company had revenue of $468.98 million during the quarter, compared to the consensus estimate of $458.85 million. During the same period last year, the firm earned $1.81 earnings per share. Royal Gold’s revenue was up 114.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Royal Gold, Inc. will post 10.33 EPS for the current fiscal year.
Royal Gold Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, October 2nd will be paid a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, October 2nd. Royal Gold’s dividend payout ratio (DPR) is presently 20.74%.
Analyst Upgrades and Downgrades Several research firms recently commented on RGLD. UBS Group raised their price target on shares of Royal Gold from $280.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Zacks Research downgraded shares of Royal Gold from a “hold” rating to a “strong sell” rating in a research note on Friday, July 31st. Jefferies Financial Group reduced their target price on shares of Royal Gold from $318.00 to $311.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Weiss Ratings downgraded shares of Royal Gold from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 4th. Finally, Royal Bank Of Canada lowered their price target on Royal Gold from $310.00 to $305.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Royal Gold presently has an average rating of “Hold” and an average price target of $285.10.
Get Our Latest Analysis on RGLD
Royal Gold Company Profile (Free Report)
Royal Gold, Inc, headquartered in Denver, Colorado, is a leading precious metals streaming and royalty company. Through its business model, Royal Gold provides upfront financing to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined prices. This structure allows the company to participate in production upside while minimizing exposure to the operating and capital-intensive aspects of mine ownership.
The company’s portfolio encompasses interests in over 200 streams and royalties on projects across North America, South America, Europe, Africa and Australia.
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Allworth Financial LP acquired a new position in shares of Royal Gold, Inc. (NASDAQ:RGLD – Free Report) (TSE:RGL) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 10,449 shares of the basic materials company’s stock, valued at approximately $2,086,000.
Several other large investors have also added to or reduced their stakes in RGLD. Bank of Nova Scotia lifted its stake in Royal Gold by 2.9% during the 1st quarter. Bank of Nova Scotia now owns 1,526 shares of the basic materials company’s stock valued at $388,000 after acquiring an additional 43 shares during the period. Apollon Wealth Management LLC lifted its position in Royal Gold by 1.5% during the first quarter. Apollon Wealth Management LLC now owns 2,905 shares of the basic materials company’s stock valued at $739,000 after purchasing an additional 44 shares during the period. WPG Advisers LLC boosted its holdings in Royal Gold by 34.1% in the fourth quarter. WPG Advisers LLC now owns 181 shares of the basic materials company’s stock valued at $40,000 after purchasing an additional 46 shares during the last quarter. Hilltop Holdings Inc. boosted its holdings in Royal Gold by 0.6% in the first quarter. Hilltop Holdings Inc. now owns 7,432 shares of the basic materials company’s stock valued at $1,891,000 after purchasing an additional 46 shares during the last quarter. Finally, Compound Planning Inc. grew its position in Royal Gold by 3.3% during the 1st quarter. Compound Planning Inc. now owns 1,493 shares of the basic materials company’s stock worth $380,000 after purchasing an additional 47 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.
Analysts Set New Price Targets A number of analysts have recently commented on the company. Royal Bank Of Canada lowered their target price on Royal Gold from $310.00 to $305.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. UBS Group boosted their target price on shares of Royal Gold from $280.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Scotiabank reissued a “sector perform” rating and set a $310.00 price target on shares of Royal Gold in a report on Tuesday, July 14th. Jefferies Financial Group dropped their price target on shares of Royal Gold from $318.00 to $311.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Finally, Weiss Ratings lowered Royal Gold from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 4th. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $285.10.
Get Our Latest Research Report on Royal Gold Royal Gold Trading Up 2.6% Shares of Royal Gold stock opened at $259.01 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.68 and a current ratio of 2.92. Royal Gold, Inc. has a 1 year low of $168.88 and a 1 year high of $306.25. The company’s fifty day moving average is $210.17 and its two-hundred day moving average is $236.60. The company has a market capitalization of $21.95 billion, a P/E ratio of 28.28, a PEG ratio of 1.90 and a beta of 0.44.
Royal Gold (NASDAQ:RGLD – Get Free Report) (TSE:RGL) last released its earnings results on Wednesday, August 5th. The basic materials company reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.01. Royal Gold had a return on equity of 12.06% and a net margin of 47.74%.The company had revenue of $468.98 million during the quarter, compared to the consensus estimate of $458.85 million. During the same quarter last year, the company earned $1.81 earnings per share. Royal Gold’s quarterly revenue was up 114.9% compared to the same quarter last year. Analysts forecast that Royal Gold, Inc. will post 10.33 earnings per share for the current year.
Royal Gold Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, October 2nd will be issued a $0.475 dividend. The ex-dividend date is Friday, October 2nd. This represents a $1.90 annualized dividend and a yield of 0.7%. Royal Gold’s payout ratio is 20.74%.
Insiders Place Their Bets In related news, SVP Randy Shefman sold 500 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $215.85, for a total value of $107,925.00. Following the transaction, the senior vice president directly owned 8,582 shares of the company’s stock, valued at approximately $1,852,424.70. This trade represents a 5.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.35% of the company’s stock.
About Royal Gold (Free Report)
Royal Gold, Inc, headquartered in Denver, Colorado, is a leading precious metals streaming and royalty company. Through its business model, Royal Gold provides upfront financing to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined prices. This structure allows the company to participate in production upside while minimizing exposure to the operating and capital-intensive aspects of mine ownership.
The company’s portfolio encompasses interests in over 200 streams and royalties on projects across North America, South America, Europe, Africa and Australia.
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BlackRock Inc. bought a new position in shares of Royal Gold, Inc. (NASDAQ: RGLD) (TSE: RGL) in the undefined quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 10,910,603 shares of the basic materials company's stock, valued at approximately $2,177,865,000. BlackRock Inc. owned
On August 07, 2026, Royal Gold Inc (RGLD) shares rose 5.4% today to a current price of $229.92, significantly up from its 52-week low of $162.02 and still below
Key Takeaways Royal Gold missed Q2 earnings estimates as revenues jumped 115% y/y on higher metal prices.RGLD generated record operating cash flow as stream and royalty revenues climbed sharply in the quarter.Royal Gold maintained its 2026 sales guidance as Greenstone ramps up and Platreef stays on schedule. Royal Gold, Inc. (RGLD - Free Report) reported adjusted earnings of $2.56 per share for the second quarter of 2026, up 41.4% from $1.81 a year ago. The figure missed the Zacks Consensus Estimate of $2.62 by 2.29%.
Including one-time items, the company reported earnings of $2.78 compared with the prior-year quarter’s $2.01.
RGLD's Q2 Revenue Mix BroadensRevenues surged 114.9% year over year to $450.5 million, aided by higher metal prices, new contributions from Kansanshi and the Sandstorm/Horizon assets, and stronger gold sales at Andacollo and Rainy River. Sales volume rose 56.5% to 100,000 gold-equivalent ounces, or GEOs.
Stream revenues were $311 million and royalty revenues were $140 million in the June-end quarter. Stream revenues increased 133% year over year, while royalty revenues rose 83%. Streams accounted for 69% of the total revenues and royalties represented 31%.
Average metal prices increased 37% for gold, 117% for silver and 40% for copper.
Royal Gold’s Q2 Adjusted EBITDA Rises Y/YThe company’s cost of sales was $60 million in the second quarter compared with the prior-year quarter’s $24 million. General and administrative expenses amounted to $13 million compared with $10 million a year ago.
Adjusted EBITDA was $376 million in the reported quarter, skyrocketing 114% year over year. The adjusted EBITDA margin was 83% compared with the prior-year quarter’s 84%.
RGLD Generates Record Cash FlowNet cash provided by operating activities was a record $335.2 million in the second quarter compared with $152.8 million in the prior-year quarter. The increase was driven primarily by higher stream and royalty revenues, partly offset by higher income-tax payments, G&A costs and interest payments. Royal Gold ended the quarter with cash and cash equivalents of $182.5 million compared with $233.7 million at the end of 2025.
Royal Gold Maintains 2026 Sales OutlookThe company expects 2026 gold and silver sales to remain within the previously issued 290,000-320,000 ounces and 3-3.5 million ounces, respectively. Copper and other metals sales are trending around or above the top ends of their respective guidance of 21-25 million pounds and $34-$38 million.
Mount Milligan remained on track for the 2026 guidance of 140,000-155,000 ounces of gold and 50-60 million pounds of copper. Greenstone continued ramping up, with higher quarter-over-quarter production expected for the balance of 2026.
At Platreef, Phase 1 commercial production is expected in the fourth quarter of 2026, while the Phase 2 concentrator remains on schedule for completion in the fourth quarter of 2027. Hod Maden construction continued after the transition to Lidya operatorship, with Royal Gold retaining a 15% joint-venture interest and a new effective 2.5% NSR royalty.
RGLD Stock’s Price PerformanceIn the past year, shares of Royal Gold have gained 33.1% compared with the industry’s growth of 42.7%.
Image Source: Zacks Investment Research
Royal Gold’s Zacks RankPeer PerformancesKinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.
Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%.
Agnico Eagle Mines Limited (AEM - Free Report) posted second-quarter 2026 earnings were $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89.
Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.
Newmont Corporation (NEM - Free Report) reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.
Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion.
Gold Is Testing Its 200-Day SMA—These 3 Mining Stocks Are the PlayRoyal Gold NASDAQ: RGLD reported sharply higher second-quarter 2026 revenue, earnings and operating cash flow, as contributions from acquisitions completed in 2025, higher metal prices and increased volumes expanded the scale of its portfolio.
Revenue totaled $451 million, up 115% from the prior-year quarter. Net income rose 79% to $236 million, or $2.78 per share, while operating cash flow reached a record $335 million, a 119% increase. Adjusted net income was $218 million, or $2.56 per share, up 41% year over year.
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The Best Way to Invest in Gold Is...President and CEO Bill Heissenbuttel said the first-half results demonstrated the “material change in the scale” of the company’s portfolio following its 2025 transactions. No individual asset represented more than 13% of quarterly revenue, and only two assets generated more than 10%, he said.
Portfolio Contributions and Metal Mix Royal Gold recorded 100,000 gold equivalent ounces in quarterly volume. Gold accounted for 76% of revenue, followed by silver at 12% and copper at 8%. The company said its adjusted EBITDA margin was 83%, supported by relatively low and stable cash general and administrative expenses.
BHP Stock: The Under-the-Radar Growth Story in CommoditiesRoyalty revenue increased 83% from the prior-year period to $140 million, helped by higher contributions from Cortez Legacy Zone and Voisey’s Bay, as well as new interests in Antamina, Caserones, Houndé and Fruta del Norte. Stream revenue climbed 133% to $311 million, with higher year-over-year revenue from Andacollo, Pueblo Viejo, Rainy River, Khoemacau, Wassa and Sevinchenah, among other assets.
Chief Financial Officer Paul Libner said higher metal prices also contributed to the results. During the quarter, gold prices rose 37% from the prior year, silver prices increased 117%, and copper prices rose 40%.
Revenue included approximately $22 million from the sale of 5,000 gold ounces delivered in advance under the settlement of fixed delivery obligations related to the Relief Canyon Mine. The original delivery schedule had called for 1,275 ounces per quarter through the end of 2027. Libner said the advanced ounces increased 2026 deliveries by 1,175 ounces, with all of those ounces received in the first half rather than evenly throughout the year.
The company said gold and silver sales remain on track within 2026 guidance ranges, while copper and other metals are trending around or above the top end of their ranges. Management cited lower-than-expected deductions on the Antamina net profits interest royalty, zinc production at Antamina and nickel production at Voisey’s Bay. However, Heissenbuttel said the company wants additional visibility before updating guidance because Antamina is a newer interest and because Royal Gold has limited insight into certain other contributing assets.
Operating Updates Across the Portfolio Several operators reported progress at assets in Royal Gold’s portfolio. At Greenstone, Equinox said 69% of days during the second quarter exceeded the mill’s 27,000-ton-per-day nameplate capacity and expects production to increase sequentially through the rest of the year. At Red Chris, the Canadian government announced a C$500 million investment in the Block Cave project, while Newmont is advancing toward a board approval decision near year-end.
At Platreef, Ivanhoe expects commercial production from Phase I in the fourth quarter of 2026. Royal Gold received its first delivery under the project’s gold stream after the quarter ended. At Hod Maden, operatorship has transitioned to Lidya, which continues to target initial concentrate production in 2028, subject to completion of its schedule and execution-plan review.
As of June 30, Hod Maden was approximately 25% complete, based on engineering, procurement and construction progress, with cumulative expenditures of about $175 million. Royal Gold reduced its ownership interest in the project from 30% to 15% after the quarter ended in exchange for additional royalty interests.
Heissenbuttel said the smaller residual equity position materially reduces the company’s exposure to operating and capital-cost risks. He added that the remaining 15% interest is still non-core and that Royal Gold may consider opportunities to reduce it further, though it is not pursuing a formal sale process.
Capital Allocation and Balance Sheet Royal Gold paid $40 million in dividends during the quarter, reflecting an annualized dividend rate of $1.90 per share, up 6% from a year earlier. The company also repurchased and canceled 147,000 shares for $30 million under its share buyback program and repaid $200 million on its revolving credit facility.
Available liquidity totaled $1.2 billion at quarter-end, including $244 million of working capital. Since the end of June, the company repaid another $75 million in July and intends to make an additional $100 million repayment in mid-August. Libner said Royal Gold expects to fully repay its outstanding revolver balance during the fourth quarter, based on current metal prices and absent significant acquisitions.
Management emphasized that share repurchases will remain discretionary. Heissenbuttel said decisions will depend on valuation, the business-development pipeline, debt reduction, dividends and longer-term investment opportunities rather than a fixed quarterly repurchase target.
Transaction Pipeline and Portfolio Simplification The company also highlighted efforts to simplify interests acquired through the Sandstorm and Horizon transactions. In addition to the Hod Maden restructuring and Relief Canyon settlement, Royal Gold said it has streamlined the Horizon structure, divested non-core equity positions and restructured Bear Creek investments.
Senior Vice President of Corporate Development Dan Breeze said the company remains active in reviewing new investment opportunities. He said the core opportunity set continues to be development-stage, primary gold assets, while Royal Gold is also evaluating precious-metals streams on base-metals assets and third-party royalty opportunities. Most potential transactions are in the $100 million to $500 million range, although the company is aware of some larger opportunities.
About Royal Gold (NASDAQ:RGLD)Royal Gold, Inc, headquartered in Denver, Colorado, is a leading precious metals streaming and royalty company. Through its business model, Royal Gold provides upfront financing to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined prices. This structure allows the company to participate in production upside while minimizing exposure to the operating and capital-intensive aspects of mine ownership.
The company's portfolio encompasses interests in over 200 streams and royalties on projects across North America, South America, Europe, Africa and Australia.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) released financial results for the quarter ended June 30, 2026 ("second quarter").
“Financial results for the second quarter were strong and we made meaningful progress on executing our priorities,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “We continued our disciplined approach to capital allocation. We repaid debt, repurchased and cancelled shares, and invested capital toward our Warintza and Hod Maden portfolio interests. We also continued progress on simplifying the Sandstorm portfolio with the restructuring of the Hod Maden joint venture interest and the settlement of the fixed delivery obligations at the Relief Canyon mine. After a solid first half of the year driven by our large and diversified portfolio, our outlook for the second half remains positive, and we will maintain our discipline and long term focus as we consider alternatives to accretively deploy capital in an active environment for new business development opportunities."
Second Quarter Highlights
Financial/Operating
Revenue of $450.5 million (compared to $209.6 million in the prior year period) Revenue split by commodity: 76% gold, 12% silver, 8% copper Record operating cash flow of $335.2 million (compared to $152.8 million in the prior year period) Net income of $236.4 million ($2.78 per share), and adjusted net income1 of $218.2 million ($2.56 per share) (compared to $132.3 million and $118.8 million, respectively, in the prior year period) Sales volume of 100,000 GEOs2 (compared to 63,900 in the prior year period) Adjusted EBITDA margin1 of 83% (compared to 84% in the prior year period) Corporate
Repaid $200 million on the revolving credit facility Increased total available liquidity to approximately $1.2 billion Paid quarterly dividend of $0.475 per share, a 6% increase over the prior year period Repurchased 147,205 shares at an average price of $203.80 per share, for total consideration of $30 million Sold 5,000 ounces of gold received from the settlement of remaining fixed delivery obligations with Americas Gold and Silver Corporation ("Americas") related to the Relief Canyon mine Advanced a further $50 million under the stream agreement to Solaris Resources Inc. ("Solaris") following technical approval of the environmental impact assessment ("EIA") and publication of a pre-feasibility study ("PFS") for the Warintza Project Restructured ownership of the Hod Maden Project interests and funded $70 million in project costs Added a new $600 million uncommitted accordion facility to the $1.4 billion revolving credit facility Post Quarter Events
Repaid $75 million on the revolving credit facility on July 15, 2026, reducing the amount currently drawn to $325 million and increasing the amount available and undrawn to $1.075 billion Closed the Hod Maden ownership restructuring and received a new 2.5% net smelter return ("NSR") royalty on the Hod Maden Project Revenue Summary
Three Months Ended
June 30,
Six Months Ended
June 30,
Revenue (millions)
2026
2025
% Change
2026
2025
% Change
Gold
$
343.9
$
164.3
109.3
%
$
677.8
$
310.0
118.6
%
Silver
55.6
24.1
131.0
%
128.6
47.7
169.8
%
Copper
37.9
14.8
156.4
%
84.5
31.6
167.7
%
Other Metals
13.2
6.5
103.7
%
28.8
13.8
108.5
%
Total revenue
$
450.5
$
209.6
114.9
%
$
919.7
$
403.1
128.2
%
GEOs2
100,000
63,900
56.5
%
196,000
131,500
49.0
%
Revenue split stream / royalty
69% / 31%
64% / 36%
68% / 32%
63% / 37%
Outlook for 2026
Royal Gold provided guidance for 2026 metal sales volumes, depreciation, depletion and amortization ("DD&A") expense and effective tax rate in March, 2026. We are currently forecasting that performance against these metrics will be within the ranges provided with the exceptions of sales of copper and other metals, which are trending to be around or above the top end of the respective guidance ranges.
