Royal Gold (Nasdaq: RGLD) lifts H1 revenue to $919.7M and repays $500M debt
Royal Gold reported higher results for the quarter and six months ended June 30, 2026. Revenue rose to $450.5 million in the quarter and $919.7 million year‑to‑date, driven by higher gold, silver and copper prices, contributions from acquired Sandstorm and Horizon assets and the Kansanshi stream, and higher volumes at Andacollo and Cortez.
Net income attributable to common stockholders was $236.4 million for the quarter and $517.5 million for the first half, or $2.78 and $6.10 per basic share. Stream interests generated about 69% of quarterly revenue, with key contributions from Mount Milligan, Pueblo Viejo, Andacollo and Kansanshi; royalty interests supplied the balance, led by the Cortez complex.
Operating cash flow reached $628.7 million in the first half, supporting $500 million of debt repayment, leaving $400 million drawn and $1.0 billion undrawn on the revolving credit facility, plus a new $600 million accordion feature. Working capital was $243.5 million. The board approved a $500 million share repurchase program, under which 147,205 shares were repurchased in the quarter for $30 million, and cash dividends of $0.95 per share were declared for the first half.
Positive
- Revenue for the first half of 2026 increased to $919.7 million from $403.1 million, with net income to stockholders rising to $517.5 million from $245.8 million, reflecting higher metal prices and expanded streaming and royalty assets.
- Operating cash flow of $628.7 million in the first half funded $500 million of revolving credit facility repayments, reducing outstanding debt to $400 million while maintaining $1.0 billion of undrawn capacity and supporting new share repurchases and dividends.
Negative
- None.
Filing Explained
Royal Gold now owns 15% of Hod Maden directly, with a new 2.5% royalty and a conditional $160 million option.
A Form 10-Q is an unaudited quarterly report, and this filing updates Royal Gold’s interim finances and material developments through
The restructuring is completed, but Royal Gold did not acquire the full SSR royalty: it has an option, exercisable through 12 months after commercial production begins, to acquire an effective
Royal Gold completed its
The filing states that the
Key Figures
Q2 2026 Revenue: $450.5 million
H1 2026 Revenue: $919.7 million
H1 2026 Net Income to Stockholders: $517.5 million
+5 more
8 metrics
Q2 2026 Revenue
$450.5 million
Total revenue for the three months ended June 30, 2026
H1 2026 Revenue
$919.7 million
Total revenue for the six months ended June 30, 2026
H1 2026 Net Income to Stockholders
$517.5 million
Net income attributable to Royal Gold common stockholders for the six months ended June 30, 2026
Operating Cash Flow H1 2026
$628.7 million
Net cash provided by operating activities for the six months ended June 30, 2026
Debt Outstanding
$400 million
Principal outstanding under the revolving credit facility as of June 30, 2026
Available Credit Facility
$1.0 billion
Undrawn capacity under the revolving credit facility as of June 30, 2026
Working Capital
$243.5 million
Working capital at June 30, 2026 based on current assets and liabilities
Q2 2026 Share Repurchases
$30 million
Cost to repurchase 147,205 shares under the $500 million share repurchase program in Q2 2026
Key Terms
stream interests, net smelter return royalty, equity method investment, accordion feature, +2 more
6 terms
stream interests financial
"we manage our business under two segments, consisting of the acquisition and management of stream interests"
A stream interest is a contractual right to receive a portion of future revenue or production from a specific asset—commonly used in mining, energy, or royalty deals—often in exchange for an upfront payment. Think of it like buying the right to collect part of a steady paycheck from a factory or a share of the water from a river: it can provide investors with predictable cash flow and exposure to an asset’s output without owning or operating the business itself.
net smelter return royalty financial
"the grant to Royal Gold of a new effective 2.5% net smelter return royalty interest over the Project"
A net smelter return (NSR) royalty is a contractual right to receive a percentage of the revenue from minerals sold after they are processed and refined, with common deductions for transportation and refining fees. Investors care because an NSR provides a predictable slice of mining project income without owning the mine, so it affects expected cash flow, risk exposure to commodity prices, and the valuation of both the royalty and the operating project—similar to collecting a portion of rent after paying building maintenance costs.
equity method investment financial
"The carrying value of the Hod Maden equity investment was included in Equity method investment"
An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.
accordion feature financial
"added a new $600 million uncommitted accordion feature to the revolving credit facility"
An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.
Cost Support Agreement financial
"we entered into a Cost Support Agreement with Centerra Gold Inc. with respect to the Mount Milligan mine"
conditional funding financial
"advanced Solaris Resources, Inc. $50 million of the $100 million outstanding conditional funding"
AI-generated analysis. How Rhea-AI works. Not financial advice.
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FAQ
How did Royal Gold (RGLD) perform financially in Q2 2026?
Royal Gold generated $450.5 million in revenue and $236.4 million in net income attributable to common stockholders in Q2 2026, equal to $2.78 basic EPS. Results reflected higher metal prices, new Kansanshi and Sandstorm/Horizon contributions, and increased volumes at key assets.
What were Royal Gold (RGLD)'s results for the first half of 2026?
For the six months ended June 30, 2026, Royal Gold reported revenue of $919.7 million and net income attributable to common stockholders of $517.5 million, or $6.10 basic EPS. Stream revenue was $623.7 million and royalty revenue was $295.9 million over the same period.
What is Royal Gold (RGLD)'s debt and liquidity position as of June 30, 2026?
At June 30, 2026, Royal Gold had $400 million outstanding on its revolving credit facility and $1.0 billion available, plus a new $600 million accordion feature. Working capital was $243.5 million, with cash and equivalents of $182.5 million.
How is Royal Gold (RGLD) using its cash flows in 2026?
In H1 2026, Royal Gold generated $628.7 million in operating cash flow and used it to repay $500 million of revolver debt, fund $84.7 million of Hod Maden cash calls, advance $50 million to Solaris for Warintza, pay $80.5 million in dividends, and repurchase shares.
What capital return actions did Royal Gold (RGLD) take in Q2 2026?
The board authorized a $500 million share repurchase program. In Q2 2026, Royal Gold repurchased 147,205 shares for $30 million at an average price of $203.80 and declared cash dividends totaling $0.95 per share for the first half of 2026.
How sensitive is Royal Gold (RGLD) to metal prices?
For H1 2026, gold, silver and copper represented 74%, 14% and 9% of revenue, respectively. A 10% change in average prices would have changed total reported revenue by $72.9 million for gold, $12.0 million for silver, and $13.2 million for copper.
What were key portfolio developments for Royal Gold (RGLD) in early 2026?
Royal Gold advanced $50 million of conditional funding to Solaris for the Warintza project, restructured Bear Creek exposure into increased Corani and new Mercedes royalties, settled the Relief Canyon fixed gold delivery obligation, and continued integrating the Sandstorm and Horizon acquisition assets.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________________________________
FORM 10-Q
_______________________________________________________________________________________________________
(Mark One)
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the Quarterly Period Ended June 30, 2026
or
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from to
Commission File Number: 001-13357
______________________________________________________________
(Exact Name of Registrant as Specified in Its Charter)
______________________________________________________________
| (State or Other Jurisdiction of | (I.R.S. Employer | |||||||
| Incorporation) | Identification No.) | |||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (303 ) 573-1660
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on which Registered | ||||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Accelerated filer o | ||||||||
Non-accelerated filer o | Smaller reporting company | |||||||
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
There were 84,727,857 shares of Royal Gold common stock outstanding as of July 29, 2026.
INDEX
| PAGE | ||||||||
PART I | FINANCIAL INFORMATION | |||||||
Item 1. | Financial Statements (Unaudited) | |||||||
Consolidated Balance Sheets | 3 | |||||||
Consolidated Statements of Operations and Comprehensive Income | 4 | |||||||
Consolidated Statements of Changes in Stockholders’ Equity | 5 | |||||||
Consolidated Statements of Cash Flows | 7 | |||||||
Notes to Consolidated Financial Statements | 8 | |||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20 | ||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 31 | ||||||
Item 4. | Controls and Procedures | 31 | ||||||
PART II | OTHER INFORMATION | |||||||
Item 1. | Legal Proceedings | 32 | ||||||
Item 1A. | Risk Factors | 32 | ||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 32 | ||||||
Item 3. | Defaults Upon Senior Securities | 32 | ||||||
Item 4. | Mine Safety Disclosures | 32 | ||||||
Item 5. | Other Information | 32 | ||||||
Item 6. | Exhibits | 34 | ||||||
SIGNATURES | 35 | |||||||
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ROYAL GOLD, INC.
Consolidated Balance Sheets
(Unaudited, amounts in thousands except share data)
| June 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Cash and equivalents | $ | $ | |||||||||
| Royalty receivables | |||||||||||
| Income tax receivable | |||||||||||
| Stream inventory | |||||||||||
| Prepaid expenses and other | |||||||||||
| Total current assets | |||||||||||
| Stream and royalty interests, net (Note 3) | |||||||||||
| Equity method investment (Note 4) | |||||||||||
| Marketable securities (Note 5) | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES | |||||||||||
| Accounts payable | $ | $ | |||||||||
| Dividends payable | |||||||||||
| Income tax payable | |||||||||||
| Other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Debt (Note 6) | |||||||||||
| Deferred tax liabilities | |||||||||||
| Mount Milligan deferred liability (Note 7) | |||||||||||
| Other liabilities | |||||||||||
| Total liabilities | |||||||||||
| Commitments and contingencies (Note 15) | |||||||||||
| EQUITY | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
| Additional paid-in capital | |||||||||||
| Accumulated other comprehensive income | |||||||||||
| Accumulated earnings | |||||||||||
| Total Royal Gold stockholders’ equity | |||||||||||
| Non-controlling interests | |||||||||||
| Total equity | |||||||||||
| Total liabilities and equity | $ | $ | |||||||||
The accompanying notes are an integral part of these consolidated financial statements.
