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2 hours ago

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

2 hours ago

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

Read Insider Selling: NBT Bancorp (NASDAQ:NBTB) Director Sells 2,100 Shares of Stock

2 hours ago

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

Read Douglas Milne Sells 1,600 Shares of IGM Financial (TSE:IGM) Stock

2 hours ago

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

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SANTA BARBARA, Calif., May 13, 2026 (GLOBE NEWSWIRE) -- Nick Nemeth, a shareholder of Groupon, Inc. (NASDAQ: GRPN) holding approximately 37,000 shares of common stock (approximately 0.1% of the Company’s outstanding shares), today publicly released an open letter to the Groupon Board of Directors urging the Company to prioritize its consumer platform, modernize the brand, and accelerate capital return. Mr. Nemeth publishes equity research under the Mispriced Assets banner through his firm, Wyandanch Consulting LLC.

Mr. Nemeth personally holds 37,000 shares of Groupon common stock — approximately 0.1% of shares outstanding — and also holds call options on Groupon stock. He believes the shares are meaningfully undervalued. Against a market capitalization of approximately $700 million, Groupon carries roughly $215 million in cash, $324 million in low-coupon convertible notes, and a stake in SumUp — which has been reported as a potential IPO candidate — that could represent a meaningful source of future liquidity. Adjusting for these items, the implied operating enterprise value is approximately $610 million for a marketplace serving 16.2 million active customers at approximately 90% gross margin.

The lever. Groupon customers transact approximately 2.3 times per year. Comparable destination marketplaces sit closer to 4.3. At current contribution margins, each incremental turn of customer frequency drops approximately $100 million to the bottom line — the single largest unlevered source of operating leverage in the model, and one that lives entirely on the consumer side of the platform.

Customer Frequency (turns/yr)Incremental EBITDA vs. Today2.3 — today—3.0~ +$70M3.5~ +$120M4.0~ +$170M4.3 — peer comp~ +$200M Illustrative. Assumes approximately $100M of incremental EBITDA per full turn of frequency at current contribution margins.

WYANDANCH CONSULTING LLC

Illustrative EBITDA Bridge — Run-Rate Earnings Power, 2–3 Years Out

DriverAdj. EBITDA2026 Adjusted EBITDA guide (midpoint)$72M  + Full 20% RIF unlock (Q1 captured ~$2M severance only)+$40M  + Frequency turn 1: 2.3 → 3.3 visits/customer/year+$100M  + Frequency turn 2: 3.3 → 4.3 (full execution)+$100M  Run-rate earnings power, 2–3 years out~ $310M   Source: Wyandanch Consulting LLC. Illustrative analysis based on Company filings and management commentary; not a forecast.

Mr. Nemeth is urging the Board to focus on three priorities:

Revamp the platform. A unified iOS, Android, and web redesign with quarterly disclosure of conversion lift, time-to-purchase, and session depth — the highest-priority project at the Company and the conversion infrastructure on which retention compounds.

Rebrand the brand. Marketing currently runs approximately 35% of revenue and is miscast — buying clicks for individual deals rather than communicating the platform itself. Announce the revamp loudly; lean into verified influencer and user-generated-content distribution as a variable-cost replacement for high-CAC advertising; meet younger consumers where they are. The same generation that made thrifting cultural is the natural customer for value-driven local commerce.

Accelerate the buyback. Pursue repurchases at up to approximately 10% of trading volume, subject to applicable rules, liquidity, and market conditions, funded by ongoing free cash flow, balance-sheet cash above a stated floor, and potential SumUp monetization. The rate of repurchase should reflect the conviction that the shares are undervalued.

VWAP ScenarioShares Retired (~$570M)Share-Count Reduction$20~ 28.5M~ 77%$30~ 19.0M~ 52%$45~ 12.7M~ 34% Illustrative shareholder estimate. Assumes approximately $570M of deployable capital over two years (cash drawdown to a stated floor + potential SumUp monetization + 2026–2027 free cash flow). Buyback execution is subject to applicable rules, liquidity, market conditions, and Board approval.

The Board’s Artificial Intelligence Committee under Mr. Shah and the Project Foundry operating-model rebuild are directionally correct; Mr. Nemeth believes these initiatives benefit from fine-tuning rather than redirection. They are accelerants. The engine is the consumer.

“One turn of customer frequency drops approximately $100 million to the bottom line,” said Nick Nemeth. “The generation that made thrifting cultural is the natural customer for local deals. The strategic direction Mr. Šenkypl has set is correct. The platform and the brand need to catch up to it.”

