[Form 4] Royal Gold Inc Insider Trading Activity

Rhea-AI Filing Summary

Randy Shefman, Senior Vice President & General Counsel of Royal Gold, Inc. (RGLD), reported a change in beneficial ownership related to treasury tax withholding. On 08/18/2025 the filing shows 186 shares were disposed of under Transaction Code F at a price of $171.55 per share to satisfy tax withholding obligations; the filer notes no shares were sold. After the withholding, the reporting person beneficially owned 9,174 shares directly. The form was signed by Michelle Perry by power of attorney on 08/19/2025.

Insights

Financial Analyst

TL;DR: Routine tax-related withholding of 186 shares; immaterial to company valuation but relevant for insider ownership tracking.

The filing documents a disposition coded as F, indicating shares were withheld to satisfy tax withholding rather than a market sale. The quantity withheld (186 shares) versus the remaining direct holding (9,174 shares) is small and does not by itself indicate a change in insider confidence or a shift in ownership control. For investors tracking insider activity, this is a technical, non-economic transfer that reduces the reporting person's share count but does not introduce new supply to the market.

Corporate Governance Expert

TL;DR: Compliance filing documents standard tax-withholding mechanics for equity compensation; governance practices appear routine.

The Form 4 shows the reporting person as an officer and director and discloses a withholding event tied to equity compensation (per the explanatory note). The use of a power of attorney for signature is standard. There are no indications of related-party transactions, unusual timing, or partial disclosures. From a governance perspective, the report fulfills Section 16 disclosure obligations and raises no immediate concerns.

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

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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^*

Shefman Randy

(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 & General Counsel

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		186(1)	D	$171.55	9,174	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 Randy Shefman report on the Form 4 for RGLD?

He reported a disposition of 186 shares on 08/18/2025 under Transaction Code F to satisfy tax withholding; no shares were sold.

How many RGLD shares did Randy Shefman own after the reported transaction?

9,174 shares were reported as beneficially owned directly following the withholding.

At what price were the withheld shares reported on the Form 4?

The filing lists a price of $171.55 per share for the withheld shares.

Who signed the Form 4 filing for Randy Shefman?

The Form 4 was signed by Michelle Perry by power of attorney on 08/19/2025.

Does the Form 4 indicate the shares were sold on the open market?

No; the explanatory note explicitly states the shares were withheld to satisfy taxes and that no shares were sold.