3
ROYAL GOLD, INC.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited, amounts in thousands except share data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||
| Revenue (Note 9) | $ | $ | $ | $ | ||||||||||||||||||||||
| Costs and expenses | ||||||||||||||||||||||||||
| Cost of sales (excludes depreciation, depletion and amortization) | ||||||||||||||||||||||||||
| General and administrative | ||||||||||||||||||||||||||
| Production taxes | ||||||||||||||||||||||||||
| Depreciation, depletion and amortization | ||||||||||||||||||||||||||
| Total costs and expenses | ||||||||||||||||||||||||||
| Gain on settlement of Relief Canyon fixed obligation | ||||||||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||||
| Fair value changes in equity securities | ( | |||||||||||||||||||||||||
| Gain on sale of marketable securities | ||||||||||||||||||||||||||
| Interest and other income | ||||||||||||||||||||||||||
| Interest and other expense | ( | ( | ( | ( | ||||||||||||||||||||||
| Income before income taxes | ||||||||||||||||||||||||||
| Income tax expense (Note 12) | ( | ( | ( | ( | ||||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||
| Net income attributable to non-controlling interests | ( | ( | ( | ( | ||||||||||||||||||||||
| Net income attributable to Royal Gold common stockholders | $ | $ | $ | $ | ||||||||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||||||||||||
| Adjustments to comprehensive income, net of tax: | ||||||||||||||||||||||||||
| Realized gain on available-for-sale debt securities | ( | |||||||||||||||||||||||||
| Comprehensive income | ||||||||||||||||||||||||||
| Comprehensive income attributable to non-controlling interests | ( | ( | ( | ( | ||||||||||||||||||||||
| Comprehensive income attributable to Royal Gold stockholders | $ | $ | $ | $ | ||||||||||||||||||||||
| Net income per share attributable to Royal Gold common stockholders: | ||||||||||||||||||||||||||
| Basic earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
| Basic weighted average shares outstanding | ||||||||||||||||||||||||||
| Diluted earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
| Diluted weighted average shares outstanding | ||||||||||||||||||||||||||
| Cash dividends declared per common share | $ | $ | $ | $ | ||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
4
ROYAL GOLD, INC.
Consolidated Statements of Changes in Stockholders’ Equity
Three months ended June 30, 2026, and 2025
(Unaudited, amounts in thousands except share data)
| Royal Gold Stockholders | |||||||||||||||||||||||||||||||||||||||||
| Common Shares | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Earnings | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2026 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Sandstorm converted options exercises | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Stock-based compensation and related share issuances | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Stock repurchase | ( | ( | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
| Distributions to non-controlling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
| Net income and comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Royal Gold Stockholders | |||||||||||||||||||||||||||||||||||||||||
| Common Shares | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Earnings | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Stock-based compensation and related share issuances | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Distributions to non-controlling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
| Net income and comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
5
ROYAL GOLD, INC.
Consolidated Statements of Changes in Stockholders’ Equity
Six months ended June 30, 2026, and 2025
(unaudited, amounts in thousands except share data)
| Royal Gold Stockholders | |||||||||||||||||||||||||||||||||||||||||
| Common Shares | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Earnings | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Sandstorm converted options exercises | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Stock-based compensation and related share issuances | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Stock repurchase | ( | ( | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
| Distributions to non-controlling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Royal Gold Stockholders | |||||||||||||||||||||||||||||||||||||||||
| Common Shares | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Earnings | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Stock-based compensation and related share issuances | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Distributions to non-controlling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
| Net income and comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
6
ROYAL GOLD, INC.
Consolidated Statements of Cash Flows
(Unaudited, amounts in thousands)
| Six Months Ended | |||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | $ | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation, depletion and amortization | |||||||||||
| Non-cash employee stock compensation expense | |||||||||||
| Fair value changes in equity securities | ( | ||||||||||
| Gain on sale of marketable securities | ( | ||||||||||
| Deferred tax benefit | ( | ( | |||||||||
| Gain on settlement of Relief Canyon fixed obligation | ( | ||||||||||
| Other | |||||||||||
| Changes in assets and liabilities: | |||||||||||
| Royalty receivables | ( | ( | |||||||||
| Stream inventory | ( | ( | |||||||||
| Income tax receivable | ( | ( | |||||||||
| Prepaid expenses and other assets | ( | ||||||||||
| Accounts payable | ( | ||||||||||
| Income tax payable | |||||||||||
| Other liabilities | ( | ( | |||||||||
| Net cash provided by operating activities | $ | $ | |||||||||
| Cash flows from investing activities: | |||||||||||
| Acquisition of stream and royalty interests | ( | ( | |||||||||
| Proceeds from the sale of marketable securities | |||||||||||
| Cash calls for Hod Maden equity method investment | ( | ||||||||||
| Other | ( | ( | |||||||||
| Net cash used in investing activities | $ | ( | $ | ( | |||||||
| Cash flows from financing activities: | |||||||||||
| Repayment of debt | ( | ||||||||||
| Net payments from issuance of common stock | ( | ( | |||||||||
| Net proceeds from Sandstorm option exercises | |||||||||||
| Common stock dividends | ( | ( | |||||||||
| Stock repurchase | ( | ||||||||||
| Distributions to non-controlling interests | ( | ( | |||||||||
| Other | ( | ( | |||||||||
| Net cash used in financing activities | $ | ( | $ | ( | |||||||
| Net (decrease) increase in cash and equivalents | ( | ||||||||||
| Cash and equivalents at beginning of period | |||||||||||
| Cash and equivalents at end of period | $ | $ | |||||||||
The accompanying notes are an integral part of these consolidated financial statements.
7
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
1. OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
Royal Gold, Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in the production, development or exploration stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals in an amount determined by reference to production at a mining operation, at a price determined for the life of the transaction by the purchase agreement. A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting contractually specified costs, if any.
Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2026. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 19, 2026 (“2025 10-K”).
Recently Adopted Accounting Standards
In December 2025, the Financial Accounting Standards Board issued Accounting Standards Update 2025-12 Codification Improvements (“ASU 2025-12”) which addressed suggestions received from stakeholders on a broad range of topics arising from technical corrections, unintended application of the accounting standards codification, clarifications and other minor improvements. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted.
ASU 2025-12 is permitted to be adopted on an issue by issue basis, and effective January 1, 2026, we elected to early adopt Issue 10 of ASU 2025-12 which clarifies methods to account for the retirement of treasury stock. The other issues within ASU 2025-12 that we elected not to early adopt will be effective for the Company's fiscal year beginning January 1, 2027.
Recently Issued Accounting Standards
2. ACQUISITION OF SANDSTORM GOLD AND HORIZON COPPER
On October 20, 2025, we acquired all of the issued and outstanding common shares of Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”), collectively referred to as “the Transaction.” Sandstorm and Horizon were global resource-based companies based in Vancouver, British Columbia, that held interests in mining assets, including royalty and stream interests, on mining projects across various stages of development. For more detail on the Transaction, refer to the Company's 2025 10-K.
During the quarter ended June 30, 2026, we continued to refine our preliminary purchase price allocation and we expect to finalize our assessment in the third quarter of 2026. These adjustments did not change the total purchase price when compared to the purchase price allocation as of December 31, 2025, which is included in the Company's 2025 10-K. The total purchase price of $4.148 billion has been allocated to the net assets acquired based on their respective fair values (in thousands) as follows:
8
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
| Initial purchase price allocation | Measurement period adjustments | Current purchase price allocation | ||||||||||||||||||
| Cash | $ | $ | — | $ | ||||||||||||||||
| Royalty receivables | — | |||||||||||||||||||
| Income tax receivable | — | |||||||||||||||||||
| Prepaid expenses and other | — | |||||||||||||||||||
| Stream and royalty interests | ||||||||||||||||||||
| Equity method investment | ( | |||||||||||||||||||
| Marketable securities | — | |||||||||||||||||||
| Other assets | — | |||||||||||||||||||
| Accounts payable | ( | ( | ||||||||||||||||||
| Other current liabilities | ( | — | ( | |||||||||||||||||
| Deferred tax liabilities | ( | ( | ||||||||||||||||||
| Other liabilities | ( | — | ( | |||||||||||||||||
| Non-controlling interests | ( | — | ( | |||||||||||||||||
| Total allocated purchase price | $ | $ | $ | |||||||||||||||||
3. STREAM AND ROYALTY INTERESTS, NET
The following tables summarize our stream and royalty interests, net as of June 30, 2026 and December 31, 2025.
| As of June 30, 2026 (amounts in thousands): | Cost | Accumulated Depletion | Net | |||||||||||||||||
| Production stage interests: | ||||||||||||||||||||
| Streams | $ | $ | ( | $ | ||||||||||||||||
| Royalties | ( | |||||||||||||||||||
| Total production stage interests | ( | |||||||||||||||||||
| Development stage interests: | ||||||||||||||||||||
| Streams | ||||||||||||||||||||
| Royalties | ||||||||||||||||||||
| Total development stage interests | ||||||||||||||||||||
| Exploration stage interests: | ||||||||||||||||||||
| Streams | ||||||||||||||||||||
| Royalties | ||||||||||||||||||||
| Total exploration stage interests | ||||||||||||||||||||
| Total stream and royalty interests, net | $ | $ | ( | $ | ||||||||||||||||
Settlement of Fixed Delivery Obligation for the Relief Canyon Mine
On May 25, 2026, we reached an agreement with Americas Gold and Silver Corporation (“Americas”) to settle the remaining fixed gold delivery obligations on Relief Canyon for the immediate delivery of 5,000 ounces of gold and 2,652,532 common shares of Americas. As a result of the agreement, a $2.6 million gain recorded within Gain on settlement of Relief Canyon fixed obligation in the consolidated statement of operations was recognized, and the net book value of the Relief Canyon stream interest, $12.9 million, was reduced to zero . The value of the 2,652,532 Americas common shares received on the agreement date, $15.5 million, is recorded within Marketable securities in the consolidated balance sheets.
