Royal Gold (NASDAQ: RGLD) posts Q2 preliminary sales, debt repayment and buyback
Rhea-AI Filing Summary
Royal Gold reported preliminary second-quarter 2026 results with stream segment sales of $311.0 million, preliminary royalty segment sales of $137–142 million, and estimated DD&A of $95–99 million. Stream volume was 69,000 Gold Equivalent Ounces, including gold, silver, copper and zinc sales with detailed metal and inventory figures.
During the quarter the company repaid $200 million on its revolving credit facility, leaving $400 million outstanding and $1.0 billion undrawn, and repurchased and cancelled 147,205 shares for $30 million at an average price of $203.80. Royal Gold also settled remaining fixed gold delivery obligations at the Relief Canyon mine in exchange for 5,000 ounces of gold and 2,652,532 Americas Gold and Silver shares, which were sold or received in the quarter and led to approximately $12 million of additional DD&A. It funded $70 million of Hod Maden project costs and made a $50 million advance payment under its Warintza stream agreement. Full second-quarter results are scheduled for release on August 5, 2026, followed by a conference call on August 6, 2026.
Positive
- $200 million of debt was repaid in the quarter, reducing the revolving credit facility balance to $400 million and leaving $1.0 billion of undrawn capacity.
- The company repurchased and cancelled 147,205 shares for $30 million at an average price of $203.80, directly reducing the number of shares outstanding.
Negative
- None.
Insights
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8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Stream Segment Sales: $311.0 M
Royalty Segment Sales: $137-142 M
DD&A: $95-99 M
+5 more
8 metrics
Stream Segment Sales
$311.0 M
Preliminary sales for the quarter ended June 30, 2026
Royalty Segment Sales
$137-142 M
Preliminary estimated range for Q2 2026 royalty segment sales
DD&A
$95-99 M
Preliminary estimated depreciation, depletion and amortization for Q2 2026
Gold Equivalent Ounces
69,000 GEOs
Stream segment volume for the quarter ended June 30, 2026
Average gold price
$4,506 per ounce
Average London PM gold fixing price used to calculate GEOs for Q2 2026
Debt repaid
$200 million
Revolving credit facility repayment during the second quarter 2026
Revolver outstanding and undrawn
$400 million outstanding; $1.0 billion undrawn
Revolving credit facility position as of June 30, 2026
Share repurchase
147,205 shares; $30 million at $203.80
Shares repurchased and cancelled in Q2 2026 under capital return actions
Key Terms
Gold Equivalent Ounces, depreciation, depletion and amortization, revolving credit facility, stream agreement, +2 more
6 terms
Gold Equivalent Ounces financial
"Gold Equivalent Ounces ("GEOs") are calculated as Royal Gold’s revenue divided by"
Gold equivalent ounces express the combined output or reserves of a mine by converting other metals (like silver, copper or zinc) into the amount of gold they would be worth at current market prices, so everything is shown as a single “gold” number. For investors this provides a common yardstick to compare production, value and growth across projects that produce multiple metals—like converting several currencies into one familiar money unit.
depreciation, depletion and amortization financial
"preliminary royalty sales and depreciation, depletion and amortization ("DD&A") estimates"
Depreciation, depletion and amortization are ways companies spread the cost of long-lived assets over time: depreciation for physical items like machines, depletion for natural resources like oil or timber, and amortization for intangible rights such as patents. Investors watch these charges because they lower reported profits while not always using cash immediately, affecting comparisons of earnings, balance sheet values and assessments of how well a business generates real cash.
revolving credit facility financial
"resulting in an outstanding balance on the revolving credit facility of $400 million"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
stream agreement financial
"a $50 million advance payment under the stream agreement was made to Solaris"
A stream agreement is a financing deal where an investor gives upfront cash to a company in exchange for a right to buy or receive a fixed portion of the company’s future production or revenue—commonly used in mining to secure a share of metals output at a set price. It matters to investors because it changes how a project is funded and how future profits are shared, like prepaying for a discounted slice of a factory’s future output; that alters cash flow, risk exposure, and potential returns.
forward-looking statements regulatory
"This press release includes "forward-looking statements" within the meaning of U.S."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
preliminary financial information financial
"The preliminary financial information set forth in this press release is preliminary"
Earnings Snapshot
Stream segment sales: $311.0 M
quarter ended June 30, 2026
Stream segment sales
$311.0 M
Royalty segment sales
$137-142 M
DD&A
$95-99 M
Gold Equivalent Ounces
69,000 GEOs
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What preliminary second-quarter 2026 sales did Royal Gold (RGLD) report?