The letter is offered constructively. Mr. Nemeth does not call for management change, board change, or strategic alternatives. The full letter is available at mispricedassets.substack.com.

DISCLOSURE

Nick Nemeth holds approximately 37,000 shares of Groupon, Inc. (NASDAQ: GRPN) common stock and call options thereon, and may transact at any time without notice. Forward-looking statements are projections, not guarantees. This communication reflects the author’s personal opinion, is not investment advice, and is not a solicitation of any security, proxy, vote, or consent.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/b59bf820-bfa3-414e-accc-6da332562eb8
https://www.globenewswire.com/NewsRoom/AttachmentNg/5c27dc7b-5a35-4fad-b250-4683b32cad22
https://www.globenewswire.com/NewsRoom/AttachmentNg/3effce10-e3d6-45cd-8960-3515624a0b64
https://www.globenewswire.com/NewsRoom/AttachmentNg/95b32b7b-c3f0-4bcf-9ea7-888415a5ea63

Groupon will lay off nearly a quarter of its employees in a restructuring designed to advance its goal of rebuilding as an AI-native company.

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Groupon remains a buy as upside levers—AI-driven restructuring, buybacks, and operating leverage—outweigh downside risks. Project Foundry is a high-risk, transformative restructuring, reallocating cost savings from 400 job cuts directly into AI infrastructure and workflow automation. Despite weak Q1 results, solvency is not a concern; the balance sheet is stabilized, with sufficient cash and a valuable SumUp stake for flexibility.

Groupon (GRPN - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Over the past month, shares of this online daily deal service have returned +21.9%, compared to the Zacks S&P 500 composite's +6.3% change. During this period, the Zacks Internet - Commerce industry, which Groupon falls in, has lost 3.3%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Groupon is expected to post a loss of $0.05 per share for the current quarter, representing a year-over-year change of -110.9%. Over the last 30 days, the Zacks Consensus Estimate has changed -216.7%.

For the current fiscal year, the consensus earnings estimate of -$0.02 points to a change of +99% from the prior year. Over the last 30 days, this estimate has changed -106%.

For the next fiscal year, the consensus earnings estimate of $0.88 indicates a change of +0% from what Groupon is expected to report a year ago. Over the past month, the estimate has changed +15.8%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Groupon.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Groupon, the consensus sales estimate of $127.42 million for the current quarter points to a year-over-year change of +1.4%. The $519.48 million and $561.06 million estimates for the current and next fiscal years indicate changes of +4.2% and +8%, respectively.

Last Reported Results and Surprise HistoryGroupon reported revenues of $117.2 million in the last reported quarter, representing no change year over year. EPS of -$0.32 for the same period compares with $0.18 a year ago.

Compared to the Zacks Consensus Estimate of $117.26 million, the reported revenues represent a surprise of -0.05%. The EPS surprise was -1500%.

Over the last four quarters, the company surpassed EPS estimates just once. The company topped consensus revenue estimates two times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Groupon is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Groupon. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

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.

Receive News & Ratings for U.S. GoldMining Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for U.S. GoldMining and related companies with MarketBeat.com's FREE daily email newsletter.

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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.

A month has gone by since the last earnings report for Incyte (INCY - Free Report) . Shares have lost about 1.8% in that time frame, underperforming the S&P 500.

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

INCY Q1 Earnings and Revenues Beat Estimates on Higher Product Sales

Incyte reported first-quarter 2026 adjusted earnings of $1.81 per share, which beat the Zacks Consensus Estimate of $1.38, primarily due to higher product sales. The company reported adjusted earnings of $1.16 per share in the year-ago quarter.

Total revenues in the first quarter were $1.27 billion, which grew 21% year over year, driven primarily by the sustained performance of its lead drug, Jakafi (ruxolitinib), and increased sales of Opzelura (ruxolitinib) cream on strong launch and demand. The top line beat the Zacks Consensus Estimate of $1.23 billion.

All percentages mentioned below are on a reported basis.

INCY's Q1 Results in Detail

Revenues from the sale of Jakafi, a first-in-class JAK1/JAK2 inhibitor approved for polycythemia vera, myelofibrosis and refractory acute graft-versus-host disease (GVHD), amounted to $757.8 million, up 7% from the year-ago quarter, owing to a 6% increase in paid demand. Jakafi's sales beat the Zacks Consensus Estimate of $735.6 million.