2026 Guidance Ranges
Actual Performance Through
June 30, 2026
Total Sales
Gold
(oz)
290,000–320,000
143,968
Silver
(M oz)
3.0–3.5
1.6
Copper
(M lb)
21.0–25.0
14.2
Other Metals
(M)
$34–$38
$29
DD&A
(M)
$339–379
$187
Effective Tax Rate
17–22%
19.9%*
* Year to date effective tax rate excluding discrete tax items.
Corporate Activity
Buyback and Cancellation of Shares
During the second quarter, and in accordance with the previously-announced $500 million share repurchase program approved by the Board of Directors on May 4, 2026, we repurchased 147,205 shares at an average price of $203.80 per share, for total consideration of $30 million. The repurchased shares were cancelled and 84,673,027 shares remain outstanding as of June 30, 2026.
The manner, timing, pricing and amount of any repurchases under the program will be subject to management's discretion and may be based upon market conditions and alternative opportunities for the use or investment of capital.
Settlement of Fixed Delivery Obligations for the Relief Canyon Mine
On June 11, 2026, Royal Gold and Americas closed an agreement to settle the remaining fixed delivery obligations owed to Royal Gold related to the Relief Canyon mine. Under the agreement, Americas' obligation to deliver 8,861 ounces of gold over the period between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, which were sold during the second quarter, and 2,652,532 common shares of Americas. The common shares are subject to a four-month hold period after closing.
We recognized a $2.6 million gain due to the agreement in the second quarter, and the proceeds from the sale of the gold delivery were recognized as stream revenue and resulted in the recognition of approximately $12 million of additional DD&A expense. Royal Gold's royalty and stream interest on Relief Canyon remain in place and the net book value of the stream interest was reduced to $0.
Payment to Solaris Resources Upon EIA Approval
As previously announced, on April 14, 2026, after technical approval of the EIA and publication of a PFS for the Warintza project, we advanced Solaris $50 million of the total $100 million outstanding conditional funding under the stream agreement dated May 21, 2025. The remaining $50 million payable to Solaris is subject to the completion of all filings necessary to perfect security in Ecuador, which is underway, and payment is anticipated in the third or fourth quarter of 2026.
Completion of Restructured Ownership Interests in the Hod Maden Project
On May 18, 2026, we announced the restructuring of our ownership in Artmin Madençilik (“Artmin”), the joint venture company that owns 100% of the Hod Maden Project (the “Project”). The restructuring included a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% NSR royalty interest over the Project (the “New RG Royalty”), and certain rights pertaining to a new effective 4.0% NSR royalty interest over the Project (the “SSR Royalty”) granted to SSR Mining, Inc. (“SSR”). Additionally, as part of this restructuring, Lidya Madençilik (“Lidya”), the additional partner in the ownership of Artmin, acquired SSR's interests in Artmin and assumed operatorship of the Project. Closing of the transactions required to complete this restructuring occurred on July 17, 2026.
Artmin is now owned 15% by Royal Gold and 85% by Lidya, and Royal Gold holds acquisition and certain other rights over the SSR Royalty. Royal Gold retains a perpetual right of first refusal (“ROFR”) over the sale of the SSR Royalty to a third party, and SSR will not be permitted to sell the royalty without Royal Gold’s consent prior to January 1, 2028. SSR also granted Royal Gold the option to acquire half of the SSR Royalty (an equivalent 2.0% NSR royalty interest) for $160 million, exercisable from closing through the period that ends 12 months after the achievement of commercial production at the Project.
As part of the restructuring, Royal Gold further agreed to fund $70 million of Project costs, which was completed in May, 2026. Lidya will complete the funding of the next $397 million of Project costs and further funding will be split pro rata between Royal Gold and Lidya according to their 15%/85% ownership in Artmin. Equity funding requirements may be reduced should Artmin secure debt financing for Project development.
Added $600 Million Accordion Feature to the $1.4 Billion Revolving Credit Facility
As previously announced, on May 5, 2026, we entered into a seventh amendment to the revolving credit facility that added a new $600 million uncommitted accordion feature to the revolving credit facility. The new accordion feature permits the Company to request additional commitments from the credit facility bank syndicate that would increase aggregate commitments under the revolving credit facility to up to $2.0 billion, subject to customary conditions, including the consent of each lender providing an additional commitment.
Portfolio Revenue and Developments
Overall Revenue and Realized Metal Prices
Three Months Ended
June 30,
Six Months Ended
June 30,
Revenue by Region (millions)
2026
2025
2026
2025
North America
$
250.4
56
%
$
160.3
76
%
$
508.4
55
%
$
301.1
75
%
South and Central America
99.5
22
%
19.1
9
%
209.8
23
%
41.5
10
%
Europe, Middle East, Africa (EMEA)
85.4
19
%
20.4
10
%
170.1
18
%
42.8
11
%
Australia Pacific
15.3
3
%
9.8
5
%
31.4
3
%
17.8
4
%
Total revenue
$
450.5
$
209.6
$
919.7
$
403.1
* Percentages may not sum to 100% due to rounding
Three Months Ended
June 30,
Six Months Ended
June 30,
Average Metal Prices
2026
2025
Change
2026
2025
Change
Gold
($/oz)
$4,506
$3,280
37%
$4,693
$3,067
53%
Silver
($/oz)
$73.15
$33.68
117%
$78.83
$32.76
141%
Copper
($/lb)
$6.05
$4.32
40%
$5.93
$4.28
39%
North America
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
2026
2025
Mount Milligan**
Gold, copper
35% of payable gold and 18.75% of payable copper
$
57,576
$
63,655
$
114,898
$
106,463
Pueblo Viejo**
Gold, silver
7.5% of Barrick's interest in payable gold and 75% of Barrick's interest in payable silver
44,904
25,618
100,773
54,369
Cortez**
Legacy Zone
Gold
Approx. 9.0% GSR Equivalent
16,312
8,508
32,738
19,650
CC Zone
Gold
Approx. 1.6%–2.6% GSR Equivalent
9,651
8,088
18,444
11,642
Rainy River
Gold, silver
6.5% of gold produced and 60% of silver produced
25,777
9,095
56,992
19,517
Relief Canyon
Gold, silver
2.0% NSR, 1.4% to 2.8% NSR, 4% of payable gold and silver
24,752
–
27,340
–
Peñasquito
Gold, silver, lead, zinc
2.0% NSR
14,373
16,306
40,776
31,715
Voisey's Bay
Copper, nickel, cobalt
2.7% NVR
6,293
3,165
12,359
5,665
Greenstone
Gold
2.375% of payable gold
6,059
–
14,244
–
Manh Choh
Gold, silver
3.0% NSR, 28% NSR (silver)
4,616
6,306
9,769
11,930
Robinson
Gold, copper
3.0% NSR
4,414
4,697
9,792
9,094
Leeville
Gold
1.8% NSR
3,873
2,533
7,515
4,160
South Arturo
Silver
40% of silver produced
2,784
–
6,019
–
Côté Gold
Gold
1.0% NSR
2,671
1,746
4,552
3,061
Granite Creek
Gold
3.0% NSR and 2.94% NSR
2,560
2,368
4,064
2,368
LaRonde Zone 5
Gold
2.0% NSR
2,454
929
5,961
2,102
Other -
North America
Various
Various
21,312
7,296
42,141
19,344
Total revenue - North America
$
250,381
$
160,310
$
508,377
$
301,080
* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Mount Milligan: On July 28, 2026, Centerra Gold Inc. (“Centerra”) reported production of 38,175 ounces of gold and 13.1 million pounds of copper in the second quarter of 2026. Centerra further reported that year-to-date gold and copper production through June 30, 2026, is in line with the PFS mine plan and that production remains on track to achieve the previously provided guidance of between 140,000 and 155,000 ounces of gold and 50 to 60 million pounds of copper for 2026. As previously disclosed, Centerra expects gold production to be higher in the third quarter of 2026, reflecting planned mine sequencing, which we expect to be reflected in our results in 2027 based on the delivery lag between production and deliveries.
Pueblo Viejo: On July 23, 2026, Newmont Corporation ("Newmont") (40% non-operating joint venture partner) reported that gold production increased 17% in the second quarter over the prior year period primarily due to higher mill throughput and higher drawdown of in-circuit inventory, partially offset by lower mill recovery and lower ore grade milled.
Cortez: Production attributable to our royalty interests at the Cortez Complex was approximately 169,200 ounces of gold for the three months ended June 30, 2026, of which 38,400 ounces were attributable to the Legacy Zone, and 130,800 ounces were attributable to the CC Zone, compared to approximately 176,900 ounces of gold for the three months ended June 30, 2025, of which 27,900 ounces were attributable to the Legacy Zone, and 149,000 ounces were attributable to the CC Zone.
Rainy River: After completing the acquisition of New Gold Inc. on March 20, 2026, Coeur Mining Inc. ("Coeur”) has disclosed that it commenced a more aggressive exploration program in May focused on near-mine drill testing and exploration of the large land package in the Rainy River district, which extends over 50 kilometers. Additionally, Coeur has reported that it expects annual gold and silver production at Rainy River to average 287,000 ounces and 527,000 ounces, respectively, through 2028.
Peñasquito: On July 23, 2026, Newmont reported that second quarter gold and other metals production was lower due to lower ore grade milled and lower mill recovery, and planned maintenance was completed in the second quarter with higher throughput expected in the third quarter. Newmont confirmed that 2026 production guidance of 185,000 ounces of gold, 32 million ounces of silver, 90,000 tonnes of lead and 220,000 tonnes of zinc is unchanged.
Greenstone: On July 9, 2026, Equinox Gold Corp. (“Equinox”) reported that mining rates averaged more than 199,000 tonnes per day following the winter months and mill throughput averaged 26,856 tonnes per day, and 69% of days exceeded the nameplate capacity of 27,000 tonnes per day in the second quarter compared to 51% in the first quarter. Equinox expects that this trend will continue into the second half of the year resulting in expected higher production quarter over quarter for the balance of the year.
Red Chris: On July 2, 2026, the Government of Canada and the Province of British Columbia signed the new Canada-British Columbia Cooperative Prosperity Agreement, which is intended to accelerate the construction of major energy and trade corridors throughout the province, and includes a C$500 million investment in the block cave project to expand the Red Chris mine. On July 23, 2026, Newmont provided a progress update on the project, which included the receipt of key regulatory approvals from the province of British Columbia, including an amended Environmental Assessment Certificate, the continuation of the feasibility study and advancement of the project toward Board approval toward the end of the year.
Voisey's Bay: On June 9, 2026, Vale S.A. ("Vale") hosted an investor tour of Voisey's Bay and Long Harbour and reported that ramp-up at the underground mines is largely complete, and nickel production at Long Harbour is expected to increase to over 45,000 tonnes in 2026. Vale also reported the expansion of annual mill capacity from the current year-to-date 2.8 million tonnes to 3.8 million tonnes by 2030, with the potential for mine life extension from orebodies that are open at depth and along strike. On July 21, 2026, Vale further reported finished nickel production of 10,400 tonnes in the second quarter.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Great Bear (2.0% NSR royalty): On July 29, 2026, Kinross Gold Corporation ("Kinross") provided an update on activity at the Great Bear Project in Ontario. According to Kinross, detailed engineering of the Main Project is 50% complete, and the Advanced Exploration program surface construction is approximately 93% complete and the first blast of the exploration decline was completed on July 27, 2026. Kinross also reported that permitting and procurement progressing as planned for the Main Project.
Cactus (2.0% NSR royalty): On June 24, 2026, Hudbay Minerals Inc. ("Hudbay") announced completion of the acquisition of Arizona Sonoran Copper Company Inc., the owner and operator of the Cactus Project in Arizona. According to Hudbay, the Cactus Project will be integrated into its Arizona portfolio where there are opportunities to realize development, operational and regional synergies with its Copper World Project and create a copper district in Arizona. On July 29, 2026, Hudbay reported that it expects to spend approximately $30 million at the Cactus Project in the second half of 2026 to advance an updated PFS, perform site de-risking activities, conduct exploration activities and for other ongoing site costs. Hudbay expects the updated Cactus Project PFS to be completed in the second half of 2027.
South and Central America
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
2026
2025
Andacollo**
Gold
100% of payable gold
49,107
9,489
76,258
22,234
Antamina
Copper, zinc, molybdenum
1.66% NPI
13,665
–
26,675
–
Xavantina
Gold
25% of gold produced
8,256
4,945
36,529
10,322
Caserones
Copper, molybdenum
0.63% NSR
4,956
–
11,107
–
Fruta del Norte
Gold, silver
0.9% NSR (precious metals)
4,150
–
8,851
–
Cerro Moro
Silver
9% of silver produced
3,381
–
7,506
–
Chapada
Copper
4.2% of payable copper
3,124
–
12,529
–
El Limón
Gold, silver
3.0% NSR
2,938
3,024
7,678
6,302
Other -
South and Central America
Various
Various
9,969
1,671
22,646
2,601
Total revenue - South and Central America
$
99,546
$
19,129
$
209,779
$
41,459
* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Andacollo: On July 23, 2026, Teck Resources Limited (“Teck”) reported higher copper production in the quarter ended June 30, 2026, compared to the prior year period driven by higher copper grades, stable operations and strong recoveries. Teck also confirmed 2026 annual copper production guidance despite the partial suspension of operations on July 17, 2026, due to the impact of severe weather conditions. Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future.
Antamina: On July 22, 2026, Teck reported second quarter copper production of 108,500 tonnes and zinc production of 54,000 tonnes (100% basis). According to Teck, the mix of mill feed in the quarter was 67% copper-only ore and 33% copper-zinc ore as expected in the mine plan, compared with 23% copper-only ore and 77% copper-zinc ore in the same period last year. Teck also reaffirmed guidance for 2026 production of 422,000 to 467,000 tonnes of copper, and 156,000 to 200,000 tonnes of zinc (100% basis).
Caserones: On June 16, 2026, Lundin Mining Corporation ("Lundin Mining") provided an update on production expansion and exploration opportunities at Caserones. According to the update, work is underway to increase utilization of the cathode plant and grow copper production from 25,800 tonnes in 2025 to 40,000 tonnes, and 39,000 meters of drilling is planned in 2026 on more than 10 exploration targets in the Caserones district. Lundin Mining is targeting 26,900 meters of drilling at the Angelica target and deep sulphide targets adjacent to the Caserones pit, and expects to complete an initial resource estimate in the first quarter of 2027. Additionally on July 21, 2026, Lundin Mining reported that severe winter weather had disrupted site power and operations were temporarily suspended on July 18, 2026. On July 27, 2026, Lundin Mining reported that full power restoration and gradual restart of operations is expected to take approximately two to three weeks.
Chapada: On June 16, 2026, Lundin Mining provided an update on the Saúva growth project. Lundin Mining expects the Saúva project to increase copper and gold production by approximately 30% and 75%, respectively, with the potential to extend the mine plan beyond 4 years. Lundin Mining reported that earthworks for the additional ball mill were expected to begin in July, and first ore from Saúva is targeted in early 2029.
Fruta del Norte: On July 8, 2026, Lundin Gold Inc. (“Lundin Gold”) reported second quarter gold production of 119,000 ounces and confirmed 2026 gold production guidance of 475,000 to 525,000 ounces. On July 21, 2026, Lundin Gold further reported continued success from its district exploration programs with the discovery of two additional copper-gold porphyries, increasing the district total to seven, with a maiden resource for the Sandia porphyry expected in early 2027. On July 27, 2026, Lundin Gold reported that results from its ongoing conversion and near-mine drilling programs also continue to deliver positive results with four gold-silver epithermal deposits identified to date providing a pipeline to continue growing resources and reserves.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Lobo-Marte (NSR royalty): On July 29, 2026, Kinross provided an update on the economics of the Lobo-Marte Project in Chile based on a refresh of the 2021 feasibility study. Kinross reported that Lobo-Marte has the potential to become a long-life, low-cost cornerstone asset in its portfolio, and based on the initial mine plan, is expected to produce an average of approximately 350,000 ounces of gold per year during steady state operations. Kinross also reported that the EIA was accepted for review by the Environmental Assessment Service of Chile in the second quarter of 2026, and engineering and execution planning is progressing with first gold production targeted for the early 2030s.
MARA (NSR royalty with gold stream option): On August 5, 2026, Glencore plc ("Glencore") provided an update on progress at the MARA project in Argentina. According to Glencore, mining restarted at Alumbrera ahead of schedule in June 2026, and Agua Rica feasibility engineering is underway with the environmental permitting submission expected in the coming weeks and RIGI approval expected shortly thereafter.
EMEA
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
2026
2025
Kansanshi**
Gold
75 ounces of gold per million pounds of recovered copper produced
$
34,303
$
–
$
59,814
$
–
Khoemacau
Silver
100% of payable silver
19,766
10,238
39,334
20,200
Wassa
Gold
10.5% of payable gold
18,578
10,149
37,387
22,568
Bonikro
Gold
6% of gold produced
5,441
–
18,597
–
Houndé
Gold
2.0% NSR
4,554
–
9,412
–
Other - EMEA
Various
Various
2,708
–
5,580
–
Total revenue - EMEA
$
85,350
$
20,387
$
170,124
$
42,768
* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Kansanshi: On July 28, 2026, First Quantum Minerals Ltd. ("First Quantum") reported second quarter copper production of 43,997 tonnes, which was 10% higher than the same quarter of 2025, primarily due to contribution from the S3 plant, which was at construction stage in the same period last year. According to First Quantum, S3 throughput was sustained above design capacity in the second quarter, achieving the highest monthly processed tonnes in May 2026 since commissioning in August 2025, driven by higher operating time, strong utilization and milling rates. First Quantum confirmed that copper production guidance for 2026 remains unchanged at 175,000 to 205,000 tonnes.
