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Board declares special dividend of $11.00 per share

, /PRNewswire/ -- Array Digital Infrastructure, Inc. (NYSE: AD) (ArraySM) today announced the successful closing of the previously announced agreement with Verizon (NYSE: VZ) to sell a portion of the Company's retained spectrum licenses for total consideration of $1.0 billion. 

Additionally, certain spectrum sales to T-Mobile totaling $168M, primarily related to 700MHz and 600MHz, were completed in May.

These transactions further the objective announced on May 28, 2024, to opportunistically monetize remaining spectrum following the sale of the T-Mobile wireless operation which closed on August 1, 2025.

Considering the closing of the Verizon and other transactions alongside current cash on hand, the Array Board of Directors has declared a special cash dividend of $11.00 per Common Share and Series A Common Share. The special dividend is payable on June 25, 2026, to shareholders of record on June 11, 2026. While future dividend declarations are subject to the Board's discretion, the Company at this time does not anticipate that any additional dividends will be paid during 2026. 

"We have made significant progress in our spectrum monetization efforts and are pleased with the value realized in this sale," said Anthony Carlson, Array President and CEO. "Further, as we have done with prior asset sale proceeds, we are returning value to our shareholders in the form of a special dividend." 

The declaration of this special dividend is unrelated to the special committee of the Array Board of Directors' evaluation of the non-binding proposal, dated May 7, 2026, from Telephone and Data Systems, Inc. (NYSE: TDS) ("TDS") to acquire all of the outstanding common shares of Array not currently owned by TDS, which was previously announced on May 8, 2026, and the special committee has not made any decision with respect to such proposal at this time.

Note
Array currently expects that when 1099-DIVs are issued for 2026, this special dividend will be largely designated as an ordinary and qualified dividend, subject to the shareholder's holding period requirements.

Advisors
Citigroup Global Markets Inc. served as lead financial advisor and Centerview Partners LLC served as financial advisor to Telephone and Data Systems, Inc. (TDS) in connection with the Verizon transaction. TD Securities (USA) LLC and Wells Fargo also served as financial advisors to TDS. Wilkinson Barker Knauer, LLP served as lead transactional and FCC regulatory counsel to both TDS and Array. In addition, Clifford Chance LLP served as regulatory advisor to both TDS and Array and Sidley Austin LLP served as legal advisor to TDS. PJT Partners LP served as financial advisor and Cravath, Swaine & Moore LLP served as legal advisor to the independent directors of Array.

About Array
Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. With over 4,400 cell towers in locations from coast to coast, Array enables the deployment of 5G and other wireless technologies throughout the country. Headquartered in Chicago, Array is approximately 82% owned by TDS. 

For more information about Array, visit: investors.arrayinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. The forward-looking statements include the statement regarding Array's expectation regarding the designation of the special dividend on 1099-DIV. This statement relies on the company's current assumptions and involves uncertainties that could cause a different result. The ultimate designation of the special dividend depends on several factors including Array's 2026 taxable income and the amount and timing of any additional special dividends issued by Array in 2026. The forward-looking statements also include the statement that the Company at this time does not anticipate that any additional dividends will be paid during 2026. The amount and timing of any dividends is subject to business, economic and other relevant factors.

SOURCE Array Digital Infrastructure, Inc.

ALBUQUERQUE, N.M., June 11, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a New Mexico-based leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, announced today that it has reached a substantial milestone, surpassing 100 GW of solar tracker product deliveries across 30+ countries worldwide.

Enphase Energy (NASDAQ:ENPH | ENPH Price Prediction) just picked up another sell-side endorsement. Goldman Sachs raised its price target on Enphase Energy to $57 from $51 and maintained a Buy rating on the shares. The modest bump reinforces a residential solar trade that has been gaining traction since mid-May.

The price target raise lands with Enphase stock trading around $49.60 and follows a sharp rebound in residential solar names. Peer SolarEdge Technologies (NASDAQ:SEDG) has rallied alongside Enphase, suggesting the move reflects sector momentum rather than a single-name story.