Opzelura (ruxolitinib) cream, approved for atopic dermatitis and vitiligo, generated $143 million in sales, which rose 20% year over year, but missed the Zacks Consensus Estimate of $160.4 million. The year-over-year rise in sales was driven by increased patient demand and refills in the United States for both its approved indications.

The newly approved medicine Zynyz (retifanlimab-dlwr) generated sales of $41.4 million, which significantly increased from the year-ago quarter’s level and beat the Zacks Consensus Estimate of $30.8 million. The company obtained accelerated approval for Zynyz to treat metastatic or recurrent locally advanced Merkel cell carcinoma.

Net product revenues of Iclusig were $35.5 million, up 20% year over year. The figure beat the Zacks Consensus Estimate of $32.8 million. Pemazyre generated $22.5 million in sales, reflecting a year-over-year increase of 22%. The figure also surpassed the Zacks Consensus Estimate of $22 million.

Minjuvi's revenues totaled $49.2 million, up 67% year over year. The figure beat the Zacks Consensus Estimate of $43.6 million. Incyte gained worldwide exclusive global rights for tafasitamab from MorphoSys AG, which is marketed as Monjuvi in the United States and as Minjuvi in the ex-U.S. markets in 2024.

Incyte and partner Syndax Pharmaceuticals obtained FDA approval for axatilimab-csfr, an anti-CSF-1R antibody, for the treatment of GVHD after the failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. The candidate was approved under the brand name Niktimvo.

The drug is Incyte’s second approved treatment for chronic GVHD (third-line) and was launched in the United States during the first quarter of 2025. The drug recorded $55.1 million in sales in the first quarter of 2026, up significantly on a year-over-year basis, driven by strong uptake, but missed the Zacks Consensus Estimate of $56 million.

Jakafi is marketed by Incyte in the United States and by Novartis as Jakavi in ex-U.S. markets. Jakavi royalty revenues from Novartis for commercialization in ex-U.S. markets rose 15% to $105.6 million. Jakavi royalties beat the Zacks Consensus Estimate of $97 million.

Incyte also receives royalties from the sales of Tabrecta (capmatinib) for the treatment of adult patients with metastatic non-small-cell lung cancer. Its partner, Novartis, has exclusive worldwide development and commercialization rights for Tabrecta. Royalty revenues from the drug’s sales amounted to $6 million, down 7% year over year. The reported figure missed the Zacks Consensus Estimate of $6.8 million.

Olumiant’s (baricitinib) product royalty revenues from Eli Lilly totaled $36.4 million, up 18% year over year. The figure beat the Zacks Consensus Estimate of $35.3 million. Incyte has a collaboration agreement with Eli Lilly for Olumiant. The drug is a once-daily oral JAK inhibitor discovered by Incyte and licensed to LLY. It is approved for several types of autoimmune diseases.

Adjusted research and development (R&D) expenses totaled $476.7 million, up 19% year over year. This increase was primarily due to continued investment in late-stage development assets.

Adjusted selling, general and administrative (SG&A) expenses were $304.1 million, up 1% from the prior-year quarter’s number.

INCY’s cash, cash equivalents and marketable securities amounted to $4 billion as of March 31, 2026, compared with the $3.6 billion recorded as of Dec. 31, 2025.

INCY Reiterates 2026 Guidance

The company continues to expect Jakafi revenues in the range of $3.22-$3.27 billion in 2026. Opzelura net product revenues are expected to remain in the band of $750-$790 million in 2026. Net product revenues for 2026 are expected to be in the range of $4.77-$4.94 billion.

Total adjusted R&D expenses and SG&A expenses are expected in the range of $3.205-$3.375 billion.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.

The consensus estimate has shifted 6.25% due to these changes.

VGM ScoresAt this time, Incyte has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Following the exact same course, the stock has a score of B on the value side, putting it in the second quintile for value investors.

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

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Incyte has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Incyte's Monjuvi as part of a multi-drug regimen that includes a chemotherapy standard of care ‌for an aggressive form of non-Hodgkin lymphoma reduced the risk of disease progression, relapse or death by 25% compared to the standard alone, but with a higher rate of study dropouts due to side effects.

Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) and Incyte (Nasdaq: INCY) today announced that pivotal Phase 2 results from the PROGRESS study evaluating zilurgisertib, an investigational ALK2 inhibitor, in patients with fibrodysplasia ossificans progressiva (“FOP”) will be presented at ENDO 2026, the Endocrine Society’s annual meeting, taking place June 13-16, 2026, in Chicago, Illinois.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260604863826/en/

The late-breaking rapid-fire presentation will include results from Cohort 1 of the placebo-controlled PROGRESS study, which enrolled patients 12 years of age and older and formed the basis of the New Drug Application (NDA) for zilurgisertib to the U.S. Food and Drug Administration (FDA).

In April 2026, Mirum entered into an exclusive license agreement with Incyte for worldwide rights to zilurgisertib.

“ENDO 2026 is an important milestone for the zilurgisertib FOP program as we share pivotal results from the PROGRESS study in patients living with this debilitating disease,” said Steven Stein, M.D., Executive Vice President, Chief Medical Officer and Head of Late-stage Development at Incyte. “These data add to the growing clinical understanding of zilurgisertib’s potential in FOP as Incyte and Mirum continue to advance toward the FDA’s Priority Review PDUFA date of September 26, 2026.”

“FOP is a devastating, progressive disease that profoundly impacts patients and families,” said Joanne Quan, M.D., Chief Medical Officer at Mirum Pharmaceuticals. “At Mirum, in partnership with Incyte, we are committed to advancing zilurgisertib with urgency as we work toward potentially bringing a needed new treatment option to people living with FOP.”

Congress Presentation

Additional details regarding the presentation are as follows:

Abstract #

ORF37-04

Title

Zilurgisertib in Patients with Fibrodysplasia Ossificans Progressiva: Interim Results from the PROGRESS Study

Date/Time

Sunday, June 14, 3:30-4:15 pm CT

Abstracts accepted for presentation at ENDO 2026 will be available once published through the Endocrine Society’s ENDO 2026 website.

About Zilurgisertib

Zilurgisertib is an investigational, oral, small molecule, activin receptor-like kinase 2 (ALK2) inhibitor in development for the treatment of Fibrodysplasia Ossificans Progressiva (FOP). Zilurgisertib is designed to inhibit the ALK2 receptor, which is abnormally active in most patients with FOP and leads to bone formation in soft tissues, a process known as heterotopic ossification (HO). FOP is an ultra-rare genetic disease that affects approximately 300 patients in the U.S. and 900 worldwide, with diagnosis typically occurring in early childhood. Zilurgisertib was evaluated in the PROGRESS pivotal Phase 2 study, which formed the basis of a new drug application (NDA). The FDA has accepted the NDA for zilurgisertib in FOP under Priority Review with a Prescription Drug User Fee Act (PDUFA) date of September 26, 2026.

Mirum licensed zilurgisertib from Incyte for development and commercialization globally.

About the PROGRESS Study

PROGRESS is a global, randomized, double-blind, placebo-controlled Phase 2 study evaluating the efficacy and safety of zilurgisertib in patients with fibrodysplasia ossificans progressiva (FOP). PROGRESS Cohort 1 enrolled patients 12 years of age and older who were randomized 1:1 to receive zilurgisertib 100 mg once daily or placebo during a 24-week double-blind treatment period, followed by an open-label extension. Additional PROGRESS cohorts will evaluate the efficacy and safety of zilurgisertib in patients ages 6 to <12 years of age (Cohort 2) and in patients ages 2 to <12 years of age (Cohort 3).

The primary endpoint of the study is the proportion of Cohort 1 patients with new heterotopic ossification (HO) lesions at Week 24 as assessed by whole-body CT scan data. Key secondary endpoints include the number and total volume of new HO lesions, changes in total HO lesion volume and flare activity through Week 24.

About Mirum Pharmaceuticals

Mirum Pharmaceuticals (NASDAQ: MIRM) is a leading rare disease company with a global footprint of approved products and a broad pipeline of investigational medicines. Purpose-built to bring forward breakthrough medicines for people with overlooked conditions, Mirum focuses on rare liver and rare genetic diseases, where it has built deep expertise and strong connections to patient communities. The company’s commercial portfolio includes LIVMARLI® (maralixibat) for Alagille syndrome (ALGS) and progressive familial intrahepatic cholestasis (PFIC), CHOLBAM® (cholic acid) for bile-acid synthesis disorders, and CTEXLI® (chenodiol) for cerebrotendinous xanthomatosis (CTX).