Khoemacau: On July 21, 2026, MMG Limited ("MMG") reported contained silver production of 370,877 ounces for the second quarter and 697,660 ounces for the year to date through the end of the second quarter. According to MMG, first-half production was affected by development delays and equipment availability constraints, and the operation is expected to benefit from improved equipment utilization, the introduction of new mining equipment, continued access to higher-grade mining areas and the progressive commissioning of refurbished fleet units in the second half of the year. MMG further reported that the expansion to 130,000 tonnes of copper concentrate per year remains on track for first concentrate production in the first half of 2028. MMG reported that construction activities continued to advance with steady progress across engineering, procurement and site works.
Bonikro: On June 10, 2026, Allied Gold Corporation ("Allied") provided an update on studies to extend the mine life and expand processing capacity. According to Allied, the mine life is expected to extend from 2029 to 2036, with average annual gold production of 120,000 ounces per year. Additionally, Allied is studying an increase in processing capacity intended to bring forward the processing of low grade stockpiles at a rate of 15,000 to 20,000 gold ounces per year, beginning in late 2026 to early 2027.
Houndé: On July 30, 2026, Endeavour Mining plc ("Endeavour") confirmed 2026 gold production guidance of 220,000 to 255,000 ounces, with production weighted towards the second half of 2026. Additionally, Endeavour reported that it is finalizing resource definition at the Vindaloo Deeps discovery, and resource definition drilling is underway at the Vindaloo Deeps South East target, a downdip extension of Vindaloo Deeps. Endeavour expects a resource update on Vindaloo Deeps in the second half of 2026 and a maiden resource at Vindaloo Deeps South East in 2027.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Platreef: On July 29, 2026, Ivanhoe Mines Ltd. (“Ivanhoe”) reported that Phase 1 operations have not yet reached commercial production and mining rates are expected to ramp up throughout the second half of 2026 with commercial production now expected in the fourth quarter of 2026. Ivanhoe further reported that Shaft #3 commissioning was completed in June and is expected to support the Phase 1 ramp-up to full capacity and Phase 2 expansion, and construction of the Phase 2 concentrator is on schedule for completion in the fourth quarter of 2027.
Hod Maden (15% joint venture interest and various royalty interests): Following the transition of operatorship to Lidya in the second quarter, construction activities have continued while Lidya undertakes a comprehensive review of the Hod Maden Project schedule and execution plan. Based on the work completed to date, project expenditures and commitments remain within the scope reflected in the SLR Technical Report Summary published by SSR on January 29, 2026. Construction activity during the second quarter included work on the main access road, tunnels, site preparation, permanent camp, utility works, water management and diversion, geotechnical investigations and other site infrastructure. As of June 30, 2026, overall project progress was approximately 25% (comprising completion of 74% engineering, 44% contracts and procurement, 8% construction) and cumulative expenditures were approximately $175 million. Lidya continues to target initial concentrate production in 2028 subject to completion of the updated schedule and cost-to-complete review, timely execution of the remaining major construction and procurement packages and other customary development conditions.
Australia Pacific
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
2026
2025
Bellevue
Gold
2.0% NSR
$
3,383
$
2,508
$
7,415
$
3,847
South Laverton
Gold
1.5% NSR, 4.0% NPI
3,304
2,889
7,074
5,380
King of the Hills
Gold
1.5% NSR
2,401
1,544
4,753
3,129
Other -
Australia Pacific
Various
Various
6,174
2,876
12,142
5,417
Total revenue - Australia Pacific
$
15,262
$
9,817
$
31,384
$
17,773
* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Bellevue: On July 7, 2026, Bellevue Gold Limited ("Bellevue") reported full year gold production of approximately 144,000 ounces, within guidance of 130,000 to 150,000 ounces for the fiscal year ending June 30, 2026. According to Bellevue, mined and processed grades were in line with expectations through the quarter ended June 30, 2026, as ore is now sourced from five established mining areas. On July 28, 2026, Bellevue provided gold production guidance of 150,000 to 170,000 ounces for the fiscal year ending June 30, 2027.
King of the Hills: On July 14, 2026, Vault Minerals Limited ("Vault") and Genesis Minerals Limited ("Genesis") agreed to merge, with Genesis acquiring all outstanding shares of Vault. Genesis intends to release its new strategic plan in the first half of 2027 after completing a strategic review of optimization opportunities and the merged group's asset portfolio. Royal Gold holds additional royalty interests at the Gwalia and Ulysses operations owned by Genesis.
Second Quarter 2026 Overview
For the second quarter, we recorded net income attributable to Royal Gold stockholders of $236.4 million, or $2.78 per basic and diluted share, as compared to net income of $132.3 million, or $2.01 per basic and diluted share, for the three months ended June 30, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities, partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.
Revenue
For the second quarter, we recognized total revenue of $450.5 million, comprised of stream revenue of $311.0 million and royalty revenue of $139.6 million at an average gold price of $4,506 per ounce, an average silver price of $73.15 per ounce and an average copper price of $6.05 per pound. This is compared to total revenue of $209.6 million for the three months ended June 30, 2025, comprised of stream revenue of $133.2 million and royalty revenue of $76.5 million, at an average gold price of $3,280 per ounce, an average silver price of $33.68 per ounce and an average copper price of $4.32 per pound.
The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”) assets, higher gold sales at Andacollo and Rainy River, and higher production from the Cortez Legacy Zone. These increases were partially offset by lower sales from Mount Milligan when compared to the prior year period.
Cost of Sales and Other Costs
Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.1 million for the three months ended June 30, 2026, from $24.2 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Rainy River and Wassa. These increases were partially offset by lower gold sales from Mount Milligan when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.
General and administrative costs increased to $13.4 million for the three months ended June 30, 2026, from $10.3 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to increases in non-cash stock compensation and employee and office related costs.
DD&A increased to $96.2 million for the three months ended June 30, 2026, from $31.2 million for the three months ended June 30, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets, and additional expense recognized with the sale of the ounces related to the Relief Canyon fixed delivery obligation settlement. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.
Fair value changes in equity securities was $21.9 million for the three months ended June 30, 2026 primarily due to the increase in value of the Entrée Resources Ltd. shares acquired as a result of the Sandstorm and Horizon acquisition.
Interest and other expense increased to $10.0 million for the three months ended June 30, 2026, from $1.5 million for the three months ended June 30, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended June 30, 2026, amounts outstanding under our revolving credit facility averaged $476.6 million at an average all-in borrowing rate of 4.8% compared to no outstanding debt for the three months ended June 30, 2025.
For the three months ended June 30, 2026, we recorded income tax expense of $58.2 million, compared to $10.5 million for the three months ended June 30, 2025. The income tax expense resulted in an effective tax rate of 19.7% in the current period, compared with 7.4% for the three months ended June 30, 2025. The three months ended June 30, 2025, included a $9.3 million discrete benefit related to a withholding tax refund on a foreign royalty and a discrete benefit of $4.3 million attributable to the release of a valuation allowance.
Cash Flows
Net cash provided by operating activities totaled a record $335.2 million for the three months ended June 30, 2026, compared to $152.8 million for the three months ended June 30, 2025. The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $222.7 million, partially offset by higher income tax payments of $28.1 million, higher general and administrative costs of $8.1 million and higher interest payments on outstanding debt of $6.7 million when compared to the prior year period.
Net cash used in investing activities totaled $117.2 million for the three months ended June 30, 2026, compared to net cash used in investing activities of $112.8 million for the three months ended June 30, 2025. The increase in cash used was primarily due to lower cash payments for acquisitions of $62.7 million and higher cash calls of $70.0 million for the Hod Maden equity method investment when compared to the prior year period.
Net cash used in financing activities totaled $269.6 million for the three months ended June 30, 2026, compared to net cash used in financing activities of $32.6 million for the three months ended June 30, 2025. The increase in cash used was primarily due to higher debt repayments of $200.0 million, stock repurchase payments of $30.0 million and higher dividend payments of $10.7 million when compared to the prior year period.
Liquidity
Total liquidity at the end of the second quarter was approximately $1.2 billion, which consisted of $243.8 million of working capital and $1.0 billion undrawn and available under the revolving credit facility.
At June 30, 2026, we had $400 million of outstanding debt drawn on the revolving credit facility. Subsequent to the end of the quarter, on July 15, 2026, we repaid $75 million of this amount, resulting in $325 million outstanding and $1.075 billion available as of the date of this press release, excluding the uncommitted accordion feature. In keeping with Royal Gold’s capital allocation strategy to repay outstanding debt as cash flow allows, the Company expects to repay the outstanding balance from future cash flow in the fourth quarter of 2026 at current metal prices and absent further acquisitions.
At June 30, 2026, our contractual cash obligations comprised operating leases and the conditional Warintza funding. With respect to the Warintza funding, we expect to pay the final $50.0 million in the third or fourth quarter of 2026, subject to the completion of all filings necessary to perfect security in Ecuador, which is underway.
Second Quarter 2026 Call Information
Management’s conference call reviewing the second quarter results will be held on Thursday, August 6, 2026, at 12:00 pm Eastern Time (10:00 am Mountain Time). The call will be webcast live and archived on the Company’s website for a limited time.
Royal Gold is a high-margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words such as “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including our 2026 guidance; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity and capital expenditures; opportunities for, and anticipated benefits from investments, acquisitions and other transactions; receipt and timing of future metal deliveries and sales of metals; anticipated liquidity, capital resources, financing, and stockholder returns, including share repurchases; borrowings and repayments under our revolving credit facility; and prices for gold, silver, copper and other metals.
Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon; failure to realize the anticipated benefits from the Sandstorm and Horizon acquisition in the timeframe expected or at all; risks associated with our equity interests in the Hod Maden project; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including Item 1A, Risk Factors of our most recent Annual Report. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release or our reports filed with the Securities and Exchange Commission could also have material adverse effects on forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
Statement Regarding Third-Party Information
Certain information provided in this press release, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties (including limited information provided by the operator of the Hod Maden project in connection with our equity interests and board representation) or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.
ROYAL GOLD, INC.
Consolidated Balance Sheets
(Unaudited, in thousands except share data)
June 30, 2026
December 31, 2025
ASSETS
Cash and equivalents
$
182,468
$
233,719
Royalty receivables
131,708
110,846
Income tax receivable
19,460
2,108
Stream inventory
30,486
25,883
Prepaid expenses and other
5,913
4,890
Total current assets
370,035
377,446
Stream and royalty interests, net
8,600,469
8,583,875
Equity method investment
228,275
300,854
Marketable securities
132,087
172,880
Other assets
118,442
102,469
Total assets
$
9,449,308
$
9,537,524
LIABILITIES
Accounts payable
$
4,635
$
10,060
Dividends payable
40,263
40,186
Income tax payable
51,616
33,303
Other current liabilities
30,034
37,367
Total current liabilities
126,548
120,916
Debt
395,892
895,436
Deferred tax liabilities
1,164,553
1,190,672
Mount Milligan deferred liability
69,211
69,211
Other liabilities
59,458
55,942
Total liabilities
1,815,662
2,332,177
Commitments and contingencies
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued
–
–
Common stock, $.01 par value, 200,000,000 shares authorized; and 84,673,027 and 84,499,692 shares outstanding, respectively
844
845
Additional paid-in capital
5,922,062
5,928,123
Accumulated other comprehensive income
–
993
Accumulated earnings
1,664,100
1,227,169
Total Royal Gold stockholders’ equity
7,587,006
7,157,130
Non-controlling interests
46,640
48,217
Total equity
7,633,646
7,205,347
Total liabilities and equity
$
9,449,308
$
9,537,524
ROYAL GOLD, INC.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited, in thousands except share data)
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Revenue
$
450,539
$
209,643
$
919,664
$
403,080
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)
60,094
24,180
120,431
48,685
General and administrative
13,445
10,269
30,976
21,333
Production taxes
3,437
2,201
6,729
3,962
Depreciation, depletion and amortization
96,200
31,153
187,075
64,148
Total costs and expenses
173,176
67,803
345,211
138,128
Gain on settlement of Relief Canyon fixed obligation
2,575
–
2,575
–
Operating income
279,938
141,840
577,028
264,952
Fair value changes in equity securities
21,863
3
27,813
(34
)
Gain on sale of marketable securities
458
–
14,573
–
Interest and other income
3,551
2,713
6,743
4,762
Interest and other expense
(10,010
)
(1,544
)
(23,253
)
(2,701
)
Income before income taxes
295,800
143,012
602,904
266,979
Income tax expense
(58,241
)
(10,538
)
(83,638
)
(20,927
)
Net income
237,559
132,474
519,266
246,052
Net income attributable to non-controlling interests
(1,166
)
(125
)
(1,743
)
(205
)
Net income attributable to Royal Gold common stockholders
$
236,393
$
132,349
$
517,523
$
245,847
Net income
$
237,559
$
132,474
$
519,266
$
246,052
Adjustments to comprehensive income, net of tax:
Realized gain on available-for-sale debt securities
–
–
(993
)
–
Comprehensive income
237,559
132,474
518,273
246,052
Comprehensive income attributable to non-controlling interests
(1,166
)
(125
)
(1,743
)
(205
)
Comprehensive income attributable to Royal Gold stockholders
$
236,393
$
132,349
$
516,530
$
245,847
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share
$
2.78
$
2.01
$
6.10
$
3.73
Basic weighted average shares outstanding
84,781,861
65,748,410
84,751,231
65,726,903
Diluted earnings per share
$
2.78
$
2.01
$
6.07
$
3.73
Diluted weighted average shares outstanding
85,052,094
65,820,530
85,068,765
65,806,160
Cash dividends declared per common share
$
0.475
$
0.450
$
0.950
$
0.900
ROYAL GOLD, INC.
Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Cash flows from operating activities:
Net income
$
237,558
$
132,474
$
519,266
$
246,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization
96,200
31,153
187,075
64,148
Non-cash employee stock compensation expense
3,294
2,713
6,886
5,911
Fair value changes in equity securities
(21,863
)
(3
)
(27,813
)
34
Gain on sale of marketable securities
(458
)
–
(14,573
)
–
Gain on settlement of Relief Canyon fixed obligation
(2,575
)
–
(2,575
)
–
Deferred tax benefit
18,106
(2,191
)
(9,658
)
(11,019
)
Other
1,636
222
3,163
446
Changes in assets and liabilities:
Royalty receivables
11,096
(7,265
)
(20,862
)
(1,534
)
Stream inventory
378
1,220
(4,603
)
(363
)
Income tax receivable
(19,351
)
(12,203
)
(17,352
)
(12,434
)
Prepaid expenses and other assets
(702
)
(3,870
)
264
(3,525
)
Accounts payable
(2,634
)
3,043
(5,424
)
3,178
Income tax payable
19,147
9,076
18,313
1,244
Other liabilities
(4,679
)
(1,567
)
(3,392
)
(2,967
)
Net cash provided by operating activities
$
335,153
$
152,802
$
628,715
$
289,171
Cash flows from investing activities:
Acquisition of stream and royalty interests
(50,031
)
(112,733
)
(50,031
)
(170,979
)
Proceeds from the sale of marketable securities
2,892
–
51,865
–
Cash calls for Hod Maden equity method investment
(70,000
)
–
(84,700
)
–
Other
(95
)
(21
)
(261
)
(70
)
Net cash used in investing activities
$
(117,234
)
$
(112,754
)
$
(83,127
)
$
(171,049
)
Cash flows from financing activities:
Repayment of debt
(200,000
)
–
(500,000
)
–
Net payments from issuance of common stock
(24
)
(1,488
)
(5,600
)
(4,499
)
Net proceeds from Sandstorm option exercises
2,482
–
22,655
–
Distributions to non-controlling interests
(1,664
)
(248
)
(3,321
)
(438
)
Stock repurchase
(30,003
)
–
(30,003
)
–
Common stock dividends
(40,330
)
(29,634
)
(80,516
)
(59,245
)
Other
(54
)
(1,258
)
(54
)
(1,258
)
Net cash used in financing activities
$
(269,593
)
$
(32,628
)
$
(596,839
)
$
(65,440
)
Net increase (decrease) in cash and equivalents
(51,674
)
7,420
(51,251
)
52,682
Cash and equivalents at beginning of period
234,142
240,760
233,719
195,498
Cash and equivalents at end of period
$
182,468
$
248,180
$
182,468
$
248,180
Schedule A – Non-GAAP Financial Measures and Certain Other Measures
Overview of non-GAAP financial measures:
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.