9
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
During the three months ended June 30, 2026, the fair value of certain streams and royalties acquired as part of the Sandstorm and Horizon acquisition were adjusted by $120.0 million as we continued to refine our preliminary purchase price allocation. Refer to Note 2 for more information on the acquisition of Sandstorm and Horizon.
| As of December 31, 2025 (amounts in thousands): | Cost | Accumulated Depletion | Net | |||||||||||||||||
| Production stage interests: | ||||||||||||||||||||
| Streams | $ | $ | ( | $ | ||||||||||||||||
| Royalties | ( | |||||||||||||||||||
| Total production stage interests | ( | |||||||||||||||||||
| Development stage interests: | ||||||||||||||||||||
| Streams | ||||||||||||||||||||
| Royalties | ||||||||||||||||||||
| Total development stage interests | ||||||||||||||||||||
| Exploration stage interests: | ||||||||||||||||||||
| Streams | ||||||||||||||||||||
| Royalties | ||||||||||||||||||||
| Total exploration stage interests | ||||||||||||||||||||
| Total stream and royalty interests, net | $ | $ | ( | $ | ||||||||||||||||
4. EQUITY METHOD INVESTMENT
Hod Maden Interest
As of June 30, 2026, the Company held a 30 % equity interest in Artmin Madencilik Sanayi ve Ticaret A.Ş. (“Artmin”), a privately held company incorporated in Türkiye which owns the Hod Maden project. The carrying value of the Hod Maden equity investment at June 30, 2026 and December 31, 2025, was $92.2 million and $249.5 million, respectively, and is included in Equity method investment on the consolidated balance sheets. During the three months ended June 30, 2026, the Hod Maden equity method investment was adjusted lower by $154.6 million as we continued to refine our preliminary purchase price allocation. Refer to Note 2 for more information on the acquisition of Sandstorm and Horizon.
The Company applies the equity method to investments when it has the ability to exercise significant influence over the operating and financial policies of the investee. The Company's share of the investee's losses is included in Interest and other expense in the consolidated statement of operations.
On July 17, 2026, we completed a restructuring of our interest in Artmin which included a 50 % reduction in our direct equity ownership in Artmin from 30 % to 15 %, the grant of a new effective 2.5 % net smelter return royalty, certain rights pertaining to new royalty interests granted to the Company and SSR Mining, Inc. over the Hod Maden project.
Loan to Associate
As of June 30, 2026 and December 31, 2025, the Company advanced $66.1 million and $51.4 million, respectively, of shareholder loans to Artmin to fund the Company's share of cash calls for ongoing development costs at Hod Maden. The loans bear interest at 4 % plus the credit default swap rate of Türkiye at the start of each quarterly period and have five-year terms. In May 2026, the Company advanced an additional $70.0 million for project costs. The loan bears interest at 4.13 % per annum and has a five-year term. Combined, these loans totaled $136.1 million as of June 30, 2026, and $51.4 million as of December 31, 2025 and are included in Equity method investment on the consolidated balance sheets.
5. MARKETABLE SECURITIES
10
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
The Company's marketable securities consist of the following (amounts in thousands):
| Fair Value | ||||||||||||||
| June 30, 2026 | December 31, 2025 | |||||||||||||
Available-for-sale equity securities(1) | $ | $ | ||||||||||||
Available-for-sale debt securities(2) | ||||||||||||||
| Total marketable securities | $ | $ | ||||||||||||
_______________________________________________
(1) Fair value adjustment recorded within net income.
(2) Fair value adjustment recorded within other comprehensive income.
Available-for-sale Equity Securities
Entrée Resources Ltd.
The Company holds 50,297,717 Entrée Resources Ltd. (“Entrée”) common shares, representing approximately 24 % of the issued and outstanding Entrée common shares on an undiluted basis. Entrée is a public Canadian mining company with a carried joint venture interest in the Hugo North Extension and Heruga deposits located in Mongolia. At acquisition, the Company elected the fair value option to account for the Entrée equity securities because it best reflects the underlying economics of the investment. At June 30, 2026 and December 31, 2025, the carrying value of the Entrée shares was $109.1 million and $76.7 million, respectively, and is included in available-for-sale equity securities.
Highlander Silver Corp.
On February 26, 2026, as part of the previously announced agreement with Bear Creek Mining Corporation (“Bear Creek”) to restructure equity, debt and other interests in Bear Creek (the “Bear Creek Transaction”), our shares of Bear Creek converted to shares of Highlander Silver Corp. (“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. This amount is recorded within Gain on sale of marketable securities on our consolidated statements of operations and comprehensive income.
Available-for-sale Debt Securities
Bear Creek Convertible Debt Securities
Upon closing of the Bear Creek Transaction, we settled outstanding debt obligations owed by Bear Creek of $49.5 million and terminated the gold and silver stream obligations between Bear Creek and Royal Gold in connection with the Mercedes Mine. In consideration for the debt settlement, we received $6.2 million cash, an incremental 1.75 % NSR royalty on the Corani Project in Peru (bringing the Company's total royalty interest to 2.75 %), and a 2.0 % NSR royalty on the Mercedes Mine. The royalties have been accounted for as asset acquisitions and are recorded as development stage royalty interests (Note 3) within Stream and royalty interests, net on our consolidated balance sheets. The impact of the debt settlement with Bear Creek in the consolidated statements of operations and comprehensive income was not material.
6. DEBT
The Company's debt as of June 30, 2026 and December 31, 2025 consists of the following (amounts in thousands):
| As of June 30, 2026 | As of December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Principal | Debt Issuance Costs | Total | Principal | Debt Issuance Costs | Total | ||||||||||||||||||||||||||||||
| Revolving credit facility | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
| Total debt | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
11
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
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.
During the six months ended June 30, 2026, we repaid $500 million of outstanding borrowings on our revolving credit facility leaving $400 million outstanding and $1 billion available under our revolving credit facility as of June 30, 2026. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of June 30, 2026.
Interest expense, which includes interest on outstanding borrowings and amortization of the debt issuance costs, was $6.1 million and $15.8 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $0.7 million for the three and six months ended June 30, 2025, respectively. The interest rate on borrowings under our credit facility as of June 30, 2026, was SOFR plus 1.2 % for an all-in rate of 4.8 %.
On July 15, 2026, we repaid $75 million of outstanding borrowings on our revolving credit facility leaving $325 million outstanding and $1.075 billion available as of the date of this report. We may repay borrowings under our revolving credit facility at any time without premium or penalty.
7. MOUNT MILLIGAN DEFERRED LIABILITY
On February 13, 2024, we entered into a Cost Support Agreement with Centerra Gold Inc. (“Centerra”) with respect to the Mount Milligan mine for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future (“Deferred Gold Consideration”) and a free cash flow interest.
The value of the cash consideration and free cash flow interest received from Centerra, and proceeds from the sale of the Deferred Gold Consideration, is recorded as a deferred liability in our consolidated balance sheets. As of June 30, 2026, the balance of the deferred liability was $69.2 million and 38,889 ounces of Deferred Gold Consideration remain outstanding.
8. STOCKHOLDERS' EQUITY
Share Repurchase Program
On May 4, 2026, the Board of Directors approved a $500 million share repurchase program under which we may repurchase shares from time to time through open market purchases or by other means. The manner, timing, pricing and amount of any repurchases under the program will be subject to management's discretion and may be based upon market conditions and alternative opportunities for the use or investment of capital. 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.
During the three months ended June 30, 2026, we repurchased 147,205 shares at an average price of $203.80 per share for total consideration of $30 million. The repurchased shares were cancelled and 84,673,027 shares remain outstanding as of June 30, 2026.
9. REVENUE
Revenue Recognition
A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below.
12
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
Stream Interests
A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more of the metals in an amount determined by reference to production at a mining operation, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. We settle both averaging and spot sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.
Royalty Interests
A royalty is a non-operating interest in a mining project that provides the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to its ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time when the mine operator of the property over which the royalty interest is held delivers the commodity to the customer. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2025 10-K. For the three months ended June 30, 2026, royalty revenue that was estimated or was attributable to metal production for a period prior to the three months ended June 30, 2026, was not material.
Disaggregation of Revenue
We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 13.
13
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Stream revenue: | |||||||||||||||||||||||
| Gold | $ | $ | $ | $ | |||||||||||||||||||
| Silver | |||||||||||||||||||||||
| Copper | |||||||||||||||||||||||
| Zinc | $ | $ | |||||||||||||||||||||
| Total stream revenue | $ | $ | $ | $ | |||||||||||||||||||
| Royalty revenue: | |||||||||||||||||||||||
| Gold | $ | $ | $ | $ | |||||||||||||||||||
| Silver | |||||||||||||||||||||||
| Copper | |||||||||||||||||||||||
| Other | |||||||||||||||||||||||
| Total royalty revenue | $ | $ | $ | $ | |||||||||||||||||||
| Total revenue | $ | $ | $ | $ | |||||||||||||||||||
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| Metal(s) | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||||
| Stream revenue: | |||||||||||||||||||||||||||||
| Mount Milligan | Gold & Copper | $ | $ | $ | $ | ||||||||||||||||||||||||
| Pueblo Viejo | Gold & Silver | ||||||||||||||||||||||||||||
| Andacollo | Gold | ||||||||||||||||||||||||||||
| Kansanshi | Gold | ||||||||||||||||||||||||||||
Other(1) | Various | ||||||||||||||||||||||||||||
| Total stream revenue | $ | $ | $ | $ | |||||||||||||||||||||||||
| Royalty revenue: | |||||||||||||||||||||||||||||
| Cortez Legacy Zone | Gold | $ | $ | $ | $ | ||||||||||||||||||||||||
| Cortez CC Zone | Gold | ||||||||||||||||||||||||||||
Other(1) | Various | ||||||||||||||||||||||||||||
| Total royalty revenue | $ | $ | $ | $ | |||||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | |||||||||||||||||||||||||
__________________________________________
(1)Individually, no stream or royalty included within the “Other” category contributed greater than 10% of our total revenue for either period.