Royal Gold reported preliminary stream segment sales of $311.0 million and estimated royalty segment sales of $137–142 million for the quarter ended June 30, 2026. These figures are unaudited and may change after normal quarter-end review procedures.
How many Gold Equivalent Ounces did Royal Gold (RGLD) generate in Q2 2026?
Royal Gold reported 69,000 Gold Equivalent Ounces (GEOs) in the second quarter of 2026. GEOs are calculated using total segment revenue divided by the $4,506 average London PM gold price for the quarter, allowing different metals to be expressed in a common gold-based metric.
What changes did Royal Gold (RGLD) make to its debt in Q2 2026?
Royal Gold repaid $200 million of debt on its revolving credit facility during Q2 2026, ending the quarter with $400 million outstanding and $1.0 billion undrawn and available. This repayment affects leverage and available liquidity.
What was the Relief Canyon settlement Royal Gold disclosed for Q2 2026?
Royal Gold settled remaining fixed gold delivery obligations totaling 8,861 ounces by receiving 5,000 ounces of gold, sold in Q2, and 2,652,532 Americas Gold and Silver shares. The settlement generated stream revenue and about $12 million of additional DD&A expense.
When will Royal Gold (RGLD) release full Q2 2026 results and hold its call?
Royal Gold plans to release full second-quarter 2026 results after market close on August 5, 2026, followed by a conference call on August 6, 2026 at 12:00 p.m. Eastern Time, with a live and archived webcast available on the company’s website.
What project investments did Royal Gold (RGLD) fund in Q2 2026?
During Q2 2026, Royal Gold funded $70 million of project costs related to the Hod Maden Project and made a $50 million advance payment under its stream agreement with Solaris Resources Inc. for the Warintza Project, reflecting ongoing investment in its streaming and royalty portfolio.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 21, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (303 ) 573-1660
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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
Item 2.02 Results of Operations and Financial Condition
On July 21, 2026, Royal Gold, Inc. issued a press release with certain preliminary financial information for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished under this Item 2.02, including the exhibit, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and will not be deemed incorporated by reference into any filing under the Securities Act of 1933, except as expressly set forth by reference to such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated July 21, 2026 | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | |||||||
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 hereunto duly authorized.
| Royal Gold, Inc. | |||||||||||
| Date: July 21, 2026 | By: | /s/ David R. Crandall | |||||||||
| Name: | David R. Crandall | ||||||||||
| Title: | Vice President, Corporate Secretary and Chief Compliance Officer | ||||||||||
Exhibit 99.1
NEWS RELEASE | |||||
Royal Gold Provides Preliminary Financial Information and Details for the Release of Financial Results for the Second Quarter 2026
DENVER, COLORADO. July 21, 2026: ROYAL GOLD, INC. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) announced preliminary financial information and details for the release of results for the quarter ended June 30, 2026 ("second quarter").
Preliminary Second Quarter Estimates
Royal Gold's stream sales and preliminary royalty sales and depreciation, depletion and amortization ("DD&A") estimates1 in the second quarter are as follows:
| Stream Segment Sales | $311.0 M | |||||||
| GEOs2 | 69,000 | |||||||
| Cost of Sales | $871/GEO | |||||||
| Commodity breakdown: | Metal Units Sold | Ending Period Inventory | ||||||
| Gold | 54,500 oz | 27,400 oz | ||||||
| Silver | 595,500 oz | 371,200 oz | ||||||
| Copper | 2.5 Mlb | 0.7 Mlb | ||||||
| Zinc | 1.3 Mlb | — | ||||||
| Royalty Segment Sales3 | $137-142 M | |||||||
DD&A3 | $95-99 M | |||||||
Notable Second Quarter Financial Items
Notable financial items for the second quarter include:
•The repayment of $200 million of debt, resulting in an outstanding balance on the revolving credit facility of $400 million on June 30, 2026, leaving $1.0 billion undrawn and available.
