[Form 4] Royal Gold Inc Insider Trading Activity

Rhea-AI Filing Summary

Paul Libner, SVP & CFO of Royal Gold, reported a tax-withholding disposition of company shares on 08/18/2025. The filing shows 229 shares of common stock were withheld at a price of $171.55 to satisfy taxes; the filer notes explicitly that no shares were sold. After the withholding, the reporting person beneficially owns 19,520 shares, held directly. The Form 4 was executed by power of attorney on 08/19/2025. This disclosure documents an internal tax-related share transfer and compliance with Section 16 reporting requirements.

Positive

• Timely compliance with Section 16 reporting through a filed Form 4
• Explicit explanation that shares were withheld to satisfy taxes and no shares were sold
• Clear identification of the reporting person as SVP & CFO and reporting of post-transaction beneficial ownership (19,520 shares)

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine tax-withholding reduced the insider's share count by 229 shares; impact on valuation is immaterial.

The Form 4 reports a withholding of 229 shares at $171.55 to satisfy taxes, with no open-market sale. For investors, this is an administrative event rather than a liquidity-driven disposition; it does not indicate a change in insider conviction. The remaining direct beneficial ownership is 19,520 shares. Given the small size of the transaction relative to typical institutional holdings, there is no material effect on share supply or company fundamentals.

Corporate Governance Expert

TL;DR: The filing demonstrates timely and transparent insider reporting consistent with compliance expectations.

The report includes clear identification of the reporting person, relationship to the issuer (SVP & CFO), transaction date, and an explicit explanation that shares were withheld solely for tax purposes. The use of a power of attorney for signature is noted. This disclosure fulfills Section 16 obligations and supports governance transparency; it raises no governance concerns beyond routine insider administrative activity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Libner Paul

(Last) (First) (Middle)

1144 15TH STREET, SUITE 2500

(Street)

DENVER CO 80202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ROYAL GOLD INC [ RGLD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/18/2025		F		229(1)	D	$171.55	19,520	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares withheld to satisfy taxes; no shares were sold.

Remarks:

	Michelle Perry, by power of attorney	08/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did RGLD insider Paul Libner report on Form 4?

The filing reports a tax-withholding disposition of 229 shares of Royal Gold common stock on 08/18/2025; the filer states no shares were sold.

At what price were the withheld RGLD shares recorded?

The shares were withheld at a price of $171.55 per share.

How many RGLD shares does the reporting person own after the transaction?

Following the withholding, the reporting person beneficially owns 19,520 shares directly.

Who signed the Form 4 for Paul Libner?

The Form 4 was executed by Michelle Perry, by power of attorney, dated 08/19/2025.

Does this Form 4 indicate an open-market sale by the insider?

No. The filing explicitly states the shares were withheld to satisfy taxes and that no shares were sold.