We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgment. Non-GAAP financial measures used by management in this release or elsewhere include the following:
Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations. Net debt (or net cash) is a non-GAAP financial measure that is calculated by the Company as debt (excluding debt issuance costs) as of a date minus cash and equivalents for that same date. Net debt (or net cash) to trailing twelve months (TTM) adjusted EBITDA is a non-GAAP financial measure that is calculated by the Company as net debt (or net cash) as of a date divided by the TTM adjusted EBITDA (as defined above) ending on that date. We believe that these measures are important to monitor leverage and evaluate the balance sheet. Cash and equivalents are subtracted from the GAAP measure because they could be used to reduce our debt obligations. A limitation associated with using net debt (or net cash) is that it subtracts cash and equivalents and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. We believe that investors may find these measures useful to monitor leverage and evaluate the balance sheet. Adjusted net income and adjusted net income per share are non-GAAP financial measures that are calculated by the Company as net income and net income per share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliations below. We consider these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of our operating results excluding items that we believe are not indicative of our fundamental ongoing operations. The tax effect of adjustments is computed by applying the statutory tax rate in the applicable jurisdictions to the income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero. Free cash flow is a non-GAAP financial measure that is calculated by the Company as net cash provided by operating activities for a period minus acquisition of stream and royalty interests for that same period. We believe that free cash flow represents an additional way of viewing liquidity as it is adjusted for contractual investments made during such period. Free cash flow does not represent the residual cash flow available for discretionary expenditures. We believe it is important to view free cash flow as a complement to our consolidated statements of cash flows. Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation. Reconciliation of non-GAAP financial measures to U.S. GAAP measures
Adjusted EBITDA, Adjusted EBITDA margin, net debt, and net debt to TTM adjusted EBITDA:
Three Months Ended
June 30,
Six Months Ended
June 30,
(amounts in thousands)
2026
2025
2026
2025
Net income
237,559
$
132,474
$
519,266
$
246,052
Depreciation, depletion and amortization
96,200
31,153
187,075
64,148
Non-cash employee stock compensation
3,294
2,714
6,886
5,911
Fair value changes in equity securities
(21,863
)
(3
)
(27,813
)
34
Gain on settlement of Relief Canyon fixed obligation
(2,575
)
–
(2,575
)
–
Gain on sale of marketable securities
(458
)
–
(14,573
)
–
Interest and other, net
6,459
(1,169
)
16,510
(2,061
)
Income tax expense
58,241
10,538
83,638
20,927
Non-controlling interests in operating income of consolidated subsidiaries
(1,166
)
(125
)
(1,743
)
(205
)
Adjusted EBITDA
$
375,691
$
175,582
$
766,671
$
334,806
Net income margin
53
%
63
%
56
%
61
%
Adjusted EBITDA margin
83
%
84
%
83
%
83
%
Three Months Ended
June 30,
March 31,
December 31,
September 30,
(amounts in thousands)
2026
2026
2025
2025
Net income
$
237,559
$
281,708
$
93,719
$
131,805
Depreciation, depletion and amortization
96,200
90,875
80,031
32,903
Non-cash employee stock compensation
3,294
3,592
2,952
2,942
Acquisition related costs
–
–
13,710
12,798
Fair value changes in equity securities
(21,863
)
(5,950
)
(362
)
–
Gain on settlement of Relief Canyon fixed obligation
(2,575
)
–
–
–
Loss (gain) on sale of marketable securities
(458
)
(14,115
)
50,017
–
Interest and other, net
6,459
10,050
14,838
1,835
Income tax expense
58,241
25,398
52,659
28,704
Non-controlling interests in operating income of consolidated subsidiaries
(1,166
)
(578
)
(108
)
(4,981
)
Adjusted EBITDA
$
375,691
$
390,980
$
307,456
$
206,006
Net income margin
53
%
60
%
25
%
52
%
Adjusted EBITDA margin
83
%
83
%
82
%
82
%
TTM adjusted EBITDA
$
1,280,133
Debt
$
395,892
Debt issuance costs
4,108
Cash and equivalents
(182,468
)
Net debt / (cash)
$
217,532
Net debt / (cash) to TTM adjusted EBITDA
0.17x
Cash G&A:
Three Months Ended
June 30,
Six Months Ended
June,
(amounts in thousands)
2026
2025
2026
2025
General and administrative expense
$
13,445
$
10,269
$
30,976
$
21,333
Non-cash employee stock compensation
(3,294
)
(2,714
)
(6,886
)
(5,911
)
Cash G&A
$
10,151
$
7,555
$
24,090
$
15,422
Three Months Ended
June 30,
Mar 31,
December 31,
September 30,
(amounts in thousands)
2026
2026
2025
2025
General and administrative expense
$
13,445
$
17,531
$
17,638
$
10,213
Non-cash employee stock compensation
(3,294
)
(3,592
)
(2,952
)
(2,942
)
Cash G&A
$
10,151
$
13,939
$
14,686
$
7,271
TTM cash G&A
$
46,047
Adjusted net income and adjusted net income per share:
Three Months Ended
June 30,
Six Months Ended
June 30,
(amounts in thousands, except per share data)
2026
2025
2026
2025
Net income attributable to Royal Gold common stockholders
$
236,393
$
132,349
$
517,523
$
245,847
Fair value changes in equity securities
(21,863
)
(3
)
(27,813
)
34
Gain on settlement of Relief Canyon fixed obligation
(2,575
)
–
(2,575
)
–
Gain on sale of marketable securities
(458
)
–
(14,573
)
–
Withholding tax refund
(9,302
)
–
(11,017
)
Discrete tax benefit for basis adjustment, net of valuation allowance
–
–
–
(12,008
)
Discrete tax benefit for statutory rate change
–
–
(33,657
)
–
Other discrete tax expense (benefit)
–
(4,256
)
–
(4,256
)
Tax effect of adjustments
6,722
1
12,139
(9
)
Adjusted net income attributable to Royal Gold common stockholders
$
218,219
$
118,789
$
451,044
$
218,591
Net income attributable to Royal Gold common stockholders per diluted share
$
2.78
$
2.01
$
6.07
$
3.73
Fair value changes in equity securities
(0.26
)
–
(0.33
)
–
Gain on settlement of Relief Canyon fixed obligation
(0.03
)
–
(0.03
)
–
Gain on sale of marketable securities
(0.01
)
–
(0.17
)
–
Withholding tax refund
–
(0.14
)
–
(0.17
)
Discrete tax benefit for basis adjustment, net of valuation allowance
–
–
–
(0.18
)
Discrete tax benefit for statutory rate change
–
–
(0.40
)
–
Other discrete tax expense (benefit)
–
(0.06
)
–
(0.06
)
Tax effect of adjustments
0.08
–
0.14
–
Adjusted net income attributable to Royal Gold common stockholders per diluted share
$
2.56
$
1.81
$
5.28
$
3.32
Free cash flow:
Three Months Ended
June 30,
Six Months Ended
June 30,
(amounts in thousands)
2026
2025
2026
2025
Net cash provided by operating activities
$
335,153
$
152,802
$
628,715
$
289,171
Acquisition of stream and royalty interests
(50,031
)
(112,733
)
(50,031
)
(170,979
)
Cash calls for Hod Maden equity method investment
(70,000
)
—
(84,700
)
—
Free cash flow
$
215,122
$
40,069
$
493,984
$
118,192
Net cash used in investing activities
$
(117,234
)
$
(112,754
)
$
(83,127
)
$
(171,049
)
Net cash used in financing activities
$
(269,593
)
$
(32,628
)
$
(596,839
)
$
(65,440
)
Other measures
We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and when planning and forecasting for future periods. We believe these measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Other measures used by management in this release and elsewhere include the following:
Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period. Depreciation, depletion, and amortization, or DD&A, per GEO is calculated by the Company as depreciation, depletion, and amortization for a period divided by GEOs (as defined above) for that same period. Working capital is calculated by the Company as current assets as of a date minus current liabilities as of that same date. Liquidity is calculated by the Company as working capital plus available capacity under the Company’s revolving credit facility. Dividend payout ratio is calculated by the Company as dividends paid during a period divided by net cash provided by operating activities for that same period. Schedule B – Stream Segment Sales, Purchases and Inventories
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
As of
June 30, 2026
As of
December 31, 2025
Purchases
Sales
Cost
Purchases
Sales
Cost
Inventory
Inventory
Gold Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Mount Milligan
10,200
9,700
435
8,200
16,600
435
7,200
6,700
Kansanshi
7,500
7,500
912
—
—
—
2,500
2,500
Pueblo Viejo
6,900
7,000
1,222
6,100
5,800
1,017
6,900
7,000
Andacollo
11,300
10,700
707
5,100
3,000
476
4,700
4,100
Rainy River
4,000
4,500
1,181
2,300
2,200
790
1,600
2,100
Xavantina
2,700
1,800
1,795
1,900
1,500
654
1,300
400
Wassa
3,400
4,000
903
2,900
3,100
657
1,700
2,300
Bonikro
1,600
1,300
400
—
—
—
400
—
Greenstone
1,500
1,400
903
—
—
—
400
300
Other
6,700
6,600
Varies
—
—
—
700
700
Total Gold Streams
55,800
54,500
780
26,500
32,200
647
27,400
26,100
Silver Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Pueblo Viejo1
254,000
171,200
19.14
196,900
204,700
10.85
254,000
171,200
Khoemacau
317,400
263,200
15.00
335,300
310,700
6.60
87,300
33,100
Rainy River
66,600
65,500
19.31
74,300
63,300
8.20
23,000
21,900
Cerro Moro
45,800
45,800
22
—
—
—
—
—
South Arturo
36,800
36,800
16
—
—
—
—
—
Woodlawn
19,900
13,000
—
—
—
—
6,900
—
Total Silver Streams
740,500
595,500
16.90
606,500
578,700
8.18
371,200
226,200
Copper Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
Mount Milligan
2.7
2.0
0.89
1.4
2.3
0.58
0.7
—
Chapada
0.6
0.6
1.71
—
—
—
—
—
Total Copper Streams
3.3
2.5
1.03
1.4
2.3
0.58
0.7
—
Zinc Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
CEZinc
1.3
1.3
0.29
—
—
—
—
—
Total Zinc Streams
1.3
1.3
0.29
—
—
—
—
—
Excludes silver permitted to be deferred under the Pueblo Viejo stream agreement. Six Months Ended
June 30, 2026
Six Months Ended
June 30, 2025
As of
June 30, 2026
As of
December 31, 2025
Purchases
Sales
Cost
Purchases
Sales
Cost
Inventory
Inventory
Gold Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Mount Milligan
22,300
19,000
435
24,300
28,400
435
7,200
3,800
Kansanshi
15,100
12,600
949
—
—
—
2,500
—
Pueblo Viejo
13,800
14,600
1,382
11,900
13,500
956
6,900
7,600
Andacollo
19,000
16,300
714
10,600
7,400
441
4,700
2,100
Rainy River
9,800
9,700
1,166
4,700
5,300
735
1,600
1,500
Xavantina
6,700
7,600
1,841
3,200
3,500
619
1,300
2,300
Wassa
7,100
7,900
950
8,000
7,300
600
1,600
2,500
Bonikro
4,300
3,900
400
—
—
—
400
—
Greenstone
3,500
3,100
944
—
—
—
500
—
Other
9,000
8,300
Varies
—
—
—
700
—
Total Gold Streams
110,600
103,000
851
62,700
65,400
588
27,400
19,800
Silver Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Pueblo Viejo1
425,200
384,800
21.95
401,600
424,200
10.39
254,000
213,600
Khoemacau
478,200
489,700
15.35
644,100
629,600
6.47
87,300
98,800
Rainy River
141,900
135,400
19.16
133,000
122,300
8.00
23,000
16,400
Cerro Moro
97,500
97,500
23
—
—
—
—
—
South Arturo
73,100
73,100
17
—
—
—
—
—
Woodlawn
32,600
25,700
—
—
—
—
6,900
—
Total Silver Streams
1,248,500
1,206,200
18.32
1,178,700
1,176,100
7.98
371,200
328,800
Copper Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
Mount Milligan
4.1
4.1
0.89
4.5
4.5
0.61
0.7
0.7
Chapada
2.1
2.1
1.74
—
—
—
—
—
Total Copper Streams
6.2
6.2
1.18
4.5
4.5
0.61
0.7
0.7
Zinc Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
CEZinc
2.5
2.5
0.29
—
—
—
—
—
Total Zinc Streams
2.5
2.5
0.29
—
—
—
—
—
Excludes silver permitted to be deferred under the Pueblo Viejo stream agreement.
On August 05, 2026, Royal Gold Inc (RGLD) shares rose 4.4% to $215.09, showing a positive trend amidst a challenging year-to-date performance of -2.6%. The stoc
Shares of Royal Gold, Inc. (NASDAQ:RGLD – Get Free Report) (TSE:RGL) have received a consensus rating of “Moderate Buy” from the thirteen brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $280.2727.
A number of analysts have recently issued reports on RGLD shares. Scotiabank reiterated a “sector perform” rating and set a $310.00 price objective on shares of Royal Gold in a research note on Tuesday, July 14th. National Bank Financial lowered their price target on shares of Royal Gold from $350.00 to $340.00 and set an “outperform” rating for the company in a report on Friday, April 17th. UBS Group dropped their price target on shares of Royal Gold from $325.00 to $280.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Jefferies Financial Group cut their price objective on shares of Royal Gold from $318.00 to $311.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Finally, Weiss Ratings lowered shares of Royal Gold from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, June 11th.
Read Our Latest Analysis on RGLD
Royal Gold Stock Performance Royal Gold stock opened at $198.35 on Monday. The firm has a market capitalization of $16.83 billion, a PE ratio of 23.64, a price-to-earnings-growth ratio of 1.45 and a beta of 0.44. Royal Gold has a one year low of $150.99 and a one year high of $306.25. The stock’s 50 day moving average price is $205.31 and its 200 day moving average price is $241.23. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.26 and a current ratio of 3.52.
Royal Gold Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Thursday, July 16th. Stockholders of record on Thursday, July 2nd were given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Thursday, July 2nd. Royal Gold’s payout ratio is presently 22.65%.
Insider Activity at Royal Gold In related news, SVP Randy Shefman sold 1,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $243.74, for a total value of $243,740.00. Following the completion of the transaction, the senior vice president owned 9,082 shares of the company’s stock, valued at approximately $2,213,646.68. This represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.35% of the company’s stock.
Hedge Funds Weigh In On Royal Gold A number of institutional investors have recently made changes to their positions in RGLD. Vanguard Group Inc. increased its position in Royal Gold by 25.0% in the 4th quarter. Vanguard Group Inc. now owns 8,398,944 shares of the basic materials company’s stock valued at $1,867,001,000 after acquiring an additional 1,681,577 shares during the period. Capital International Investors acquired a new position in Royal Gold during the 4th quarter worth $332,026,000. Van ECK Associates Corp grew its position in Royal Gold by 18.1% in the 4th quarter. Van ECK Associates Corp now owns 5,900,432 shares of the basic materials company’s stock valued at $1,311,607,000 after buying an additional 905,488 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Royal Gold by 89.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,855,877 shares of the basic materials company’s stock worth $412,543,000 after buying an additional 874,329 shares in the last quarter. Finally, Nuveen LLC lifted its stake in shares of Royal Gold by 457.5% in the 4th quarter. Nuveen LLC now owns 925,906 shares of the basic materials company’s stock worth $205,820,000 after acquiring an additional 759,810 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.
About Royal Gold (Get Free Report)
Royal Gold, Inc, headquartered in Denver, Colorado, is a leading precious metals streaming and royalty company. Through its business model, Royal Gold provides upfront financing to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined prices. This structure allows the company to participate in production upside while minimizing exposure to the operating and capital-intensive aspects of mine ownership.
The company’s portfolio encompasses interests in over 200 streams and royalties on projects across North America, South America, Europe, Africa and Australia.
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On July 30, 2026, Royal Gold Inc (RGLD) shares rose 3.9% to a current price of $203.04. This price is situated within a 52-week range of $150.99 to $306.25, ref
DENVER--(BUSINESS WIRE)--Royal Gold to Participate in the Renmark Financial Communications Virtual Non-Deal Roadshow Series on Tuesday, August 11, 2026.
Key Takeaways Royal Gold sold 69,000 GEOs in Q2, up 8% year over year but below Q1's 96,300 GEOs.RGLD's stream sales jumped to $311 million, while royalty sales are estimated at $137-$142 million.Royal Gold repaid $200 million of debt and settled an outstanding gold delivery with Americas Gold and Silver. Royal Gold, Inc. (RGLD - Free Report) issued a preliminary sales update for second-quarter 2026. In the quarter, Royal Gold sold 69,000 gold equivalent ounces (GEOs), comprising 54,500 ounces of gold, 595,500 ounces of silver, 2.5 million pounds of copper and 1.3 million pounds of lead.
This marks a decrease from 96,300 GEOs sold in the first quarter of 2026 but an increase from 63,900 GEOs sold in the second quarter of 2025.
In the second quarter of 2026, the cost of sales totaled $871 per GEO compared with $596 in the prior year quarter.
The company reported stream segment sales of $311 million compared with $123 million in the second quarter of 2025. Royalty segment sales for the second quarter of 2026 are estimated between $137 million and 142 million. The company posted Royalty segment sales of $51.1 million in the prior year quarter.
During the second quarter, RGLD repaid $200 million of debt. As of June 30, 2026, it had an outstanding balance of $400 million on its revolving credit facility, with $1.0 billion undrawn and available.
Royal Gold’s Other Updates Royal Gold and Americas Gold and Silver Corporation (USAS - Free Report) announced that they reached an agreement during the second quarter of 2026 to settle their outstanding gold delivery. USAS originally entered into a Precious Metals Delivery Agreement with Sandstorm Gold Ltd. in 2019 before Sandstorm Gold was acquired by Royal Gold in 2025. The new deal resolves America's Gold and Silver's outstanding commitment to deliver 8,861 ounces of gold to RGLD between June 2026 and December 2027.
Americas Gold and Silver will clear the outstanding obligation immediately in exchange for 5,000 ounces of gold and 2,652,532 common shares issued at a deemed price of $5.86 per share. RGLD recognized the proceeds from the settlement of the gold delivery as stream sales in the second quarter of 2026, which added $12 million of additional DD&A expense.
RGLD Stock’s Price Performance & Zacks RankIn the past year, Royal Gold shares have gained 24.4% compared with the industry’s growth of 32.3%.
Image Source: Zacks Investment Research
Royal Gold currently has a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q2 Preliminary Results of Other Mining StocksEndeavour Silver Corp. (EXK - Free Report) produced 1.94 million ounces of silver in the second quarter of 2026. This reflected a 31% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025. Endeavour Silver’s total gold production grew 35% year over year to 10,474 ounces. The company’s silver-equivalent ounces production increased 36% year over year.