Mirum’s clinical-stage pipeline includes volixibat, an IBAT inhibitor in late-stage development for primary sclerosing cholangitis (PSC) and primary biliary cholangitis (PBC), brelovitug, a fully human monoclonal antibody in late-stage development for chronic hepatitis delta virus (HDV), zilurgisertib, an ALK2 inhibitor under regulatory review with the FDA for fibrodysplasia ossificans progressiva (FOP), and MRM-3379, a PDE4D inhibitor being evaluated for Fragile X syndrome (FXS).

Mirum’s success is driven by a team dedicated to advancing high impact medicines through strategic development, disciplined execution and purposeful collaboration across the rare disease ecosystem. Learn more at www.mirumpharma.com and follow Mirum on Facebook, LinkedIn, Instagram and X.

About Incyte®

Incyte is redefining what’s possible in biopharmaceutical innovation. Through deep scientific expertise and a relentless focus on patients, we have built an established portfolio of first-in-class medicines and an extensive portfolio of next-generation medicines across our key franchises: Hematology, Oncology and Inflammation & Autoimmunity.

To learn more, visit Incyte.com and Investor.Incyte.com. Follow us on social media: LinkedIn, X and Instagram.

Mirum Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the Company’s planned participation at a scientific congress, Mirum’s continued advancement of zilurgisertib with Incyte, the FDA approval pathway for zilurgisertib and the potential benefit of zilurgisertib in real world settings versus scientific presentations of data. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “expected,” “will,” “could,” “would,” “guidance,” “potential,” “continue” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Mirum’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Mirum’s business in general, the impact of geopolitical and macroeconomic events, and the other risks described in Mirum’s Annual Report for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 25, 2026, and subsequent filings with the Securities and Exchange Commission, which are available at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Mirum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Incyte Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding the potential and promise suggested by the Phase 2 PROGRESS results, the potential for zilurgisertib to become a treatment option for people living with FOP, Incyte’s plans and expectations for the PROGRESS study and Incyte’s aspirations and goals as set forth under the heading “About Incyte”.

Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including the sufficiency of clinical trial data to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; the ability of Incyte’s collaborators to achieve commercial success for their marketed products and product candidates, if approved; Incyte’s and Incyte’s collaborators’ ability to obtain and maintain protection of intellectual property for their products and technology; Incyte’s reliance on third parties and partners; the acceptance of Incyte’s collaborators’ products in the marketplace; market competition, sales, marketing, manufacturing and distribution requirements; and those risks and uncertainties discussed in greater detail in Incyte’s reports filed with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly report on Form 10-Q for the quarter ended March 31, 2026. Incyte disclaims any intent or obligation to update these forward-looking statements.

Mirum and the Mirum logo are trademarks of Mirum Pharmaceuticals, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260604863826/en/

- Proposed acquisition to add VGA039, a novel investigational monoclonal antibody that targets Protein S in Phase 3 development for von Willebrand disease (VWD)

- Star Therapeutics to receive $1.25 billion upfront, with up to $750 million in additional payments upon achievement of sales milestones

- Incyte will host an analyst and investor call on Monday, June 8, 2026, at 8:00 a.m. ET

WILMINGTON, Del.--(BUSINESS WIRE)--Incyte (Nasdaq:INCY) announced today it has entered into a definitive agreement to acquire Vega Therapeutics, Inc., a wholly owned subsidiary of Star Therapeutics, LLC, for $1.25 billion. Star Therapeutics will be eligible to receive up to $750 million in additional payments upon the achievement of sales milestones, for total potential consideration of up to $2.0 billion subject to customary closing adjustments. The proposed acquisition would add VGA039, a novel monoclonal antibody, to Incyte’s hematology portfolio.

“VGA039 fits directly into our strategy of building a top-tier growth company for the future,” said Bill Meury, Chief Executive Officer of Incyte.

Share Vega Therapeutics’ lead candidate, VGA039, modulates Protein S to improve hemostasis, potentially improving the body’s ability to control bleeding in numerous bleeding disorders. VGA039 is in Phase 3 pivotal development for patients with von Willebrand disease (VWD), the most common inherited bleeding disorder. It has the potential to be the first subcutaneous prophylactic therapy with a convenient dosing regimen for patients with VWD who currently require frequent intravenous infusions.

“VGA039 fits directly into our strategy of building a top-tier growth company for the future,” said Bill Meury, Chief Executive Officer of Incyte. “It is a first-in-class, Phase 3 asset with compelling early data, a manageable development path and the potential to become an important new growth driver in one of our core therapeutic areas – hematology. The transaction has all of the attributes we look for in business development opportunities.”