For prudent investors, this analyst upgrade signals incremental confidence in the existing thesis. It builds on a string of bullish sell-side data points framing residential solar as a credible recovery trade for 2026.

Ticker Company Firm Action Old Rating New Rating Old Target New Target ENPH Enphase Energy Goldman Sachs Price Target Raise Buy Buy $51 $57 The Analyst’s Case Goldman’s incremental constructive view on Enphase Energy reflects a cooperative rate environment that supports residential solar financing math. U.S. sell-through demand has been strong recently, and Goldman’s lift is the latest sell-side validation of the trade.

Enphase’s fundamentals support the call. In Q4 2025, U.S. sell-through demand climbed 21% sequentially, the strongest in over two years, while non-GAAP EPS of $0.71 beat estimates by 23%.

Company Snapshot Enphase is the microinverter market leader, with an expanding battery storage line, AI-enabled monitoring software, and a domestic manufacturing footprint that qualifies for IRA 45X production tax credits. Full-year 2025 revenue reached $1.47 billion, up 11% year over year, with net income of $172.1 million.

The company finished 2025 with $474.3 million in cash and a market capitalization near $6.16 billion. A $268.7 million share repurchase authorization remains available.

Why the Move Matters Now Enphase stock has been a momentum standout. The shares are up 54% year to date (YTD), while SolarEdge stock has surged 88% YTD, signaling broad sector reflation.

The valuation backdrop remains demanding. Enphase trades at a forward P/E ratio of 17x, against a 52-week range of $25.78 to $53.89. Goldman’s $57 target sits above the consensus analyst target of $40.38, making it one of the more constructive views on the Street.

What It Means for Your Portfolio The bull case rests on residential demand inflection, microinverter share gains, battery storage growth, and the U.S. manufacturing tailwind. The bear case is real: reciprocal tariffs trimmed 5 percentage points from Q4 gross margin, European softness persists, and ITC tax credit politics could shift quickly.

Goldman’s call is an incremental recalibration. The price target lift to $57 from $51 reads as a recalibration to recent demand strength and a cooperative rate backdrop for Enphase stock.

For long-term investors, the residential solar trade may warrant a closer look as part of broader research into clean-energy exposure. Moderate position sizing remains sensible given tariff uncertainty, competition from SolarEdge and Asian inverter makers, and sensitivity to the interest rate path.

Enphase Energy (ENPH - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this solar technology company have returned +81.7% over the past month versus the Zacks S&P 500 composite's +4.4% change. The Zacks Solar industry, to which Enphase Energy belongs, has gained 25.1% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings EstimatesHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Enphase Energy is expected to post earnings of $0.46 per share, indicating a change of -33.3% from the year-ago quarter. The Zacks Consensus Estimate has changed +2.7% over the last 30 days.

The consensus earnings estimate of $2.12 for the current fiscal year indicates a year-over-year change of -28.4%. This estimate has changed -3.6% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $2.54 indicates a change of +19.9% from what Enphase Energy is expected to report a year ago. Over the past month, the estimate has changed -6.6%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Enphase Energy is rated Zacks Rank #3 (Hold).

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

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Enphase Energy, the consensus sales estimate of $291.74 million for the current quarter points to a year-over-year change of -19.7%. The $1.23 billion and $1.34 billion estimates for the current and next fiscal years indicate changes of -16.8% and +9.6%, respectively.

Last Reported Results and Surprise HistoryEnphase Energy reported revenues of $282.9 million in the last reported quarter, representing a year-over-year change of -20.6%. EPS of $0.47 for the same period compares with $0.68 a year ago.

Compared to the Zacks Consensus Estimate of $283.56 million, the reported revenues represent a surprise of -0.23%. The EPS surprise was +9.3%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three 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.