•The repurchase of 147,205 shares at an average price of $203.80 per share, for total consideration of $30 million. The repurchased shares were cancelled.
1 Estimates are preliminary and are subject to change. See "Cautionary Note Regarding Preliminary Financial Information."
2 Gold Equivalent Ounces ("GEOs") are calculated as Royal Gold’s revenue (in total or by reportable segment) divided by the average London PM gold fixing price for the quarter ended June 30, 2026, of $4,506 per ounce.
3 Royalty Segment Sales and DD&A are presented as estimated ranges as final receipts are not yet available.
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•During the second quarter, Royal Gold and Americas Gold and Silver Corporation ("Americas") reached an agreement to settle the remaining fixed gold 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 proceeds from the sale of the gold delivery were recognized as stream revenue and resulted in the recognition of approximately $12 million of additional DD&A expense in the second quarter. Royal Gold’s royalty and stream interests on Relief Canyon remain in place.
•During the second quarter, and as disclosed with the previously-announced restructuring of the Hod Maden Project ownership interests, Royal Gold funded $70 million in project costs related to Hod Maden.
•As previously announced, a $50 million advance payment under the stream agreement was made to Solaris Resources Inc. during the second quarter for the Warintza Project.
Details for Release of Second Quarter 2026 Financial Results
Royal Gold's results for the second quarter will be released after the market close on Wednesday, August 5, 2026, followed by a conference call on Thursday, August 6, 2026, at 12:00 p.m. Eastern Time (10:00 a.m. Mountain Time). The call will be webcast live and archived on the Company's website for a limited time.
Dial-In Numbers: +1 833-461-5787 (North America); toll free
+1 585-542-9983 (International)
+1 585-542-9983 (International)
Access Code: 487515672
Webcast URL: https://events.q4inc.com/attendee/487515672
Corporate Profile
Royal Gold is a high margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
For further information, please contact:
Alistair Baker
Senior Vice President, Investor Relations and Business Development
(303) 573-1660
Senior Vice President, Investor Relations and Business Development
(303) 573-1660
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Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words such as “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, estimates for royalty segment sales and DD&A. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the completion of Royal Gold's normal quarter-end accounting procedures and adjustments (including normal year-to-date and quarter-end adjustments); the finalization of fair value and other estimates; further review by management; other developments that may arise between the date of this press release and the date on which final results are reported; and other factors described in our reports filed with the Securities and Exchange Commission, including Item 1A, Risk Factors of our most recent Annual Report. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release or our reports filed with the Securities and Exchange Commission could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
Cautionary Note Regarding Preliminary Financial Information
The preliminary financial information set forth in this press release, including preliminary estimates of royalty segment sales and DD&A, is preliminary and unaudited, reflects management’s current estimates based on information available to it as of the date of this press release, and is subject to revision. Actual results remain subject to the completion of management’s customary quarter-end review and closing procedures and may differ from the preliminary financial information. Any such differences could be material. The preliminary financial information has been prepared by, and is the responsibility of, Royal Gold's management. Royal Gold's independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to the preliminary financial information and, accordingly, does not express an opinion or any other form of assurance with respect thereto. The preliminary financial information does not present all information necessary for an understanding of Royal Gold's financial condition as of, or its results of operations for, the three and six months ended June 30, 2026, and should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP. Royal Gold undertakes no obligation to update or revise the preliminary financial information, whether as a result of new information, future events, or otherwise, except as required by law. In addition, the financial items described in this press release under “Notable Second Quarter Financial Items” represent only select items that management considers notable and do not represent a complete summary or description of all material developments, transactions, or events that occurred during the second quarter. Management’s selection of the items described herein should not be construed to imply that other items not described are not material or notable.
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