Please refer to Note 13 for the geographical distribution of our revenue by reportable segment.
14
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
10. STOCK-BASED COMPENSATION
We recognized stock-based compensation expense as follows (amounts in thousands):
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Restricted stock | $ | $ | $ | $ | |||||||||||||||||||
| Performance stock | |||||||||||||||||||||||
| Total stock-based compensation expense | $ | $ | $ | $ | |||||||||||||||||||
Stock-based compensation expense is included within General and administrative expense in the consolidated statements of operations and comprehensive income.
We granted the following stock-based compensation awards:
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| (Number of shares) | (Number of shares) | ||||||||||||||||||||||
Performance stock (at maximum | |||||||||||||||||||||||
| Restricted stock | |||||||||||||||||||||||
| Total equity awards granted | |||||||||||||||||||||||
As of June 30, 2026, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:
| Unrecognized compensation expense | Weighted- average vesting period (years) | ||||||||||
| Restricted stock | $ | ||||||||||
| Performance stock | |||||||||||
11. EARNINGS PER SHARE (“EPS”)
Basic EPS was computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock option awards, unexercised stock-settled stock appreciation rights and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic EPS are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted EPS.
15
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data):
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Net income attributable to Royal Gold common stockholders | $ | $ | $ | $ | |||||||||||||||||||
| Weighted-average shares for basic EPS | |||||||||||||||||||||||
| Effect of other dilutive securities | |||||||||||||||||||||||
| Weighted-average shares for diluted EPS | |||||||||||||||||||||||
| Basic EPS | $ | $ | $ | $ | |||||||||||||||||||
| Diluted EPS | $ | $ | $ | $ | |||||||||||||||||||
12. INCOME TAXES
The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated:
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Income tax expense | $ | $ | $ | $ | |||||||||||||||||||
| Effective tax rate | % | % | % | % | |||||||||||||||||||
The effective tax rate for the three months ended June 30, 2025, included a $9.3 million discrete benefit related to a withholding tax refund on a foreign royalty and a discrete tax benefit of $4.3 million attributable to the release of a valuation allowance.
The effective tax rate for the six months ended June 30, 2026, included a $33.7 million discrete benefit for a change in a foreign tax rate. The effective tax rate for the six months ended June 30, 2025, included a $12.0 million discrete benefit for additional recoverable basis in foreign jurisdictions, a $4.3 million discrete benefit attributable to the release of a valuation allowance, and a $11.0 million discrete benefit attributable related to withholding tax refunds on foreign royalties.
13. SEGMENT INFORMATION
We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our President and Chief Executive Officer serves as our Chief Operating Decision Maker (“CODM”) and is responsible for reviewing segment performance and making decisions regarding resource allocation. In addition to revenue, our CODM regularly reviews cost of sales, production taxes and depletion for each of our reportable segments. Royal Gold's long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
| As of June 30, 2026 | As of December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Stream interest | Royalty interest | Total stream and royalty interests, net | Stream interest | Royalty interest | Total stream and royalty interests, net | ||||||||||||||||||||||||||||||
| North America | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| South and Central America | |||||||||||||||||||||||||||||||||||
| EMEA | |||||||||||||||||||||||||||||||||||
| Australia Pacific | |||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
16
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
| Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||
| Revenue | Cost of sales(1) | Production taxes | Depletion(2) | Segment gross profit | |||||||||||||||||||||||||
| Stream interests | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Royalty interests | |||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||
| Revenue | Cost of sales(1) | Production taxes | Depletion(2) | Segment gross profit | |||||||||||||||||||||||||
| Stream interests | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Royalty interests | |||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | |||||||||||||||||||||||||||||
| Revenue | Cost of sales(1) | Production taxes | Depletion(2) | Segment gross profit | |||||||||||||||||||||||||
| Stream interests | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Royalty interests | |||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||
| Revenue | Cost of sales(1) | Production taxes | Depletion(2) | Segment gross profit | |||||||||||||||||||||||||
| Stream interests | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Royalty interests | |||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
_______________________________________________
(1)Excludes depreciation, depletion and amortization.
(2)Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.
17
ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Total segment gross profit | $ | $ | $ | $ | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| General and administrative expenses | |||||||||||||||||||||||
| Depreciation and amortization | |||||||||||||||||||||||
| Total costs and expenses | |||||||||||||||||||||||
| Gain on settlement of Relief Canyon fixed obligation | |||||||||||||||||||||||
| Operating income | |||||||||||||||||||||||
| Fair value changes in equity securities | ( | ||||||||||||||||||||||
| Gain on sale of marketable securities | |||||||||||||||||||||||
| Interest and other income | |||||||||||||||||||||||
| Interest and other expense | ( | ( | ( | ( | |||||||||||||||||||
| Income before income taxes | $ | $ | $ | $ | |||||||||||||||||||
Our revenue by reportable segment for the three and six months ended June 30, 2026 and 2025, is geographically distributed as shown in the following table (amounts in thousands):
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Stream interests: | |||||||||||||||||||||||
| North America | $ | $ | $ | $ | |||||||||||||||||||
| South and Central America | |||||||||||||||||||||||
| EMEA | |||||||||||||||||||||||
| Australia Pacific | |||||||||||||||||||||||
| Total stream revenue | $ | $ | $ | $ | |||||||||||||||||||
| Royalty interests: | |||||||||||||||||||||||
| North America | $ | $ | $ | $ | |||||||||||||||||||
| South and Central America | |||||||||||||||||||||||
| EMEA | |||||||||||||||||||||||
| Australia Pacific | |||||||||||||||||||||||
| Total royalty revenue | |||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | |||||||||||||||||||
14. FAIR VALUE MEASUREMENTS
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1: Quoted prices for identical instruments in active markets;
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ROYAL GOLD, INC.
Notes to Consolidated Financial Statements
(Unaudited)
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and
Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
The following table sets forth our financial assets measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy.
| Fair Value at June 30, 2026 | |||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
Assets(1): | |||||||||||||||||||||||
| Available-for-sale equity securities | $ | $ | $ | $ | |||||||||||||||||||
| Fair Value at December 31, 2025 | |||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
Assets(1): | |||||||||||||||||||||||
| Available-for-sale equity securities | $ | $ | $ | $ | |||||||||||||||||||
| Available-for-sale debt securities | |||||||||||||||||||||||
______________________________________________
The carrying value of our revolving credit facility (Note 6) approximates fair value as of June 30, 2026 and December 31, 2025 and is measured using Level 2 inputs.
The fair value of the convertible debt securities due from Bear Creek at December 31, 2025 was determined using binomial lattice models based on the contractual terms and relevant inputs including the risk free interest rate, the USD to CAD currency swap rate, expected dividend yield, expected volatility and the discount yield which are observable in active markets. The use of reasonably possible alternative assumptions would not significantly impact our results.
As of June 30, 2026, we had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with stream and royalty interests, equity method investments and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired. If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs.
15. COMMITMENTS AND CONTINGENCIES
Warintza Project Conditional Funding
On April 14, 2026, after the technical approval of the environmental impact assessment and publication of a pre-feasibility study for the Warintza project, we advanced Solaris Resources, Inc. (“Solaris”) $50 million of the $100 million outstanding conditional funding. The $50 million advance was recorded as a development stage stream interest and included within Stream and royalty interests, net in the consolidated balance sheets. The remaining $50 million payable to Solaris is subject to the completion of all filings necessary to perfect security in Ecuador, which is underway, and payment is anticipated in the third or fourth quarter of 2026.
Ilovica Gold Stream Acquisition
As of June 30, 2026, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General Presentation
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide information to assist you in better understanding and evaluating the financial condition and results of operations of Royal Gold. You should read this MD&A in conjunction with our consolidated financial statements included in Item 1 of this report, as well as the audited consolidated financial statements included in our Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 19, 2026 (“2025 10-K”).
This MD&A contains forward-looking information. You should review our important note about forward-looking statements following this MD&A.
We do not own, develop, or mine the properties on which we hold stream or royalty interests (except for the joint venture interest in Hod Maden). Certain information provided in this report about operating properties in which we hold interests, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of those properties (including limited information provided by the operator of the Hod Maden project in connection with our joint venture interest and board representation) or is publicly available information filed by these operators with applicable securities regulatory bodies, including the SEC. We have not verified, and are not in a position to verify, and expressly disclaim any responsibility for the accuracy, completeness, or fairness of this third-party information and refer the reader to the public reports filed by the operators for information regarding those properties.
Unless the context otherwise requires, references to “Royal Gold,” the “Company,” “we,” “us,” and “our” refer to Royal Gold, Inc. and its consolidated subsidiaries.
Overview of Our Business
We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or finance projects that are in the production, development or exploration stage in exchange for stream or royalty interests.