Approximately 135,000 people in the United States have been diagnosed with von Willebrand disease.1 The disease is characterized by excessive bleeding that can vary in severity and frequency and may significantly affect quality of life. Current prophylactic treatment options include factor replacement therapies that often require 2 to 3 intravenous infusions each week.2

“This milestone reflects our team’s deep commitment to innovation and underscores our strategy to develop first-in-class and best-in-class therapies for serious conditions with high unmet need,” said Adam Rosenthal, Ph.D., Founder and Chief Executive Officer of Star Therapeutics. “VGA039 will be advanced by Incyte, a global biopharmaceutical leader with deep expertise in hematology and a significant commercial track record. I am immensely proud of the Star Therapeutics team and our work toward making a difference for patients with von Willebrand disease.”

VGA039 has received Breakthrough Therapy, Fast Track, orphan drug and rare pediatric disease designations from the U.S. Food and Drug Administration (FDA). VGA039 has advanced into the Phase 3 VIVID-6 study (NCT07115004), a global single arm cross-over study to investigate safety and efficacy of the subcutaneous administration of VGA039 as prophylaxis for bleeding in patients with every type of VWD, including those with a high disease burden.

The transaction has been approved by both Incyte’s and Star Therapeutics’ Boards of Directors. Under the terms of the stock purchase agreement, Incyte will acquire all the outstanding shares of Vega Therapeutics, a wholly owned subsidiary of Star Therapeutics. The closing of the proposed transaction will be subject to certain conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions. The transaction is an equity acquisition and is expected to close in the third quarter of 2026, pending Hart-Scott-Rodino review resulting in an expected R&D charge of approximately $1.25 billion, that will be included in third quarter and full year 2026 GAAP and non-GAAP results.

Lazard is acting as financial advisor to Incyte and Goodwin Procter LLP is serving as its legal counsel. Evercore and Morgan Stanley are acting as financial advisors to Star Therapeutics, and Fenwick & West LLP is serving as its legal counsel.

Incyte Conference Call and Webcast
Incyte will host a conference call and webcast on Monday, June 8, 2026, at 8:00 a.m. ET to discuss the acquisition.

To access the conference call, please dial 877-407-3042 for domestic callers or 201-389-0864 for international callers. When prompted, provide the conference identification number, 13761011. If you are unable to participate, a replay of the conference call will be available for 30 days. The replay dial-in number for the United States is 877-660-6853 and the dial-in number for international callers is 201-612-7415. To access the replay, you will need the conference identification number, 13761011.

The live and archived webcast will be available via the Events and Presentations tab of the Investor section of Incyte.com.

About VGA039
VGA039 is an investigational monoclonal antibody therapy with a novel mechanism of action that targets Protein S, with dual actions promoting platelet attachment and enhancing fibrin deposition to restore hemostasis. VGA039 has the potential to be a universal hemostatic therapy that can treat numerous bleeding disorders, starting with all types of von Willebrand disease (VWD). As a subcutaneously self-administered investigational antibody therapy with a convenient once monthly dosing regimen, VGA039 has the potential to meaningfully improve convenience and quality of life for patients.

VGA039 has received Fast Track, orphan drug, rare pediatric disease and Breakthrough Therapy designations from the U.S. Food and Drug Administration (FDA). VGA039 has advanced into a Phase 3 study (NCT07115004), VIVID-6, a global single arm cross-over study designed to investigate the safety and efficacy of subcutaneous administration of VGA039 as prophylaxis for bleeding in patients with every type of VWD.

About von Willebrand Disease
Von Willebrand disease (VWD) is the most common inherited bleeding disorder in which the blood does not clot properly, caused by low or defective von Willebrand factor (VWF). VWD patients may experience excessive bleeding with varying severity and frequency, negatively impacting their daily lives. Current therapies for VWD prophylaxis include factor replacement therapies requiring multiple intravenous (IV) infusions every week. Approximately 135,000 people in the United States have been diagnosed with von Willebrand disease.1

About Star Therapeutics
Star Therapeutics is a biotechnology company focused on the discovery and development of life-changing therapies for diseases with significant unmet need. Star Therapeutics' team has invented four first-in-class antibody therapies, including the first approved drug (Enjaymo®) for cold agglutinin disease, and three other therapies that are each in Phase 3 development. For more information, please visit Star-Therapeutics.com and follow us on LinkedIn and X.