Fortuna Mining Corp. (FSM - Free Report) produced 72,217 GEO from ongoing operations in the second quarter of 2026, bringing the total first-half production to 145,089 GEOs. With first-half production already exceeding half of Fortuna Mining’s lower-end guidance, the company seems on track to achieve its 2026 production target of 281,000-305,000 GEO. The second-quarter 2026 reported figure marked a 1.4% increase from the year-ago quarter. The reported figure was broadly in line with 72,872 ounces produced in the first quarter of 2026.
DENVER--(BUSINESS WIRE)--Royal Gold Provides Preliminary Financial Information and Details for the Release of Financial Results for the Second Quarter 2026.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in RGLD over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Gold Is Testing Its 200-Day SMA—These 3 Mining Stocks Are the PlayRoyal Gold NASDAQ: RGLD highlighted recent acquisitions, stronger first-quarter results and an expanded development pipeline during a virtual non-deal roadshow hosted by Renmark Financial Communications.
Alistair Baker, senior vice president of investor relations and business development at Royal Gold, said the company’s investment thesis remains centered on “consistent cash flows from precious metals” through a royalty and streaming model, rather than direct mine ownership. He emphasized that the company is “not a mining company” and has limited direct exposure to operating cost inflation.
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The Best Way to Invest in Gold Is...Baker said Royal Gold has seen “a lot of news” over recent quarters that he believes has not yet been fully recognized by the market, adding that gold equities have been under pressure as gold “is taking a bit of a breather.”
Acquisitions Add Scale and Diversification Baker described 2025 as “a very active” and “transformational” year for Royal Gold. He cited the completion of the Sandstorm and Horizon corporate acquisitions, which he said closed in mid-October last year and added growth and diversification to the portfolio.
BHP Stock: The Under-the-Radar Growth Story in CommoditiesThe company also added gold streams at Kansanshi and Warintza. Baker said Kansanshi is a cash-flowing, “world-class copper mine in Zambia,” while Warintza is an emerging Tier 1 development project in Ecuador that Royal Gold hopes will become a world-class producing asset.
Royal Gold also reported internal portfolio developments, including a mine life extension at Mount Milligan to 2045 and potentially beyond. Baker also pointed to Barrick’s work at the Four Mile project in Nevada, which he described as “probably one of the best gold discoveries over the past several decades,” adding that Royal Gold has full exposure to it.
First-Quarter Results Set Records Baker said Royal Gold’s first quarter was the first period to include consolidated results reflecting the recent transactions. The company reported record revenue, cash flow and earnings, including $391 million in adjusted EBITDA for the quarter.
Since the middle of October, Royal Gold has repaid $800 million of debt, increased portfolio reserve life by about 25% from the prior year to 18 years, and sold more than $200 million of non-core equity positions inherited through Sandstorm, Baker said.
The company also raised its dividend at year-end for the 25th consecutive year. Baker said Royal Gold has paid a growing dividend since 2000 and has distributed more than $1 billion to shareholders over time.
Royalty Model Positioned as Lower-Risk Gold Exposure Baker said Royal Gold’s business is highly scalable, with 39 employees and low fixed costs. He said the company’s EBITDA margin in 2025 was 82%, while cash general and administrative costs were about 4% of revenue.
He contrasted the royalty and streaming model with mining operators, which face direct exposure to labor, energy and consumables inflation. Baker said Royal Gold’s costs are more stable, consisting largely of salaries, services and office rent, which should allow margins to expand when metal prices rise.
“Anything that impacts costs impacts margins,” Baker said, adding that higher energy prices could affect operator costs in upcoming quarterly results, while Royal Gold’s margins should remain comparatively consistent.
The company’s portfolio includes more than 360 assets, with about 80 producing revenue and about 30 in development. Baker said more than 250 assets remain at earlier stages, creating potential for future organic growth as projects advance.
Pipeline Includes Multiple Growth Catalysts Royal Gold pointed to several assets expected to contribute over time. Baker said Back River reached commercial production in October and should provide its first full year of contributions this year. Platreef began milling ore in the fourth quarter of last year, and Robertson at the Cortez Complex is expected to begin production in 2027.
Later in the decade, Baker said Royal Gold expects potential new production from Palomarin, Great Bear and Marimaca. After the turn of the decade, he said MARA and Four Mile could contribute in the 2030s.
He also highlighted expansion potential at existing assets, including Khoemacau, where Royal Gold expects about a 30% increase in silver deliveries starting around 2028. At Mount Milligan, Baker said the mine life extension represents “a lot of value” for the company.
Capital Allocation and Valuation in Focus Baker said Royal Gold’s capital allocation priorities remain reinvesting in the business with non-dilutive financing, maintaining a strong balance sheet and liquidity, and returning capital to shareholders.
The company recently added a $600 million accordion feature to its revolving credit facility and received board authorization for a $500 million share repurchase program. Baker said the buyback is discretionary and not tied to a formula or specific valuation levels.
In response to a question about leverage, Baker said Royal Gold could consider reaching three times net debt to EBITDA in “extreme circumstances” for a compelling acquisition, but would want to reduce leverage to two times within a reasonably quick period.
Asked about copper exposure, Baker said gold producers’ interest in copper projects is likely to continue because copper assets often have longer mine lives. He said this could create opportunities for royalty companies when copper projects contain precious metals components. Royal Gold is not targeting a specific revenue mix, he said, but remains comfortable with a portfolio that is about 90% precious metals and roughly 75% to 80% gold.
Baker said Royal Gold believes its share price is not reflecting the company’s recent performance, growth pipeline or the current gold price environment. He said the company is working to improve market understanding of its portfolio through investor outreach, an investor day and an asset handbook detailing the sources of revenue.
About Royal Gold (NASDAQ:RGLD)Royal Gold, Inc, headquartered in Denver, Colorado, is a leading precious metals streaming and royalty company. Through its business model, Royal Gold provides upfront financing to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined prices. This structure allows the company to participate in production upside while minimizing exposure to the operating and capital-intensive aspects of mine ownership.
The company's portfolio encompasses interests in over 200 streams and royalties on projects across North America, South America, Europe, Africa and Australia.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Royal Gold, Inc. (RGLD) Virtual Non-Deal Roadshow Series July 16, 2026 12:00 PM EDT
Company Participants
Alistair Baker - Senior Vice President of Investor Relations & Business Development of Royal Gold Corp.
Conference Call Participants
Noella Alexander-Young
Presentation
Noella Alexander-Young
Hello, and good morning, everyone. Welcome to today's Virtual Non-Deal Roadshow. My name is Noella Alexander-Young, virtual event moderator here at Renmark Financial Communications. On behalf of our team, we'd like to thank everyone in Houston and surrounding areas for joining us today for the presentation of Royal Gold trading on the NASDAQ under the ticker symbol RGLD. Presenting today is Alistair Baker, Senior Vice President of Investor Relations and Business Development. The presentation will last approximately 25 minutes and will be followed by Q&A session for which you can by using the chat box on the top right end corner of your screen.
With that being said I will now hand over to Alistair.
Alistair Baker
Senior Vice President of Investor Relations & Business Development of Royal Gold Corp.
Well, thank you very much, Noella, and thanks, as always, to Renmark for the opportunity to present today. There's been a lot of news at Royal Gold over the past several quarters. A lot of that has not been recognized yet by the market, and gold is taking a bit of a breather. So I think it's pretty timely to give you an update today.
So I'll start with the obligatory comments on forward-looking statements. During today's presentation, I will be making forward-looking statements. There are risks and uncertainties that could cause actual results to differ materially from these statements. And all of these risks and uncertainties are discussed in our most recent Form 10-K filing with the SEC. So during the course of this presentation, I'll give you the investment thesis for Royal
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Clearway Energy, Inc. (CWEN - Free Report) is a clean energy generation assets company. The Zacks Consensus Estimate for its current year earnings has been revised 112.2% downward over the last 60 days.
Royal Gold, Inc. (RGLD - Free Report) is an acquirer and manager of precious metal streams, royalties, and related interests. The Zacks Consensus Estimate for its current year earnings has been revised 13.5% downward over the last 60 days.
Royal Gold is upgraded from Buy to Strong Buy, with the investment case strengthened by record Q1 results and an attractive valuation. RGLD posted its best quarter ever, doubling key metrics year-over-year, and enhanced its balance sheet with $1.1B in liquidity and a $2B revolver. The company derisked its portfolio by converting Hod Maden equity into a royalty, aligning with its core streaming model and reducing capital commitments.
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Royal Gold is attractively valued, offering leveraged gold exposure without the risks of physical ownership. RGLD posted Q1 2026 revenue up 142.5% YoY, driven by higher gold prices and recent acquisitions, with an 83% adjusted EBITDA margin. With a robust pipeline—79 producing properties and a strong balance sheet—RGLD is positioned for sustained growth and further acquisitions.
BCS Wealth Management boosted its stake in shares of Royal Gold, Inc. (NASDAQ:RGLD – Free Report) (TSE:RGL) by 89.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,286 shares of the basic materials company’s stock after purchasing an additional 19,478 shares during the quarter. BCS Wealth Management’s holdings in Royal Gold were worth $9,178,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its position in shares of Royal Gold by 52.8% in the fourth quarter. SG Americas Securities LLC now owns 17,671 shares of the basic materials company’s stock valued at $3,928,000 after acquiring an additional 6,109 shares during the period. Louisbourg Investments Inc. bought a new stake in shares of Royal Gold in the fourth quarter valued at about $3,938,000. Prospera Financial Services Inc bought a new stake in shares of Royal Gold in the third quarter valued at about $1,068,000. Financiere des Professionnels Fonds d investissement inc. boosted its position in shares of Royal Gold by 275.8% in the third quarter. Financiere des Professionnels Fonds d investissement inc. now owns 6,656 shares of the basic materials company’s stock valued at $1,335,000 after acquiring an additional 4,885 shares during the period. Finally, Ruffer LLP bought a new stake in shares of Royal Gold in the third quarter valued at about $16,636,000. 83.65% of the stock is owned by institutional investors.
Insider Activity at Royal Gold In related news, Director Mark Isto sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $274.83, for a total value of $549,660.00. Following the sale, the director directly owned 20,043 shares in the company, valued at $5,508,417.69. This represents a 9.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William M. Hayes sold 4,173 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $277.07, for a total value of $1,156,213.11. Following the completion of the sale, the director owned 6,129 shares in the company, valued at $1,698,162.03. The trade was a 40.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,573 shares of company stock worth $2,127,091 over the last ninety days. Insiders own 0.49% of the company’s stock.
Analysts Set New Price Targets A number of research analysts recently commented on the company. Scotiabank downgraded Royal Gold from a “sector outperform” rating to a “sector perform” rating and set a $335.00 price target for the company. in a research note on Monday, January 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Royal Gold in a research note on Thursday, January 22nd. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating and issued a $330.00 price target on shares of Royal Gold in a research note on Wednesday, February 4th. Finally, Zacks Research downgraded Royal Gold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $260.56.
Get Our Latest Report on RGLD
Royal Gold Stock Performance Royal Gold stock opened at $271.52 on Wednesday. The business has a 50 day moving average of $266.38 and a 200-day moving average of $233.41. Royal Gold, Inc. has a 1 year low of $150.75 and a 1 year high of $306.25. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 2.91. The company has a market capitalization of $23.04 billion, a P/E ratio of 39.87, a P/E/G ratio of 1.59 and a beta of 0.55.
Royal Gold (NASDAQ:RGLD – Get Free Report) (TSE:RGL) last released its quarterly earnings data on Wednesday, February 18th. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.68 by ($0.76). Royal Gold had a net margin of 45.26% and a return on equity of 11.89%. The firm had revenue of $310.83 million during the quarter, compared to analyst estimates of $425.47 million. During the same period in the prior year, the company earned $1.63 EPS. The business’s quarterly revenue was up 85.2% compared to the same quarter last year. On average, equities research analysts predict that Royal Gold, Inc. will post 6.2 earnings per share for the current year.
Royal Gold Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Thursday, April 16th. Investors of record on Thursday, April 2nd will be issued a $0.475 dividend. The ex-dividend date is Thursday, April 2nd. This represents a $1.90 annualized dividend and a yield of 0.7%. Royal Gold’s dividend payout ratio is presently 27.90%.
Royal Gold Profile (Free Report)
Royal Gold, Inc, headquartered in Denver, Colorado, is a leading precious metals streaming and royalty company. Through its business model, Royal Gold provides upfront financing to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined prices. This structure allows the company to participate in production upside while minimizing exposure to the operating and capital-intensive aspects of mine ownership.
The company’s portfolio encompasses interests in over 200 streams and royalties on projects across North America, South America, Europe, Africa and Australia.
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Royal Gold, Inc. (TSX:RGL) has been awarded a ‘Buy' rating and $325 price target in initial coverage from UBS analysts, who cited a combination of improving production growth visibility, a more diversified asset base, and potential for a valuation re-rating. Shares of Royal Gold traded hands at $272 on Wednesday afternoon.
U.S. GoldMining (NASDAQ:USGO – Get Free Report) and Royal Gold (NASDAQ:RGLD – Get Free Report) are both basic materials companies, but which is the better business? We will compare the two businesses based on the strength of their analyst recommendations, profitability, valuation, institutional ownership, earnings, risk and dividends.
Analyst Ratings This is a breakdown of recent ratings and recommmendations for U.S. GoldMining and Royal Gold, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score U.S. GoldMining 1 0 1 0 2.00 Royal Gold 1 3 8 0 2.58 U.S. GoldMining presently has a consensus price target of $30.75, indicating a potential upside of 132.43%. Royal Gold has a consensus price target of $273.64, indicating a potential upside of 8.43%. Given U.S. GoldMining’s higher probable upside, equities analysts clearly believe U.S. GoldMining is more favorable than Royal Gold.
Earnings and Valuation This table compares U.S. GoldMining and Royal Gold”s top-line revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio U.S. GoldMining N/A N/A -$6.99 million ($0.54) -24.50 Royal Gold $1.03 billion 20.78 $467.27 million $6.81 37.06 Royal Gold has higher revenue and earnings than U.S. GoldMining. U.S. GoldMining is trading at a lower price-to-earnings ratio than Royal Gold, indicating that it is currently the more affordable of the two stocks.
Insider & Institutional Ownership 0.5% of U.S. GoldMining shares are held by institutional investors. Comparatively, 83.7% of Royal Gold shares are held by institutional investors. 2.5% of U.S. GoldMining shares are held by insiders. Comparatively, 0.4% of Royal Gold shares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock will outperform the market over the long term.
Profitability This table compares U.S. GoldMining and Royal Gold’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets U.S. GoldMining N/A -151.85% -128.56% Royal Gold 45.26% 11.89% 9.70% Risk & Volatility U.S. GoldMining has a beta of 2.11, meaning that its stock price is 111% more volatile than the S&P 500. Comparatively, Royal Gold has a beta of 0.55, meaning that its stock price is 45% less volatile than the S&P 500.
Summary Royal Gold beats U.S. GoldMining on 10 of the 13 factors compared between the two stocks.
About U.S. GoldMining (Get Free Report)
U.S. GoldMining Inc., an exploration stage company, engages in the exploration and development of mineral properties in the United States. The company's primary asset is the 100%-owned Whistler exploration property, a gold-copper exploration project comprising mining claims totaling 53,700 acres located in Yentna Mining District, Alaska. The company was incorporated in 2015 and is based in Vancouver, Canada. U.S. GoldMining Inc. operates as a subsidiary of GoldMining Inc.
About Royal Gold (Get Free Report)
Royal Gold, Inc., together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. The company engages in acquiring stream and royalty interests or to finance projects that are in production, development, or in the exploration stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, and other metals. Its stream and royalty interests on properties are located in the United States, Canada, Chile, the Dominican Republic, Australia, Africa, Mexico, Botswana, and internationally. Royal Gold, Inc. was incorporated in 1981 and is headquartered in Denver, Colorado.
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DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) announced today that management will present in the live Virtual Non-Deal Roadshow Series hosted by Renmark Financial Communications Inc.
Alistair Baker, Senior Vice President, Investor Relations and Business Development, will present on Tuesday, May 12, at 12:00 p.m. ET (10:00 a.m. MT), and access to a replay of the event will be available on our website later that week or may be accessed on the Renmark Financial Communications Inc. website at https://www.renmarkfinancial.com/vndrs.
To ensure smooth connectivity, please access the link above using the latest version of Google Chrome.
Corporate Profile
Royal Gold is a high-margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals and mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) released financial results for the quarter ended March 31, 2026 ("first quarter").
“The record first quarter results reflect the transformative activities we undertook in 2025,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “We added significant scale and growth potential to our portfolio and the contributions from the new interests combined with our legacy portfolio and strong metal prices drove substantial increases in revenue, cash flow and earnings."
"We have a long record of successful capital allocation and growing per share value," continued Mr. Heissenbuttel, "and we have added two new tools that provide flexibility to add further value in the future depending on market conditions. As described in more detail below, we have reestablished our accordion feature under the $1.4 billion revolving credit facility, which positions us with ready access to capital to compete for the largest transactions. At the same time, our Board has approved a share repurchase program, which provides the ability to act opportunistically when the market does not appear to be reflecting the value and outlook for Royal Gold.”