We manage our business under two segments:
•Acquisition and Management of Stream Interests — A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals in an amount determined by reference to production at a mining operation, at a price determined for the life of the transaction by the purchase agreement. As of June 30, 2026, we owned stream interests relating to 18 production stage properties and 4 development stage properties. Stream interests accounted for approximately 69% and 68% of our total revenue for the three and six months ended June 30, 2026, respectively, and 64% and 63% for the three and six months ended June 30, 2025, respectively. We expect stream interests to continue representing a significant portion of our total revenue.
•Acquisition and Management of Royalty Interests — A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting specified costs, if any. As of June 30, 2026, we owned royalty interests on 64 production stage properties, 25 development stage properties and 257 exploration stage properties, of which we consider 82 to be evaluation stage projects. We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for mineral reserves. Royalty interests accounted for 31% and 32% of our total revenue for the three and six months ended June 30, 2026, respectively, and 36% and 37% for the three and six months ended June 30, 2025, respectively.
We do not conduct mining operations on the properties in which we hold stream and royalty interests (except for the joint venture interest in Hod Maden), and are generally not required to contribute to capital costs, exploration costs, environmental costs or other operating costs on those properties.
We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity. We generally have acquisition opportunities in various stages of review. Our review process may include, for example, engaging consultants and advisors to analyze an
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opportunity; analysis of technical, financial, legal, environmental, social, governance and other confidential information regarding an opportunity; submission of indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes.
Business Highlights and Uncertainties
Bear Creek Convertible Debt Securities
On February 26, 2026, we closed the previously announced agreement with Bear Creek Mining Corporation (“Bear Creek”) 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 and a new royalty interest over the Mercedes project, cash and shares in Highlander Silver Corp. (“Highlander”).
Upon closing of the transaction, we settled outstanding debt obligations owed by Bear Creek of $49.5 million and terminated the gold and silver stream obligations between Bear Creek and Royal Gold in connection with the Mercedes Mine. In consideration for the debt settlement, we received $6.2 million cash, an incremental 1.75% NSR royalty on the Corani project in Peru (bringing the Company's total royalty interest to 2.75%), and a new 2.0% NSR royalty on the Mercedes project.
Warintza Project Conditional Funding
On April 14, 2026, after the technical approval of the environmental impact assessment and publication of a pre-feasibility study for the Warintza project, we advanced Solaris Resources, Inc. (“Solaris”) $50 million of the $100 million outstanding conditional funding. The remaining $50 million payable due to Solaris is subject to the completion of all filings necessary to perfect security in Ecuador, which is underway, and payment is anticipated in the third or fourth quarter of 2026.
Settlement of Fixed Delivery Obligation for the Relief Canyon Mine
On June 11, 2026, Royal Gold and Americas Gold and Silver Corporation ("Americas") closed an agreement to settle the remaining fixed delivery obligations owed to Royal Gold related to the Relief Canyon mine. Under the agreement, Americas' obligation to deliver 8,861 ounces of gold over the period between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, which were sold during the second quarter, and 2,652,532 common shares of Americas. The common shares are subject to a four-month hold period after closing.
As a result of the agreement, a $2.6 million gain was recognized and the Relief Canyon stream interest was reduced to zero. Refer to Note 3 of our notes to consolidated financial statements for more information on the settlement of the Relief Canyon fixed delivery obligation.
Hod Maden Project Ownership Restructuring
On July 17, 2026, we completed the restructuring of our ownership in Artmin Madençilik (“Artmin”), the joint venture company that owns 100% of the Hod Maden Project (the “Project”). The restructuring included a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% net smelter return (“NSR”) royalty interest over the Project (the “New RG Royalty”), and certain rights pertaining to a new effective 4.0% NSR royalty interest over the Project (the “SSR Royalty”) granted to SSR Mining, Inc. (“SSR”). Additionally, as part of this restructuring, Lidya Madençilik (“Lidya”), the additional partner in the ownership of Artmin, acquired SSR's interests in Artmin and assumed operatorship of the Project.
Artmin is now owned 15% by Royal Gold and 85% by Lidya, and Royal Gold holds acquisition and certain other rights over the SSR Royalty. Royal Gold retains a perpetual right of first refusal (“ROFR”) over the sale of the SSR Royalty to a third party, and SSR will not be permitted to sell the royalty without Royal Gold’s consent prior to January 1, 2028. SSR also granted Royal Gold the option to acquire half of the SSR Royalty (an equivalent 2.0% NSR royalty interest) for $160 million, exercisable from closing through the period that ends 12 months after the achievement of commercial production at the Project.
As part of the restructuring, Royal Gold further agreed to fund $70 million of Project costs, which was completed in May, 2026. Lidya will complete the funding of the next $397 million of Project costs and further funding will be split pro rata between Royal Gold and Lidya according to their 15%/85% ownership in Artmin. Equity funding requirements may be reduced should Artmin secure debt financing for Project development.
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Metal Prices
Our financial results are primarily tied to the price of gold, silver, copper, and other metals. Metal prices have fluctuated widely in recent years, and we expect this volatility to continue. The marketability and price of metals are influenced by numerous factors beyond our control, and significant changes in metal prices can have a material effect on our revenue.
For the three and six months ended June 30, 2026 and 2025, average metal prices and percentages of revenue by metal were as follows:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| Metal | Average Price | Percentage of Revenue | Average Price | Percentage of Revenue | Average Price | Percentage of Revenue | Average Price | Percentage of Revenue | ||||||||||||||||||||||||||||||||||||||||||
Gold ($/ounce)(1) | $ | 4,506 | 76% | $ | 3,280 | 78% | $ | 4,693 | 74% | $ | 3,067 | 77% | ||||||||||||||||||||||||||||||||||||||
Silver ($/ounce)(1) | $ | 73.15 | 12% | $ | 33.68 | 11% | $ | 78.83 | 14% | $ | 32.76 | 12% | ||||||||||||||||||||||||||||||||||||||
Copper ($/pound)(2) | $ | 6.05 | 8% | $ | 4.32 | 7% | $ | 5.93 | 9% | $ | 4.28 | 8% | ||||||||||||||||||||||||||||||||||||||
| Other | N/A | 4% | N/A | 4% | N/A | 3% | N/A | 3% | ||||||||||||||||||||||||||||||||||||||||||
______________________________________________
(1)Based on the average U.S. dollars London Bullion Market Association PM fixing price for gold and daily fixing price for silver, as applicable.
(2)Based on the average U.S. dollars London Metals Exchange settlement price for copper.
Property Developments
This section provides recent updates for our principal properties as reported by the operators, either directly to us or in their publicly available documents.
Stream Interests
Andacollo
Gold stream deliveries from Andacollo were approximately 11,300 ounces for the three months ended June 30, 2026, compared to approximately 5,100 ounces for the three months ended June 30, 2025. Higher deliveries in this period relate to higher grade and higher mill throughput in the three months ended December 31, 2025, compared to the prior year period. Stream deliveries typically occur approximately six months after mine production, and are based on a fixed payability factor of 89%.
On July 23, 2026, Teck Resources Limited (“Teck”) reported higher copper production in the quarter ended June 30, 2026, compared to the prior year period driven by higher copper grades, stable operations and strong recoveries. Teck also confirmed 2026 annual copper production guidance despite the partial suspension of operations on July 17, 2026, due to the impact of severe weather conditions. Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future.
The mine life of Andacollo is expected to continue until 2037, although Teck has reported that additional environmental permits will be required to extend the mine life beyond 2031.
Kansanshi
Gold stream deliveries from Kansanshi were approximately 7,500 ounces for the three months ended June 30, 2026. We received our first gold stream delivery from Kansanshi on October 3, 2025. Deliveries at Kansanshi lag mine production by approximately two months and are expected to be received monthly.
On July 28, 2026, First Quantum Minerals Ltd. (“First Quantum”) reported second quarter copper production of 43,997 tonnes, which was 10% higher than the same quarter of 2025, primarily due to contribution from the S3 plant, which was at construction stage in the same period last year. According to First Quantum, S3 throughput was sustained above design
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capacity in the second quarter, achieving the highest monthly processed tonnes in May 2026 since commissioning in August 2025, driven by higher operating time, strong utilization and milling rates. First Quantum confirmed that copper production guidance for 2026 remains unchanged at 175,000 to 205,000 tonnes.
Mount Milligan
Gold stream deliveries from Mount Milligan were approximately 10,200 ounces for the three months ended June 30, 2026, compared to approximately 8,200 ounces for the three months ended June 30, 2025. Increased gold deliveries in the current period resulted from higher gold grade experienced at the mine in the fourth quarter of 2025 primarily due to the change in mining sequence. Copper stream deliveries from Mount Milligan were approximately 2.65 million pounds during the three months ended June 30, 2026, compared to approximately 1.44 million pounds during the three months ended June 30, 2025. Increased copper deliveries in the current period primarily resulted from differences in the timing of shipments and settlements during the periods, as well as higher copper recovery during the fourth quarter of 2025. Stream deliveries from Mount Milligan typically occur five months after mine production. Gold stream deliveries are based on a fixed payability factor of 97%, and copper stream deliveries are based on a minimum payability factor of 95%.
On July 28, 2026, Centerra Gold Inc. (“Centerra”) reported production of 38,175 ounces of gold and 13.1 million pounds of copper in the second quarter of 2026. Centerra further reported that year-to-date gold and copper production through June 30, 2026, is in line with the Pre-Feasibility Study (“PFS”) mine plan and that production remains on track to achieve the previously provided guidance of between 140,000 and 155,000 ounces of gold and 50 to 60 million pounds of copper for 2026. As previously disclosed, Centerra expects gold production to be higher in the third quarter of 2026, reflecting planned mine sequencing, which we expect to be reflected in our results in 2027 based on the delivery lag between production and deliveries.