Enphase Energy is graded F 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 Enphase Energy. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Enphase Energy stock is gaining positive traction. Why are ENPH shares climbing? What Is Driving Enphase Energy’s GaN Technology Adoption?Enphase last week published a technical white paper outlining its use of gallium nitride (GaN) bidirectional switch technology, which it says can drive higher switching frequency, improved efficiency, higher power density, and broader AC operating voltage capability for 480 VAC three-phase commercial applications in the U.S.

Enphase said its adoption of GaN BDS began with the IQ9 Series Microinverters across commercial and residential solar applications.

Enphase is also framing GaN as a platform shift that can extend beyond microinverters into batteries and EV charging systems, as the company pushes "more power through smaller" converters while aiming to cut losses by replacing dual-switch designs with a single monolithic device that blocks voltage in both directions.

ENPH Stock: Key Levels And Momentum IndicatorsIn premarket, the broader backdrop is supportive: Nasdaq (QQQ) is up 0.64%, while the S&P 500 (SPY) is up 0.19%, which fits with ENPH's higher-beta profile when risk appetite is improving. The stock is also pressing the top of its 52-week range, sitting just below the $68.90 high, which can attract breakout momentum but also invites profit-taking if the tape cools.

Trend-wise, ENPH is stretched above its moving averages, trading 57.8% above the 20-day SMA ($43.47) and 84.4% above the 200-day SMA ($37.20). That extension is happening with a bullish moving-average structure (20-day SMA above the 50-day SMA, plus the golden cross that occurred in February), which keeps the longer-term uptrend intact even if volatility picks up.

RSI is the cleanest momentum lens right now: at 79.75, it's deep in overbought territory, signaling the move has become stretched versus its own recent trading range. In practice, that doesn't "call a top" by itself, but it does raise the odds of sharp pullbacks or sideways digestion if incremental buyers hesitate near highs.

Key Resistance: $68.90 — the 52-week high zone, where breakouts often need follow-through to avoid a quick fade Key Support: $43.47 — aligns with the 20-day SMA, a common "trend support" area if the stock mean-reverts after an extended run What Is Enphase Energy’s Business Model?Enphase Energy is a global energy technology company. It delivers smart, easy-to-use solutions that manage solar generation, storage, and communication on one platform.

Its microinverter technology primarily serves the rooftop solar market and produces a fully integrated solar-plus-storage solution, with a majority of revenue coming from the United States. That's why the GaN-focused roadmap matters to traders: it's a signal about where Enphase wants to push performance and density next, including commercial use cases like 480 VAC three-phase applications.

Enphase Energy Analyst Ratings For May 2026Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $43.93. Recent analyst moves include:

Goldman Sachs: Buy (Raises Target to $57.00) (May 20) Barclays: Underweight (Lowers Target to $30.00) (May 5) Evercore ISI Group: In-Line (Lowers Target to $37.00) (May 4) Enphase Energy Benzinga Edge Rankings ExplainedBelow is the Benzinga Edge scorecard for Enphase Energy, highlighting its strengths and weaknesses compared to the broader market:

The Verdict: Enphase Energy’s Benzinga Edge signal reveals a momentum-driven profile with weak value support, meaning the trend is strong but expectations are already elevated. For longer-term holders, that often translates to "buy-the-dip" behavior above trend support, while breakouts near highs may need clean follow-through to avoid sharp mean reversion.

ENPH Stock Price Movement in Premarket TradingENPH Stock Price Activity: Enphase Energy shares were up 1.67% at $68.02 during premarket trading on Wednesday, according to Benzinga Pro data.

Image: Shutterstock

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Enphase Energy, Inc. (NASDAQ:ENPH) shares are consolidating on Thursday. They have gained about 130% since May 1.

Enphase is in a short-squeeze. When short squeezes end, the stocks can drop back to the same level they started at. This is why Enphase Energy is the Stock of the Day.

People who sell a stock short believe that it will go lower. They borrow the shares from other investors and sell them.