First Quarter Highlights
Financial/Operating
Record revenue of $469.1 million (compared to $193.4 million in the prior year period) Revenue split by commodity: 71% gold, 16% silver, 10% copper Record operating cash flow of $293.6 million (compared to $136.4 million in the prior year period) Record net income of $281.1 million ($3.30 per share), and adjusted net income1 of $232.9 million ($2.72 per share) (compared to $113.5 million and $99.8 million, respectively, in the prior year period) Sales volume of 96,300 GEOs2 (compared to 67,600 in the prior year period) Adjusted EBITDA margin1 of 83% (compared to 82% in the prior year period) Corporate
Repaid $300 million on the revolving credit facility, increasing total available liquidity to approximately $1.1 billion Paid quarterly dividend of $0.475 per share, a 6% increase over the prior year period Completed the restructuring of equity and debt interests in Bear Creek Mining Corporation ("Bear Creek") in return for increased royalty interests, cash and shares in Highlander Silver Corp. ("Highlander"), which were sold for a realized gain of $9.9 million Post Quarter Events
Paid a further $50 million advance payment under the stream agreement to Solaris Resources Inc. ("Solaris") following technical approval of the environmental impact assessment ("EIA") and publication of a pre-feasibility study ("PFS") for the Warintza Project Repaid $75 million on the revolving credit facility, reducing the amount currently drawn to $525 million and increasing the amount available and undrawn to $875 million Added new $600 million uncommitted accordion facility to the $1.4 billion revolving credit facility Board of Directors authorized a $500 million share repurchase program Revenue Summary
Three Months Ended
March 31,
Revenue (millions)
2026
2025
% Change
Gold
$
333.9
$
145.7
129.1 %
Silver
73.0
23.6
209.4 %
Copper
46.7
16.8
177.6 %
Other Metals
15.5
7.3
112.9 %
Total revenue
$
469.1
$
193.4
142.5 %
GEOs2
96,300
67,600
42.5 %
Revenue split stream / royalty
67% / 33%
63% / 37%
Outlook for 2026
Royal Gold provided guidance for 2026 metal sales volumes, depreciation, depletion and amortization ("DD&A") expense and effective tax rate in March, 2026. We are currently forecasting that performance against these metrics will be within the ranges provided.
2026 Guidance Ranges
Actual Performance Through
March 31, 2026
Total Sales
Gold
(oz)
290,000–320,000
68,401
Silver
(M oz)
3.0–3.5
0.9
Copper
(M lb)
21.0–25.0
8.0
Other Metals
(M)
$34–$38
$16
DD&A
(M)
$339–379
$91
Effective Tax Rate
17–22%
19.5%*
* Year to date effective tax rate excluding discrete tax items.
Acquisitions and Corporate Activity
Enhanced Royalty Exposure at Corani and Mercedes and Sale of Highlander Silver Shares
As previously announced, we entered into agreements on December 18, 2025, to restructure equity, debt and other interests in Bear Creek and its assets in return for increased royalty exposure to Bear Creek’s Corani Project in Peru, a new royalty interest over the Mercedes Mine in Mexico, cash, and shares in Highlander. This restructuring helped facilitate an agreement between Highlander and Bear Creek to combine their businesses. On February 26, 2026, our shares of Bear Creek were exchanged for shares of Highlander at a conversion of 0.1175 Highlander shares per one Bear Creek share. On March 27, 2026, we sold our shares in Highlander for a net realized gain of $9.9 million.
After these transactions, our interests on Highlander's assets include a total 2.75% net smelter return ("NSR") royalty interest on the Corani Project and a 2.0% NSR royalty interest on the Mercedes Mine.
Payment to Solaris Resources Upon EIA Approval
Subsequent to the end of the first quarter on April 14, 2026, after technical approval of the EIA and publication of a PFS for the Warintza project, we paid Solaris the next advance payment of $50 million of the total $100 million outstanding conditional funding under the stream agreement dated May 21, 2025. The remaining $50 million will be due to Solaris on or after May 21, 2026, subject to satisfaction of remaining conditions.
Enhanced Flexibility With Additional Capital Allocation Tools
Our capital allocation strategy remains unchanged, and we remain committed to paying a growing and sustainable dividend, maintaining a strong balance sheet and liquidity, and reinvesting in our business when we see accretive growth opportunities. This approach requires flexibility to address changing market conditions and we have recently added two new tools to help continue executing this strategy and prepare for a range of circumstances while maintaining balance sheet strength, access to liquidity, and a long-term focus on per-share value creation.
NEW $600 MILLION ACCORDION FEATURE ADDED TO THE $1.4 BILLION REVOLVING CREDIT FACILITY
On May 5, 2026, we entered into a seventh amendment to the revolving credit facility that added a new $600 million uncommitted accordion feature to the revolving credit facility. The new accordion feature permits the Company to request additional commitments from the credit facility bank syndicate that would increase aggregate commitments under the revolving credit facility to up to $2.0 billion, subject to customary conditions, including the consent of each lender providing an additional commitment.
We believe this accordion feature, if exercised, should provide sufficient additional liquidity to allow us to remain competitive and act quickly on larger opportunities in the current healthy transaction market.
AUTHORIZATION OF A $500 MILLION SHARE REPURCHASE PROGRAM
On May 4, 2026, the Board of Directors approved a $500 million share repurchase program under which we may purchase shares from time to time through open market purchases or by other means. The manner, timing, pricing and amount of any repurchases will be subject to management's discretion and may be based upon market conditions and alternative opportunities for the use or investment of capital. Although the Board of Directors has authorized the share repurchase program, we are not obligated to repurchase any specific dollar amount or to acquire any specific number of shares under the program.
This program is intended to be used in those circumstances when we believe there is a significant difference between the market value of Royal Gold shares and what we believe is the intrinsic value and outlook for the company.
Portfolio Revenue and Developments
Overall Revenue and Realized Metal Prices
Three Months Ended
March 31,
Revenue by Region (millions)
2026
2025
North America
$
258.0
55
%
$
140.8
73
%
South and Central America
110.2
23
%
22.3
12
%
Europe, Middle East, Africa (EMEA)
84.8
18
%
22.4
12
%
Australia Pacific
16.1
3
%
8.0
4
%
Total revenue
$
469.1
$
193.4
Three Months Ended
March 31,
Realized Metal Prices
2026
2025
Change
Gold
($/oz)
$4,873
$2,860
70%
Silver
($/oz)
$84.33
$31.88
164%
Copper
($/lb)
$5.83
$4.24
38%
North America
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
March 31,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
Mount Milligan**
Gold, copper
35% of payable gold and 18.75% of payable copper
$
57,322
$
42,808
Pueblo Viejo**
Gold, silver
7.5% of Barrick's interest in payable gold and 75% of Barrick's interest in payable silver
55,869
28,751
Cortez**
Legacy Zone
Gold
Approx. 9.0% GSR Equivalent
16,426
11,143
CC Zone
Gold
Approx. 1.6%–2.6% GSR Equivalent
8,793
3,554
Rainy River
Gold, silver
6.5% of gold produced and 60% of silver produced
31,215
10,422
Peñasquito
Gold, silver, lead, zinc
2.0% NSR
26,403
15,409
Greenstone
Gold
2.375% of payable gold
8,186
–
Red Chris
Gold, copper
1.0% NSR
7,000
4,477
Voisey's Bay
Copper, nickel, cobalt
2.7% NVR
6,065
2,499
Robinson
Gold, copper
3.0% NSR
5,378
4,397
Manh Choh
Gold, silver
3.0% NSR, 28% NSR (silver)
5,153
5,623
Leeville
Gold
1.8% NSR
3,642
1,627
Marigold
Gold
2.0% NSR
3,622
2,157
LaRonde Zone 5
Gold
2.0% NSR
3,507
1,173
South Arturo
Silver
40% of silver produced
3,236
–
Other -
North America
Various
Various
16,179
6,731
Total revenue - North America
$
257,996
$
140,770
* For a full description of the Company’s stream and royalty interests as of March 13, 2026, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Mount Milligan: On February 19, 2026, Centerra Gold Inc. ("Centerra") provided Mount Milligan production guidance for 2026. Centerra expects gold production to range between 140,000 and 155,000 ounces, with gold production and sales expected to be higher in the second and third quarters of 2026, reflecting planned mine sequencing. Centerra also expects copper production to range between 50 and 60 million pounds, with copper production and sales expected to be evenly weighted throughout 2026. On April 29, 2026, Centerra reported gold and copper production of 29,572 ounces and 14.2 million pounds, respectively, in the first quarter. According to Centerra, this production was in line with the recently announced PFS mine plan and is on track with full year 2026 guidance.
Pueblo Viejo: On February 27, 2026, Barrick Mining Corporation ("Barrick") released an updated National Instrument 43-101 Technical Report on the Pueblo Viejo mine, which indicates that existing reserves and additional tailings capacity from the new Naranjo tailings storage facility (“TSF”) support open pit mining operations until 2048, with the processing of low-grade ore stockpiles and limestone re-handling continuing to 2049. Per the technical report, tailings from the recently expanded process plant will continue to be deposited in the existing El Llagal TSF until the end of life of that facility in 2030. Thereafter, tailings will be deposited into the Naranjo TSF. Construction of the Naranjo TSF is underway after early works began in late 2025 as previously reported by Barrick.
Cortez: In its 2025 Annual Information Form issued in February 2026, Barrick reported mine life expectations from currently producing areas within the Cortez Complex based on existing reserves and production capacity. According to Barrick, production at the Cortez open pit operation, which includes the Pipeline/Crossroads complex and Cortez Pits, is expected to continue until 2030; the underground operation, which includes the Goldrush mine, is expected to continue until 2044. These estimates exclude the potential contribution of new production from the Robertson and Fourmile projects.
Rainy River: On March 23, 2026, Coeur Mining Inc. ("Coeur”) provided a corporate update and filed a technical report summary for the Rainy River mine following the March 20, 2026, completion of the acquisition of New Gold Inc. According to Coeur, production guidance for the remaining nine months of 2026 is expected to range between 230,000 and 275,000 ounces for gold and 350,000 and 450,000 ounces for silver.
Peñasquito: On February 19, 2026, Newmont Corporation ("Newmont") provided 2026 production guidance of 185,000 ounces of gold, 32 million ounces of silver, 90,000 tonnes of lead and 220,000 tonnes of zinc. According to Newmont, gold production is expected to decrease in 2026 due to the ramp-down of mining at Peñasco Phase 7 as planned and silver production is expected to increase, while production of lead and zinc is expected to decrease largely due to grades milled, including increased stockpile processing.
Greenstone: On March 30, 2026, Equinox Gold Corp. (“Equinox”) issued a press release highlighting the results of an updated technical report on the Greenstone mine. According to Equinox, the immediate focus is executing the ramp-up and achieving sustained milling capacity of 27,000 tonnes per day, which is expected to allow average annual gold production of approximately 320,000 ounces until 2036. Equinox also disclosed additional opportunities to further optimize the operation including increasing mill throughput toward 30,000 tonnes per day, incorporating higher-grade underground resources into future mine plans, and advancing near-mine and regional exploration targets on the 400 square kilometer land package.
Red Chris: On February 19, 2026, Newmont provided 2026 production guidance of 35,000 ounces of gold and 20,000 tonnes of copper (70% interest), which includes stockpile processing during planned stripping in the open pit. Further according to Newmont, work continues on advancing the feasibility study and permitting work for the block cave expansion.
Voisey's Bay: On April 16, 2026, Vale S.A. ("Vale") reported record production in the first quarter at the Long Harbour refinery supported by stable operations at the underground mines. According to Vale, nickel production at Long Harbour sourced from Voisey's Bay increased by 4,000 tonnes over the prior year period to 10,500 tonnes.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Great Bear (2.0% NSR royalty): On April 29, 2026, Kinross Gold Corporation ("Kinross") provided an update on activity at the Great Bear Project in Ontario. According to Kinross, detailed engineering of the Main Project was 45% complete, and the Advanced Exploration program surface construction was approximately 90% complete with the remaining permits received in April. Kinross also reported in February 2026 that the Ontario Minister of Energy and Mines officially designated the Great Bear Main Project for inclusion in the streamlined "One Project, One Process" permitting framework.
South and Central America
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended March 31,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
Xavantina
Gold
25% of gold produced
$
28,273
$
5,377
Andacollo**
Gold
100% of payable gold
27,151
12,744
Antamina
Copper, zinc, molybdenum
1.66% NPI
13,011
–
Chapada
Copper
4.2% of payable copper
9,405
–
Caserones
Copper, molybdenum
0.63% NSR
6,151
–
El Limón
Gold, silver
3.0% NSR
4,741
3,279
Fruta del Norte
Gold, silver
0.9% NSR (precious metals)
4,701
–
Cerro Moro
Silver
9% of silver produced
4,125
–
Aurizona
Gold
3.0%-5.0% sliding-scale NSR
3,155
–
Vale Northern and Southeastern Systems
Iron, gold, copper
Various
2,765
–
Other -
South and Central America
Various
Various
6,755
929
Total revenue - South and Central America
$
110,233
$
22,329
* For a full description of the Company’s stream and royalty interests as of March 13, 2026, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Andacollo: Teck Resources Limited ("Teck") expects 2026 gold production at Andacollo to range between 38,000 and 42,000 ounces compared to actual gold production of 35,900 ounces in 2025. On April 22, 2026, Teck reaffirmed previously-disclosed copper production guidance, and expects copper production at Andacollo to range from 45,000 to 55,000 tonnes per year in each of 2026 and 2027, before declining to a range of 35,000 to 45,000 tonnes in 2028. Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future.
Antamina: On April 23, 2026, Teck reported first quarter production in line with the mine plan and reaffirmed guidance for its share of 2026 production of 95,000 to 105,000 tonnes of copper and 35,000 to 45,000 tonnes of zinc.
Xavantina: On May 4, 2026, Ero Copper Corp. (“Ero”) reported first quarter results and confirmed 2026 gold production guidance of 40,000 to 50,000 ounces, with mining rates, mill throughput and processed grades projected to improve as upgrades to ventilation and cooling infrastructure become fully operational (substantially complete at the end of April). As a result, Ero expects production at Xavantina to be weighted towards the second half of 2026. Ero also reported the sale of 4,311 ounces of gold in concentrate in the first quarter, with gold concentrate sales volumes expected to benefit from drier conditions in the second and third quarters following the end of the rainy season.
Chapada: On February 19, 2026, Lundin Mining Corporation ("Lundin Mining") reported that an updated technical report incorporating a PFS on the Saúva expansion, which is a near-mine opportunity to add approximately 10,000 to 15,000 tonnes of copper and 35,000 to 45,000 ounces of gold production per year, is expected in the second half of 2026. A 13,700 meter exploration drilling program is planned at Chapada in 2026, primarily targeting Saúva to further define higher-grade resources for conversion to reserves.
Fruta del Norte: On February 19, 2026, Lundin Gold Inc. (“Lundin Gold”) provided 2026 gold production guidance for the Fruta del Norte mine (“FDN”) of 475,000 to 525,000 ounces based on an average throughput rate of 5,500 tonnes per day. Lundin Gold also reported that it expects to make a single, integrated investment decision in 2026 informed by analysis of the most efficient mining rates at both FDN and FDN South, and options for increasing processing capacity beyond 5,500 tonnes per day.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Warintza (Gold stream and NSR royalty): On April 9, 2026, Solaris announced that it received the technical approval of the EIA for the Warintza Project in southeastern Ecuador. According to Solaris, the approval followed an extensive technical review process conducted by a multidisciplinary team from the Ministry of Environment and Energy. Further according to Solaris, the Warintza Project will advance through the remaining stages of Ecuador’s environmental licensing and development approval process to support the granting of Warintza’s Mining Exploitation Agreements, with Solaris targeting a fully permitted project by the end of 2026.
EMEA
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
March 31,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
Kansanshi**
Gold
75 ounces of gold per million pounds of recovered copper produced
$
25,511
$
–
Khoemacau
Silver
100% of payable silver
19,568
9,962
Wassa
Gold
10.5% of payable gold
18,809
12,419
Bonikro
Gold
6% of gold produced
13,156
–
Houndé
Gold
2.0% NSR
4,858
–
Blyvoor
Gold
10% of payable gold
2,452
–
Other - EMEA
Various
Various
421
–
Total revenue - EMEA
$
84,775
$
22,381
* For a full description of the Company’s stream and royalty interests as of March 13, 2026, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Kansanshi: On April 28, 2026, First Quantum Minerals Ltd. ("First Quantum") reported first quarter copper production of 45,345 tonnes, 2,310 tonnes lower than the previous quarter due to lower feed grades and recoveries, which was partially mitigated by higher throughput attributable to the S3 circuit. According to First Quantum, S3 throughput increased steadily during the quarter, with ore milled peaking in March, driven by higher operating time, strong utilization, and milling rates stabilizing approximately 25% above design capacity. First Quantum expects S3 to continue to take a high proportion of feed from surface stockpiles, which are lower grade than fresh mine ore grades, until the mining pre-strip at South East Dome is completed. First Quantum confirmed that copper production guidance for 2026 remains unchanged at 175,000 to 205,000 tonnes.
Khoemacau: On April 21, 2026, MMG Limited ("MMG") reported that after temporary impacts in the first quarter, mining activities are expected to improve in the coming quarters with the full deployment of new equipment, advancement of development activities, and expanded access to Zone 5 North. MMG also reported that construction of the paste fill plant, which is designed to enhance ore recovery and reduce stope dilution, is advancing with commissioning now expected in the second quarter of 2026. MMG further reported that the expansion to 130,000 tonnes of copper concentrate per year remains on track for first concentrate production in the first half of 2028, and a PFS for the next expansion phase of up to 200,000 tonnes of copper in concentrate per year commenced at the start of 2026.
Wassa: On April 20, 2026, Chifeng Jilong Gold Mining Co., Ltd. ("Chifeng") published the proxy circular related to the issue of new shares as part of a strategic investment agreement with Zijin Gold (Group) Ltd. ("Zijin"). Zijin will invest approximately $1.2 billion of new capital in Chifeng with approximately half the proceeds allocated to expansion and exploration at overseas mines, including Wassa. At Wassa specifically, Chifeng intends to use the proceeds for various projects including infill drilling to upgrade reserve and resources; the construction of a decline ramp at Father Brown (scheduled to commence in 2026); construction of a new 1.2 million tonne per year processing plant in the southern area; expansion and upgrade of the existing processing plant, targeting a 500,000 tonne per year increase in processing capacity; continued open-pit development, stripping and related works at the Benso open-pit mine; and construction of a new tailings storage facilities in the southern area.