Pueblo Viejo
Gold stream deliveries from Pueblo Viejo were approximately 6,900 ounces for the three months ended June 30, 2026, compared to approximately 6,100 ounces for the three months ended June 30, 2025. Gold stream deliveries are based on a fixed payability factor of 99.9%.
Silver stream deliveries were approximately 254,000 ounces for the three months ended June 30, 2026, compared to approximately 196,900 ounces for the three months ended June 30, 2025. Silver stream deliveries are based on a fixed payability factor of 99.0%.
Gold and silver deliveries are quarterly and typically occur one to three months after mine production.
On July 23, 2026, Newmont Corporation (40% non-operating joint venture partner) reported that gold production increased 17% in the second quarter over the prior year period primarily due to higher mill throughput and higher drawdown of in-circuit inventory, partially offset by lower mill recovery and lower ore grade milled.
Royalty Interests
Cortez
Production attributable to our royalty interests at the Cortez Complex was approximately 169,200 ounces of gold for the three months ended June 30, 2026, of which 38,400 ounces were attributable to the Legacy Zone, and 130,800 ounces were attributable to the CC Zone, compared to approximately 176,900 ounces of gold for the three months ended June 30, 2025, of which 27,900 ounces were attributable to the Legacy Zone, and 149,000 ounces were attributable to the CC Zone.
Results of Operations
Quarter Ended June 30, 2026, Compared to Quarter Ended June 30, 2025
For the three months ended June 30, 2026, we recorded net income attributable to Royal Gold stockholders of $236.4 million, or $2.78 per basic and diluted share, as compared to net income of $132.3 million, or $2.01 per basic and diluted share, for the three months ended June 30, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.
For the three months ended June 30, 2026, we recognized total revenue of $450.5 million, comprised of stream revenue of $311.0 million and royalty revenue of $139.5 million at an average gold price of $4,506 per ounce, an average silver price
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of $73.15 per ounce and an average copper price of $6.05 per pound. This is compared to total revenue of $209.6 million for the three months ended June 30, 2025, comprised of stream revenue of $133.2 million and royalty revenue of $76.4 million, at an average gold price of $3,280 per ounce, an average silver price of $33.68 per ounce and an average copper price of $4.32 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, were as follows:
Revenue and Reported Production Subject to Our Stream and Royalty Interests
(amounts in thousands, except reported production oz. and lbs.)
| Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Reported | Reported | |||||||||||||||||||||||||||||||||||||||||||
| Stream/Royalty | Metal(s) | Revenue | Production(1) | Revenue | Production(1) | |||||||||||||||||||||||||||||||||||||||
Stream(2): | ||||||||||||||||||||||||||||||||||||||||||||
| Mount Milligan | $ | 57,576 | $ | 63,655 | ||||||||||||||||||||||||||||||||||||||||
| Gold | 9,700 | oz. | 16,600 | oz. | ||||||||||||||||||||||||||||||||||||||||
| Copper | 2.0 | Mlbs. | 2.3 | Mlbs. | ||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo | $ | 44,904 | $ | 25,619 | ||||||||||||||||||||||||||||||||||||||||
| Gold | 7,000 | oz. | 5,800 | oz. | ||||||||||||||||||||||||||||||||||||||||
| Silver | 171,200 | oz. | 204,700 | oz. | ||||||||||||||||||||||||||||||||||||||||
| Andacollo | Gold | $ | 49,107 | 10,700 | oz. | $ | 9,489 | 3,000 | oz. | |||||||||||||||||||||||||||||||||||
| Kansanshi | Gold | $ | 34,303 | 7,500 | oz. | — | — | oz. | ||||||||||||||||||||||||||||||||||||
Other(3) | $ | 125,074 | $ | 34,428 | ||||||||||||||||||||||||||||||||||||||||
| Gold | 19,600 | oz. | 6,800 | oz. | ||||||||||||||||||||||||||||||||||||||||
| Silver | 424,300 | oz. | 374,000 | oz. | ||||||||||||||||||||||||||||||||||||||||
| Copper | 553,200 | lbs. | — | lbs. | ||||||||||||||||||||||||||||||||||||||||
| Zinc | 1.3 | Mlbs. | — | Mlbs. | ||||||||||||||||||||||||||||||||||||||||
| Total stream revenue | $ | 310,964 | $ | 133,191 | ||||||||||||||||||||||||||||||||||||||||
Royalty(2): | ||||||||||||||||||||||||||||||||||||||||||||
| Cortez Legacy Zone | Gold | $ | 16,312 | 38,400 | oz. | $ | 8,508 | 27,900 | oz. | |||||||||||||||||||||||||||||||||||
| Cortez CC Zone | Gold | $ | 9,651 | 130,800 | oz. | $ | 8,088 | 149,000 | oz. | |||||||||||||||||||||||||||||||||||
Other(3) | Various | $ | 113,612 | N/A | $ | 59,856 | N/A | |||||||||||||||||||||||||||||||||||||
| Total royalty revenue | $ | 139,575 | $ | 76,452 | ||||||||||||||||||||||||||||||||||||||||
| Total Revenue | $ | 450,539 | $ | 209,643 | ||||||||||||||||||||||||||||||||||||||||
_______________________________________________
(1)Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the three months ended June 30, 2026, and 2025, and may differ from the operators’ public reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal.
(2)Refer to “Property Developments” above for a discussion of recent developments at principal properties.
(3)Individually, no stream or royalty included within the “Other” category contributed greater than 10% of our total revenue for either period.
The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”) assets, higher gold sales at Andacollo and Rainy River (included within “Other” stream revenue in the table above), and higher production from the Cortez Legacy Zone. These increases were partially offset by lower sales from Mount Milligan when compared to the prior year period.
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Gold and silver ounces and copper pounds purchased and sold during the three months ended June 30, 2026 and 2025, and gold and silver ounces and copper pounds in inventory as of June 30, 2026, and March 31, 2026, for our streaming interests were as follows:
| Three Months Ended | Three Months Ended | As of | As of | |||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | March 31, 2026 | |||||||||||||||||||||||||||||||||||
| Gold Stream | Purchases (oz.) | Sales (oz.) | Purchases (oz.) | Sales (oz.) | Inventory (oz.) | Inventory (oz.) | ||||||||||||||||||||||||||||||||
| Mount Milligan | 10,200 | 9,700 | 8,200 | 16,600 | 7,200 | 6,700 | ||||||||||||||||||||||||||||||||
| Pueblo Viejo | 6,900 | 7,000 | 6,100 | 5,800 | 6,900 | 7,000 | ||||||||||||||||||||||||||||||||
| Andacollo | 11,300 | 10,700 | 5,100 | 3,000 | 4,700 | 4,100 | ||||||||||||||||||||||||||||||||
| Kansanshi | 7,500 | 7,500 | — | — | 2,500 | 2,500 | ||||||||||||||||||||||||||||||||
| Other | 19,900 | 19,600 | 7,100 | 6,800 | 6,100 | 5,800 | ||||||||||||||||||||||||||||||||
| Total | 55,800 | 54,500 | 26,500 | 32,200 | 27,400 | 26,100 | ||||||||||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | As of | As of | |||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | March 31, 2026 | |||||||||||||||||||||||||||||||||||
| Silver Stream | Purchases (oz.) | Sales (oz.) | Purchases (oz.) | Sales (oz.) | Inventory (oz.) | Inventory (oz.) | ||||||||||||||||||||||||||||||||
Pueblo Viejo(1) | 254,000 | 171,200 | 196,900 | 204,700 | 254,000 | 171,200 | ||||||||||||||||||||||||||||||||
| Other | 486,500 | 424,300 | 409,600 | 374,000 | 117,200 | 55,000 | ||||||||||||||||||||||||||||||||
| Total | 740,500 | 595,500 | 606,500 | 578,700 | 371,200 | 226,200 | ||||||||||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | As of | As of | |||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | March 31, 2026 | |||||||||||||||||||||||||||||||||||
| Copper Stream | Purchases (Mlbs.) | Sales (Mlbs.) | Purchases (Mlbs.) | Sales (Mlbs.) | Inventory (Mlbs.) | Inventory (Mlbs.) | ||||||||||||||||||||||||||||||||
| Mount Milligan | 2.7 | 2.0 | 1.4 | 2.3 | 0.7 | — | ||||||||||||||||||||||||||||||||
| Other | 0.6 | 0.6 | — | — | — | — | ||||||||||||||||||||||||||||||||
| Total | 3.3 | 2.6 | 1.4 | 2.3 | 0.7 | — | ||||||||||||||||||||||||||||||||
_______________________________________________
(1) Excludes silver permitted to be deferred under the Pueblo Viejo stream agreement.
Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.1 million for the three months ended June 30, 2026, from $24.2 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Rainy River and Wassa. These increases were partially offset by lower gold sales from Mount Milligan when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.
General and administrative costs increased to $13.4 million for the three months ended June 30, 2026, from $10.3 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to increases in non-cash stock compensation and employee and office related costs.
Depreciation, depletion and amortization increased to $96.2 million for the three months ended June 30, 2026, from $31.2 million for the three months ended June 30, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets, and additional expense recognized with the sale of the ounces related to the Relief Canyon fixed delivery obligation settlement. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.
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Fair value changes in equity securities was $21.9 million for the three months ended June 30, 2026 primarily due to the increase in value of the Entrée Resources Ltd. (“Entrée”) shares acquired as a result of the Sandstorm and Horizon acquisition.