Their plan is to buy them back at a lower price in the future, return them, and keep the difference.

Short squeezes occur when a heavily shorted stock begins to move higher. As this happens, the short sellers begin to lose money because they will have to buy the shares back at a higher price than they were sold for.

As the price rises, the losses increase. Sometimes it results in panic buying as short sellers outbid each other. It can result in a snowball effect that pushes the price rapidly higher.

The climax of a short squeeze comes when the people who lent the shares to short sellers see how much the price has risen and decide to sell.

The short-sellers are forced to buy the shares regardless of the price so they can return them. They have no choice. It is a legal obligation.

This can result in the shares going parabolic.

Enphase is a heavily shorted stock. About 33% of the shares that are outstanding have been borrowed. This is an extremely high number. Every stock has short interest, but it is usually only a couple of percent.

When short squeezes end, there is a chance the stock goes into a steep decline. Sometimes they even end up back to where they were when the squeeze started.

Traders and investors who trade options can profit when a stock moves lower. They can buy put options. Their value will increase as the price declines.

There is no way to know when the short-squeeze in Enphase will end. But when it does, it may present profit opportunities for savvy traders.

Photo: Piotr Swat from Shutterstock

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On June 01, 2026, Enphase Energy Inc ENPH shares fell 6.8% to a current price of $63.74. This decline comes after a period of substantial growth, with the stock rising 88.3% over the past month and 98.9% year-to-date. ENPH's price has fluctuated between a 52-week high of $73.74 and a low of $25.78.

GF Value™ verdict: Current price is $63.74 compared to $63.27 GF Value™, indicating the stock is 0.7% overvalued.GF Score™ is 75/100, categorizing it as Above Average, suggesting strong potential for long-term performance.Most notable signal: Insider activity shows that insiders bought $0.3M and sold $6.0M in the last 3 months, indicating a net sell-off. Is ENPH Overvalued or Undervalued? Currently, Enphase Energy Inc's stock price of $63.74 is slightly above the GF Value™ of $63.27, marking it as 0.7% overvalued. This marginal overvaluation suggests limited margin of safety for potential investors, as buying at such a price may not offer a significant cushion should the stock experience downward pressure. According to GF Valuation, the stock is fairly valued based on its intrinsic value assessment. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

While the slight overvaluation indicates some risk, it is essential to consider the overall market conditions and the company's growth prospects. If Enphase can maintain its momentum and continue to execute on its business strategy effectively, the current price may still reflect a fair assessment of its underlying value.

How Does ENPH's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 63.1x 74.0x (5-Year Median) Forward P/E 31.8x N/A Enphase's current P/E ratio of 63.1x is significantly below its 5-year median of 74.0x, suggesting that the stock is trading at a more favorable valuation compared to its historical standards. This P/E analysis aligns with the GF Value™ verdict, as it indicates that while the stock is marginally overvalued, it is still priced more attractively relative to its historical norms.

What Does ENPH's GF Score™ Tell Us? Metric Rating GF Score™ 75/100 Financial Strength 7/10 Profitability 8/10 Growth 3/10 Valuation 7/10 Momentum 5/10 The GF Score™ of 75/100 indicates a strong overall performance, particularly in the areas of Profitability (8/10) and Financial Strength (7/10). However, the Growth rank is relatively low at 3/10, suggesting that while the company is profitable and financially solid, its growth prospects may not be as robust as some investors might hope. This mixed picture highlights the importance of considering both strong financial metrics and potential growth limitations when evaluating ENPH's overall investment attractiveness.

What Are Insiders Doing with ENPH Stock? In the past three months, insider activity has shown that insiders bought $0.3 million worth of shares while selling $6.0 million. This net selling indicates that insiders are reducing their positions, which can often be interpreted as a bearish signal regarding the company's short-term prospects. When insiders sell a significant amount compared to what they buy, it may raise concerns among investors about the company's future performance and could indicate a lack of confidence among those who are closest to the business.