Houndé: On March 5, 2026, Endeavour Mining plc reiterated 2026 gold production guidance of 220,000 to 255,000 ounces, with production weighted towards the second half of 2026 due to mining and processing of higher average grades from the Vindaloo Main pit following waste stripping in the first half of the year.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Platreef: On April 23, 2026, Ivanhoe Mines Ltd. (“Ivanhoe”) reported that Shaft #3 construction was completed on schedule, which is expected to increase hoisting capacity to approximately 5 million tonnes per year to support the Phase 1 ramp-up and Phase 2 expansion. Ivanhoe also reported that the Phase 2 concentrator is on track for completion at the end of 2027, and Shaft #2 widening has commenced with a target to hoist ore by the end of 2029.
Hod Maden (30% joint venture interest): On March 4, 2026, SSR Mining Inc. ("SSR"), the operator of the Hod Maden Project, announced that it is undertaking a strategic review of its interests in Türkiye, which includes its interest in the Hod Maden joint venture. On May 5, 2026, SSR provided a further update and reported that it intends to incur minimal capital costs at the project while the review process is ongoing, and it intends to provide an update on the review before the end of the third quarter of 2026.
Australia Pacific
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
March 31,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
Bellevue
Gold
2.0% NSR
$
4,032
$
1,339
South Laverton
Gold
1.5% NSR, 4.0% NPI
3,770
2,492
King of the Hills
Gold
1.5% NSR
2,352
1,585
Gwalia
Gold
1.5% NSR
2,066
1,087
Other -
Australia Pacific
Various
Various
3,901
1,453
Total revenue - Australia Pacific
$
16,121
$
7,956
* For a full description of the Company’s stream and royalty interests as of March 13, 2026, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Bellevue: On April 28, 2026, Bellevue Gold Limited ("Bellevue") reported a significant increase in gold production during the quarter, and production remains on track to meet guidance of 130,000 to 150,000 ounces for the fiscal year ending June 30, 2026. According to Bellevue, milled grades increased significantly as ore sourced from higher-grade parts of the mine increased in line with the mine schedule, and first development in ore at the higher grade Deacon North mining area is scheduled in the June 2026 quarter. Bellevue also reported that the surface drilling program finished its first complete quarter of drilling, notably intersecting a new high-grade structure (3.44 meters grading 18.45 grams per tonne from 391 meters) near the Marceline mining area that is currently being investigated further.
First Quarter 2026 Overview
For the first quarter, we recorded net income attributable to Royal Gold stockholders of $281.1 million, or $3.31 per basic share and $3.30 per diluted share, as compared to net income of $113.5 million, or $1.72 per basic and diluted share, for the three months ended March 31, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities, partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.
Revenue
For the first quarter, we recognized total revenue of $469.1 million, comprised of stream revenue of $312.8 million and royalty revenue of $156.3 million at an average gold price of $4,873 per ounce, an average silver price of $84.33 per ounce and an average copper price of $5.83 per pound. This is compared to total revenue of $193.4 million for the three months ended March 31, 2025, comprised of stream revenue of $122.5 million and royalty revenue of $71.0 million, at an average gold price of $2,860 per ounce, an average silver price of $31.88 per ounce and an average copper price of $4.24 per pound.
The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm Gold Ltd. ("Sandstorm") and Horizon Copper Corp. ("Horizon") assets, higher gold sales at Andacollo, Xavantina and Rainy River, and higher production from Peñasquito. These increases were partially offset by lower sales from Mount Milligan when compared to the prior year period.
Cost of Sales and Other Costs
Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.3 million for the three months ended March 31, 2026, from $24.5 million for the three months ended March 31, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Xavantina and Rainy River. These increases were partially offset by lower gold sales at Mount Milligan when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.
General and administrative costs increased to $17.5 million for the three months ended March 31, 2026, from $11.1 million for the three months ended March 31, 2025. The increase compared to the prior year period was primarily due to higher employee related costs and higher corporate costs as a result of the Sandstorm and Horizon acquisition.
DD&A expense increased to $90.9 million for the three months ended March 31, 2026, from $33.0 million for the three months ended March 31, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.
During the three months ended March 31, 2026, we realized a gain from the sale of marketable securities of $14.1 million. The gain was primarily due to the sale of the Highlander shares.
Interest and other expense increased to $13.2 million for the three months ended March 31, 2026, from $1.2 million for the three months ended March 31, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended March 31, 2026, amounts outstanding under our revolving credit facility averaged $756.4 million at an average all-in borrowing rate of 5.0% compared to no outstanding debt for the three months ended March 31, 2025.
For the three months ended March 31, 2026, we recorded income tax expense of $25.4 million, compared to $10.4 million for the three months ended March 31, 2025. The income tax expense resulted in an effective tax rate of 8.3% in the current period, compared with 8.4% for the three months ended March 31, 2025. The income tax expense for the three months ended March 31, 2026, included a $33.7 million discrete benefit related to a change in foreign tax rate. The three months ended March 31, 2025, included a $12.0 million discrete benefit, net of valuation allowance, for additional recoverable basis in foreign jurisdictions and a $1.7 million discrete benefit related to a withholding tax refund on a foreign royalty.
Cash Flows
Net cash provided by operating activities totaled $293.6 million for the three months ended March 31, 2026, compared to $136.4 million for the three months ended March 31, 2025. The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $198.1 million, partially offset by higher income tax payments of $20.3 million, higher general and administrative payments of $10.4 million and higher interest payments on outstanding debt of $10.5 million when compared to the prior year period.
Net cash provided by investing activities totaled $34.1 million for the three months ended March 31, 2026, compared to net cash used in investing activities of $58.3 million for the three months ended March 31, 2025. The current period change was primarily due to cash proceeds of $49.0 million from the sale of Highlander shares and other marketable securities, partially offset by cash calls of $14.7 million for the Hod Maden equity method investment. The prior period change was primarily due to the $50.0 million payment for the acquisition of the additional Xavantina stream.
Net cash used by financing activities totaled $327.2 million for the three months ended March 31, 2026, compared to net cash used in financing activities of $32.8 million for the three months ended March 31, 2025. The increase was primarily due to higher debt repayments of $300.0 million and higher dividend payments of $10.6 million, partially offset by higher proceeds from the exercise of Sandstorm assumed options of $20.2 million when compared to the prior year period.
Liquidity
Total liquidity at the end of the first quarter was approximately $1.1 billion, which consisted of $295.2 million of working capital and $800 million undrawn and available under the revolving credit facility.
At March 31, 2026, we had $600 million of outstanding debt drawn on the revolving credit facility. Subsequent to the end of the quarter on April 13, 2026, we repaid $75 million of this amount, resulting in $525 million outstanding and $875 million available as of the date of this press release, excluding the uncommitted accordion feature. In keeping with Royal Gold’s capital allocation strategy to repay outstanding debt as cash flow allows, the Company expects to repay the outstanding balance from future cash flow by early first quarter 2027 at current metal prices and absent further acquisitions.
At March 31, 2026, our contractual cash obligations comprised the conditional Warintza funding and operating leases. With respect to the Warintza funding, subsequent to the end of the first quarter we paid $50.0 million to Solaris after technical approval of the EIA and publication of a PFS for the project, and we expect to pay the final $50.0 million in or after May 2026, subject to satisfaction of certain conditions including registration of security in Ecuador.
First Quarter 2026 Call Information
Management’s conference call reviewing the first quarter results will be held on Thursday, May 7, 2026, at 12:00 pm Eastern Time (10:00 am Mountain Time). The call will be webcast live and archived on the Company’s website for a limited time.
Corporate Profile
Royal Gold is a high margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words such as “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including our 2026 guidance; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity and capital expenditures; opportunities for, and anticipated benefits from investments, acquisitions and other transactions; receipt and timing of future metal deliveries and sales of metals, including deferred amounts at Pueblo Viejo; anticipated liquidity, capital resources, financing, and stockholder returns; borrowings and repayments under our revolving credit facility; and prices for gold, silver, copper and other metals.
Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon; failure to realize the anticipated benefits from the Sandstorm and Horizon acquisition in the timeframe expected or at all; risks associated with joint arrangement interests acquired as part of the Sandstorm and Horizon acquisition; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including Item 1A, Risk Factors of our most recent Annual Report. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release or our reports filed with the Securities and Exchange Commission could also have material adverse effects on forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
Statement Regarding Third-Party Information
Certain information provided in this press release, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.
ROYAL GOLD, INC.
Consolidated Balance Sheets
(Unaudited, in thousands except share data)
March 31, 2026
December 31, 2025
ASSETS
Cash and equivalents
$
234,142
$
233,719
Royalty receivables
142,804
110,846
Income tax receivable
109
2,108
Stream inventory
30,864
25,883
Prepaid expenses and other
4,360
4,890
Total current assets
412,279
377,446
Stream and royalty interests, net
8,539,286
8,583,875
Equity method investment
314,281
300,854
Marketable securities
97,114
172,880
Other assets
126,746
102,469
Total assets
$
9,489,706
$
9,537,524
LIABILITIES
Accounts payable
$
7,269
$
10,060
Dividends payable
40,330
40,186
Income tax payable
32,469
33,303
Other current liabilities
37,023
37,367
Total current liabilities
117,091
120,916
Debt
595,689
895,436
Deferred tax liabilities
1,187,876
1,190,672
Mount Milligan deferred liability
69,211
69,211
Other liabilities
57,575
55,942
Total liabilities
2,027,442
2,332,177
Commitments and contingencies
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued
–
–
Common stock, $.01 par value, 200,000,000 shares authorized; and 84,787,272 and 84,499,692 shares outstanding, respectively
846
845
Additional paid-in capital
5,946,311
5,928,123
Accumulated other comprehensive income
–
993
Accumulated earnings
1,467,969
1,227,169
Total Royal Gold stockholders’ equity
7,415,126
7,157,130
Non-controlling interests
47,138
48,217
Total equity
7,462,264
7,205,347
Total liabilities and equity
$
9,489,706
$
9,537,524
ROYAL GOLD, INC.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited, in thousands except share data)
Three Months Ended
March 31, 2026
March 31, 2025
Revenue
$
469,125
$
193,436
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)
60,337
24,506
General and administrative
17,531
11,063
Production taxes
3,291
1,761
Depreciation, depletion and amortization
90,875
32,995
Total costs and expenses
172,034
70,325
Operating income
297,091
123,111
Fair value changes in equity securities
5,950
(37
)
Gain on sale of marketable securities
14,115
–
Interest and other income
3,192
2,049
Interest and other expense
(13,242
)
(1,156
)
Income before income taxes
307,106
123,967
Income tax expense
(25,398
)
(10,389
)
Net income
281,708
113,578
Net income attributable to non-controlling interests
(578
)
(80
)
Net income attributable to Royal Gold common stockholders
$
281,130
$
113,498
Net income
$
281,708
$
113,578
Adjustments to comprehensive income, net of tax:
Realized gain on available-for-sale debt securities
(993
)
–
Comprehensive income
280,715
113,578
Comprehensive income attributable to non-controlling interests
(578
)
(80
)
Comprehensive income attributable to Royal Gold stockholders
$
280,137
$
113,498
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share
$
3.31
$
1.72
Basic weighted average shares outstanding
84,720,260
65,705,157
Diluted earnings per share
$
3.30
$
1.72
Diluted weighted average shares outstanding
85,017,635
65,791,551
Cash dividends declared per common share
$
0.475
$
0.450
ROYAL GOLD, INC.
Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three Months Ended
March 31, 2026
March 31, 2025
Cash flows from operating activities:
Net income
$
281,708
$
113,578
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization
90,875
32,995
Non-cash employee stock compensation expense
3,592
3,198
Fair value changes in equity securities
(5,950
)
37
Gain on sale of marketable securities
(14,115
)
–
Deferred tax benefit
(27,764
)
(8,828
)
Other
1,527
224
Changes in assets and liabilities:
Royalty receivables
(31,958
)
5,731
Stream inventory
(4,981
)
(1,583
)
Income tax receivable
1,999
(231
)
Prepaid expenses and other assets
966
345
Accounts payable
(2,790
)
135
Income tax payable
(834
)
(7,832
)
Other liabilities
1,287
(1,400
)
Net cash provided by operating activities
$
293,562
$
136,369
Cash flows from investing activities:
Acquisition of stream and royalty interests
–
(58,246
)
Proceeds from the sale of marketable securities
48,973
–
Cash calls for Hod Maden equity method investment
(14,700
)
–
Other
(166
)
(49
)
Net cash provided by (used in) investing activities
$
34,107
$
(58,295
)
Cash flows from financing activities:
Repayment of debt
(300,000
)
–
Net payments from issuance of common stock
(5,576
)
(3,011
)
Net proceeds from Sandstorm option exercises
20,173
–
Distributions to non-controlling interests
(1,657
)
(190
)
Common stock dividends
(40,186
)
(29,611
)
Net cash used in financing activities
$
(327,246
)
$
(32,812
)
Net increase in cash and equivalents
423
45,262
Cash and equivalents at beginning of period
233,719
195,498
Cash and equivalents at end of period
$
234,142
$
240,760
Schedule A – Non-GAAP Financial Measures and Certain Other Measures
Overview of non-GAAP financial measures:
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.
We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgment. Non-GAAP financial measures used by management in this release or elsewhere include the following:
Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations. Net debt (or net cash) is a non-GAAP financial measure that is calculated by the Company as debt (excluding debt issuance costs) as of a date minus cash and equivalents for that same date. Net debt (or net cash) to trailing twelve months (TTM) adjusted EBITDA is a non-GAAP financial measure that is calculated by the Company as net debt (or net cash) as of a date divided by the TTM adjusted EBITDA (as defined above) ending on that date. We believe that these measures are important to monitor leverage and evaluate the balance sheet. Cash and equivalents are subtracted from the GAAP measure because they could be used to reduce our debt obligations. A limitation associated with using net debt (or net cash) is that it subtracts cash and equivalents and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. We believe that investors may find these measures useful to monitor leverage and evaluate the balance sheet. Adjusted net income and adjusted net income per share are non-GAAP financial measures that are calculated by the Company as net income and net income per share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliations below. We consider these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of our operating results excluding items that we believe are not indicative of our fundamental ongoing operations. The tax effect of adjustments is computed by applying the statutory tax rate in the applicable jurisdictions to the income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero. Free cash flow is a non-GAAP financial measure that is calculated by the Company as net cash provided by operating activities for a period minus acquisition of stream and royalty interests for that same period. We believe that free cash flow represents an additional way of viewing liquidity as it is adjusted for contractual investments made during such period. Free cash flow does not represent the residual cash flow available for discretionary expenditures. We believe it is important to view free cash flow as a complement to our consolidated statements of cash flows. Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation. Reconciliation of non-GAAP financial measures to U.S. GAAP measures
Adjusted EBITDA, Adjusted EBITDA margin, net debt, and net debt to TTM adjusted EBITDA:
Three Months Ended
March 31,
(amounts in thousands)
2026
2025
Net income
281,708
$
113,578
Depreciation, depletion and amortization
90,875
32,995
Non-cash employee stock compensation
3,592
3,198
Fair value changes in equity securities
(5,950
)
37
Gain on sale of marketable securities
(14,115
)
–
Interest and other, net
10,050
(893
)
Income tax expense
25,398
10,389
Non-controlling interests in operating income of consolidated subsidiaries
(578
)
(80
)
Adjusted EBITDA
$
390,980
$
159,224
Net income margin
60
%
59
%
Adjusted EBITDA margin
83
%
82
%
Three Months Ended
March 31,
December 31,
September 30,
June 30,
(amounts in thousands)
2026
2025
2025
2025
Net income
$
281,708
$
93,719
$
131,805
$
132,474
Depreciation, depletion and amortization
90,875
80,031
32,903
31,153
Non-cash employee stock compensation
3,592
2,952
2,942
2,714
Acquisition related costs
–
13,710
12,798
–
Fair value changes in equity securities
(5,950
)
(362
)
–
(3
)
Loss (gain) on sale of marketable securities
(14,115
)
50,017
–
–
Interest and other, net
10,050
14,838
1,835
(1,169
)
Income tax expense
25,398
52,659
28,704
10,538
Non-controlling interests in operating income of consolidated subsidiaries
(578
)
(108
)
(4,981
)
(125
)
Adjusted EBITDA
$
390,980
$
307,456
$
206,006
$
175,582
Net income margin
60
%
25
%
52
%
63
%
Adjusted EBITDA margin
83
%
82
%
82
%
84
%
TTM adjusted EBITDA
$
1,080,024
Debt
$
595,689
Debt issuance costs
4,311
Cash and equivalents
(234,142
)
Net debt / (cash)
$
365,858
Net debt / (cash) to TTM adjusted EBITDA
0.34x
Cash G&A:
Three Months Ended
March 31,
(amounts in thousands)
2026
2025
General and administrative expense
$
17,531
$
11,063
Non-cash employee stock compensation
(3,592
)
(3,198
)
Cash G&A
$
13,939
$
7,865
Three Months Ended
March 31,
December 31,
September 30,
June 30,
(amounts in thousands)
2026
2025
2025
2025
General and administrative expense
$
17,531
$
17,638
$
10,213
$
10,269
Non-cash employee stock compensation
(3,592
)
(2,952
)
(2,942
)
(2,714
)
Cash G&A
$
13,939
$
14,686
$
7,271
$
7,555
TTM cash G&A
$
43,451
Adjusted net income and adjusted net income per share:
Three Months Ended
March 31,
(amounts in thousands, except per share data)
2026
2025
Net income attributable to Royal Gold common stockholders
$
281,130
$
113,498
Fair value changes in equity securities
(5,950
)
37
Gain on sale of marketable securities
(14,115
)
–
Discrete tax benefit for basis adjustment, net of valuation allowance
–
(12,008
)
Discrete tax benefit for statutory rate change
(33,657
)
–
Other discrete tax expense (benefit)
–
(1,715
)
Tax effect of adjustments
5,446
(10
)
Adjusted net income attributable to Royal Gold common stockholders
$
232,854
$
99,802
Net income attributable to Royal Gold common stockholders per diluted share
$
3.30
$
1.72
Fair value changes in equity securities
(0.07
)
–
Gain on sale of marketable securities
(0.17
)
Discrete tax benefit for basis adjustment, net of valuation allowance
–
(0.18
)
Discrete tax benefit for statutory rate change
(0.40
)
–
Other discrete tax expense (benefit)
–
(0.03
)
Tax effect of adjustments
0.06
–
Adjusted net income attributable to Royal Gold common stockholders per diluted share
$
2.72
$
1.51
Free cash flow:
Three Months Ended
March 31,
(amounts in thousands)
2026
2025
Net cash provided by operating activities
$
293,562
$
136,369
Acquisition of stream and royalty interests
—
(58,246
)
Cash calls for Hod Maden equity method investment
(14,700
)
—
Free cash flow
$
278,862
$
78,123
Net cash provided by (used) in investing activities
$
34,107
$
(58,295
)
Net cash used in financing activities
$
(327,246
)
$
(32,812
)
Other measures
We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and when planning and forecasting for future periods. We believe these measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Other measures used by management in this release and elsewhere include the following:
Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period. Depreciation, depletion, and amortization, or DD&A, per GEO is calculated by the Company as depreciation, depletion, and amortization for a period divided by GEOs (as defined above) for that same period. Working capital is calculated by the Company as current assets as of a date minus current liabilities as of that same date. Liquidity is calculated by the Company as working capital plus available capacity under the Company’s revolving credit facility. Dividend payout ratio is calculated by the Company as dividends paid during a period divided by net cash provided by operating activities for that same period. Schedule B – Stream Segment Sales, Purchases and Inventories
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
As of
March 31, 2026
As of
December 31, 2025
Purchases
Sales
Cost
Purchases
Sales
Cost
Inventory
Inventory
Gold Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Mount Milligan
12,100
9,200
435
16,100
11,800
435
6,700
3,800
Kansanshi
7,600
5,100
946
—
—
—
2,500
—
Pueblo Viejo
7,000
7,600
1,269
5,800
7,700
805
7,000
7,600
Andacollo
7,600
5,600
661
5,500
4,400
412
4,100
2,100
Rainy River
5,800
5,100
1,081
2,400
3,100
665
2,100
1,500
Xavantina
3,900
5,800
1,788
1,400
1,900
549
400
2,200
Wassa
3,700
3,900
903
5,000
4,300
555
2,300
2,400
Bonikro
2,700
2,700
400
—
—
—
—
—
Greenstone
2,000
1,700
973
—
—
—
300
—
Other
2,400
1,800
Varies
—
—
—
700
—
Total Gold Streams
54,800
48,400
932
36,200
33,300
561
26,100
19,800
Silver Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Pueblo Viejo1
171,200
213,600
18.63
204,700
219,400
9.56
171,200
213,600
Khoemacau
160,900
226,600
14.04
308,900
318,900
6.23
33,100
98,800
Rainy River
75,300
69,800
17.01
58,600
59,000
7.67
21,900
16,400
Cerro Moro
51,700
51,700
23
—
—
—
—
—
South Arturo
36,200
36,200
18
—
—
—
—
—
Woodlawn
12,700
12,700
—
—
—
—
—
—
Total Silver Streams
508,000
610,600
16.74
572,200
597,400
7.60
226,200
328,800
Copper Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
Mount Milligan
1.4
2.1
0.86
3.1
2.2
0.62
—
0.7
Chapada
1.6
1.6
1.75
—
—
—
—
—
Total Copper Streams
3.0
3.7
1.24
3.1
2.2
0.62
—
0.7
Zinc Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
CEZinc
1.3
1.3
0.29
—
—
—
—
—
Total Zinc Streams
1.3
1.3
0.29
—
—
—
—
—
Excludes silver permitted to be deferred under the Pueblo Viejo stream agreement.