Interest and other expense increased to $10.0 million for the three months ended June 30, 2026, from $1.5 million for the three months ended June 30, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended June 30, 2026, amounts outstanding under our revolving credit facility averaged $476.6 million at an average all-in borrowing rate of 4.9% compared to no outstanding debt for the three months ended June 30, 2025.
For the three months ended June 30, 2026, we recorded income tax expense of $58.2 million, compared to $10.5 million for the three months ended June 30, 2025. The income tax expense resulted in an effective tax rate of 19.7% in the current period, compared with 7.4% for the three months ended June 30, 2025. The three months ended June 30, 2025, included a $9.3 million discrete benefit related to a withholding tax refund on a foreign royalty and a discrete benefit of $4.3 million attributable to the release of a valuation allowance.
Six Months Ended June 30, 2026, Compared to Six Months Ended June 30, 2025
For the six months ended June 30, 2026, we recorded net income of $517.5 million, or $6.10 per basic share and $6.07 per diluted share, as compared to net income of $245.8 million, or $3.73 per basic and diluted share, for the six months ended June 30, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.
For the six months ended June 30, 2026, we recognized total revenue of $919.7 million, comprised of stream revenue of $623.8 million and royalty revenue of $295.9 million at an average gold price of $4,693 per ounce, an average silver price of $78.83 per ounce and an average copper price of $5.93 per pound. This is compared to total revenue of $403.1 million for the six months ended June 30, 2025, comprised of stream revenue of $255.7 million and royalty revenue of $147.4 million, at an average gold price of $3,067 per ounce, an average silver price of $32.76 per ounce and an average copper price of $4.28 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, were as follows:
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Revenue and Reported Production Subject to Our Stream and Royalty Interests
(amounts in thousands, except reported production oz. and lbs.)
| Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Reported | Reported | |||||||||||||||||||||||||||||||||||||||||||
| Stream/Royalty | Metal(s) | Revenue | Production(1) | Revenue | Production(1) | |||||||||||||||||||||||||||||||||||||||
Stream(2): | ||||||||||||||||||||||||||||||||||||||||||||
| Mount Milligan | $ | 114,898 | $ | 106,463 | ||||||||||||||||||||||||||||||||||||||||
| Gold | 19,000 | oz. | 28,400 | oz. | ||||||||||||||||||||||||||||||||||||||||
| Copper | 4.1 | Mlbs. | 4.5 | Mlbs. | ||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo | $ | 100,773 | $ | 54,369 | ||||||||||||||||||||||||||||||||||||||||
| Gold | 14,600 | oz. | 13,500 | oz. | ||||||||||||||||||||||||||||||||||||||||
| Silver | 384,800 | oz. | 424,200 | oz. | ||||||||||||||||||||||||||||||||||||||||
| Andacollo | Gold | $ | 76,258 | 16,300 | oz. | $ | 22,234 | 7,400 | oz. | |||||||||||||||||||||||||||||||||||
| Kansanshi | Gold | $ | 59,814 | 12,600 | oz. | — | — | oz. | ||||||||||||||||||||||||||||||||||||
Other(3) | $ | 271,998 | $ | 72,607 | ||||||||||||||||||||||||||||||||||||||||
| Gold | 40,500 | oz. | 16,100 | oz. | ||||||||||||||||||||||||||||||||||||||||
| Silver | 821,400 | oz. | 751,900 | oz. | ||||||||||||||||||||||||||||||||||||||||
| Copper | 2.1 | Mlbs. | — | Mlbs. | ||||||||||||||||||||||||||||||||||||||||
| Zinc | 2.5 | Mlbs. | — | Mlbs. | ||||||||||||||||||||||||||||||||||||||||
| Total stream revenue | $ | 623,741 | $ | 255,673 | ||||||||||||||||||||||||||||||||||||||||
Royalty(2): | ||||||||||||||||||||||||||||||||||||||||||||
| Cortez Legacy Zone | Gold | $ | 32,738 | 74,400 | oz. | $ | 19,650 | 59,000 | oz. | |||||||||||||||||||||||||||||||||||
| Cortez CC Zone | Gold | $ | 18,444 | 238,800 | oz. | $ | 11,642 | 268,700 | oz. | |||||||||||||||||||||||||||||||||||
Other(3) | Various | $ | 244,741 | N/A | $ | 116,115 | N/A | |||||||||||||||||||||||||||||||||||||
| Total royalty revenue | $ | 295,923 | $ | 147,407 | ||||||||||||||||||||||||||||||||||||||||
| Total Revenue | $ | 919,664 | $ | 403,080 | ||||||||||||||||||||||||||||||||||||||||
_______________________________________________
(1)Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the six months ended June 30, 2026, and 2025, and may differ from the operators’ public reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal.
(2)Refer to “Property Developments” above for a discussion of recent developments at principal properties.
(3)Individually, no stream or royalty included within the “Other” category contributed greater than 10% of our total revenue for either period.
The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm and Horizon assets, higher sales at Andacollo, Xavantina and Rainy River (included in “Other” stream revenue in the above table), and higher production at Cortez Legacy Zone and Voisey's Bay (included in “Other” royalty revenue in the above table). The increase was partially offset by lower sales from Mount Milligan compared to the prior year period.
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Gold and silver ounces and copper pounds purchased and sold during the six months ended June 30, 2026, and 2025, and gold and silver ounces and copper pounds in inventory as of June 30, 2026, and December 31, 2025, for our streaming interests were as follows:
| Six Months Ended | Six Months Ended | As of | As of | |||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Gold Stream | Purchases (oz.) | Sales (oz.) | Purchases (oz.) | Sales (oz.) | Inventory (oz.) | Inventory (oz.) | ||||||||||||||||||||||||||||||||
| Mount Milligan | 22,300 | 19,000 | 24,300 | 28,400 | 7,200 | 3,800 | ||||||||||||||||||||||||||||||||
| Pueblo Viejo | 13,800 | 14,600 | 11,900 | 13,500 | 6,900 | 7,600 | ||||||||||||||||||||||||||||||||
| Andacollo | 19,000 | 16,300 | 10,600 | 7,400 | 4,700 | 2,100 | ||||||||||||||||||||||||||||||||
| Kansanshi | 15,100 | 12,600 | — | — | 2,500 | — | ||||||||||||||||||||||||||||||||
| Other | 40,400 | 40,500 | 15,900 | 16,100 | 6,100 | 6,300 | ||||||||||||||||||||||||||||||||
| Total | 110,600 | 103,000 | 62,700 | 65,400 | 27,400 | 19,800 | ||||||||||||||||||||||||||||||||
| Six Months Ended | Six Months Ended | As of | As of | |||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Silver Stream | Purchases (oz.) | Sales (oz.) | Purchases (oz.) | Sales (oz.) | Inventory (oz.) | Inventory (oz.) | ||||||||||||||||||||||||||||||||
Pueblo Viejo(1) | 425,200 | 384,800 | 401,600 | 424,200 | 254,000 | 213,600 | ||||||||||||||||||||||||||||||||
| Other | 823,300 | 821,400 | 777,100 | 751,900 | 117,200 | 115,200 | ||||||||||||||||||||||||||||||||
| Total | 1,248,500 | 1,206,200 | 1,178,700 | 1,176,100 | 371,200 | 328,800 | ||||||||||||||||||||||||||||||||
| Six Months Ended | Six Months Ended | As of | As of | |||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Copper Stream | Purchases (Mlbs.) | Sales (Mlbs.) | Purchases (Mlbs.) | Sales (Mlbs.) | Inventory (Mlbs.) | Inventory (Mlbs.) | ||||||||||||||||||||||||||||||||
| Mount Milligan | 4.1 | 4.1 | 4.5 | 4.5 | 0.7 | 0.7 | ||||||||||||||||||||||||||||||||
| Other | 2.1 | 2.1 | — | — | — | — | ||||||||||||||||||||||||||||||||
| Total | 6.2 | 6.2 | 4.5 | 4.5 | 0.7 | 0.7 | ||||||||||||||||||||||||||||||||
_______________________________________________
(1) Excludes silver permitted to be deferred under the Pueblo Viejo stream agreement.
Cost of sales, which excludes depreciation, depletion and amortization, increased to $120.4 million for the six months ended June 30, 2026, from $48.7 million for the six months ended June 30, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Xavantina and Rainy River. These increases were partially offset by lower 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 $31.0 million for the six months ended June 30, 2026, from $21.3 million for the six months ended June 30, 2025. The increase compared to the prior year period was primarily due to higher employee related and corporate costs as a result of the Sandstorm and Horizon acquisition and an increase in non-cash stock compensation.
Depreciation, depletion and amortization increased to $187.1 million for the six months ended June 30, 2026, from $64.1 million for the six months ended June 30, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets, and additional expense recognized with the sale of the ounces related to the Relief Canyon fixed delivery obligation settlement. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.
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Fair value changes in equity securities was $27.8 million for the six months ended June 30, 2026 primarily due to the increase in value of the Entrée shares acquired as a result of the Sandstorm and Horizon acquisition.
Gain on sale of marketable securities for the six months ended June 30, 2026 was $14.6 million and primarily related to the sale of Highlander shares on March 27, 2026.
Interest and other expense increased to $23.3 million for the six months ended June 30, 2026, from $2.7 million for the six months ended June 30, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the six months ended June 30, 2026, amounts outstanding under our revolving credit facility averaged $597.9 million at an average all-in borrowing rate of 4.9%, compared to no outstanding debt for the prior year period.
