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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.
 

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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.

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

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.

This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc.

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Royal Gold, Inc. (RGLD) Presents at Mining Forum Europe 2026 Transcript

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.

Posted by Defense World Staff on Apr 26th, 2026

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) (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.

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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.

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.

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.

A month has gone by since the last earnings report for Royal Gold (RGLD - Free Report) . Shares have lost about 5.4% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Royal Gold due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

RGLD Q1 Earnings Beat Estimates on Record Revenue GrowthRoyal Gold delivered earnings of $2.72 per share in the first quarter of 2026, marking an increase of 80% year-over-year. Adjusted for discrete tax benefit and other time items, earnings came in at $3.11 per share, beating the Zacks Consensus Estimate of $2.86 by 8.74%. 

The company also posted record revenue of $469.1 million, up 142.5% year over year. The quarter reflected strong metal pricing and higher contributions from newer interests, with sales volume rising to 96,300 gold equivalent ounces, up 42.5% from the prior-year period.

RGLD’s Revenue Mix Benefited From Metal Prices and ScaleRGLD’s top-line strength was broad-based across commodities. Gold represented 71% of revenue, while silver and copper contributed 16% and 10%, respectively, with other metals accounting for the balance.

Average realized prices moved sharply higher year over year, led by gold at $4,873 per ounce and silver at $84.33 per ounce, alongside copper at $5.83 per pound. Contributions from Sandstorm and Horizon interests, as well as the Kansanshi stream, also aided the growth.

RGLD’s Cost Profile Shifted With Portfolio ContributionsRGLD’s cost of sales rose to $60.3 million from $24.5 million in the prior-year quarter, reflecting higher payments on stream deliveries tied to stronger metal prices and additional sales volumes from newer streams and acquired interests.

Operating cost lines also expanded. General and administrative expense increased to $17.5 million from $11.1 million, which the company attributed to higher employee-related and corporate costs following the Sandstorm and Horizon acquisition.

Royal Gold’s Cash Flow and Liquidity Strengthened FurtherRoyal Gold generated record operating cash flow of $293.6 million, up 115.3% from $136.4 million in the year-ago quarter. Free cash flow was $278.9 million compared with $78.1 million a year ago, reflecting the stronger cash generation profile in the period.

Balance sheet flexibility remained a key theme. At March 31, 2026, cash and equivalents were $234.1 million, while debt stood at $600 million on the revolving credit facility after a $300 million repayment during the quarter. Total available liquidity was approximately $1.1 billion, supported by $800 million undrawn on the revolver and $295 million of working capital.

RGLD Reiterated TargetsThe company maintained its outlook framework for 2026. Guidance ranges call for gold sales of 290,000–320,000 ounces, silver sales of 3.0–3.5 million ounces, copper sales of 21.0–25.0 million pounds. Through March 31, 2026, performance on these metrics was tracking within the guided ranges, supported by elevated metal prices and expanded portfolio contributions.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -7.14% due to these changes.

VGM ScoresCurrently, Royal Gold has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. It's no surprise Royal Gold has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.