About Incyte®
Incyte is redefining what’s possible in biopharmaceutical innovation. Through deep scientific expertise and a relentless focus on patients, we have built an established portfolio of first-in-class medicines and an extensive portfolio of next-generation medicines across our key franchises: Hematology, Oncology and Inflammation & Autoimmunity.

To learn more, visit Incyte.com and Investor.Incyte.com. Follow us on social media: LinkedIn, X and Instagram.

Incyte Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding the anticipated benefits of the Vega Therapeutics acquisition; costs and other anticipated financial impacts of the acquisition; expectations regarding VGA039’s development and its potential to become an important new growth driver for Incyte’s hematology portfolio; the potential and promise VGA039 offers patients with bleeding disorders and its ability to address significant unmet need; Incyte’s strategy of building a top-tier growth company for the future; expectations regarding the closing of the proposed transaction, including the expected timing of the same; and Incyte’s aspirations and goals as set forth under the heading “About Incyte.”

Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including unexpected costs, charges or expenses resulting from the acquisition; the risk that Incyte may not be able to successfully integrate the business of Vega Therapeutics and realize the expected benefits of the acquisition in a timely manner or at all; the sufficiency of clinical trial data for VGA039, as well as Incyte’s other products and product candidates, to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; Incyte’s ability to achieve commercial success for VGA039, if approved; Incyte’s ability to obtain and maintain protection of intellectual property for its products and technology; Incyte’s reliance on third parties and partners; the acceptance of Incyte’s products in the marketplace; market competition, sales, marketing, manufacturing and distribution requirements; and those risks and uncertainties discussed in greater detail in Incyte’s reports filed with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly report on Form 10-Q for the quarter ended March 31, 2026. Incyte disclaims any intent or obligation to update these forward-looking statements.

Incyte has agreed to buy Vega Therapeutics for up to $2 billion in a deal that expands the biopharmaceutical company's hematology portfolio into bleeding disorders.

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Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.7% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Incyte (INCY - Free Report) Wilmington, Delaware based Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of proprietary therapeutics. The company conducts its European clinical development operations in Geneva, Switzerland.

INCY is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. INCY has a Growth Style Score of A, forecasting year-over-year earnings growth of 12.5% for the current fiscal year.

Eight analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.13 to $7.65 per share. INCY also boasts an average earnings surprise of +18.3%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, INCY should be on investors' short list.

Incyte Corporation (INCY) Presents at Goldman Sachs 47th Annual Global Healthcare Conference 2026 Transcript

Key Takeaways Incyte plans to acquire Vega Therapeutics for up to $2B, adding late-stage VWD candidate VGA039.INCY expects a $1.25B R&D charge at closing, with the deal targeted to close in Q3 2026.VGA039 is in phase III testing and could become the first subcutaneous preventive VWD treatment. Incyte (INCY - Free Report) announced that it will acquire Vega Therapeutics, a wholly owned subsidiary of Star Therapeutics, for a potential consideration of up to $2 billion.

The proposed acquisition will add Vega Therapeutics’ lead candidate, VGA039, a novel monoclonal antibody, to Incyte’s hematology portfolio.

However, INCY was down 1.7% on the news probably due to high R&D charges associated with the acquisition.

INCY’s shares have gained 1.9% year to date against the industry’s decline of 3.2%.

Image Source: Zacks Investment Research

More on INCY’s Proposed Vega AcquisitionVega Therapeutics’ lead asset, VGA039, is a novel monoclonal antibody designed to improve hemostasis by modulating protein S, thereby enhancing the body's ability to control bleeding.

The therapy is being evaluated for patients with von Willebrand disease (VWD).  If approved, VGA039 could become the first subcutaneous preventive treatment for VWD, offering a more convenient dosing option compared with the frequent intravenous infusions required by existing therapies.

VWD is the most common inherited bleeding disorder, affecting approximately 135,000 people in the United States.

VGA039 has received Breakthrough Therapy, Fast Track, Orphan Drug, and Rare Pediatric Disease designations from the FDA, highlighting its potential to address a significant unmet need in VWD.

The candidate is currently being evaluated in the phase III VIVID-6 study (NCT07115004), a global single-arm crossover study assessing the safety and efficacy of subcutaneous VGA039 as a preventive treatment for bleeding across all VWD subtypes, including patients with severe disease burden.

Under the terms of the agreement, Star Therapeutics will receive $1.25 billion upfront and will be eligible for up to $750 million in additional milestone payments tied to future sales performance.