For the six months ended June 30, 2026, we recorded income tax expense of $83.6 million, compared with income tax expense of $20.9 million for the six months ended June 30, 2025. The income tax expense resulted in an effective tax rate of 13.9% in the current period, compared with 7.8% for the six months ended June 30, 2025. The six months ended June 30, 2026, included a 33.7 million discrete benefit for a change in a foreign tax rate. The six months ended June 30, 2025, included a $12.0 million discrete benefit for additional recoverable basis in a foreign jurisdiction, a discrete benefit of $4.3 million attributable to the release of a valuation allowance, and a $11.0 million discrete benefit related to withholding tax refunds on foreign royalties.
Liquidity and Capital Resources
Overview
At June 30, 2026, we had current assets of $370.0 million compared to current liabilities of $126.5 million, which resulted in working capital of $243.5 million. This compares to current assets of $377.4 million and current liabilities of $120.9 million at December 31, 2025, resulting in working capital of $256.5 million. The decrease in working capital was primarily due to higher principal and interest payments on our debt, cash calls for Hod Maden, higher income tax payments, and stock repurchase payments, partially offset by higher cash proceeds received from our stream and royalty interests, lower acquisition costs and proceeds from the sale of marketable securities when compared to the prior year period.
During the six months ended June 30, 2026, liquidity needs were met from $628.7 million in net cash provided by operating activities and our available cash resources. Working capital, combined with available capacity under our revolving credit facility, resulted in approximately $1.2 billion of total liquidity at June 30, 2026. As of June 30, 2026, we had $400.0 million outstanding debt and $1.0 billion available under our revolving credit facility. We were in compliance with each financial covenant under the revolving credit facility as of June 30, 2026. See below for further developments on our revolving credit facility.
We believe that our current liquidity and capital resources will be adequate to cover anticipated operating needs for the next 12 months, and thereafter for the foreseeable future. Our current capital resources are also available to fund dividends, share repurchase opportunities and for acquisitions of stream and royalty interests, including any conditional funding schedules. Our long-term capital requirements are primarily affected by our ongoing acquisition activities. We currently, and generally at any time, have acquisition opportunities in various stages of active review. In the event of one or more substantial stream or royalty interest or other acquisitions, we may seek additional debt or equity financing as necessary. We occasionally borrow and repay amounts under our revolving credit facility and may do so in the future.
Please refer to our risk factors included in Part 1, Item 1A of our 2025 10-K for a discussion of certain risks that may impact our liquidity and capital resources.
Recent Liquidity and Capital Resources Developments
Revolving Credit Facility Developments
On May 5, 2026, we entered into a seventh amendment to the revolving credit facility that added a new $600.0 million uncommitted accordion feature to the revolving credit facility. The new accordion feature permits the Company to request additional commitments 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.
During the six months ended June 30, 2026, we repaid $500.0 million of outstanding borrowings on our revolving credit
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facility, leaving $400.0 million outstanding and $1.0 billion available under our revolving credit facility as of June 30, 2026. The interest rate on borrowings under our credit facility as of June 30, 2026, was SOFR plus 1.2% for an all-in rate of 4.8%.
On July 15, 2026, we repaid $75 million of outstanding borrowings on our revolving credit facility leaving $325 million outstanding and $1.075 billion available as of the date of this report.
Share Repurchase Program
On May 4, 2026, the Board of Directors approved a $500 million share repurchase program under which we may repurchase shares from time to time through open market purchases or by other means. The manner, timing, pricing and amount of any repurchases under the program will be subject to management's discretion and may be based upon market conditions and alternative opportunities for the use or investment of capital. 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.
During the three months ended June 30, 2026, we repurchased 147,205 shares at an average price of $203.80 per share for total consideration of $30 million. The repurchased shares were cancelled and 84,673,027 shares remain outstanding as of June 30, 2026.
Operating Activities
Net cash provided by operating activities totaled $628.7 million for the six months ended June 30, 2026, compared to $289.2 million for the six months ended June 30, 2025. The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $420.9 million, partially offset by higher income tax payments of $48.4 million, higher general and administrative payments of $18.5 million and higher interest payments on outstanding debt of $17.2 million when compared to the prior year period.
Investing Activities
Net cash used in investing activities totaled $83.1 million for the six months ended June 30, 2026, compared to $171.0 million for the six months ended June 30, 2025. The decrease in cash used was primarily due to lower cash payments for acquisitions of $120.9 million and higher cash proceeds of $51.9 million from the sale of marketable securities, partially offset by cash calls of $84.7 million for the Hod Maden equity method investment when compared to the prior year period.
Financing Activities
Net cash used in financing activities totaled $596.8 million for the six months ended June 30, 2026, compared to $65.4 million for the six months ended June 30, 2025. The increase in cash used was primarily due to higher debt repayments of $500.0 million, stock repurchase payments of $30.0 million and higher dividend payments of $21.3 million, partially offset by higher proceeds from the exercise of Sandstorm assumed options of $22.7 million when compared to the prior year period.
Recently Adopted Accounting Standards and Critical Accounting Policies
Refer to Note 1 of our notes to consolidated financial statements for further discussion on any recently adopted accounting standards. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2025 10-K for discussion on our critical accounting policies.
Forward-Looking Statements
This report and our other public communications include “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 sales volume, revenue, expenses, tax rates, earnings, and cash flows; 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,
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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 deliveries and sales of metals; anticipated liquidity, capital resources, financing, and stockholder returns, including share repurchases; borrowings and repayments under our revolving credit facility; and prices for gold, silver, copper, and other metals.
Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper, or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon; failure to realize the anticipated benefits from the Sandstorm and Horizon acquisition in the timeframe expected or at all; risks associated with our equity interests in the Hod Maden project; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions, or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators, or operating properties; changes in management and key employees; and other factors described in this report and in our other reports filed with the SEC, including our 2025 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this report or our other reports 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.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our earnings and cash flows are significantly impacted by changes in the market price of gold and other metals. Gold, silver, copper, and other metal prices can fluctuate significantly and are affected by numerous factors, such as demand, production levels, economic policies of central banks, producer hedging, world political and economic events, inflation and the strength of the U.S. dollar relative to other currencies. Please see the risk factor entitled “Our revenue is subject to volatility in metal prices, which could adversely affect our results of operations and cash flow,” under Part I, Item 1A of our 2025 10-K, for more information about risks associated with metal price volatility.
During the six months ended June 30, 2026, we reported revenue of $919.7 million, with an average gold price for the period of $4,693 per ounce, an average silver price of $78.83 per ounce, and an average copper price of $5.93 per pound. The table below shows the impact that a 10% increase or decrease in the average price of the specified metal would have had on our total reported revenue for the six months ended June 30, 2026:
| Metal | Percentage of Total Reported Revenue Associated with Specified Metal | Amount by Which Total Reported Revenue Would Have Increased or Decreased If Price of Specified Metal Had Averaged 10% Higher or Lower in Period | ||||||
| Gold | 74% | $72.9 million | ||||||
| Silver | 14% | $12.0 million | ||||||
| Copper | 9% | $13.2 million | ||||||
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer (the principal executive officer) and Chief Financial Officer (the principal financial and accounting officer), we evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2026. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2026, at the reasonable assurance level.
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Changes in Internal Control over Financial Reporting
There were no changes in our internal controls over financial reporting during the three months ended June 30, 2026, that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within Royal Gold have been detected.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors included in Part I, Item 1A of our 2025 10-K.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table sets forth information on our common stock repurchase activity for the quarter ended June 30, 2026 (amounts in thousands, except share and per share data):
| Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(1) | ||||||||||||||||||||||
| April 1, 2026 - April 30, 2026 | — | $ | — | — | $ | 500,000 | ||||||||||||||||||||
| May 1, 2026 - May 31, 2026 | — | — | — | 500,000 | ||||||||||||||||||||||
| June 1, 2026 - June 30, 2026 | 147,205 | 203.80 | 147,205 | 470,000 | ||||||||||||||||||||||
| Total | 147,205 | $ | 203.80 | 147,205 | ||||||||||||||||||||||
_______________________________________________
(1) On May 4, 2026, the Board of Directors approved a $500 million share repurchase program with no fixed expiration date. The manner, timing, pricing, and amount of any repurchases are subject to management's discretion. The share repurchase program does not obligate the Company to repurchase any specific dollar amount or to acquire any specific number of shares and may be suspended, terminated, or modified at any time.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
During the three months ended June 30, 2026, no director or officer of the Company adopted or terminated William Heissenbuttel , the Company's President and Chief Executive Officer , who adopted a trading plan on
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ITEM 6. EXHIBITS
| Exhibit No. | Exhibit Description | Form | File No. | Exhibit | Filing Date | ||||||||||||
| 10.1 | Seventh Amendment to Revolving Facility Credit Agreement, dated May 5, 2026 | 10-Q | 001-13357 | 10.1 | 5/7/2026 | ||||||||||||
| 10.2* | Revolving Facility Credit Agreement (conformed through Seventh Amendment dated May 5, 2026) | ||||||||||||||||
| 31.1* | Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||||
| 31.2* | Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||||
| 32.1** | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||||
| 32.2** | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||||
| 101* | The following financial statements from Royal Gold, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in Inline XBRL: (a) Consolidated Statements of Cash Flows, (b) Consolidated Statements of Operations, (c) Consolidated Statements of Comprehensive Income, (d) Consolidated Balance Sheets, and (e) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags | ||||||||||||||||
| 104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||||||||||||||
_______________________________________________
* Filed herewith.
** Furnished herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| ROYAL GOLD, INC. | ||||||||
Date: August 6, 2026 | ||||||||
| By: | /s/ William Heissenbuttel | |||||||
| William Heissenbuttel | ||||||||
| President and Chief Executive Officer | ||||||||
| (Principal Executive Officer) | ||||||||
Date: August 6, 2026 | By: | /s/ Paul Libner | ||||||
| Paul Libner | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
| (Principal Financial and Accounting Officer) | ||||||||
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