What This Means for Investors Based on the GF Value™ assessment, Enphase Energy Inc is currently overvalued. With a current price of $63.74 compared to a GF Value™ of $63.27, investors may want to proceed with caution as the stock does not offer a significant margin of safety at this time. The mixed signals from insider activity and growth metrics further suggest that investors should carefully weigh their options before making any decisions.

For the complete analysis, visit the Enphase Energy Inc ENPH stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is ENPH's GF Score™?

ENPH's GF Score™ is 75/100, indicating an Above Average rating. Stocks with higher GF Score™ values have been found to generate higher long-term returns.

Is ENPH overvalued or undervalued?

ENPH is currently overvalued, with a GF Value™ of $63.27 compared to its current price of $63.74, suggesting limited margin of safety.

What is ENPH's P/E ratio?

ENPH's P/E (TTM) is 63.1x, which is below its 5-year median of 74.0x, indicating that the stock is trading at a more favorable valuation compared to its historical levels.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

In the latest trading session, Enphase Energy (ENPH - Free Report) closed at $69.02, marking a -4.58% move from the previous day. This change lagged the S&P 500's 0.74% loss on the day. Meanwhile, the Dow lost 1.21%, and the Nasdaq, a tech-heavy index, lost 0.89%.

Shares of the solar technology company witnessed a gain of 100.81% over the previous month, beating the performance of the Oils-Energy sector with its loss of 2.67%, and the S&P 500's gain of 5.39%.

The investment community will be closely monitoring the performance of Enphase Energy in its forthcoming earnings report. In that report, analysts expect Enphase Energy to post earnings of $0.46 per share. This would mark a year-over-year decline of 33.33%. Alongside, our most recent consensus estimate is anticipating revenue of $291.74 million, indicating a 19.66% downward movement from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.12 per share and a revenue of $1.23 billion, signifying shifts of -28.38% and -16.78%, respectively, from the last year.

Investors should also pay attention to any latest changes in analyst estimates for Enphase Energy. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Enphase Energy presently features a Zacks Rank of #3 (Hold).

Digging into valuation, Enphase Energy currently has a Forward P/E ratio of 34.06. For comparison, its industry has an average Forward P/E of 24.41, which means Enphase Energy is trading at a premium to the group.

The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 175, positioning it in the bottom 29% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Enphase Energy (ENPH - Free Report) ended the recent trading session at $53.51, demonstrating a -5.92% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily loss of 0.26%. Meanwhile, the Dow gained 0.17%, and the Nasdaq, a tech-heavy index, lost 0.97%.

Coming into today, shares of the solar technology company had gained 51.08% in the past month. In that same time, the Oils-Energy sector gained 0.73%, while the S&P 500 gained 0.23%.

The investment community will be paying close attention to the earnings performance of Enphase Energy in its upcoming release. The company's earnings per share (EPS) are projected to be $0.46, reflecting a 33.33% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $291.74 million, down 19.66% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.12 per share and a revenue of $1.23 billion, representing changes of -28.38% and -16.78%, respectively, from the prior year.

Any recent changes to analyst estimates for Enphase Energy should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Right now, Enphase Energy possesses a Zacks Rank of #3 (Hold).

With respect to valuation, Enphase Energy is currently being traded at a Forward P/E ratio of 26.78. Its industry sports an average Forward P/E of 21.21, so one might conclude that Enphase Energy is trading at a premium comparatively.

The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 183, positioning it in the bottom 25% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

The upcoming report from Groupon (GRPN - Free Report) is expected to reveal quarterly loss of -$0.02 per share, indicating a decline of 111.1% compared to the year-ago period. Analysts forecast revenues of $117.26 million, representing an increase of 0.1% year over year.

Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

With that in mind, let's delve into the average projections of some Groupon metrics that are commonly tracked and projected by analysts on Wall Street.