The acquisition has been unanimously approved by the boards of both Incyte and Star Therapeutics. Under the agreement, Incyte will acquire all outstanding shares of Vega Therapeutics, Star's wholly owned subsidiary. The transaction is expected to be closed in the third quarter of 2026, subject to customary closing conditions and regulatory clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

Upon closing, Incyte expects to record an approximately $1.25 billion in R&D charge, which will be reflected in its third-quarter and full-year 2026 results.

INCY Looks to Strengthen Pipeline/PortfolioIncyte’s efforts to develop new drugs to diversify its portfolio and add an incremental stream of revenues are impressive.

At present, the lead drug Jakafi accounts for the majority of revenues.

The lead drug, Jakafi, is a JAK1/JAK2 inhibitor approved for the treatment of polycythemia vera (PV) in adults who have had an inadequate response to or are intolerant of hydroxyurea; intermediate or high-risk myelofibrosis (MF), including primary MF, post-polycythemia vera MF and post-essential thrombocythemia MF in adults; steroid-refractory acute graft-versus-host disease (GVHD) in adult and pediatric patients 12 years and older; and chronic GVHD after failure of one or two lines of systemic therapy in adult and pediatric patients aged 12 years and older.

Sales in all indications continue to be strong and should maintain momentum going forward.

Encouraging uptake of new drugs like Pemazyre and Monjuvi also contributes to its top-line growth.

Jakafi is marketed by Incyte in the United States and by Novartis (NVS - Free Report) as Jakavi in ex-U.S. markets.

Incyte earns product royalty revenues from Novartis for the commercialization of Jakavi in ex-U.S. markets.

Novartis also has exclusive worldwide development and commercialization rights to Tabrecta.

The Vega acquisition aligns closely with Incyte's established hematology business, allowing the company to leverage its existing R&D and commercial infrastructure while expanding its growth opportunities across both U.S. and international markets.

VGA039 is a promising late-stage hematology asset with significant commercial potential. The candidate represents a potential blockbuster opportunity with projected annual sales exceeding $1 billion and is expected to become a meaningful contributor to Incyte’s growth beyond 2029.

INCY’s Zacks Rank & Stocks to ConsiderINCY currently carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the biotech sector are Liquidia Corporation (LQDA - Free Report) and Immunocore (IMCR - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Liquidia’s 2026 EPS have increased to $2.97 from $1.50. Over the same period, EPS estimates for 2027 have risen to $4.81 from $2.91. LQDA shares have surged 85.3% year to date.

Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.

Over the past 60 days, estimates for Immunocore’s 2026 earnings have improved from a loss of 88 cents per share to earnings of 6 cents. Over the same period, EPS estimates for 2027 have risen from 24 cents to 87 cents.

Immunocore’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 46.66%.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Incyte (INCY - Free Report) Wilmington, Delaware based Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of proprietary therapeutics. The company conducts its European clinical development operations in Geneva, Switzerland.

INCY is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 13.8; value investors should take notice.

For fiscal 2026, seven analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.08 to $7.64 per share. INCY boasts an average earnings surprise of +18.3%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, INCY should be on investors' short list.

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Medical Properties Trust, Inc. (“Medical Properties” or the “Company”) (NYSE: MPT) on behalf of investors concerning the Company’s possible violations of federal securities laws.

IF YOU ARE AN INVESTOR WHO LOST MONEY ON MEDICAL PROPERTIES TRUST, INC. (MPT), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS.

What Is The Investigation About?

On March 10, 2026, Medical Properties issued a statement regarding its third-largest tenant, Healthcare Systems of America (“HAS”) stating that the Company had “sent certain ordinary course legal notices to HSA intended to protect [its] legal interests.”

HSA accounts for around 8% of the Company’s total assets. HSA is also currently engaged in competing lawsuits between two rivaling managers accusing each other of financial mismanagement and other misdeeds. This statement came shortly after Medical Properties declared a default on several of the eight properties it rents to HSA.

On this news, Medical Properties’ stock price fell $0.42, or 8.02%, to close at $4.84 per share on March 11, 2026, thereby injuring investors.

Contact Us To Participate or Learn More:

If you purchased Medical Properties securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:

The Law Offices of Frank R. Cruz,
2121 Avenue of the Stars, Suite 800,
Century City, California 90067
Call us at: 310-914-5007
Email us at: [email protected]
Visit our website at: www.frankcruzlaw.com.
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If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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