MSA Safety Incorporporated (NYSE:MSA) CFO Acquires $71,093.12 in StockMarketBeat
MSA Safety Incorporporated (NYSE:MSA - Get Free Report) CFO Julie Beck bought 448 shares of the stock in a transaction dated Thursday, June 11th. The stock was acquired at an average price of $158.69 per share, with a total value of $71,093.12. Following the completion of the purchase, the chief financial officer owned 3,825 shares of the company's stock, valued at $606,989.25. This represents a 13.27% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
NYSE:MSA
Read MSA Safety Incorporporated (NYSE:MSA) CFO Acquires $71,093.12 in Stock
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Insider Selling: NBT Bancorp (NASDAQ:NBTB) Director Sells 2,100 Shares of StockMarketBeat
NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) Director Heidi Hoeller sold 2,100 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the transaction, the director owned 11,560 shares of the company's stock, valued at approximately $555,226.80. This represents a 15.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
NASDAQ:NBTB
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Douglas Milne Sells 1,600 Shares of IGM Financial (TSE:IGM) StockMarketBeat
IGM Financial Inc. (TSE:IGM - Get Free Report) Director Douglas Milne sold 1,600 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of C$80.61, for a total value of C$128,976.00. Following the sale, the director directly owned 800 shares in the company, valued at C$64,488. The trade was a 66.67% decrease in their ownership of the stock.
TSE:IGM
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GlobalFoundries (NASDAQ:GFS) Insider Michael James Hogan Sells 2,800 SharesMarketBeat
GlobalFoundries Inc. (NASDAQ:GFS - Get Free Report) insider Michael James Hogan sold 2,800 shares of GlobalFoundries stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $75.17, for a total value of $210,476.00. Following the transaction, the insider owned 6,695 shares in the company, valued at $503,263.15. This trade represents a 29.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
NASDAQ:GFS
Read GlobalFoundries (NASDAQ:GFS) Insider Michael James Hogan Sells 2,800 Shares
DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) announced today the restructuring of our ownership in Artmin Madençilik (“Artmin”), the joint venture company that owns 100% of the Hod Maden Project (the “Project”). The restructuring includes a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% net smelter return (“NSR”) royalty interest over the Project (the “New RG Royalty”), and certain rights pertaining to a new royalty interest being granted to SSR Mining, Inc. (“SSR”) over the Project.
As part of this restructuring, SSR and Lidya Madençilik (“Lidya”), the additional partner in the ownership of Artmin, have agreed that SSR will sell all its interests in Artmin to Lidya. Additionally, SSR resigned as operator and Lidya assumed operatorship of the Project upon entering into the agreements related to this restructuring. In return, SSR will be granted a new effective 4.0% NSR royalty interest on the Project (the “SSR Royalty”). The full economic burden of both the SSR Royalty and the New RG Royalty will be assumed by Lidya and will not reduce Royal Gold’s economic exposure to its remaining equity interest in Artmin.
“Hod Maden is a high-grade and high-margin gold-copper development project and we are pleased to continue our participation in such a way that preserves the value of our ownership while bringing our overall interest more in line with our core royalty and streaming business,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “We believe the project will benefit from Lidya, an established and experienced local company, increasing its ownership and taking operating control of the joint venture. Lidya is the mining arm of a Turkish conglomerate with the financial and technical resources to effectively develop and operate the project, and we believe a local partner with these credentials is well-positioned to advance this high-quality project.”
Upon completion of these transactions:
Artmin will be owned 15% by Royal Gold and 85% by Lidya. Royal Gold will obtain acquisition and certain other rights over the SSR Royalty. Royal Gold retains a perpetual right of first refusal (“ROFR”) over the sale of the SSR Royalty to a third party, and SSR will not be permitted to sell the royalty without Royal Gold’s consent prior to January 1, 2028. SSR will also grant Royal Gold the option to acquire half of the SSR Royalty (an equivalent 2.0% NSR royalty interest) for $160 million, exercisable from closing through the period that ends 12 months after the achievement of commercial production at the Project. Royal Gold will fund the next $70 million of Project costs (including during the interim period until closing), to be followed by the funding of $397 million of Project costs by Lidya. Further funding would then be split pro rata between Royal Gold and Lidya according to their 15%/85% ownership in Artmin. Equity funding requirements may be reduced should Artmin secure debt financing for Project development. Closing for the transactions is subject to certain conditions, including regulatory approval from the Turkish General Directorate of Mining and Petroleum Affairs. Closing is expected in the second half of 2026.
Impact on Royal Gold
This restructuring is expected to preserve the value of Royal Gold’s existing interests in the Project and reduce Royal Gold’s exposure to capital and operating costs. We expect our overall interest after the restructuring, including the remaining 15% Artmin ownership, the 2.5% New RG Royalty and our existing 2.0% NSR royalty (the “Existing RG Royalty”), to remain approximately 4% of the net asset value of the total Royal Gold portfolio.
Royal Gold expects to receive attributable production of approximately 9,000 GEOs1 per year from the combination of the New and Existing RG Royalties during the first full five years of production from the Project2.
Background on the Hod Maden Project
The Hod Maden Project is a high-grade, bulk-tonnage underground gold-copper development project in northeastern Türkiye that is expected to produce a high-grade copper concentrate with significant gold credits. Strong economics are expected to be driven by high gold and copper grades.
Key parameters in the updated technical report published in January, 2026, included a 13-year mine life, life of mine production of 1.6 million ounces of gold and 209 million pounds of copper at an estimated average cost of sales of $1,120 per ounce of payable gold and by-product all-in-sustaining costs (“AISC”) of $590 per ounce of payable gold. The estimated remaining development capital cost was $910 million as of November 30, 2025.
Early works, including road, tunnel and water diversion construction, started in 2025. Lidya has not yet provided updated timing for project development.
The total private royalty burden on the Project after these changes will increase to 8.5%, which is not expected to materially impact the life of mine plan given the high-grade nature of the Project.
Background on Lidya Madençilik
Lidya is an experienced mining company in Türkiye and is the mining arm of Istanbul-based conglomerate Çalık Holding. Through its former joint venture with Alacer Gold, Lidya discovered, developed and operated the Gediktepe mine in Türkiye until its sale to ACG Metals in 2024. Lidya also discovered the Hod Maden copper-gold deposit, a discovery recognized with the Prospectors and Developers Association of Canada’s Thayer Lindsley Award for International Mineral Discovery. In addition to its interest in the Hod Maden Project, Lidya currently owns a 20% equity interest in the Çöpler mine and an approximately 31% equity interest in ACG Metals.
GAP İnşaat (“GAP”), another subsidiary of Çalık Holding, is carrying out development and related infrastructure works at the Hod Maden Project. GAP’s additional mining experience includes providing engineering, procurement and construction (“EPC”) services to ACG Metals for the sulphide expansion at the Gediktepe mine and work on the Çöpler sulphide expansion project.
Corporate Profile
Royal Gold is a high margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words such as “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: expected benefits of the transactions to Royal Gold, including preservation of the value of its ownership interest in the Project, reduction in exposure to capital and operating costs, and anticipated future revenues from the Project; the timetable for completing the transactions; the expected operating and financial performance and other anticipated developments relating to the Project, including production, mine plans, capital requirements, and capital expenditures; the anticipated effect of the increased private royalty burden on the life of mine plan; and the potential for securing debt financing for Project development.
Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold or copper; operating activities or financial performance at the Project, including variations between actual and forecasted performance, the ability to complete the Project on schedule and as planned, changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; failure to realize the anticipated benefits from the transactions; risks associated with the joint venture interests; changes of control of properties or operators; contractual issues involving our royalty and joint venture agreements; risks associated with doing business in foreign countries; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including in Item 1A, Risk Factors of our most recent Annual Report on Form 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release could also have material adverse effects on forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
Statement Regarding Third-Party Information
Certain information provided in this press release, including information about production estimates, property descriptions, and property developments, was provided to us by the operator or former operator of the Project or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.
Key Takeaways SSR Mining agreed to sell its 20% Hod Maden stake for an uncapped 4.0% NSR royalty.SSRM said that the Hod Maden deal aligns with its strategic shift toward an Americas platform.Royal Gold will retain 15% in Hod Maden, while Lidya Mines will operate the project with 85%. SSR Mining Inc. (SSRM - Free Report) announced that it inked a definitive agreement with Lidya Mines to sell its 20% stake in the Hod Maden development project in northeastern Türkiye. Along with SSRM’s recently announced sale of the Çöpler mine, this transaction is consistent with SSR Mining's strategic refocusing toward an Americas platform.
SSRM’s recent strategic actions position it as a leading free cash flow, capital return-focused producer in the United States.
Details of SSR Mining’s Deal to Sell Hod Maden StakesSSRM will sell its stake in exchange for an uncapped 4.0% Net Smelter Return (“NSR”) royalty on 100% of the project, which is expected to be accretive for shareholders.
SSRM’s partner in the project, Royal Gold, Inc. (RGLD - Free Report) , also inked a deal to sell 15% of its stake to Lidya Mine for an uncapped 2.5% NSR on 100% of the project. Royal Gold will hold a fixed-price call option to buy a 2% NSR royalty from SSR Mining for $160 million. Post the transaction, Lidya Mines will operate the project with an 85% stake and Royal Gold will own a 15% stake.
This new NSR will bolster SSR Mining’s current royalty portfolio. The company's existing assets already include NSR royalties on Highlander Silver's San Luis project (4.0%), Endeavour Silver's Pitarrilla project (1.25%), West Red Lake Gold's Rowan property (3.0%) and Honey Badger Silver's Sunrise Lake property (4.0%).
SSRM Stock Price PerformanceThe SSRM stock has appreciated a whopping 183.2% in a year compared with the industry’s return of 54.2%. Meanwhile, the Zacks Basic Materials sector and the S&P 500 have rallied 41.4% and 30.5%, respectively.
Image Source: Zacks Investment Research
SSR Mining’s Zacks Rank & Other Stocks to ConsiderSSRM currently carries a Zacks Rank #2 (Buy).
Some better-ranked stocks from the basic materials space are Albemarle Corporation (ALB - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) . ALB sports a Zacks Rank #1 (Strong Buy) at present and ASM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 201% so far this year.
Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares soared 141% in a year.
DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) announced today that its Board of Directors has declared its third quarter dividend of $0.475 per share of common stock. The dividend is payable on Thursday, July 16, 2026, to shareholders of record at the close of business on Thursday, July 2, 2026.
Corporate Profile
Royal Gold is a high margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
Key Takeaways RGLD cut its Hod Maden stake from 30% to 15% for a new 2.5% NSR royalty interest.SSR Mining will sell its Artmin stake to Lidya for an uncapped 4.0% NSR royalty on the project.Royal Gold expects about 9,000 gold equivalent ounces annually in the first five production years. Royal Gold, Inc. (RGLD - Free Report) announced that it has inked a deal to reduce its direct equity stake in Artmin Madençilik, the joint venture company that fully owns the Hod Maden Project in northeastern Turkey. Along with preserving the value of Royal Gold’s existing interests in the project, the deal is expected to reduce the company’s exposure to capital and operating costs.
Details of Royal Gold’s Restructuring DealUnder the new agreement, Royal Gold is cutting its stake in the project from 30% to 15% in exchange for a new 2.5% net smelter return (NSR) royalty interest. Royal Gold’s joint venture partner, SSR Mining Inc. (SSRM - Free Report) , also inked a deal to sell its shares in Artmin to Lidya.
SSR Mining will sell its stake in exchange for an uncapped 4% NSR royalty on 100% of the project. Lidya Mines will operate the project with an 85% stake without diminishing Royal Gold's economic exposure to its remaining equity interest in the project.
Following the restructuring, RGLD’s combined interest — comprising the 15% Hod Maden shares, the 2.5% New RG Royalty and the 2% Existing RG Royalty — is projected to remain steady at around 4% of the company's total net asset value. The company anticipates production of around 9,000 gold equivalent ounces per year from this restructuring during the first five years of full production.
RGLD’s 2026 OutlookThe company maintained its outlook framework for 2026 post-first-quarter 2026 performance. Guidance calls for gold sales of 290,000-320,000 ounces, silver sales of 3.0-3.5 million ounces and copper sales of 21.0-25.0 million pounds. Through March 31, 2026, these metrics remained within the guided ranges, supported by elevated metal prices and expanded portfolio contributions.
RGLD Stock’s Price PerformanceIn the past year, Royal Gold’s shares have increased 26.9% compared with the industry’s 72.2% growth. Meanwhile, the Basic Materials sector has jumped 43.3% and the S&P 500 has rallied 33.4%.
Image Source: Zacks Investment Research
Royal Gold’s Zacks Rank & Stocks to ConsiderRGLD currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks from the basic materials space are Albemarle Corporation (ALB - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) . ALB sports a Zacks Rank #1 (Strong Buy) at present and ASM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 201% so far this year.
Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares soared 141% in a year.
Investors in Royal Gold, Inc. (RGLD - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the June 18, 2026 $95.00 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Royal Gold, but what is the fundamental picture for the company? Currently, Royal Gold is a Zacks Rank #5 (Strong Sell) in the Mining - Gold Industry that ranks in the Bottom 38% of our Zacks Industry Rank. Over the last 60 days, no analyst has increased his earnings estimate for the current quarter, while one has dropped his estimate. The net effect has taken our Zacks Consensus Estimate for the current quarter to move from $2.87 per share to $2.67 per share in the same time period.
Given the way analysts feel about Royal Gold right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) announced today that management will present in the live Virtual Non-Deal Roadshow Series hosted by Renmark Financial Communications Inc.
Alistair Baker, Senior Vice President, Investor Relations and Business Development, will present on Wednesday, June 17, at 2:00 p.m. ET (12:00 p.m. MT), and access to a replay of the event will be available on our website later that week or may be accessed on the Renmark Financial Communications Inc. website at https://www.renmarkfinancial.com/vndrs.
To ensure smooth connectivity, please access the link above using the latest version of Google Chrome.
Corporate Profile
Royal Gold is a high margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals and mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