According to the collective judgment of analysts, 'Geographic Revenue- North America' should come in at $91.66 million. The estimate points to a change of +0.6% from the year-ago quarter.

Analysts expect 'Geographic Revenue- International- Local' to come in at $23.02 million. The estimate points to a change of +2.7% from the year-ago quarter.

The consensus among analysts is that 'Geographic Revenue- International' will reach $26.11 million. The estimate suggests a change of +0.1% year over year.

Analysts' assessment points toward 'Geographic Revenue- North America- Travel' reaching $3.41 million. The estimate indicates a year-over-year change of -6.8%.

Analysts forecast 'Geographic Revenue- North America- Local' to reach $87.70 million. The estimate indicates a change of +2.1% from the prior-year quarter.

View all Key Company Metrics for Groupon here>>>

Shares of Groupon have demonstrated returns of +29.5% over the past month compared to the Zacks S&P 500 composite's +10% change. With a Zacks Rank #4 (Sell), GRPN is expected to lag the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Groupon (GRPN - Free Report) came out with a quarterly loss of $0.32 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -1,273.39%. A quarter ago, it was expected that this online daily deal service would post earnings of $0.17 per share when it actually produced earnings of $0.17, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Groupon, which belongs to the Zacks Internet - Commerce industry, posted revenues of $117.2 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.05%. This compares to year-ago revenues of $117.19 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Groupon shares have lost about 10% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Groupon?While Groupon has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Groupon was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.04 on $128.77 million in revenues for the coming quarter and $0.28 on $514.72 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Commerce is currently in the bottom 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Williams-Sonoma (WSM - Free Report) , another stock in the broader Zacks Retail-Wholesale sector, has yet to report results for the quarter ended April 2026.

This seller of cookware and home furnishings is expected to post quarterly earnings of $1.80 per share in its upcoming report, which represents a year-over-year change of -2.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Williams-Sonoma's revenues are expected to be $1.8 billion, up 4.3% from the year-ago quarter.

Key Takeaways GRPN posted a Q1 loss of 32 cents per share as revenue stayed flat year over year.Groupon saw strong international local growth, led by double-digit billings gains in key markets.GRPN maintained FY26 guidance for up to 5% revenue growth and at least $60M free cash flow. Groupon (GRPN - Free Report) posted a loss of 32 cents per share for the first quarter of 2026, falling short of the Zacks Consensus Estimate of a loss of 2 cents per share. The company had reported earnings of 18 cents per share from continuing operations in the year-ago quarter.

Revenues of $117.2 million were essentially in line with the Zacks Consensus Estimate, coming in 0.05% below. The figure was flat year over year (down 2.1% on an FX-neutral basis). The top-line performance was supported by continued strength in Things to Do and paid channel growth, partially offset by headwinds in the Small Business merchant base, Health Beauty and Wellness, the Enterprise channel and managed and organic channels, as well as adverse weather conditions in January and February.

Region-wise, North America’s revenues of $90 million missed the consensus mark by 1.91% and declined 1.1% year over year. International revenues of $27.29 million beat the consensus mark by 4.51% and increased 4.7% year over year (declined 4.8% on an FX-neutral basis)

Gross billings totaled $382.5 million in the first quarter of 2026, reflecting a 1% year-over-year decline (down 3.3% on an FX-neutral basis).

GRPN’s Quarterly DetailsLocal revenues of $110.1 million missed the Zacks Consensus Estimate by 0.27% and rose 1.6% year over year. North America Local revenues of $85.5 million declined 0.5% year over year and missed the consensus mark by 2.47%. North America Local billings of $260.6 million grew 2% year over year, driven by higher average order value and continued Things to Do momentum, partially offset by a 4% unit decline and take rate compression from higher promotional discounts.

International Local revenues of $24.6 million grew 9.7% year over year and beat the consensus mark by 6.87%, though revenues were flat on an FX-neutral basis. Excluding Giftcloud, International Local revenues grew 19% and International Local billings grew 14% year over year, with each of GRPN's four major International markets (the U.K., Germany, France and Spain) delivering double-digit billings growth.

Consolidated Travel revenues of $4.59 million beat the consensus mark by 3.8% and declined 9.2% year over year. North America Travel revenues declined 4.8% and International Travel revenues declined 20.5% year over year (down 28.4% on an FX-neutral basis). A notable bright spot was the Tours vertical, where new formats such as mystery trip packages and adventure itineraries generated meaningful customer engagement toward the end of the quarter.

On a consolidated basis, Goods revenues of $2.5 million declined 34.4% year over year (down 38.5% on an FX-neutral basis), consistent with GRPN's deliberate de-emphasis of the category. North America Goods revenues of $894 thousand declined 40.9% year over year. International Goods revenues of $1.6 million declined 30% year over year (down 36.9% on an FX-neutral basis). The Goods segment now represents only 2% of global revenues.

GRPN’s Customer MetricsAt the end of the first quarter, Groupon had 16.2 million active customers on a trailing-twelve-month basis, up 5% year over year. The metric missed the Zacks Consensus Estimate by 0.19%.

The company had approximately 10.98 million active customers based in North America, missing the consensus mark by 0.9%. GRPN had 5.23 million active international customers, beating the consensus mark by 1.34%.

Operating Details of GRPNIn the first quarter, Groupon's consolidated gross profit was flat year over year at $106 million, with gross margin steady at 90% of revenues. North America gross profit declined 1.1% year over year to $81.9 million, while International gross profit grew 3% year over year to $24.1 million (down 5.6% on an FX-neutral basis).

Consolidated gross margin was 90% of revenues, consistent with the prior quarter. Selling, general and administrative expenses rose 5% year over year to $73 million. Marketing expenses increased 6% year over year to $36.3 million, representing 31% of revenues, reflecting higher investment in paid performance channels.

GRPN reported a GAAP operating loss of $3.3 million compared with operating income of $1.9 million in the year-ago quarter. Adjusted EBITDA declined 17% year over year to $12.8 million.

GRPN's Balance Sheet & Cash FlowGroupon exited the first quarter with cash and cash equivalents of $225.5 million, down from $296.1 million as of Dec. 31, 2025.

In the first quarter, operating cash outflow from continuing operations was $10 million, reflecting the normal seasonal timing of merchant payment settlements, compared with cash provided by operating activities of $56.6 million in the prior quarter.

Free cash flow was negative $13.5 million compared with positive $53 million in the fourth quarter of 2025.

During the quarter, GRPN repurchased 1.94 million shares for $21.3 million. As of May 7, 2026, approximately $215 million remains available under the board-authorized $300 million repurchase program.

GRPN's Q2 & FY26 GuidanceFor the second quarter of 2026, Groupon expects revenues in the range of $126 million to $128 million, suggesting flat to 2% year-over-year growth. Adjusted EBITDA is expected to be between $13 million and $15 million, and free cash flow is expected to be at least $10 million.

Groupon maintains its prior guidance, expecting revenues between $513 million and $523 million, indicating year-over-year growth of 3% to 5%. Adjusted EBITDA is expected to be between $70 million and $75 million, and free cash flow is expected to be at least $60 million.

Zacks Rank & Stocks to ConsiderGroupon currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the broader Zacks Retail-Wholesale sector are FGI Industries (FGI - Free Report) , Dillard’s (DDS - Free Report) and Canada Goose (GOOS - Free Report) . FGI Industries sports a Zacks Rank #1 (Strong Buy) at present, while Dillard’s and Canada Goose carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

FGI Industries is set to report first-quarter 2026 results on May 12. FGI shares have increased 17% year to date.

Dillard’s is set to report first-quarter fiscal 2027 results on May 21. DDS shares have declined 8.8% year to date.

Canada Goose is set to report fourth-quarter 2026 results on May 20. GOOS shares have declined 7.9% year to date.

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.